证券简称：福瑞股份 证券代码：300049 上海荣正企业咨询服务（集团） 股份有限公司 关于 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 预留授予相关事项 之 （二）本独立财务顾问仅就本次预留授予事项对福瑞股份股东是否公平、 合理，对股东的权益和上市公司持续经营的影响发表意见，不构成对福瑞股份 的任何投资建议，对投资者依据本报告所做出的任何投资决策而可能产生的风 险，本独立财务顾问均不承担责任。 （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立 财务顾问报告中列载的信息和对本报告做任何解释或者说明。 独立财务顾问报告 2024 年 10 月 | | | 一、释义 | 福瑞股份、本公司、公司、 | 指 | 内蒙古福瑞医疗科技股份有限公司（含子公司） | | --- | --- | --- | | 上市公司 | | | | 财务顾问、独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 内蒙古福瑞医疗科技股份有限公司 年限制性股票激励计 2024 | | 本激励计划、本计划 | 指 | 划 | | | | 公司根据本激励计划规定的条件和价格，授予激 ...

证券代码：300049 证券简称：福瑞股份 公告编号：2024-047 内蒙古福瑞医疗科技股份有限公司 第八届监事会第十次会议决议公告 本公司及监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、监事会会议召开情况 2024年10月18日，本公司以电子邮件、传真和专人送达的方式，向全体监事发 出了《关于召开第八届监事会第十次会议的通知》及相关议案。根据《公司章程》 和《监事会议事规则》的有关规定，公司监事会于2024年10月23日在公司会议室以 现场结合通讯的方式召开了第八届监事会第十次会议，本次会议为临时会议，公司 监事会主席牛大为先生主持了本次会议，会议应参加表决监事3人，实际参加表决监 事3人，公司董事会秘书列席了本次会议。本次会议的召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 全体出席会议的监事经过认真审议、表决，形成如下决议： 2、审议通过了关于《向激励对象授予预留部份限制性股票》的议案 监事会认为：公司本次激励计划已经按照相关要求履行了必要的审批程序， 预留授予条件已成就，董事会确定的预留股票授予日符合《上市 ...

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 2024 年限制性股票激励计划预留部分授予事项的 法律意见书 金证法意[2024]字 1023 第 0586 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 | 释 | 义 | 2 | | --- | --- | --- | | 声 | 明 | 3 | | 正 | 文 | 4 | | 一、本次预留授予的批准与授权 4 | | | | 二、本次预留授予的授予日 6 | | | | 三、本次预留授予的授予对象、授予数量和授予价格 6 | | | | 四、本次预留授予的授予条件 7 | | | | 五、结论意见 7 | | | 金诚同达律师事务所 法律意见书 释 义 在本法律意见书内，除非文义另有所指，下列词语具有下述含义： | 公司 | 指 | 内蒙古福瑞医疗科技股份有限公司 | | --- | --- | --- | | 本次激励计划 | 指 | 公司 2024 年限制性股票激励计划 | | 本次预留授予 | 指 | 本次激励计划预留部分限制性股票授予 | | 《激励计 ...

证券代码：300049 证券简称：福瑞股份 公告编号：2024-046 内蒙古福瑞医疗科技股份有限公司 第八届董事会第十一次会议决议公告 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、董事会会议召开情况 根据《上市公司股权激励管理办法》、公司《2024年限制性股票激励计划（草 案修订稿）》的相关规定以及公司2023年年度股东大会的授权，董事会认为本次激 励计划规定的预留授予条件已经成就，同意以2024年10月23日为预留授予日，向8 名激励对象授予34.5万股预留限制性股票。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《关于向 激励对象授予预留限制性股票的公告》。 表决结果：同意 5 票，反对 0 票，弃权 0 票； 本议案已经公司人力资源与薪酬委员会审议通过。 三、备查文件 2024 年 10 月 18 日，本公司以电子邮件、传真和专人送达的方式，向全体董事发出 了《关于召开第八届董事会第十一次会议的通知》等相关议案。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 2024 年 10 月 23 日在公司 ...

