Core Insights - The company reported a total operating revenue of 579 million yuan for the fiscal year 2025, representing a year-on-year growth of 36.18% [1] - The net profit reached 75.114 million yuan, showing a year-on-year increase of 34.65% [1] - Significant revenue growth was driven by superconducting products, particularly the non-liquid helium superconducting products [1] Revenue Growth Factors - The continuous growth of non-liquid helium products contributed to the rapid increase in operating revenue [1] - Successful integration into the supply chain of leading equipment manufacturers has further boosted revenue [1] - The acceleration of global expansion strategies has played a crucial role in enhancing operational performance [1]

Investment Rating - The report gives the company an "Accumulate" rating for the first time, with expected earnings per share of 0.42 yuan and 0.49 yuan for 2025 and 2026, respectively, corresponding to valuations of 105 times and 89 times [4]. Core Viewpoints - The company is a leading independent supplier of MRI superconducting magnets in China, focusing on the research, production, and sales of core components for medical MRI equipment, which include superconducting magnets, permanent magnets, and gradient coils, accounting for approximately 50% of the cost of MRI equipment [5][10]. - The global MRI equipment market has been growing steadily, driven by increased clinical diagnostic demand, technological advancements, and supportive policy environments. The market size is projected to grow from $7.5 billion in 2015 to $11.1 billion in 2024, with a compound annual growth rate (CAGR) of 4.5%, and expected to reach $14.89 billion by 2030 [37]. - The company has significant advantages in the superconducting and permanent magnet fields, having developed the world's first 1.5T and large-aperture superconducting magnets without liquid helium, achieving international leadership in technology [5][51]. Summary by Sections Company Overview - The company is a leading independent supplier of MRI superconducting magnets in China, with a mission to make MRI accessible for everyday diagnosis. It has established close partnerships with renowned MRI equipment manufacturers globally [10][11]. Product Information - The company's main products include superconducting magnets, permanent magnets, and gradient coils, forming a comprehensive product system that covers both current and next-generation technologies [13][20]. - The company has become the largest supplier of permanent magnets globally, with a market share of approximately 61% in 2024 [52]. Financial Performance - The company's revenue has shown stable growth, increasing from 359 million yuan in 2022 to 425 million yuan in 2024, with a CAGR of 8.88%. The net profit attributable to the parent company has also grown from 35 million yuan to 56 million yuan during the same period, with a CAGR of 26.91% [21][24]. - The gross margin has improved from 23.31% in 2022 to 26.56% in 2024, reflecting enhanced profitability due to increased product recognition and cost reductions [28]. MRI Equipment Market - The MRI equipment market in China is expanding, driven by policy support, technological advancements, and increasing healthcare demands. The market size is expected to grow from 10.45 billion yuan in 2015 to 16.6 billion yuan in 2024, with a CAGR of 5.3% [39]. - The report highlights that superconducting MRI equipment has become the mainstream model in the domestic market, with a projected market share of over 90% by 2024 [42]. Future Trends - The future of MRI equipment is expected to focus on helium-free and specialized designs, addressing the challenges associated with liquid helium and enhancing accessibility for various medical institutions [47]. - The report anticipates that the domestic replacement process will accelerate, with local manufacturers increasingly breaking the technological monopoly of foreign companies [50].

