证券代码：002432 证券简称：九安医疗 公告编号：2024-073 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连带责任。 天津九安医疗电子股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日 召开第六届董事会第十次会议，逐项审议并通过了《关于公司回购股份方案的议 案》，同意公司拟以自有资金不低于 6 亿元人民币（含）且不超过 12 亿元人民 币（含）且回购价格不超过人民币 45 元/股（含）回购公司股份。本次回购股份 用于维护公司价值及股东权益和减少注册资本，其中用于维护公司价值及股东权 益而出售的股份回购的资金总额不高于 3.65 亿元，实施期限为自公司董事会审 议通过最终回购股份方案之日起不超过 3 个月；用于减少注册资本而注销的股份 回购的资金总额不低于 2.35 亿元，实施期限为自公司股东大会审议通过回购方 案之日起不超过 12 个月。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。此外，因公司实施 2023 年年度权益分派，自 2024 年 6 月 4 日起公司 ...

Investment Rating - The report gives a "Recommend" rating for Jiuan Medical (002432) with a target price of 62 CNY [1] Core Views - Jiuan Medical is a leading domestic medical device company with deep localization in the US market, leveraging its iHealth brand to expand its product portfolio in the high-paying US market [1][6] - The company has a strong cash position and financial assets, with 22.9 billion CNY in cash and financial assets as of Q3 2024, providing stability for R&D and shareholder returns [1][6] - The iHealth brand has established a solid foundation in the US market, with a well-developed commercialization process and strong channel resources, particularly through e-commerce platforms like Amazon [1][6] - The company's future growth is expected to be driven by new products such as the triple test for respiratory diseases and continuous glucose monitoring (CGM) devices, which have significant market potential in the US [1][7] Current Strengths - Jiuan Medical has a robust cash position, with 22.9 billion CNY in cash and financial assets as of Q3 2024, which is nearly equal to its market capitalization at the time [1][6] - The iHealth brand has a strong presence in the US market, with a well-established commercialization process, including clinical, regulatory, production, and logistics capabilities [1][6] - During the COVID-19 pandemic, iHealth's antigen test kits gained significant market share in the US due to their availability, fast delivery, and ease of use, further solidifying the brand's position [1][6] Future Growth Opportunities - The triple test for COVID-19, influenza A, and influenza B is expected to become a new "blockbuster" product in the US market, with a potential market size of 680 million USD [1][7] - The CGM device, currently in development, is expected to synergize with the company's diabetes care "O+O" model, offering significant growth potential in both the US and Chinese markets [1][7] - The company's diabetes care "O+O" model is rapidly expanding, with over 260,000 patients under care in China and 17,000 in the US, supported by employee stock ownership plans [7][50] Financial Projections - The report forecasts Jiuan Medical's net profit attributable to shareholders to be 1.7 billion CNY in 2024, 1.8 billion CNY in 2025, and 2.0 billion CNY in 2026, with year-on-year growth rates of 35.6%, 6.0%, and 11.4% respectively [1][8] - The company's iHealth product line is expected to see revenue growth of -16%, 6%, and 5% in 2024, 2025, and 2026, respectively, with gross margins improving due to the higher-margin triple test [56] - The diabetes care "O+O" business is projected to grow by 100%, 33%, and 50% in revenue from 2024 to 2026 [56] Valuation - The report uses a sum-of-the-parts valuation method, assigning a 13X PE multiple to the medical business, resulting in a valuation of 11.4 billion CNY, and a valuation of 19.1 billion CNY for the asset management and investment business, leading to a total target market capitalization of 30.5 billion CNY by 2025 [1][8] - The target price of 62 CNY implies a 39% upside from the closing price of 44.5 CNY on November 15, 2024 [1][8]