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Asia to support growing demand in the region [1]. - Strategic partnerships were formed with local retailers to enhance market penetration [2]. Topic 3: Product Development - Launched three new products in the tech segment, which contributed to 20% of total revenue [3]. - R&D investment increased by 25% to accelerate innovation and product differentiation [4]. - Customer feedback on the new product line has been overwhelmingly positive, with a 95% satisfaction rate [1]. Topic 4: Operational Efficiency - Implemented new supply chain management software, reducing delivery times by 15% [2]. - Achieved a 10% reduction in production costs through process optimization [3]. - Employee training programs were expanded, resulting in a 20% increase in productivity [4]. Topic 5: Sustainability Initiatives - Introduced eco-friendly packaging for all products, reducing plastic usage by 30% [1]. - Committed to achieving carbon neutrality by 2030, with a 5% reduction in emissions this year [2]. - Partnered with environmental organizations to promote sustainable practices across the supply chain [3]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [4]. - Strengthened compliance programs to ensure adherence to global regulatory standards [1]. - Conducted annual shareholder meetings with increased transparency and engagement [2].

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。 内蒙古福瑞医疗科技股份有限公司（以下简称"公司"）董事会近日收到副总裁卢 奕伟先生的书面辞职报告，卢奕伟先生因个人原因申请辞去公司副总裁职务，辞职后不 再担任公司任何职务，辞职报告自送达公司董事会之日起生效。 公司董事会对卢奕伟先生在任职期间为公司发展做出的贡献表示衷心感谢！ 证券代码：300049 证券简称：福瑞股份 公告编号：2024-048 内蒙古福瑞医疗科技股份有限公司 关于副总裁辞职的公告 特此公告。 内蒙古福瑞医疗科技股份有限公司董事会 二〇二四年十月二十四日 ...

内蒙古福瑞医疗科技股份有限公司（以下简称"公司"）董事会近日收到证券事务 代表李文心女士的书面辞职报告，李文心女士因工作变动原因申请辞去公司证券事务代 表职务，辞职后不再担任公司任何职务，辞职报告自送达公司董事会之日起生效。 李文心女士在担任证券事务代表期间恪尽职守、勤勉尽责，公司董事会对李文心女 士在任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 证券代码：300049 证券简称：福瑞股份 公告编号：2024-043 内蒙古福瑞医疗科技股份有限公司 关于证券事务代表辞职的公告 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。 内蒙古福瑞医疗科技股份有限公司董事会 二零二四年九月二十八日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 643 million yuan, a year-on-year increase of 22.53%, and a net profit of 75.36 million yuan, up 71.99% year-on-year [2] - The revenue from medical devices showed steady growth, with a 9.78% increase in the first half of 2024, and the proportion of revenue from per-use charging and leasing increased from 40% in 2023 to 46% [2] - The FibroScanGo per-use charging model is expected to gradually realize its potential, with nearly 500 units installed globally by mid-2024, significantly up from 275 units at the end of 2023 [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 13.24%, and a net profit of 32.64 million yuan, up 5.93% year-on-year [2] - The pharmaceutical business saw a recovery with revenue of 197 million yuan in the first half of 2024, a year-on-year increase of 52.32% [3] Revenue Forecast and Valuation - The forecasted net profits for 2024-2026 are 208 million yuan, 304 million yuan, and 428 million yuan, with growth rates of 105%, 46%, and 41% respectively [3] - The current stock price corresponds to a PE ratio of 48X for 2024, 33X for 2025, and 23X for 2026 [3] Market Position and Product Development - The company is a leader in non-invasive liver disease diagnostics, with FibroScan being recommended in clinical guidelines by major health organizations [2] - The company is expanding the application of FibroScanGo in primary healthcare and non-liver fields, enhancing its market presence [2]

