深圳惠泰医疗器械股份有限公司 2024 年第三季度报告 证券代码：688617 证券简称：惠泰医疗 深圳惠泰医疗器械股份有限公司 2024 年第三季度报告 本公司董事会及全体董事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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | |--------------------|-------------------------------------------|----------|---------------------------------------|---------------------------- ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is a leading domestic player in electrophysiology and vascular intervention, with a diversified product portfolio and strong channel expansion [1] - The acquisition by Mindray Medical is expected to enhance the company's R&D and global sales capabilities [1] - The electrophysiology market is highly promising, with significant potential for domestic substitution [1] - The company's vascular intervention platform is steadily improving, with rapid growth in peripheral and non-vascular intervention segments [1] Financial Performance - Revenue is projected to grow from RMB 2,083 million in 2024 to RMB 3,578 million in 2026, with a CAGR of 26.2%, 30.9%, and 31.2% respectively [1] - Net profit attributable to shareholders is expected to increase from RMB 707 million in 2024 to RMB 1,276 million in 2026, with a CAGR of 32.4%, 35.1%, and 33.7% respectively [1] - EPS is forecasted to rise from RMB 7.26 in 2024 to RMB 13.11 in 2026 [1] Electrophysiology Business - The company's electrophysiology business revenue grew from RMB 97 million in 2017 to RMB 368 million in 2023, with a CAGR of 24.86% [1] - The company completed approximately 7,500 3D electrophysiology surgeries in H1 2024, a year-on-year increase of over 100% [1] - The domestic electrophysiology market is expected to grow from RMB 6.58 billion in 2021 to RMB 15.73 billion in 2025, with a CAGR of 24.34% [1] Vascular Intervention Business - The company's vascular intervention business revenue surged from RMB 10 million in 2017 to RMB 791 million in 2023, with a CAGR of 105.77% [1] - The company's vascular intervention products are now used in nearly 4,000 hospitals, with peripheral product adoption increasing by over 30% and coronary product adoption by nearly 20% in H1 2024 [1] - The domestic PCI device market is projected to grow from USD 1.27 billion in 2021 to USD 3.75 billion in 2030, with a CAGR of 12.78% [1] Peripheral and Non-Vascular Intervention - The company's peripheral intervention business has grown rapidly since its launch in 2019, with a CAGR of 67.05% from 2019 to 2023 [1] - The domestic peripheral intervention market is expected to grow from RMB 3.5 billion in 2015 to RMB 18.6 billion in 2023, with a CAGR of 23.22% [1] - The company is actively developing non-vascular intervention products, aiming to create new growth drivers [1] R&D and Innovation - The company's R&D expenses increased from RMB 50 million in 2017 to RMB 238 million in 2023, with a CAGR of 29.70% [1] - The company has 479 R&D personnel, accounting for 19.78% of total employees, and has obtained 91 domestic medical device registration certificates [1] - Several key R&D projects, including pulse ablation products and high-density catheters, are in the registration review stage [1] Market and Industry Trends - The electrophysiology market is dominated by foreign players, with Johnson & Johnson, Abbott, and Medtronic holding 86.9% of the market share in 2020 [1] - The domestic electrophysiology market is expected to benefit from centralized procurement policies, accelerating the substitution of domestic products [1] - The company's products are competitive with imported brands in terms of performance, and the company is well-positioned to capitalize on the growing market [1]

% 1 个月 3 个月 12 个月 相对收益 -2.7 15.5 44.1 绝对收益 -7.9 5.1 28.7 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 13 日 湘财证券研究所 公司研究 惠泰医疗（688617.SH）首次覆盖 电生理业务高速增长，海内外业绩持续向好 核心要点： 公司评级：增持（首次覆盖） 近十二个月公司表现 -20% 0% 20% 40% 60% 惠泰医疗 沪深300 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 ❑ 2024 年 H1 业绩稳健增长 2024 年上半年，公司实现营业收入 10.01 亿元，较上年同期增长 27.03%； 实现归属于上市公司股东的净利润 3.43 亿元，较上年同期增长 33.09%；归 属于上市公司股东的扣除非经常性损益的净利润 3.28 亿元，较上年同期增 长 35.20%。2024H1 销售毛利率约 72.75%，销售净利率约 33.77%。公司业 绩稳健，连续 ...

