Group 1 - The core viewpoint of the article highlights the financial performance of Aojing Medical, reporting a revenue increase of 5.22% year-on-year for the first three quarters of 2025, amounting to approximately 156 million yuan [1] - The net profit attributable to shareholders for the same period is approximately 13.94 million yuan, reflecting a significant year-on-year increase of 185.19% [1] - As of the report date, Aojing Medical's market capitalization stands at 3.2 billion yuan [2]

Financial Performance - The company's operating revenue for the third quarter reached ¥56,021,033.87, an increase of 16.54% compared to the same period last year[4] - Total profit for the quarter was ¥5,208,841.85, reflecting a significant increase of 294.96% year-over-year[4] - Net profit attributable to shareholders was ¥5,965,270.89, up 237.64% from the previous year[4] - Basic earnings per share for the quarter were ¥0.04, representing a 233.33% increase compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥156,057,979.41, an increase of 5.8% compared to ¥148,311,250.58 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was ¥10,595,768.44, a significant recovery from a net loss of ¥810,499.78 in the same period of 2024[22] - Earnings per share for the first three quarters of 2025 were ¥0.10, compared to ¥0.04 in the same period of 2024, indicating a 150% increase[23] - The total comprehensive income for the first three quarters of 2025 was ¥11,365,996.85, a recovery from a loss of ¥785,374.73 in the same period of 2024[23] Cash Flow - The cash flow from operating activities showed a negative net amount of ¥258,934.31, a deterioration of 97.68% compared to the same period last year[4] - Operating cash inflow totaled $199.65 million, up from $131.79 million year-over-year[27] - Cash outflow from operating activities was $204.15 million, compared to $152.38 million in the previous year[27] - Net cash flow from operating activities was -$4.50 million, an improvement from -$20.59 million year-over-year[27] - Cash inflow from investment activities was $25.04 million, down from $985.28 million in the previous year[27] - Cash outflow from investment activities totaled $47.97 million, compared to $974.45 million last year[27] - Net cash flow from investment activities was -$22.93 million, a decline from $10.83 million year-over-year[27] - Cash inflow from financing activities was $14.71 million, down from $23.54 million in the previous year[29] - Cash outflow from financing activities was $6.46 million, compared to $15.05 million last year[29] - Net cash flow from financing activities was $8.24 million, slightly down from $8.49 million year-over-year[29] - The ending cash and cash equivalents balance was $137.94 million, down from $159.99 million at the end of the previous year[29] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥1,544,836,085.14, a slight increase of 0.37% from the end of the previous year[5] - The total current assets as of September 30, 2025, amounted to RMB 1,215,045,444.13, showing an increase from RMB 1,196,396,879.83 as of December 31, 2024, representing a growth of approximately 1.5%[17] - Total liabilities decreased to ¥96,058,675.71 in 2025 from ¥119,200,213.96 in 2024, showing a reduction of approximately 19.4%[20] - Owner's equity attributable to shareholders increased to ¥1,435,033,515.43 in 2025 from ¥1,402,874,383.57 in 2024, reflecting a growth of 2.3%[20] - Total assets reached RMB 1,544,836,085.14, slightly up from RMB 1,539,163,337.61, showing a marginal increase of approximately 0.4%[18] Research and Development - Research and development expenses totaled ¥11,722,614.67, accounting for 20.93% of operating revenue, an increase of 4.69 percentage points year-over-year[5] - Research and development expenses for the first three quarters of 2025 were ¥27,453,429.72, compared to ¥24,366,528.85 in 2024, marking an increase of 12.8%[21] Shareholder Information - The company reported a total of 9,862 common shareholders at the end of the reporting period[12] - The top shareholder, HU ERIC GANG, holds 9,487,066 shares, representing 6.92% of the total shares[12] Operational Issues - The company has not reported any significant changes in shareholder relationships or financing activities during the reporting period[14] - There are no applicable audit opinions for the financial statements as they are unaudited[15] - The company has not identified any other significant operational issues during the reporting period[15] Other Income - The company reported a significant increase in other income, totaling ¥2,853,312.23 in 2025 compared to ¥293,569.96 in 2024[22] Inventory and Receivables - Accounts receivable decreased to RMB 57,562,253.96 from RMB 67,159,276.75, a decline of about 14%[17] - Inventory increased significantly to RMB 85,598,891.55 from RMB 54,577,004.67, representing an increase of approximately 56.9%[18]

