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]

Core Insights - The company, Sanxin Medical, has announced that its domestically developed integrated artificial blood vessel project made from expanded polytetrafluoroethylene has entered the multi-center clinical trial phase nationwide, accelerating the recruitment of participants [2] - This product is primarily designed for the long-term vascular access construction for patients undergoing hemodialysis, referred to as the "lifeline" for dialysis patients [2] - The product is expected to fill a gap in the domestic market upon its launch, addressing urgent clinical needs [2]

Financial Performance - The company achieved operating revenue of 116,760.22 million yuan in the first three quarters of 2025, a year-on-year increase of 7.88% [2] - Net profit attributable to shareholders reached 18,497.91 million yuan, up 10.16% from the previous year [2] - Net profit excluding non-recurring gains and losses was 16,696.56 million yuan, reflecting a growth of 10.09% [2] Market Strategy - The company is actively participating in the "Twenty-Three Provinces" blood dialysis consumables alliance procurement, which has achieved nationwide coverage [3] - The company is focusing on the procurement of its innovative product, the "wet membrane" dialyzer, to enhance its market position [3][5] - The company plans to issue convertible bonds to raise up to 530 million yuan for expanding production capacity and R&D projects [3] Product Development - The wet membrane dialyzer is a domestically developed product that improves patient experience by reducing allergic reactions [6] - The company is advancing the clinical trials of its integrated artificial blood vessel project, which is crucial for dialysis patients [11] - The disposable dialysis catheter has gained market acceptance and won procurement qualifications, offering a competitive price advantage over imported products [12] Market Trends - The blood dialysis market is expected to grow steadily due to the increasing number of end-stage renal disease patients [7] - The domestic market is seeing a shift towards the localization of blood dialysis products, enhancing the competitiveness of domestic manufacturers [10] - The recent healthcare service price reforms are expected to standardize pricing and improve treatment quality in the industry [8][9] International Expansion - The company is accelerating its internationalization strategy, successfully registering products in countries like Indonesia and Mexico [13] - Focus on emerging markets along the "Belt and Road" initiative, which have significant population bases and growth potential [13]

Core Insights - Sanxin Medical (300453.SZ) reported a total operating revenue of 1.168 billion yuan and a net profit attributable to shareholders of 185 million yuan for Q3 2025 [1] - The company achieved a net cash inflow from operating activities of 325 million yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 36.12%, ranking 85th among disclosed peers [3] - The gross profit margin is reported at 35.50%, placing the company 81st among its industry peers [3] - Return on equity (ROE) is at 13.39%, a decrease of 0.06 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.36 yuan [3] - Total asset turnover remained stable year-on-year, with a slight decline of 0.31% compared to the previous year [3] - The inventory turnover ratio is reported at 3.66 times [3] Shareholder Structure - The number of shareholders is 23,100, with the top ten shareholders holding a total of 232 million shares, accounting for 44.43% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: - Peng Yixing: 24.61% - Lei Fenglian: 5.16% - Peng Haibo: 4.75% - Wan Xiaoping: 2.97% - Peng Jiulian: 1.78% - Wu Jianghao: 1.32% - Po Niu: 1.28% - Zhao Yangmin: 0.88% - Xu Guotao: 0.84% - Liang Jinhui: 0.73% [3]

Core Insights - Sanxin Medical (300453.SZ) reported a revenue of 1.168 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 7.88% [1] - The net profit attributable to shareholders of the listed company was 185 million yuan, an increase of 10.16% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 167 million yuan, reflecting a year-on-year growth of 10.09% [1] - The basic earnings per share stood at 0.3573 yuan [1]