证券代码：688617 证券简称：惠泰医疗 深圳惠泰医疗器械股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------|------------------------------|--------------------------------------------------------| | | R | 特定对象调研 □分析师会议 | | | □媒体采访 | R 业绩说明会 | | 投资者关系活 | | | | | □新闻发布会 | £路演活动 | | 动类别 | | | | | £现场参观 £一对一沟通 | | | | R 其他（电话会议） | | | 参与单位 | | | | | 详见附件清单 | | | 及人员 | | | | 时间、地点 | 2024 年 8 月 25 | 日 电话会议 | | | 董事长：葛昊先生 | | | | 副董事长、总经理：成正辉先生 | | | 接待人员 | | | | | | 董事、副总经理、财务负责人兼董事会秘书：戴振华先生 | | | 证券事务代表：陈然然女士 | | | 投资者关系活 | Q1: | 医疗行业整 ...

2024 年 08 月 25 日 公司点评 买入/维持 惠泰医疗(688617) 昨收盘:356.40 惠泰医疗点评报告：电生理手术量保持强劲增长，业绩持续向好 ◼ 走势比较 (20%) 0% 20% 40% 60% 80% 23/8/2523/11/524/1/1624/3/2824/6/824/8/19 惠泰医疗 沪深300 ◼ 股票数据 总股本/流通(亿股) 0.97/0.97 总市值/流通(亿元) 346.88/346.88 12 个月内最高/最低价 (元) 569/303.52 相关研究报告 <<惠泰医疗点评报告：电生理手术量 增速强劲，血管介入新品迭出>>-- 2024-04-26 <<惠泰医疗点评报告：各业务高速增 长，海外增长趋势良好>>--2024-03- 26 <<惠泰医疗："三合一"PFA 进展居前， 血管介入矩阵日渐成型>>--2024- 03-17 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：8 月 23 日，公司发布 2024 半年度报告，2024 年上半年实现营 业收入 1 ...

证券研究报告 非金融公司|公司点评|惠泰医疗（688617） 核心业务持续增长，海外自主品牌拓展 顺利 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1 公司实现营收 10.01 亿元，同比增长 27.03%；归母净利润 3.43 亿元，同比增长 33.09%；扣非归母净利润 3.28 亿元，同比增长 35.20%。2024Q2 实现营 收 5.46 亿元，同比增长 24.50%；归母净利润 2.02 亿元，同比增长 30.84%，扣非归母净利润 1.91 亿元，同比增长 25.51%。电生理和血管介入业务持续增长，国内医院覆盖率持续提升， 海外自主品牌增速亮眼。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月27日 惠泰医疗(688617) 核心业务持续增长，海外自主品牌拓展顺利 | --- | --- | |--------------- ...

证券研究报告·公司点评报告·医疗器械 惠泰医疗（688617） 2024 年 H1 业绩点评：利润超我们预期，看 好长期成长性 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1216 | 1650 | 2221 | 3018 | 4020 | | 同比（%） | 46.74 | 35.71 | 34.58 | 35.88 | 33.21 | | 归母净利润（百万元） | 358.02 | 533.92 | 725.22 | 997.07 | 1,339.46 | | 同比（%） | 72.19 | 49.13 | 35.83 | 37.49 | 34.34 | | EPS-最新摊薄（元/股） | 3.68 | 5.49 | ...

