东兴证券股份有限公司关于深圳市尚荣医疗股份有限公司 终止募集资金投资项目并将剩余募集资金永久补充流动资金 的专项核查报告 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《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》《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》等法律法规的要 求，作为深圳市尚荣医疗股份有限公司（以下简称"尚荣医疗"或"公司"）2019 年度向不特定对象公开发行可转换公司债券的保荐人，东兴证券股份有限公司（以 下简称"东兴证券"或"保荐人"），对尚荣医疗终止募集资金投资项目并将剩余 募集资金永久补充流动资金事项进行了核查，并出具本核查意见。 一、本次拟终止募集资金投资项目的概述 （一）募集资金基本情况 根据中国证券监督管理委员会于 2018 年 12 月 5 日签发的证监许可[2018]1843 号文《关于核准深圳市尚荣医疗股份有限公司公开发行可转换公司债券的批复》， 尚荣医疗获准向社会公开发行面值总额 75,000 万元可转换公司债券，期限为 6 年。 尚荣医疗公开发行可转换公司债券应募集资金人民币 750,000,000. ...

Core Viewpoint - The stock of Shangrong Medical (002551) has experienced a decline, with a closing price of 4.63 yuan on August 22, 2025, down by 1.07% [1] Group 1: Stock Performance and Trading Data - On August 22, 2025, the stock had a turnover rate of 9.98%, with a trading volume of 609,700 hands and a total transaction value of 281 million yuan [1] - The net outflow of main funds was 17.28 million yuan, accounting for 6.15% of the total transaction value, while retail investors saw a net inflow of 27.97 million yuan, representing 9.94% of the total [1][2] - Over the past five days, the stock has shown significant fluctuations, with the highest net outflow of main funds recorded at 64.46 million yuan on August 21, 2025, and a net inflow of retail funds peaking at 67.61 million yuan on the same day [2] Group 2: Financial Metrics and Industry Comparison - Shangrong Medical's total market capitalization is 3.915 billion yuan, with a net asset value of 2.789 billion yuan, and a net profit of 13.9642 million yuan [3] - The company has a price-to-earnings ratio (P/E) of 70.08, which is lower than the industry average of 77.99, while its price-to-book ratio (P/B) stands at 1.48, significantly lower than the industry average of 4.01 [3] - The gross margin of Shangrong Medical is 15.27%, which is considerably below the industry average of 51.31%, indicating potential challenges in profitability [3]

Group 1 - The stock of Shangrong Medical experienced a decline of 1.07% on August 22, with a trading volume of 281 million yuan and a turnover rate of 9.98%. Over the last three trading days, the stock has dropped a total of 10.96% [1] - On the same day, there was a net outflow of 17.28 million yuan in main funds, accounting for 6.15% of the trading volume, with a significant outflow of 10.73 million yuan from large orders, representing 3.81% of the trading volume [1] Group 2 - Shangrong Medical's main business includes the production and sales of medical products, medical services, and health industry operations [2] - As of March 31, 2025, Shangrong Medical reported total operating revenue of 280 million yuan, reflecting a year-on-year growth of 1.30%, and a net profit attributable to shareholders of 13.96 million yuan, with a year-on-year increase of 0.58% [2] - The company has a current ratio of 2.468, a quick ratio of 2.122, and a debt-to-asset ratio of 22.29% [2]

