Group 1: Company Performance and Goals - The company is confident in achieving its annual target of installing 4,000 units by the end of 2025 [1] - In the first half of 2025, the company plans to install 2,400 units, which is an increase of nearly 5 times compared to the previous year [5] - As of July 10, 2025, the number of shareholders is 20,833 [5] Group 2: Product and Market Insights - FibroScan devices are recognized by multiple authoritative organizations, including WHO and EASL, as a standard for liver disease detection [3] - The global market size for varicose vein ultrasound treatment devices is estimated to be approximately $1.06 billion in 2024 [6] - The company’s device, FibroScan, has a cost of about €10,000 per unit, requiring 250 tests to break even [1] Group 3: Financial and Operational Strategies - The company has conducted special studies to mitigate the impact of currency fluctuations on financial reports [2] - Revenue from the device business, including per-use charges and leasing, amounted to 412 million yuan, accounting for 44.62% of total revenue [7] - The company has transitioned all dollar-denominated funds into euros to minimize exchange rate impacts [6] Group 4: Collaborations and Partnerships - The company collaborates with domestic MASH drug research enterprises for the FibroScan series devices [1] - Echosens, a partner in Europe, operates under a mixed model of direct sales and distribution in certain countries [2] - The company is actively pursuing strategic partnerships to enhance its market presence and product offerings [4]

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 2025 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 2025 年 7 月 11 日（周五）16:00-18:00。届时公司高管将在线就 公司 2024 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！ 证券代码：300049 证券简称：福瑞股份 公告编号：2025-027 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 2025 年投资者 网上集体接待日活动的公告 二零二五年七月九日 特此公告。 内蒙古福瑞医疗科技股份有限公司董事 ...

Core Viewpoint - The article highlights the dual mechanism of action of Furuishi's core product, Compound Turtle Shell Soft Liver Tablets, in treating intrahepatic cholangiocarcinoma, emphasizing its direct and indirect anti-tumor effects [3][5]. Company Overview - Furuishi Co., established in 1998 and listed in 2010, focuses on the diagnosis and treatment of liver diseases, with its main product being Compound Turtle Shell Soft Liver Tablets, the first approved traditional Chinese medicine for liver fibrosis treatment [6][8]. - The company reported a total revenue of 1.349 billion yuan in 2024, a year-on-year increase of 16.93%, with over 60% of its revenue coming from overseas markets [9]. Product Performance - Compound Turtle Shell Soft Liver Tablets have been validated over 20 years in the market, becoming the leading brand for anti-liver fibrosis medications [8]. - In 2021, the sales of Compound Turtle Shell Soft Liver Tablets in public hospitals were approximately 230.62 million yuan, maintaining its position as the top-selling product in its category, although the competitive landscape is tightening [10][11]. Financial Analysis - The pharmaceutical segment contributed about 30% to the company's revenue, while equipment and technology accounted for approximately 70% [9][12]. - The overall gross margin for the pharmaceutical business is around 50%, with proprietary drug margins higher at about 60%, indicating growth challenges in the pharmaceutical sector [15]. Market Potential - The annual incidence of intrahepatic cholangiocarcinoma in China is estimated at 40,000 to 60,000 cases, with treatment costs around 300,000 yuan, presenting a significant market opportunity for the company's products [17]. Medical Device Segment - Furuishi's main medical devices include the FibroScan series, which is recognized globally for non-invasive liver fibrosis diagnosis, with a compound annual growth rate of 18% since 2015 [20][23]. - The device segment generated 832 million yuan in revenue in 2023, a 35% increase, and is projected to reach 918 million yuan in 2024, reflecting strong growth driven by innovative sales models [24][25]. Innovation and R&D - The company has historically relied on acquired products, with limited internal R&D for new drugs or devices, maintaining R&D expenditure at around 10% of revenue [40][44]. - Recent innovations include a pay-per-use model for devices, which has significantly boosted revenue growth [26][48]. Future Outlook - The company is exploring opportunities in the weight loss drug market, leveraging its FibroScan technology for ongoing liver monitoring in clinical trials [28][29]. - Furuishi plans to expand its healthcare services by acquiring a majority stake in a hospital management company, indicating a strategic shift towards integrated healthcare solutions [48][50].