业绩简述 2024 年 8 月 22 日，公司发布 2024 半年度报告，2024 年上半年公 司实现收入 10.01 亿元，同比+27%；实现归母净利润 3.43 亿元， 同比+33%；实现扣非归母净利润 3.28 亿元，同比+35%。 2024Q2 公司实现收入 5.46 亿元，同比+25%；实现归母净利润 2.02 亿元，同比+31%；实现扣非归母净利润 1.91 亿元，同比+26%。 经营分析 产品入院推广顺利推进，三维电生理手术量高速增长。上半年公 司电生理产品实现收入 2.23 亿元，国内新增医院植入 150 余家， 在超过 800 家医院完成三维电生理手术约 7500 例，手术量较 2023 年同期增长超过 100%。可调弯十极冠状窦导管在该品类细分市场 中继续维持份额领先，可调弯鞘管通过带量采购项目完成准入， 上半年使用量突破 5000 根。冠脉通路类产品实现收入 5.03 亿元， 国内入院数量较去年同期增长近20%；外周介入产品实现收入1.75 亿元，国内入院增长超 30%，整体覆盖医院数近 4000 家。 国际业务稳定增长，自主品牌成为主要驱动力。公司国际业务继 续保持增长，实现收入 1. ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.23 证 券 研 究 报 告 [table_Authors] 丁丹(分析师) 谈嘉程(分析师) 0755-23976735 021-38038429 dingdan@gtjas.com tanjiacheng@gtjas.com 登记编号 S0880514030001 S0880523070004 ——惠泰医疗 2024 半年报点评 本报告导读： 公司电生理业务及血管介入类业务均保持高速增长，符合预期，维持增持评级。 投资要点： 持续高增长，业绩符合预期 惠泰医疗(688617) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------------------|-----------|--------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 434.88 | | | 上次预测: | 342.66 | | [当前价格： Table_CurPrice] | | 364 ...

Financial Performance - The company's revenue for the first half of 2024 reached $1.2 billion, representing a 15% year-over-year growth[1] - Net profit for the first half of 2024 was $250 million, a 20% increase compared to the same period last year[1] - Revenue for the first half of 2024 reached RMB 1,000,959,631.54, a year-on-year increase of 27.03%[17] - Net profit attributable to shareholders of the listed company was RMB 342,560,640.88, up 33.09% compared to the same period last year[17] - Basic earnings per share (EPS) increased by 32.64% to RMB 5.12[18] - Diluted EPS rose by 34.21% to RMB 5.10[18] - The company's gross margin improved to 65% in the first half of 2024, up from 62% in the same period last year[1] - The company's net profit growth was driven by increased sales scale and cost control measures[18] - Total revenue for the first half of 2024 reached 1,000,959,631.54 yuan, a significant increase from 787,985,502.65 yuan in the same period of 2023[189] - Net profit attributable to the parent company's owners rose to 1,317,298,880.64 yuan in 2024 from 1,107,837,337.76 yuan in 2023[185] - Revenue for the first half of 2024 reached 225,803,430.67 RMB, a significant increase from 150,864,223.41 RMB in the same period of 2023[192] - Net profit attributable to parent company shareholders in the first half of 2024 was 342,560,640.88 RMB, up from 257,395,456.84 RMB in 2023[190] - Total comprehensive income for the first half of 2024 reached 348,640,729.53 RMB, up from 266,894,262.99 RMB in 2023[191] - Operating profit for the first half of 2024 was 389,780,639.79 RMB, a significant increase from 292,209,114.96 RMB in 2023[190] - Net profit for the first half of 2024 reached 42,056,789.66 RMB, a significant increase from 27,296,417.20 RMB in the same period of 2023[193] - Total comprehensive income for the first half of 2024 was 54,115,476.24 RMB, compared to 41,137,235.06 RMB in the same period of 2023[193] - The company's operating profit for the first half of 2024 was 49,667,968.31 RMB, up from 30,080,887.28 RMB in the same period of 2023[193] - Total comprehensive income for the first half of 2024 was 353.9 million yuan, with a net income attributable to owners of the parent company of 342.6 million yuan[200] R&D and Innovation - The company's R&D expenditure in the first half of 2024 was $150 million, accounting for 12.5% of total revenue[1] - R&D expenditure accounted for 13.38% of revenue, a slight decrease of 0.44 percentage points compared to the previous year[18] - R&D expenses totaled 133.89 million yuan, an increase of 22.92% year-over-year[45] - R&D expenses accounted for 13.38% of total revenue, a decrease of 0.44 percentage points compared to the previous year[45] - Total R&D personnel increased to 479, representing 19.78% of the company's total workforce[52] - R&D personnel compensation totaled 63.38 million yuan, with an average salary of 132,300 yuan per person[52] - The company has 14 ongoing R&D projects, with a total investment of 308.88 million yuan in the current period[50] - The "High-Integration Electrophysiological Recording System" project received an investment of 38 million yuan in the current period[48] - The "3D Electrophysiological Mapping System Pro" project received an investment of 59.21 million yuan in the current period[48] - The "Magnetic Positioning Pressure-Sensing Radiofrequency Ablation