Core Viewpoint - The company experienced a significant decline in revenue and net profit in the first three quarters of 2025, attributed to inventory management and price adjustments, but maintains a positive long-term growth outlook due to increasing market penetration and product promotion efforts [1][2][3]. Financial Performance - Revenue for 1-3Q25 was 1.556 billion yuan, down 29.1% year-on-year, with a net profit of 453 million yuan, down 42.7% year-on-year [1]. - In 3Q25, revenue was 422 million yuan, a decrease of 39.8% year-on-year, and net profit was 63.51 million yuan, down 73.4% year-on-year [1]. Cost Structure and Efficiency - The gross margin for 1-3Q25 was 79.6%, a decrease of 1.7 percentage points year-on-year, likely due to changes in product sales structure [2]. - The sales, management, and R&D expense ratios were 24.6%, 7.4%, and 9.4%, respectively, with year-on-year increases of 1.4, 1.5, and 1.5 percentage points, reflecting a focus on long-term development despite short-term revenue declines [2]. Product Development and Market Position - The company remains optimistic about the long-term development of its core products, particularly blood purification devices, despite a decline in revenue due to various factors [3]. - As of 1H25, the company had over 6,000 and 2,000 hospital covers for its kidney and liver products, respectively, indicating strong market presence [3]. - Clinical recognition of the company's products is expected to improve with new guidelines and consensus from industry experts [3]. Business Expansion and New Opportunities - The company is actively expanding into new fields, including critical care and blood purification equipment, with over 1,800 and 2,000 hospitals covered by its respective products as of 1H25 [4]. - The company has also expanded its international presence, with products available in over 98 countries and regions, and received CE certification for its Future F20 blood purification device [4]. Profit Forecast and Valuation - The company expects net profits of 551 million, 607 million, and 668 million yuan for 2025-2027, with downward adjustments of 34%, 36%, and 38% compared to previous estimates [5]. - The company is considered a leader in the domestic blood purification industry, with a target price of 25.09 yuan based on a 33x PE valuation for 2026 [5].

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first three quarters of 2025, attributed to reduced industry demand and intensified market competition [1][2]. Financial Performance - The company achieved a revenue of 1.556 billion yuan, representing a year-on-year decrease of 29.13% [1]. - The net profit attributable to shareholders was 453 million yuan, down 42.75% year-on-year [1]. - The gross profit margin decreased by 1.72% due to a larger decline in production compared to revenue [1]. Operational Challenges - The decline in revenue was primarily due to reduced industry demand and increased market competition [1]. - The decrease in production led to a cost reduction that was lower than the revenue decline, impacting profitability [1]. - Ongoing investments in operations and business expansion resulted in a decline in period expenses that was less than the revenue decline, further exacerbating the net profit drop [1]. Market Reaction - Following the earnings report, the company's stock price opened lower and fell by over 5% at one point [2].

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 1.556 billion yuan, representing a year-on-year decrease of 29.13% [1] - The net profit attributable to shareholders of the listed company was 453 million yuan, down 42.75% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 438 million yuan, reflecting a year-on-year decrease of 41.87% [1] - The basic earnings per share were 0.59 yuan [1]

Revenue and Profitability - Revenue for Q3 2025 was CNY 421,605,411.16, a decrease of 39.78% year-over-year, and year-to-date revenue was CNY 1,556,021,993.54, down 29.13% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was CNY 63,507,610.17, a decline of 73.44% year-over-year, with year-to-date net profit at CNY 453,230,155.40, down 42.75%[4] - Basic earnings per share for Q3 2025 was CNY 0.083, a decrease of 72.33% compared to the same period last year, while diluted earnings per share was CNY 0.080, down 72.41%[4] - Total operating revenue for the current period is ¥1,556,021,993.54, a decrease of 29.1% compared to ¥2,195,690,243.92 in the previous period[25] - Net profit for the current period is ¥451,858,349.46, representing a decline of 42.7% from ¥788,826,841.30 in the previous period[26] - Basic earnings per share decreased to ¥0.59 from ¥0.99, a drop of 40.4%[26] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 5,536,100,604.25, an increase of 2.84% from the end of the previous year[4] - The total current assets increased to ¥2,915,854,287.40 from ¥2,783,662,467.05, representing a growth of approximately 4.75%[22] - The total liabilities increased slightly from ¥2,048,784,541.14 to ¥2,107,445,959.36, reflecting a growth of about 2.00%[24] - The total equity attributable to shareholders rose from ¥3,333,906,225.54 to ¥3,429,268,141.05, an increase of approximately 2.87%[24] - The company's short-term borrowings decreased from ¥77,505,234.56 to ¥58,422,405.98, a reduction of about 24.65%[24] - The non-current liabilities increased from ¥1,281,991,218.31 to ¥1,422,240,153.75, representing a growth of about 10.95%[24] