Core Viewpoint - The recent change in the shareholding structure of Bluestar Medical has raised concerns among investors regarding potential interests transfer and the implications of the new indirect controlling shareholder, Langhui Chemical [3][4][5] Group 1: Shareholding Changes - Langhui Chemical has acquired a controlling stake in Bluestar Medical's major shareholder, Zibo Bluestar Investment, through a capital increase, diluting the stake of Bluestar Group from 98% to 47.0013% [5][6] - Despite the change in indirect control, the actual controller, Li Zhenping, remains unchanged, and the company asserts that this does not affect the control or business structure of Bluestar Medical [5][6][9] Group 2: Financial Performance and Transactions - Langhui Chemical, previously a loss-making subsidiary, has transformed into a leading enterprise in the plasticizer and resin sector, with revenues of approximately 12.15 billion, 12.69 billion, and 13.42 billion from 2022 to 2024 [6][11] - Bluestar Medical has reported continuous losses over the past three years, with revenues of approximately 4.9 billion, 4.93 billion, and 6.25 billion, and net losses of approximately 372 million, 568 million, and 446 million during the same period [11] Group 3: Supply Chain and Procurement - Langhui Chemical has been the largest supplier for Bluestar Medical over the past three years, with procurement amounts of approximately 499 million, 496 million, and 577 million, accounting for 15.27%, 12.88%, and 12.52% of total annual procurement [9][10] - Bluestar Medical plans to procure approximately 635 million from Langhui Chemical in 2025, which is significantly higher than from other suppliers, indicating a reliance on this supplier despite the commitment to reduce related transactions [10][11]

Group 1: Market Expansion and Product Development - The company has shifted its medical glove exports away from the U.S., focusing on Europe, Japan, and emerging markets, achieving a market share of 20-30% in many regions [2] - The "Blue Sniper" series products, including the upgraded liquid mask, have maintained top sales positions on platforms like JD.com [3] - The company is expanding into minimally invasive surgery, neurointervention, and peripheral intervention, with several products already in the registration process [4][5] Group 2: Financial Performance - In 2024, the company reported a net cash flow from operating activities of 135,849,276.36 CNY, a year-on-year increase of 286.39% [6] - The total revenue for 2024 was 6,253,168,236.58 CNY, reflecting a growth of 26.91%, while the net loss narrowed by 21.60% [9] - In Q1 2025, revenue reached 1,477,911,477.13 CNY, a 1.59% increase, with a net profit of 77,022,348.52 CNY, up 177.86% [9] Group 3: Industry Trends and Future Outlook - The global cardiovascular intervention device market is projected to grow from 11.24 billion USD in 2024 to 15.53 billion USD by 2031, with a CAGR of 4.8% [12][15] - The global disposable glove market is expected to reach 8.293 billion units sold by 2025, with sales revenue projected at 13.6 billion USD [15] - The emergency rescue product market is anticipated to grow at a CAGR of 7.3% from 2025 to 2031, with a market value of 6.53 million USD in 2024 [13][16] Group 4: Strategic Initiatives - The company plans to enhance its health protection business by reducing reliance on the U.S. market and improving production efficiency [10] - A strategic investment of 1 billion CNY in the subsidiary Blue Fan Bo Sheng aims to boost R&D and production capacity [19] - The company is focusing on developing high-value products and optimizing cost structures to maximize shareholder value [11][19]

Core Viewpoint - The medical protective clothing industry has experienced significant growth due to the COVID-19 pandemic, leading to increased production capacity and supply in China. However, as the pandemic situation stabilizes, demand has begun to decline, prompting a shift towards international markets. In 2024, production is expected to rebound, reaching 6.5 million sets, an increase of 8.3% year-on-year [1][11]. Industry Overview - Medical protective clothing serves as essential attire for healthcare personnel, providing safety and preventing the spread of pathogens. It includes various types of clothing based on usage, lifespan, and material processing methods [3][4]. - The industry is characterized by a high market concentration, dominated by several large enterprises that leverage technological innovation and brand development to capture significant market shares [15][16]. Industry Chain - The medical protective clothing industry chain consists of raw material supply, manufacturing, and distribution. Key raw materials include non-woven fabrics and functional materials, which are critical for product quality [9]. Current Industry Status - The demand for medical protective clothing surged during the pandemic, leading to rapid capacity expansion in China. As of 2023, demand has started to decline, with some production capacity redirected to international markets. In 2024, production is projected to increase to 6.5 million sets [1][11]. Competitive Landscape - Major companies in the medical protective clothing market include Blue Sail Medical, Shenzhen Shangrong Medical, and ZhenDe Medical. These companies are focusing on product differentiation and specialized markets to maintain competitiveness [15][16]. Development Trends - Quality Upgrade: There is a growing emphasis on product quality and functionality, with advancements in technology leading to the incorporation of features like antibacterial and antiviral materials [20]. - Personalization and Functionality: The industry is moving towards personalized products to meet the diverse needs of healthcare professionals [21]. - Smart and Technological Integration: The future of the industry includes the adoption of smart technologies for enhanced functionality and safety [22][23]. - Internationalization and Standardization: The industry aims to participate in international markets and promote product and industry standardization to enhance quality and reduce trade barriers [24].

