本资产评估报告依据中国资产评估准则编制 蓝帆医疗股份有限公司拟进行商誉减值测试涉及的武汉必凯尔救助用 品有限公司包含商誉资产组可收回金额 资产评估报告 格律沪评报字（2025）第 103 号 共一册第一册 格律（上海）资产评估有限公司 GeLv（Shanghai）AssetsAppraisalCo.,Ltd 2025 年 4 月 25 日 | 目录 | | --- | | 声明 1 | | --- | | 资产评估报告摘要 2 | | 资产评估报告正文 4 | | 一、委托人及其他资产评估报告使用人 4 | | 二、评估目的 8 | | 三、评估对象和评估范围 8 | | 四、价值类型及其定义 27 | | 五、评估基准日 27 | | 六、评估依据 27 | | 七、评估方法 29 | | 八、评估程序实施过程和情况 35 | | 九、评估假设 36 | | 十、评估结论 37 | | 十一、特别事项说明 38 | | 十二、资产评估报告使用限制说明 39 | | 十三、资产评估报告日 40 | | 十四、资产评估专业人员签名和资产评估机构印章 40 | | 资产评估报告附件 41 | 蓝帆医疗股份有限公司 ...

根据《深圳证券交易所上市公司自律监管指南第1号——业务办理》的规定，蓝帆 医疗股份有限公司编制了后附的2024年度营业收入扣除情况表（以下简称"情况 表"）。如实编制和对外披露情况表并确保其真实性、合法性、完整性是蓝帆医疗股 份有限公司管理层的责任。 基于我们为对蓝帆医疗股份有限公司财务报表整体发表审计意见而实施的审计工 作，我们未发现后附情况表所载相关信息与我们审计蓝帆医疗股份有限公司2024年度 财务报表时所审核的会计资料及2024年度财务报表中所披露的相关内容存在重大不一 致。 本专项说明仅供蓝帆医疗股份有限公司为2024年年度报告披露使用，不适用于其 他用途。 蓝帆医疗股份有限公司 2024年度 营业收入扣除情况专项说明 关于蓝帆医疗股份有限公司 2024年度营业收入扣除情况专项说明 安永华明（2025）专字第70038396_X02号 蓝帆医疗股份有限公司 蓝帆医疗股份有限公司董事会： 我们接受委托，审计了蓝帆医疗股份有限公司的财务报表，包括2024年12月31日 的合并及公司的资产负债表、2024年度合并及公司的利润表、股东权益变动表和现金 流量表以及相关财务报表附注，并于2025年4月25日出具 ...

本报告依据中国资产评估准则编制 蓝帆医疗股份有限公司 拟以财务报告为目的商誉减值测试涉及 合并NVT AG介入主动脉瓣膜业务后商誉 所在资产组组合可收回金额 资产评估报告 万隆评财字（2025）第40037号 万隆（上海）资产评估有限公司 二〇二五年四月二十五日 | 声 明 1 | | --- | | 资产评估报告摘要 2 | | 资产评估报告 4 | | 一、 委托人、被评估单位和资产评估委托合同约定的其他资产评估报告使用人 4 | | 二、 评估目的 9 | | 三、 评估对象和范围 9 | | 四、 价值类型 13 | | 五、 评估基准日 14 | | 六、 评估依据 15 | | 七、 评估方法 18 | | 八、 评估程序实施过程和情况 23 | | 九、 评估假设 27 | | 十、 评估结论 29 | | 十一、特别事项说明 31 | | 十二、资产评估报告使用限制 33 | | 十三、资产评估报告日 34 | | 资产评估报告附件： 36 | 蓝帆医疗股份有限公司拟以财务报告为目的商誉减值测试 涉及合并 NVT AG 介入主动脉瓣膜业务后商誉所在资产组组合可收回金额资产评估报告 声 明 一、 ...

