Core Viewpoint - Aojing Medical, a leading company in high-end biomedical materials and related medical devices in China, is facing short-term performance pressure due to centralized procurement but is expected to accelerate market expansion and maintain strong growth momentum [6]. Group 1: Company Overview - Aojing Medical was established on December 22, 2004, and was listed on the Shanghai Stock Exchange on May 21, 2021. The company is headquartered in Beijing and specializes in the research, production, and sales of high-end biomedical materials and related medical devices [1]. - The company operates in the pharmaceutical and biomedical industry, specifically in the medical device and consumables sector, with concepts including medical devices, oral healthcare, small-scale nuclear fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - In Q3 2025, Aojing Medical achieved a revenue of 156 million yuan, ranking 50th among 50 companies in the industry. The top company, Yingke Medical, reported a revenue of 7.425 billion yuan, while the industry average was 1.379 billion yuan [2]. - The net profit for the same period was approximately 10.60 million yuan, placing the company 43rd in the industry. The leading company, Lepu Medical, reported a net profit of 999.6 million yuan, with the industry average at 183 million yuan [2]. Group 3: Financial Ratios - Aojing Medical's debt-to-asset ratio was 6.22% in Q3 2025, down from 7.53% year-on-year and significantly lower than the industry average of 23.66%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 68.90%, a decrease from 74.46% year-on-year but still above the industry average of 48.78%, reflecting robust profitability [3]. Group 4: Executive Compensation - The chairman, Hu Gang, received a salary of 1.6835 million yuan in 2024, a slight increase from 1.6822 million yuan in 2023. The general manager, Qiu Zhiye, earned 1.4528 million yuan, up from 1.3802 million yuan in the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-shares shareholders increased by 15.44% to 9,862, while the average number of shares held per shareholder decreased by 13.37% to 13,900 shares [5]. Group 6: Market Outlook - According to Cinda Securities, Aojing Medical's performance is under short-term pressure due to centralized procurement, but the company is accelerating its market expansion. Key highlights include the development of over 900 new hospitals in 2024 and international expansion breakthroughs [6]. - The company expects significant revenue growth from its "Gaojin" product line and the acquisition of HumanTechDental, which will enhance its oral implant business. Revenue projections for 2025-2027 are 270 million, 355 million, and 470 million yuan, with corresponding net profits of 42 million, 66 million, and 98 million yuan [6].

Core Insights - The medical device sector experienced a rise of 1.13% on October 31, with Caina Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Medical Device Sector Performance - Caina Co., Ltd. (301122) saw a closing price of 30.38, with a significant increase of 19.98% and a trading volume of 91,000 shares, amounting to a transaction value of 259 million [1] - Spring Medical (688236) closed at 28.88, up 14.47%, with a trading volume of 84,200 shares and a transaction value of 235 million [1] - ZhenDe Medical (603301) closed at 95.00, increasing by 9.07% with a trading volume of 211,900 shares, resulting in a transaction value of 1.951 billion [1] - Other notable performers included TuoJing Life (300642) with an 8.81% increase, and Rejing Bio (688068) with an 8.70% increase [1] Capital Flow Analysis - The medical device sector saw a net inflow of 475 million from institutional investors, while retail investors experienced a net outflow of 108 million [2][3] - Major stocks like Mindray Medical (300760) had a net inflow of 262 million from institutional investors, but a net outflow of 1.27 billion from retail investors [3] - Other stocks such as Furuishi (300049) and Lepu Medical (300003) also showed significant net inflows from institutional investors, indicating strong institutional interest [3]

