Group 1 - The core viewpoint of the articles highlights the performance and valuation of Guanhao Biological, which has a closing price of 15.29 yuan, a 5.38% increase, and a rolling PE ratio of 154.16 times, with a total market value of 4.054 billion yuan [1] - Guanhao Biological operates in the regenerative medicine materials and medical implant devices sector, with key products including biological dura (spinal) membrane patches and sterile biological wound dressings [1] - As of the third quarter of 2025, Guanhao Biological reported a revenue of 293 million yuan, a year-on-year increase of 5.52%, while net profit was 26.7185 million yuan, a decrease of 4.02%, with a gross profit margin of 77.69% [1] Group 2 - In terms of industry comparison, the average PE ratio for the medical device sector is 52.19 times, with a median of 40.14 times, positioning Guanhao Biological at the 110th rank within the industry [1] - The company has six institutional investors holding a total of 75.8339 million shares, with a combined market value of 1.165 billion yuan [1] - The static PE ratio for Guanhao Biological is reported at 147.87 times, with a price-to-book ratio of 7.09 [2]

（文章来源：证券日报） 证券日报网讯冠昊生物11月24日在互动平台回答投资者提问时表示，截至2025年11月20日，公司股东总 户数为29645户。 ...

Core Viewpoint - Guanhao Biological has shown a mixed performance in stock price, with a year-to-date increase of 23.26% but a recent decline over the past five, twenty, and sixty days [1][2]. Company Overview - Guanhao Biological Technology Co., Ltd. was established on October 22, 1999, and listed on July 6, 2011. The company is located in Huangpu District, Guangzhou, Guangdong Province [1]. - The main business involves research, production, and sales of regenerative medical materials and implantable medical devices, as well as cell therapy technology development, preparation, clinical application, and immune cell storage [1]. - The revenue composition is as follows: medical devices 73.28%, pharmaceuticals 15.21%, and leasing and other services 11.51% [1]. Financial Performance - For the period from January to September 2025, Guanhao Biological achieved an operating income of 293 million yuan, representing a year-on-year growth of 5.52%. However, the net profit attributable to the parent company was 26.72 million yuan, a decrease of 4.02% year-on-year [2]. - The company has cumulatively distributed 86.66 million yuan since its A-share listing, with no distributions in the past three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders for Guanhao Biological was 29,600, an increase of 4.20% from the previous period. The average circulating shares per person decreased by 4.03% to 8,951 shares [2]. - The top ten circulating shareholders include a new entrant, the Medical Device ETF (159883), holding 1.31 million shares [3]. Market Activity - On November 24, the stock price increased by 2.27% to 14.84 yuan per share, with a trading volume of 9.44 million yuan and a turnover rate of 0.24%. The total market capitalization is 3.935 billion yuan [1]. - The net inflow of main funds was 856,700 yuan, with large orders accounting for 11.99% of total purchases [1].

（编辑 袁冠琳） 证券日报网讯 冠昊生物11月17日在互动平台回答投资者提问时表示，安润®可降解泪小管栓是公司子公 司聚明生物自主研发的新一代干眼治疗产品，适用于角膜屈光、白内障等手术源性干眼的临时性泪道封 闭治疗。目前业务处于起步阶段，未来经营情况存在一定的不确定性，请投资者理性投资，注意风险。 公司将积极把握市场机遇，提升产品竞争力。公司产品研发方面的进展以及市场竞争力详情敬请关注公 司定期报告。 ...

证券日报网讯 冠昊生物（300238）11月17日在互动平台回答投资者提问时表示，安润 可降解泪小管栓 是公司子公司聚明生物自主研发的新一代干眼治疗产品，适用于角膜屈光、白内障等手术源性干眼的临 时性泪道封闭治疗。目前业务处于起步阶段，未来经营情况存在一定的不确定性，请投资者理性投资， 注意风险。公司将积极把握市场机遇，提升产品竞争力。公司产品研发方面的进展以及市场竞争力详情 敬请关注公司定期报告。 ...

