| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 关于参加2025年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，蓝帆医疗股份有限公司（以下简称"公司"） 将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参 与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）下午 15:00-16:30。 届时公司董事、总裁钟舒乔先生，副总裁、首席财务官崔运涛先生，董事会秘书王 梓漪女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划和 ...

Core Insights - The global trade impact from the "reciprocal tariffs" has posed significant challenges for export-oriented companies, yet opportunities arise alongside these challenges. Bluefan Medical (002382) has communicated internally to its subsidiaries, emphasizing confidence in their strategic foresight and market opportunities [1] Group 1: Strategic Transformation - Since 2018, Bluefan Medical has transitioned from a PVC glove-focused company heavily reliant on the U.S. market to a diversified entity with a comprehensive "A+X" strategy, reducing export dependency while enhancing innovative production capabilities [2] - The company has established a multinational medical device platform centered in China, with a focus on global outreach and strengthened R&D capabilities [2] Group 2: Market and Supply Chain Adjustments - Bluefan Medical has strategically exited the U.S. market, redirecting focus towards emerging markets in China, Southeast Asia, and BRICS nations, while enhancing its presence in traditional European markets [3] - The company has optimized its global supply chain to mitigate risks associated with critical raw materials, achieving a high level of domestic supplier verification for 99% of its raw materials [3] Group 3: Manufacturing and Revenue Growth - The company has developed a three-location production strategy in Germany, Singapore, and China, ensuring robust risk resilience and localizing operations to cover global non-U.S. markets [4] - Bluefan Medical's heart and brain division has achieved significant market penetration, with a projected revenue of over 1.1 billion in 2024 and a 26% year-on-year growth in Q1 2025 [4] Group 4: Domestic Market Opportunities - The trade war has created a favorable environment for domestic high-end medical device replacements, with Bluefan Medical poised to fill supply gaps left by U.S. imports due to retaliatory tariffs [7] - The company has developed innovative products that outperform U.S. imports in several medical fields, enhancing its competitive edge [7] Group 5: Investment and Future Outlook - Bluefan Medical is expanding its investment in related fields such as ventricular assist devices and minimally invasive surgery, with several products already approved [8] - The company aims to strengthen its domestic sales network and become a leading player in the domestic market for high-end medical devices, adhering to a development philosophy focused on innovation and internationalization [8]

Core Viewpoint - China's foreign trade in goods reached 10.3 trillion yuan in the first quarter of this year, showing a year-on-year growth of 1.3%, with seven provinces contributing significantly to this growth [1] Group 1: Trade Performance - Guangdong, Jiangsu, Zhejiang, Shanghai, Beijing, Shandong, and Fujian accounted for three-quarters of the national total trade value [1] - Shandong province achieved a remarkable increase in exports to 105 countries along the Belt and Road, with 89 countries experiencing double-digit growth [1][2] - In the first two months of this year, Shandong's import and export growth reached 321.8 billion yuan, the highest among all provinces [1] Group 2: Industry and Innovation - High technology has become a key factor for Shandong manufacturing to penetrate overseas markets, with companies like Zhongtong Bus leveraging energy efficiency, safety, and intelligence [2][3] - Shandong's traditional and emerging industries saw synchronized export growth, with high-tech products increasing by 41% [4][6] - Companies like Aodes and Weichai Power are successfully exporting innovative products, with Aodes achieving over 70% of its sales from exports [3][4] Group 3: Policy Support - Shandong has implemented a series of policies to boost foreign trade, including measures to expand intermediate goods trade and support for cross-border e-commerce [3][6][8] - The province plans to support enterprises in participating in over 360 overseas exhibitions and organizing 50 international procurement activities [8] Group 4: Market Demand and Adaptation - Companies are adapting to market demands by diversifying their product offerings, as seen with Blue Sail Medical's shift towards European and Belt and Road markets [7] - Jinboke Health Technology achieved record export figures by focusing on technological innovation and launching new products [7]

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 关于暂不向下修正"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 5 月 7 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二十二次会议审议通过，公司董事会决定本次不向下 修正"蓝帆转债"转股价格。自 2025 年 5 月 8 日之后，若再次触发"蓝帆转债"转股 价格的向下修正条件，届时公司董事会将再次召开会议决定是否行使"蓝帆转债"转 股价格向下修正权利。 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 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：128108 | 债券简称：蓝帆转债 | | 蓝帆医疗股份有限公司 第六届董事会第二十二次会议决议公告 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 蓝帆医疗股份有限公司（以下简称"公司"）第六届董事会第二十二次会议于 2025 年 5 月 6 日以电子邮件的方式发出通知，于 2025 年 5 月 7 日以通讯表决的方式召开。 本次会议应参加会议董事 7 人，实际参加会议董事 6 人，全体董事以通讯的方式出席 会议；董事钟舒乔先生因公务原因书面委托董事刘文静女士出席会议并代为行使表决 权。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《关于不向下修正"蓝帆转债"转股价格的议案》。 截至2025年5月7日，公司股票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 ...

