Core Insights - On October 23, Jiuan Medical's stock rose by 0.75%, with a trading volume of 257 million yuan, indicating positive market sentiment towards the company [1] - The company reported a significant decrease in revenue for the first half of 2025, with a 43.35% year-on-year decline, while net profit increased by 52.91% [2] Financing and Trading Activity - On October 23, Jiuan Medical had a financing buy-in amount of 68.42 million yuan, with a net financing buy of 30.20 million yuan, indicating strong investor interest [1] - The total financing and securities lending balance reached 1.22 billion yuan, with financing balance accounting for 6.47% of the circulating market value, which is above the 80th percentile of the past year [1] - The securities lending balance was 9.86 million yuan, with a lending volume of 244,100 shares, also above the 90th percentile of the past year [1] Shareholder and Institutional Holdings - As of October 20, the number of Jiuan Medical shareholders decreased to 69,800, while the average circulating shares per person increased by 3.30% to 6,651 shares [2] - The company has distributed a total of 1.794 billion yuan in dividends since its A-share listing, with 1.39 billion yuan distributed in the last three years [3] - Notable institutional holdings include Huabao Zhongzheng Medical ETF and Southern Zhongzheng 500 ETF, with both reducing their holdings [3]

Group 1 - The core viewpoint of the article is that Ji'an Medical (002432) is actively engaging in share repurchase to maintain its market value and protect shareholder interests [1] - The company has completed the cancellation of 29,954,222 shares of treasury stock as part of its ongoing efforts to enhance market value [1] - A new share repurchase plan has been initiated, with a total funding amount between 300 million RMB and 600 million RMB, to be executed within three months from the board's approval [1] Group 2 - The repurchased shares will be used to maintain company value and shareholder rights, and can be sold through centralized bidding after a 12-month disclosure period [1] - Any unsold shares after three years will be legally canceled, ensuring that the company adheres to regulatory requirements [1]

出席本次说明会的人员有：公司董事长兼总经理刘毅先生，董事兼副总经理 王湧先生，董事兼副总经理丛明先生，独立董事孙卫军先生，董事会秘书邬彤先 生，财务经理秦菲女士（代行财务总监职责）。 为充分尊重投资者、提升交流质量，现就公司 2025 年第三季度网上业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 10 月 27 日（星期一）12:00 前将所需了解的情况和问题一并发送至邮箱 ir@jiuan.com。 证券代码：002432 证券简称：九安医疗 公告编号：2025-082 天津九安医疗电子股份有限公司 关于举办2025年第三季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 天津九安医疗电子股份有限公司（以下简称"公司"）《2025 年第三季度报告》 将于 2025 年 10 月 25 日披露于巨潮资讯网（www.cninfo.com.cn），为了让广大投 资者能进一步了解公司 2025 年前三季度的经营和财务情况，公司将于 2025 年 10 月 27 日下午 15:00-16:00 在东方财 ...

Group 1 - The company, Ji'an Medical, holds approximately 0.05% of shares in Zhiyuan Innovation (Shanghai) Technology Co., Ltd. through its investment in the Qiji Chuangtan Phase II Fund as of the end of the first half of 2025 [2]

Core Viewpoint - Jiuan Medical (002432.SZ) has announced its indirect ownership of approximately 0.05% of Zhiyuan Innovation (Shanghai) Technology Co., Ltd. through its investment in the Qiji Chuangtan Phase II Fund, as of the end of the first half of 2025 [1] Group 1 - Jiuan Medical is participating in the Qiji Chuangtan Phase II Fund [1] - The investment allows Jiuan Medical to hold a minor stake in Zhiyuan Innovation [1] - The indirect ownership percentage is approximately 0.05% [1]

格隆汇10月22日丨九安医疗(002432.SZ)在投资者互动平台表示，截至2025年半年末，公司通过参投奇 绩创坛二期基金，间接持有智元创新（上海）科技有限公司约0.05%的股份。 ...

