（文章来源：每日经济新闻） 海泰新光（688677.SH）12月24日在投资者互动平台表示，国药新光的整机产品2024年第二季度获批， 下半年开始推广销售，目前销售数量还不多。今年国药新光加强了内窥镜推广力度，产品得到了用户的 初步认可。此外，国药新光也正在布局相关产品以扩展产品种类提高盈利能力。 每经AI快讯，有投资者在投资者互动平台提问：公司与国药的合资公司国药新光，今年业绩是否改 善，能否扭亏？ ...

格隆汇12月24日丨海泰新光(688677.SH)在投资者互动平台表示，2025年人民币对美元汇率升值对公司 整体影响金额不大。公司的美国业务是中、美、泰三国布局，可以利用子公司之间的结算减少汇率变化 的影响；另外，美国子公司对美元资产进行理财，也减少了汇率波动的影响。 ...

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is focused on integrating optical technology with cutting-edge medical device applications, particularly in high-performance endoscope products, and has a strong vertical integration capability in the industry [2][3]. Group 1: Company Performance - As of September 30, 2025, the company achieved a revenue of 448 million yuan, representing a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 136 million yuan, with a growth of 40.03% [7]. - The company's main business revenue composition includes 64.86% from medical endoscope devices, 21.63% from optical products, 13.09% from maintenance services, and 0.42% from leasing [7]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 207 million yuan distributed over the past three years [8]. Group 2: Market Position and Recognition - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for small and medium-sized enterprises that excel in niche markets and possess strong innovation capabilities [3]. - The company benefits from a significant overseas revenue share of 69.12%, which is positively impacted by the depreciation of the Chinese yuan [3]. Group 3: Stock and Trading Information - On December 22, the company's stock price decreased by 0.54%, with a trading volume of 66.5 million yuan and a turnover rate of 1.29%, resulting in a total market capitalization of 5.126 billion yuan [1]. - The average trading cost of the stock is 46.22 yuan, with the stock price currently near a support level of 41.58 yuan, indicating potential for a rebound if this support holds [6].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

证券日报网讯12月19日，海泰新光在互动平台回答投资者提问时表示，截至目前，公司没有从事光模块 业务的子公司。 ...

格隆汇12月19日丨海泰新光(688677.SH)在投资者互动平台表示，公司与谷歌的TPU没有联系。 ...

格隆汇12月19日丨海泰新光(688677.SH)在投资者互动平台表示，截止目前，公司没有从事光模块业务 的子公司。 ...

格隆汇12月19日丨海泰新光(688677.SH)在投资者互动平台表示，公司与谷歌的TPU没有联系。 ...

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is experiencing a decline in stock price but benefits from its strong position in the medical device sector and the depreciation of the RMB, which enhances its overseas revenue [1][2][3]. Group 1: Company Overview - The company focuses on integrating optical technology with cutting-edge applications in the medical device industry, particularly in high-performance endoscopic instruments [2]. - Haitai New Light is one of the few companies in China with vertical integration capabilities, covering core components, key equipment, and system integration [2]. - As of September 30, the company reported a revenue of 448 million yuan, a year-on-year increase of 40.47%, and a net profit of 136 million yuan, also up by 40.03% [7]. Group 2: Financial Performance - The company has a significant overseas revenue share of 69.12%, benefiting from the depreciation of the RMB [3]. - The main business revenue composition includes 64.86% from medical endoscopic instruments, 21.63% from optical products, 13.09% from maintenance services, and 0.42% from leasing [7]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 207 million yuan in the last three years [8]. Group 3: Market Position and Recognition - Haitai New Light has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China [3]. - The company is listed in the medical device sector under the pharmaceutical and biological industry, with various concept segments including medical devices and pension concepts [7].

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is experiencing growth in its medical device sector, particularly in endoscopic instruments, benefiting from the depreciation of the RMB and its recognition as a "specialized, refined, distinctive, and innovative" enterprise [2][3]. Group 1: Company Performance - The company reported a revenue of 448 million yuan for the period from January to September 2025, representing a year-on-year growth of 40.47% [7]. - The net profit attributable to the parent company for the same period was 136 million yuan, showing a year-on-year increase of 40.03% [7]. - The company's main business revenue composition includes 64.86% from medical endoscopic instruments, 21.63% from optical products, 13.09% from maintenance services, and 0.42% from leasing [7]. Group 2: Market Position and Recognition - The company has a vertical integration capability in the medical device industry, being one of the few in China that can integrate core components, key equipment, and system integration [2]. - It has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for companies excelling in niche markets and innovation [3]. Group 3: Financial Metrics and Shareholder Information - As of September 30, 2025, the company had a total market capitalization of 5.381 billion yuan, with a trading volume of 55.8848 million yuan on December 15, 2025 [1]. - The average trading cost of the company's shares is 46.50 yuan, with the current stock price near a support level of 44.54 yuan [6]. - The company has distributed a total of 277 million yuan in dividends since its A-share listing, with 207 million yuan distributed over the past three years [8].