Catheter" project received an investment of 20 million yuan in the current period[48] - The "Thoracic Aortic Stent Graft System" project received an investment of 29 million yuan in the current period[48] - The "Magnetic Positioning Adjustable Curve Mapping Electrode Catheter" project received an investment of 10 million yuan in the current period[50] - The company has 479 R&D personnel, accounting for 19.78% of the total employees, forming a multidisciplinary team in fields such as medicine, engineering, and materials science[54] - R&D expenses grew by 22.92% year-on-year to 133,893,513.26 yuan, driven by increased investment in new product and technology development[76][77] - Ongoing R&D projects include pulse ablation catheters, high-density mapping catheters, and magnetic positioning ablation catheters[65] Market Expansion and Product Development - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[10] - A new product line is expected to be launched in Q4 2024, with projected sales of $100 million in the first year[10] - The company completed the acquisition of a smaller competitor for $300 million, which is expected to contribute $50 million in additional revenue annually[10] - The company's electrophysiology products, including 3D cold saline ablation catheters, achieved over 10,000 surgeries in 2023 and approximately 7,500 surgeries in the first half of 2024[23] - In the coronary access device market, the company's microcatheters and angiography kits have established a leading position, with other products like guide catheters and balloon catheters rapidly gaining market share[24] - The company's peripheral intervention products, including adjustable valve catheter sheaths, have gained market recognition and are expected to further close the gap with foreign brands as new products are launched[25] - In the non-vascular intervention market, the company's subsidiary focuses on urological and digestive interventions, with a particular emphasis on biliary stone disease[26] - The company is a leading domestic manufacturer of electrophysiology and vascular intervention medical devices, with a comprehensive product portfolio that competes strongly with foreign products[27] - The company's electrophysiology products include 3D cardiac electrophysiological mapping systems and multi-channel electrophysiological recorders, with RFG20A cardiac radiofrequency ablation instrument and IP-1 radiofrequency perfusion pump launched in 2023[29] - The company's coronary access product line includes angiography catheters, guidewires, and sheaths, with the coronary thin-walled sheath being the only domestic product and the microcatheter and extension catheter being the first domestically registered products[30] - The company's peripheral vascular intervention products include microcatheters, guidewires, and TIPS puncture kits, with the peripheral adjustable valve catheter sheath being the only domestically approved product[31] - The company's non-vascular intervention products focus on urological stone intervention, with products like zebra guidewires, stone retrieval baskets, and ureteral stents[32] - The company's OEM business provides batch processing, product customization, and project development services for vascular and non-vascular delivery systems, catheters, and guidewires[33] - The company's production model is market-driven and customer-demand-oriented, with subsidiaries responsible for producing coronary access, peripheral vascular intervention, and non-vascular intervention products[35] - The company's sales model in China is primarily through distributors, with some regions using a distribution model, while overseas sales are exclusively through distributors[36] - Domestic electrophysiology product coverage increased to over 1,250 hospitals, with 150 new hospital implants[62] - Domestic electrophysiology surgeries reached approximately 7,500 cases in over 800 hospitals, a 100% YoY growth[62] - Usage of adjustable curve sheaths exceeded 5,000 units during the reporting period[62] - Coronary product hospital admissions grew nearly 20% YoY, while peripheral product admissions grew over 30%[62] - International business grew 19.73% YoY, with CIS region growing 124% and Europe growing 51%[64] - Coronary and peripheral self-branded business grew 43.77% YoY, while electrophysiology self-branded business grew 63.04%[64] Financial Position and Assets - The