Company Overview - Shangrong Medical's closing price on August 22 was 4.63 yuan, down 1.07%, with a rolling PE ratio of 175.05 times and a total market value of 3.915 billion yuan [1] - The company operates in the medical device industry, which has an average PE ratio of 56.95 times and a median of 40.49 times, placing Shangrong Medical at the 112th position in industry rankings [1][2] - As of March 31, 2025, the number of shareholders was 58,323, a decrease of 621 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 - Shangrong Medical specializes in the production and sales of medical products, medical services, and health industry operations [1] - The company is recognized as one of the earliest to introduce clean technology into hospital operating rooms in China [1] - Its intelligent self-controlled operating room products have received multiple national honors, including recognition from the Ministry of Science and Technology and the Shenzhen Municipal Government [1] Patent and Innovation - The company and its subsidiaries have obtained over 180 patents, which serve as a driving force for its continuous development [1] Financial Performance - In the first quarter of 2025, Shangrong Medical reported an operating income of 280 million yuan, a year-on-year increase of 1.30%, and a net profit of 13.9642 million yuan, reflecting a year-on-year growth of 0.58% [2] - The sales gross margin for the same period was 15.27% [2]

Group 1 - The stock price of Shangrong Medical as of August 20, 2025, is 4.95 yuan, down 0.25 yuan from the previous trading day [1] - The opening price on the same day was 5.13 yuan, with a high of 5.13 yuan and a low of 4.88 yuan, and total trading volume reached 1.118 million hands with a transaction amount of 556 million yuan [1] - On August 20, around 9:40 AM, the stock price experienced a rapid rebound, increasing over 2% within 5 minutes, with a transaction amount of 139 million yuan [1] Group 2 - Shangrong Medical's main business includes the design, research and development, production, and sales of medical equipment and medical system engineering [1] - The company's product range covers medical oxygen systems, medical gas engineering, and clean surgical departments in hospitals [1] Group 3 - On August 20, the net outflow of main funds was 35.3587 million yuan, accounting for 1.17% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 10.9190 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Shangrong Medical, indicating a significant disparity between its high PE ratio and the industry average [1][2] - As of August 20, Shangrong Medical's stock closed at 4.95 yuan, down 4.81%, with a rolling PE ratio of 187.15 times, compared to the industry average of 59.32 times [1] - The company has a total market capitalization of 4.185 billion yuan, ranking 111th in the medical device industry based on PE ratio [1][2] Group 2 - For Q1 2025, Shangrong Medical reported revenue of 280 million yuan, a year-on-year increase of 130%, and a net profit of 13.9642 million yuan, reflecting a year-on-year growth of 0.58% [2] - The company's gross profit margin stands at 15.27% [2] - The company has been recognized as a national high-tech enterprise and has accumulated over 180 patents, which are crucial for its ongoing development [1]

Core Viewpoint - The stock of Shangrong Medical (002551) has experienced a decline, with a closing price of 4.95 yuan on August 20, 2025, down 4.81% from the previous day, indicating a negative trend in investor sentiment and market performance [1]. Group 1: Stock Performance and Trading Data - On August 20, 2025, the stock had a turnover rate of 18.3%, with a trading volume of 1.1181 million hands and a total transaction amount of 556 million yuan [1]. - The net outflow of main funds was 35.3587 million yuan, accounting for 6.36% of the total transaction amount, while retail investors saw a net inflow of 46.4903 million yuan, representing 8.37% of the total [1][2]. Group 2: Recent Fund Flow Overview - Over the past five days, the stock has shown fluctuating fund flows, with significant net inflows and outflows from different investor categories [2]. - On August 19, 2025, the stock price increased by 2.16% to 5.20 yuan, with a net inflow of main funds amounting to 25.9732 million yuan [2]. Group 3: Company Financial Metrics and Industry Comparison - Shangrong Medical's total market capitalization is 4.185 billion yuan, with a net asset value of 2.789 billion yuan, and a net profit of 13.9642 million yuan [3]. - The company's price-to-earnings ratio (P/E) is 74.93, while the industry average is 81.94, indicating a relatively favorable valuation compared to peers [3]. - The gross margin of Shangrong Medical is 15.27%, significantly lower than the industry average of 51.3%, highlighting potential operational challenges [3].