蓝帆医疗股份有限公司 已审财务报表 2024年度 蓝帆医疗股份有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 7 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 8 | - | 9 | | | 合并利润表 | 10 | - | 11 | | | 合并股东权益变动表 | 12 | - | 13 | | | 合并现金流量表 | 14 | - | 15 | | | 公司资产负债表 | 16 | - | 17 | | | 公司利润表 | | 18 | | | | 公司股东权益变动表 | 19 | - | 20 | | | 公司现金流量表 | 21 | - | 22 | | | 财务报表附注 | 23 | - | 144 | | | 补充资料 | | | | | | 1.非经常性损益明细表 | | 1 | | | | 2.净资产收益率和每股收益 | | 1 | | 审计报告 安永华明（2025）审字第70038396_X01号 蓝帆医疗股份有限公司 蓝帆医疗股份有限公司全体股东： 一 ...

蓝帆医疗股份有限公司 内部控制审计报告 2024年12月31日 内部控制审计报告 安永华明（2025）专字第70038396_X03号 蓝帆医疗股份有限公司 蓝帆医疗股份有限公司全体股东： 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，蓝帆医疗股份有限公司于2024年12月31日按照《企业内部控制基本 规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了蓝帆医疗股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,477,911,477.13, representing a 1.59% increase compared to ¥1,454,848,751.06 in the same period last year[6] - Net profit attributable to shareholders was ¥77,022,348.52, a significant turnaround from a loss of ¥98,919,578.18 in the previous year, marking a 177.86% improvement[6] - The company’s basic earnings per share improved to ¥0.08 from a loss of ¥0.10 in the previous year, representing a 180% increase[6] - The company’s weighted average return on equity was 0.94%, a recovery from -1.06% in the same period last year[6] - Net profit for the current period was ¥82,533,943.54, a significant recovery from a net loss of ¥98,738,936.80 in the previous period[29] - The company reported a total comprehensive income of ¥84,946,912.65, compared to a loss of ¥73,856,120.00 in the previous period[29] Revenue Breakdown - The cardiovascular division achieved sales revenue exceeding ¥360 million, a growth of approximately 26% year-over-year[11] - The emergency rescue division reported revenue of nearly ¥47.5 million, with a net profit of around ¥5.5 million, reflecting a 12% increase compared to the previous year[11] - Total operating revenue for the current period reached ¥1,477,911,477.13, an increase of 1.8% compared to ¥1,454,848,751.06 in the previous period[28] Cash Flow and Liquidity - The net cash flow from operating activities was ¥197,545,489.05, a remarkable increase of 543.79% from a negative cash flow of ¥44,513,639.94 in the same period last year[6] - Cash flow from operating activities generated a net amount of ¥197,545,489.05, a turnaround from a negative cash flow of ¥44,513,639.94 in the previous period[30] - The company’s net increase in cash and cash equivalents decreased by 60.66% to ¥262,323,268.99, primarily due to reduced net cash flow from financing activities[19] - The ending balance of cash and cash equivalents was $2.08 billion, compared to $1.75 billion in the previous period, showing an increase of approximately 18.9%[31] Investment and Assets - The company recorded a fair value change gain of approximately ¥128 million from its investments in peripheral intervention and neuro-intervention sectors[11] - The company’s strategic investment in subsidiaries amounted to ¥1 billion, impacting financial liabilities due to potential repurchase obligations[11] - Total assets at the end of Q1 2025 were ¥17,324,149,580.58, up 3.11% from ¥16,800,894,253.48 at the end of the previous year[6] - The company’s goodwill increased to ¥3,903,624,012.57 from ¥3,872,074,225.14, reflecting a growth of approximately 0.8%[27] Liabilities and Equity - Total liabilities amounted to ¥7,222,134,320.87, compared to ¥7,000,162,340.63, showing an increase of approximately 3.2%[27] - The company’s equity capital remained stable at ¥1,007,129,138.00, with a slight change from ¥1,007,128,578.00[27] - The total equity attributable to shareholders of the parent company increased to ¥8,256,411,852.44 from ¥8,186,411,188.95[28] Changes in Financial Metrics - Financial expenses decreased by 32.05% to ¥42,294,744.39 compared to the previous period, primarily due to increased interest expenses offset by higher exchange gains[16] - Investment income increased by 141.67% to ¥1,798,623.76, mainly due to higher long-term equity investment income accounted for using the equity method[16] - Fair value changes in income surged by 1,148,844.59% to ¥127,910,871.77, attributed to gains recognized from trading financial assets[16] Shareholder Information - Total number of common shareholders at the end of the reporting period was 81,034[22] - The largest shareholder, Zibo Lanfan Investment Co., Ltd., holds 23.31% of shares, with 183,300,000 shares pledged[22] Other Financial Information - The company reported a significant increase in asset impairment losses by 235.38% to -¥45,865,732.57, mainly due to provisions for inventory write-downs[17] - The company has not yet adopted the new accounting standards as of the first quarter report, which remains unaudited[32] - The report was issued by the board of directors on April 25, 2025, indicating ongoing corporate governance and compliance efforts[33]

