Group 1 - The core viewpoint of the news is that Jiuan Medical's stock performance is under pressure, with a significant drop in revenue and a low price-to-earnings (PE) ratio compared to the industry average [1] - Jiuan Medical's closing price on July 16 was 38.6 yuan, down 1.66%, with a rolling PE ratio of 10.85 times and a total market capitalization of 18.307 billion yuan [1] - The company ranks 31st in the medical device industry, which has an average PE ratio of 51.87 times and a median of 37.48 times [1] Group 2 - Jiuan Medical's main business includes the research, production, and sales of home medical devices, with key products being the iHealth series, non-self-branded products, traditional hardware products, and internet medical products [1] - In the latest quarterly report for Q1 2025, Jiuan Medical reported revenue of 507 million yuan, a year-on-year decrease of 33.49%, while net profit was 266 million yuan, an increase of 7.62%, with a gross profit margin of 70.46% [1] - The net outflow of main funds for Jiuan Medical on July 16 was 1.7638 million yuan, with a total outflow of 59.2376 million yuan over the past five days [1]

Core Viewpoint - The company, Jiuan Medical, is expected to achieve significant growth in net profit for the first half of 2025, with projections indicating an increase of 46.24% to 62.86% compared to the same period last year [2]. Financial Performance - The forecasted net profit attributable to shareholders is between 880 million yuan and 980 million yuan, compared to 601.76 million yuan in the same period last year [2]. - The expected net profit after deducting non-operating gains is projected to be between 860 million yuan and 960 million yuan, up from 697.55 million yuan year-on-year, reflecting a growth of 23.29% to 37.63% [2]. - Basic earnings per share are anticipated to be between 2.0129 yuan and 2.2416 yuan, compared to 1.3788 yuan in the previous year [2]. Growth Drivers - In Q1 2025, Jiuan Medical reported a revenue of 507 million yuan, a decline of 33.49% year-on-year, but managed to achieve a net profit of 266 million yuan, an increase of 7.62% year-on-year, due to effective cost control and market strategies [3]. - The sales of home testing kits have seen significant growth through channels like Amazon, CVS, and Walmart, contributing to the overall performance boost [10]. Company Overview - Jiuan Medical, established in 1995, focuses on the research and production of health-related electronic products and smart hardware, and has transitioned to a mobile internet model since 2010 [4]. - The company has launched a range of personal health wearable devices and has received strategic investment from Xiaomi, becoming a partner in its ecosystem [4][6]. - Jiuan Medical operates in multiple sectors, including medical devices, electronic products, and smart devices, with a diverse product portfolio [7]. Business Operations - The company sells its products through various channels, including direct sales under its iHealth brand, ODM/OEM sales, and new retail partnerships with brands like Xiaomi and XPeng [9]. - Jiuan Medical has established subsidiaries in key global markets and has made strategic acquisitions to enhance its capabilities in remote monitoring and mobile healthcare [6]. Future Plans - The company aims to continue expanding its core healthcare business and technology initiatives, focusing on the "O+O" (Offline + Online) model for diabetes care and enhancing new retail channels [11]. - Jiuan Medical is actively collaborating with investment institutions to invest in cutting-edge technologies and applications in fields such as healthcare, artificial intelligence, and new materials [11].

九安医疗（002432）公告，预计2025年上半年净利润为8.8亿元-9.8亿元，同比增长46.24%-62.86%。 ...

