迪瑞医疗科技股份有限公司《2025 年第一季度报告》于 2025 年 4 月 26 日 在中国证监会指定的创业板信息披露网站上披露，敬请投资者注意查阅。 特此公告。 迪瑞医疗科技股份有限公司董事会 证券代码：300396 证券简称：迪瑞医疗 公告编号：2025-019 迪瑞医疗科技股份有限公司 2025 年第一季度报告披露提示性公告 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。 2025 年 4 月 25 日 ...

Financial Performance - The company's revenue for Q1 2025 was ¥182,424,018.64, a decrease of 72.47% compared to ¥662,535,125.59 in the same period last year[5] - Net profit attributable to shareholders was ¥15,678,683.66, down 87.13% from ¥121,800,597.55 year-on-year[5] - Total operating revenue for the current period was ¥182,424,018.64, a significant decrease of 72.5% compared to ¥662,535,125.59 in the previous period[22] - Net profit for the current period was ¥15,677,203.80, a decrease of 87.1% compared to ¥121,793,477.11 in the previous period[23] - Basic and diluted earnings per share for the current period were both ¥0.0575, down from ¥0.4466 in the previous period[23] Cash Flow - The net cash flow from operating activities improved by 77.33%, reaching -¥41,723,517.67, compared to -¥184,049,664.39 in the previous year[5] - The net cash flow from operating activities was -41,723,517.67, an improvement from -184,049,664.39 in the previous period, indicating a reduction in cash outflow[25] - Cash inflow from operating activities totaled 208,512,287.80, down 27.2% from 286,322,068.49 in the prior period[25] - Cash outflow from operating activities decreased to 250,235,805.47 from 470,371,732.88, reflecting a 46.8% reduction[25] - The net cash flow from investing activities decreased by 116.94%, primarily due to the lack of new financial product purchases[13] - The net cash flow from investing activities was -2,795,904.72, compared to a positive cash flow of 16,503,423.86 in the previous period[25] - Cash inflow from investing activities was only 220.00, significantly lower than 174,288,796.33 in the prior period[25] - Cash outflow from investing activities decreased to 2,796,124.72 from 157,785,372.47, a reduction of 98.2%[25] - The net cash flow from financing activities was -153,126,702.55, worsening from -2,835,595.10 in the previous period[26] - Cash inflow from financing activities was 45,000,000.00, slightly down from 45,151,555.82 in the prior period[26] - Cash outflow from financing activities increased to 198,126,702.55 from 47,987,150.92, a rise of 313.5%[26] - The ending cash and cash equivalents balance was 389,760,256.23, down from 670,694,518.02 in the previous period[26] Assets and Liabilities - The total assets decreased by 6.83% to ¥2,895,358,808.01 from ¥3,107,533,388.27 at the end of the previous year[5] - Total current assets decreased from 1,844,110,841.82 yuan to 1,635,127,222.60 yuan, a decline of approximately 11.3%[19] - Cash and cash equivalents decreased from 586,680,294.87 yuan to 393,260,256.23 yuan, a decline of approximately 33.1%[19] - Total liabilities decreased to ¥825,581,940.55 from ¥1,058,764,060.35, a reduction of 22.0%[21] - The total equity attributable to shareholders of the parent company increased to ¥2,069,765,611.38 from ¥2,048,756,770.93, an increase of 1.0%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,877[15] - The largest shareholder, Shenzhen Huade Xinrun Equity Investment Enterprise, holds 28.34% of shares, totaling 77,288,400 shares, with 45,600,156 shares pledged[15] - Guangdong Hengjian International Investment Co., Ltd. holds 12.15% of shares, totaling 33,123,600 shares[15] Operational Strategy - The company installed over 400 high-speed instruments in the domestic market during the first quarter, indicating a focus on increasing reagent sales[8] - The company adjusted its sales strategy in international markets, particularly focusing on Southeast Asia and Belt and Road Initiative countries[8] - The company plans to enhance operational efficiency by implementing cost-cutting measures and increasing reagent sales[8] Research and Development - Research and development expenses decreased by 34.09% to ¥2,100,000.00, due to optimized project spending[10] - Research and development expenses for the current period were ¥21,117,372.39, a decrease of 34.1% from ¥32,040,993.06 in the previous period[22] - The company has not disclosed any new product or technology developments in the current reporting period[18] Inventory and Receivables - Accounts receivable increased slightly from 441,690,051.18 yuan to 441,722,093.25 yuan[19] - Inventory decreased from 576,420,879.57 yuan to 559,041,927.84 yuan, a decline of approximately 3.0%[19] - Long-term equity investments increased from 450,858,277.53 yuan to 454,373,373.16 yuan[19] Other Financial Metrics - Operating costs decreased by 75.23% to ¥104,000,000.00, reflecting the reduction in revenue[10] - Total operating costs for the current period were ¥174,838,646.92, down 67.1% from ¥532,151,957.58 in the previous period[22] - The company reported a financial expense of -¥7,407,661.00, compared to a financial expense of ¥1,246,558.73 in the previous period, indicating a significant improvement[22] - Other comprehensive income after tax for the current period was ¥5,330,335.74, compared to ¥542,085.22 in the previous period, showing a substantial increase[23]

