Macro Analysis - Industrial enterprises' profits continued to show a strong start in January-February 2026, driven by accelerated industrial production, rising prices, and improved profit margins [1] - Profit distribution is skewed towards the midstream and upstream sectors due to rising resource prices and global capital expenditure [1] - The recovery in PPI readings is expected to support overall corporate profit recovery, although high oil prices may lead to differentiated impacts on profitability across sectors [1] Bond Market - The convertible bond market has resumed its upward trend, with investors advised to track market supply, policy rhythms, and geopolitical disturbances while making refined selections based on bond terms and underlying stock conditions [2] REITs Market - The secondary market for publicly listed REITs has continued to experience price declines for five consecutive weeks, with the CSI REITs index closing at 778.53, reflecting a return rate of -0.83% [3] Banking Sector - Qingdao Bank reported a revenue of 14.6 billion, a year-on-year increase of 8%, and a net profit of 5.2 billion, up 22%, indicating accelerated revenue and profit growth [4] - Wuxi Bank achieved a revenue of 4.8 billion, a 2% increase, and a net profit of 2.3 billion, up 2.5%, showcasing resilient profit growth driven by corporate business [5] - Industrial Bank reported a revenue of 212.7 billion, a slight increase of 0.2%, and a net profit of 77.5 billion, up 0.3%, with a focus on expanding new business areas [7] - Postal Savings Bank's revenue growth improved sequentially, with a 2% increase in revenue and a 6.6% increase in PPOP [8] Non-Banking Financials - China Pacific Insurance reported a net profit increase of 25.5%, with future non-auto insurance business expected to maintain a leading position [9] - New China Life Insurance's net profit reached 36.28 billion, a 38.3% increase, with expectations for continued growth in new business value [10] - Ping An Insurance's net profit grew by 6.5%, with a slight downward adjustment in future profit forecasts [11] - China Insurance's net profit increased by 8.8%, with expectations for stable performance in both property and life insurance segments [12] Real Estate and Property Management - Jianfa Property achieved a revenue of 3.881 billion, a 17.8% increase, with a significant rise in property management service revenue [14][15] Chemical and Semiconductor Sector - Dinglong Co. reported a revenue of 3.66 billion, a 9.66% increase, and a net profit of 720 million, up 38.32%, with expectations for continued growth in the semiconductor sector [16] Oil and Gas Sector - China National Petroleum Corporation reported total revenue of 2864.5 billion, a decrease of 2.5%, and a net profit of 157.3 billion, down 4.5%, with a focus on increasing reserves and production [17] - CNOOC's total revenue was 398.2 billion, down 5.3%, with a net profit of 122.1 billion, down 11.5%, but with a positive outlook for future profit growth [18] Utilities Sector - China General Nuclear Power Corporation reported a revenue of 756.97 billion, down 4.11%, and a net profit of 97.65 billion, down 9.9%, with an upward revision in future profit forecasts [20] Food and Beverage Sector - Haitian Flavor Industry achieved a revenue of 28.873 billion, a 7.3% increase, and a net profit of 7.04 billion, up 10.9%, indicating strong performance in the food sector [48] - Qingdao Beer reported a revenue of 32.47 billion, a 1% increase, and a net profit of 4.59 billion, up 5.6%, with a focus on maintaining strong brand advantages [51]

Group 1: North Chemical Co., Ltd. (北化股份) - The company is a leading enterprise in the nitrocellulose industry, with expectations for accelerated performance recovery due to asset restructuring and business expansion into protective equipment and special industrial pumps [14] - The demand for nitrocellulose is expected to rise due to increased military and civilian needs, supported by geopolitical tensions and stable demand in traditional markets [14] - The company has a complete product range and strong market position, with plans for expansion that will enhance its competitive edge and profitability [14] Group 2: Zhongxin Co., Ltd. (众鑫股份) - Zhongxin is a leading global player in the pulp molding industry, with a market share of 15.6% and projected revenue growth of 16.6% year-on-year for 2024 [13] - The company is expanding its product lines and geographic reach, with a focus on sustainable packaging solutions that align with environmental policies [16] - Manufacturing efficiency and cost control are key strengths, allowing the company to maintain a competitive edge in profitability [16] Group 3: Kangzhong Medical (康众医疗) - Kangzhong Medical is a pioneer in digital X-ray flat panel detectors, with a strong market presence in over 30 countries [17] - The company is transitioning towards AI applications in healthcare, which is expected to drive significant growth in the coming years [20] - The potential market for ultrasound AI services is estimated at approximately 35 billion yuan, with the company positioned to capture a significant share due to its technological advantages [20] Group 4: GCL-Poly Energy Holdings Limited (协鑫能科) - GCL-Poly is a leading energy ecosystem service provider, focusing on clean energy and energy services, with a solid revenue base and growth in high-margin service sectors [21] - The company is actively expanding its clean energy assets and services, benefiting from national carbon reduction strategies [22] - Forecasted net profits for 2025-2027 are expected to grow significantly, with a projected increase in earnings per share [25]