Core Viewpoint - Green manufacturing has become a significant indicator of high-quality development for companies, with Bluestar Medical's two factories in Zibo successfully certified as green manufacturing units, reflecting its commitment to green development and enhancing corporate value through internationalization and technological innovation [1][2]. Group 1: Green Manufacturing Certification - Bluestar Medical's two factories in Zibo received green manufacturing unit certification, highlighting the company's efforts in environmental sustainability [1]. - The certification process involved multiple evaluation stages, with only 40 out of over 130 applicants in Zibo passing, indicating a less than 30% success rate [1]. - The factories implemented advanced environmental protection equipment and optimized production processes to reduce energy consumption and pollutant emissions [1]. Group 2: Climate Change and ESG Initiatives - The company is actively responding to national "dual carbon" goals by integrating climate change factors into its strategic development, focusing on energy structure optimization, production process upgrades, and resource recycling [2]. - In 2024, the company plans to invest over 180 million yuan in environmental protection, aiming for an 11%-13% reduction in carbon emissions per product compared to 2023 [2]. - Bluestar Medical has incorporated ESG principles deeply into its governance and production processes, achieving an "A" rating in Wind ESG for two consecutive years, ranking in the top 10% of the medical device industry [2]. Group 3: Innovation and Internationalization - Driven by internationalization and technological innovation, Bluestar Medical focuses on core business areas such as cardiovascular intervention, health protection, and emergency rescue, with products distributed in over 130 countries and regions [3]. - The company invested 426 million yuan in R&D in 2024, representing 6.82% of its revenue, and holds over 550 global patents [3]. - A significant achievement includes the successful industrialization of polyurethane gloves in collaboration with Wanhua Chemical, marking an important practice in green manufacturing [3]. Group 4: Future Commitment - Bluestar Medical aims to continue its sustainable development approach, driven by technological innovation, and deepen its green manufacturing practices [3]. - The company plans to promote more production bases to achieve national-level green factory certification and fulfill its social responsibilities [3]. - The goal is to contribute a "Chinese green solution" to the global healthcare industry while ensuring harmony between the enterprise, environment, and society [3].

Core Viewpoint - The announcement details the interest payment plan for the convertible bonds issued by Bluefan Medical, highlighting the interest rate, payment schedule, and tax implications for different types of bondholders [1][3][4]. Summary by Sections 1. Convertible Bond Basic Information - Bluefan Medical issued 31,440,400 convertible bonds with a total value of 314.404 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [1]. 2. Annual Interest Calculation - The annual interest for bondholders is calculated using the formula I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the annual coupon rate [2]. 3. Interest Payment Plan - The interest payment for the fifth year of the bonds will be from May 28, 2024, to May 27, 2025, with a coupon rate of 1.80%. Each 10 bonds will yield an interest of 18.00 yuan (including tax) [3][4]. 4. Tax Implications - Individual bondholders will have a 20% tax rate deducted from their interest income, resulting in an actual payment of 14.40 yuan for every 10 bonds. Foreign institutional investors are exempt from corporate income tax and value-added tax, receiving the full 18.00 yuan [4][5]. 5. Payment Method - The company has entrusted the Shenzhen branch of China Securities Depository and Clearing Corporation to handle the interest payments, which will be distributed to bondholders through designated securities firms [4]. 6. Additional Information - Investors seeking more details about the convertible bonds can refer to the full prospectus published on the Giant Tide Information Network [5].