Core Viewpoint - The company is actively developing a new generation of dry eye treatment products, specifically the Anrun® biodegradable tear duct plug, which is designed for temporary tear duct occlusion in patients undergoing corneal refractive surgery and cataract surgery. The market potential for this product is currently being assessed as the business is in its early stages, indicating some uncertainty in future operations [2]. Group 1 - The Anrun® biodegradable tear duct plug is a product developed by the company's subsidiary, Juming Biotechnology [2]. - The product targets temporary tear duct occlusion treatment for patients with surgery-induced dry eye conditions [2]. - The company acknowledges that its business is in the initial phase, which brings a level of uncertainty regarding future operational performance [2]. Group 2 - The company aims to seize market opportunities and enhance product competitiveness moving forward [2].

Core Viewpoint - Guanhao Biological (300238) reported that as of November 10, 2025, the total number of shareholders is 29,620 [1] Summary by Relevant Sections - **Company Information** - Guanhao Biological has a total of 29,620 shareholders as of the specified date [1]

Core Insights - The medical device sector experienced a rise of 0.57% on November 12, with Tianyi Medical leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Medical Device Sector Performance - Tianyi Medical (301097) closed at 65.30, up 11.34% with a trading volume of 46,500 and a transaction value of 294 million [1] - Jimin Health (603222) closed at 11.33, up 10.00% with a trading volume of 729,500 and a transaction value of 797 million [1] - Zhongyuan Xiehe (600645) closed at 28.61, up 10.00% with a trading volume of 311,400 and a transaction value of 857 million [1] - Other notable gainers include Danah Biotechnology (920009) up 9.99%, Lideman (300289) up 9.89%, and Yipeng Medical (300753) up 8.21% [1] Capital Flow Analysis - The medical device sector saw a net inflow of 739 million from institutional investors, while retail investors experienced a net outflow of 923 million [2][3] - Jimin Health had a net inflow of 205 million from institutional investors, but a net outflow of 138 million from retail investors [3] - Zhongyuan Xiehe also saw a net inflow of 194 million from institutional investors, with a significant net outflow of 932 million from retail investors [3]

Group 1 - The immunotherapy sector is experiencing a strong rebound, with companies like Zhongyuan Qihuo and Kaineng Health hitting the daily limit up [1] - Other companies in the sector, such as Jimin Health, Guanhao Bio, Chengda Pharmaceutical, Zexing Pharmaceutical, and Heyuan Bio, are also showing significant gains [1]

Core Viewpoint - Guanhao Biological Technology Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and potential growth in the regenerative medicine sector [1][2]. Company Overview - Guanhao Biological was established on October 22, 1999, and went public on July 6, 2011. The company is located in Huangpu District, Guangzhou, Guangdong Province [1]. - The main business areas include research, production, and sales of regenerative medical materials and medical implants, as well as cell therapy technology development, preparation, clinical application, and immune cell storage [1]. - The revenue composition of the company is as follows: medical devices account for 73.28%, pharmaceuticals 15.21%, and leasing and other services 11.51% [1]. Shareholder Information - Yongying Fund has a fund listed among the top ten circulating shareholders of Guanhao Biological. The Medical Device ETF (159883) entered the top ten circulating shareholders in the third quarter, holding 1.3128 million shares, which is 0.5% of the circulating shares [2]. - The Medical Device ETF (159883) was established on April 22, 2021, with a current scale of 4.73 billion. Year-to-date returns are 9.53%, ranking 3722 out of 4216 in its category, while it has experienced a 1.36% loss over the past year, ranking 3671 out of 3937 [2]. - The fund manager of the Medical Device ETF is Shu Kefa, who has been in the position for 2 years and 92 days, with a total fund asset scale of 6.282 billion. The best fund return during his tenure is 103.17%, while the worst is -30.27% [2].