Investment Rating - The investment rating for Sanxin Medical (300453) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and international expansion [1][3]. Core Viewpoints - The company reported a revenue of 761 million yuan in the first half of 2025, representing a year-over-year increase of 10.83%, with a net profit of 115 million yuan, up 8.35% year-over-year [1][3]. - The growth in revenue is driven by the rapid development of overseas business, with a significant increase in international sales contributing to overall growth [3]. - The blood purification segment continues to show strong growth, with a revenue of 626 million yuan in the first half of 2025, reflecting a year-over-year increase of 19.73% [3]. Summary by Sections Revenue Growth - The company achieved a revenue of 361 million yuan in Q1 2025 (yoy +8.88%) and 400 million yuan in Q2 2025 (yoy +12.65%), indicating a positive growth trend [3]. - Domestic revenue for the first half of 2025 was 574 million yuan (yoy -0.15%), while overseas revenue reached 187 million yuan (yoy +67.3%), accounting for 24.6% of total revenue [3]. Business Segments - The blood purification segment, including devices and consumables, generated 626 million yuan in revenue, making up 82.2% of total revenue, with exports of blood dialysis devices increasing by 84% [3]. - The drug delivery devices segment reported a revenue of 82 million yuan (yoy -15.1%), while the cardiothoracic segment achieved 35 million yuan (yoy +0.7%) [3]. Financial Forecast - The company is projected to achieve revenues of 1.742 billion yuan, 2.027 billion yuan, and 2.354 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 16.1%, 16.3%, and 16.2% [4]. - Net profit is expected to reach 262 million yuan, 307 million yuan, and 359 million yuan for the same years, with growth rates of 15.1%, 17.3%, and 17.0% [4].

Financial Performance - The company achieved operating revenue of 760.81 million CNY, a year-on-year increase of 10.83% [3] - Net profit attributable to shareholders reached 115.12 million CNY, up 8.35% from the previous year [3] - Net profit excluding non-recurring gains and losses was 103.23 million CNY, reflecting a growth of 9.26% [3] - The net profit growth rate after excluding share payment expenses was 13.60% [3] Business Segments - Blood purification products generated revenue of 625.59 million CNY, a 19.73% increase, accounting for 82.23% of total revenue [3] - Drug delivery devices saw revenue of 82.41 million CNY, a decline of 15.06%, representing 10.83% of total revenue [3] - Cardiothoracic products achieved revenue of 34.98 million CNY, a slight increase of 0.74%, making up 4.60% of total revenue [3] International Market Expansion - The company successfully registered products in Indonesia, Peru, and Mexico, and is advancing certification processes in Turkey, Vietnam, and Brazil [4][6] - Overseas revenue reached 187.00 million CNY, a significant increase of 67.30%, driven by blood purification product exports [4][6] - Blood purification product exports accounted for 88% of total export revenue, with sales increasing by 83.84% [6] Research and Development - R&D investment totaled 36.98 million CNY, with over 30 projects underway and 11 new patents authorized [4][5] - The company is focusing on innovative medical devices and high-value consumables, including artificial blood vessels and anticoagulant-coated catheters [5][15] Future Outlook - The number of patients receiving hemodialysis in China is projected to grow from 248,000 in 2012 to 1.0273 million by 2024, indicating a 4.1-fold increase [9] - The dialysis treatment rate in China is currently below 30%, compared to 58% in the U.S., suggesting significant growth potential [9] - The company plans to expand production capacity and enhance product offerings to meet increasing market demand [15] Shareholder Returns - The company has implemented a stable profit distribution policy, with cumulative cash dividends amounting to 547 million CNY since its IPO [16] - A three-year shareholder return plan (2025-2027) aims to distribute at least 30% of the annual distributable profits in cash [16]

三鑫医疗 20250812 摘要 三鑫医疗 2025 年上半年营收增长符合预期，血液净化产品贡献主要增 长，占比达 82%，但给药器具类产品营收同比下降 15%。 海外市场拓展迅速，2025 年上半年出口收入同比增长 67%，其中血透 设备和耗材占比 88%，主要受益于东南亚市场，未来将加速在巴西、土 耳其和印度等国的准入。 为改善资产结构和扩张产能，三鑫医疗计划发行可转债，募集资金主要 用于透析膜、透析器及透析管产线扩建，以及补充流动资金。 国内市场集采压力下，三鑫医疗透析器市占率提升至约 8%，设备营收 同比增长约 70%，透析膜销量已超去年全年，但科兴业受市场调价影响 收入增长较缓。 国内血液透析患者人数持续增长，规范治疗人数已达 102.7 万，预计未 来维持 10%以上增长率，存量病人治疗年限延长及新增病人共同驱动需 求。 国家医保局启动 CA 扣息项目领域收费改革，提高了病人和医院积极性， 对行业整体发展形成有利环境，有助于产业长期发展。 公司预计全年收入增长 10%左右，但面临集采和竞争压力，将通过增加 产能、推广湿膜透析器等新产品，以及差异化竞争策略获取更多市场份 额。 Q&A 2025 年上 ...

