Core Viewpoint - The article discusses the performance of the Chinese stock market in 2025, highlighting a "slow bull" trend with significant gains in A-shares and Hong Kong stocks, particularly noting the impressive performance of the ChiNext index with nearly 50% growth [2]. Group 1: Market Performance - By December 31, 2025, the average increase in A-shares was 38.15%, with 572 stocks doubling in value. In comparison, the "924 market" from 2024 saw an average increase of 87.84%, with 1586 stocks doubling [2]. - The number of "broken net" stocks decreased from 836 in the previous "924 market" to 303, representing only 5.54% of all A-shares, indicating a market recovery [3]. Group 2: Broken Net Stocks - The article categorizes broken net stocks into five groups: broken net + performance stocks, broken net + repurchase stocks, broken net stocks + state-owned holdings, broken net + high dividend stocks, and broken net + low price stocks [4]. - Among the 303 broken net stocks, only 15 were identified as performance stocks with significant revenue growth and profit increases of over 50% [4]. Group 3: Repurchase Stocks - Of the 303 broken net stocks, 72 companies engaged in stock repurchases, with 29 companies repurchasing over 100 million yuan. This indicates management's belief that their stock prices are undervalued [6][7]. - The top three companies by repurchase amount in 2025 were Jiuan Medical (925 million yuan), China State Construction (887 million yuan), and Youngor (693 million yuan) [7]. Group 4: High Dividend Stocks - There are 22 broken net stocks with a dividend yield of over 5%, enhancing their investment appeal due to potential capital appreciation and stable dividend income [9]. - Among these, Jizhong Energy had a net asset ratio of 0.99 and a dividend yield of 11.15%, despite a significant drop in revenue and profit [9]. Group 5: State-Owned Holdings - The "national team" held 95 broken net stocks in the third quarter, with significant investments in Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, indicating a focus on stabilizing these sectors [11][12]. - The national team increased its holdings in 17 broken net stocks, with six being newly added in the third quarter [11]. Group 6: Low Price Stocks - There are 34 broken net stocks priced below 3 yuan, with only 7 showing positive revenue and profit growth, indicating that many may not have strong underlying asset values [14].

Core Viewpoint - The medical device industry is currently in a challenging phase, with "endurance" being a key theme. Leading companies are proactively adjusting their strategies, including product structure changes and international expansion, as seen with Mindray Medical [1][3]. Group 1: Company Strategies - Mindray Medical is increasing the proportion of in vitro diagnostic (IVD) products in its overall revenue while decreasing the share of life information and support products and medical imaging products [1]. - The company aims to shift from traditional medical equipment sales to a more sustainable consumable-driven business model through IVD products [1]. - As of mid-2025, Mindray's overseas revenue share rose to 49.77%, up from 39.59% in mid-2022, indicating a strong push for international market penetration [3]. Group 2: Industry Challenges - The IVD sector is facing intense price competition and regulatory challenges domestically, making it a difficult environment for growth [3]. - The overall revenue for the A-share IVD sector declined by 14.5% year-on-year in the first three quarters of 2025, with net profit down 26.4%, marking three consecutive years of decline [8]. Group 3: Company Performance - Ji'an Medical, another key player, reported a net profit of 16.03 billion yuan in 2022, showcasing the potential of the IVD sector despite the current downturn [3]. - Ji'an Medical's overseas revenue accounted for 85.47% of total revenue by mid-2025, highlighting its successful international expansion compared to peers [8]. - Despite a 48.89% drop in total revenue to 1.069 billion yuan in the first three quarters of 2025, Ji'an Medical's net profit increased by 16.11% to 1.589 billion yuan, supported by over 1.1 billion yuan in investment income [7]. Group 4: Investment Strategies - Ji'an Medical is focusing on stable cash management and increasing investments in venture capital and private equity rather than pursuing aggressive mergers and acquisitions [7]. - The company has diversified its investment portfolio, including stakes in companies like Xiaomi and NIO, and plans to use up to 17 billion yuan for wealth management [10]. - Ji'an Medical's stock price has shown resilience, with a 9.17% increase in 2024 and a slight decline of 1.33% in 2025, outperforming industry peers [7]. Group 5: Future Outlook - Ji'an Medical's management believes that the current market valuation does not reflect the company's true value, prompting share buyback initiatives to stabilize stock prices [10]. - The company has received FDA pre-market notifications for new IVD products, which could enhance its competitive edge in the market [11]. - The overall recovery of the industry is crucial for Ji'an Medical's main business, but its dual strategy of combining medical devices with investment could provide a viable path forward during challenging times [11].

（文章来源：证券日报） 证券日报网讯 1月6日，九安医疗在互动平台回答投资者提问时表示，截至2025年12月31日，公司最新 股东人数约6.85万户。 ...

证券代码：002432 证券简称：九安医疗 公告编号：2026-002 天津九安医疗电子股份有限公司 关于完成工商变更登记的公告 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。 经营范围：一般项目：第一类医疗器械生产；第一类医疗器械销售；第一类 医疗设备租赁；第二类医疗器械销售；第二类医疗设备租赁；机械设备研发；机 械设备销售；电子产品销售；仪器仪表制造；仪器仪表销售；可穿戴智能设备制 造；可穿戴智能设备销售；智能车载设备制造；智能车载设备销售；信息技术咨 询服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；软 件开发；软件销售；软件外包服务；互联网数据服务；健康咨询服务（不含诊疗 服务）；货物进出口；技术进出口；日用百货销售；家用电器销售；智能家庭消 天津九安医疗电子股份有限公司（以下简称"公司"）分别于2025年11月28 日、2025年12月15日召开第六届董事会第二十九次会议、2025年第四次临时股东 大会，审议通过了《关于变更注册资本、新增经营范围暨修订<公司章程>的议 案》。具体内容详见2025年11月29日刊登于公司指定信息披露媒 ...

格隆汇1月6日丨九安医疗(002432.SZ)公布，截至2025年12月31日，公司通过股份回购专用证券账户以 集中竞价方式累计回购公司股份数11,229,901股，占公司目前总股本的2.42%，最高成交价为41.60元/ 股，最低成交价为39.598元/股，支付的总金额为人民币451,950,498.72元（不含交易费用）。本次回购 符合相关法律法规的要求，符合既定的回购股份方案。 ...

证券代码：002432 证券简称：九安医疗 公告编号：2026-001 天津九安医疗电子股份有限公司（以下简称"公司"）于2025年10月13日召 开了第六届董事会第二十七次会议，审议并通过了《关于公司回购股份方案的议 案》。本次回购资金来源为公司自有资金及回购专项贷资金，回购的资金总额不 低于3亿元人民币（含）且不超过6亿元人民币（含），回购股份的价格为不超过 人民币53.5元/股（含），具体回购数量以回购期限届满时实际回购的股份数量为 准。具体回购方案详见公司2025年10月14日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于回购公司股份方案暨取得股票回购专 项贷款承诺函的公告》（公告编号：2025-075）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号—回购股份》等相关规定，公司在回购期间应当在每个月的前3个交易日内公 告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 一、回购股份的具体情况 1、公司未在下列期间内回购公司股票： 天津九安医疗电子股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信 ...

每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 每经AI快讯，九安医疗1月6日晚间发布公告称，截至2025年12月31日，公司通过股份回购专用证券账 户以集中竞价方式累计回购公司股份数约1123万股，占公司目前总股本的2.42%，最高成交价为41.6元/ 股，最低成交价为约39.60元/股，支付的总金额为人民币约4.52亿元。 （记者 王瀚黎） ...