Core Insights - The Chinese artificial bioactive bone industry is experiencing rapid growth, with a market size projected to reach approximately 1.528 billion yuan in 2024, reflecting a year-on-year increase of 6.26% [1][4] - This growth is primarily driven by an aging population, rising incidence of orthopedic diseases, and advancements in medical technology [1][4] - Domestic companies have made significant progress in the research and production of artificial bioactive bones, with products like "Yougou Sheng®" from Asia Bio covering thousands of hospitals across 31 provinces in China by 2024 [1][4] Industry Overview - Artificial bioactive bone is a type of bone-like material created through bioengineering or materials science, characterized by its ability to chemically bond with surrounding living bone tissue, promoting bone regeneration and defect repair [2] - The industry has evolved from traditional artificial bones, which lack bioactivity, to bioactive materials that significantly enhance bone repair efficiency and integration [2] Industry Development History - The Chinese artificial bioactive bone industry began in 2009 and has gone through three development phases, with significant milestones including the establishment of GMP production lines and the introduction of 3D printing technology [3][4] - By 2021, Asia Bio's "Yougou Sheng" received NMPA registration, becoming the first active multi-level structure artificial bone in China, and was included in the medical insurance catalog of 23 provinces [3][4] Market Size - The market for artificial bioactive bones in China is expected to grow to approximately 1.528 billion yuan in 2024, driven by demographic changes and advancements in medical technology [1][4] Key Companies - Major players in the industry include Aojing Medical, Zhenghai Bio, and Asia Bio, which are rapidly emerging through technological innovations and competitive pricing strategies [5][6] - Zhenghai Bio's "Haiyu" product has achieved a clinical fusion rate of 100% and is included in the medical insurance catalog of 23 provinces [5][6] - Aojing Medical has expanded its production capacity and is advancing into the dental implant sector through acquisitions [8][9] Industry Development Trends 1. Continuous technological innovation is expected to drive product upgrades, with advancements in 3D printing and nanotechnology enhancing the performance of bioactive bones [10] 2. Policy and market dynamics are anticipated to accelerate industry growth, with government initiatives promoting the adoption of cost-effective domestic products [11] 3. The industry is shifting towards a global presence, with companies expanding through international collaborations and acquisitions, aiming to establish a robust global market footprint [12][13]

Summary of Key Points Core Viewpoint - BioVeda China RMB Investment Limited plans to reduce its stake in Aojing Medical Technology Co., Ltd. by up to 1,355,515 shares, representing 1% of the total shares before the implementation of the reduction plan [1][2]. Group 1: Shareholder Information - Before the reduction plan, BioVeda held 7,239,358 shares, accounting for 5.28% of Aojing Medical's total shares [1]. Group 2: Implementation Results - The reduction plan has been completed as per the disclosed schedule [2][3]. - The actual reduction has met the minimum reduction quantity as outlined in the initial plan [3].

重要内容提示： 大股东持股的基本情况 本次减持计划实施前，奥精医疗科技股份有限公司（以下简称 "公司" 或"奥精医疗"）股东 BioVeda China RMB Investment Limited China RMB Investment Limited（以下简称 "BioVeda"）持有奥精医疗 7,239,358 股股份，占奥精医疗总股份的 5.28%。 减持计划的实施结果情况 2025 年 8 月 30 日，公司披露了《奥精医疗科技股份有限公司股东减 持股份计划公告》（公告编号：2025-048），BioVeda China RMB Investment Limited 计划通过集中竞价、大宗交易方式减持奥精医疗股份不超过 1,355,515 股，占奥精医疗总股份的 1%。 证券代码：688613 证券简称：奥精医疗 公告编号：2025-055 奥精医疗科技股份有限公司 持股 5%以上股东减持股份计划完成 暨减持结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 1 | 持股数量 | 7,239, ...

