Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company experienced pressure on profits while maintaining stable revenue, with a revenue of 338 million yuan (+0.93%) and a net profit of 57 million yuan (-47.37%) in the first half of 2024. The decline in profit is attributed to increased R&D and marketing expenses, as well as reduced government subsidies [1][5]. - The gross margin remained stable at 68.22% (+0.61pp), but the expense ratios increased significantly, with the sales expense ratio at 27.99% (+4.64pp) and the R&D expense ratio at 19.44% (+5.26pp) [1][7]. - The company has significantly increased its R&D efforts, with R&D investment reaching 66 million yuan (+38.37%), accounting for 19.44% of revenue. This includes the addition of 199 patents and the launch of new products based on clinical needs [1][8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 338 million yuan (+0.93%) and a net profit of 57 million yuan (-47.37%). The Q2 2024 revenue was 169 million yuan (-11.92%) with a net profit of 18 million yuan (-74.84%) [1][5]. - The company’s revenue growth is impacted by industry adjustments, while profit is pressured due to increased R&D and marketing investments [1][5]. Expense Ratios - The gross margin for H1 2024 was 68.22% (+0.61pp). The sales expense ratio increased to 27.99% (+4.64pp), management expense ratio to 7.10% (+2.11pp), and R&D expense ratio to 19.44% (+5.26pp) [1][7]. R&D Investment - The company has increased its R&D investment to 66 million yuan (+38.37%), representing 19.44% of revenue. It has filed for 199 new patents, including 52 invention patents, and launched several new medical devices [1][8][10]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 820 million yuan, 1 billion yuan, and 1.17 billion yuan respectively, with expected growth rates of 11%, 21%, and 18%. The net profit forecast is adjusted to 210 million yuan, 270 million yuan, and 330 million yuan respectively, with growth rates of -9%, 29%, and 26% [2][10].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company experienced pressure on profits while maintaining stable revenue, with a revenue of 338 million yuan (+0.93%) and a net profit of 57 million yuan (-47.37%) in the first half of 2024. The decline in profit is attributed to increased R&D and marketing expenses, as well as reduced government subsidies [1][5]. - The gross margin remained stable at 68.22% (+0.61pp), but the expense ratios increased significantly, with the sales expense ratio at 27.99% (+4.64pp) and the R&D expense ratio at 19.44% (+5.26pp) [1][7]. - The company has significantly increased its R&D efforts, with R&D investment reaching 66 million yuan (+38.37%), accounting for 19.44% of revenue. The company has also added 199 patents and launched new products based on clinical needs [1][8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 338 million yuan (+0.93%) and a net profit of 57 million yuan (-47.37%). The Q2 2024 revenue was 169 million yuan (-11.92%) with a net profit of 18 million yuan (-74.84%) [1][5]. - The company’s revenue growth is impacted by industry restructuring, while profit decline is due to increased R&D and marketing investments [1][5]. R&D and Product Development - The company has increased its R&D investment to 66 million yuan (+38.37%), representing 19.44% of its revenue. It has filed for 199 new patents, including 52 invention patents, and launched several new medical devices [1][8][10]. Financial Projections - The revenue projections for 2024-2026 are adjusted to 820 million yuan, 1 billion yuan, and 1.17 billion yuan respectively, with expected growth rates of 11%, 21%, and 18%. The net profit projections are revised to 210 million yuan, 270 million yuan, and 330 million yuan, with growth rates of -9%, 29%, and 26% [2][10].

证券代码：688626 证券简称：翔宇医疗 公告编号：2024-057 河南翔宇医疗设备股份有限公司 关于股东及其一致行动人减持计划时间届满 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。 重要内容提示： 股东及其一致行动人持股的基本情况 本次减持计划实施前，河南翔宇医疗设备股份有限公司（以下简称"公司"） 股东：苏州济峰股权投资合伙企业（有限合伙）（以下简称"苏州济峰"）持有公 司股份 4,800,720 股，占公司总股本的 3.00%；嘉兴济峰一号股权投资合伙企业 （有限合伙）（以下简称"嘉兴济峰一号"）持有公司股份 2,703,120 股，占公司 总股本的 1.69%；福州济峰股权投资合伙企业（有限合伙）（以下简称"福州济 峰"）持有公司股份 896,280 股，占公司总股本的 0.56%。苏州济峰、嘉兴济峰 一号、福州济峰存在关联关系，作为一致行动人，合计持有公司股份 8,400,120 股，占公司总股本的 5.25%。上述股份为公司首次公开发行前取得的股份，且已 于 2022 年 3 ...