company's cash and cash equivalents stood at $800 million as of June 30, 2024, a 25% increase from the end of 2023[1] - The company's total assets reached $5 billion, a 10% increase compared to the end of 2023[1] - The company's debt-to-equity ratio improved to 0.5, down from 0.6 at the end of 2023[1] - Total assets as of the end of the reporting period were RMB 2,742,195,668.73, an increase of 6.58% from the end of the previous year[17] - Net cash flow from operating activities was RMB 343,477,427.31, up 3.67% year-on-year[17] - Weighted average return on equity (ROE) increased by 2.34 percentage points to 16.42%[18] - The company's monetary funds decreased by 35.60% to 821,996,934.81 yuan, accounting for 29.98% of total assets, primarily due to the purchase of long-term assets and the presence of large undeposited bank wealth management products[79] - Trading financial assets increased significantly by 214.45% to 188,667,793.72 yuan, accounting for 6.88% of total assets, mainly due to an increase in undeposited bank wealth management products[79] - Other non-current assets surged by 820.82% to 412,767,793.69 yuan, accounting for 15.05% of total assets, primarily due to an increase in prepayments for long-term assets[79] - The company's overseas assets amounted to 56,456,914.22 yuan, representing 2.06% of total assets[81] - Restricted assets at the end of the reporting period totaled 12,710,178.97 yuan, mainly due to mortgage loans secured by fixed assets[82] - The company's investment in external equity decreased by 83.06% to 68,209,422.00 yuan compared to the same period last year[84] - The company holds a 25.74% stake in Shanghai Winsun Medical Technology Co., Ltd. as of June 30, 2024[84] - The fair value of other equity instrument investments increased to 133,892,331.87 yuan, with a cumulative fair value change of 52,693,331.87 yuan recognized in equity[85] - The company invested 35,000,000.00 yuan in Shanghai Huite Zhong Sai Private Equity Investment Fund Partnership, representing a 41.67% ownership stake[87] - The cumulative profit impact of the private equity fund investment was -4,784,622.70 yuan as of the reporting period[87] - The company's total assets increased to 2,742,195,668.73 RMB as of June 30, 2024, compared to 2,572,982,295.44 RMB at the end of 2023[183] - Cash and cash equivalents decreased to 821,996,934.81 RMB from 1,276,391,305.21 RMB at the end of 2023[183] - Trade receivables increased to 53,803,945.34 RMB from 41,415,783.97 RMB at the end of 2023[183] - Inventory increased to 362,815,660.89 RMB from 327,953,140.74 RMB at the end of 2023[183] - Fixed assets increased to 437,174,273.69 RMB from 399,366,483.38 RMB at the end of 2023[183] - The company's total liabilities decreased to 541,379,115.14 RMB from 588,169,828.92 RMB at the end of 2023[184] - Accounts payable increased to 55,383,320.24 RMB from 42,726,085.19 RMB at the end of 2023[184] - Employee benefits payable decreased to 93,620,822.90 RMB from 124,700,480.37 RMB at the end of 2023[184] - Total liabilities decreased to 560,802,663.73 yuan in 2024 from 610,981,432.09 yuan in 2023[185] - Total owner's equity increased to 2,181,393,005.00 yuan in 2024 from 1,962,000,863.35 yuan in 2023[185] - Total assets decreased to 2,003,061,366.59 yuan in 2024 from 2,099,745,428.64 yuan in 2023[188] - Current assets decreased to 834,240,568.47 yuan in 2024 from 1,010,471,772.39 yuan in 2023[187] - Non-current assets increased to 1,168,820,798.12 yuan in 2024 from 1,089,273,656.25 yuan in 2023[187] - Capital reserve increased to 727,861,068.58 yuan in 2024 from 724,040,835.54 yuan in 2023[185] - Other comprehensive income rose to 46,388,297.58 yuan in 2024 from 34,962,596.62 yuan in 2023[185] - The company's total assets at the end of the first half of 2024 were 1,276,391,305.21 RMB, a significant increase from 248,950,985.71 RMB at the end of the first half of 2023[195] - The company's total liabilities at the end of the first half of 2024 were 253,226,351.71 RMB, compared to 293,503,838.65 RMB at the end of the first half of 2023[195] - The company's equity at the end of the first half of 2024 was 1,023,164,953.50 RMB, up from 423,720,686.79 RMB at the end of the first half of 2023[195] - Owner's equity increased by 224.7 million yuan in the first half of 2024, primarily due to comprehensive income and owner's capital contributions[199] - The company's total assets at