Core Insights - The company reported a revenue of 406,794,256.65 yuan for the third quarter of 2025, representing a year-on-year increase of 2.76% [2] - The net profit attributable to shareholders of the listed company was 69,861,041.47 yuan, showing a year-on-year growth of 13.29% [2] Financial Performance - Revenue for Q3 2025: 406.79 million yuan, up 2.76% year-on-year [2] - Net profit for Q3 2025: 69.86 million yuan, up 13.29% year-on-year [2]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥406,794,256.65, representing a 2.76% increase year-over-year[4] - Net profit attributable to shareholders was ¥69,861,041.47, up 13.29% compared to the same period last year[4] - The basic earnings per share increased by 15.08% to ¥0.1366 for the current period[4] - Total operating revenue for the current period reached ¥1,167,602,224.43, an increase of 7.4% compared to ¥1,082,325,012.30 in the previous period[21] - Net profit for the current period was ¥204,312,790.12, representing a growth of 11.4% from ¥183,343,938.37 in the previous period[22] - Basic earnings per share increased to ¥0.3573 from ¥0.3232, marking a rise of 10.6%[23] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥2,310,054,116.09, reflecting a 3.93% increase from the end of the previous year[4] - Total assets reached ¥2,310,054,116.09, compared to ¥2,222,709,961.44, indicating a growth of 3.9%[19] - Total liabilities increased to ¥834,279,303.35 from ¥814,055,748.31, reflecting a rise of 2.7%[19] - Non-current assets totaled ¥1,480,068,112.76, up from ¥1,398,754,616.01, showing an increase of 5.8%[19] - Current liabilities decreased slightly to ¥558,402,423.00 from ¥577,595,822.70, a decline of 3.4%[19] Cash Flow - Operating cash inflow for the current period reached ¥1,354,172,234.70, an increase of 11.6% compared to ¥1,212,962,998.57 in the previous period[24] - Net cash flow from operating activities was ¥325,422,401.90, slightly up from ¥323,591,496.43 in the previous period[24] - Cash inflow from investment activities totaled ¥488,203,748.46, significantly higher than ¥154,621,615.16 in the previous period[25] - Net cash flow from investment activities was -¥272,215,709.56, worsening from -¥224,909,519.62 in the previous period[25] - Cash inflow from financing activities was ¥81,840,000.00, down from ¥168,434,775.00 in the previous period[25] - Net cash flow from financing activities was -¥199,338,269.68, compared to -¥186,197,100.44 in the previous period[25] - The ending balance of cash and cash equivalents was ¥135,355,790.28, up from ¥111,439,210.26 in the previous period[25] Investments - The company reported a significant increase in investment income of 1339.59%, totaling ¥3,513,977.61, primarily due to increased financial management returns[8] - The company reported an investment income of ¥3,513,977.61, recovering from a loss of ¥283,479.34 in the previous period[22] - The company received ¥479,831,813.95 from investment recoveries, a substantial increase from ¥152,241,110.00 in the previous period[25] - The company paid ¥570,471,075.00 for investments, significantly higher than ¥223,000,000.00 in the previous period[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,101[11] - The largest shareholder, Peng Yixing, holds 32,231,511 shares, representing a significant portion of the company's equity[12] - The company has a total of 165,183,790 shares subject to lock-up agreements, with 2,831,750 shares released during the period[15] - The company has a total of 96,694,533 shares under lock-up for Peng Yixing, which will remain locked for 75% of the term[14] - The company has not reported any changes in the status of its major shareholders participating in margin trading activities[12] Other Financial Metrics - The company’s weighted average return on equity was 5.15%, an increase of 0.41% from the previous year[4] - The company received government subsidies amounting to ¥20,147,396.69, a 73.66% increase compared to the previous year[8] - Research and development expenses for the current period were ¥50,894,409.75, compared to ¥44,733,074.43, an increase of 13.4%[21] - Cash and cash equivalents decreased by 48.67% to ¥148,770,600.97, mainly due to increased purchases of financial products[9] - The company reported a decrease in cash and cash equivalents, with a balance of ¥148,770,600.97 compared to ¥289,846,781.19 at the beginning of the period, reflecting a decline of approximately 48.7%[17] - Trading financial assets increased significantly to ¥321,713,269.90 from ¥178,481,242.87, marking an increase of about 80.0%[17] - Inventory levels rose to ¥215,956,705.08 from ¥195,673,582.44, indicating an increase of approximately 10.4%[17] - Accounts receivable slightly decreased to ¥81,576,277.11 from ¥83,256,881.36, a decline of about 2.0%[17] - The company’s total current assets include various components, with a notable increase in prepayments to ¥15,806,640.89 from ¥13,223,949.61, an increase of about 19.5%[17] - The company’s total receivables financing increased to ¥7,373,398.77 from ¥2,770,415.37, reflecting a growth of approximately 165.5%[17]

国金证券股份有限公司 关于 江西三鑫医疗科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年十月 江西三鑫医疗科技股份有限公司向不特定对象发行可转换公司债券之发行保荐书 声 明 本保荐人及保荐代表人根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办法》 等有关法律、行政法规和中国证券监督管理委员会的规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并 保证所出具文件的真实性、准确性和完整性。 3-1-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 释 | 义 3 | | 第一节 | 本次发行基本情况 4 | | | 一、保荐人项目人员情况 4 | | | 二、发行人基本情况 4 | | | 三、保荐人及其关联方与发行人及其关联方之间的利害关系及主要业务往来 | | | 情况 5 | | | 四、保荐人内部审核程序和内核意见 6 | | | 五、关于有偿聘请第三方机构和个人等相关行为的核 ...

国金证券股份有限公司 关于 江西三鑫医疗科技股份有限公司 向不特定对象发行可转换公司债券 之 二〇二五年十月 上市保荐书 江西三鑫医疗科技股份有限公司向不特定对象发行可转换公司债券之上市保荐书 保荐人（主承销商） 声 明 （成都市青羊区东城根上街 95 号） 3-3-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 第一节 | 发行人概况 3 | | | 一、发行人基本情况 3 | | | 二、主营业务 4 | | | 三、主要经营和财务数据及指标 4 | | | 四、发行人存在的主要风险 5 | | 第二节 | 本次发行情况 13 | | | 一、本次发行履行的内部程序 13 | | | 二、本次发行的基本情况 13 | | | 三、本次可转债发行的基本条款 16 | | | 四、违约责任及争议解决机制 26 | | 第三节 | 本次发行的保荐代表人、协办人及项目组其他成员 28 | | | 一、本保荐机构指定保荐代表人情况 28 | | | 二、本次证券发行项目协办人及其项目组成员 28 | | | 三、保荐机构和相关保荐代表人的联系地址、电话和其他通讯方式 28 | | ...