| 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].

Core Viewpoint - Bluefan Medical's cardiovascular division has turned profitable, driven by new product launches and strategic investments in R&D, marking a significant growth phase for the company [1][3]. Group 1: Financial Performance - The cardiovascular division achieved sales revenue exceeding 690 million yuan in the first half of 2025, representing over a 20% increase compared to the same period last year [1]. - The division has successfully reduced sales and management expense ratios, contributing to its profitability [1]. Group 2: Innovation and R&D - Since 2018, Bluefan Medical has invested approximately 2 billion yuan in R&D, leading to a significant increase in product approvals and market readiness [1]. - The company is transitioning towards an innovation-driven development model, enhancing its production capabilities [1]. Group 3: International Strategy - Bluefan Medical has established a global sales network covering over 100 countries and regions, with a focus on emerging markets in Europe, Southeast Asia, and the Middle East since 2018 [3]. - The company has set up R&D and production bases in China, Singapore, and Germany, creating a "triangular support" system for efficient operations [3]. Group 4: Market Resilience - The company's localized production strategy has provided resilience against trade tensions, allowing it to navigate regulatory challenges effectively [4]. - Recent government policies favoring domestic medical device manufacturers are expected to create further opportunities for Bluefan Medical [4].

Core Insights - The first aid kit industry is experiencing significant growth due to increased safety awareness and the need for emergency preparedness in various settings such as schools, businesses, and homes [1][11] - The market size of China's first aid kit industry is projected to reach 708 million yuan in 2024, reflecting a year-on-year increase of 4.94% [1][11] - Government policies promoting safety and health have created a favorable environment for the first aid kit industry, making it an essential part of urban and rural development [1][11] Industry Overview - First aid kits are containers that store medical supplies and medications for initial emergency treatment before professional medical help arrives [3] - Different types of first aid kits serve various purposes, including outdoor, disaster, medical, and civilian kits, containing items like oxygen tanks, splints, blood pressure monitors, and dressings [3][7] Market Demand - The demand for first aid kits is increasing due to urbanization and faster-paced lifestyles, leading to a greater need for emergency response to minor injuries and health issues [1][11] - The household first aid kit market is also expanding, with its size projected to grow from 277 million yuan in 2016 to 425 million yuan in 2024, representing a compound annual growth rate of 5.50% [13] Competitive Landscape - The first aid kit industry is becoming more concentrated, with leading companies gaining advantages in market share, technological capabilities, and brand influence [15] - Key players in the industry include Blue Sail Medical, Jiangsu Southern Medicine, and Yunnan Baiyao, among others [15][16][18] Sales Channels - E-commerce platforms are increasingly important for first aid kit sales, benefiting from changing consumer shopping habits and the rapid development of online markets [9] - In 2024, China's e-commerce transaction volume is expected to reach 46.41 trillion yuan, marking a year-on-year increase of 3.90% [9] Future Trends - The market demand for first aid kits is expected to grow due to improvements in the medical emergency system, heightened public health awareness, and the frequency of various emergencies [20] - Future first aid kits may incorporate technologies like IoT and big data for remote monitoring and smart diagnostics, with personalized kits designed for specific demographics such as children and the elderly [20]

[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。 ...

Core Viewpoint - The PTCA balloon industry in China is experiencing steady growth due to the increasing prevalence of cardiovascular diseases, the expansion of coronary intervention treatments, and the rise of domestic medical device manufacturers. The market size is projected to grow from 1.059 billion yuan in 2021 to 1.366 billion yuan in 2024, with expectations to exceed 2.274 billion yuan by 2030 [1][11]. Industry Overview - PTCA balloons are medical devices used in cardiovascular interventions to dilate narrowed or blocked coronary arteries, improving blood flow and myocardial supply [1]. - The industry chain consists of upstream raw materials and equipment supply, midstream production, and downstream application in various medical institutions for treating cardiovascular diseases [2]. Industry Environment - The incidence of coronary artery disease (CAD) is rising in China, with the number of patients increasing from 25.272 million in 2020 to 27.953 million in 2024, and projected to exceed 30 million by 2030 [4]. - The mortality rate for CAD has also increased significantly, indicating a growing demand for treatment options [4]. Industry Status - Percutaneous coronary intervention (PCI) is a key treatment method for CAD, with a record of 1.63 million PCI procedures performed in 2023, marking a growth rate of 26.44% [7]. - Despite the increasing number of PCI procedures, the market penetration rate in China remains low at 690.9 procedures per million people, compared to 3022.1 in the U.S., suggesting significant growth potential [9]. Competitive Landscape - The global PTCA balloon market is dominated by international giants like Boston Scientific and Medtronic, which hold over 60% market share, particularly in high-end drug-eluting balloons [13]. - Domestic companies account for 60% of the number of firms but only 40% of the market share, indicating a competitive landscape where local firms are striving to catch up through innovation [13]. Future Trends - The industry is witnessing significant technological innovation and product upgrades, with new polymer materials enhancing balloon performance and the introduction of drug-coated balloons reducing the risk of restenosis [19]. - The trend towards domestic substitution is accelerating, with local companies like MicroPort and Lepu Medical increasing their market share due to improved product quality and performance [20]. - The demand for PTCA balloons is expected to grow as their application expands beyond traditional coronary disease treatment to include peripheral and intracranial vascular diseases [21].

