Core Viewpoint - The financial performance of Shangrong Medical (002551) shows significant declines in revenue and profit, indicating potential challenges in the medical device industry [3]. Financial Performance - As of October 27, 2025, Shangrong Medical's stock closed at 4.08 yuan, with a slight increase of 0.25% and a trading volume of 145,800 shares, amounting to a total transaction value of 59.34 million yuan [1]. - The company reported a main revenue of 754 million yuan for the first three quarters of 2025, a year-on-year decrease of 24.85% [3]. - The net profit attributable to shareholders was -35.13 million yuan, reflecting a year-on-year decline of 338.5% [3]. - In Q3 2025, the company recorded a single-quarter main revenue of 225 million yuan, down 39.25% year-on-year, and a net profit of -27.37 million yuan, a decrease of 4004.28% [3]. Market Position - Shangrong Medical's total market capitalization is 3.45 billion yuan, significantly lower than the industry average of 11.65 billion yuan, ranking 97th out of 124 in the medical device sector [3]. - The company's net assets stand at 2.73 billion yuan, compared to the industry average of 3.87 billion yuan, ranking 57th [3]. - The company has a negative price-to-earnings ratio of -73.66, while the industry average is 66.17, indicating poor profitability [3]. Profitability Metrics - The gross margin for Shangrong Medical is 14.35%, substantially lower than the industry average of 51.35%, ranking 119th [3]. - The net margin is -4.6%, compared to the industry average of 10.27%, ranking 106th [3]. - Return on equity (ROE) is -1.34%, while the industry average is 2.37%, ranking 108th [3]. Capital Flow - On October 27, 2025, the net outflow of main funds was 6.14 million yuan, accounting for 10.36% of the total transaction value, while retail investors saw a net inflow of 8.84 million yuan, representing 14.90% of the total [1][2].

Financial Performance - Revenue for Q3 2025 was CNY 225,479,083.99, a decrease of 39.25% year-over-year[3] - Net profit attributable to shareholders was a loss of CNY 27,367,028.14, representing a decline of 4,004.28% compared to the previous year[3] - Total operating revenue decreased to ¥753,521,493.62 from ¥1,002,639,030.84, representing a decline of approximately 25% year-over-year[26] - Net profit for the period was a loss of ¥34,660,651.14, compared to a profit of ¥18,594,238.75 in the previous year, indicating a significant downturn[26] - The company reported a basic and diluted earnings per share of -0.0416, compared to 0.0174 in the previous year[26] - Other comprehensive income after tax was a loss of ¥7,319,782.48, compared to a loss of ¥2,006,874.66 in the previous year[26] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 118,748,643.28, down 39.45%[3] - Operating cash inflow for the current period was CNY 1,020,973,090.17, an increase of 3.1% from CNY 991,061,052.34 in the previous period[28] - Net cash flow from operating activities decreased to CNY 118,748,643.28, down 39.5% from CNY 196,120,008.08 in the previous period[28] - Cash inflow from investment activities increased significantly to CNY 1,367,022,431.23, compared to CNY 941,607,273.54 in the previous period, marking a 45.0% increase[28] - Net cash flow from investment activities turned positive at CNY 76,639,819.87, recovering from a negative CNY 177,596,656.86 in the previous period[28] - Cash outflow from financing activities rose to CNY 362,077,777.17, compared to CNY 92,347,160.41 in the previous period, indicating a significant increase in financing costs[28] - Net cash flow from financing activities worsened to -CNY 312,877,777.17, compared to -CNY 55,308,201.13 in the previous period[28] - The ending cash and cash equivalents balance decreased to CNY 333,656,397.54 from CNY 373,073,067.74 in the previous period[28] - The company received CNY 20,000,000.00 in new borrowings during the current period, indicating ongoing financing efforts[28] - The company reported a cash inflow of CNY 49,200,000.00 from financing activities, up from CNY 37,038,959.28 in the previous period[28] - The company’s cash flow from operating activities was impacted by increased payments for goods and services, totaling CNY 580,433,233.76, up from CNY 494,263,080.56 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,560,184,899.49, an 8.19% decrease from the end of the previous year[3] - The company's total assets decreased to ¥3,560,184,899.49 from ¥3,877,889,089.89, a decline of approximately 8%[24] - Current assets totaled ¥1,617,974,834.22, down from ¥1,892,877,927.21, reflecting a decrease of about 14%[24] - Total liabilities decreased to ¥829,974,414.04 from ¥1,102,046,421.18, a reduction of approximately 25%[24] - The company's cash and cash equivalents decreased to ¥397,510,051.11 from ¥504,208,728.08, a decline of about 21%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 65,472[8] - The largest shareholder, Liang Guiqiu, holds 29.52% of the shares, amounting to 249,586,723 shares[8] - The company has a total of 62,396,681 unrestricted shares held by Liang Guiqiu[8] - The company has not disclosed any changes in the shareholding structure of the top 10 shareholders due to margin trading activities[8] Investments and Projects - The company reported a significant increase in investment income of CNY 8,728,405.81, up 591.16% due to higher returns from financial products[6] - The net cash flow from investing activities increased by 143.15% to CNY 254,236,476.73, primarily from the maturity of bank wealth management products[6] - The company experienced a 465.70% decrease in net cash flow from financing activities, totaling -CNY 257,569,576.04, due to repayments of convertible bonds[6] - The company has significant ongoing projects, including a contract with Henan Ningling County People's Hospital valued at 150 million RMB, which has been completed[10] - Another major project is with Shaanxi Chengcheng County Hospital, valued at 600 million RMB, currently in the engineering settlement phase[10] - The company has completed the construction of the new hospital project in Heshan City, with the project now in the settlement phase[10] - The company is currently engaged in a project in Fuan City, valued at approximately 239.95 million RMB, which is still under construction[10] Legal Matters - The company is involved in an arbitration case with Xuchang Second People's Hospital, with a claim amounting to 293.18 million RMB[11] - The company also has a separate arbitration case involving a loan dispute with Xuchang Second People's Hospital, with a claim of 63.69 million RMB[11] - The arbitration request against Anhui Shangrong was withdrawn, eliminating any significant impact on the company's current or future profits[18] Impairment and Acquisitions - The company recognized a credit impairment loss of CNY 177.22 million based on the recoverable value of all debts related to Xuchang Second Hospital[14] - The transaction price for the acquisition of the entire equity of Fuping County Shangrong Hospital Investment Management Co., Ltd. is tentatively set at CNY 214.25 million, with CNY 49.5 million already paid[15] - The company plans to distribute a cash dividend of CNY 0.08 per 10 shares, totaling CNY 67.56 million (including tax) for the 2024 fiscal year[15]

