二〇二五年五月二十一日·北京 内蒙古福瑞医疗科技股份有限公司 股东会会议资料 Inner Mongolia Furui Medical Science Co., Ltd 300049 300049 2024 年 年度股东会 会议资料 内蒙古福瑞医疗科技股份有限公司 | 议案 1 关于《2024 年度董事会工作报告》的议案 | 3 | | --- | --- | | 议案 2 关于《2024 年度监事会工作报告》的议案 | 9 | | 议案 3 关于《2024 年度财务决算报告》的议案 | 12 | | 议案 4 关于《2024 年年度报告》及其摘要的议案 | 16 | | 议案 5 关于《2024 年度内部控制评价报告》的议案 | 17 | | 议案 6 关于《2024 年度利润分配预案》的议案 | 18 | | 议案 7 关于续聘大信会计师事务所为公司 2025 年度审计机构的议案 | 20 | | 议案 8 关于提名第八届董事会独立董事候选人的议案 | 21 | | 议案 9 关于调整公司董事会专门委员会委员的议案 | 23 | | 关于变更公司注册资本、修订<公司章程>并办理工商变更登记 议案 10 | ...

证券代码：300049 证券简称：福瑞股份 公告编号：2025-023 （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；通过深圳证券交易所互联网投票系统 投票的时间为 2025 年 5 月 21 日 9:15~15:00 期间任意时间。 5、会议的召开方式：本次股东会采用现场表决与网络投票相结合的方式召开。 内蒙古福瑞医疗科技股份有限公司 关于召开 2024 年年度股东会的提示性公告 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 2025 年 4 月 22 日在中 国证监会指定的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露了《关于 召开 2024 年年度股东会的通知》（公告编号：2025-008），公司决定于 2025 年 5 月 21 日（星期三）14:00 召开公司 2024 年年度股东会，现将有关事项提示如下： 一、召开会议的基本情况 1、股东会届次： ...

Core Viewpoint - The company held its 2024 annual performance briefing, where it engaged with investors and addressed various inquiries regarding its business strategies and performance metrics. Group 1: Company Performance - In 2024, the company achieved total revenue of 1.349 billion yuan, representing a year-on-year growth of 16.93% [6] - The net profit attributable to shareholders was 113 million yuan, an increase of 11.54% year-on-year [6] - The company's proprietary drug business generated 283 million yuan in revenue, marking a 44.31% increase compared to the previous year [6][7] Group 2: Business Strategy - The company is focused on a management-style medical strategy, which has led to a revenue growth of 25%-30% in its pharmaceutical and medical services sectors [4] - The company aims to enhance its digital health management services, covering the entire patient lifecycle, to improve drug sales and patient compliance [4][7] - The company plans to optimize its liver disease patient management system in response to the "Healthy China 2030" initiative [4] Group 3: Market Position and Future Outlook - The domestic market accounted for 36.72% of revenue, while the international market contributed 63.28% in 2024 [4] - The company is committed to becoming a professional and international management-style medical group, focusing on liver cancer screening and management [4][7] - The company anticipates that the market for its products will enter a rapid growth phase following the approval of the MASH indication by the FDA [4][8] Group 4: Product and Service Development - The company has developed a full-cycle management solution for liver disease, integrating screening, diagnosis, and treatment [4][7] - The FibroScan Go and box products have been installed in 651 units globally, becoming new revenue growth points for the company [7] - The company is enhancing its marketing strategies for its proprietary drugs and expanding its e-commerce channels to sustain high growth rates [6][7]

