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]

Core Insights - Bluefan Medical reported a 26.91% year-on-year increase in revenue for 2024, reaching 6.253 billion yuan, while narrowing its net loss by 21.60% to -446 million yuan [1] - The company achieved a positive net cash flow from operating activities of 136 million yuan, a significant increase of 286.39% year-on-year [1] - In Q1 2025, Bluefan Medical generated revenue of 1.478 billion yuan, with a return to profitability, reporting a net profit of 77.02 million yuan [1] Cardiovascular Division - The Cardiovascular Division's sales revenue exceeded 1.1 billion yuan in 2024, marking a growth of approximately 12%, with an improved gross margin [1] - Sales in the Asia-Pacific region grew by about 21%, driven by increased sales of coronary and valve products [1] - The division's losses have significantly narrowed despite ongoing R&D investments, maintaining R&D expenses around 200 million yuan [1] Health Protection Division - The Health Protection Division saw a notable improvement in 2024, with revenue growth of 33% as the supply-demand balance in the glove industry gradually recovered [2] - The division's gross margin increased by 7.4 percentage points due to cost reduction and efficiency enhancement initiatives [2] - In Q1 2025, the division's performance slightly declined due to tariff policies, but the company has strategically shifted focus to non-U.S. markets, reducing U.S. sales of nitrile gloves to below 30% of total exports [2] Emergency Rescue Division - The Emergency Rescue Division achieved stable profitability in 2024, implementing automation measures to reduce costs and improve efficiency [3] - In Q1 2025, the division reported revenue of nearly 47.5 million yuan and a net profit of approximately 5.5 million yuan, reflecting a year-on-year growth of about 12% [3]

公司应当真实、准确、完整地披露募集资金的实际使用情况。出现严重影响募集 资金投资计划正常进行的情形时，应当及时公告。 募集资金投资项目通过公司的子公司或者公司控制的其他企业实施的，公司应当 确保该子公司或者受控制的其他企业遵守本管理制度的规定。 第四条 违反国家法律、法规及《公司章程》等规定使用募集资金，致使公司遭 受损失的，将视具体情况，给予相关责任人员以相应的处分；情节严重的将追究责任 人相应的民事赔偿责任和法律责任。 募集资金管理制度 第一章 总则 第一条 为规范蓝帆医疗股份有限公司（以下简称"公司"）募集资金管理，提 高募集资金使用效率，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《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》等有关法律、法 规、规范性文件和《蓝帆医疗股份有限公司章程》（以下简称"《公司章程》"）的规定， 制定本管理制度。 第二条 本管理制度所称募集资金是指公司通过发行股票及其衍生品种，向投资 者募集并用于特定用途的资金。超募资金是指实际募集资金净额超过计划募集资金金 额的 ...

蓝帆医疗股份有限公司 2024 年度独立董事述职报告 各位股东及代表： 大家好！ 报告期内，本人任职符合《上市公司独立董事管理办法》、《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》等有关独立董事独立性要求，不 存在影响独立性的情况。 本人作为蓝帆医疗股份有限公司（以下简称"公司"）的独立董事，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董事管理办法》、《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》、《蓝帆医疗股份有 限公司章程》（以下简称"《公司章程》"）以及《独立董事制度》等相关法律法规和规章 制度的规定，本着客观、公正、独立的原则，忠实、勤勉、尽责地履行职务，自 2024 年 9 月任职以来，按照要求积极出席有关会议，慎重审议各项议案，发挥了独立董事 的独立性和专业性作用，切实维护公司和股东特别是中小投资者的利益。现就 2024 年 度的工作情况向各位股东和股东代表作简要汇报： 一、基本情况 本人赵永清，1972 年 8 月生，中国国籍，无境外永久居留权，上海同济大学硕士 和中欧国际工商学院 MBA。曾任中欧国际工商学院教 ...

