Company Overview - The closing price of Aojing Medical (688613.SH) on February 12, 2026, was 23.98 yuan, with a daily decline of 3.54% and a trading volume of 1.10 billion yuan, indicating a turnover rate of 3.31% [1] - As of February 12, the company's price-to-earnings ratio (TTM) was -910.15 times, and the price-to-book ratio was 2.29 times. The revenue forecast for 2025 is 224 million yuan, with a net profit attributable to the parent company of 13.53 million yuan, although the non-recurring net profit is expected to be a loss of 510,000 yuan [3] Industry Analysis - The medical device sector has seen a cumulative decline of 5.39% over the past 20 days, reflecting overall weak performance. Concerns regarding the continuity of medical procurement policies and increased risk aversion ahead of the long holiday have put pressure on small and medium-sized pharmaceutical stocks [4] Market Activity - On February 10, the stock price surged by 5.13% to 25.41 yuan, reaching a new high for the period. The subsequent decline on February 12 is viewed as a technical correction following a significant short-term increase [5] - The financing activity showed a recent trend of increased activity followed by a decline, with a net buy of 9.29 million yuan on February 10, but a net outflow of 7.63 million yuan on February 11, leading to a financing balance of 227 million yuan on February 12. The net outflow of main funds on February 12 indicates a profit-taking pressure from retail investors, who accounted for 38% of the inflow [2]

Core Viewpoint - The stock of Aojing Medical (688613) has shown a significant increase, closing at 25.41 yuan on February 10, 2026, with a rise of 5.13% and notable trading activity [1] Group 1: Stock Performance - On February 10, 2026, Aojing Medical's stock price increased by 5.13%, with a trading volume of 115,800 shares and a total transaction value of 289 million yuan [1] - The stock's turnover rate was 8.45%, indicating active trading [1] Group 2: Capital Flow - On February 10, 2026, the net inflow of main funds was 16.23 million yuan, accounting for 5.62% of the total transaction value, while retail investors experienced a net outflow of 25.61 million yuan, representing 8.87% of the total [1][2] - Over the past five days, the stock has seen fluctuating capital flows, with the highest net inflow of main funds recorded on February 9, 2026, at 2.45 million yuan [2] Group 3: Financing and Margin Trading - On February 10, 2026, the financing buy-in was 47.74 million yuan, with a net financing purchase of 9.29 million yuan, marking a cumulative net purchase of 13.24 million yuan over three consecutive days [2][3] - The margin trading balance stood at 235 million yuan, with a short selling volume of 4,771 shares and a remaining short selling balance of 38,300 yuan [3] Group 4: Company Financials and Industry Comparison - Aojing Medical reported a total market value of 3.481 billion yuan, with a net profit of 13.94 million yuan, reflecting a year-on-year increase of 185.19% [5] - The company's gross profit margin is 68.9%, significantly higher than the industry average of 50.61%, ranking 25th in the industry [5] - The company's return on equity (ROE) is 0.98%, which is above the industry average of 0.52%, ranking 89th in the industry [5]

Core Viewpoint - The stock of Aojing Medical (688613) has shown a significant increase, closing at 24.17 yuan on February 9, 2026, with an 8.58% rise, indicating positive market sentiment towards the company [1]. Group 1: Stock Performance - On February 9, 2026, Aojing Medical's trading volume was 79,600 hands, with a total transaction amount of 189 million yuan [1]. - The stock's turnover rate was 5.81%, reflecting active trading [1]. Group 2: Capital Flow - On February 9, 2026, the net inflow of main funds was 2.45 million yuan, accounting for 1.29% of the total transaction amount, while retail investors saw a net inflow of 2.69 million yuan, representing 1.42% of the total [1]. - Over the past five days, the financing data showed a net purchase of 1.41 million yuan on that day, with a cumulative net purchase of 5.72 million yuan over three days [2]. Group 3: Financial Performance - For the first three quarters of 2025, Aojing Medical reported a main revenue of 156 million yuan, a year-on-year increase of 5.22%, and a net profit attributable to shareholders of 13.94 million yuan, up 185.19% [3]. - In the third quarter of 2025, the company achieved a single-quarter main revenue of 56.02 million yuan, a 16.54% increase year-on-year, and a net profit of 5.97 million yuan, reflecting a 237.64% rise [3]. - The company's gross profit margin stood at 68.9%, indicating strong profitability in its operations [3].

