Core Viewpoint - The recent optimization of drug procurement rules in China aims to prevent excessive competition and ensure reasonable price reductions in the pharmaceutical industry, reflecting a shift towards a more sustainable market environment [1][2][3]. Group 1: Policy Changes - The new drug procurement rules will no longer solely rely on the lowest bid as the benchmark, requiring companies to justify their pricing and ensure it does not fall below cost [1]. - The optimization of procurement rules is seen as a necessary response to the negative impacts of excessive competition, particularly in high-value medical consumables [2][3]. - The shift in policy is part of a broader strategy to enhance procurement evaluation and promote standardized practices, indicating a consensus at the national level [3]. Group 2: Market Impact - Following the announcement, companies like Nanwei Medical and Anjisi, which were significantly affected by low-price competition, experienced positive stock performance [2]. - The changes in procurement policy are expected to create a more favorable competitive environment for companies, moving towards a "post-price reduction era" where quality development is emphasized [3]. Group 3: Company Performance - BluFan Medical, a key player in the cardiovascular high-value consumables sector, is anticipated to achieve better performance due to the "anti-involution" policy shift, with projected sales exceeding 690 million yuan in the first half of 2025, representing over 20% growth year-on-year [4]. - The company has built a comprehensive product matrix in the cardiovascular medical device field, which has allowed it to significantly increase its market share despite previous price pressures from procurement policies [4][6]. - With a cumulative R&D investment of 2 billion yuan from 2018 to 2024, BluFan Medical is positioned to benefit from recent innovations and policy support for high-quality drug and device development [5][6]. Group 4: Industry Outlook - The ongoing reforms in the medical industry are expected to accelerate recovery in the high-value consumables market, with BluFan Medical leading the narrative of valuation recovery and business growth [7]. - Other companies in the sector, such as Sanyou Medical and Nanwei Medical, are also experiencing improved market conditions due to the easing of procurement pressures and the introduction of new products [6][7].

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 关于董事会提议向下修正"蓝帆转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、截至 2025 年 7 月 28 日，蓝帆医疗股份有限公司（以下简称"公司"）股价已 出现连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格 85%的情形， 已触发"蓝帆转债"转股价格向下修正条件。 2、经公司第六届董事会第二十六次会议审议通过，公司董事会提议向下修正 "蓝帆转债"转股价格。 3、本次向下修正"蓝帆转债"转股价格的提议尚需提交公司股东会审议。 一、可转债发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可〔2020〕710 号"文核准，公司于 2020 年 5 月 28 日公开发行了 3,144.04 万张可转换公司债券（以下简称"可转债"），每张面值 100 元，发 行总额314,404 万元 ...

证券代码：002382 证券简称：蓝帆医疗 公告编号：2025-062 债券代码：128108 债券简称：蓝帆转债 蓝帆医疗股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 经蓝帆医疗股份有限公司（以下简称"公司"或"本公司"）第六届董事会第二十 六次会议审议通过，公司决定于2025年8月14日召开2025年第三次临时股东会，现将有 关事项通知如下： 一、召开会议基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：公司第六届董事会 3、会议召开的合法、合规性：本次召开股东会的议案经公司第六届董事会第二十 六次会议审议通过，符合有关法律法规、深圳证券交易所业务规则和《蓝帆医疗股份有 限公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议投票：股东本人出席现场会议或通过授权委托书委托他人出席现场 会议行使表决权。 （1）现场会议时间：2025 年 8 月 14 日（星期四）下午 14：00 （2）网络投票时间：2025 年 8 月 14 日 通过深圳证券交易所（以下简称"深 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 第六届董事会第二十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 起至本次修正可转债转股价格相关工作完成之日止。 本议案尚需提交股东会审议。 表决结果：同意票 8 票，反对票 0 票，弃权票 0 票。 具体内容详见刊登于公司指定的信息披露媒体《中国证券报》、《上海证券报》、《证 券时报》、《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关于董事会提 议向下修正"蓝帆转债"转股价格的公告》。 2、审议并通过了《关于召开 2025 年第三次临时股东会的议案》。 同意公司于 2025 年 8 月 14 日召开 2025 年第三次临时股东会。 蓝帆医疗股份有限公司（以下简称"公司"）第六届董事会第二十六次会议于 2025 年 7 月 24 日以电子邮件的方式发出通知，于 2025 年 7 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 关于预计触发可转债转股价格向下修正条件 的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 特别提示： 1、证券代码：002382，证券简称：蓝帆医疗 2、债券代码：128108，债券简称：蓝帆转债 3、转股价格：人民币 12.00 元/股 4、转股时间：2020 年 12 月 3 日至 2026 年 5 月 27 日 5、截至 2025 年 7 月 21 日，蓝帆医疗股份有限公司（以下简称"公司"）股票已 有 10 个交易日的收盘价低于当期转股价格的 85%，预计触发"蓝帆转债"转股价格向 下修正条件。若触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股 价格，并及时履行信息披露义务。 一、可转债发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可〔2020〕710 号"文核准，公司于 2020 年 5 月 2 ...