Company Overview - Furuya Co., Ltd. closed at 31.9 yuan, down 1.30%, with a rolling PE ratio of 85.65 times and a total market value of 8.497 billion yuan [1] - The company ranks 104th in the medical device industry, which has an average PE ratio of 51.29 times and a median of 37.02 times [1] Institutional Holdings - As of the first quarter of 2025, 18 institutions hold shares in Furuya Co., Ltd., including 14 funds, 3 others, and 1 insurance company, with a total holding of 49.9011 million shares valued at 1.593 billion yuan [1] Business Focus - Furuya Co., Ltd. specializes in the production and sales of drugs in the liver disease field, development and sales of diagnostic equipment, and related medical services, with its main product being the compound tortoise shell soft liver tablets [1] Financial Performance - In the first quarter of 2025, the company reported revenue of 330 million yuan, a year-on-year increase of 2.35%, and a net profit of 28.6367 million yuan, a year-on-year decrease of 32.97%, with a gross profit margin of 76.76% [1]

Group 1 - The core viewpoint of the article highlights the performance and valuation of Furuya Co., Ltd. in the medical device industry, noting its high PE ratio compared to industry averages [1] - As of June 9, Furuya's closing price was 34.42 yuan, with a rolling PE ratio of 92.42 times and a total market capitalization of 9.168 billion yuan [1] - The average PE ratio for the medical device industry is 50.64 times, with a median of 37.05 times, placing Furuya at the 105th position in the industry ranking [1] Group 2 - On June 9, Furuya experienced a net inflow of main funds amounting to 16.1078 million yuan, although it has seen a total outflow of 87.8763 million yuan over the past five days [1] - Furuya's main business includes the production and sales of drugs in the liver disease sector, development and sales of diagnostic equipment, and related medical services, with its primary product being the Compound Turtle Shell Soft Liver Tablets [1] - The latest quarterly report for Q1 2025 shows Furuya achieved an operating income of 330 million yuan, a year-on-year increase of 2.35%, while net profit was 28.6367 million yuan, reflecting a year-on-year decrease of 32.97%, with a gross profit margin of 76.76% [1]

Group 1 - The core viewpoint of the articles indicates that Furuya Co., Ltd. is experiencing a decline in stock price and has a high PE ratio compared to its industry peers [1][2] - As of June 5, the closing price of Furuya Co., Ltd. was 34.44 yuan, down 1.82%, with a rolling PE ratio of 92.47 times and a total market value of 9.173 billion yuan [1] - The average PE ratio for the medical device industry is 50.97 times, with a median of 36.67 times, placing Furuya Co., Ltd. at the 106th position in the industry ranking [1][2] Group 2 - On June 5, there was a net outflow of 37.6122 million yuan in the main funds for Furuya Co., Ltd., with a total outflow of 102.3071 million yuan over the past five days [1] - The main business of Furuya Co., Ltd. includes the production and sales of drugs in the liver disease field, development and sales of diagnostic equipment, and related medical services, with its primary product being the compound turtle shell soft liver tablets [1] - In the latest quarterly report for Q1 2025, Furuya Co., Ltd. achieved an operating income of 330 million yuan, a year-on-year increase of 2.35%, and a net profit of 28.6367 million yuan, a year-on-year decrease of 32.97%, with a sales gross margin of 76.76% [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Views - The company is positioned as a "water seller" in the MASH (Metabolic Associated Steatotic Hepatitis) market, with significant growth potential expected in the coming years [7][8]. - The company has a comprehensive product portfolio that includes pharmaceuticals, diagnostic equipment, and medical services, focusing on liver health management [7][18]. - The demand for liver disease screening is anticipated to surge due to the emergence of new MASH drugs and the establishment of screening protocols in medical institutions [7][8]. Summary by Sections 1. Focus on Liver Disease - The company has over 20 years of experience in the liver disease sector and has actively pursued overseas acquisitions and global expansion [18]. - It offers a complete product/service combination of drugs (notably the patented Fufang Bie Jia Ruan Gan Pian), diagnostic devices (FibroScan series), and medical services [20][21][22]. 2. FibroScan and Market Potential - FibroScan is recognized as a leading diagnostic tool in the liver disease field, with over 5,200 clinical research publications supporting its efficacy [7][21][67]. - The global prevalence of liver diseases, particularly MASH, is significant, with early diagnosis being crucial for reversing liver fibrosis [43][44]. - The report highlights the rapid progress of MASH drug development, with several drugs expected to be approved soon, which will likely increase the demand for liver screening [54][60]. 3. Financial Projections - Revenue projections for the company are set at 16.77 billion yuan, 20.63 billion yuan, and 25.06 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.3%, 23.0%, and 21.4% [6][8]. - The net profit attributable to the parent company is expected to reach 2.21 billion yuan, 3.14 billion yuan, and 4.29 billion yuan for the same years, with growth rates of 95.5%, 41.6%, and 36.9% [6][8]. 4. Competitive Landscape and Market Strategy - The company is well-positioned in the academic field of liver disease diagnostics and has established a strong customer base in both domestic and international markets [7][8]. - The introduction of a pay-per-use model for FibroScan devices is expected to enhance market penetration, particularly in primary healthcare settings [36][70]. 5. Valuation - The company's reasonable market capitalization is estimated at 14 billion yuan, indicating a potential upside of approximately 48% relative to its market value as of May 30, 2025 [8].

