9月3日，福瑞股份涨5.38%，截至发稿，报66.38元/股，成交3.11亿元，换手率2.06%，总市值175.89亿 元。 截至发稿，王峥娇累计任职时间7年41天，现任基金资产总规模24.17亿元，任职期间最佳基金回报 74.43%， 任职期间最差基金回报-53.83%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓福瑞股份。南方医药保健灵活配置混合A（000452）二季度增持 15.9万股，持有股数388.99万股，占基金净值比例为5.22%，位居第六大重仓股。根据测算，今日浮盈 赚取约1318.67万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，内蒙古福瑞医疗科技股份有限公司位于北京市朝阳区新源里16号琨莎中心2座7层，成立日期 2001年12月26日，上市日期2010年1月20日，公司主营业务涉及从事肝病领域的药品生产与销售、仪器 研发与销售、医疗服务业务。主营业务收入构成为：设备及技术67.57%，药品27.47 ...

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

资金面上看，两市主力资金全天净流出443.43亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨5.53%，全天净流入资金105.53亿元，其次是通信行业，日涨幅为 7.14%，净流入资金为49.98亿元。 沪指8月28日上涨1.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、电子，涨幅 分别为7.14%、5.53%。跌幅居前的行业为煤炭、农林牧渔，跌幅分别为0.81%、0.73%。医药生物行业 今日下跌0.20%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600211 | 西藏药业 | 9.00 | 11.64 | 32028.90 | | 300049 | 福瑞股份 | 15.35 | 19.73 | 29335.67 | | 603222 | 济民健康 | 9.96 | 24.19 | 12589.52 | | 603087 | 甘李药业 | 4.40 | 3.94 | 8203.50 | | 000963 | 华东医药 | -0. ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Viewpoints - The company achieved a revenue of 713 million yuan in the first half of 2025, representing a year-on-year increase of 11%. However, the net profit attributable to the parent company decreased by 31.1% to 50 million yuan [1]. - The MASH drug Rezdiffra has shown strong commercial performance, with Q2 sales reaching 212.8 million USD, a 55% increase quarter-on-quarter. The total sales for the first half of the year amounted to 350.1 million USD [2]. - The company is enhancing its organizational efficiency through management upgrades, global sales network expansion, and capacity base expansion, which is expected to support its global business capabilities [2]. Financial Summary - The company's projected net profits for 2025-2027 are adjusted to 203 million yuan, 306 million yuan, and 421 million yuan, with corresponding growth rates of 79%, 51%, and 38% [3]. - The expected revenue for 2025 is 1.688 billion yuan, with a year-on-year growth rate of 25.1% [4]. - The earnings per share (EPS) for 2025 is projected to be 0.77 yuan, with a net profit margin of 12% [4].

证券之星消息，8月28日医疗器械板块较上一交易日下跌0.08%，透景生命领跌。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。医疗器械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300049 | 福瑞股份 | 65.02 | 15.35% | 46.10万 | | 29.15 亿 | | 603222 | 济民健康 | 11.04 | 9.96% | 127.00万 | | 13.25 Z | | 301235 | 华康洁净 | 34.38 | 6.84% | 6.41万 | | 2.16亿 | | 300677 | 英科医疗 | 37.65 | 5.46% | 21.66万 | | 7.92亿 | | 688050 | 爰博医疗 | 80.18 | 5.43% | 13.26万 | | 10.70亿 | | 688108 | 赛诺医疗 | 31.87 | 5.43% | 51.61万 | | 15.92 ...

投资建议：公司核心产品Fibroscan 在北美市场持续发力，见微知著，预计未来随着MASH 新药在全球 范围内加速推广，Fibroscan 有望在全球其他区域也实现从1 到N 的突破，助力公司器械业务收入持续攀 高。我们预计公司2025-2027 年实现营业收入17.27、24.57、36.29 亿元，实现归母净利润1.88、2.90、 4.62 亿元，同比+65.8%、+54.4%、+59.4%；对应EPS 为0.71、1.09、1.74 元；对应PE 为95.9X、 62.1X、39.0X，维持"买入"评级。 风险提示：汇兑损失风险；宏观政策风险；设备投放不及预期风险；药物销量不及预期风险 剔除股权激励及汇兑损益影响后，公司25H1 净利润同比增长约20.99%。 2025 年上半年，公司整体实现营业收入7.13 亿元，较上年同期增长11.02%；整体实现净利润0.78 亿 元，较上年同期减少30.24%；实现归属母公司所有者的净利润0.52 亿元，较上年同期减少31.09%。净 利润减少系股权激励费用增长及汇兑损益所致，25H1 公司股权激励计提股份支付费用为1,244.05万元， 去年同期计提的股份 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Insights - The company is experiencing a significant increase in demand from North American customers, particularly in its medical device segment, which is expected to drive revenue growth [3][9]. - The core product, Fibroscan, is anticipated to see continued growth as the MASH new drug accelerates its global promotion, leading to a breakthrough in other regions [9]. - The company is projected to achieve revenues of 1.727 billion, 2.457 billion, and 3.629 billion yuan from 2025 to 2027, with corresponding net profits of 188 million, 290 million, and 462 million yuan, reflecting year-on-year growth rates of 65.8%, 54.4%, and 59.4% respectively [9]. Financial Performance Summary - For 2023, the company expects revenue of 1.154 billion yuan, with a year-on-year growth rate of 14.4%. By 2027, revenue is projected to reach 3.629 billion yuan, with a growth rate of 47.7% [1]. - The net profit attributable to the parent company is forecasted to grow from 102 million yuan in 2023 to 462 million yuan in 2027, with a significant increase in the growth rate from 3.8% in 2023 to 59.4% in 2027 [1]. - The company's return on equity (ROE) is expected to improve from 9.6% in 2023 to 21.1% in 2027, indicating enhanced profitability [1]. Business Segment Performance - The medical device segment reported a revenue of 482 million yuan in the first half of 2025, marking a year-on-year increase of 13.8%. This growth is attributed to increased sales and management investments, as well as the approval of the MASH new drug [3]. - The pharmaceutical and medical services segment achieved a revenue of 231 million yuan in the first half of 2025, with a growth rate of approximately 5.62%. The e-commerce channel for proprietary drugs saw a remarkable increase of 59.23% [4].

