证券研究报告 | 医药生物 | 2025年11月29日 www.hczq.com 华创医药投资观点&研究专题周周谈 · 第152期 血液净化器械行业专题 本周中信一级行业指数涨跌幅 本周涨幅排名前/后十名的股票 10% 海王 生物 -15.33% *ST长药 粤万 -9.61% 速度反应 8% 年書 广场 康为世纪 -8 81% 药业 ୧୯୧ 要漏 万奏生物 克 前沿 维康药业 4% 生 … 必页 新产业 12-0 2% 状狀 壓 佰仁医疗 欧林 舒泰神 09 银行金| 华照生物 药业 -29 ts Y 京新药业 17.8 -3.32% 20% 20% -15% -10% -5% 0% 10% 证监会审核华创证券投资咨询业务资格批文号:证监许可(2009)1210 号 未经许可,禁止转载 ω 部分 01 行情回顾 02 板块观点和投资组合 03 行业和个股事件 8 · 本周，中信医药指数上涨2.66%，跑赢沪深300指数1.02个百分点，在中信30个一级行业中排名第16位。 · 本周涨幅前十名股票为海王生物、粤万年青、广济药业、金迪克、前沿生物-U、必贝特-U、北大医药、欧林生物、特一药业、华 · 本周跌幅前 ...

www.hczq.com 证券研究报告 | 医药生物 | 2025年11月29日 华创医药投资观点&研究专题周周谈 · 第152期 血液净化器械行业专题 本周专题联系人：李婵娟 陈俊威 华创医药团队： | 首席分析师 郑辰 | | | --- | --- | | 联席首席分析师 | 刘浩 | | 医疗器械组组长 | 李婵娟 | | 中药和流通组组长 | 高初蕾 | | 分析师 | 王宏雨 | | 分析师 | 朱珂琛 | | 分析师 | 陈俊威 | | 分析师 张良龙 | | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 执业编号：S036052 ...

Core Insights - Sanxin Medical has successfully transformed from traditional infusion and injection fields to the blood purification sector, becoming a significant player in the industry with a strong growth trajectory [3][4][5]. Group 1: Company Transformation and Growth - Sanxin Medical's net profit has shown a compound annual growth rate (CAGR) of 29.82% over the past five years, indicating robust growth momentum [3]. - The company has shifted its revenue structure, with blood purification products' revenue share increasing from 20% in 2015 to 81% in 2024, reflecting a successful business transformation [5]. - Total revenue has grown from 312 million yuan in 2015 to 1.5 billion yuan in 2024, achieving a CAGR of 19.07% [5]. Group 2: Product Development and Innovation - Sanxin Medical has developed a comprehensive product line in blood purification, including dialysis tubes and related products, leveraging its technical expertise from the infusion sector [4][6]. - The company has established the first domestic assembly production line for dialysis devices, enhancing its manufacturing capabilities and reducing costs by over 30% [6]. - The firm is working on domestic production technology for medical-grade polyethersulfone (PES), which is crucial for dialysis membranes, aiming to reduce reliance on imports [7]. Group 3: Global Expansion and Market Strategy - Sanxin Medical's overseas revenue reached 274 million yuan in 2024, marking a 39.70% increase, and is projected to grow further, constituting 25% of total revenue in the first half of 2025 [8]. - The company has registered products in countries like Indonesia and Peru, and is advancing certification processes in Turkey and Vietnam, enhancing its global competitiveness [8]. - Sanxin Medical aims to lead the health industry while contributing to the well-being of its employees and society, with a vision of becoming a century-old enterprise [9].

Group 1: Jiangzhong Pharmaceutical - Jiangzhong Pharmaceutical's flagship product, Jianwei Digestive Tablets, has achieved cumulative sales of over 5 billion boxes and has been the top-selling OTC digestive medicine in China for 21 consecutive years [20][21] - The company aims to enhance quality through innovation, focusing on three main business areas: OTC products, health consumer goods, and prescription drugs, achieving a compound annual growth rate (CAGR) of 16% in revenue and 13% in net profit during the 14th Five-Year Plan period [20][21] - The company has implemented smart manufacturing technologies, achieving over 95% automation in its production processes, significantly improving efficiency and reducing labor costs [22][23] Group 2: Technological Innovation - Jiangzhong Pharmaceutical has developed a unique MVR concentration technology that enhances the extraction efficiency of active ingredients from traditional Chinese medicine to over 90% [22] - The company has established a national key laboratory for modern Chinese medicine creation, focusing on the innovative transformation of classic formulas into modern products [24] - The introduction of innovative flavors and purification techniques has transformed traditional herbal medicines into more palatable products, appealing to a broader consumer base [25] Group 3: Cultural Integration and Market Expansion - Jiangzhong Pharmaceutical has launched a "Healthy Hot Pot" concept that incorporates traditional medicinal ingredients, aiming to modernize and popularize traditional Chinese medicine among younger consumers [26][27] - The company plans to continue expanding its cultural outreach and application of traditional Chinese medicine through various channels, including tourism and dining [27] Group 4: Fushite Company - Fushite has positioned itself in the hydraulic pipeline sector, with a strategic focus on the mining after-market, anticipating a market size of $19.33 billion by 2030 [28][30] - The company has established a comprehensive service system that includes industrial maintenance and heavy spare parts supply, expanding its service capabilities beyond just hydraulic pipeline repairs [32] Group 5: Naipu Mining Machinery - Naipu Mining Machinery has developed a global service network covering over 50 countries, focusing on wear-resistant materials and mining machinery [34][36] - The company has successfully transitioned from basic spare parts production to advanced wear-resistant materials, leveraging new material technologies to enhance product performance [35][36] - Naipu's international strategy includes establishing production bases in Peru to meet the growing demand for mining equipment and spare parts in South America [39][40] Group 6: Sanxin Medical - Sanxin Medical has transformed from a traditional infusion and injection company to a significant player in the blood purification medical device sector, achieving a CAGR of 29.82% in net profit over the past five years [42][45] - The company has expanded its product offerings in blood purification, with revenue from this segment increasing from 20% in 2015 to 81% in 2024 [45] - Sanxin Medical is actively pursuing global market expansion, with overseas revenue growing by 39.70% in 2024, indicating a strong international presence [48][49]

