华安证券（600909）股份有限公司研究员谭国超、李婵昨日发表研报《三鑫医疗：2025H1盈利能力稳 定海外市场持续高增长》称，维持公司"买入"评级。 中国经济网北京8月13日讯三鑫医疗（300453）(300453.SZ)今日收报10.23元，跌幅4.84%。 ...

Group 1 - On August 12, a total of 10 companies were investigated by institutions, with 7 companies being surveyed by funds, highlighting a significant interest in certain firms [1] - The most notable company was Aoshikang, which attracted 17 funds for the survey, followed by Sanxin Medical and Wancheng Group with 14 and 12 funds respectively [1] - Among the surveyed companies, 4 were from the Shenzhen main board and 3 from the ChiNext board, indicating a diverse representation across different market segments [2] Group 2 - The total market capitalization of the surveyed companies included 2 with a market cap over 50 billion yuan, and 1 company, Sanxin Medical, with a market cap below 10 billion yuan [2] - In terms of market performance, 6 out of the surveyed stocks increased in value over the past 5 days, with Sanxin Medical leading at a 20.11% increase, followed by Keshida and Wancheng Group with increases of 14.51% and 11.82% respectively [2] - Among the surveyed companies, 3 have released their semi-annual reports, with Sanxin Medical and Shuanghui Development showing the highest net profit growth rates of 8.35% and 1.17% respectively [2]

三鑫医疗（SZ 300453，收盘价：10.75元）发布公告称，2025年8月12日，三鑫医疗接受中信证券等投 资者调研，公司董事、副总裁、董事会秘书、代理财务总监刘明回答了投资者提出的问题。 （文章来源：每日经济新闻） 2025年1至6月份，三鑫医疗的营业收入构成为：医疗器械行业占比99.78%，其他业务占比0.22%。 ...

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]

Summary of the Conference Call for Sanxin Medical Company Overview - **Company**: Sanxin Medical - **Industry**: Blood purification and dialysis products Key Points Financial Performance - In the first half of 2025, Sanxin Medical achieved revenue of 760 million yuan, a year-on-year increase of 10.83% [4] - Net profit attributable to shareholders was 115 million yuan, up 8.35% year-on-year [4] - Blood purification products contributed 626 million yuan in revenue, growing 20% and accounting for 82% of total revenue [4] - Revenue from drug delivery devices decreased by 15% year-on-year, totaling 82.4 million yuan [4] Market Expansion - Export revenue in the first half of 2025 reached 187 million yuan, a 67% increase year-on-year, with dialysis equipment and consumables making up 88% of exports [4][2] - The company is focusing on expanding into Southeast Asia, with plans to enter markets in Brazil, Turkey, and India [2][5] Product Development and Strategy - Sanxin Medical plans to issue convertible bonds to improve asset structure and expand production capacity, with approximately 4 billion yuan allocated for production expansion and 1.3 billion yuan for working capital [6] - The company aims to increase market share through capacity expansion and the promotion of new products like wet membrane dialyzers [3][21] Domestic Market Dynamics - The company’s market share for dialysis devices increased to approximately 8%, with device revenue growing about 70% year-on-year [7] - The number of patients receiving standardized blood dialysis treatment reached 1.027 million, with an expected growth rate of over 10% in the future [11] - The National Medical Insurance Administration's reforms have positively impacted the industry, enhancing patient and hospital engagement [12] Competitive Landscape - Sanxin Medical's market share for dialysis devices has grown from 5-6% to around 8%, driven by increased domestic production and market reshuffling [16] - The company faces challenges from price reductions due to centralized procurement and increased competition [21] Future Outlook - The company expects a revenue growth of around 10% for the full year 2025, despite pressures from centralized procurement and competition [3][21] - New product launches, including artificial blood vessels and wet membrane dialyzers, are planned for the second half of the year [6][10] International Market Insights - The company has gained market access in Indonesia, Mexico, and Peru, with plans for further expansion in Brazil, India, Vietnam, and Turkey [8] - The majority of exports are concentrated in Southeast Asia, with ASEAN countries accounting for nearly 70% of total exports [13] Regulatory and Policy Impact - The introduction of the CA deduction project by the National Medical Insurance Bureau is expected to create a favorable environment for the industry’s long-term development [12] Shareholder Returns - Sanxin Medical has proposed a mid-year dividend plan, aiming for a dividend payout ratio of 70% for the year [25] Conclusion - Sanxin Medical is positioned for growth in the blood purification sector, with a focus on expanding its product line and market presence while navigating challenges from competition and regulatory changes [25]

8月12日，三鑫医疗今日收盘10.75元，上涨14.24%，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23.77倍，创738天以来新低，总市值56.16亿元。 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57.51倍，行业中值41.25倍，三鑫医疗排 名第49位。 资金流向方面，8月12日，三鑫医疗主力资金净流出72.59万元，近5日总体呈流入状态，5日共流入 1490.98万元。 江西三鑫医疗科技股份有限公司的主营业务是医疗器械研发、制造、销售和服务。公司的主要产品是血 液净化类、给药器具类、心胸外科类、其他类。公司荣获"国家工信部智能制造优秀场景""江西省智能 制造标杆企业""江西省先进级智能工厂""5G+工业互联网"应用示范项目等荣誉，在智能制造和数字化 转型领域获权威认可。 最新一期业绩显示，2025年半年报，公司实现营业收入7.61亿元，同比10.83%；净利润1.15亿元，同比 8.35%，销售毛利率34.97%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13三鑫医疗23.7724.704.1756.16亿行业平均 57.5153.344.97120.28 ...