证券代码：002382 证券简称：蓝帆医疗 公告编号：2025-042 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 12.50 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 5 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。 1、公司于 2021 年 5 月 17 日召开第五届董事会第十五次会议，于 2021 年 6 月 8 日召开 2020 年年度股东大会，审议通过了《关于重大资产重组标的业绩补偿方案的 议案》以及《关于提请股东大会授权公司 ...

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、"蓝帆转债"将于 2025 年 5 月 28 日按面值支付第五年利息，每 10 张"蓝帆 转债"（面值 1,000.00 元）利息为 18.00 元（含税） 2、债权登记日：2025 年 5 月 27 日 | 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 可转换公司债券2025年付息公告 4、付息日：2025 年 5 月 28 日 5、"蓝帆转债"票面利率：第一年 0.40%、第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00% 6、"蓝帆转债"本次付息的债权登记日为 2025 年 5 月 27 日，凡在 2025 年 5 月 27 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 5 月 27 日 卖出本期债券的投资者不享有本次派发的利息 7、下一付息期起息日：2025 年 ...

Core Viewpoint - As of May 20, 2025, BluFan Medical (002382) closed at 5.38 yuan, with a 1.32% increase, indicating a positive market sentiment despite some net outflows from major funds [1] Group 1: Financial Performance - BluFan Medical reported a main revenue of 1.478 billion yuan for Q1 2025, reflecting a year-on-year increase of 1.59% [2] - The net profit attributable to shareholders was 77.022 million yuan, showing a significant year-on-year increase of 177.86% [2] - The company’s gross profit margin stood at 17.17%, which is considerably lower than the industry average of 51.08% [2] Group 2: Market Position and Valuation - The total market capitalization of BluFan Medical is 5.418 billion yuan, which is below the industry average of 10.636 billion yuan [2] - The price-to-earnings (P/E) ratio is 17.59, significantly lower than the industry average of 54.31, indicating a potentially undervalued stock [2] - The price-to-book (P/B) ratio is 0.67, which is much lower than the industry average of 3.27, suggesting strong asset value relative to market price [2] Group 3: Fund Flow Analysis - On May 20, 2025, the net outflow of major funds was 4.7263 million yuan, accounting for 8.19% of the total transaction amount [1] - Retail investors showed a net inflow of 1.4246 million yuan, representing 2.47% of the total transaction amount, indicating some retail interest in the stock [1] - Over the past five days, the trend shows fluctuating fund flows, with significant retail inflows on certain days despite major fund outflows [1]

| 证券代码：002382 | 证券简称：蓝帆医疗 公告编号：2025-041 | | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | 蓝帆医疗股份有限公司 关于选举职工董事的公告 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。 根据《中华人民共和国公司法》、《上市公司章程指引》等相关法律法规及《蓝 帆医疗股份有限公司章程》（以下简称"《公司章程》"）的规定，蓝帆医疗股份有 限公司（以下简称"公司"）于 2025 年 5 月 20 日在办公中心第一会议室召开了第六 届职工代表大会第二次会议，经职工代表民主讨论和表决，选举赵敏女士为公司第六 届董事会职工董事（简历见附件），任期自本次职工代表大会审议通过之日起，至第 六届董事会届满之日止。 特此公告。 蓝帆医疗股份有限公司 董事会 二〇二五年五月二十一日 附件： 职工董事简历 赵敏女士，1986 年 3 月生，中国国籍，无境外永久居留权，厦门大学经济学硕士， 中级经济师，中共党员。曾在公司六西格玛办公室、行政办公室、山东蓝帆新材料有 限公司行政后勤部工作，现任公司职工董事、证券事务 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 监事卢凌威先生、周治卫先生、宗秋月女士原定任期至第六届监事会任期届满之 日，均不存在应当履行而未履行的承诺事项。截至本公告披露日，卢凌威先生、周治 卫先生未持有公司股票，宗秋月女士持有公司股份9,500股，占公司总股本的0.0009%， 宗秋月女士将严格遵守《深圳证券交易所股票上市规则》、《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等相关法律、法规、规范性文件 的规定进行股份管理。 监事卢凌威先生、周治卫先生、宗秋月女士在任职期间勤勉尽责，为公司规范运 作、健康发展做出了杰出贡献，公司表示衷心感谢。 特此公告。 蓝帆医疗股份有限公司 董事会 二〇二五年五月二十一日 蓝帆医疗股份有限公司 关于取消监事会、监事的公告 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。 蓝帆医疗股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开了第六届 ...