[Projected Performance for the Current Period](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a year-on-year increase in its 2025 first-half performance, with net profit attributable to shareholders projected to be between 880 million and 980 million yuan, representing a 46.24% to 62.86% growth, and net profit after deducting non-recurring gains and losses expected to range from 860 million to 960 million yuan, a 23.29% to 37.63% increase Performance Forecast Summary | Item | Current Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: 880 million - 980 million yuan | Profit: 601.76 million yuan | | Year-on-Year Growth | 46.24% - 62.86% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Profit: 860 million - 960 million yuan | Profit: 697.55 million yuan | | Year-on-Year Growth | 23.29% - 37.63% | - | | **Basic Earnings Per Share** | Profit: 2.0129 - 2.2416 yuan/share | Profit: 1.3788 yuan/share | [Communication Status with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E7%8A%B6%E5%86%B5) The company explicitly states that the performance forecast data released herein has not been audited by an accounting firm - This performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The significant increase in net profit for the current period is primarily driven by the strong performance of the company's asset management business, with investment income and fair value changes recognized as recurring gains and losses, alongside stable consumer demand for regular medical products like test kits, and expanded market presence through online and offline channels including Amazon, CVS, and Walmart, with plans to leverage the iHealth brand for continuous new product launches - Performance growth is primarily attributed to the strong performance of the asset management business's asset allocation, with investment income and fair value changes recognized as recurring gains and losses[5](index=5&type=chunk) - The company's test kit products, as regular household consumer goods, maintain sustained market demand and have achieved extensive coverage across major online and offline retail channels including Amazon, CVS, and Walmart[5](index=5&type=chunk)[6](index=6&type=chunk) - The company will leverage its iHealth brand advantage to continuously expand its home medical and health electronics product line, introducing competitive new products to the international market[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that the financial data in this announcement represents preliminary calculations by the finance department and has not been audited, thus the final data may differ from the official figures disclosed in the 2025 semi-annual report, urging investors to be aware of investment risks - The financial data in this announcement is preliminary and unaudited, and may differ from the final data disclosed in the semi-annual report[7](index=7&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company's designated information disclosure media are Securities Times and Juchao Information Network (www.cninfo.com.cn) - The company's designated information disclosure media are Securities Times and Juchao Information Network[8](index=8&type=chunk)

证券代码：002432 证券简称：九安医疗 公告编号：2025-051 天津九安医疗电子股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担个别及连带责任。 一、特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 二、会议召开情况 1、会议召开的时间 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年6月20日上午 9:15至9:25，9:30至11:30和下午13:00至15:00； 通过深圳证券交易所互联网投票的具体时间为：2025年6月20日上午9:15至下午 15:00的任意时间。 2、现场召开地点：天津市南开区雅安道金平路三号天津九安医疗电子股份有限公 司一楼会议室 3、召开方式：本次会议采取现场投票与网络投票相结合 4、召集人：公司董事会 5、主持人：董事长、总经理刘毅先生 6、会议的召集、召开符合《公司法》《证券法》《深圳证券交易所股票上市规则》 《上市公司股东会规则》等有关法律、法规和《公司章程》的规定，会议的表决程序和 表决结 ...

地址：北京市朝阳区光华路正大中心北塔 11-12 层 邮编：100020 电话：010-65876666 传真：010-65876666-6 北京中银律师事务所 关于天津九安医疗电子股份有限公司 2025 年第二次临时股东大会之 法律意见书 二〇二五年六月 法律意见书 北京中银律师事务所 关于天津九安医疗电子股份有限公司 2025 年第二次临时股东大会之 法律意见书 致：天津九安医疗电子股份有限公司 北京中银律师事务所（以下简称"本所"）接受天津九安医疗电子股份有限 公司（以下简称"公司"）的委托，指派见证律师出席公司 2025 年第二次临时 股东大会（以下简称"本次股东大会"）进行法律见证，并依据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《上市公司治理准则》（以下简称"《治理准则》"）等法律、法规和规范性文 件以及《天津九安医疗电子股份有限公司章程》（以下简称"《公司章程》"） 的规定就公司本次股东大会的召集、召开程序、出席会议人员的资格、表决程序、 表决结果等有关事宜出具法律意见书。 ...

