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].

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 642,627,597.96, representing a 22.53% increase compared to CNY 524,483,977.36 in the same period last year[15]. - Net profit attributable to shareholders was CNY 75,363,987.78, a significant increase of 71.99% from CNY 43,819,026.70 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was CNY 74,458,761.50, up 59.30% from CNY 46,740,448.74 in the previous year[15]. - Basic earnings per share increased to CNY 0.2865, reflecting a growth of 71.97% compared to CNY 0.1666 in the same period last year[15]. - The total operating revenue for the reporting period was approximately ¥642.63 million, representing a year-on-year increase of 22.53% compared to ¥524.48 million in the same period last year[35]. - The company's operating revenue for the reporting period was approximately ¥642.63 million, representing a year-on-year increase of 22.53% compared to ¥524.48 million in the same period last year[37]. - The company achieved a performance completion ratio of 90.71% for 2022, resulting in 1,828,200 shares being vested, which is 0.70% of the total equity[65]. - The company did not meet the performance target of 400 million yuan for 2023, leading to a vesting ratio of 0% for the corresponding stock batch, which amounts to 2,687,300 shares, or 1.02% of total equity[65]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 2,747,762,277.81, a 3.79% increase from CNY 2,647,472,861.45 at the end of the previous year[15]. - Total liabilities amounted to ¥830,042,351.25, up from ¥800,093,456.06, which is an increase of approximately 3.1%[100]. - The company's total liabilities rose to CNY 639,343,873.63, compared to CNY 593,342,785.48 in the previous year, reflecting an increase of 7.8%[104]. - The total equity of the company reached CNY 1,071,351,311.01, an increase from CNY 1,031,295,474.51 in the previous year, indicating a growth of 3.9%[104]. - The total number of shares outstanding is 263,053,100, with 88.77% being unrestricted shares[88]. - The total number of common shareholders at the end of the reporting period is 13,895[90]. Cash Flow - The net cash flow from operating activities was CNY 104,634,498.93, down 12.84% from CNY 120,050,398.95 in the previous year[15]. - Cash inflow from investment activities amounted to CNY 262,786,944.31, compared to CNY 220,392,902.57 in the same period last year, showing an increase of approximately 19.2%[111]. - The net cash flow from investment activities was CNY 9,297,058.50, a recovery from a loss of CNY 14,587,021.55 in the first half of 2023[111]. - The company reported a cash and cash equivalents balance of CNY 611,027,348.57 at the end of the first half of 2024, up from CNY 540,442,239.85 at the end of the previous year[111]. - The company’s cash and cash equivalents increased by 65.66% to approximately ¥101.44 million, up from ¥61.23 million, due to higher sales revenue and the redemption of bank financial products[36]. Investments and Acquisitions - The company invested CNY 172,727,768.11 in the Furuikang Health Technology Park project during the reporting period, with a cumulative investment of CNY 2,071,075,563.65 as of the end of the reporting period[46]. - The company completed the acquisition of fund shares in the Hangzhou Ruiying Health Industry Investment Fund, totaling RMB 38.62319 million and RMB 37.137681 million from two different parties, increasing its ownership from 30.20% to 50.50%[85]. - The company made significant investments totaling ¥134,138,251.21, a 103.30% increase from the previous year[44]. Business Segments - The pharmaceutical business generated revenue of 197.2804 million yuan, reflecting a growth of 52.32% year-on-year[23]. - The medical device segment reported revenue of 54.9066 million euros, a 9.78% increase from the previous year[25]. - The company’s equipment sales accounted for 53.73% of the medical device revenue, totaling 29.5 million euros[25]. - Revenue from self-owned pharmaceuticals was ¥146,641,608.34, up 70.39% year-on-year[37]. - Revenue from medical services decreased by 1.65% to ¥15,365,309.13, with a gross margin of 73.84%[37]. Risk Management - The company faces various risk factors, which are detailed in the report, and emphasizes the importance of risk awareness among investors[2]. - The company faces risks from macroeconomic changes, including demand contraction and supply shocks, and plans to enhance its core competitiveness[54]. - The company is managing the risk of raw material price fluctuations, particularly for winter worm grass, which significantly impacts production costs[56]. - The company is adapting to industry competition and policy changes by increasing investments in internet healthcare and adjusting its business structure[56]. Corporate Governance and Compliance - The company maintains a robust governance structure and has not engaged in any fund occupation by major shareholders or related parties during the reporting period[70]. - The company emphasizes employee rights protection and has established a comprehensive employee incentive mechanism and welfare system[70]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[68]. - The company is not classified as a key pollutant discharge unit by environmental protection authorities[69]. Social Responsibility - In October 2023, the company participated in the 5th China Physician Public Welfare Conference and won the "Outstanding Case of Corporate Social Responsibility in the Medical Field" award[72]. - The company donated 50,000 yuan to the Lanzhou Red Cross Society in August 2024 to support the "Red Cross Realize Your University Dream" initiative[72]. Future Outlook - The company plans to continue its market expansion and product development strategies in the upcoming periods[39]. - The company aims to balance the development of various business segments to enhance profitability and risk resistance[60]. - The company plans to conduct thorough research and prudent evaluation of high-quality assets or potential projects closely related to its main business for future acquisitions and mergers[60].