Summary of the Conference Call Company and Industry - **Company**: Jiuan Medical (久安医疗) - **Industry**: Medical Devices and Diagnostics Key Points and Arguments 1. **Q3 Performance**: The company reported strong performance in Q3, with significant sales growth in COVID-19 and respiratory disease testing products, contributing positively to revenue and profit margins [1][2][3] 2. **Product Launches**: The company is leveraging its iHouse brand to introduce competitive products in the U.S. market, including the three-in-one testing kit, which has started generating revenue through online and offline channels [2][4] 3. **Sales Channels**: The three-in-one testing kit has achieved the top sales rank on Amazon and has been successfully launched in major retail chains like CVS and Walmart [4][5] 4. **Market Potential**: The U.S. market for flu testing is estimated to have 20 to 40 million cases annually, indicating a substantial market opportunity for the company's products [8][9] 5. **Pricing Strategy**: The retail price of the three-in-one testing kit is higher than that of single tests, contributing to improved gross margins [13][19] 6. **Government Orders**: The company is positioned to respond to potential government orders for testing kits, emphasizing its U.S. manufacturing capabilities as a competitive advantage [14][19][20] 7. **Investment Strategy**: The company has established a professional team in Hong Kong for asset allocation, focusing on equities, bonds, and alternative assets to ensure stable cash returns [3][29] 8. **Future Product Development**: The company is in the pre-market stage for Continuous Glucose Monitoring (CGM) products, with expectations for market entry in 2026 [6][7] 9. **Sales Expenses**: Increased sales expenses in Q3 were primarily due to advertising for the three-in-one testing kit, which is expected to yield high returns [18][19] 10. **Long-term Strategy**: The company aims to expand its product offerings in the U.S. market, focusing on IVD products and home medical devices, while cautiously exploring other market opportunities [22][23] Other Important but Possibly Overlooked Content 1. **Market Dynamics**: The company highlighted the competitive landscape, noting that few companies have received FDA approval for consumer testing kits, providing a unique market position [10][19] 2. **Asset Allocation**: The company follows a sophisticated asset allocation strategy similar to that of major U.S. university endowments, targeting annual returns of 8-10% [29][30] 3. **Innovation Focus**: The company is investing in technology innovation and has established a 5 billion RMB fund to support healthcare technology initiatives [24][25] 4. **Diabetes Management**: The company has made significant progress in diabetes management, increasing control rates from 30% to 60-70% through a comprehensive care model [25][27] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market opportunities, and financial performance.

证券代码：002432 证券简称：九安医疗 公告编号：2024-072 二、其他说明 公司回购股份的时间、数量、价格及集中竞价交易的委托时间段均符合《深 圳证券交易所上市公司自律监管指引第 9 号——回购股份》及公司回购股份方案 的相关规定，具体说明如下： 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连带责任。 天津九安医疗电子股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日 召开第六届董事会第十次会议，逐项审议并通过了《关于公司回购股份方案的议 案》，同意公司拟以自有资金不低于 6 亿元人民币（含）且不超过 12 亿元人民 币（含）且回购价格不超过人民币 45 元/股（含）回购公司股份。本次回购股份 用于维护公司价值及股东权益和减少注册资本，其中用于维护公司价值及股东权 益而出售的股份回购的资金总额不高于 3.65 亿元，实施期限为自公司董事会审 议通过最终回购股份方案之日起不超过 3 个月；用于减少注册资本而注销的股份 回购的资金总额不低 ...

Group 1: Company Overview and Strategic Focus - The company, Jiuan Medical, is focused on diabetes care through its "O+O" model, which integrates online and offline services [7][14]. - The company aims to expand its diabetes care services in both China and the United States, with a target of reaching over 330 hospitals in China and collaborating with more than 80 clinics in the U.S. [7][16]. - The average glycosylated hemoglobin (HbA1c) compliance rate for the diabetes care model has improved from approximately 30% to around 60%, with adverse event rates reduced to below 5% [7][16]. Group 2: Financial Performance - In Q3 2024, the company reported revenue of 741 million RMB, a 25.81% increase from Q2 2024, which had revenue of 589 million RMB [12]. - The net profit attributable to the parent company in Q3 2024 was 767 million RMB, representing a 116.06% increase from the previous quarter [12]. - The company’s investment income for Q3 was significantly bolstered by fair value changes and investment returns, amounting to 5.26 billion RMB and 2.04 billion RMB, respectively [9]. Group 3: Product Development and Market Position - The company has successfully launched its three-in-one testing product, which ranks first in sales among similar products on Amazon [14]. - The three-in-one product has a higher retail price compared to single tests, contributing to improved gross margins [14]. - The continuous glucose monitoring (CGM) product is currently in preclinical stages, with plans for integration into the diabetes care model [14]. Group 4: Investment and Asset Management - The company has engaged in strategic investments in various sectors, including hard technology, healthcare, artificial intelligence, and new materials, to secure long-term returns [11][16]. - The total amount for stock buybacks has reached nearly 2.4 billion RMB, reflecting the management's confidence in the company's value [13]. - The company’s asset allocation strategy is modeled after successful university endowment funds, focusing on equity, bonds, and alternative assets [16].

