Summary of Medical Device and Healthcare Services Industry Conference Call Industry Overview - The medical device sector is experiencing improved growth rates, with significant performance expected in Q3 and the second half of the year, suggesting a focus on companies with improving quarter-over-quarter and year-over-year results, as well as those poised for accelerated growth in 2026 [1][2][6] - High-value consumables and equipment performed relatively well in the first half of the year, with upstream medical device companies like Meihao Medical, Yingke Medical, and Haitai Xinguang showing high growth trends in Q3 [1][3][4] Key Trends and Insights - The strategy of expanding overseas is crucial for Chinese medical device companies to unlock a second growth curve, driven by domestic policy pressures and increased competition from local manufacturers [1][5] - The medical device sector is expected to see a significant improvement in Q3, with companies like Union Medical and Mindray anticipated to show performance turning points [4][8] - The high consumables segment is expected to see further improvement in Q3, benefiting from reduced impact from centralized procurement and the launch of new products, with companies like Huatai and Maipu Chunli Medical projected to achieve high growth [9] Investment Opportunities - Companies with high growth potential or rapid profit growth, such as Meihao Medical and those in the brain-computer interface and humanoid robot supply chains, are recommended for long-term holding [6][7] - Low-valuation companies expected to accelerate growth in 2026 include Meihao Medical, MicroPort Medical, and Yiyuan Technology, among others [12] - The IVD sector is facing challenges but is expected to see improvements in domestic growth rates, while overseas markets maintain high growth [10] Performance of Specific Companies - The Hong Kong medical device sector has shown significant innovation, with companies like Silan Tongqiang and MicroPort Medical demonstrating strong recovery in profitability [14] - The consumption medical services sector, led by Aier Eye Hospital, is outperforming serious medical services, with a notable increase in average transaction prices for procedures [16][17] Valuation and Market Position - The overall valuation of the medical services sector is at historically low levels, with the current PE ratio around the 20% percentile of the past five years [18] - Comprehensive hospitals are facing revenue declines due to healthcare payment reforms, with many experiencing over a 10% drop in income in the first half of 2025 [19][20] Recommendations for Future Monitoring - Long-term investment opportunities exist in both the Hong Kong and A-share medical device sectors, particularly in companies with strong innovation capabilities and international expansion potential [15] - Companies like Aier Eye Hospital and Hai Jiaya Medical are recommended for their leadership in their respective segments, while Yiyuan Medical is noted for its rapid overseas growth and strong cash flow [21][22]

Core Viewpoint - The company, Qindao Haitai New Light Technology Co., Ltd., is focused on integrating optical technology with cutting-edge applications in the medical device industry, particularly in high-performance endoscopic instruments [2][3]. Company Overview - Qindao Haitai New Light was established on June 11, 2003, and went public on February 26, 2021. The company specializes in the research, development, production, and sales of medical endoscopic instruments and optical products [7]. - The revenue composition of the company includes 64.86% from medical endoscopic instruments, 21.63% from optical products, 13.09% from maintenance services, and 0.42% from leasing [7]. - As of June 30, 2025, the company reported a revenue of 266 million yuan, representing a year-on-year growth of 20.50%, and a net profit attributable to shareholders of 74.44 million yuan, with a growth of 5.52% [7]. 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 [2]. - The company has a vertical integration capability from core components to system integration, making it one of the few in the industry with such comprehensive capabilities [2]. Financial Performance - 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]. - As of June 30, 2025, the number of shareholders increased by 18.87% to 5,285, while the average circulating shares per person decreased by 16.39% to 22,682 shares [7]. International Exposure - The company has a significant international presence, with overseas revenue accounting for 69.12% of total revenue, benefiting from the depreciation of the Chinese yuan [3].

Core Viewpoint - Haitai Xinguang announced the appointment of Liu Xin as a member of the fourth board of directors' audit committee, representing employee interests [2] Group 1 - The company has agreed to appoint Liu Xin as an employee representative director [2] - This decision was made during the announcement on the evening of September 22 [2]

（文章来源：证券日报） 证券日报网讯 9月22日晚间，海泰新光发布公告称，公司于2025年9月22日召开第四届董事会第七次会 议，审议通过了《关于作废处理2022年限制性股票激励计划部分限制性股票的议案》。本激励计划激励 对象对应第三个归属期已授予尚未归属的限制性股票共计59.822万股不得归属，由公司作废。 ...

证券代码：688677 证券简称：海泰新光 公告编号：2025-056 特此公告。 青岛海泰新光科技股份有限公司 关于补选公司第四届董事会审计委员会委员公告 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、准确性和完整性依法承担法律责任。 青岛海泰新光科技股份股份有限公司(以下简称"公司")于 2025 年 9 月 22 日召开第四届董事会第七次会议，审议通过了《关于补选公司第四届董事会审计 委员会委员的议案》，具体情况如下： 根据《中华人民共和国公司法》《上市公司治理准则》及《公司章程》《董 事会审计委员会工作细则》的有关规定，为保证公司董事会审计委员会依法行使 职权和有序开展各项工作，同意补选职工代表董事刘昕女士为公司第四届董事会 审计委员会委员，任期自董事会审议通过之日起至公司第四届董事会任期届满之 日止。 青岛海泰新光科技股份有限公司董事会 2025 年 9 月 23 日 ...

