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 蓝帆医疗股份有限公司（以下简称"公司"）第六届董事会第二十五次会议于2025 年7月3日以电子邮件的方式发出通知，于2025年7月7日在公司第一会议室以现场及通 讯表决相结合的方式召开。本次会议应参加会议董事8人，实际参加会议董事8人；刘文 静女士、赵敏女士、乔贵涛先生、刘海波先生以现场的方式出席会议，李振平先生、钟 舒乔先生、于苏华先生、赵永清先生以通讯的方式出席会议。公司董事长刘文静女士主 持了本次会议。会议的通知、召开、表决程序符合《中华人民共和国公司法》和《蓝帆 医疗股份有限公司章程》的规定。 二、董事会会议审议情况 审议并通过了《关于向下修正"蓝帆转债"转股价格的议案》。 | 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 第六届董事会第二十五次会议决议公告 公司第六届董事会第二十五次会议决议。 特此公告。 蓝帆医疗股份有限 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-054 | | --- | --- | --- | | 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2025年第二季度可转债转股情况的公告 （三）可转债转股期限 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： 根据《深圳证券交易所股票上市规则》、《深圳证券交易所可转换公司债券交易 实施细则》的有关规定，蓝帆医疗股份有限公司（以下简称"公司"）现将 2025 年第二季 度可转换公司债券（以下简称"可转债"）转股及公司股份变动情况公告如下： 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3,144.04万张可转债，每张面值100元，发行总额314,404万元。 （二）可转债上市情况 经深圳证券交易所（以下简称"深交所"）"深证上〔2020〕523号"文同意，公司 314,404 万元可转债于 2020 年 6 月 19 日起 ...

Core Viewpoint - Bluefan Medical has received EU CE certification for its new generation of recyclable transcatheter aortic valve replacement (TAVR) delivery system, IMPERIA, enhancing its global presence in the cardiovascular intervention field [2] Group 1: Company Developments - The certification marks a significant step in Bluefan Medical's global strategy for cardiovascular solutions, positively impacting its business development [2] - The company has accelerated its expansion into high-end medical devices, including coronary stents, drug-coated balloons, and heart valves, amidst a competitive landscape [2][3] - In Q1, the cardiovascular division generated over 360 million yuan in revenue, reflecting a year-on-year growth of approximately 26%, with substantial net profit increases [3] Group 2: Product Pipeline and Future Prospects - Bluefan Medical's TAVR system certification supports its overseas clinical applications and lays the groundwork for domestic product launches, aiming for commercial breakthroughs [2] - The company has plans for more product approvals in the coming years, following significant R&D investments, with recent certifications for BioMC coronary microcatheters and RISESC PTCA balloons [3] - The launch of the recyclable TAVR system coincides with Boston Scientific's exit from the global TAVR market, presenting an opportunity for Bluefan Medical to capture market share [2] Group 3: Industry Context - Recent regulatory changes by the National Medical Products Administration (NMPA) aim to support innovation in high-end medical devices, promoting the application of new technologies and materials [4] - The NMPA has introduced a "30-day fast approval channel" for innovative drug clinical trials, enhancing the efficiency of clinical development in the pharmaceutical industry [4] - Industry experts suggest that Bluefan Medical can leverage policy support to increase R&D investments in high-end medical devices, improving its competitive edge in the domestic market [5]

Core Viewpoint - The credit rating agency has downgraded the long-term credit rating of Blue Sail Medical Co., Ltd. to AA- and the rating of "Blue Sail Convertible Bonds" to AA-, with a stable outlook, reflecting concerns over the company's financial performance and debt levels [1][4]. Financial Performance - In 2024, Blue Sail Medical achieved total revenue of 6.253 billion yuan, a year-on-year increase of 26.91%, with a gross margin of 16.48%, up by 4.18 percentage points [7][24]. - The company reported a total profit loss of 402 million yuan in 2024, an improvement from a loss of 623 million yuan in 2023 [11][23]. - The production of health protection products reached 48.306 billion units, a year-on-year increase of 28.61%, while cardiovascular products saw production of 1.137 million units, up by 25.39% [7][24]. Debt and Liquidity - The company faces significant debt repayment pressure, with 2.845 billion yuan of long-term debt due in 2026, including the outstanding "Blue Sail Convertible Bonds" [8][10]. - As of the end of 2024, the company had total debts of 4.956 billion yuan, with a debt-to-asset ratio of 41.67%, an increase of 2.74 percentage points from the previous year [8][10]. Market Position and Competitive Advantage - Blue Sail Medical maintains a competitive advantage in the cardiovascular and health protection sectors, with a significant market share in disposable gloves and cardiovascular products [4][19]. - The company’s subsidiary, Biosensors International Group, Ltd., is recognized as a global competitor in cardiovascular product development and sales [18]. Strategic Developments - The company has attracted strategic investments, receiving 1 billion yuan and 100 million USD from investors for its subsidiaries, enhancing its cash reserves to 1.954 billion yuan [4][7]. - The health protection product segment is expected to face sales pressure in the U.S. market due to changes in international trade policies [19]. Industry Outlook - The cardiovascular intervention device market is projected to grow, with a global market size expected to reach 11.24 billion USD in 2024, driven by increasing demand and technological advancements [14]. - The disposable glove industry is recovering, with a significant increase in production and sales expected in 2024, following a period of capacity reduction [14][19].

