Core Viewpoint - The company has emerged from the impact of centralized procurement, achieving strong growth in its traditional orthopedic segment on a low base, and successfully expanding into new business areas, maintaining a buy rating [1] Investment Highlights - The company maintains a buy rating, with projected EPS for 2025-2026 at 1.24/1.64 yuan, and a new EPS forecast for 2027 at 1.99 yuan. The target PE for 2025 is set at 36X, with an updated target price of 44.64 yuan (previously 42.65 yuan) [2] - In 2024, the company achieved revenue of 2.136 billion yuan (up 39.3% YoY) and a net profit attributable to shareholders of 357 million yuan (up 505%). The non-recurring net profit was 285 million yuan (up 2604%) [2] - In Q1 2025, the company reported revenue of 550 million yuan (up 28.8% YoY) and a net profit of 103 million yuan (up 67%), with non-recurring net profit at 97 million yuan (up 97%) [2] - The performance in 2023 was affected by inventory adjustments due to centralized procurement in 2021 and 2022, leading to a low base for 2024, which is expected to see continued growth as the impact clears [2] Orthopedic Product Lines - The core orthopedic product lines have recovered from the impact of centralized procurement, with trauma and spinal product lines showing continuous sales growth. In 2024, trauma product sales are expected to reach 821 million yuan (up 43.4%), with a gross margin increase of 3.67 percentage points to 75.34% [3] - Spinal product revenue in 2024 is projected at 388 million yuan (up 36.9%), with a slight decline in gross margin by 1.06 percentage points to 67.66% due to high prices before centralized procurement [3] - Joint products are also expected to maintain good growth, with projected revenue of 189 million yuan (up 21.1%) in 2024 [3] Non-Orthopedic Consumables - The non-orthopedic consumables business is showing good growth potential, aiming to contribute to a second growth curve for the company. In 2024, R&D investment is expected to reach 307 million yuan, accounting for 14.4% of revenue [4] - Minimally invasive surgical products are projected to achieve revenue of 363 million yuan (up 26.5%) with a gross margin increase of 1.77 percentage points to 78.19% [4] - Revenue from neurosurgical products is expected to be 103 million yuan (up 26.3%), dental products at 67 million yuan (up 28.2%), and other products at 162 million yuan (up 141%) [4]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][13]. Core Views - The company has emerged from the impact of centralized procurement, achieving strong growth on a low base in its traditional orthopedic segment, and successfully expanding into new business areas [1][5]. - The forecasted EPS for 2025-2026 is RMB 1.24 and RMB 1.64, with a new forecast for 2027 at RMB 1.99. A target PE of 36X for 2025 is set, leading to a target price of RMB 44.64 [5][13]. Financial Summary - In 2024, the company is expected to achieve revenue of RMB 2.14 billion, a year-on-year increase of 39.3%, and a net profit attributable to shareholders of RMB 357 million, reflecting a 505% increase [5][14]. - For Q1 2025, revenue is projected at RMB 550 million, up 28.8%, with a net profit of RMB 103 million, an increase of 67% [5][14]. - The company’s revenue growth is attributed to the clearing of inventory adjustments from previous centralized procurement impacts, leading to a strong performance in 2024 [5][14]. Business Segments - The core orthopedic product lines, including trauma and spine products, have shown continued sales growth post-centralized procurement, with trauma sales revenue in 2024 expected to reach RMB 821 million, a 43.4% increase [5][15]. - Non-orthopedic consumables are also experiencing good growth, with the company aiming to become a medical equipment platform, investing heavily in R&D [5][16].