Core Viewpoint - Shangrong Medical reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating potential challenges in its financial performance and operational efficiency [1] Financial Performance Summary - The company's revenue for the third quarter was 225 million yuan, a decrease of 39.25% compared to the previous year [1] - The net profit for the third quarter showed a loss of 27.367 million yuan, representing a drastic decline of 4,004.28% [1] - For the first three quarters, the total revenue was 754 million yuan, down 24.85% year-on-year [1] - The net profit for the first three quarters was a loss of 35.1253 million yuan, which is a decline of 338.50% [1]

Core Insights - The medical device sector experienced a slight increase of 0.37% on October 24, with Mai Lande leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Medical Device Sector Performance - Top gainers included: - Mai Lande (688273) with a closing price of 41.92, up 6.31%, trading volume of 29,300 hands, and a transaction value of 121 million yuan [1] - Xiangyu Medical (688626) at 53.21, up 6.10%, with a trading volume of 41,100 hands and a transaction value of 216 million yuan [1] - Xiangsheng Medical (688358) at 35.27, up 4.75%, with a trading volume of 38,400 hands and a transaction value of 136 million yuan [1] - Other notable gainers included: - Aohua Endoscopy (688212) at 50.59, up 4.74%, with a transaction value of 225 million yuan [1] - Weisi Medical (688580) at 49.10, up 4.71%, with a transaction value of approximately 99.8 million yuan [1] Decliners in Medical Device Sector - Notable decliners included: - Chenguang Medical (920300) at 17.51, down 8.80%, with a trading volume of 124,000 hands [2] - Toukeng Life (300642) at 22.95, down 5.40%, with a trading volume of 175,700 hands [2] - Haitai New Light (688677) at 48.50, down 5.05%, with a trading volume of 38,800 hands [2] - Other significant decliners included: - Sino Medical (688108) at 28.00, down 4.73%, with a trading volume of 263,700 hands [2] - Tianchen Medical (688013) at 55.66, down 3.98%, with a trading volume of 19,200 hands [2] Capital Flow in Medical Device Sector - The medical device sector saw a net outflow of 654 million yuan from major funds, while retail investors contributed a net inflow of 455 million yuan [2]

Core Viewpoint - The stock of Shangrong Medical (002551) has shown a slight increase in price, but the company is facing significant financial challenges, including declining revenues and profits [1][3]. Financial Performance - As of October 23, 2025, Shangrong Medical's stock closed at 4.15 yuan, with a 0.48% increase and a trading volume of 150,100 shares, amounting to a total transaction value of 61.96 million yuan [1]. - The company's main revenue for the first half of 2025 was 528 million yuan, a year-on-year decrease of 16.38%, and the net profit attributable to shareholders was -7.76 million yuan, down 155.31% year-on-year [3]. - In Q2 2025, the company reported a single-quarter revenue of 248 million yuan, a decline of 30.12%, and a net profit of -21.72 million yuan, a staggering drop of 15,273.62% year-on-year [3]. Market Position and Ratios - Shangrong Medical's total market capitalization is 3.509 billion yuan, significantly lower than the industry average of 11.613 billion yuan, ranking 97th out of 124 in the medical device industry [3]. - The company has a negative price-to-earnings ratio of -226.13 and a net profit margin of -0.86%, indicating poor profitability compared to the industry average [3]. - The gross margin stands at 16.47%, which is substantially below the industry average of 51.39%, ranking 119th out of 124 [3]. Capital Flow Analysis - On October 23, 2025, the net inflow of main funds was 5.51 million yuan, accounting for 8.9% of the total transaction value, while retail investors experienced a net outflow of 2.03 million yuan, representing 3.28% of the total [1][2]. - Over the past five days, the stock has seen fluctuating capital flows, with notable net outflows from retail investors on several days, indicating a lack of confidence among smaller investors [2].