Core Insights - The company reported a total revenue of 156 million yuan for Q3 2025, ranking 101 among disclosed peers [1] - The net profit attributable to shareholders was 13.94 million yuan, ranking 78 among disclosed peers [1] - The net cash inflow from operating activities was -4.50 million yuan, ranking 88 among disclosed peers [1] Financial Metrics - The latest debt-to-asset ratio is 6.22% [3] - The latest gross profit margin is 68.90%, a decrease of 5.56 percentage points compared to the same period last year [3] - The latest return on equity (ROE) is 0.97%, ranking 77 among disclosed peers [3] - The diluted earnings per share (EPS) is 0.10 yuan, ranking 68 among disclosed peers [3] - The latest total asset turnover ratio is 0.10 times, ranking 98 among disclosed peers [3] - The latest inventory turnover ratio is 0.69 times, a decrease of 0.35 times compared to the same period last year, representing a year-on-year decline of 33.46% [3] Shareholder Information - The number of shareholders is 9,862, with the top ten shareholders holding 51.88 million shares, accounting for 37.87% of the total share capital [3]

Core Viewpoint - The company has announced the completion of certain fundraising projects and the permanent allocation of surplus funds to supplement working capital, along with the cancellation of related fundraising accounts [8][9][12]. Financial Data - The company reported that the total amount raised from the public offering was approximately RMB 547.67 million, with net proceeds after deducting issuance costs amounting to approximately RMB 500.82 million [8]. - The company has stated that the fundraising project "Mineralized Collagen/Polyester Artificial Bone and Collagen Sponge R&D Project" has been completed, and the surplus funds will be used to permanently supplement working capital [9][12]. Fundraising Project Details - The company has decided to conclude the aforementioned fundraising project and will cancel the related fundraising accounts, which will not affect the normal operation of the fundraising project [13]. - The surplus funds amount to approximately RMB 523,800, including interest income, which will be used for daily operational activities [12]. Opinions from Supervisory and Sponsoring Institutions - The supervisory board believes that the decision to conclude certain fundraising projects and allocate surplus funds is beneficial for improving the efficiency of fund usage and reducing financial costs, aligning with the interests of all shareholders [14]. - The sponsoring institution, Huatai United Securities, has confirmed that the decision-making process was properly followed and supports the allocation of surplus funds as a prudent decision that optimizes resource allocation [15].

证券代码：688613 证券简称：奥精医疗 公告编号：2025-056 奥精医疗科技股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流动资金 及注销相关募集资金专户的公告 一、 募集资金的基本情况 经中国证券监督管理委员会证监许可[2021]1219 号《关于同意奥精医疗科 技股份有限公司首次公开发行股票注册的批复》批准，公司向社会公开发行人民 币普通股（A 股）股票 3,333.3334 万股。截至 2021 年 5 月 17 日止，公司已向 社会公开发行人民币普通股（A 股）股票 3,333.3334 万股，每股发行价格 16.43 元，募集资金总额为人民币 547,666,677.62 元。公司为本次股票发行累计发生 发行费用 49,653,236.30 元（此处为含税金额，包括保荐及承销费用 40,336,667.43元、审计、验资及评估费用2,110,000.00元、律师费1,800,000.00 元、用于本次发行的信息披露费 4,750,000.00 元、发行手续费用及其他 656,568.87 元），上述发行费用包含可抵扣增值税进项税额为人民币 2,803,471.73 元，不含税发行 ...

华泰联合证券有限责任公司 关于奥精医疗科技股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金 及注销相关募集资金专户 的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构"）作为 奥精医疗科技股份有限公司（以下简称"奥精医疗"或"公司"）首次公开发行 股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》及《上市公司募集资金监管规则》等有关规定，对公司本次对部分募 投项目结项并将节余募集资金永久补充流动资金及注销相关募集资金专户事项 进行了审慎核查，核查情况如下： 一、募集资金及投资项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会《关于同意奥精医疗科技股份有限公司首次公 开发行股票注册的批复》（证监许可[2021]1219 号文），公司获准向社会公开发行 人民币普通股（A 股）股票 3,333.3334 万股，每股发行价格为人民币 16.43 元， 募集资金总额为人民币 547,666,677.62 元；扣除不含税的发行费用后募集资金净 额为人民币 500,81 ...

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].