Group 1: Company Performance and Financials - In 2024, the company achieved total revenue of CNY 1.349 billion, a year-on-year increase of 16.93% [10] - The net profit attributable to shareholders was CNY 113 million, up 11.54% year-on-year [10] - The revenue contribution from the equipment and technology segment was approximately 68%, while the pharmaceutical segment contributed about 28%, and medical services and others accounted for around 4% [8] Group 2: Product and Market Strategy - The company’s self-owned pharmaceutical business generated revenue of CNY 283 million in 2024, reflecting a growth of 44.31% [7] - The sales channels for pharmaceuticals, particularly e-commerce, showed significant growth, with increases of 87.44% and 145.37% respectively [10] - The company aims to enhance its market penetration globally, focusing on management-style medical services and improving patient management [10] Group 3: Future Outlook and Strategic Initiatives - The company plans to submit its products for FDA approval in Q1 2026, with a focus on improving financial conditions through increased commercial activities [2] - The management strategy includes a dual approach of consolidating traditional sales channels while developing digital health management services [8] - The company is committed to optimizing the liver disease patient management system and enhancing early screening strategies [12] Group 4: Risk Management and Cost Control - The company has established a risk assessment management system to identify and respond to potential risks [5] - In 2024, the pharmaceutical gross margin increased to 47.71%, a rise of 9.46 percentage points year-on-year [15] - Measures to control costs include managing the procurement of key raw materials like Cordyceps and ensuring operational efficiency [16]

从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均48.98倍，行业中值36.16倍，福瑞股份排 名第102位。 最新一期业绩显示，2025年一季报，公司实现营业收入3.30亿元，同比2.35%；净利润2863.67万元，同 比-32.97%，销售毛利率76.76%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)102福瑞股份84.3173.834.6983.64亿行业平均 48.9847.404.56104.17亿行业中值36.1637.662.3446.18亿1天益医疗-1712.92-2934.031.8321.83亿2澳华内 镜-592.52297.184.7562.44亿3诺唯赞-411.67-486.902.2688.10亿4爱朋医疗-344.10261.424.1528.23亿5博晖 创新-324.60515.093.4647.63亿6硕世生物-125.58-1835.121.1336.73亿7奥精医疗-121.29-177.781.6022.51亿 8睿昂基因-99.04-81.321.4012.82亿9康泰医学-82.90-70.042.9654.56亿10中红医疗-68.19 ...

Group 1 - The core viewpoint of the article highlights the performance and valuation of Furuya Co., Ltd., which closed at 32.33 yuan, up 7.77%, with a rolling PE ratio of 86.80, marking a new low in 20 days, and a total market capitalization of 8.611 billion yuan [1] - The average PE ratio for the medical device industry is 48.90, with a median of 36.41, placing Furuya Co., Ltd. at the 102nd position in the industry ranking [1] - As of April 20, 2025, the number of shareholders for Furuya Co., Ltd. is 21,276, a decrease of 279 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - 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 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%, and a net profit of 28.637 million yuan, a year-on-year decrease of 32.97%, with a gross profit margin of 76.76% [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Insights - The company achieved a revenue of 1.349 billion yuan in 2024, representing a year-over-year growth of 16.93%, and a net profit attributable to the parent company of 113 million yuan, up 11.54% year-over-year [2]. - In Q1 2025, the company reported a revenue of 330 million yuan, a slight increase of 2.35% year-over-year, but the net profit attributable to the parent company decreased by 32.97% to 29 million yuan, falling short of previous expectations [2][4]. - The pharmaceutical segment saw significant growth, with revenues reaching 382 million yuan in 2024, a 34.2% increase year-over-year, driven by substantial growth in both commercial sales channels and e-commerce platforms [3]. - The medical device segment also showed steady growth, with revenues of 923 million yuan in 2024, a 10.98% increase year-over-year, supported by a growing pay-per-use model [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.349 billion yuan, with a net profit of 113 million yuan. The Q1 2025 results showed revenue of 330 million yuan and a net profit of 29 million yuan [2][4]. - The pharmaceutical segment's revenue was 382 million yuan in 2024, with a gross margin improvement of 9.46 percentage points to 47.7% [3]. - The medical device segment generated 923 million yuan in revenue, with a notable 25.23% increase in pay-per-use and leasing income [3]. Profitability Forecast - The net profit forecasts for 2025 and 2026 have been revised down to 179 million yuan and 253 million yuan, respectively, reflecting a decrease of 44.2% and 44.6% from previous estimates [4]. - The company is projected to achieve a net profit of 328 million yuan by 2027, with corresponding price-to-earnings ratios of 45, 32, and 24 for 2025, 2026, and 2027, respectively [4]. Market Position - The company is recognized as a leader in non-invasive screening for MASH, with its products distributed across major countries in Europe, Asia, and North America [4].