Group 1 - The company's revenue showed steady growth, with a year-on-year increase of over 20% in net profit attributable to shareholders after excluding stock payment and exchange rate impacts [1] - In the first half of 2025, the company achieved revenue of 713 million yuan (+11.02%) and a net profit attributable to shareholders of 52 million yuan (-31.09%) [1] - The second quarter of 2025 saw a revenue of 383 million yuan (+19.76%) and a net profit attributable to shareholders of 23 million yuan (-28.63%) [1] Group 2 - Revenue from pharmaceutical and medical services slightly increased to 231 million yuan (+5.62%), contributing 36 million yuan to net profit [2] - The medical device business performed well, generating revenue of 480 million yuan (+13.80%), with equipment sales accounting for 253 million yuan (52.5%) [2] - The gross profit margin slightly decreased to 75.26% (-1.03pp), primarily due to changes in business structure [2] Group 3 - The recent FDA approval of the MASH drug is expected to drive demand for non-invasive testing [3] - The company has expanded its FibroScan product line in over 100 countries, with strong technical barriers and international competitiveness [3] - Revenue forecasts for 2025-2027 are projected at 1.63 billion, 1.92 billion, and 2.27 billion yuan, with year-on-year growth rates of 21%, 18%, and 18% respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company reported a revenue growth of 20% year-on-year in Q2 2025, with a significant catalyst from the MASH non-invasive testing [1][3]. - The revenue for the first half of 2025 reached 713 million yuan, an increase of 11.02%, while the net profit attributable to the parent company was 52 million yuan, a decrease of 31.09% [1][6]. - The approval of the MASH drug by the FDA is expected to drive demand for non-invasive liver disease testing, positioning the company as a leader in this market [3][19]. Financial Performance - The company achieved a revenue of 383 million yuan in Q2 2025, reflecting a growth of 19.76% [1][6]. - The pharmaceutical and medical services segment generated revenue of 231 million yuan, up 5.62%, while the medical device segment saw a revenue increase of 13.80%, totaling 480 million yuan [2][12]. - The gross margin for the first half of 2025 was 75.26%, a slight decrease of 1.03 percentage points, primarily due to changes in business structure [2][16]. Profitability Forecast - The company forecasts revenues of 1.63 billion yuan, 1.92 billion yuan, and 2.27 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21%, 18%, and 18% [3][4]. - The net profit attributable to the parent company is expected to reach 210 million yuan, 280 million yuan, and 360 million yuan for the same years, with growth rates of 83%, 35%, and 29% [3][4]. Market Position - The company has established a strong market presence with its FibroScan product line, which is recognized globally and has received various certifications [3][19]. - The company has installed 977 units of its FibroScan products worldwide, indicating robust market penetration [2][12].

New Stock Issuance - New stock issuance for Huaxin Jingke at a price of 18.60 on August 25, 2025[1] - Shenkou Co. (stock code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - Fushun Special Steel (stock code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Market Alerts - Dongxin Co. (stock code: 688110) reported severe abnormal fluctuations on August 16, 2025[1] - ST Suwu (stock code: 600200) and ST Zhongdi (stock code: 000609) both have announcements dated August 25, 2025[1] - Multiple companies including Zhehai Deman (stock code: 688577) and Huaguang Huaneng (stock code: 600475) have announcements related to abnormal fluctuations on August 23, 2025[1] Additional Information - The report includes links to detailed announcements for various companies, providing transparency and access to further information[1] - The document highlights the importance of monitoring stock performance and market trends for informed investment decisions[1]