长江商报消息 ●长江商报记者 张璐 三鑫医疗（300453.SZ）加快扩产步伐。 近日，三鑫医疗发布向不特定对象发行可转换公司债券预案，计划募集资金不超过5.3亿元，用于多项 血液透析相关项目及补充流动资金。。 作为深耕医疗器械领域的企业，三鑫医疗近年来在血液透析赛道的聚焦度持续提升，业务结构不断优 化。从业务占比来看，其血液净化类产品收入占总营收的比例已从2023年的73.02%提升至2025年上半 年的82.28%，成为公司绝对的核心增长引擎。 业绩数据印证了这一战略的有效性。2025年上半年，依托"血液透析设备+耗材"全产品链布局，三鑫医 疗实现营收7.61亿元，同比增长10.83%；净利润1.15亿元，同比增长8.35%。 长江商报记者注意到，在核心业务的强势驱动下，三鑫医疗总资产也保持稳健增长。2025年上半年，公 司总资产同比增长10.1%至22.46亿元，创历史新高，为业务拓展奠定了坚实的资本基础。 公告显示，"三鑫医疗高性能血液净化设备及配套耗材研发生产基地项目—新建年产3000万套血液透析 管路生产线及配套工程建设项目"拟使用募集资金1.66亿元，该项目聚焦于血液透析管路的生产。 据了解，血 ...

招商通知： 2025年9月4-5日，第三届全球手术机器人大会 近日， 三鑫医疗 发布了2025年半年度业绩公告。 # 财报数据 江西三鑫医疗科技股份有限公司 （股票代码：300453）是一家专业专注于医疗器械研发、制造、销售和服务的国家高新技术企业。公司创建于1997年，是江西省 医疗器械行业 首家 A股上市公司。业务范围包括以下： 血液净化类 ：公司核心业务，涵盖血液透析机、血液透析器、血液透析浓缩物、血液透析管路、一次性使用透析用留置针等。公司是 行业内 首批 通过完全 自主研发具备血液透析设备及耗材全产品链的企业之一 。 给药器具类 ：包括注射类、输液输血类产品。公司紧跟市场需求，持续对给药器具产品迭代升级。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 760,807,967.78 | 686,452,593.92 | 10.83% | | 归属于上市公司股东的净利润(元) | 115,118,078.10 | 106,247,789.77 | 8.35% | | 归属于上市公司股东的扣除非经常性损益的净利润 ...

此次募投项目共4项，包括三鑫医疗年产1000万束血液透析膜及1000万支血液透析器改扩建项目、三鑫 医疗高性能血液净化设备及配套耗材研发生产基地项目-新建年产3000万套血液透析管路生产线及配套 工程建设项目、江西呈图康电子加速器辐照灭菌生产线改扩建项目以及补充流动资金。 北京商报讯（记者 丁宁）8月9日，三鑫医疗（300453）发布向不特定对象发行可转换公司债券预案， 本次发行证券的种类为可转换为公司A股股票的可转债，拟募集资金总额不超5.3亿元（含本数）。 ...

据证券之星公开数据整理，近期三鑫医疗(300453)发布2025年中报。根据财报显示，三鑫医疗营收净利 润同比双双增长。截至本报告期末，公司营业总收入7.61亿元，同比上升10.83%，归母净利润1.15亿 元，同比上升8.35%。按单季度数据看，第二季度营业总收入4.0亿元，同比上升12.65%，第二季度归母 净利润6139.24万元，同比上升16.65%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率34.97%，同比减0.34%，净利率16.72%，同比减 0.54%，销售费用、管理费用、财务费用总计9480.45万元，三费占营收比12.46%，同比减3.58%，每股 净资产2.58元，同比增8.45%，每股经营性现金流0.36元，同比增38.2%，每股收益0.22元，同比增7.92% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.86亿 | 7.61亿 | 10.83% | | 归母净利润(元) | 1.06亿 | 1.15亿 | 8.35% | | 扣非净利润(元) | 9448.35万 | ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.86 Z | 7.61亿 | 10.83% | | 归母净利润(元) | 1.06亿 | 1.15亿 | 8.35% | | 扣非净利润(元) | 9448.35万 | 1.03亿 | 9.26% | | 货币资金(元) | 1.26亿 | 2.16亿 | 70.74% | | 应收账款(元) | 9595.7万 | 8314.14万 | -13.36% | | 有息负债 (元) | 2.55亿 | 2.38亿 | -6.61% | | 毛利率 | 35.09% | 34.97% | -0.34% | | 净利率 | 16.81% | 16.72% | -0.54% | | 三费占营收比 | 12.92% | 12.46% | -3.58% | | 每股净资产 (元) | 2.38 | 2.58 | 8.45% | | 每股收益(元) | 0.2 | 0.22 | 7.92% | | 每股经营性现金流(元) | 0.26 | 0.36 | 38.20% | 据证 ...