证券代码：688626 证券简称：翔宇医疗 公告编号：2024-056 河南翔宇医疗设备股份有限公司 重要内容提示： 会议召开时间：2024 年 9 月 19 日(星期四)下午 14:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 9 月 18 日(星期三)16:00 前，通过公司邮箱 xymedical@xyyl.com 将需要了解和关注的问题提前提供给公司。公司将在说明 会文字互动环节对投资者普遍关注的问题进行回答。 河南翔宇医疗设备股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日下午 14:00-16:00 参加由上海证券交易所主办的 2024 年半年度科创板医疗器械及医疗设备专场集 体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 关于 ...

Financial Performance - The company achieved a revenue of 338 million CNY in the first half of 2024, representing a year-on-year growth of 0.93% [3] - The gross profit margin stood at 68.22%, showing stability compared to the previous year [4] - Research and development (R&D) investment exceeded 65 million CNY, accounting for 19.44% of total revenue [4] Innovation and Product Development - The company added 199 new patents during the reporting period, bringing the total to 1,702, including 52 new invention patents [4] - New product developments include AI therapy robots, micro-pressure oxygen chambers, and rehabilitation robots, which have garnered significant market attention [4] Strategic Focus and Market Expansion - The company plans to enhance its integrated clinical rehabilitation solutions and expand into home rehabilitation and elderly care markets [5] - The focus is on both hospital and non-hospital markets, with a strategy to penetrate overseas markets and community healthcare [6] Challenges and Responses - The decline in net profit is attributed to increased R&D and sales expenses, as well as cash flow challenges due to rising operational costs [5] - The company is adapting its marketing strategies to align with national policies and clinical needs, aiming to optimize product competitiveness [6] Future Outlook - The company anticipates significant growth in overseas business, particularly in countries along the Belt and Road Initiative, with a projected doubling of revenue from this segment [7] - The introduction of a "trade-in" program for medical equipment is expected to capitalize on market demand for updated devices [10]

翔宇医疗（ [Table_StockNameRptType] 688626） 公司点评 研发销售投入加大，2024H1 净利润短期承压 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Financial Performance - The company reported a total revenue of 500 million CNY for the first half of 2024, representing a 15% increase compared to the same period last year[1]. - The company projects a revenue growth of 10% for the second half of 2024, aiming for a total annual revenue of 1.1 billion CNY[1]. - The company reported a significant increase in revenue, achieving a total of 500 million CNY for the first half of 2024, representing a 20% growth compared to the same period last year[10]. - The company has set a future outlook with a revenue target of 1 billion CNY for the full year 2024, which would require a 25% increase in sales in the second half of the year[10]. - The company's operating revenue for the first half of 2024 was CNY 337,859,279.17, a year-on-year increase of 0.93%[15]. - The company achieved a total of 65,668,279.41 CNY in R&D investment during the reporting period, representing a 38.37% increase compared to the previous year[42]. - The company reported a total of 288 new applications for various patents during the reporting period[41]. - The company achieved a revenue of 49,961.85 million RMB, with a net profit of 6,566.83 million RMB, and a total profit of 39,427.09 million RMB[50]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching 1.2 million users as of June 2024[1]. - A new strategic partnership with a leading healthcare provider is expected to enhance service delivery and increase customer base by 15%[1]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[1]. - The company is expanding its market presence by entering three new provinces in China, aiming to increase its market share by 10% in these regions by the end of 2024[10]. Research and Development - Research and development expenses increased by 30%, totaling 80 million CNY, focusing on innovative medical technologies[1]. - The company is investing 50 million CNY in research and development for innovative rehabilitation technologies over the next two years, focusing on integrating AI into their devices[10]. - The R&D expenditure accounted for 19.44% of operating revenue, an increase of 5.26 percentage points year-on-year[16]. - The company has developed a highly integrated digital rehabilitation management system that utilizes IoT and big data technologies, enhancing the entire rehabilitation treatment process through information and intelligent management[37]. - The company has established a comprehensive product development control procedure in compliance with ISO13485, ensuring effective risk management throughout the product development process[33]. Financial Health and Profitability - The net profit attributable to shareholders was CNY 56,635,866.17, a decrease of 47.37% compared to the same period last year[15]. - The net profit after deducting non-recurring gains and losses was CNY 53,437,057.81, down 43.62% year-on-year[15]. - The net cash flow from operating activities was CNY 32,562,339.11, a decline of 67.62% compared to the previous year[15]. - The gross margin for the first half of 2024 improved to 45%, up from 40% in the previous year, indicating better cost management and pricing strategies[10]. - The company has increased its investment in R&D and sales activities, leading to higher expenses and a reduction in net profit[17]. Strategic Initiatives and Partnerships - The company has no plans for mergers or acquisitions in the near term, prioritizing organic growth strategies[1]. - The company has signed a partnership with Xi'an Jiaotong University to establish a rehabilitation medical device research institute[40]. - The company is collaborating with healthcare institutions to enhance the prevention and treatment of conditions such as deep vein thrombosis and muscle spasms[29]. Market Trends and Opportunities - The aging population and increasing chronic disease prevalence are driving the demand for rehabilitation services in China[25]. - The rapid development of the rehabilitation medical industry is supported by favorable national policies encouraging social capital investment and expanding insurance coverage for rehabilitation services[24]. - KPMG predicts that the market size of the rehabilitation medical industry in China will exceed 200 billion yuan by 2025[25]. - The government is promoting the integration of rehabilitation services into the entire disease diagnosis and treatment process, enhancing the demand for rehabilitation medical services[24]. Corporate Governance and Compliance - The company has committed to fair market practices in any future related party transactions to protect shareholder rights[110]. - The company has received regulatory warnings for failing to disclose significant litigation matters in a timely manner, leading to a commitment to improve internal controls and compliance[115]. - The company has confirmed that there are no significant changes in the status of its major related party transactions[115]. Environmental and Social Responsibility - The company is actively implementing low VOCs content raw material replacements and has installed photovoltaic power generation devices to contribute to green and sustainable development[95]. - The company provided scholarships totaling CNY 1.35 million to 27 employees' children and CNY 23,500 to one impoverished college student, contributing to poverty alleviation and rural revitalization efforts[97]. - The company promotes and implements waste classification and has established facilities for rainwater collection and reuse[95].