Group 1 - The core message emphasizes the importance of early screening for liver diseases, highlighted by the participation of Camille, an executive from the French subsidiary of Furuya Co., in the London Marathon [1] - Furuya Co.'s FibroScan technology is recognized as the "gold standard" for liver disease diagnosis, facilitating non-invasive liver fibrosis detection and contributing to the Healthy China strategy [1] - The World Health Organization (WHO) reports that approximately 800,000 people die from liver cancer annually, with China accounting for nearly half of these cases, underscoring the urgency of addressing liver health [1] Group 2 - FibroScan technology marks a shift from subjective doctor-dependent assessments to AI-driven precision in liver disease detection, identifying liver fat changes as low as 5% [2] - The introduction of FibroScan in leading domestic health institutions like Aikang Guobin enhances efficiency by over 80%, providing quick assessments of liver health in just 3-5 minutes [2] - Furuya Co. is actively involved in the EU LIVERAIM project, the largest liver disease clinical trial to date, aiming to develop a personalized early diagnosis screening platform using AI, with over 100,000 participants [2]

事件: 2025 年4 月22 日，福瑞股份发布2024 年年报和2025 年一季报：2024年公司营业收入13.49 亿元 （yoy+16.93%)，归母净利润1.13 亿元（yoy+11.54%），扣非归母净利润1.18 亿元（yoy+19.33%)。 2025 年Q1 公司营业收入3.30 亿元（yoy+2.35%），归母净利润2863.67 万元（yoy-32.97%），扣非归母 净利润2970.71 万元（yoy-28.05%）。 投资要点: 公司2024 年收入和利润稳健增长。2024 年公司营业收入13.49 亿元（yoy+16.93%)，归母净利润1.13 亿 元（yoy+11.54%），扣非归母净利润1.18 亿元（yoy+19.33%)。2025 年Q1 公司营业收入3.30亿元 （yoy+2.35%），归母净利润2863.67 万元（yoy-32.97%），扣非归母净利润2970.71 万元（yoy- 28.05%）。 2024 年管理费用率提升、销售费用率降低。2024 年公司毛利率74.13%，同比下降0.62pct；销售费用率 25.47%，同比下降2.39pct；管理费用率17. ...

Financial Performance - In 2024, the company achieved operating revenue of 1.349 billion yuan, a year-on-year increase of 16.93% [1] - The net profit attributable to shareholders was 113 million yuan, up 11.54% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, reflecting a growth of 19.33% [1] - In Q1 2025, the company experienced a slight increase in operating revenue, primarily due to a high base from the previous year, while profits declined due to foreign exchange losses and stock incentive expenses [1] Strategic Initiatives - The company is advancing a "product + service" dual-driven model, enhancing traditional pharmaceutical sales while establishing digital health management services to improve patient adherence and sales of key products [2] - The company is committed to a managed care service model, focusing on liver cancer screening standards and developing comprehensive management solutions from screening to treatment [2] - The company aims to increase liver disease detection and treatment rates while ensuring a win-win situation for insurance, doctors, and patients [2] Research and Development - A national major science and technology project focusing on the prevention and clinical evaluation of primary liver cancer has been launched, involving collaboration with 11 authoritative medical institutions [3] - The project aims to provide comprehensive health solutions for 447 million chronic liver disease patients in China [3] Product Development - The FibroScan liver elastography device has been recognized as the "best" by American guidelines, with over 5,200 clinical research publications supporting its efficacy [4] - By the end of 2024, the company had installed 651 units of FibroScan Go and box globally, with plans to expand its clinical application scenarios in 2025 [4] - The company has established itself as a leader in the fatty liver field, with significant research demonstrating the effectiveness of its products in reducing liver cancer incidence and mortality [4]