Core Viewpoint - Sanxin Medical is experiencing stable profitability in H1 2025, with significant growth in overseas markets, indicating a successful global expansion strategy [1] Group 1: Financial Performance - The company's overseas business achieved revenue of 187 million yuan in the first half of the year, representing a year-on-year growth of 67.3%, significantly outpacing the overall revenue growth [1] - The company has successfully registered products in countries such as Indonesia, Peru, and Mexico, while accelerating certification processes in Turkey, Vietnam, and Brazil [1] Group 2: Market Strategy - The establishment of a global self-certification system has strengthened the company's blood purification business and enhanced its competitiveness in international markets [1] - The company has adopted a flexible and precise pricing strategy, allowing it to win bids in centralized procurement processes, thereby increasing its market share in previously low-penetration areas [1] Group 3: Industry Outlook - The dialysis industry, particularly for dialysis machines and filters, still has significant potential for import substitution, indicating a robust growth outlook for the sector [1] - Given the steady growth of the industry and the successful expansion into overseas markets, the company maintains a "buy" rating [1]

（文章来源：每日经济新闻） 华安证券8月11日发布研报称，给予三鑫医疗（300453.SZ，最新价：10.66元）买入评级。评级理由主 要包括：1）海外市场持续高增长，2025H1增速约67%；2）血透核心业务保持高速增长，2025H1年增 速约20%；3）拟发可转债5.3亿元，持续产能扩张。风险提示：公司血透设备海外市场销售不及预期风 险、公司产能利用不足风险。 ...

今日A股涨跌互现，全市场费率最低档的医疗器械ETF基金(159797)涨超2%，盘中再获资金净申购1200万份，已连续第5日大举揽 金！热门成分股中，脑机接口概念股纷纷暴涨，三鑫医疗盘中20CM涨停，现仍涨超17%，赛诺医疗涨超14%，乐普医疗涨超 5%，迈瑞医疗涨超3%。 | 序号 | 代码 | 名称 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | | 1 | 300760 | 迈瑞医疗 | 3.08% | 13.88% | | 2 | 688271 | 联影医疗 | 2.85% | 7.87% | | 3 | 688068 | 热景生物 | -1.43% | 5.63% | | 4 | 300896 | 爱美客 | 1.07% | 4.51% | | 5 | 300003 | 乐普医疗 | 6.13% | 3.12% | | 6 | 002223 | 鱼跃医疗 | 1.10% | 3.00% | | 7 | 688016 | 心脉医疗 | 3.18% | 2.85% | | 8 | 300832 | 新产业 | 2.74% | 2.74% | | ਰੇ | 6 ...

Core Viewpoint - The A-share medical device sector has shown strong performance, with several companies experiencing significant stock price increases, driven by favorable industry policies and company-specific developments [1][2][3]. Industry Summary - The medical device sector index reached 12,895.16, reflecting a 2.57% increase [2]. - Recent government policies emphasize support for innovative medical devices, indicating a potential turning point for industry valuation and performance [3][4]. - The Ministry of Industry and Information Technology issued guidelines to promote the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 and establishing a competitive industrial ecosystem by 2030 [3][4]. Company Summary - **Sanxin Medical**: - Stock price increased by the daily limit of 20CM, with a recent report showing a revenue of 761 million yuan for the first half of 2025, a 10.83% year-on-year growth, and a net profit of 115 million yuan, up 8.35% [1][4]. - The company plans to raise up to 530 million yuan through convertible bonds for blood dialysis projects and working capital [4]. - **Sino Medical**: - Achieved three 20CM limit-ups in four trading days, with a significant announcement regarding its subsidiary's FDA breakthrough for a new intracranial drug-coated stent system [1][5]. - The company expects a net profit of 13.84 million yuan for the first half of 2025, a 296.54% increase year-on-year, attributed to strong sales growth in coronary stents and balloon products [5]. - **Zhonghong Medical**: - Experienced a stock price increase of 12.17%, with a market capitalization of 7.35 billion yuan [2]. - **Milan Medical**: - Stock price rose by 12%, with a market capitalization of 1.85 billion yuan [2]. - **Other Notable Companies**: - Companies like Myp Medical and Anjisi also saw stock price increases, indicating a broader positive trend in the sector [2].