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [1][4][13]. Core Views - The company has emerged from the impact of centralized procurement, achieving strong growth on a low base in its traditional orthopedic segment, while successfully expanding into new business areas [1][14]. - The forecasted EPS for 2025-2026 is RMB 1.24 and RMB 1.64, with a new forecast for 2027 at RMB 1.99. A target PE of 36X for 2025 is set, leading to a target price of RMB 44.64 [4][13][14]. Financial Summary - In 2024, the company is expected to achieve revenue of RMB 2.14 billion, a year-on-year increase of 39.3%, and a net profit attributable to shareholders of RMB 357 million, reflecting a 505% increase [3][14]. - For Q1 2025, revenue is projected at RMB 550 million, up 28.8%, with a net profit of RMB 103 million, an increase of 67% [3][14]. - The company’s revenue growth is attributed to the clearing of inventory adjustments from previous centralized procurement impacts, leading to a strong performance in 2024 [14][15]. Product Line Performance - The core orthopedic product lines have recovered post-centralized procurement, with trauma product sales expected to reach RMB 821 million in 2024, a growth of 43.4%, and a gross profit margin increase of 3.67 percentage points to 75.34% [15][16]. - Spine product revenue is anticipated to be RMB 388 million, a 36.9% increase, while joint products are expected to grow by 21.1% to RMB 189 million [15][16]. Non-Orthopedic Growth - The company is expanding its non-orthopedic consumables business, aiming to become a platform company in medical equipment. R&D investment in 2024 is projected at RMB 307 million, representing 14.4% of revenue [16][10]. - Revenue from minimally invasive surgical products is expected to reach RMB 363 million, a growth of 26.5%, with a gross profit margin increase of 1.77 percentage points to 78.19% [16][10].

大博医疗科技股份有限公司（以下简称"公司"）第三届董事会第十七次会议 于 2025 年 4 月 29 日在公司会议室以现场及通讯表决方式召开，会议通知以专人 送达、传真、电子邮件、电话相结合的方式已于 2025 年 4 月 18 日向各位董事发 出，本次会议应参加董事 7 名，实际参加董事 7 名，本次会议的召开符合《公司 法》《公司章程》等法律法规的规定，合法有效。 本次会议由董事长林志雄先生主持，与会董事就会议议案进行了审议、表决， 形成了如下决议： 一、会议以 7 票赞成、0 票反对、0 票弃权的表决结果审议通过了《2025 年 第一季度报告》。 具体内容详见 2025 年 4 月 30 日刊登在公司指定的信息披露媒体及巨潮 资讯网站（www.cninfo.com.cn）的《2025 年第一季度报告》。 证券代码：002901 证券简称：大博医疗 公告编号：2025-023 大博医疗科技股份有限公司 第三届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 董事会 2025 年 4 月 30 日 1 特此公告。 大博医疗科技股份有 ...

董事会 投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，大博医疗科技股份有限公司（以下简称 "公司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司 联合举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体接待 日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 5 月 15 日（周四）15:40-17:00。届时公司高 管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与。 特此公告。 大博医疗科技股份有限公司 证券代码：002901 证券简称：大博医疗 公告编号：2025-025 大博医疗科技股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说明会暨 2025 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥550,336,243.99, representing a 28.80% increase compared to ¥427,279,900.69 in the same period last year[5] - Net profit attributable to shareholders was ¥103,101,566.47, a 67.04% increase from ¥61,728,900.60 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥97,121,145.10, reflecting a 96.76% increase from ¥49,360,290.32 in the previous year[5] - Basic and diluted earnings per share increased to ¥0.25, up 66.67% from ¥0.15 in the same period last year[5] - Total operating revenue for the current period reached ¥550,336,243.99, a 28.8% increase from ¥427,279,900.69 in the previous period[20] - Net profit for the current period was ¥112,540,587.80, representing a 67.5% increase compared to ¥67,189,591.05 in the previous period[22] - The net profit attributable to the parent company was ¥103,101,566.47, an increase of 67.0% from ¥61,721,780.54 in the previous period[22] - Basic and diluted earnings per share were both ¥0.25, up from ¥0.15 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,466,146,307.28, a 1.07% increase from ¥4,418,929,603.41 at the end of the previous year[5] - The total liabilities decreased to ¥1,159,421,730.86 from ¥1,237,317,657.89, reflecting a reduction of approximately 6.3%[18] - Total equity increased to ¥3,306,724,576.42 from ¥3,181,611,945.52, marking a growth of about 3.9%[18] - Cash and cash equivalents decreased to CNY 992,975,831.66 from CNY 1,075,945,032.18, reflecting a decline of approximately 7.7%[17] - The company's inventory increased slightly to CNY 1,279,032,418.71 from CNY 1,272,779,370.13, indicating a growth of about 0.5%[17] - Accounts receivable rose to CNY 274,960,293.37 from CNY 235,579,112.44, representing an increase of approximately 16.7%[17] - The company’s total current liabilities were not specified, but accounts payable decreased to CNY 230,735,204.91 from CNY 253,321,886.53, a decline of about 8.9%[17] Cash Flow - Cash flow from operating activities decreased by 50.78% to ¥25,921,050.26 from ¥52,671,456.22 in the same period last year[5] - Cash generated from operating activities was ¥578,784,826.37, compared to ¥465,773,219.88 in the previous period, indicating a significant increase[23] - Operating cash inflow totaled CNY 591,963,842.26, an increase from CNY 491,372,096.12 in the previous period, reflecting a growth of approximately 20.4%[24] - Operating cash outflow amounted to CNY 566,042,792.00, compared to CNY 438,712,506.67 previously, indicating an increase of about 29.0%[24] - Net cash flow from operating activities was CNY 25,921,050.26, down from CNY 52,659,589.45, representing a decline of approximately 50.8%[24] - Cash inflow from investment activities was CNY 299,293,783.06, a decrease from CNY 610,194,154.70, reflecting a decline of about 51.0%[24] - Cash outflow from investment activities reached CNY 464,037,838.03, down from CNY 763,145,715.43, indicating a decrease of approximately 39.2%[24] - Net cash flow from investment activities was -CNY 164,744,054.97, compared to -CNY 152,951,560.73 previously, showing a slight increase in negative cash flow[24] - Cash inflow from financing activities totaled CNY 4,871,776.00, significantly lower than CNY 43,105,137.86, a decrease of about 88.7%[25] - Cash outflow from financing activities was CNY 6,276,269.71, down from CNY 95,931,087.04, indicating a reduction of approximately 93.5%[25] - The net increase in cash and cash equivalents was -CNY 136,692,671.36, compared to -CNY 147,464,735.32 previously, showing a slight improvement in cash flow[25] - The ending balance of cash and cash equivalents was CNY 107,823,943.09, down from CNY 129,729,669.30, reflecting a decrease of approximately 16.9%[25] Shareholder Information - The company has a significant shareholder structure, with the largest shareholder holding 23.46% of the shares[13] - The top ten shareholders hold a total of 97,124,098 shares, which are unrestricted[14] - The company has a repurchase account holding 7,409,900 shares, representing 1.79% of total shares[14] - There were no changes in the participation of major shareholders in margin trading or securities lending during the reporting period[14] Strategic Initiatives - The company is exploring new strategies for market expansion and product development, although specific details were not disclosed in the call[15] Research and Development - Research and development expenses rose to ¥76,398,441.76, up from ¥59,950,671.27, indicating a focus on innovation[21] Financial Expenses - The company reported a decrease in financial expenses, with a net financial cost of -¥17,435,025.93 compared to -¥769,445.35 in the previous period[21]

证券代码：002901 证券简称：大博医疗 公告编号：2025-024 大博医疗科技股份有限公司 第三届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 大博医疗科技股份有限公司（以下简称"公司"）第三届监事会第十六次会议 于 2025 年 4 月 29 日在公司会议室以现场方式召开，会议通知以专人送达、传真、 电子邮件、电话相结合的方式已于 2025 年 4 月 18 日向各位监事发出，本次会议 应参加监事 3 名，实际参加监事 3 名，本次会议的召开符合《公司法》《公司章 程》等法律法规的规定，合法有效。 本次会议由监事会主席詹欢欢女士主持，与会监事就会议议案进行了审议、 表决，形成了如下决议： 一、会议以 3 票赞成、0 票反对、0 票弃权的表决结果审议通过了《2025 年 第一季度报告》。 经审核，监事会认为董事会编制和审核的大博医疗科技股份有限公司 2025 年第一季度报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 具体内容 ...