Group 1 - The core viewpoint of the news is that Sanxin Medical has seen a stock price increase of 5.07%, reaching 10.36 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 3.39%, resulting in a total market capitalization of 54.09 billion CNY [1] - Sanxin Medical, established on March 7, 1997, and listed on May 15, 2015, specializes in the research, manufacturing, sales, and service of medical devices, with its main revenue sources being blood purification (82.23%), drug delivery devices (10.83%), thoracic surgery (4.60%), and others (2.34%) [1] Group 2 - From the perspective of major circulating shareholders, a fund under Dacheng Fund has entered the top ten circulating shareholders of Sanxin Medical, holding 2.7326 million shares, which accounts for 0.76% of the circulating shares [2] - The Dacheng Growth Mixed Fund A (160926) has achieved a year-to-date return of 26.07% and a one-year return of 19.24%, ranking 3476 out of 8147 and 3487 out of 8056 respectively [2] - The fund manager, Zou Jian, has been in the position for 4 years and 292 days, with a total fund asset size of 1.212 billion CNY and a best return of 14.09% during his tenure [2] Group 3 - The Dacheng Growth Mixed Fund A (160926) has increased its holdings in Sanxin Medical by 150,000 shares in the third quarter, making it the eighth largest holding in the fund, which represents 3.23% of the fund's net value [3] - The fund has also realized a floating profit of approximately 1.3663 million CNY from its investment in Sanxin Medical [3]

Core Viewpoint - Sanxin Medical has shown a positive stock performance with a 5.07% increase, reaching a price of 10.36 CNY per share, and a total market capitalization of 5.409 billion CNY [1] Company Overview - Sanxin Medical Technology Co., Ltd. is located in Nanchang, Jiangxi Province, and was established on March 7, 1997, with its listing date on May 15, 2015 [1] - The company's main business involves the research, manufacturing, sales, and service of medical devices [1] - Revenue composition is as follows: blood purification products account for 82.23%, drug delivery devices for 10.83%, cardiothoracic surgery products for 4.60%, and other categories for 2.34% [1] Fund Holdings - Huian Fund has a significant holding in Sanxin Medical, with its Huian Asset Rotation Mixed A Fund (005360) being the largest shareholder [2] - In the third quarter, the fund reduced its holdings by 36,300 shares, maintaining a total of 117,100 shares, which represents 9.2% of the fund's net value [2] - The fund has achieved a year-to-date return of 10.07%, ranking 5958 out of 8147 in its category [2]

Core Insights - The medical device sector experienced a rise of 1.13% on October 31, with Caina Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Medical Device Sector Performance - Caina Co., Ltd. (301122) saw a closing price of 30.38, with a significant increase of 19.98% and a trading volume of 91,000 shares, amounting to a transaction value of 259 million [1] - Spring Medical (688236) closed at 28.88, up 14.47%, with a trading volume of 84,200 shares and a transaction value of 235 million [1] - ZhenDe Medical (603301) closed at 95.00, increasing by 9.07% with a trading volume of 211,900 shares, resulting in a transaction value of 1.951 billion [1] - Other notable performers included TuoJing Life (300642) with an 8.81% increase, and Rejing Bio (688068) with an 8.70% increase [1] Capital Flow Analysis - The medical device sector saw a net inflow of 475 million from institutional investors, while retail investors experienced a net outflow of 108 million [2][3] - Major stocks like Mindray Medical (300760) had a net inflow of 262 million from institutional investors, but a net outflow of 1.27 billion from retail investors [3] - Other stocks such as Furuishi (300049) and Lepu Medical (300003) also showed significant net inflows from institutional investors, indicating strong institutional interest [3]

Core Viewpoint - Sanxin Medical (300453) announced on October 31 that it is developing the first domestic integrated ePTFE artificial blood vessel project, which is crucial for hemodialysis treatment and significantly impacts patient survival quality and dialysis effectiveness [1] Group 1: Product Development - The artificial blood vessel serves as a long-term vascular access for hemodialysis patients, referred to as the "lifeline" for these patients [1] - The project has entered the multi-center clinical trial phase across the country, with an accelerated enrollment process [1] - Once approved for market release, the product will fill a domestic gap in the market [1]

Core Viewpoint - The blood dialysis market has significant growth potential, driven by increasing demand from end-stage renal disease patients and expanding treatment rates in emerging markets [2] Industry Summary - The domestic market for blood dialysis is characterized by a large and growing base of end-stage renal disease patients, with blood dialysis being the most widely used treatment method, indicating a strong and rigid demand [2] - The market is expected to experience long-term, steady growth as the number of patients increases and the duration of dialysis treatment for existing patients extends [2] - In international markets, particularly in Southeast Asia, South America, and Latin America, there is substantial room for improvement in dialysis treatment rates, suggesting further demand growth for blood dialysis products [2]

Company Overview - Sanxin Medical (SZ 300453) announced that on October 30, 2025, it will accept investor inquiries, with key personnel including the Vice President and Secretary of the Board, Liu Ming, addressing investor questions [1] Financial Performance - For the first half of 2025, Sanxin Medical's revenue composition was as follows: 99.78% from the medical device industry and 0.22% from other businesses [1]