证券代码：300049 证券简称：福瑞股份 公告编号：2024-041 内蒙古福瑞医疗科技股份有限公司 第八届监事会第九次会议决议公告 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。 2024 年 8 月 19 日，内蒙古福瑞医疗科技股份有限公司（以下简称"公司"）以电子 邮件方式，向全体监事发出了《关于召开第八届监事会第九次会议的通知》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 8 月 29 日 以通讯方式召开了第八届监事会第九次会议，本次会议为定期会议，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。本次会议的 召开符合《公司法》和《公司章程》的规定。 全体出席会议的监事经过认真审议、表决，形成如下决议： 具体内容详见公司于同日刊登在巨潮资讯网上的《2024 年半年度报告》全文及摘要。 监事会认为：公司《2024 年半年度报告》的编制和审核程序符合法律、行政法规和 中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任何 虚假记载、误导性陈述或者重 ...

证券代码：300049 证券简称：福瑞股份 公告编号：2024-040 内蒙古福瑞医疗科技股份有限公司 第八届董事会第十次会议决议公告 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。 2024 年 8 月 19 日，内蒙古福瑞医疗科技股份有限公司（以下简称"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 2024 年 8 月 29 日以通讯方式召开了第八届董事会第十次会议，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。公司监事、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。 全体出席会议的董事经过认真审议、表决，形成如下决议： 内蒙古福瑞医疗科技股份有限公司董事会 二零二四年八月三十日 具体内容详见公司于同日刊登在巨潮资讯网上的《2024 年半年度报告》全文及摘要。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 二、审议通过了《关于向杭州睿颖健康产 ...

证券代码： 300049 证券简称：福瑞股份 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：2024-003 | | | □ 特定对象调研 | 分析师会议 | | 投资者关系活动 | □ 媒体采访 □ | 业绩说明会 | | 类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | √ 其他 （投资者集体接待日活动） | | 参与单位名称及人 | 网上参与"2024 | 年内蒙古辖区上市公司投资者集体接待日活动" | | 员姓名 | 的投资者 | | | 时间 | 2024 年 8 月 9 日 (周五 | ) 下午 15:00~17:00 | | 地点 | 全景网"投资者关系互动平台 | "（https://ir.p5w.net） | | 上市公司接待人 | 1、副总经理、财务总监沈治国 | | 员姓名2、董事会秘书孙秀珍 投资者提出的主要问 ...

Investment Rating - The report assigns an "Outperform" rating to FURUI (300049) [1] Core Views - FURUI is a leading player in liver disease diagnosis and treatment, with a comprehensive product portfolio covering pharmaceuticals, medical devices, and healthcare services [5] - The company's FibroScan, a non-invasive liver fibrosis detection device, is globally recognized and has significant academic and market influence [5][24] - FURUI has maintained steady growth, with revenue increasing from RMB 850 million in 2017 to RMB 1.154 billion in 2023, representing a 6-year CAGR of 5.22% [5][12] - Net profit attributable to the parent company grew from RMB 72 million in 2017 to RMB 102 million in 2023, with a 6-year CAGR of 5.90% [5][12] - In Q1 2024, net profit attributable to the parent company reached RMB 43 million, a year-on-year increase of 228.57% [5][12] Financial Performance - Revenue is expected to grow from RMB 1.154 billion in 2023 to RMB 2.390 billion in 2026, with a CAGR of 26.01% [7][30] - Net profit attributable to the parent company is projected to increase from RMB 102 million in 2023 to RMB 449 million in 2026, with a CAGR of 46.9% [7][30] - EPS is forecasted to rise from RMB 0.38 in 2023 to RMB 1.69 in 2026 [7][30] - Gross margin is expected to improve from 74.7% in 2023 to 84.8% in 2026 [7][30] Product and Market Analysis - FibroScan is the world's first non-invasive liver fibrosis detection device, widely recognized by global health authorities and included in multiple international guidelines [5][24] - The device has been installed in over 275 locations in North America and Western Europe under a pay-per-use model, generating RMB 329 million in revenue in 2023 [24] - FURUI's pharmaceutical products, such as Fufang Biejia Ruangan Tablets, are widely used in the treatment of liver fibrosis and have strong market recognition [26] - The company is expanding its pediatric healthcare services, with revenue from this segment growing by 6.81% in 2023 [27][28] Industry Outlook - China has a large patient base for liver diseases, with 700 million people suffering from cirrhosis and 46,000 new cases of liver cancer annually [15][16] - The global market for non-alcoholic fatty liver disease (NAFLD) drugs is expected to grow from USD 1.9 billion in 2020 to USD 32.2 billion by 2030, presenting significant opportunities for FURUI's diagnostic and treatment products [19][21] - FibroScan is well-positioned to become a mainstream diagnostic tool for liver diseases, supported by its non-invasive, accurate, and efficient features [17][18]