Core Viewpoint - Aojing Medical (688613) has experienced a decline in stock price and is expected to report a mixed financial performance for 2025, with a projected net profit but also a loss when excluding non-recurring items. Group 1: Stock Performance - As of January 30, 2026, Aojing Medical's stock closed at 22.79 yuan, down 6.14% from the previous week's 24.28 yuan [1] - The stock reached a high of 24.9 yuan and a low of 22.45 yuan during the week [1] - The current market capitalization is 3.122 billion yuan, ranking 111 out of 127 in the medical device sector and 4579 out of 5184 in the A-share market [1] Group 2: Financial Performance Forecast - Aojing Medical forecasts a net profit attributable to shareholders of approximately 13.53 million yuan for the year 2025 [2][5] - The expected total revenue for 2025 is approximately 224 million yuan, representing a year-on-year growth of 8.48% [3][5][6] - The company anticipates a loss of about 514,700 yuan in net profit after excluding non-recurring items, although this reflects a significant reduction in losses compared to previous periods [4][6] Group 3: Factors Influencing Performance - The anticipated performance improvement is attributed to market opportunities arising from the centralized procurement of orthopedic artificial bones and the company's strengthened production assurance and marketing strategies [5]

Group 1 - On January 29, Aojing Medical experienced a decline of 3.34% with a transaction volume of 86.96 million yuan, and the net financing buy was -45,500 yuan [1] - As of January 29, the total margin balance for Aojing Medical was 225 million yuan, accounting for 7.09% of its circulating market value, indicating a high level compared to the past year [1] - The company specializes in high-end biomedical materials and related medical device products, with its main revenue sources being 骼金 (74.91%), 颅瑞 (16.35%), and others [1] Group 2 - As of September 30, Aojing Medical had 9,862 shareholders, an increase of 15.44%, while the average circulating shares per person decreased by 13.37% [2] - For the period from January to September 2025, Aojing Medical reported a revenue of 156 million yuan, a year-on-year increase of 5.22%, and a net profit attributable to shareholders of 13.94 million yuan, up 185.19% year-on-year [2] - The company has distributed a total of 58.67 million yuan in dividends since its A-share listing, with 22.40 million yuan distributed in the last three years [3]

Company Overview: 奥精医疗 (Aojing Medical) Key Points Industry and Company - The company operates in the orthopedic medical device industry, focusing on artificial bone products [1] Financial Performance - For 2025, the company forecasts revenue of 224 million yuan, representing a year-on-year increase of 8.48% [1] - The projected net profit attributable to shareholders is 13.53 million yuan, an increase of 26.19 million yuan year-on-year, indicating a turnaround from previous losses [1] - The non-recurring net profit is expected to be -510,000 yuan, an improvement of 2.786 million yuan year-on-year, significantly reducing losses [1] - In Q4 2025, the estimated revenue is 68 million yuan, showing a 17% year-on-year growth [1] - The projected net profit for Q4 2025 is -410,000 yuan, compared to -17.55 million yuan in Q4 2024 [1] - The non-recurring net profit for Q4 2025 is expected to be -361,000 yuan, an improvement from -2 million yuan in Q4 2024 [1] Market Dynamics - The orthopedic artificial bone procurement has provided the company with opportunities for continued clinical usage and market share expansion [2] - The company has strengthened its production assurance system to meet the increased demand resulting from procurement [3] - The marketing strategy focuses on deepening regional market strategies through refined management and targeted marketing, continuously expanding the sales network [3] Competitive Position - The company has demonstrated steady revenue growth throughout the year, further solidifying its leading position in the niche market [4]

