Core Points - The company Inner Mongolia Furui Medical Technology Co., Ltd. (stock code: 300049) held its 15th meeting of the 8th Board of Directors on October 28, 2025, where two resolutions were passed unanimously [1] - The resolutions included the approval of the Q3 2025 report and amendments to the independent director working rules, aimed at enhancing corporate governance [1][2] Summary by Sections Board Meeting - The board meeting was conducted via electronic means with all five directors participating, resulting in a unanimous vote of 5 in favor, 0 against, and 0 abstentions [1] - The meeting was chaired by Chairman Wang Guan, and the notice was sent out on October 22 [1] Q3 2025 Report - The Q3 2025 report was disclosed on the same day as the board meeting, providing investors with the latest operational performance data [1] Independent Director Working Rules - The amendments to the independent director working rules were made to align with the latest revisions of the company's articles of association and comply with relevant laws and regulations [1] - The revised rules were also disclosed on the same platform, ensuring transparency [1][2]

内蒙古福瑞医疗科技股份有限公司 独立董事工作细则 内蒙古福瑞医疗科技股份有限公司 独立董事工作细则 第一章 总则 第一条 为进一步完善内蒙古福瑞医疗科技股份有限公司（以下简称"公司"）的 公司治理结构，促进公司规范运作，根据《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》等法律、法规和规范性文件以及《内蒙古福瑞医 疗科技股份有限公司章程》（以下简称《公司章程》） 等有关规定，制定本工作细则。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关 系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个 人的影响。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务，并应当按照法律、行政 法规、证监会规定、证券交易所业务规则和公司章程的规定，认真履行职责，在董事 会中发挥参与决策、监督制衡、专业咨询的作用，维护公司整体利益，保护中小股东 的合法权益。 第四条 公司独立董事占董事会成员的比例不 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥387,627,519.32, representing a year-on-year increase of 14.94%[5] - Net profit attributable to shareholders was ¥59,952,178.95, a significant increase of 125.06% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥58,126,768.24, up 159.09% year-on-year[5] - Basic earnings per share for the third quarter were ¥0.2281, an increase of 127.87% year-on-year[5] - Total operating revenue for the current period reached ¥1,101,043,939.95, an increase of 12.36% compared to ¥979,861,125.40 in the previous period[22] - Net profit for the current period was ¥161,996,666.50, slightly up from ¥159,152,636.90, reflecting a growth of 1.16%[23] - The net profit attributable to shareholders of the parent company was ¥111,886,162.73, compared to ¥102,002,238.15 in the previous period, marking an increase of 9.23%[23] - Basic and diluted earnings per share increased to ¥0.4253 from ¥0.3834, reflecting a growth of 10.00%[23] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥212,737,356.54, reflecting a growth of 75.22% compared to the previous year[8] - Operating cash flow for the current period was ¥212,737,356.54, an increase of 75.4% compared to ¥121,409,126.37 in the previous period[24] - Total cash inflow from investment activities was ¥860,310,636.91, up from ¥479,040,826.82 in the previous period, representing an increase of 79.5%[24] - Net cash flow from investment activities was -¥163,839,700.89, worsening from -¥79,597,119.85 in the previous period[24] - Cash inflow from financing activities totaled ¥2,545,000.00, a significant decrease from ¥53,872,020.00 in the previous period[25] - Net cash flow from financing activities was -¥57,499,127.91, compared to a positive net flow of ¥1,410,487.38 in the previous period[25] - The cash and cash equivalents at the end of the period amounted to ¥567,859,350.52, an increase from ¥547,346,374.42 in the previous period[25] - Cash inflow from sales of goods and services was ¥1,113,307,648.20, up from ¥947,824,928.92, reflecting a growth of 17.5%[24] - Total cash outflow from operating activities was ¥936,663,566.02, compared to ¥869,036,586.72 in the previous period, indicating an increase of 7.8%[24] - The company received ¥36,093,274.36 in other operating cash, down from ¥41,221,619.11 in the previous period, a decrease of 12.5%[24] - The impact of exchange rate changes on cash and cash equivalents was ¥16,674,239.43, compared to -¥5,464,879.36 in the previous period, showing a positive shift[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,211,717,822.34, marking a 5.00% increase from the end of the previous year[5] - The total assets increased to ¥3,211,717,822.34 from ¥3,058,902,760.01, representing a growth of 4.99%[20] - Total liabilities decreased to ¥865,301,402.84 from ¥930,985,871.23, a reduction of 7.05%[20] - The total equity attributable to shareholders of the parent company rose to ¥1,905,441,251.04 from ¥1,747,683,972.59, an increase of 9.01%[20] Shareholder Information - The company reported a total of 26,726 common shareholders at the end of the reporting period[10] - The top shareholder, Wang Guanyi, holds 11.30% of the shares, totaling 29,934,138 shares[10] - The top shareholder, Newyu Fuchuang Investment Co., Ltd., holds 9,041,120 shares, accounting for 3.56% of total shares[11] - The second-largest shareholder, Wang Guanyi, owns 7,513,535 shares, representing 2.97% of total shares[11] - The company has a total of 22,615,603 restricted shares held by Wang Guanyi, with 195,000 shares released this period[12] - The total number of shares held by Hong Kong Central Clearing is 3,761,264, which is 1.42% of total shares[11] - The company has 6,844,880 shares held by Newyu Fuchuang Investment Co., Ltd. that are subject to lock-up due to the initial public offering[12] - The company plans to unlock 40% of the restricted shares for Wang Guanyi on July 19, 2025[12] - The total number of shares held by the top 10 shareholders includes significant stakes from various investment funds, indicating strong institutional interest[11] - The company has a total of 275,000 shares held by executive Deng Lijuan, with 130,000 shares released this period[12] - The company has a total of 2,225,500 shares held by Inner Mongolia Hetai Enterprise Management Co., Ltd., representing 0.84% of total shares[11] - The company has not reported any changes in the shareholding structure due to the transfer of shares among the top 10 shareholders[12] Research and Development - Research and development expenses for the current period were ¥81,187,578.74, up from ¥72,836,388.87, indicating a growth of 11.67%[22] Strategic Initiatives - The company has implemented a restricted stock incentive plan for 2024, with performance assessment targets set for 2024 to 2026, indicating a strategic focus on aligning executive compensation with company performance[16] - The first unlock of the stock incentive plan is scheduled for July 19, 2025, with 40% of the granted shares eligible for release, followed by 30% in 2026 and 30% in 2027[14] - The company anticipates significant uncertainty regarding the achievement of performance targets for the 2025 fiscal year, leading to a reversal of previously accrued stock incentive expenses[16] Asset Composition - Total current assets of CNY 1,592,149,867.47 as of September 30, 2025, an increase from CNY 1,523,701,631.34 at the beginning of the period, representing a growth of approximately 4.3%[18] - Cash and cash equivalents amounted to CNY 573,477,537.17, up from CNY 566,827,033.12, indicating a slight increase of about 1.2%[18] - Accounts receivable increased to CNY 573,617,649.34 from CNY 525,631,404.45, reflecting a growth of approximately 9.1%[18] - Inventory rose to CNY 154,284,519.96, compared to CNY 140,844,712.16 at the beginning of the period, marking an increase of about 9.5%[18] - Long-term equity investments decreased to CNY 41,328,293.49 from CNY 44,151,124.81, a decline of approximately 6.3%[18] - The company’s intangible assets increased to CNY 587,462,840.82 from CNY 558,146,179.79, representing a growth of about 5.2%[18] - The total non-current assets amounted to CNY 1,000,000,000, reflecting a strategic investment in long-term growth initiatives[18]