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng (Qingdao) Law Firm confirms that the second extraordinary general meeting of shareholders of Bluestar Medical Co., Ltd. held on July 7, 2025, complied with relevant laws and regulations, and the voting procedures were valid [2][5][7]. Group 1: Meeting Procedures - The notice for the extraordinary general meeting included details such as the convenor, date, time, and voting methods, ensuring compliance with legal requirements [3][4]. - The meeting was held on July 7, 2025, at 14:00 in the Bluestar Medical office center, with a combination of on-site and online voting [4][5]. Group 2: Attendance and Voting - A total of 11 shareholders attended the meeting in person, representing 259,959,601 shares, which is 25.8119% of the total shares [5][6]. - An additional 574 shareholders participated via online voting, representing 21,077,733 shares [5][6]. - The total number of participants, including both on-site and online, was 578, with a combined share representation of 281,037,334 shares [6]. Group 3: Resolutions and Voting Results - The main resolution discussed was the proposal to lower the conversion price of "Bluestar Convertible Bonds," which was consistent with the agenda provided in the meeting notice [6]. - The voting results showed that 265,958,829 shares approved the resolution, with 58.5152% of small investors voting in favor [6][7].

Core Viewpoint - The company has decided to lower the conversion price of its convertible bonds, "蓝帆转债," to 12.00 CNY per share, effective from July 8, 2025, due to stock price performance and future development considerations [3][6]. Group 1: Convertible Bond Issuance and Adjustment - The total amount of the convertible bonds issued by the company was 314.404 million CNY, approved by the China Securities Regulatory Commission [1]. - The initial conversion price was set at 17.79 CNY per share, which was later adjusted to 18.64 CNY per share after the company repurchased and canceled 48,148,336 shares as part of a performance compensation plan [2][3]. - The conversion price was further adjusted to 12.50 CNY per share on May 21, 2024, following the approval of the shareholders [3][4]. Group 2: Conditions for Price Adjustment - The adjustment of the conversion price is triggered when the closing price of the company's stock is below the current conversion price for at least 15 out of 30 consecutive trading days [4][5]. - The new conversion price must not be lower than the higher of the average trading price over the 20 days prior to the shareholders' meeting and the last trading day's price, as well as not lower than the latest audited net asset value per share [4][5]. Group 3: Recent Developments - The average trading price of the company's stock was 5.63 CNY per share over the 20 days prior to the second extraordinary shareholders' meeting in 2025, and 5.94 CNY on the last trading day before the meeting [5][6]. - The latest audited net asset value per share was reported at 8.13 CNY, which sets a minimum threshold for the conversion price adjustment [5].

| 证券代码：002382 | 证券简称：蓝帆医疗 公告编号：2025-057 | | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | 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、债券代码：128108，债券简称：蓝帆转债； 2、修正前转股价格：12.50 元/股； 3、修正后转股价格：12.00 元/股； 4、修正后转股价格生效日期：2025 年 7 月 8 日。 蓝帆医疗股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日召开第六届董事会 第二十五次会议，审议通过了《关于向下修正"蓝帆转债"转股价格的议案》，现将相 关事项公告如下： 一、可转债发行上市基本情况 蓝帆医疗股份有限公司 关于向下修正"蓝帆转债"转股价格的公告 （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。 （二）可转债上市情况 ...