Core Viewpoint - The company, Bluestar Medical (002382), announced that its subsidiary, NVT GmbH in Germany, has received CE certification for its next-generation recyclable transcatheter aortic valve replacement (TAVR) delivery system, IMPERIA [1] Company Summary - Bluestar Medical's cardiovascular division has successfully developed a new TAVR delivery system [1] - The IMPERIA system is designed to be recyclable, indicating a focus on sustainability in medical device development [1] Industry Summary - The receipt of CE certification allows the IMPERIA system to be marketed in the European Union, which is a significant milestone for the company and its product [1] - This development reflects ongoing innovation in the cardiovascular medical device industry, particularly in minimally invasive procedures [1]

蓝帆医疗股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 1 www.lhratings.com 联合〔2025〕5291 号 联合资信评估股份有限公司通过对蓝帆医疗股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定下调蓝帆医疗 股份有限公司主体长期信用等级为 AA-，下调"蓝帆转债"信用等级 为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十七日 跟踪评级报告 | 2 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资信 履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性不作 任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合资信不 对专业机构出具的专业意见承担任何责任。 四、本次跟踪评级结果自本报告出具之日起至相应债券到期兑付日有 效；根据跟踪评级的结论，在有效期内评级结果有可能发生变化。联合资信 保留对评级结果予以调整、更新、终止与撤销的权利。 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 关于子公司新一代可回收经导管主动脉瓣置换术输送系统 获得 CE 证书的公告 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。 近日，蓝帆医疗股份有限公司（以下简称"公司"）接到通知，公司心脑血管事业 部旗下子公司德国NVT GmbH研发的新一代可回收经导管主动脉瓣置换术（TAVR）输 送系统IMPERIA™（以下简称"IMPERIA™输送系统"）获得欧盟CE认证，该输送系统 用于搭配公司旗下已上市的ALLEGRA™系列主动脉瓣膜使用以实现可回收功能。现将 相关情况公告如下： TAVR手术通过股动脉送入介入导管，将人工心脏瓣膜输送至主动脉瓣区打开，完 成人工瓣膜置入、恢复瓣膜功能。TAVR手术无需开胸、创伤小、术后恢复快，为不能 手术的严重主动脉瓣狭窄患者提供了显著提高生活质量的选项。 一、获批产品基本信息 产品名称：IMPERIA Delivery Sys ...

Group 1 - The company held its 24th meeting of the 6th Board of Directors on June 19, 2025, via electronic communication, with all 8 directors participating [1] - The meeting confirmed that the company's stock had closed below 85% of the current conversion price for at least 15 out of the last 30 trading days, triggering the condition for downward adjustment of the "Lanfan Convertible Bonds" conversion price [1][2] - The Board proposed to adjust the conversion price of the "Lanfan Convertible Bonds" downward, which requires approval from the shareholders' meeting [2] Group 2 - The adjusted conversion price will not be lower than the higher of the average trading price over the 20 trading days prior to the shareholders' meeting and the trading price on the last trading day, and it must also not be lower than the latest audited net asset value per share and the par value of the stock [2] - If any of the aforementioned indicators exceed the current conversion price of 12.50 yuan per share at the time of the shareholders' meeting, no adjustment will be made [2] - The Board requested authorization from the shareholders' meeting to handle all matters related to the downward adjustment of the conversion price, including determining the new conversion price and effective date [2][3]

Meeting Information - The company will hold its second extraordinary general meeting of shareholders in 2025 on July 7, 2025, at 14:00 [1] - Shareholders can participate either in person or via online voting through the Shenzhen Stock Exchange system on the same day [1][2] - The voting options include attending the meeting in person or appointing a proxy to vote on their behalf [2] Voting Procedures - Shareholders can only choose one voting method: either in-person or online voting, with the first valid vote being counted in case of duplicate votes [2] - The meeting will include a proposal to adjust the conversion price of the "Blue Sail Convertible Bond," which requires a two-thirds majority from attending shareholders to pass [3] Registration and Participation - Individual shareholders must present valid identification and proof of share ownership to register for the meeting [4] - Corporate shareholders must be represented by their legal representatives or authorized agents, who must also provide necessary documentation [4] Online Voting Process - Detailed procedures for online voting are provided, allowing shareholders to express their voting opinions on various proposals [5] - The online voting system can be accessed through the specified URL, and shareholders must complete identity verification to participate [5] Contact Information - For inquiries, shareholders can contact the company representatives via provided phone numbers and email [5]

Core Viewpoint - The company proposes to lower the conversion price of its convertible bonds, "蓝帆转债," due to the stock price falling below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [1][4]. Group 1: Convertible Bond Issuance and Adjustment - The total amount of the convertible bonds issued by the company is 314.404 million yuan, approved by the China Securities Regulatory Commission [1]. - The initial conversion price of "蓝帆转债" was set at 17.79 yuan per share, which was later adjusted to 18.64 yuan per share after the company repurchased and canceled 48,148,336 shares [2]. - The board of directors has decided to lower the conversion price to 12.50 yuan per share, effective from May 21, 2024 [3]. Group 2: Conditions for Price Adjustment - The adjustment of the conversion price is triggered when the company's stock price falls below 85% of the current conversion price for at least 15 trading days within a 30-day period [3][4]. - The adjusted conversion price must not be lower than the higher of the average stock price over the 20 trading days prior to the shareholders' meeting and the previous trading day's average price, as well as not lower than the latest audited net asset value per share and the par value of the stock [5]. Group 3: Shareholder Approval and Process - The proposal to adjust the conversion price requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding those holding the convertible bonds [3][4]. - The company will publish the resolution of the shareholders' meeting, including the adjustment range, registration date, and any suspension of conversion [4].