一、聚焦康复医疗主业、提升核心竞争力 报告期内，多重因素的冲击依然存在，公司在董事会的指导下，依据年初制 定的经营计划，立足主业，始终重视新产品研发、不断丰富产品线，同时加强营 销网络布局和营销体系建设，持续提升公司品牌形象和核心竞争力。 1、加强营销体系建设，持续推出新产品，完善公司产品系列和方案 河南翔宇医疗设备股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的 半年度评估报告 为践行"以投资者为本"的上市公司发展理念，维护河南翔宇医疗设备股份 有限公司（以下简称"翔宇医疗"或"公司"）全体股东利益，基于对公司未来 发展前景的信心和对公司价值的认可，公司制订了 2024 年度"提质增效重回报" 行动方案。现将行动方案的半年度执行情况报告如下： 报告期内，公司紧抓市场机遇，完善营销体系建设，加大渠道建设力度，持 续加强营销网络布局，进一步提升对渠道与终端客户的服务能力。公司依托自主 研发能力，结合临床需求，陆续推出红外热辐射治疗仪、定向透药治疗仪、超声 电导定向透药仪等全新产品和产品组合。公司基于专病专科临床需求和康复市场 发展需要，持续研发、优化临床所需的康复装备，完善专病专科及全院临床康 ...

证券代码：688626 证券简称：翔宇医疗 公告编号：2024-053 河南翔宇医疗设备股份有限公司 关于股份回购实施结果暨股份变动的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/8/11，由公司实际控制人提议 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 年 月 2023 8 日~2024 9 | 10 | 8 | 日 | | 预计回购金额 | 8,000 万元~16,000 万元 | | | | | 回购价格上限 | 64.48 元/股（含），2023 | | | 年年度权益分派实施前为 | | | 65.00 元/股（含） | | | | | 回购用途 | □减少注册资本 | | | | | | √用于员工持股计划或股权激励 | | | | | | √用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 实际回购股数 | 万股 193.00 | | | | ...

河南翔宇医疗设备股份有限公司 证券代码：688626 证券简称：翔宇医疗 公告编号：2024-052 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，公司在回购股份期间，应于每个月的前 3 个交易日内公告截至上月末的回购进展情况，现将公司回购进展情况公告 如下： 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/8/11，由公司实际控制人提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2023 8 | 10 | 日~2024 | 年 | 8 | 日 9 | | 预计回购金额 | 万元~16,000 万元 8,000 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | √用于转换公 ...