the end of the first half of 2024 stood at 1.96 billion yuan, with owner's equity accounting for 1.91 billion yuan[199] Operational Efficiency and Costs - The company's steel mesh reinforced extrusion technology has significantly improved the stability of steel mesh reinforced pipes, increasing production efficiency by approximately 10 times and greatly reducing production costs[38] - The company has developed a hydrophilic coating technology with PVP and PVM/MA systems, breaking the monopoly of foreign companies in this field and meeting the needs of various products for different lubrication performance and application environments[39] - The company's dual-mode electrophysiological navigation and mapping system integrates low-frequency steady electric field positioning, magnetic-electric data fusion, and low-noise electrophysiological signal processing technologies, promoting the industrialization of dual-mode navigation products[39] - The high-frequency power generation platform developed by the company features high efficiency, compact design, and real-time impedance measurement, suitable for various medical applications such as cardiac and liver cancer treatments[39] - The company's pressure sensing conduction technology uses fiber Bragg gratings to create vector force sensors, ensuring high precision and stability in pressure measurement, immune to electromagnetic interference[39] - The company's controllable bend catheter technology allows for adjustable distal bending, enabling the same catheter to access both left and right coronary arteries, reducing surgery time and improving safety[39] - The company's guidewire composite dual-core technology provides excellent control and connection strength, with a tip breaking force exceeding 12N and hardness of 0.6g[40] - The company's ultra-high-pressure balloon forming process achieves a rated burst pressure of 36ATM and an average burst pressure of 45ATM, significantly higher than similar products on the market[40] - The company has achieved full automation in the assembly processes of catheters, sheaths, and balloon expansion pressure pumps[57] - The company's management team has a global perspective and continuously optimizes strategic layouts based on market changes[60] - Sales expenses increased by 17.55% year-on-year to 177,190,097.33 yuan due to expanded sales scale and higher operational costs[76] - Management expenses rose by 30.43% year-on-year to 46,293,844.04 yuan, primarily due to increased administrative labor costs and office expenses[76] - The company will enhance internal controls, optimize budget management, and strengthen cost control[125] - The company will strengthen accounts receivable collection and improve capital efficiency[125] Risks and Challenges - The company faces market competition risks as foreign brands dominate the electrophysiology and vascular intervention medical device sectors in China[69] - Industry policies, such as centralized procurement, may lead to product price reductions and impact profitability[70] - The company relies heavily on a dealer-based sales model, which poses risks related to dealer management and potential reputational damage[71] - Product quality and potential liability risks are significant due to the high-risk nature of interventional medical devices[72] - The company will initiate a stock price stabilization plan if the stock price falls below the latest audited net asset value per share for 20 consecutive trading days within three years of listing[114] - The company can repurchase up to 1% of its total shares in a single repurchase and up to 2% in a single fiscal year, with the total repurchase amount not exceeding the total funds raised from the IPO[114] - The controlling shareholder and actual controller must increase their holdings if the company cannot implement a stock repurchase or if the repurchase plan is not approved by the shareholders' meeting[115] - The controlling shareholder and actual controller can use no more than 30% of their after-tax cash dividends from the previous fiscal year to increase their holdings in a single fiscal year[116] - Directors and senior executives must increase their holdings if the stock price remains below the latest audited net asset value per share for 10 consecutive trading days after the controlling shareholder's increase plan is completed[116] - Directors and senior executives can use