Company Overview - Jiuan Medical closed at 37.17 yuan, down 1.01%, with a rolling PE ratio of 10.45 times and a total market value of 17.629 billion yuan [1] - The company ranks 32nd in the medical device industry, which has an average PE ratio of 51.10 times and a median of 37.18 times [1] Shareholder Information - As of May 31, 2025, Jiuan Medical had 70,600 shareholders, a decrease of 1,200 from the previous count, with an average holding value of 352,800 yuan and an average holding of 27,600 shares per shareholder [1] Business Operations - Jiuan Medical focuses on the research, production, and sales of home medical devices, with key products including the iHealth series, non-self-branded products, traditional hardware products, and internet medical products [1] Financial Performance - In the first quarter of 2025, Jiuan Medical reported revenue of 507 million yuan, a year-on-year decrease of 33.49%, while net profit was 266 million yuan, an increase of 7.62%, with a gross profit margin of 70.46% [1]

Group 1 - Medical device sector shows strong performance with ETF fund (159797) experiencing significant trading volume and net inflow of funds [1] - Recent policy document issued on June 9 aims to improve healthcare resources and insurance mechanisms, which is seen as a major driver for pharmaceutical companies [3] - Citic Securities predicts a trend of low-to-high earnings growth in the medical device sector, with significant improvements expected in the second half of the year [4] Group 2 - Structural investment opportunities exist within the medical device sector, with certain companies expected to achieve high growth in Q2 and Q3 [5] - The easing of US-China tariffs is beneficial for medical device companies, potentially lowering production costs and expanding overseas market share [6] - The medical device ETF fund (159797) covers core areas such as medical equipment and in vitro diagnostics, with top ten weighted stocks accounting for 46.78% [6][7]

Core Viewpoint - Jiuan Medical (002432) has experienced a slight decline in stock price, closing at 37.65 yuan, down 0.32% from the previous week, with a total market capitalization of 17.857 billion yuan as of June 6, 2025 [1] Group 1: Company Announcements - Jiuan Medical announced a 2024 annual equity distribution plan, proposing a cash dividend of 2.00 yuan per 10 shares, totaling 85.851 million yuan, with the record date on June 10, 2025, and the ex-dividend date on June 11, 2025 [2] - As of May 30, 2025, Jiuan Medical has repurchased 13,038,306 shares, accounting for 2.75% of the total share capital, with a total transaction amount of approximately 500 million yuan [3] - The company’s board approved adjustments to the stock option exercise prices for the 2020 and 2021 incentive plans, reducing the exercise price from 8.18 yuan to 8.00 yuan for 2020, and from 3.14 yuan to 2.96 yuan for 2021 [4][6] Group 2: Financing and Strategic Initiatives - Jiuan Medical plans to register and issue medium-term notes up to 3.5 billion yuan and short-term financing bonds up to 500 million yuan to optimize its debt structure [4][5][6] - The company has increased its comprehensive credit limit to no more than 10 billion yuan or equivalent foreign currency [4] - A second extraordinary general meeting of shareholders is scheduled for June 20, 2025, to discuss the proposed issuance of medium-term notes and short-term financing bonds [5]

Market Performance - As of June 6, the Tianjin Free Trade Zone concept index rose by 2.60%, ranking second among concept sectors, with seven stocks increasing in value [1] - Notable gainers included HNA Technology, Bohai Chemical, and Haitai Development, which hit the daily limit, while HNA Technology, Tianjin Pulin, and Youfa Group saw increases of 9.03%, 2.68%, and 1.56% respectively [1] Sector Comparison - The Tianjin Free Trade Zone concept was among the top-performing sectors, with a net inflow of 120 million yuan from main funds, indicating strong investor interest [2] - The leading stocks in terms of net fund inflow were HNA Technology, Bohai Chemical, and Jintou City Development, with net inflows of 90.06 million yuan, 86.73 million yuan, and 47.65 million yuan respectively [2] Fund Flow Analysis - The net inflow ratios for Haitai Development, Jintou City Development, and Bohai Chemical were 51.10%, 20.62%, and 14.08% respectively, indicating significant investor confidence in these stocks [3] - The detailed fund flow data showed that HNA Technology had a trading volume of 90.06 million yuan with a turnover rate of 9.89%, while Bohai Chemical had a turnover rate of 13.09% [3][4]