Core Insights - The project "Key New Technologies and Applications of Highly Active Bone Repair Materials," led by Huazhong University of Science and Technology and deeply involving AoJing Medical (688613.SH), has won the first prize of the China Biomaterials Society Science and Technology Award due to its originality, industry innovation, and significant clinical transformation value [1][4]. Group 1: Company Achievements - AoJing Medical has developed a series of Class III medical device products based on extensive research of natural bone tissue, utilizing a biomimetic mineralization technique that simulates the mineralization process of bone tissue in vivo [3][4]. - Since its approval for market entry in 2011, AoJing Medical's products have been clinically applied in millions of cases, significantly improving the quality of life for many patients and generating notable social and economic benefits [4]. Group 2: Technological Recognition - The award received in 2025 is a recognition of the technological leadership of AoJing Medical in the field of highly active bone repair materials, affirming the originality and international leading status of its patented technologies such as in vitro biomimetic mineralization [4]. - The project aligns with the company's core technology system, further validating the innovative value of its research and development efforts over the years [4].

Market Overview - The Shanghai Composite Index closed at 3869.25 points, with a change of 0.10% [1] - The total trading volume of A-shares reached 1,280.495 billion yuan [1] Technical Analysis - A total of 175 A-shares experienced a death cross between the 5-day and 10-day moving averages [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Yuanjie Technology: 5-day MA down by 2.50% from the 10-day MA [1] - Shanshan Shares: 5-day MA down by 2.32% from the 10-day MA [1] - Zijian Electronics: 5-day MA down by 2.09% from the 10-day MA [1] Individual Stock Performance - Yuanjie Technology (688498): Increased by 3.59% with a trading turnover of 2.90% [1] - Shanshan Shares (600884): Increased by 0.22% with a trading turnover of 3.13% [1] - Zijian Electronics (301121): Decreased by 0.60% with a trading turnover of 3.19% [1] - Other notable stocks include: - WuXi AppTec (603259): Increased by 2.21% [1] - Fabon (300925): Increased by 1.67% [1] Summary of Stocks with Death Cross - Stocks with a death cross and their respective metrics include: - Yuanjie Technology: 5-day MA at 374.57 yuan, 10-day MA at 384.17 yuan [1] - Shanshan Shares: 5-day MA at 14.17 yuan, 10-day MA at 14.51 yuan [1] - Zijian Electronics: 5-day MA at 48.72 yuan, 10-day MA at 49.76 yuan [1] - The latest prices of these stocks are below their 10-day moving averages, indicating potential bearish trends [1]