Financial Performance - The company's operating revenue for 2024 reached ¥6,253,168,236.58, representing a 26.91% increase compared to ¥4,927,074,862.96 in 2023[16] - The net profit attributable to shareholders was -¥445,608,865.62, an improvement of 21.60% from -¥568,360,486.77 in the previous year[16] - The net cash flow from operating activities was ¥135,849,276.36, a significant increase of 286.39% compared to -¥72,885,824.12 in 2023[16] - The total assets at the end of 2024 amounted to ¥16,800,894,253.48, reflecting a 7.47% increase from ¥15,633,248,932.86 at the end of 2023[16] - The net assets attributable to shareholders decreased by 14.26% to ¥8,186,411,188.95 from ¥9,548,354,583.33 in 2023[16] - The basic earnings per share for 2024 was -¥0.44, an improvement of 21.43% from -¥0.56 in 2023[16] - The diluted earnings per share was also -¥0.44, showing a 22.81% improvement from -¥0.57 in the previous year[16] - The weighted average return on equity was -5.19%, slightly better than -5.66% in 2023[16] Market and Industry Insights - The cardiovascular intervention device market is projected to reach $11.24 billion in 2024, with a compound annual growth rate of 4.8% expected until 2031[28] - The domestic cardiovascular intervention medical device market is expected to reach ¥91.2 billion by 2026, driven by increasing healthcare demands and policy support[28] - The health protection division anticipates global disposable glove sales to reach 13.6 billion USD by 2025, driven by rising demand due to global health concerns[33] - The emergency rescue division's market for first aid kits is projected to reach 653 million USD in 2024, with an expected compound annual growth rate of 7.3% from 2025 to 2031[35] Product Development and Innovation - The company plans to launch 16 self-developed cardiovascular products globally in 2024, supported by a pipeline of nearly 20 products under research[32] - The company has developed over 120 patents, including more than 30 invention patents and over 80 utility model patents, reflecting its commitment to innovation in health protection products[44] - The company is actively developing new products in the structural heart disease intervention field, with the Allegra® Plus product already submitted for CE registration approval[100] - The company is focusing on enhancing its brand presence through new marketing strategies, including live streaming on social media platforms[171] Sales and Revenue Growth - The cardiovascular division achieved over 1.1 billion RMB in sales revenue for 2024, with a global market share ranking of second in China and fourth worldwide for cardiac stents[32] - The health protection division's disposable PVC glove exports increased by 29% year-on-year in 2024, capturing over 24% of the global market share, while nitrile glove exports grew by 32%[34] - The company achieved over 40% sales growth on JD.com and over 650% on Pinduoduo for 2024 compared to the previous year, indicating significant expansion in e-commerce channels[42] - The cardiovascular division's sales revenue exceeded 1.1 billion yuan, with a year-on-year growth of approximately 12%[94] Strategic Partnerships and Market Expansion - The company has established strategic partnerships with major automotive manufacturers, including Mercedes-Benz and BMW, to supply first aid kits, capitalizing on the growing demand in the electric vehicle export market[45] - The company has established a global sales network in over 130 countries, leveraging a multi-tiered marketing model[116] - The company is actively pursuing market expansion strategies in both cardiovascular and health protection sectors, aiming for increased market share[49] Challenges and Risks - The management has indicated that there are uncertainties regarding the company's ability to continue as a going concern due to negative net profits in recent years[16] - The company anticipates challenges from escalating trade tensions, particularly between the US and China, impacting global supply chains[164] - The company faces risks related to changes in industry policies and standards, particularly in the medical device sector, which could impact its operations due to ongoing reforms and procurement policies[182] Research and Development - The cardiovascular division maintained R&D expenses at around 200 million yuan, while facing significant financial costs due to high foreign currency interest rates[95] - Research and development expenses increased by 17.60% to ¥341,915,007.55 compared to the previous year[132] - The cardiovascular division is leveraging a global R&D clinical platform and has nearly 200 R&D personnel to enhance product development in high-value consumables like coronary and valve products[184] Investor Relations and Communication - The company engaged in investor relations activities with 38 institutional investors, discussing development strategies and product research[191] - The investor relations activities included discussions on production and product research, indicating a focus on innovation and market expansion[192] - The company plans to disclose its annual online performance briefing on May 22, 2024, via the "Look Finance" platform[192]