Core Viewpoint - As of May 6, 2025, BluFan Medical (002382) closed at 5.13 yuan, reflecting a 1.58% increase, with a trading volume of 223,200 hands and a transaction value of 113 million yuan [1] Group 1: Financial Performance - BluFan Medical reported a main revenue of 1.478 billion yuan for Q1 2025, representing a year-on-year increase of 1.59% [2] - The net profit attributable to shareholders was 77.0223 million yuan, showing a significant year-on-year increase of 177.86% [2] - The company’s gross profit margin stood at 17.17%, while the net profit margin was 5.58% [2] Group 2: Market Position and Ratios - The total market capitalization of BluFan Medical is 5.167 billion yuan, ranking 53rd in the medical device industry [2] - The company has a price-to-earnings ratio (P/E) of 16.77, significantly lower than the industry average of 52.22, ranking 11th in the industry [2] - BluFan Medical's price-to-book ratio (P/B) is 0.64, the best in the industry, compared to the industry average of 3.09 [2] Group 3: Capital Flow Analysis - On May 6, 2025, the net outflow of main funds was 4.8817 million yuan, accounting for 4.31% of the total transaction value [1] - Retail investors experienced a net outflow of 31,800 yuan, representing 0.03% of the total transaction value [1] - Over the past five days, the stock has seen fluctuating capital flows, with notable inflows and outflows from both main and retail investors [1]

Revenue and Profit - The company reported total revenue of 1.478 billion yuan in Q1 2025, representing a year-on-year increase of 1.59% [2] - The net profit attributable to shareholders reached 77.0223 million yuan, a significant year-on-year increase of 177.86%, while the non-recurring net profit remained negative at -60.7907 million yuan, but improved by 51.02% year-on-year [2] Key Financial Indicators - The gross profit margin was 17.17%, an increase of 17.09 percentage points year-on-year, and the net profit margin was 5.58%, up 182.28 percentage points year-on-year [3] - Total operating expenses (selling, administrative, and financial expenses) amounted to 204 million yuan, accounting for 13.78% of revenue, a decrease of 12.53 percentage points year-on-year [3] - Earnings per share were 0.08 yuan, a year-on-year increase of 180.0%, while the net asset per share was 8.01 yuan, down 10.22% year-on-year [3] Cash Flow and Debt - The company had cash and cash equivalents of 2.226 billion yuan, an increase of 14.57% year-on-year, while accounts receivable rose to 1.18 billion yuan, up 20.16% year-on-year [4] - Interest-bearing debt stood at 5.292 billion yuan, an increase of 3.78% year-on-year, with a cash to current liabilities ratio of only 85.43%, indicating potential short-term repayment pressure [4] Business Model and Financing - The company's performance is primarily driven by research and marketing efforts, with total financing since its listing amounting to 6.523 billion yuan and total dividends paid reaching 1.348 billion yuan, resulting in a dividend financing ratio of 0.21 [5] Summary - Overall, the company achieved slight revenue growth and a significant rebound in net profit in Q1 2025, but the negative non-recurring net profit and cash flow and debt situation warrant further attention [6]