Investment Rating - The report maintains an "Outperform" rating for the company [4][12] Core Views - The company's pharmaceutical business showed strong growth, while equipment and technology business remained stable [1][5] - Revenue for H1 2024 reached 643 million yuan (+22.53%), with net profit attributable to parent company of 75 million yuan (+71.99%) [1][5] - Pharmaceutical revenue increased by 52.32% to 197 million yuan, driven by academic-oriented sales and expanded retail channels [1][5] - Equipment and technology revenue grew by 12.84% to 424 million yuan, supported by continuous installation of FibroScan [1][5] - The pay-per-use model for FibroScan is gaining traction, with 500 units installed globally by H1 2024 [2][11] - MASH drug approvals, such as Rezdiffra, are expected to further drive demand for FibroScan [2][11] Financial Performance - Gross margin slightly declined to 76.30% (-1.90pp) due to changes in revenue structure [1][9] - Expense ratios improved significantly, with sales expense ratio at 26.78% (-3.31pp) and management expense ratio at 17.99% (-3.05pp) [1][9] - Net profit margin attributable to parent company increased to 11.73% (+3.37pp) [1][9] - Revenue for Q2 2024 was 320 million yuan (+13.24%), with net profit attributable to parent company of 33 million yuan (+5.93%) [1][5] Revenue Breakdown - Pharmaceutical business contributed 197 million yuan (+52.32%) in H1 2024 [1][5] - Equipment and technology business contributed 424 million yuan (+12.84%) in H1 2024 [1][5] - Medical services revenue was 15 million yuan (-1.65%) in H1 2024 [1][5] Future Projections - Revenue for 2024-2026 is projected to be 1.55/2.08/2.64 billion yuan, with year-on-year growth of 35%/34%/27% [12] - Net profit attributable to parent company for 2024-2026 is expected to be 200/300/400 million yuan, with year-on-year growth of 95%/51%/34% [12] - The current stock price corresponds to a PE ratio of 50/33/25x for 2024-2026 [12] Industry Context - The MASH treatment market is expanding, with the first drug Resmetirom approved, potentially boosting demand for FibroScan [2][11] - The pay-per-use model for FibroScan is still in its early stages in China, indicating room for growth [12]

Investment Rating - The report does not specify a clear investment rating for the company, but it indicates a positive outlook based on revenue growth and product performance [1]. Core Insights - The company reported a revenue of 640 million yuan for H1 2024, representing a 22.5% increase year-on-year, and a net profit of 80 million yuan, which is a 72.0% increase [1]. - The pharmaceutical segment showed significant growth, with a 52.3% increase in drug revenue, while the medical services segment experienced a slight decline of 1.7% [1]. - The shift towards an academic-driven sales model in the pharmaceutical business is yielding positive results, with increased coverage through pharmacies, e-commerce platforms, and internet healthcare [1]. - The demand for liver fibrosis testing is expected to expand due to the introduction of the FibroGo pay-per-use model and the approval of new drugs [1]. - The company has launched a stock incentive plan, granting approximately 3.5 million shares, which reflects confidence in future growth [1]. Financial Performance Summary - For H1 2024, the company achieved instrument revenue of 420 million yuan (+12.8%), drug revenue of 200 million yuan (+52.3%), and medical service revenue of 20 million yuan (-1.7%) [1]. - The forecast for revenue from 2024 to 2026 is projected to be 1.15 billion yuan, 1.53 billion yuan, and 2.05 billion yuan respectively, with net profits expected to reach 215 million yuan, 315 million yuan, and 424 million yuan [2]. - The company's PE ratio is projected to decrease from 53 in 2024 to 27 in 2026, indicating an improving valuation over time [2]. Market Position and Growth Potential - The company is positioned to benefit from the growing global demand for liver fibrosis testing, driven by innovative pricing models and new drug approvals [1]. - The stock incentive plan is aimed at aligning employee interests with company performance, potentially enhancing long-term growth [1]. - The company’s total market capitalization is approximately 11.23 billion yuan, with a total asset value of 2.748 billion yuan [3].