Core Viewpoint - The performance forecast of Aojing Medical indicates a significant turnaround, with expected revenue of approximately 224 million yuan and a net profit of about 13.53 million yuan, marking a substantial increase and a return to profitability after a challenging period in the industry [1][3] Group 1: Financial Performance - Aojing Medical anticipates a revenue increase of approximately 8.48% year-on-year, reaching around 224 million yuan [1] - The company expects a net profit of approximately 13.53 million yuan, a significant increase of about 26.19 million yuan compared to the previous year, indicating a successful turnaround [1] Group 2: Market Dynamics - The implementation of centralized procurement policies for orthopedic artificial bones has been a key driver for the company's performance, leading to a "V-shaped reversal" in results [1] - The expansion of the procurement scope has transformed the pricing structure in the industry, providing Aojing Medical with opportunities for increased clinical usage and market share [1] Group 3: Operational Strategy - Aojing Medical has strengthened its production assurance system and optimized processes to meet the increased market demand resulting from centralized procurement [2] - The company has shifted its marketing strategy towards a more refined regional approach, enhancing academic promotion and channel management to solidify its leading position in the regenerative medical materials market [2] Group 4: Industry Implications - The performance changes of Aojing Medical reflect a broader trend in the medical device industry, where companies are adapting to the normalization of centralized procurement by shifting from high-margin pricing models to scale production and cost control [2] - Companies that can quickly adapt to new market rules and leverage product quality and capacity are likely to emerge successfully from industry restructuring [2]

Group 1 - The company forecasts an estimated operating revenue of approximately 223.51 million yuan for the year 2025, representing an increase of about 17.47 million yuan or 8.48% compared to the previous year [1] - The company expects to achieve a net profit attributable to the parent company of around 13.53 million yuan for 2025, which indicates a turnaround from a loss of 26.19 million yuan compared to the previous year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be approximately -514,700 yuan, reflecting an increase of about 2.79 million yuan compared to the previous year [1] Group 2 - In 2024, the company reported an operating revenue of 206.03 million yuan and a net loss attributable to the parent company of 12.66 million yuan [2] - The basic earnings per share for the year 2024 was -0.09 yuan [2] - The increase in revenue is attributed to the orthopedic artificial bone procurement, which has provided opportunities for clinical usage and market share expansion, alongside enhanced production capabilities and refined marketing strategies [2]

Group 1 - The company, Aojing Medical, announced an expected annual revenue of approximately 223.51 million yuan for 2025, representing an increase of about 8.48% compared to the previous year [2] - The company anticipates a net profit attributable to the parent company of around 13.53 million yuan for the same period, indicating a turnaround from a loss to profitability [2]

Core Viewpoint - Aojing Medical (688613.SH) forecasts a net profit attributable to shareholders of approximately 13.53 million yuan for the year 2025, representing an increase of about 26.19 million yuan compared to the previous year, indicating a turnaround from loss to profit [1] Group 1: Performance Forecast - The company expects to achieve a net profit of approximately 13.53 million yuan for 2025 [1] - This represents an increase of about 26.19 million yuan compared to the same period last year [1] - The anticipated performance marks a turnaround from previous losses [1] Group 2: Reasons for Performance Change - The increase in performance is primarily attributed to the orthopedic artificial bone procurement, which has provided opportunities for continued clinical usage and market share expansion [1] - The company has strengthened its production guarantee system to ensure stable fulfillment of the increased demand resulting from procurement [1] Group 3: Marketing Strategy - The company continues to deepen its regional market strategy through refined management and precise marketing tactics [1] - There is a consistent expansion of the sales network, contributing to robust growth in annual operating revenue [1] - This strategy further consolidates the company's leading position in the segmented market [1]