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].

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]

Summary of the Conference Call Record Company Information - **Company Name**: Inner Mongolia Furu Medical Technology Co., Ltd. [2] - **Stock Code**: 300049 [1] - **Announcement Number**: 2024-037 [2] Key Points - **Investor Interaction**: The company will participate in the "2024 Online Collective Reception Day for Listed Companies in Inner Mongolia" organized by the Inner Mongolia Securities Regulatory Bureau, Inner Mongolia Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. [2] - **Event Format**: The event will be conducted online, allowing investors to engage through the "Panorama Roadshow" website, WeChat public account, or the Panorama Roadshow APP. [2] - **Event Timing**: Scheduled for August 9, 2024, from 15:00 to 17:00. [2] - **Topics of Discussion**: Company executives will address key investor concerns including: - 2023 annual performance - Corporate governance - Development strategy - Operational status - Financing plans - Equity incentives - Sustainable development [2] - **Encouragement for Participation**: The company invites all investors to actively participate in the event. [2] Additional Important Information - **Commitment to Transparency**: The company and its board guarantee that the disclosed information is true, accurate, and complete, with no false records or misleading statements. [2]