Core Viewpoint - Bluefan Medical's stock closed at 4.49 yuan, down 2.39%, with a latest price-to-book ratio of 0.52 and a total market capitalization of 4.522 billion yuan [1] Company Overview - Bluefan Medical Co., Ltd. primarily operates in cardiovascular, health protection, and nursing businesses, with key products including coronary intervention devices, structural heart disease products, health protection gloves, and emergency rescue products [1] - The company is a global leader in the PVC health protection gloves industry, holding the highest annual production and market share [1] Shareholder Information - As of March 31, 2025, Bluefan Medical had 81,034 shareholders, a decrease of 1,123 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Financial Performance - In the latest quarterly report for Q3 2024, the company achieved a revenue of 4.654 billion yuan, representing a year-on-year increase of 29.85%, while the net profit was -219.82 million yuan, a year-on-year decline of 38.19%, with a gross profit margin of 17.17% [1] Valuation Metrics - Bluefan Medical's PE (TTM) is -10.45, PE (static) is -7.96, and the price-to-book ratio is 0.52, with a total market value of 4.522 billion yuan [2]

看鲁企以多元化布局逐步化解"美国风险"的路径 今年4月，在美国对中国输美商品加征34%关税的第一个星期，济南金胜星机械设备有限公司的车间 里，一批发往泰国的木工雕刻机组件正在装箱。这家有着约20年出口贸易经验的企业，如今外贸业务中 的对美订单占比已不足10%。 几乎同一时间，在山东淄博蓝帆医疗股份有限公司的手套生产线上，工人们正在赶制发往德国、丹麦、 加拿大的订单。而2018年以前，这里70%以上的货是供给美国市场的。"关税战反而加速了我们的全球 化进程。"蓝帆医疗防护事业部副总经理刘大广说。 近期，美国政府单方面发起"关税战"，给全球政治经济秩序带来了巨大的混乱和不确定性。喧嚣中，一 批像金胜星机械、蓝帆医疗这样的外贸企业却顶住了压力，应对之间颇为从容。海报新闻记者深入上述 两家企业，探访其在业务拓展上"全球织网"，以多元化布局逐步化解"美国风险"的路径。 两年前开始"转舵"，布局东南亚市场 前不久，第137届中国进出口商品交易会（广交会一期）火热举行。济南金胜星机械的展位上，一台搭 载智能算法的五色3D广告字打印机演示的"一键生成3D彩色字体"功能，吸引了来自巴西、越南、吉尔 吉斯斯坦、土耳其等国家的采购 ...

| 证券代码：002382 | 证券简称：蓝帆医疗 | 公告编号：2025-024 | | --- | --- | --- | | 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 4 月 25 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。 根据《蓝帆医疗股份有限公司公开发行可转换公司债券募集说明书》（以下简称 "《募集说明书》"）的规定，本次发行的可转债转股期自可转债发行结束之日（20 ...