Core Viewpoint - The company reported significant growth in Q1 2025, with revenue of 1.478 billion yuan, a year-on-year increase of 1.59%, and a net profit of 77.022 million yuan, marking a substantial increase compared to the same period last year [1] Group 1: Financial Performance - The company's operating cash flow turned positive, reaching 198 million yuan, a significant improvement year-on-year [1] - The substantial profit growth is attributed to improved core business performance and successful investments in peripheral and neuro-interventional fields, contributing approximately 128 million yuan in fair value changes [1][4] Group 2: Business Segments - The cardiovascular division achieved sales revenue exceeding 360 million yuan, a growth of about 26% year-on-year, outperforming the industry average growth rate of 10%-15% in China, South Asia, and Latin America [2] - The health protection business faced challenges due to increased tariffs on nitrile gloves exported to the U.S., but the company has reduced its reliance on the U.S. market, with exports to the U.S. now accounting for less than 30% of total nitrile glove exports [3] - The emergency rescue division generated nearly 47.5 million yuan in revenue, with a net profit of approximately 5.5 million yuan, reflecting a year-on-year growth of about 12% [3] Group 3: Investment and Strategic Development - The successful financing of companies in the peripheral and neuro-interventional fields has enhanced asset value and significantly boosted current profits [4][5] - The company has strategically invested in high-growth sectors, enhancing its competitive strength in high-value consumables and expanding its medical device ecosystem [6] - The introduction of strategic investors has provided valuable funding and recognition for the company's incubated businesses, further activating the value of its quality assets [5]

Core Viewpoint - The company emphasizes its commitment to sustainable development and technological innovation, aiming to enhance both economic and social value in the healthcare industry [1] Group 1: Internationalization and Product Innovation - The company focuses on core business areas such as cardiovascular intervention, health protection, and emergency rescue, leveraging strong R&D capabilities to introduce medical products that meet international market demands [2] - The company has established a multinational medical device platform, with 61 subsidiaries in over 20 countries and regions, and has developed a global R&D system with over 600 technical personnel [2] - In 2024, the company plans to develop nearly 60 new products, including innovative medical devices and treatments, showcasing its strong R&D strength and ability to meet market needs [3] Group 2: Industry Chain Collaboration and Green Technology - The company actively promotes industry chain collaboration to accelerate the transformation and application of innovative results, including a strategic partnership with Wanhua Chemical to explore new product applications [4] - The company has made significant progress in reducing production costs and improving product competitiveness through collaborations with educational institutions and technological upgrades [4] Group 3: Environmental Initiatives and Efficiency Improvements - The company invested approximately 188.34 million yuan in environmental protection, accounting for 3.01% of its revenue, while optimizing production processes to enhance efficiency [5] - The company has implemented changes in production methods, such as replacing ceramic hand molds with metal molds, resulting in a 30% reduction in energy consumption and significant coal savings [5] - The annual production capacity of nitrile gloves across several subsidiaries reaches 20.07 billion pieces, with potential coal savings of 46,161 tons if all ceramic molds are replaced [5]

Core Insights - Bluefan Medical (002382.SZ) has demonstrated strong performance through a dual strategy of "technological breakthrough + global layout," achieving significant revenue growth despite challenges in the global healthcare industry [1][5] - The company reported a revenue of 6.253 billion yuan for 2024, a year-on-year increase of 26.91%, and a net profit of 77.0223 million yuan for Q1 2025 [1][2] Business Segments - Bluefan Medical has diversified its operations into three main business segments: Cardiovascular, Health Protection, and Emergency Rescue, with a focus on high-value and low-value consumables [2][4] - The Cardiovascular segment generated over 1.1 billion yuan in sales for 2024, marking a 12% year-on-year increase, and continued to show strong growth in Q1 2025 with over 360 million yuan in sales, a 26% increase from the previous year [2][3] - The Health Protection segment saw a 33% increase in revenue, driven by new product developments and market expansion efforts [3][4] - The Emergency Rescue segment contributed stable profits, achieving approximately 30 million yuan in 2024 and 5.5 million yuan in Q1 2025, reflecting a 12% year-on-year growth [3][4] Strategic Transformation - The company has successfully transitioned from being heavily reliant on the U.S. market to a more balanced global presence, reducing its dependence on U.S. sales to below 30% of total nitrile glove exports [6][7] - Bluefan Medical has made strategic acquisitions, including the purchase of Singapore's Bosheng International and Germany's NVT, to enhance its product offerings and global reach [6][7] - The "A+X" strategy has allowed Bluefan Medical to build a complementary and risk-hedged multi-business structure, fostering innovation and new production capabilities [4][5] Market Positioning - The company has positioned itself to capitalize on opportunities arising from the U.S.-China trade tensions, with its cardiovascular business largely insulated from tariff impacts and focusing on markets in Europe, Southeast Asia, and Latin America [7] - Bluefan Medical is actively developing new products in the neurointervention and peripheral intervention sectors, with plans to accelerate market entry in response to increasing domestic demand [7]