Core Insights - The MRI superconducting magnet industry in China is experiencing significant growth due to advancements in domestic production capabilities and technology, particularly in helium-free technology and high-field magnet performance optimization [1][4][6] - By 2025, China's MRI superconducting magnet production capacity is expected to reach 1,400 units, with a production volume of 900 units and a market size of 3.032 billion yuan [1][5] - The global MRI superconducting magnet market is projected to grow from $1.278 billion in 2020 to $1.582 billion by 2025, indicating strong demand driven by both developed and developing markets [4][6] Industry Definition - Superconducting magnets are electromagnetic devices that utilize superconducting materials to generate strong magnetic fields without energy loss, essential for MRI imaging [2][3] - MRI superconducting magnets are critical components of MRI devices, providing the necessary magnetic field for imaging [2] Industry Development History - The development of China's MRI superconducting magnet industry can be divided into three phases: technology introduction and initial exploration (1980s-1990s), independent research and industrialization (early 2000s-2010s), and high-end breakthroughs and domestic substitution (2010s-present) [4] Current Industry Status - The domestic MRI superconducting magnet industry has seen a steady demand, with production capacity and quality improving significantly due to local technological advancements and increased domestic supply chain capabilities [4][5] - By 2026, the industry is expected to see further increases in production capacity to 1,500 units and a market size of 3.235 billion yuan [1][5] Industry Supply Chain - The supply chain for the MRI superconducting magnet industry includes upstream materials such as niobium-titanium (NbTi), niobium-tin (Nb3Sn), and liquid helium, with the midstream focusing on magnet production and the downstream involving MRI machine manufacturing [6] Industry Development Environment - Recent government policies have supported the high-end medical equipment industry, emphasizing the importance of domestic production capabilities in key components like superconducting magnets [6][8] Competitive Landscape - The MRI superconducting magnet market is dominated by major international players like Siemens, GE, and Philips, while domestic companies are gaining market share through competitive pricing and localized services [8][10] - Key domestic companies include Ningbo Jiexin Superconducting Technology Co., Weifang New Power Superconducting Technology Co., Shanghai United Imaging Healthcare Co., and Western Superconducting Technologies Co. [8][10] Industry Trends - The domestic market is expected to accelerate the process of domestic substitution, with a significant increase in the localization rate of superconducting magnets [12][14] - The industry is likely to see a concentration of market resources towards companies with technological advantages and global reach, while smaller firms may focus on niche markets [15]

关于开立募集资金现金管理产品专用结算账户的公告 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。 宁波健信超导科技股份有限公司（以下简称"公司"）于2026年1月26日召 开公司第二届董事会第五次会议，审议通过了《关于使用闲置募集资金进行现 金管理的议案》，同意公司在不影响募集资金投资计划正常进行、不影响公司 正常经营以及确保募集资金安全的前提下，使用最高额度不超过人民币62,000 万元（含本数）的部分暂时闲置募集资金进行现金管理，用于购买安全性高、 流动性好、产品期限不超过12个月的保本型理财产品。本次投资产品的期限为 自公司董事会审议通过之日起12个月，在前述额度及期限内，资金可以循环滚 动使用。具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的 《关于使用闲置募集资金进行现金管理的公告》（公告编号：2026-007）。 证券代码：688805 证券简称：健信超导 公告编号：2026-011 宁波健信超导科技股份有限公司 1、为控制风险，公司进行现金管理时，将选择安全性高、流动性好的保本 型投资产品 ...

证券代码：688805 证券简称：健信超导 公告编号：2026-011 宁波健信超导科技股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 2 月 11 日 （二） 股东会召开的地点：浙江省慈溪高新技术产业开发区高科大道 427 号二 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 148 | | --- | --- | | 普通股股东人数 | 148 | | 2、出席会议的股东所持有的表决权数量 | 116,671,105 | | 普通股股东所持有表决权数量 | 116,671,105 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 69.58% | | 例（%） | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） 69.58% 2、 董 ...

国浩律师（上海）事务所 法律意见书 电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5234-1670 关于宁波健信超导科技股份有限公司 2026年第一次临时股东会的法律意见书 致：宁波健信超导科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受宁波健信超导科技股份 有限公司（以下简称"公司"）委托，指派本所律师出席公司 2026 年第一次临 时股东会（以下简称"本次股东会"）。本所律师根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、部门规章和规范性文件以及《宁波健信超导科技股份有限公司章程》（以 下简称"《公司章程》"）的规定，就公司本次股东会的召集与召开程序、出席 会议人员资格、召集人资格、会议表决程序和表决结果的合法性等有关法律问题 出具法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 25-28/F, Suhe Centre, 99 No ...