内蒙古福瑞医疗科技股份有限公司 第八届董事会第十五次会议决议公告 证券代码：300049 证券简称：福瑞股份 公告编号：2025-039 表决结果：同意 5 票，反对 0 票，弃权 0 票。 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。 2025 年 10 月 22 日，本公司以电子邮件的方式，向全体董事发出了《关于召开第八 届董事会第十五次会议的通知》及相关议案。根据《公司章程》和《董事会议事规则》 的有关规定，公司董事会于 2025 年 10 月 28 日以通讯方式召开了第八届董事会第十五次 会议。本次会议为定期会议，董事长王冠一先生主持了本次会议。会议应参加表决董事 5 人，实际参加表决董事 5 人，公司高级管理人员列席了本次会议。本次会议的召开符合 《公司法》和《公司章程》的规定。 出席会议的全体董事经过认真审议、表决，形成如下决议： 1、审议通过了《关于<2025 年第三季度报告>的议案》 《2025 年第三季度报告》详见公司于同日刊登在巨潮资讯网（www.cninfo.com.cn） 上的相关公告。 该议案已经公司审计委员会审议通过。 2、审议通 ...

Core Insights - The internet healthcare sector experienced a slight increase of 0.43% on October 27, with Haixia Innovation leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance Summary - Haixia Innovation (300300) saw a significant rise of 20.06%, closing at 7.66 with a trading volume of 1.7959 million shares and a transaction value of 1.292 billion [1] - Other notable gainers included: - Furuide (300049) up 5.05% to 70.77 with a transaction value of 766 million [1] - Xingqi Eye Medicine (300573) up 4.78% to 77.83 with a transaction value of 1.493 billion [1] - Conversely, several stocks in the sector experienced declines, such as: - Wandong Medical (600055) down 3.66% to 16.33 with a transaction value of 232 million [2] - Yuyue Medical (002223) down 3.53% to 35.80 with a transaction value of 1.218 billion [2] Capital Flow Analysis - The internet healthcare sector saw a net outflow of 47.5781 million from institutional investors, while retail investors contributed a net inflow of 252 million [2][3] - Specific stock capital flows included: - Haixia Innovation had a net inflow of 16.6 million from institutional investors but a net outflow of 10.3 million from speculative funds [3] - Furuide experienced a net inflow of 14.7 million from institutional investors but a significant outflow from retail investors totaling 108 million [3]

Group 1 - The core focus of several fund managers in Q3 has been on PCB leading stocks, particularly East Mountain Precision, with notable increases in holdings by prominent funds [2][3] - The fund "Yongying Technology Smart Select" has shown significant performance, with a year-to-date return exceeding 200%, and has heavily invested in the PCB sector and optical module leaders [3][5] - Fund managers have expressed confidence in the A-share market, highlighting the potential for further asset allocation towards equity due to favorable domestic fiscal and monetary policies [10][11] Group 2 - Fund managers have adjusted their portfolios, with some reducing holdings in optical module leaders while increasing investments in the robotics industry [6][7] - The "Yongying Technology Smart Select" fund has seen its net asset value growth rate approach 100%, leading to a substantial increase in fund size from 11.66 billion to 115.21 billion [12] - There is a growing interest in Hong Kong stocks, with funds increasing their positions in companies like Alibaba and various biotech firms, reflecting a dual focus on technology and recovery sectors [9]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market [32]. Core Insights - The report highlights that the Shenwan Pharmaceutical and Biological Index increased by 0.6% this week, while the Shanghai Composite Index rose by 2.9% and the Wind All A (excluding financials and petrochemicals) increased by 3.7% [4][6]. - The pharmaceutical sector's overall valuation stands at 30.4 times earnings, ranking 9th among 31 Shenwan primary industries [4][8]. - Significant collaborations and clinical trial results were reported, including a $11.4 billion global strategic partnership between Innovent Biologics and Takeda Pharmaceutical, which includes a $1.2 billion upfront payment [5][13]. - Key clinical trial results presented at the 2025 ESMO conference showed promising outcomes for several drugs, indicating advancements in treatment efficacy for various cancers [14][18][19]. Market Performance - The report details the performance of various sub-sectors within the pharmaceutical industry, with notable increases in medical devices (+0.2%), medical consumables (+1.7%), and medical research outsourcing (+5.5%), while traditional Chinese medicine and other biological products saw declines [4][8]. - The report also notes that 99 A-share pharmaceutical companies released their Q3 2025 earnings, with a total revenue of 94.15 billion yuan, reflecting a 1.3% year-on-year increase [20][22]. Key Events - The report mentions that Bairui Tianheng has passed the Hong Kong Stock Exchange hearing and is in the process of listing its H-shares [12]. - The report emphasizes the importance of the 2025 ESMO conference, where several companies presented significant clinical data, enhancing their market visibility and potential investment attractiveness [14][17][18]. Company Recommendations - The report recommends focusing on innovative drug sectors and companies with improving performance in medical devices and upstream sectors, including companies like Hengrui Medicine, Changchun High-tech, and Mindray Medical [5][20].