Financial Performance - Revenue for Q3 2024 reached ¥741,145,950.69, an increase of 60.32% compared to the same period last year[2] - Net profit attributable to shareholders was ¥766,882,199.17, a significant increase of 591.41% year-over-year[2] - Basic earnings per share for Q3 2024 was ¥1.8242, up 674.28% from the same period last year[2] - The company reported a significant increase in investment income, totaling ¥542,894,367.27, which is an 82.94% rise year-over-year[5] - Total operating revenue for the current period is ¥2,092,059,399.68, a decrease of 23.7% from ¥2,745,050,759.03 in the previous period[15] - Net profit for the current period is ¥1,533,576,285.11, an increase of 56.1% compared to ¥983,181,037.09 in the previous period[16] - The total profit for the current period is ¥1,817,131,659.23, up 56.3% from ¥1,163,578,508.98 in the previous period[15] Cash Flow - Operating cash flow net amount for the year-to-date was ¥1,376,895,614.60, reflecting a 100.83% increase compared to the previous year[2] - Cash received from sales of goods and services decreased by 37.86% to ¥1,766,166,160.09 compared to the previous year[5] - The net cash flow from operating activities for Q3 2024 was ¥695,081,093.66, a decrease of 60.3% compared to ¥1,752,388,418.26 in Q3 2023[17] - Cash inflow from financing activities totaled ¥2,747,575,908.37, significantly higher than ¥995,418,132.15 in the same quarter last year[18] - Cash outflow from operating activities totaled ¥1,313,825,364.78, a decrease from ¥1,406,811,532.27 in the same quarter last year[17] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥24,464,520,263.07, representing an 8.16% increase from the end of the previous year[2] - The total current assets increased to CNY 14,094,178,779.27 from CNY 11,987,605,535.29, representing a growth of approximately 17.6%[12] - The total liabilities increased to CNY 4,442,979,943.80 from CNY 2,794,705,681.74, reflecting a growth of approximately 59.0%[13] - The company's long-term borrowings increased to ¥1,597,000,000.00, a rise of 441.36% from the previous year[5] - The company's total assets increased to CNY 24,464,520,263.07 from CNY 22,619,116,790.11, representing a growth of approximately 8.1%[14] Shareholder Information - The company’s total equity attributable to shareholders was ¥19,272,897,613.90, a slight increase of 0.23% from the end of the previous year[2] - The largest shareholder, Shihezi Sanhe Equity Investment Partnership, holds 23.75% of the shares, totaling 116,544,519 shares[8] - The company has repurchased a total of 29,226,340 shares, accounting for 5.96% of the total share capital, with a total expenditure of RMB 1,179,517,884.38[11] - The second largest shareholder, Bank of China - Huabao CSI Medical ETF, holds 2.71% of the shares, totaling 13,314,773 shares[8] - The company has not disclosed any related party relationships among the top ten shareholders[9] Employee Stock Ownership Plan - The employee stock ownership plan will involve a maximum of 21,700,000 shares, with a purchase price of RMB 20.51 per share[10] - The plan will vest in three phases over 36 months, starting from the approval date of the plan[10] - The company plans to attract and retain core technical talents through the employee stock ownership plan[10] Other Financial Metrics - Cash paid for debt repayment surged by 475.39% to ¥1,131,000,000.00, primarily due to bank loan repayments[6] - Research and development expenses for the current period are ¥177,891,510.59, a decrease of 14.5% from ¥208,123,925.62 in the previous period[15] - The company experienced a tax expense of ¥283,555,374.12, which is an increase of 57.2% compared to ¥180,397,471.89 in the previous period[15] - Other comprehensive income after tax for the current period is -¥141,699,686.58, compared to ¥575,261,274.39 in the previous period[16]