Group 1 - Haitai Xinguang, based in Qingdao, specializes in the research, production, and sales of medical endoscope instruments and optical products, being a leading enterprise in the domestic medical endoscope optical field [1][30] - The company has established long-term collaborations with international medical giants such as Karl Storz and Olympus, and its high-definition optical imaging technology supports navigation equipment for neurosurgery [1][30] - By 2026, the market demand for its high-end optical components is expected to further release due to the recovery of the medical device sector and the advancement of brain-computer interface medical applications [1][30] Group 2 - Huqiang Technology, registered in Yichang, focuses on special protective equipment, pharmaceutical packaging, and medical devices, with a strong advantage in public health emergency material supply [2][31] - Its medical protective equipment is applicable in sterile operating environments for brain-computer interface implantation surgeries, enhancing product competitiveness in the medical device sector [2][31] Group 3 - Zhengde Medical, headquartered in Shaoxing, is a leading enterprise in the medical dressing industry, with a product matrix covering medical dressings, infection control, and rehabilitation care [3][32] - The company's surgical infection control products meet the sterile operation requirements for brain-computer interface implantation surgeries, and its rehabilitation products cater to post-operative patient management needs [3][32] - By 2026, the surgical infection control consumables business is expected to see market growth as brain-computer interface medical applications accelerate [3][32] Group 4 - Linuo Pharmaceutical Packaging, based in Jinan, specializes in the research, production, and sales of pharmaceutical packaging materials, including sterile medical device packaging suitable for brain-computer interface components [4][33] - The company is gradually expanding into the high-end medical device packaging market, seizing opportunities in the brain-computer interface industry [4][33] Group 5 - Rendu Biotech, located in Shanghai, focuses on RNA molecular diagnostic technology, with applications in infection detection post-brain-computer interface implantation surgeries [5][34] - The company’s post-operative infection detection reagents are expected to see new demand growth by 2026 as brain-computer interface clinical surgeries are promoted [5][34] Group 6 - Huangshan Capsule, based in Anhui, specializes in the research and production of pharmaceutical hollow capsules, gradually expanding into medical device auxiliary materials [6][36] - The company’s medical capsule carriers can adapt to the encapsulation needs of sustained-release bioelectrodes in brain-computer interface devices [6][36] Group 7 - ST Kelly, headquartered in Suzhou, focuses on medical device research and production, particularly in ultrasound equipment and rehabilitation devices [7][37] - The company’s ultrasound diagnostic equipment can be used for pre-operative brain tissue imaging assessments in brain-computer interface surgeries [7][37] Group 8 - Aotai Biotech, based in Hangzhou, specializes in rapid diagnostic reagents, with its rapid infection detection reagents applicable in brain-computer interface clinical settings [8][38] - The company is developing rapid detection products for post-operative neurological function assessment related to brain-computer interfaces [8][38] Group 9 - Dongfang Ocean, located in Yantai, focuses on marine biological medical materials, with collagen materials applicable as coatings for brain-computer interface electrodes [9][39] - The company is increasing its R&D investment in the medical device sector, particularly in the integration of biological medical materials with brain-computer interface devices by 2026 [9][39] Group 10 - Shuoshi Biotech, based in Taizhou, specializes in nucleic acid detection technology, with products applicable for precise diagnosis of post-operative brain infections in brain-computer interface surgeries [10][40] - The company is exploring detection technologies related to neurotransmitters in brain-computer interfaces, aiming for breakthroughs in neurological disease diagnostics [10][40] Group 11 - Guofa Co., located in Beihai, focuses on pharmaceutical manufacturing and medical device sales, with a distribution network covering Guangxi and surrounding areas [11][41] - The company plans to increase its agency layout for high-end medical devices related to brain-computer interfaces by 2026 [11][41] Group 12 - Nanwei Co., based in Nantong, specializes in medical dressings and hygiene products, with its adhesive dressings suitable for post-operative care in brain-computer interface surgeries [12][42] - The company is enhancing its R&D on functional medical dressings, launching products tailored for long-term post-operative care in brain-computer interfaces [12][42] Group 13 - Mingde Biotech, located in Wuhan, is a leading enterprise in the field of rapid diagnostic reagents, with products applicable for monitoring vital signs during brain-computer interface surgeries [13][43] - The company is developing rapid assessment devices for post-operative neurological function related to brain-computer interfaces [13][43] Group 14 - Hualan Co., based in Wuxi, specializes in medical rubber products, with its rubber sealing components applicable in fluid control systems for brain-computer interface devices [14][44] - The company is collaborating with research institutions to develop rubber insulation components for brain-computer interface electrodes [14][44] Group 15 - Yuyue Medical, headquartered in Danyang, is a leading enterprise in home medical devices, with products applicable in brain-computer interface surgeries [15][45] - The company is increasing its R&D on medical-grade rehabilitation robots, aiming to integrate brain-computer interface technology with rehabilitation devices [15][45] Group 16 - Shengxiang Biotech, located in Changsha, focuses on nucleic acid detection technology, with products applicable for rapid diagnosis of central nervous system infections post-brain-computer interface surgeries [16][46] - The company is exploring gene detection technologies related to neurological genetic diseases, expanding the application boundaries of molecular diagnostics [16][46] Group 17 - Jiga Development, based in Jinan, focuses on high-end medical device incubation and industrialization, particularly in brain-computer interface-related medical device enterprises [17][47] - The company is responsible for industrial park construction and resource integration for brain-computer interface medical device companies [17][47] Group 18 - Anxu Biotech, located in Hangzhou, specializes in rapid diagnostic reagents, with products applicable for instant infection screening during brain-computer interface surgeries [18][48] - The company is developing rapid detection products for neurotransmitters related to brain-computer interfaces, aiming for breakthroughs in neurological function assessment [18][48] Group 19 - Wantai Biotech, based in Beijing, is a comprehensive enterprise in biopharmaceuticals and medical devices, with products applicable for biochemical index detection post-brain-computer interface surgeries [19][49] - The company is exploring biopharmaceutical development related to brain-computer interfaces, seeking new growth points in nerve repair [19][49] Group 20 - Jiuan Medical, located in Tianjin, focuses on home health devices, with products applicable for synchronized monitoring of brain signals and vital signs in brain-computer interface scenarios [20][50] - The company is increasing its R&D investment in brain-computer interface wearable devices, aiming to create an intelligent medical ecosystem [20][50] Group 21 - Jidan Biotech, based in Nanjing, specializes in POCT reagents and instruments, with products applicable for cardiovascular function assessment in brain-computer interface surgeries [21][51] - The company is developing rapid detection products for post-operative cerebrovascular diseases related to brain-computer interfaces [21][51] Group 22 - Wanfeng Biotech, located in Guangzhou, is a leading enterprise in the POCT field, with products applicable for instant infection screening during brain-computer interface surgeries [22][52] - The company is developing neurobiomarker detection reagents to assess post-operative neurological function recovery, providing comprehensive support for brain-computer interface surgeries [22][52] Group 23 - Haier Biotech, based in Qingdao, specializes in low-temperature storage devices for biological materials, with applications in brain-computer interface-related biological sample preservation [23][53] - The company is increasing its R&D on high-end medical storage devices tailored for brain-computer interface biological materials by 2026 [23][53] Group 24 - Haooubo, located in Suzhou, focuses on immune diagnostic reagents and instruments, with products applicable for immune function assessment in brain-computer interface surgeries [24][54] - The company is developing detection reagents for immune rejection post-brain-computer interface implantation, providing technical support for surgical complications [24][54] Group 25 - Shandong Pharmaceutical Glass, based in Zibo, is a leading enterprise in pharmaceutical glass, with products applicable for insulation packaging of brain-computer interface electrodes [25][55] - The company is expanding into the high-end medical device glass materials market, targeting the brain-computer interface industry [25][55] Group 26 - Innotech, located in Langfang, specializes in infectious disease diagnostic reagents, with products applicable for pre-operative lung infection screening in brain-computer interface surgeries [26][56] - The company is developing rapid detection products for post-operative lung infections related to brain-computer interfaces, aiming for breakthroughs in post-operative complication detection [26][56] Group 27 - Jianer Kang, based in Changzhou, focuses on medical dressings and rehabilitation care products, with its antibacterial medical dressings applicable for post-operative care in brain-computer interface surgeries [27][59] - The company is increasing its R&D on functional medical dressings, launching products tailored for long-term post-operative care in brain-computer interfaces [27][59]