Company Overview - Di Rui Medical closed at 13.43 yuan on April 21, with an increase of 1.21%, and a rolling PE ratio of 25.81 times, resulting in a total market capitalization of 3.662 billion yuan [1] - The company ranks 64th in the medical device industry, which has an average PE ratio of 47.69 times and a median of 29.88 times [1][2] - Di Rui Medical specializes in the research, production, marketing, and service of medical testing instruments and related reagents, with key products including urine analysis, biochemical analysis, chemiluminescence immunoassay, gynecological secretion analysis, blood cell analysis, coagulation analysis, and overall laboratory solutions [1] Financial Performance - For the latest fiscal year 2024, Di Rui Medical reported a revenue of 1.218 billion yuan, a year-on-year decrease of 11.63%, and a net profit of 142 million yuan, down 48.50% year-on-year, with a gross profit margin of 43.84% [1] Capital Flow - On April 21, the net outflow of main funds for Di Rui Medical was 1.7783 million yuan, with a total outflow of 13.2825 million yuan over the past five days [1]

证券代码：300396 证券简称：迪瑞医疗 公告编号：2025-017 迪瑞医疗科技股份有限公司 2024 年年度股东大会决议公告 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、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更前次股东大会决议； 一、会议召开和出席情况 公司于 2025 年 03 月 29 日发出《关于召开 2024 年年度股东大会的通知》 （详见中国证监会指定的创业板信息披露网站 http://www.cninfo.com.cn）。 1、会议召开时间：2025 年 04 月 18 日 14:30 2、会议召开地点：公司会议室 3、会议召开方式：采取现场投票与网络投票相结合的方式。现场会议召开 时间：2025 年 04 月 18 日（星期五）14:30。网络投票时间：2025 年 04 月 18 日。 其中，通过交易系统进行网络投票的时间为：2025 年 04 月 18 日（星期五）9:15— 9:25、9:30-11:30 和 13:00—15:00；通过互联网投票系统投票的具体时间为：2025 年 04 月 ...

致：迪瑞医疗科技股份有限公司（贵公司） 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于迪瑞医疗科技股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0118号 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法 律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《迪瑞医疗科技股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书 ...

Core Viewpoint - The recent announcement by the U.S. government to impose "reciprocal tariffs" on Chinese goods has prompted a swift response from several medical device companies, which have indicated they have comprehensive plans and measures in place to address the situation. Despite the complex impacts on the supply chain, the long-term trend towards self-sufficiency and international expansion in the medical device sector remains optimistic [1][2][7]. Company Responses - Multiple medical device companies have reported minimal impact from the U.S. tariff policy, citing pre-existing contingency plans. For instance, Mindray Medical has proactively stocked products in the U.S. ahead of previous tariff increases, ensuring that current sales are unaffected by the new tariffs [2][8]. - Kaili Medical stated that the U.S. market contributes only 1%-2% to its revenue, and prior inventory preparations have mitigated the tariff impact. The company has a well-established overseas market presence [3][8]. - Dirui Medical anticipates that its direct exports to the U.S. will be around $150,000 in 2024, representing a negligible portion of its overall revenue. The company has also identified measures to minimize the tariff's effects [3]. - Leshi Medical indicated that the tariff impact is manageable, as its U.S. operations focus on digital chronic disease management solutions, which have established long-term customer relationships [3][8]. - Weili Medical reported that its exports to the U.S. account for about 15% of total revenue, with a stable business model due to long-term partnerships and necessary certifications [4]. Industry Trends - The Chinese medical device industry is experiencing a push towards domestic production and innovation, particularly in high-end medical imaging and core components, where reliance on imports has been significant. Recent advancements in domestic R&D are enabling some companies to gain competitive advantages [4][6]. - The Ministry of Commerce has initiated anti-dumping investigations into imported medical CT tubes, which may benefit domestic suppliers and manufacturers [5]. - The Chinese government continues to support the medical device sector, promoting high-quality development and encouraging companies to expand internationally. This includes backing for high-end medical devices and innovative technologies [6][7]. - Analysts suggest that despite the tariff challenges, there is a strong potential for domestic companies to increase market share and reduce reliance on imports, particularly in high-value consumables and in vitro diagnostics (IVD) sectors [7]. Long-term Outlook - The long-term export potential for Chinese medical device companies remains positive, with a focus on expanding into developing markets outside the U.S. Companies like Mindray Medical are looking to enhance their brand presence in these regions [8]. - Companies are diversifying their international strategies, with plans for local production and sales in emerging markets such as Mexico, which is expected to commence operations by early 2026 [8].