Core Viewpoint - The company, BluFan Medical Co., Ltd. (stock code: 002382), is expected to report a narrowed net loss for the first half of 2025 compared to the same period last year, indicating a potential recovery in its financial performance [2]. Financial Performance Summary - The company anticipates a net loss attributable to shareholders of between 100 million to 150 million yuan, an improvement from a loss of 160.21 million yuan in the same period last year, reflecting a year-on-year growth of 6.38% to 37.58% [2]. - The net loss after deducting non-recurring gains and losses is expected to be between 170 million to 230 million yuan, with a year-on-year change of -17.11% to 13.44% [2]. - Basic earnings per share are projected to be a loss of 0.15 yuan to 0.10 yuan, compared to a loss of 0.16 yuan per share in the previous year [2]. Reasons for Performance Changes - Investment Loss: The company recognized a fair value change loss of approximately 120 million yuan due to the valuation change of its investment in Suzhou Tongxin Medical Technology Co., Ltd., which negatively impacted the cardiovascular business segment [5]. - Cardiovascular Business Improvement: Excluding the Suzhou Tongxin matter, the cardiovascular division's operating performance improved, with sales revenue exceeding 690 million yuan, a year-on-year increase of over 20% [5]. - Financial Expense Pressure: Financial expenses of 25 million yuan were accrued in the second quarter of 2025 due to strategic investments made in 2024, further affecting profits [5]. - Pressure on Protective Business: The health protection division faced losses due to fluctuations in overseas orders and declining sales prices [5]. Company Overview - BluFan Medical Co., Ltd. was established in 2002 and is a leading medical device company listed on the Shenzhen Stock Exchange since 2010, covering both low-value and high-value consumables [5]. - The company operates in four major segments: Cardiovascular, Health Protection, Surgical, and Nursing [6]. - The cardiovascular division focuses on interventional devices, while the health protection division centers on medical gloves and related products [6]. Key Products - BioFreedom® Drug-Coated Coronary Stent System: This product has been validated for safety and efficacy in high bleeding risk populations, significantly reducing the duration of dual antiplatelet therapy [10]. - The first domestic drug balloon, featuring a new generation of rapamycin derivatives, addresses previous limitations in drug absorption and retention [12]. - The Xinyue® Drug-Coated Stent System has been upgraded to improve patient outcomes while maintaining effective anti-proliferation effects [13].

值得一提的是，与创新药上市后"爆发式"的增长不同，创新医疗器械往往体现出更为稳健但更具确定性 的增长。其原因在于，医疗器械依赖于跨学科技术的整合应用，即便一款产品具备突出的临床价值，医 生仍需逐步适应新产品的操作。较高的转换成本，一方面导致了更为稳健的增长，另一方面也增强了客 户黏性，避免了创新药领域"专利悬崖"的冲击。因此，随着蓝帆医疗心脑血管产品逐步完成入院应用， 其业绩或能延续2024年以来良好的增长趋势。 政策支持器械"出海"，前瞻布局坚定国际化战略 转自：新华财经 7月14日晚间，蓝帆医疗（002382.SZ）披露半年度业绩预告，其中心脑血管事业部经营业绩持续向好， 经营层面不仅实现扭亏，而且贡献了显著利润。得益于新产品持续放量，蓝帆医疗心脑血管事业部2025 年上半年实现销售收入超过6.9亿元，较去年同期增长超过20%，销售费用率、管理费用率进一步下 降。经历2021年起的国家冠脉支架集采洗礼，经过密集投入研发推出新产品加速放量后，蓝帆医疗心脑 血管事业部逐步迈入盈利周期，加速成长为公司业务新的支柱。 心脑血管迈入盈利周期，创新器械加速获批 蓝帆医疗坚定战略升级，2018年通过对柏盛国际的并购顺利 ...