Core Viewpoint - The company achieved significant growth in both revenue and profit in 2025, indicating a strong operational performance and improved profitability metrics [4][5]. Group 1: Financial Performance - In 2025, the company reported a revenue of 1.595 billion, representing an 18.26% year-on-year increase; net profit attributable to shareholders was 154 million, up 36.02%; and net profit excluding non-recurring items was 135 million, reflecting a 14.34% growth [4]. - In Q4 2025, the company achieved a revenue of 494 million, a 33.91% increase year-on-year; net profit attributable to shareholders surged by 274.03% to 42 million; and net profit excluding non-recurring items grew by 11.17% to 23 million [4]. Group 2: Cost Structure and Cash Flow - The company’s sales expense ratio was 24.46%, down by 1.01 percentage points; management expense ratio was 17.86%, up by 0.02 percentage points; financial expense ratio was 1.04%, up by 2.78 percentage points; and R&D expense ratio was 6.97%, down by 0.40 percentage points [5]. - The net cash flow from operating activities increased by 58.77%, driven by growth in Echosens and domestic pharmaceutical segments, as well as increased cash inflows from external units [5]. Group 3: R&D Investment and Innovation - In 2025, the company invested 111 million in R&D, an increase of 11.78% year-on-year [6]. - The company made significant innovations, including the continuous optimization of the liver disease management platform LHM and the advancement of the fourth-generation FibroScan? device and AI-assisted FibroScan? device [6]. - The R&D team grew to 112 members, a 6.67% increase, with the number of PhD holders rising from 8 to 36, providing a solid foundation for technological innovation [6]. Group 4: Global Market Expansion - The core product, the FibroScan? series diagnostic instruments, received multiple certifications including EU CE, US FDA, and China NMPA, and was included in liver disease detection guidelines by WHO and other authorities [7]. - In 2025, the company achieved overseas revenue of 1.064 billion, a 24.59% increase, accounting for 66.67% of total revenue; the subsidiary Echosens installed 1,691 units under a pay-per-use and leasing model, generating a net profit of 250 million, up 31.34% [7][8]. - The company deepened collaborations with global pharmaceutical companies like Boehringer Ingelheim, laying a foundation for sustained growth in overseas business [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company achieved a revenue of 1.595 billion yuan in 2025, representing an 18.26% year-on-year growth, while the net profit attributable to shareholders reached 154 million yuan, up 36.02% year-on-year [1][2]. - The company continues to enhance its global presence, with overseas revenue accounting for 66.67% of total revenue in 2025, amounting to 1.064 billion yuan, a 24.59% increase [3]. - Research and development (R&D) investment increased by 11.78% to 111 million yuan in 2025, supporting significant innovation in product offerings [2][3]. Summary by Sections Financial Performance - In Q4 2025, the company reported a revenue of 494 million yuan, a 33.91% increase year-on-year, and a net profit of 42 million yuan, soaring 274.03% year-on-year [1]. - The operating cash flow increased by 58.77% year-on-year, driven by growth in the Echosens and domestic pharmaceutical segments [2]. Cost Structure - The sales expense ratio was 24.46%, down 1.01 percentage points year-on-year, while the management expense ratio slightly increased to 17.86% [2]. - R&D expense ratio decreased to 6.97%, indicating a focus on efficiency in spending [2]. Product and Market Development - The core product, the FibroScan® series, received multiple certifications, including from the EU, FDA, and NMPA, and is included in WHO guidelines for liver disease detection [3]. - The company is expanding its collaboration with global pharmaceutical companies, which is expected to support ongoing growth in international markets [3]. Profit Forecast and Valuation - The net profit forecasts for 2026 and 2027 have been adjusted downwards to 207 million yuan and 275 million yuan, respectively, reflecting increased costs associated with product expansion [3]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 73 for 2026, 55 for 2027, and 42 for 2028, indicating a premium valuation [3].

证券代码：300049 证券简称：福瑞医科 内蒙古福瑞医疗科技股份有限公司 投资者关系活动记录表 编号：2026-001 2025 年度，泰拉克里昂国内外投入合计影响归母利润约为-2330 万元。泰拉克里昂核心产品 SONOVEIN 优势如下：完全无创、临床闭合率达 96.8%、即做即走、适用人群广。 目前泰拉克里昂产品 FDA 认证已提交申请，正按流程推进。在发展规划上，泰拉克里昂将聚焦 高强度聚焦超声医疗技术的应用拓展，除了现有欧洲医疗领域，还将探索美国医疗服务、国内 医美等多元场景。公司将持续关注其认证进度，并根据业务发展需要提供必要支持。 5、港股 IPO 进展情况 | | □特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 投资者关系活动类 | □ 媒体采访 ☑ 业绩说明会 | | | 别 | □ 新闻发布会 □ 路演活动 | | | | □ 现场参观 □ 其他 中信建投 (国际) 金融控股有限公司、上海从容投资管理有限公司、浦银安盛基金管理有限公 | | | | 司、路博迈基金管理（中国）有限公司、华安基金管理有限公司、光大保德信基金管理有限公 | | | | 司、 ...