Core Viewpoint - The stock of Shangrong Medical (002551) has shown a recent increase in price and trading activity, with notable changes in capital flow and financial performance indicators [1][2][3]. Group 1: Stock Performance - As of August 19, 2025, Shangrong Medical's stock closed at 5.20 yuan, up 2.16%, with a turnover rate of 25.64% and a trading volume of 1.5664 million hands, resulting in a transaction amount of 828 million yuan [1]. - The net inflow of main funds on August 19 was 25.9732 million yuan, accounting for 3.14% of the total transaction amount, while retail investors experienced a net outflow of 8.3329 million yuan, representing 1.01% of the total [1][2]. Group 2: Recent Capital Flow - Over the past five days, the stock has experienced fluctuations in capital flow, with significant net inflows and outflows from different investor categories [2]. - On August 18, 2025, the stock price increased by 4.52% to 5.09 yuan, with a net outflow of main funds amounting to 111 million yuan, while retail investors had a net inflow of 81.2364 million yuan [2]. Group 3: Financial Indicators - Shangrong Medical's total market value is 4.397 billion yuan, with a net asset value of 2.789 billion yuan and a net profit of 13.9642 million yuan, ranking 86th, 54th, and 76th respectively in the medical device industry [3]. - The company's gross profit margin stands at 15.27%, significantly lower than the industry average of 51.3%, indicating potential challenges in profitability compared to peers [3]. - The first quarter of 2025 reported a main business income of 280 million yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 13.9642 million yuan, reflecting a modest growth of 0.58% [3].

Core Viewpoint - The company, Shangrong Medical, has seen its stock price rise to 5.09 yuan, marking a 4.52% increase, while its rolling PE ratio has reached a new low of 192.44 times, significantly higher than the industry average of 58.46 times [1][2] Company Overview - Shangrong Medical specializes in the production and sales of medical products, medical services, and health industry operations, being one of the first companies in China to introduce clean technology into hospital operating rooms [1] - The company has received numerous accolades, including national key new product honors and a second-class award for scientific and technological progress from the Shenzhen municipal government [1] - Shangrong Medical is recognized as a national high-tech enterprise and has accumulated over 180 patents, which serve as a driving force for its continuous development [1] Financial Performance - In the first quarter of 2025, the company reported an operating income of 280 million yuan, a year-on-year increase of 1.30%, and a net profit of 13.96 million yuan, reflecting a year-on-year growth of 0.58% [2] - The company's gross profit margin stands at 15.27% [2] Shareholder Information - As of March 31, 2025, the number of shareholders in Shangrong Medical is 58,323, a decrease of 621 from the previous count, with an average holding value of 352,800 yuan per shareholder and an average holding of 27,600 shares [1]

Market Performance - As of August 18, the Shanghai Composite Index closed at 3728.03 points, with a change of +0.85% [1] - The Shenzhen Component Index closed at 11835.57 points, with a change of +1.73% [1] - The ChiNext Index closed at 2606.20 points, with a change of +2.84% [1] Trading Volume Analysis - A total of 3145 stocks saw an increase in average transaction volume, with 69 stocks experiencing an increase of over 50% [1] - Notable stocks with significant increases in average transaction volume include Hengshen New Materials (+230.41%), Changyuan Donggu (+166.68%), and Furuide (+166.49%) [1] - Conversely, 1407 stocks experienced a decrease in average transaction volume [1] Active Stocks by Transaction Count - The stocks with the highest increase in transaction count include Quzhou Development (+6673.62%), Huakong Saige (+585.39%), and Guanshi Technology (+563.59%) [2] - Other notable stocks with significant increases in transaction count are ST Xiangxue (+557.96%) and Shangrong Medical (+554.81%) [2] Stocks with Both Volume and Count Increases - City Media reported a daily change of +7.24%, with both average transaction volume and transaction count increasing by over 50% [3] - Huazhi Digital Media showed a daily change of +20.02%, with a significant increase in transaction count by +469.66% [4] - Other stocks with notable increases in both metrics include Yunnan Energy Investment (+9.98%) and Tianchuang Fashion (+1.94%) [4]