Core Points - The Shanghai Composite Index is at 3876.54 points with a change of 0.29%, and the total trading volume of A-shares is 961.216 billion yuan [1] - A total of 158 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stocks with Significant Moving Average Crosses - Yuanjie Technology (688498) has a 5-day moving average of 374.30 yuan, which is 2.53% lower than its 10-day moving average of 384.03 yuan, with a current price of 357.58 yuan, down 6.89% from the 10-day average [1] - Shanshan Co., Ltd. (600884) shows a 5-day moving average of 14.14 yuan, down 2.43% from its 10-day moving average of 14.49 yuan, with a current price of 13.29 yuan, down 8.28% from the 10-day average [1] - ZhiJian Electronics (301121) has a 5-day moving average of 48.75 yuan, which is 2.05% lower than its 10-day moving average of 49.78 yuan, with a current price of 46.54 yuan, down 6.50% from the 10-day average [1] Group 2: Other Notable Stocks - WuXi AppTec (603259) has a 5-day moving average of 102.27 yuan, which is 1.97% lower than its 10-day moving average of 104.33 yuan, with a current price of 98.12 yuan, down 5.95% from the 10-day average [1] - Fabon Information (300925) shows a 5-day moving average of 25.73 yuan, down 1.78% from its 10-day moving average of 26.20 yuan, with a current price of 25.13 yuan, down 4.07% from the 10-day average [1] - Loka (603829) has a 5-day moving average of 21.29 yuan, which is 1.73% lower than its 10-day moving average of 21.67 yuan, with a current price of 20.07 yuan, down 7.37% from the 10-day average [1]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, particularly focusing on innovative drugs and the recovery of left-side sectors as the biggest investment opportunities for the year [5][14]. Core Insights - The innovative drug sector is expected to continue its upward trend, with BD (business development) activities anticipated to catalyze market movements. The upcoming ESMO conference (October 17-21) is highlighted as a key event for clinical data disclosures from domestic innovative drug companies [2][13]. - The report emphasizes the importance of recent Nobel Prize discoveries related to peripheral immune tolerance, which are relevant to the development of new therapies in oncology and autoimmune diseases. This underscores the significance of innovation in these fields [40][50]. - The report notes that the CXO industry in China is entering a recovery phase, with improvements expected in industry orders, capacity utilization, and performance metrics due to enhanced domestic investment and financing data [2][5]. Summary by Sections Innovative Drugs - The innovative drug sector has seen a recent pullback, but the long-term upward trend remains intact. The report suggests that the market is awaiting further BD catalysts and highlights the importance of upcoming clinical data from the ESMO conference [2][13]. - The report indicates that the overall sentiment in the innovative drug sector is still positive, with a focus on potential breakthroughs in cancer and autoimmune therapies following the recent Nobel Prize discoveries [40][50]. Biologics - Novo Nordisk announced an agreement to acquire Akero for $4.7 billion, with Akero's FGF21 analog EFX showing promise as a leading therapy for metabolic dysfunction-related fatty liver disease (MASH) [3][51]. - The report suggests that EFX is the only drug in Phase 2 trials demonstrating significant fibrosis regression in F4 patients, highlighting the need for continued attention to developments in this area [51][57]. Medical Devices - The commercialization of innovative products is accelerating, with domestic replacements making significant progress. For instance, MicroPort's Tumi laparoscopic surgical robot has surpassed 100 global orders and is leading the domestic market share [4][58]. - The report notes that the Tumi robot has received market access in over 60 countries and regions, with a strong presence in high-end markets such as Europe [60][62]. Traditional Chinese Medicine - There has been a continuous increase in new drug IND and NDA applications for traditional Chinese medicine, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [3][64]. - The report highlights ongoing policy support for traditional Chinese medicine, which is expected to drive further innovation and development in this sector [64][65].

Group 1 - Yinglian Co., Ltd. expects a net profit increase of 1531.13% to 1672.97% year-on-year for the first three quarters of 2025, with projected revenue of 1.63 billion to 1.65 billion yuan, a growth of 9.49% to 10.83% [1] - Meixin Sheng plans to reduce its shareholding by no more than 1% through centralized bidding and block trading [1] - Huayin Technology signed two sales contracts totaling 402 million yuan, with one contract for special functional materials and another for research project materials [3] Group 2 - Shen Highways reported a total toll revenue of 114 million yuan for August [5] - Dash Smart signed a contract worth 113 million yuan for a smart hospital project [7] - Tianbang Food received an administrative regulatory measure decision from the China Securities Regulatory Commission for failing to disclose information in a timely manner [8] Group 3 - Fashilong plans to invest 250 million yuan to establish a wholly-owned subsidiary focused on AI applications and cloud computing [10] - Junpu Intelligent received a government subsidy of 20 million yuan, accounting for 243.97% of its audited net profit for 2024 [11] - Longyun Co. plans to apply for a bank credit limit of 32 million yuan [12] Group 4 - Yifan Pharmaceutical's subsidiary received acceptance for a drug registration application for a medication used to lower phenylalanine levels in patients [12] - Rundu Co. received a drug registration certificate for a hypertension medication [13] - Huahai Qingke elected a new employee director and appointed a new vice president [17] Group 5 - Wanyi Technology received a government subsidy of 173,000 yuan [19] - Haizheng Pharmaceutical's tacrolimus capsules passed the consistency evaluation for generic drugs [20] - Pulaike's new veterinary vaccine received registration certification [22] Group 6 - Boguang New Materials signed a major sales contract estimated at 4.3 billion to 5 billion yuan for nickel powder products [41] - Electric Soul Network announced plans for shareholders to reduce their holdings by up to 1.63% [42] - Jin Haitong's shareholders plan to reduce their holdings by up to 3% [44]