证券代码：002432 证券简称：九安医疗 公告编号：2024-069 天津九安医疗电子股份有限公司 关于举行2024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连带责任。 本次说明会出席人员：公司董事长兼总经理刘毅先生，董事、副总经理王湧 先生，董事、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）。 天津九安医疗电子股份有限公司（以下简称"公司"）2024年三季度报告将于 2024年10月31日在巨潮资讯网（www.cninfo.com.cn）及《证券时报》上进行公开 披露。为了让广大投资者能进一步了解公司2024年前三季度的经营情况，公司将 于2024年10月31日下午15:00-16:00在东方财富平台举行2024年第三季度网上业 绩说明会。投资者可登陆东方财富路演平 台 （http://roadshow.eastmoney.com/luyan/4558635）进行参与，本次业绩说明会将采 用线上文字交流的方式。 为充分尊重投资者、提升交流质量，现就公司2024年第 ...

证券代码：002432 证券简称：九安医疗 公告编号：2024-070 天津九安医疗电子股份有限公司 关于员工持股计划非交易过户完成的公告 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连带责任。 天津九安医疗电子股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日 召开第六届董事会第十三次会议、第六届监事会第十次会议，于 2024 年 9 月 2 日召开 2024 年第二次临时股东大会，审议通过了《关于<天津九安医疗电子股份 有限公司 2024 年员工持股计划（草案）>及其摘要的议案》《关于<天津九安医 疗电子股份有限公司 2024 年员工持股计划管理办法>的议案》及《关于提请股东 大会授权董事会办理 2024 年员工持股计划有关事项的议案》，同意公司实施员 工持股计划，具体内容详见公司于 2024 年 8 月 17 日及 2024 年 9 月 3 日披露于 《证券时报》及巨潮资讯网（www.cninfo.com.cn）上的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号——主 ...

证券代码：002432 证券简称：九安医疗 公告编号：2024-068 天津九安医疗电子股份有限公司 关于2020年股票期权激励计划部分已授予股票期权 注销完成的公告 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连带责任。 天津九安医疗电子股份有限公司（以下简称"公司"）于2024年10月16日召开 第六届董事会第十五次会议和第六届监事会第十二次会议审议通过了《关于注销 2020年股票期权激励计划部分股票期权的议案》，公司对7.70万份股票期权予以 注销，具体情况如下： 根据公司《2020年股票期权激励计划（草案）》的相关规定，2020年股票期 权激励计划所涉及的8名激励对象因个人原因离职已不具备激励对象资格，其已 获授但尚未获准行权的股票期权作废，由公司无偿收回并统一注销，注销的股票 期权数量为70,000份。另外，根据公司2023年度绩效考评结果，3名激励对象个 人绩效考核结果为B,可行权比例为第四期可行权数量的80%，1名激励对象个人绩 效考核结果为C,可行权比例为第四期可行权数量的60%。公司将对上述激励对象 第四个行权期无法行权的股票期权7, ...

证券代码：002432 证券简称：九安医疗 公告编号：2024-067 天津九安医疗电子股份有限公司 关于2020年股票期权激励计划第四个行权期 采用自主行权模式的提示性公告 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连带责任。 特别提示： 1.公司本次股票期权代码：037880，期权简称：九安 JLC1。 2.公司 2020 年股票期权激励计划第四个行权期符合行权条件的激励对象共计 175 人，可行权的期权数量为 2,893,000 份，占公司目前股本总额的 0.5896%，行 权价格为 8.18 元/份。 3.本次行权采用自主行权模式。 4.本次实际可行权期限为 2024 年 10 月 25 日至 2025 年 10 月 13 日止。 5.本次可行权股票期权若全部行权，公司股份仍具备上市条件。 天津九安医疗电子股份有限公司（以下简称"公司"）于 2024 年 10 月 16 日召 开第六届董事会第十五次会议和第六届监事会第十二次会议审议通过了《关于 2020 年股票期权激励计划授予的股票期权第四个行权期行权条件成就的议案》， 具体内容详见公司于 ...