内容概要：随着人们对安全意识的提高和对突发状况的预防意识加强，急救箱已成为生活中不可或缺的 物品之一。其广泛应用于各种场景中，如学校、企业、家庭等，行业需求不断增加。特别是在都市化进 程加快和生活节奏变快的背景下，人们对小型伤害或健康问题的应急处理需求增加，进一步推动了急救 箱市场的增长。近年来，我国政府出台了一系列安全、卫生、救护等政策，为急救箱行业提供了良好的 政策环境。这些政策的推出，使得急救箱行业成为了城乡建设发展中不可或缺的重要产业，为其持续扩 大和稳定发展提供了有力的支持。数据显示，2024年中国急救箱行业市场规模达到7.08亿元，同比上涨 4.94%。未来，随着社会发展和消费者需求的不断变化，急救包的市场潜力仍然巨大，未来可能会出现 更多针对不同需求的定制化急救包，以满足各类用户的紧急需求。 相关上市企业：蓝帆医疗（002382）、南卫股份（603880）、云南白药（000538）、可孚医疗 （301087）、华润三九（000999）、同仁堂（600085）、千金药业（600479）、济川药业（600566）、 京东集团-SW（09618）、阿里巴巴-W（09988）等。 相关企业：杭州科洛医疗 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company projects a net loss attributable to shareholders of CNY 100-150 million for H1 2025, a narrowed loss year-over-year, while non-GAAP net loss is expected to widen 2025 Semi-Annual Performance Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Income Attributable to Shareholders (CNY millions)** | Loss: 100 – 150 | Loss: 160.22 | | Year-over-Year Change (%) | Growth: 6.38 - 37.58 | - | | **Net Income Excluding Non-Recurring Items (CNY millions)** | Loss: 170 – 230 | Loss: 196.40 | | Year-over-Year Change (%) | Change: -17.11 - 13.44 | - | | **Basic Earnings Per Share (CNY/share)** | Loss: 0.10 – 0.15 | Loss: 0.16 | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated with its accounting firm regarding the performance forecast, with no significant disagreements, though the forecast remains unaudited - The financial data in this performance forecast is unaudited by the accounting firm, but the company has pre-communicated with them on relevant matters, with no significant disagreements[4](index=4&type=chunk) [Explanation of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) H1 2025 performance fluctuations are primarily due to fair value changes in an associate, improved cardiovascular business performance, non-cash financial expenses, and losses in the health protection segment [Fair Value Changes of Associate Company](index=2&type=section&id=3.1%20%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E5%8F%98%E5%8A%A8) The company recognized a non-cash fair value loss of approximately CNY 120 million due to valuation changes in associate Suzhou Tongxin Medical following its pre-IPO financing - The company recognized a non-cash fair value loss of approximately **CNY 120 million** due to valuation changes in associate Suzhou Tongxin Medical Technology Co., Ltd. following its pre-IPO financing[5](index=5&type=chunk) - As of now, the company, through its subsidiary Shandong Jiwei Medical Products Co., Ltd., still holds **4.88%** equity in Suzhou Tongxin[5](index=5&type=chunk) [Improved Performance of Cardiovascular and Cerebrovascular Business Unit](index=2&type=section&id=3.2%20%E5%BF%83%E8%84%91%E8%A1%80%E7%AE%A1%E4%BA%8B%E4%B8%9A%E9%83%A8%E7%BB%8F%E8%90%A5%E5%90%91%E5%A5%BD) Excluding non-operating impacts, the Cardiovascular and Cerebrovascular Business Unit's H1 2025 sales revenue grew over 20%, achieving profitability and significant profit contribution - The Cardiovascular and Cerebrovascular Business Unit's H1 2025 sales revenue exceeded **CNY 690 million**, representing over **20%** year-over-year growth[5](index=5&type=chunk) - Benefiting from new product ramp-up and reduced expense ratios, this business unit has achieved profitability at the operating level[5](index=5&type=chunk) [Financial Expenses and Headquarters Overhead](index=2&type=section&id=3.3%20%E8%B4%A2%E5%8A%A1%E8%B4%B9%E7%94%A8%E5%8F%8A%E6%80%BB%E9%83%A8%E5%BC%80%E6%94%AF) Due to potential repurchase obligations from a 2024 subsidiary strategic investment, the company recognized a non-cash financial expense of CNY 25 million in Q2 2025 - Due to a **CNY 1 billion** strategic investment in a subsidiary in 2024, its potential repurchase obligation was recognized as a financial liability, resulting in a **CNY 25 million** non-cash financial expense in Q2 2025[6](index=6&type=chunk) [Performance Fluctuations of Health Protection Business Unit](index=2&type=section&id=3.4%20%E5%81%A5%E5%BA%B7%E9%98%B2%E6%8A%A4%E4%BA%8B%E4%B8%9A%E9%83%A8%E4%B8%9A%E7%BB%A9%E6%B3%A2%E5%8A%A8) The Health Protection Business Unit experienced a loss in Q2 2025 due to fluctuating overseas orders and pricing pressure - The Health Protection Business Unit incurred losses in Q2 2025 due to fluctuations in overseas orders and sales price pressure[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company emphasizes this performance forecast is preliminary, with final data subject to the official semi-annual report, advising investors of associated risks - This performance forecast represents preliminary estimates by the company's finance department, with final data subject to the officially disclosed semi-annual report[7](index=7&type=chunk) - The company's designated information disclosure media include China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and Juchao Information Network[7](index=7&type=chunk)

蓝帆医疗（002382）公告，预计2025年上半年净利润亏损1.5亿元-1亿元。 ...