Core Viewpoint - In 2025, the pharmaceutical sector in the A-share market is actively engaging in stock buybacks, with many companies opting to destroy the repurchased shares, contrasting with the more subdued actions in the liquor sector [1][10]. Group 1: Buyback Activities - A total of 38 leading pharmaceutical companies participated in stock buybacks, with 6 companies spending over 500 million yuan, and the largest spending 1 billion yuan [1][3]. - WuXi AppTec, a major player in the pharmaceutical outsourcing industry, announced a buyback plan of 1 billion yuan, completing 497 million yuan by April 2025 [2][5]. - Hengrui Medicine, a leader in innovative drugs, announced a buyback plan of 2 billion yuan, having already repurchased 535 million yuan worth of shares by August 2025 [3][6]. - Other notable companies include Jingxin Pharmaceutical, which planned to spend 700 million yuan and has already spent 609 million yuan, and several others like New Harmony, Jiuzan Medical, and Nengte Technology, each spending over 500 million yuan [3][9]. Group 2: Purpose and Impact of Buybacks - The primary purpose of these buybacks is to cancel the repurchased shares, effectively reducing the total share capital and increasing the value of remaining shares for shareholders [4][10]. - This strategy is viewed as a strong signal of management's confidence in the company's future, especially during periods of low market sentiment [5][10]. - The buyback actions are seen as a more tangible commitment to shareholder value compared to merely announcing intentions to stabilize stock prices [4][10]. Group 3: Financial Health and Market Position - The companies engaging in these buybacks, such as WuXi AppTec and Hengrui Medicine, possess strong market positions and cash flows, allowing them to undertake such financial maneuvers [6][10]. - The buyback trend is not as prevalent in the liquor sector, indicating a potential difference in financial strategies and market confidence between the two industries [6][10]. - The buyback prices set by companies reflect a calculated approach, ensuring that they are responsible with shareholder funds [8][10].

二、投资的进展情况 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。 一、投资的基本情况 天津九安医疗电子股份有限公司（以下简称"公司"）以有限合伙人身份使用 自有资金人民币 4,000 万元参与投资由奇绩创坛（北京）投资管理有限责任公司 作为基金管理人，及由北京奇绩创坛行方二期企业管理合伙企业（有限合伙）作 为普通合伙人发起设立的北京奇绩创坛二期创业投资中心（有限合伙）。具体内 容详见公司于 2023 年 11 月 21 日在《证券时报》及巨潮资讯网（www.cninfo.co m.cn）上披露的《关于与专业投资机构共同投资的公告》（公告编号：2023-073）。 证券代码：002432 证券简称：九安医疗 公告编号：2025-103 天津九安医疗电子股份有限公司 关于与专业投资机构共同投资的进展公告 公司于近日收到普通合伙人北京奇绩创坛行方二期企业管理合伙企业（有限 合伙）的通知，北京奇绩创坛二期创业投资中心（有限合伙）已募集完成，截至 目前已收到全体合伙人实缴出资，募集资金总额为 90,579.80 万元。 公司仅作为有限合伙人进行财务性投资，将继续严格按 ...