证券代码:300049 证券简称:福瑞股份 公告编号: 2024-037 内蒙古福瑞医疗科技股份有限公司 关于参加内蒙古辖区上市公司 2024 年投资者 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。 __ 为进一步加强与投资者的互动交流,内蒙古福瑞医疗科技股份有限公司(以下简称 "公司"）将参加由内蒙古证监局、内蒙古上市公司协会与深圳市全景网络有限公司联 合举办的"内蒙古辖区上市公司 2024 年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 2024 年 8 月 9 日 (周五) 15:00-17:00。届时公司高管将在线就 公司 2023 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。 内蒙古福瑞医疗科技股份有限公司董事会 二零二四年 ...

证券代码：300049 证券简称：福瑞股份 公告编号：2024-037 内蒙古福瑞医疗科技股份有限公司 关于参加内蒙古辖区上市公司 2024 年投资者 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。 为进一步加强与投资者的互动交流，内蒙古福瑞医疗科技股份有限公司（以下简称 "公司"）将参加由内蒙古证监局、内蒙古上市公司协会与深圳市全景网络有限公司联 合举办的"内蒙古辖区上市公司 2024 年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 2024 年 8 月 9 日（周五）15:00-17:00。届时公司高管将在线就 公司 2023 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。 内蒙古福瑞医疗科技股份有限公司董事会 二零二四年八月六日 ...

证券代码：300049 证券简称：福瑞股份 公告编号：2024-036 内蒙古福瑞医疗科技股份有限公司 关于 2021 年员工持股计划第三批次份额归属的提示性公告 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(以下简称"公司")于 2021 年 4 月 26 日召开第七 届董事会第五次会议、第七届监事会第五次会议，于 2021 年 5 月 24 日召开 2020 年年度 股东大会，会议审议通过了《关于<2021 年员工持股计划（草案）>及其摘要的议案》及相 关议案，同意公司实施 2021 年员工持股计划，具体内容详见公司在巨潮资讯网上披露的 相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《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》的相关规定，现将本员 工持股计划第三批次份额归属的相关情况公告如下： 一、员工持股计划持股情况和锁定期 2021 年 7 月 16 日，公司收到中国证券登记结算有限责任公司深圳分公司出具的《证 券过户登记确认书》，公司开立的"内蒙古福瑞医疗科 ...

证券代码：300049 证券简称：福瑞股份 公告编号：2024-035 内蒙古福瑞医疗科技股份有限公司 关于 2024 年限制性股票激励计划首次授予登记完成的公告 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： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、深圳证券 交易所、中国证券登记结算有限责任公司深圳分公司有关规定，内蒙古福瑞医疗 科技股份有限公司（以下简称"公司"或"福瑞股份"）已完成2024年限制性股 票激励计划（以下简称"本激励计划"）限制性股票的首次授予登记工作，有关 事项具体如下： 一、本次股权激励计划已履行的相关审批程序 （一）2024年1月31日，公司召开第八届董事会第六次会议，审议通过了《关 于<2024年限制性股票激励计划（草案）>及其摘要的议案》《关于<2024年限制性 股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理公 司2024年限制性股票激励计划有关事宜的议案》，同日，公司召开第八届监事会 第六次会议，审议并通过《关于<2024年限制性股票激励计划（草案）>及其摘要 的议案》 ...