证券代码：300049 证券简称：福瑞医科 公告编号：2026-017 内蒙古福瑞医疗科技股份有限公司 关于回购注销部分限制性股票通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、通知债权人的原由 内蒙古福瑞医疗科技股份有限公司（以下简称"公司"）于2026年3月24日召开 第八届董事会第十七次会议，审议通过《关于回购注销2024年限制性股票激励计 划部分限制性股票的议案》。鉴于公司2024年限制性股票激励计划首次授予中的7 名激励对象已离职，且公司2025年净利润未满足2024年限制性股票激励计划首次 授予部分第二个解除限售期及预留授予部分第一个业绩期的考核条件，根据《上 市公司股权激励管理办法》和公司《2024年限制性股票激励计划（草案修订稿）》 等有关规定，公司需对97名激励对象已获授但尚未解除限售的限制性股票合计 98.48万股进行回购注销，回购价格为18.09元/股。根据公司2023年度股东大会的授 权，本次回购注销事项在董事会审批权限内，无需提交股东会审议。本次回购注 销完成后，公司股份总数将减少98.48万股，最终股本变动情况 ...

证券代码：300049 证券简称：福瑞医科 公告编号：2026-016 内蒙古福瑞医疗科技股份有限公司 关于回购注销 2024 年限制性股票激励计划部分限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 内蒙古福瑞医疗科技股份有限公司（以下简称"公司"或"福瑞医科"）于 2026年3月24日召开第八届董事会第十七次会议，审议通过《关于回购注销2024年 限制性股票激励计划部分限制性股票的议案》，决定回购注销2024年限制性股票 激励计划（以下简称"本激励计划"）部分已授予但尚未解除限售的限制性股票 98.48万股。现将有关事项说明如下： （五）2024年5月31日，公司召开第八届董事会第九次会议、第八届监事会第 八次会议，审议通过了《关于向激励对象首次授予限制性股票的议案》，公司监 事会对本次授予限制性股票的激励对象名单进行了核实。 （六）2024年10月23日，公司召开第八届董事会第十一次会议、第八届监事 会第十次会议，审议通过了《关于向激励对象授予预留限制性股票的议案》，公 司监事会对本次授予限制性股票的激励对象名单进行了核实 ...

内蒙古福瑞医疗科技股份有 限公司 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审计报告 大信审字[2026]第 23-00054 号 内蒙古福瑞医疗科技股份有限公司全体股东： 审 计 报 告 大信审字[2026]第 23-00054 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 一、审计意见 我们审计了内蒙古福瑞医疗科技股份有限公司（以下简称"贵公司"）的财务报表，包 括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的 ...

回购注销 2024 年限制性股票激励计划 部分限制性股票的 法律意见书 北京金诚同达律师事务所 关于 内蒙古福瑞医疗科技股份有限公司 金证法意[2026]字 0324 第 0156 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 | | | 金诚同达律师事务所 法律意见书 释 义 在本法律意见书内，除非文中另有说明，下列词语具有下述含义： | 公司/福瑞股份 | 指 | 内蒙古福瑞医疗科技股份有限公司 | | --- | --- | --- | | 本所 | 指 | 北京金诚同达律师事务所 | | 本次激励计划 | 指 | 福瑞股份 2024 年限制性股票激励计划 | | 《激励计划（草案修订 | 指 | 《内蒙古福瑞医疗科技股份有限公司 2024 年限制性股票 | | 稿）》 | | 激励计划（草案修订稿）》 | | 《考核办法》 | 指 | 《内蒙古福瑞医疗科技股份有限公司 2024 年限制性股票 | | | | 激励计划实施考核管理办法》 | | | | 根据《激励计划（草案修订稿）》及《考核办法》的规定， 因部分激励对象 ...

内蒙古福瑞医疗科技股份有限公司 2025年度独立董事述职报告 本人自2025年5月21日起担任内蒙古福瑞医疗科技股份有 限公司（以下简称"公司 "）独立董事。任职期间严格按照 《公司法》《证券法》《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公 司规范运作》等相关法律法规和《公司章程》《独立董事工 作细则》等公司相关的规定和要求，忠实履行独立董事职 责，充分发挥独立董事独立性和专业性，认真审慎维护全体 股东尤其是中小股东的合法权益。 现将本人2025年度履行独立董事职责情况向各位董事汇 报如下： 2025年度，本人依托财务管理专业背景，积极通过现场 工作发挥独立董事的专业支持作用，为公司财务团队建设和 经营管理效能提升提供实务指导。结合公司经营发展需要， 本人面向财经部和董事会办公室相关人员开展了财务专题培 训。 一、出席董事会和列席股东大会情况 2025年度，本人在任职期间恪尽独立董事职责，全程亲 自出席了公司在此期间召开的3次董事会及2次股东大会。履 职过程中，本人坚持会前深入研读会议材料，会中积极参与 各项议案的专业讨论与审慎决策，注重从独立专业视角为董 事会科学 ...