Core Viewpoint - The financial performance and trading activity of Furuya Co., Ltd. indicate a mixed outlook, with a slight decline in stock price and fluctuating financing activities, while the company continues to show growth in revenue but a significant drop in net profit [1][2]. Financing Activity - On October 16, Furuya Co., Ltd. experienced a financing buy-in of 43.17 million yuan, with a net financing outflow of 0.2851 million yuan, resulting in a total financing balance of 1.199 billion yuan, which accounts for 6.86% of the circulating market value [1]. - The financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, the company had a lending balance of 0.873 million yuan, which is below the 10th percentile level over the past year, suggesting low borrowing activity [1]. Financial Performance - For the first half of 2025, Furuya Co., Ltd. reported a revenue of 713 million yuan, reflecting a year-on-year growth of 11.02%, while the net profit attributable to shareholders decreased by 31.09% to 51.934 million yuan [2]. - Cumulatively, the company has distributed 246 million yuan in dividends since its A-share listing, with 52.6106 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 20, the number of shareholders for Furuya Co., Ltd. decreased by 5.41% to 25,900, while the average circulating shares per person increased by 5.72% to 9,020 shares [2]. - The top ten circulating shareholders include notable institutional investors, with Hua Bao Zhong Zheng Medical ETF increasing its holdings by 947,800 shares, while Rui Yuan Growth Value Mixed A reduced its holdings by 128,300 shares [3].

Core Insights - The report maintains a positive outlook on the pharmaceutical and biotechnology sector, highlighting a significant reduction in tariff risks for multinational corporations (MNCs) in the industry due to agreements with the U.S. government [5][8] - MNCs are expected to continue relying heavily on China's supply chain for raw materials and intermediates in the short term, despite the tariff reductions [5][8] - Emerging technologies such as small nucleic acid drugs and in vivo Car-T are maturing, creating new order opportunities for the Chinese supply chain [5][9] Section Summaries MNC Tariff Risk Reduction - The U.S. government has reached agreements with companies like AstraZeneca and Pfizer, allowing them to invest more in U.S. manufacturing and reduce drug prices in exchange for a three-year tariff exemption [5][8] - MNCs will likely adopt similar strategies to mitigate tariff risks, which will significantly lower the overall tariff burden on the industry [5][8] Industry Performance Review - As of October 10, 2025, the TTM-PE for the pharmaceutical and biotechnology sector is 51.48 times, which is 111% higher than the historical low of 24.38 times [10] - The sector's premium over the CSI 300 index is 263%, exceeding the historical low premium by 139 percentage points [10] Subsector Performance - The pharmaceutical and biotechnology sector experienced a decline of 1.20% from September 25 to October 10, 2025, ranking 21st among 27 subsectors [14][17] - Within the sector, traditional Chinese medicine saw an increase of 1.51%, while medical services and chemical preparations faced declines of 3.37% and 2.48%, respectively [17] Individual Stock Performance - The top three performing stocks in the sector were *ST Guohua (10.25%), Changshan Pharmaceutical (8.69%), and Zhenbao Island (8.56%) [21] - Conversely, the worst performers included Furui Co. (-7.47%), Xinlitai (-6.71%), and Jiming Health (-6.50%) [21] Q3 2025 Earnings Forecast - The report provides a detailed earnings forecast for Q3 2025, indicating expected net profits for various companies, including JianKai Technology and MeiNian Health, with specific growth drivers highlighted [23][24] Industry Dynamics - Recent approvals for new drugs and treatments, such as UCB's Zilucoplan for myasthenia gravis and Hemay005 for psoriasis, indicate ongoing innovation and regulatory progress within the sector [25][27][29]

Market Overview - The medical device sector increased by 0.72% on October 15, with TuoJing Life leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Performers - TuoJing Life (300642) closed at 25.85, up 10.38% with a trading volume of 294,900 shares and a transaction value of 756 million [1] - JiMin Health (603222) closed at 10.97, up 10.03% with a trading volume of 353,400 shares [1] - MaiLanDe (688273) closed at 43.90, up 9.75% with a trading volume of 47,500 shares [1] - KeFu Medical (301087) closed at 43.10, up 7.86% with a trading volume of 72,700 shares [1] - Rejing Bio (688068) closed at 170.79, up 6.96% with a trading volume of 34,700 shares [1] Underperformers - JinHao Medical (920925) closed at 34.05, down 3.81% with a trading volume of 15,400 shares [2] - DaBo Medical (002901) closed at 55.52, down 2.94% with a trading volume of 29,400 shares [2] - HuaDa ZhiZao (688114) closed at 68.57, down 2.93% with a trading volume of 52,400 shares [2] Capital Flow - The medical device sector saw a net inflow of 500 million in main funds, while retail investors experienced a net outflow of 214 million [2][3] - Major stocks like SaiNuo Medical (688108) had a net inflow of 129 million from main funds, while JiMin Health (603222) saw a net outflow of 471 million from retail investors [3]