迪瑞医疗科技股份有限公司的主营业务是医疗检验仪器及配套试纸试剂的研发、生产、营销与服务。公 司的主要产品是尿液分析、生化分析、化学发光免疫分析、妇科分泌物分析、血细胞分析、凝血分析、 整体化实验室。公司获得的专利213项，其中发明专利136项；已获得软件著作权96项。 4月10日，迪瑞医疗今日收盘13.62元，上涨1.95%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到26.17倍，总市值37.14亿元。 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46.15倍，行业中值29.13倍，迪瑞医疗排 名第64位。 资金流向方面，4月10日，迪瑞医疗主力资金净流入270.71万元，近5日总体呈流出状态，5日共流出 130.31万元。 最新一期业绩显示，2024年年报，公司实现营业收入12.18亿元，同比-11.63%；净利润1.42亿元，同 比-48.50%，销售毛利率43.84%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)64迪瑞医疗26.1726.171.8137.14亿行业平均 46.1548.384.77102.50亿行业中值29.1329.012.3143.45亿1 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 18 yuan [2][8]. Core Views - The company's performance is under temporary pressure, but there is potential for reagent volume growth [2][8]. - In 2024, the company reported total revenue of 1.218 billion yuan, a decrease of 11.63%, and a net profit attributable to shareholders of 142 million yuan, down 48.50% [2][4]. - The company aims to focus strategically on increasing reagent volume, leveraging industry trends towards domestic in vitro diagnostics to expand market share [8]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 1,218 million yuan, net profit of 142 million yuan - 2025E: Revenue of 1,429 million yuan, net profit of 201 million yuan (growth of 41.7%) - 2026E: Revenue of 1,692 million yuan, net profit of 256 million yuan (growth of 27.4%) - 2027E: Revenue of 2,018 million yuan, net profit of 329 million yuan (growth of 28.5%) [4][9]. - **Earnings Per Share (EPS)**: - 2024A: 0.52 yuan - 2025E: 0.74 yuan - 2026E: 0.94 yuan - 2027E: 1.21 yuan [4][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios for 2025E, 2026E, and 2027E are projected at 18, 14, and 11 respectively [4][9]. - **Market Performance**: - The company's stock price as of April 8, 2025, is 13.08 yuan, with a market capitalization of approximately 35.67 billion yuan [4][5].

Core Viewpoint - Dier Medical reported a significant decline in revenue and net profit for 2024, attributed to macroeconomic factors, industry adjustments, and changes in procurement policies, while outlining strategies for sustainable development and cash flow management [1][2]. Group 1: Financial Performance - In 2024, Dier Medical achieved revenue of 1.218 billion yuan, a year-on-year decrease of 11.63% [1] - The net profit for 2024 was 142 million yuan, down 48.5% year-on-year [1] - The quarterly revenue breakdown for 2024 was 663 million yuan in Q1, 216 million yuan in Q2, 297 million yuan in Q3, and 42.36 million yuan in Q4 [1] Group 2: Business Strategy and Adjustments - The company adjusted its sales strategy in Q4 2024 in response to industry changes, impacting that quarter's revenue [2] - Dier Medical is focusing on improving profitability, enhancing market competitiveness, and optimizing resource allocation to ensure long-term stability [2] - Measures to address cash flow pressures include dynamic tracking of accounts receivable and optimizing supplier payment terms [2] Group 3: International Market and Product Development - Dier Medical's direct exports to the U.S. are minimal, with an estimated revenue of about 150,000 USD in 2024 [3] - The company has established a presence in markets such as Russia, Latin America, Southeast Asia, and the Middle East, with a diverse product range [3] - The integration of AI algorithms for diagnostic support aims to enhance the efficiency and accuracy of clinical decision-making [3]

Group 1: Financial Performance - The company's main revenue significantly declined in Q4 2024 due to macroeconomic factors, industry adjustments, and ongoing procurement policies [2] - The company has implemented measures to enhance profitability, market competitiveness, and sustainable development [2] Group 2: Research and Development - The company has launched several competitive products, including the CS-690 automatic urine biochemical analyzer and the CM-640 automatic chemiluminescence immunoassay analyzer [3] - Focus on AI-driven solutions in urine analysis to improve diagnostic accuracy and efficiency [3] Group 3: Cash Flow Management - A dynamic tracking mechanism has been established to accelerate accounts receivable collection and optimize supplier payment terms [6] - Multiple initiatives are in place to improve cash flow by optimizing production processes and controlling daily expenses [6] Group 4: Market Strategy and Management - The company has developed a market value management system linked to executive performance assessments [6] - Plans to fully integrate with China Resources for risk management and business control, leveraging the brand for growth opportunities [6] Group 5: Future Outlook - The company aims to focus on reagent volume growth as a core business direction for 2025 [6] - Plans to enhance management of accounts receivable, cash flow, and inventory, while ensuring stable and healthy development [6] Group 6: International Trade Impact - The expected impact of U.S. tariffs on the company's exports is minimal, with only about $150,000 projected in 2024, representing a small percentage of total revenue [7] - The company has established a diverse international market presence, exporting to approximately 125 countries and regions [7]