蓝帆医疗股份有限公司 2024 年度独立董事述职报告 各位股东及代表： 大家好！ 本人作为蓝帆医疗股份有限公司（以下简称"公司"）的独立董事，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司独立董事管理办法》、《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》、《蓝帆医疗股份有 限公司章程》（以下简称"《公司章程》"）以及《独立董事制度》等相关法律法规和规章 制度的规定，本着客观、公正、独立的原则，忠实、勤勉、尽责地履行职务，在 2024 年的工作中，按要求积极出席有关会议，慎重审议各项议案，发挥了独立董事的独立性 和专业性作用，切实维护公司和股东特别是中小投资者的利益。现就 2024 年度的工作 情况向各位股东和股东代表作简要汇报： 一、基本情况 本人刘海波，1970 年 9 月出生，中国国籍，无境外居留权，中共党员，本科学历， 中国政法大学在职硕士研究生，中国社会科学院研究生院法学高级课程班毕业。中国 共产党淄博市临淄区第十八届、十九届人民代表大会代表、监察和司法委员会委员，淄 博市律师协会常务理事，并先后被张店区人民政府、临淄区人民政府、淄博市临淄区市 场监督 ...

独立董事制度 第一章 总则 第一条 为了进一步完善蓝帆医疗股份有限公司（以下简称"公司"）的法人治理 结构，强化对董事会及管理层的约束和监督机制，更好地维护公司股东的合法权益，促 进公司的规范运作，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司独立董事管理办法》、《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》（以下简称"《规范运作》"）、《蓝帆医疗股份有限公司章程》 （以下简称"《公司章程》"）以及其他相关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事以外的其他任何职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行政法 规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交易所业务规则 和《公司章程》的规定，认真履行职责，在董事会中发挥参与决策、监督制衡、专业咨 询作用，维护上市公司整体利益，保护中小股东合法权益。 第四条 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位 或者个人的影响。 ...

蓝帆医疗股份有限公司章程 蓝帆医疗股份有限公司 章 程 二○二五年四月 - 1 - | 第一章 | 总则 | 4 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 5 | | 第三章 | 股份 | 5 | | 第一节 | 股份发行 | 5 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东会 | 8 | | 第一节 | 股东的一般规定 | 8 | | 第二节 | 控股股东和实际控制人 | 10 | | 第三节 | 股东会的一般规定 | 10 | | 第四节 | 股东会的召集 | 12 | | 第五节 | 股东会的提案与通知 | 13 | | 第六节 | 股东会的召开 | 15 | | 第七节 | 股东会的表决和决议 | 17 | | 第五章 | 董事和董事会 | 20 | | 第一节 | 董事的一般规定 | 20 | | 第二节 | 董事会 | 23 | | 第三节 | 独立董事 | 27 | | 第四节 | 董事会专门委员会 | 29 | | 第六章 | 高级管理人员 | 31 | | 第七章 | 财务会计制度、利润 ...

董事会 二〇二五年四月二十五日 经核查独立董事赵永清先生、乔贵涛先生和刘海波先生的任职经历以及签署的相 关自查文件，公司董事会认为上述人员未在公司担任独立董事以外的任何职务，也未 在公司主要股东担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能 妨碍其进行独立客观判断的关系，不存在其他影响独立董事独立性的情况，因此，公司 独立董事符合《上市公司独立董事管理办法》、《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》等相关法律法规中对独立董事独立性的相关要 求。 蓝帆医疗股份有限公司 蓝帆医疗股份有限公司 董事会关于独立董事 2024 年度独立性情况的专项意见 根据《上市公司独立董事管理办法》、《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》以及《独立董事制度》的相关规定，结合独立董事出 具的《独立董事关于独立性情况的自查报告》，蓝帆医疗股份有限公司（以下简称"公 司"）董事会就公司在任独立董事赵永清先生、乔贵涛先生和刘海波先生的独立性情况 进行评估并出具如下专项意见： ...