宁波健信超导科技股份有限公司 2026年第一次临时股东会会议资料 证券代码：688805 证券简称：健信超导 宁波健信超导科技股份有限公司 2026 年第一次临时股东会 2026 年 2 月 11 日 | | | 宁波健信超导科技股份有限公司 2026 年第一次临时股东会会议资料 宁波健信超导科技股份有限公司 2026 年第一次临时股东会会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证股东 会的顺利进行，根据《中华人民共和国公司法》《上海证券交易所科创板股票上 市规则》《上市公司股东会规则》《宁波健信超导科技股份有限公司章程》及公 司《股东会议事规则》等法律法规的有关规定，特制定本须知，请出席股东会的 全体人员遵照执行。 一、本次会议期间，全体出席会议人员应以维护股东合法权益，确保会议正 常进行，提高议事效率为原则，认真履行法定义务。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席现场会议的股东或股东代理人提前一个小时到达会场，并按规定出示证券 账户卡、身份证明文件或营业执照/注册证书复印件（加盖公章）、授权委托书 等，上述登记材料均需提供复印件一份，个人登 ...

广发证券股份有限公司关于 宁波健信超导科技股份有限公司 使用募集资金置换预先投入募集资金投资项目及已支付发 行费用的自筹资金的核查意见 | 序号 | 项目名称 | 项目投资 | 调整前拟投入募集 | 调整后投入募集 | | --- | --- | --- | --- | --- | | | | 总额 | 资金金额 | 资金金额 | | 1 | 年产600套无液氦超导 磁体项目 | 27,601.34 | 27,500.00 | 25,500.27 | | 2 | 年产600套高场强医用 超导磁体技改项目 | 26,293.27 | 26,000.00 | 19,364.00 | | 3 | 新型超导磁体研发项目 | 24,102.88 | 24,000.00 | 24,000.00 | | | 合计 | 77,997.49 | 77,500.00 | 68,864.27 | 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为宁波健 信超导科技股份有限公司（以下简称"健信超导"或"公司"）首次公开发行股 票并在科创板上市的保荐人，根据《上海证券交易所科创板股票上市规则》《上 市公司募集资金监管规则》《 ...

目 录 一、以自筹资金预先投入募投项目及支付发行费用的鉴证报告…第 1—2 页 二、以自筹资金预先投入募投项目及支付发行费用的专项说明…第 3—5 页 关于宁波健信超导科技股份有限公司 以自筹资金预先投入募投项目及支付发行费用的 鉴证报告 天健审〔2026〕71 号 宁波健信超导科技股份有限公司全体股东： 我们鉴证了后附的宁波健信超导科技股份有限公司（以下简称健信超导公司） 管理层编制的《以自筹资金预先投入募投项目及支付发行费用的专项说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供健信超导公司为以募集资金置换预先投入募投项目及支付 发行费用的自筹资金之目的使用，不得用作任何其他目的。 二、管理层的责任 健信超导公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司募集资金监管规则》（证监会公告〔2025〕10 号）和《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（2025 年 5 月修订）》（上 证发〔2025〕69 号）的要求编制《以自筹资金预先投入募投项目及支付发行费 用的专项说明》，并保证其内容真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏。 三、注册 ...

广发证券股份有限公司关于 宁波健信超导科技股份有限公司 使用自有资金支付募投项目部分款项并以募集资金等额置 换的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为宁波健 信超导科技股份有限公司（以下简称"健信超导"或"公司"）首次公开发行股 票并在科创板上市的保荐人，根据《上海证券交易所科创板股票上市规则》《上 市公司募集资金监管规则》《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》等相关法律法规的要求，就健信超导使用自有资金支付募投项 目部分款项并以募集资金等额置换的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意宁波健信超导科技股份有限 公司首次公开发行股票注册的批复》（证监许可〔2025〕2477 号），公司获准 首次向社会公开发行人民币普通股 4,192 万股，每股发行价格为人民币 18.58 元， 募集资金总额为人民币 77,887.36 万元，扣除发行费用（不含增值税）后，募集 资金净额为人民币 68,864.27 万元。 上述资金已全部到位，经天健会计师事务所（特殊普通合伙）于 2025 年 12 月 19 ...