Core Viewpoint - After the decline of dividends, the company is shifting its focus towards investment opportunities, initiating a second share buyback plan in 2025 to maintain company value and protect shareholder rights [2][3]. Group 1: Share Buyback and Stock Performance - The company announced a share buyback plan on October 14, 2025, intending to use 300 million to 600 million yuan of its own funds and special loans [2]. - Despite the buyback, the company's stock price has decreased over 7% since the last buyback announcement, while the broader market has increased by over 20% during the same period [2]. - The company's stock price has fallen below its latest net asset value per share, prompting the buyback to protect shareholder interests [2]. Group 2: Financial Performance and Investment Strategy - The company experienced a significant increase in net profit, reaching 9.2 billion yuan in the first half of 2025, a year-on-year growth of over 50%, despite a decline in revenue from its core internet medical products and services [5]. - The unusual situation of declining revenue but rising profits is attributed to substantial investment income, with fair value changes contributing 734 million yuan, ten times the previous year's figure [5]. - The company has engaged in various investments, including venture capital funds, with a total estimated investment of approximately 4.363 billion yuan since September 2022 [6]. Group 3: Historical Context and Growth - The company’s growth trajectory began during the COVID-19 pandemic, achieving significant sales increases due to timely inventory management and product demand [4]. - In 2022, the company reported a revenue of 26.315 billion yuan, a staggering increase of 997.8% year-on-year, driven by large orders for COVID-19 testing kits [4]. - The company has received over 2.4 billion USD in orders from U.S. federal and state governments from December 2021 to 2023, marking a significant achievement in the IVD sector [4]. Group 4: Investment Expansion - The company has made strategic investments in various sectors, including hard technology, healthcare, artificial intelligence, and new materials, aiming for long-term returns [6][8]. - Recent investments include acquiring a 20% stake in iHealth from Xiaomi for approximately 459.1 million USD, increasing its ownership to 100% [8]. - The company is also exploring opportunities in the electric vehicle sector, holding shares in several automotive companies, including Tesla and NIO [9].

Core Viewpoint - The company has approved a share repurchase plan with a total funding amount between 300 million RMB and 600 million RMB, with a maximum repurchase price of 53.5 RMB per share [1] Group 1: Share Repurchase Plan - The company convened the 27th meeting of the 6th Board of Directors on October 13, 2025, to review and approve the share repurchase plan [1] - The total amount spent on share repurchase as of October 21, 2025, is 204,352,396.47 RMB, with a total of 5,076,901 shares repurchased, accounting for 1.09% of the company's total share capital [1] - The highest transaction price during the repurchase was 40.883 RMB per share, while the lowest was 39.83 RMB per share [1] Group 2: Compliance with Regulations - The company has adhered to the relevant regulations regarding the timing, quantity, and price of the share repurchase, as outlined in the Shenzhen Stock Exchange's self-regulatory guidelines [2] - The company did not repurchase shares during periods that could significantly impact the stock price or during other restricted periods as defined by regulatory authorities [2][3] - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required [3]

Summary of the Conference Call on Medical Device Industry Insights Industry Overview - The U.S. medical device market is dominated by platform companies like Abbott and Boston Scientific, as well as innovative firms such as Intuitive Surgical and Edwards Lifesciences, which achieve market capitalization growth through mergers and acquisitions and innovation [1][2] - The Chinese medical device market is in a rapid development phase, particularly with accelerated domestic substitution in high-end medical devices [1][2] Key Insights and Investment Opportunities - Investment focus should be on new product directions with broad market potential, such as neurointervention, cardiac intervention, and surgical robots, as well as companies poised for volume growth or profit margin improvement [1][2] - The Chinese medical device industry is expected to develop along two main lines: innovation and international expansion, with promising areas including cardiac intervention, biomaterials, neuroregulation, tumor diagnosis, and surgical robots [1][4] - The overseas market share of Chinese medical devices is only about 20% of the global market, significantly lower than U.S. companies, indicating substantial international expansion opportunities in areas like hemodialysis, electrophysiology, cardiovascular intervention, and orthopedic devices [1][4] Market Trends and Future Projections - The high-value consumables sector is projected to enter a profit recovery phase by 2025, with reduced procurement risks and accelerated new product launches, presenting long-term growth opportunities for leading companies [3][6] - Key areas expected to achieve breakthroughs in the coming years include cardiac intervention and biomaterials, neuroregulation, tumor diagnosis (including gene sequencing and radiation therapy equipment), and surgical robots [3][8] - High-end imaging equipment, high-end hemodialysis devices, and disposable high-value consumables also show significant potential for growth [3][8] Competitive Landscape - In the context of centralized procurement policies, competitive companies in Japan have gained market share through price reductions, while in China, leading companies like Mindray and Jiuan Medical have shown strong performance during the recovery phase following price fluctuations [5][6] - Companies with innovation capabilities and cost control advantages are likely to stand out in the competitive landscape [5][6] Recommendations for Investors - Recommended companies for investment include: - For innovation: United Imaging, Microelectrophysiology, Meihua Medical, Yirui Technology, and Microinvasive Brain Science [4] - For international expansion: Aikang Medical, Nanwei Medical, Weili Medical, and Mindray [4] Conclusion - The Chinese medical device industry is poised for significant growth driven by innovation and international market expansion, with various segments offering promising investment opportunities in the near future [1][4][8]

Core Viewpoint - Jiuan Medical (002432.SZ) has conducted a share buyback, acquiring a total of 5,076,901 shares, which represents 1.09% of the company's current total share capital, in compliance with relevant laws and regulations [1] Summary by Category - **Share Buyback Details** - The company has repurchased shares through a dedicated securities account via centralized bidding [1] - The highest transaction price was 40.883 CNY per share, while the lowest was 39.83 CNY per share [1] - The total amount paid for the buyback was 204,352,396.47 CNY (excluding transaction fees) [1]