险资方向，本期较上一期持股增加的险资共计2个，包括前海人寿保险股份有限公司-分红保险产品华泰 组合、前海人寿保险股份有限公司-分红保险产品，持股增加占比达0.2%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月9日，三鑫医疗(300453.SZ)发布2025年半年度报告。截至2025年8月08日，共有7个机构投资 者披露持有三鑫医疗A股股份，合计持股量达3422.78万股，占三鑫医疗总股本的6.55%。其中，机构投 资者包括前海人寿保险股份有限公司-分红保险产品华泰组合、前海人寿保险股份有限公司-分红保险产 品华泰组合、前海人寿保险股份有限公司-分红保险产品、前海人寿保险股份有限公司-分红保险产品、 大成创业板两年定开混合A、诺安主题精选混合、汇安资产轮动混合A，机构投资者合计持股比例达 6.55%。相较于上一季度，机构持股比例合计上涨了1.00个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计1个，即汇安资产轮动混合A，持股增加占比小 幅上涨。本期较上一季度新披露的公募基金共计2个，包括大成创业板两年定开混合A、诺安主题精选 混合。本期较上一季未再披露的公 ...

Company Announcements - Jihua Group's main business and existing product system do not involve brain-computer interface related fields [1] - Hongjing Optoelectronics plans to invest 1.533 billion yuan to build a research and manufacturing headquarters project [1] - Zhuojin Co., Ltd. won the bid for soil control project around Longchao Line [1] - Jianghuai Automobile's July sales totaled 25,197 units, a year-on-year decrease of 21.73% [1][2] - Lakala intends to transfer 100% equity of certain subsidiaries [1] - Haitai High-tech completed a buyback, spending a total of 70.91 million yuan to repurchase 6.69995 million shares [1] - Tongchen Beijian reported a net profit of 737 million yuan for the first half of the year, a year-on-year decrease of 17.34% [1][3] - Xuelang Environment's shareholders plan to reduce their holdings by a total of no more than 3% [1] - Huaxia Happiness's shareholders plan to reduce their holdings by a total of no more than 3% [1] - Sanxin Medical plans to issue convertible bonds to raise no more than 530 million yuan [1] - *ST Gaohong's stock may face mandatory delisting due to major legal violations [1] Investment and Financial Data - GAC Group's July automobile sales were 119,482 units, a year-on-year decrease of 15.38% [2] - Minghe Co., Ltd. reported July sales revenue of 41.36 million yuan [2] - Tangrenshen's July pig sales revenue totaled 589.6 million yuan [3] - Tiankang Biological's July pig sales revenue was 335 million yuan [3] - Chongqing Construction's new contract amount for the first half of the year was 24.271 billion yuan, a year-on-year decrease of approximately 19.20% [3] Shareholder Actions - Guangdong Hongda's subsidiary plans to acquire 60% equity of Changzhilin [3] - Ningbo Energy intends to acquire a total of 41% equity of Yongneng Comprehensive Energy [3] - Tianyang Technology plans to invest to acquire 51% equity of Moshuzhiqing [3] - ST Lutong's specific shareholders plan to reduce their holdings by a total of no more than 3.27% [3] - Jiuliang Co., Ltd.'s shareholders plan to reduce their holdings by a total of no more than 3% [3] - Ailis's employee stock ownership platform plans to reduce a total of no more than 13.5 million shares [3] - Huaxia Happiness's shareholders plan to reduce their holdings by a total of no more than 3% [3] Other Developments - Sanxin Medical plans to use the raised funds for the expansion project of producing 10 million blood dialysis membranes and 10 million blood dialysis devices [3]