Core Viewpoint - The company, Shangrong Medical, has successfully returned 150 million RMB of temporarily used funds to its fundraising account, ensuring compliance with regulations and maintaining the integrity of its fundraising purposes [1][2]. Trading Information Summary - On October 22, 2025, Shangrong Medical's stock closed at 4.13 RMB, with an increase of 0.73% and a turnover rate of 3.83%. The trading volume was 234,100 shares, resulting in a transaction amount of 96.37 million RMB [1]. - On the same day, the main funds experienced a net outflow of 15.26 million RMB, while retail investors saw a net inflow of 13.30 million RMB [2]. Company Announcement Summary - On January 10, 2025, the company held a board meeting where it approved the temporary use of up to 150 million RMB from the proceeds of a public convertible bond issuance to supplement working capital for a period not exceeding twelve months [1]. - As of October 21, 2025, the company has fully returned the 150 million RMB to the fundraising account, and the return was in accordance with relevant regulations [1][2].

Core Points - Shenzhen Shangrong Medical Co., Ltd. announced the return of idle raised funds used for temporary working capital supplementation [1][2] - The company utilized up to RMB 150 million of idle raised funds for temporary working capital, with a usage period not exceeding twelve months [1][2] - As of October 21, 2025, the company has fully returned the RMB 150 million to the raised funds account, adhering to the stipulated time frame [2] Summary by Sections - **Announcement Details** - The company held a board meeting on January 10, 2025, where it approved the use of idle raised funds for temporary working capital [1] - The announcement was disclosed through designated information platforms [1] - **Fund Utilization and Return** - A total of RMB 150 million was drawn from the raised funds account for temporary working capital, with proper arrangements made for its use [2] - The funds were returned in full by October 21, 2025, and the return was communicated to the company's sponsor and representative [2]

Core Points - The stock price of Shangrong Medical (002551) closed at 4.1 yuan on October 21, 2025, with an increase of 1.99% and a trading volume of 15.3 million shares, resulting in a transaction amount of 62.29 million yuan [1][2] Trading Information Summary - On October 21, the net inflow of main funds was 3.7979 million yuan, indicating a positive short-term attitude from major investors towards the stock [2] - Retail investors contributed a net inflow of 937,700 yuan, while speculative funds experienced a net outflow of 4.7356 million yuan [1] Company Announcement Summary - Shangrong Medical has fully repaid the 150 million yuan of idle raised funds that were temporarily used to supplement working capital, complying with relevant procedures [2] - The company held a board meeting on January 10, 2025, where it approved the temporary use of up to 150 million yuan from the proceeds of a public convertible bond issuance for working capital, with a usage period not exceeding twelve months [1] - As of October 21, 2025, the company has returned the entire amount of 150 million yuan to the fundraising account, and the repayment amount and timing comply with regulations [1]

Core Points - The stock of Shangrong Medical (002551) closed at 4.1 yuan on October 21, 2025, with a 1.99% increase from the previous trading day, resulting in a total market capitalization of 3.467 billion yuan [1] - The company announced a temporary use of idle raised funds amounting to 150 million yuan for supplementing working capital, which was approved during the fifth temporary meeting of the eighth board of directors on January 10, 2025 [1] - The funds were drawn from the fundraising account and have been fully returned to the account as of October 21, 2025, complying with relevant regulations [1] Financial Performance - On the trading day, the stock opened at 4.02 yuan, reached a high of 4.11 yuan, and a low of 3.99 yuan, with a trading volume of 62.2927 million yuan and a turnover rate of 2.5% [1] Fund Management - The company utilized the 150 million yuan for temporary working capital without affecting the investment plans of the raised funds or changing their intended use [1] - The return of the funds was communicated to the sponsoring institution and the representative of the sponsor [1]

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、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002551 证券简称：尚荣医疗 公告编号：2025-049 深圳市尚荣医疗股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的 截至 2025 年 10 月 21 日，公司已将上述用于暂时补充流动资金的募集资金 人民币 15,000 万元全部归还至公司募集资金账户，使用期限未超过 12 个月。截 至本公告披露日，公司用于暂时补充流动资金的募集资金已全部归还完毕，同时， 已将上述募集资金的归还情况通知了公司的保荐机构及保荐代表人。 特此公告。 深圳市尚荣医疗股份有限公司 董 事 会 2025 年 10 月 22 日 深圳市尚荣医疗股份有限公司（以下简称"公司"）于2025年1月10日召开 第八届董事会第五次临时会议审议通过了《关于公司使用部分闲置募集资金暂时 补充流动资金的议案》。同意公司使用不超过人民币15,000万元的公开发行可转 换公司债券部分闲置募集资金暂时补充流动资金，使用期限自董事会审议通过之 日起不超过十二个月。具体内容详见公司指定信息披露报刊《中国证券报》、《证 券时报》、《 ...