Group 1 - The core viewpoint of the article highlights that Furuya Co., Ltd. has seen a stock price increase of 5.15% to 33.47 yuan, with a rolling PE ratio of 89.87, marking a new low in 44 days, and a total market capitalization of 8.915 billion yuan [1] - In terms of industry comparison, the average PE ratio for the medical device industry is 49.11, with a median of 35.89, placing Furuya Co., Ltd. at the 106th position in the industry ranking [1] - The company reported a net inflow of 16.2962 million yuan in main funds on May 27, with a total inflow of 38.9964 million yuan over the past five days, indicating a positive trend in fund flow [1] Group 2 - Furuya Co., Ltd. specializes in the production and sales of drugs in the field of liver disease, development and sales of diagnostic equipment, and related medical services, with its main product being the Compound Turtle Shell Soft Liver Tablets [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 330 million yuan, a year-on-year increase of 2.35%, while net profit was 28.6367 million yuan, reflecting a year-on-year decrease of 32.97%, with a gross profit margin of 76.76% [1]

Group 1 - The company decided to repurchase and cancel 1.3802 million restricted shares from 104 incentive recipients at a price of 18.09 yuan per share due to certain conditions not being met [1][2] - The repurchase is a result of 8 incentive recipients leaving the company and the 2024 net profit not meeting the performance assessment criteria for the first release period [2] - Following the repurchase, the total number of shares will decrease by 1.3802 million [2] Group 2 - The company is required to notify creditors due to the reduction in registered capital resulting from the share repurchase [3] - Creditors have 30 days from receiving the notice, or 45 days from the public announcement if no notice is received, to claim their debts or request guarantees [3] - Required documents for claims include original and copies of contracts proving the debt relationship, along with identification for legal entities and individuals [3]

证券代码：300049 证券简称：福瑞股份 公告编号：2025-024 内蒙古福瑞医疗科技股份有限公司 2024 年年度股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议； 3、为尊重中小投资者利益，提高中小投资者对公司股东会决议的重大事项的参与度， 本次股东会对中小投资者单独计票。 一、会议召开情况 1、股东会届次：2024 年年度股东会 2、股东会的召集人：内蒙古福瑞医疗科技股份有限公司董事会 3、会议召开的合法性、合规性：经公司第八届董事会第十三次会议审议通过，决定 召开 2024 年年度股东会，本次股东会的召开符合有关法律法规、深圳证券交易所业务规 则和公司章程等的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 21 日（星期三）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 21 日 9:15~9:25、9:30~11:30、13:00~15:00；通过深 ...