青岛海泰新光科技股份有限公司董事会 第四届董事会薪酬与考核委员会第三次会议决议 2025 年 9 月 22 日，青岛海泰新光科技股份有限公司第四届董事会薪酬与考 核委员会第三次会议在公司会议室召开，3 名委员会全部出席。会议由召集人宋 又强先生主持。会议通过了如下议案： 一、审议通过《关于作废处理 2022 年限制性股票激励计划部分限制性股票 的议案》 公司本次作废处理部分限制性股票符合《上市公司股权激励管理办法》等法 律法规以及公司《考核管理办法》的规定，相关事项的审议和表决均履行了必要 的程序，不存在损害公司及全体股东利益的情况。因此，公司董事会薪酬与考核 委员会同意公司本次作废部分限制性股票事项。 宋又强 （本页无正文，为青岛海泰新光科技股份有限公司第四届董事会薪酬与考核委员 会第三次会议决议之签字页三） 表决结果：3 票同意，0 票反对，0 票弃权。 特此决议。 （以下无正文） （本页无正文，为青岛海泰新光科技股份有限公司第四届董事会薪酬与考核委员 会第三次会议决议之签字页一） 2025 年 9 月 22 日 （本页无正文，为青岛海泰新光科技股份有限公司第四届董事会薪酬与考核委员 会第三次会议决议之签 ...

证券代码：688677 证券简称：海泰新光 公告编号：2025-054 经与会董事投票表决，审议通过了如下议案： （一）审议通过《关于作废处理 2022 年限制性股票激励计划部分限制性股 票的议案》； 根据安永华明会计师事务所（特殊普通合伙）对公司 2024 年年度报告出具 的审计报告（安永华明（2025）审字第 70059436_J01 号）：2024 年度公司实现 营业收入 442,830,242.88 元，业绩基数为 309,674,984.51 元，营业收入增长率 为 43.00%。2024 年度公司实现以归属于上市公司股东的净利润 133,751,794.16 元，业绩基数为 117,730,495.69 元，净利润增长率为 11.98%。公司 2024 年营 业收入增长率与 2024 年净利润增长率均未达到第三个归属期公司层面业绩考核 触发值，本激励计划第三个归属期公司层面业绩考核未达标。本激励计划激励对 象对应第三个归属期已授予尚未归属的限制性股票共计 59.822 万股不得归属， 由公司作废。 公司本次作废处理部分限制性股票不会对公司的财务状况和经营成果产生 实质性影响，不会影响公司核心团队的 ...

Core Viewpoint - Haitai Xinguang announced the convening of its fourth board meeting to discuss the re-election of the audit committee members, indicating ongoing governance activities within the company [1]. Company Summary - Haitai Xinguang's revenue composition for the year 2024 is as follows: 77.94% from medical device manufacturing, 21.55% from the optical medical industry, and 0.51% from other businesses [1]. - As of the report, Haitai Xinguang has a market capitalization of 5.7 billion yuan [1].

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。 青岛海泰新光科技股份有限公司（以下简称"海泰新光"或"公司"）于 2025 年 9 月 22 日召开第四届董事会第七次会议，审议通过了《关于作废处理 2022 年限制性股票激励计划部分限制性股票的议案》，现将有关事项说明如下： 一、公司 2022 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2022 年 8 月 24 日，公司召开第三届董事会第七次会议，会议审议通过 了《关于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 <公司 2022 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东 大会授权董事会办理 2022 年限制性股票激励计划相关事宜的议案》。公司独立 董事就本激励计划相关议案发表了独立意见。 证券代码：688677 证券简称：海泰新光 公告编号：2025-055 青岛海泰新光科技股份有限公司关于作废处理 2022 年限制性股票激励计划部分限制性股票的公告 同日，公司召开第三届监事会第五次会议，审议通过了《关于<公司 ...

北京竞天公诚(杭州)律师事务所 关于青岛海泰新米科技股份有 作废处理 2022 年限制性股票激 制性股票的 致:青岛海泰新光科技股份有限公司 北京竞天公城(杭州)律师事务所(以下简称"本所")接受青岛海泰新光科技 股份有限公司(以下简称"海泰新光"或"公司")的委托,作为公司 2022年股票期 权激励计划(以下简称"本激励计划"或"本计划")的法律顾问,就海泰新光作废处 理 2022 年限制性股票激励计划部分限制性股票(以下简称"本次作废")所涉及 的相关事宜出具本法律意见书。 本所律师声明事项: - 1 - 1、本法律意见书系依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、中国证券监督管理委 员会(以下简称"中国证监会")《上市公司股权激励管理办法》(以下简称"《管 理办法》")、《上海证券交易所科创板股票上市规则》(以下简称"《股票上 市规则》")等有关法律、行政法规、部门规章及规范性文件和《青岛海泰新 光科技股份有限公司章程》(以下简称"《公司章程》")的有关规定出具。 2、为出具本法律意见书,本所律师依据《律师事务所从事证券法律业务管理办法 ...