Core Viewpoint - Dabo Medical's stock closed at 32.78 yuan on April 28, experiencing a decline of 2.38%, with a rolling PE ratio of 38.04 times and a total market capitalization of 13.572 billion yuan [1] Group 1: Company Performance - Dabo Medical reported a revenue of 2.136 billion yuan for the year 2024, representing a year-on-year increase of 39.29% [1] - The net profit for the same period was 357 million yuan, showing a significant year-on-year growth of 505.16% [1] - The company's gross profit margin stood at 68.75% [1] Group 2: Market Position - In the medical device industry, the average PE ratio is 46.40 times, while the median is 34.81 times, placing Dabo Medical at the 81st position in terms of PE ratio [2] - The company has seen a net inflow of 7.6753 million yuan in principal funds on April 28, with a total inflow of 2.9701 million yuan over the past five days [1]

一、基本情况 本人林琳，1974年出生，硕士，中国国籍，无境外永久居留权，现任大洲控股 集团有限公司董事、执行总裁、风控总监。曾任广汇物流股份有限公司总经理、中 国人民财产保险股份有限公司厦门分公司信保部总经理。因连续任期届满六年，本 人于2025年4月9日起不再担任大博医疗科技股份有限公司（SZ002901）独立董事及 董事会相关专门委员会的职务。 证券代码：002901 证券简称：大博医疗 大博医疗科技股份有限公司 2024年度独立董事述职报告 各位股东及股东代表： 本人作为大博医疗科技股份有限公司（以下简称"公司"）的独立董事，根据《公 司法》《证券法》《上市公司独立董事管理办法》等法律法规及《公司章程》《独 立董事工作制度》等相关规定，在2024年度工作中，忠实地履行了独立董事的职责， 勤勉、审慎、独立地行使公司赋予独立董事的权利，积极出席相关会议，认真审议 各项议案，发挥专业特长，为公司经营发展提出合理化建议，为董事会的科学决策 提供有力支撑，促进公司稳健、规范、可持续发展，切实维护了公司和全体股东尤 其是中小股东的合法利益。现将本人在2024年度的履职情况报告如下： 作为公司的独立董事，本人具备《 ...

证券代码：002901 证券简称：大博医疗 大博医疗科技股份有限公司 2024年度独立董事述职报告 各位股东及股东代表： 本人作为大博医疗科技股份有限公司(以下简称"公司")的独立董事，严格按照 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办 法》《深圳证券交易所股票上市规则》等法律法规和《公司章程》《独立董事工作 制度》等相关规定，在2024年的工作中，认真履行独立董事职责，充分行使独立董 事职权，勤勉尽责，恪尽职守，出席、列席了公司本年度召开的董事会和股东大会， 听取公司生产经营汇报，关注财务状况、公司治理情况，针对公司经营中的重大事 项发表了独立意见，切实维护了公司和全体股东尤其是中小股东的合法权益。现将 本人在2024年度的工作情况汇报如下： 一、基本情况 本人王艳艳，女，1980年出生，中国国籍，无境外永久居留权，中共党员，博 士研究生学历。现任厦门大学管理学院财务学系教授、博士生导师；兼任厦门亿联 网络技术股份有限公司独立董事。因连续任期届满六年，本人于2025年4月9日起不 再担任大博医疗科技股份有限公司（SZ002901）独立董事及董事会相关专门委员会 的职务。 报告 ...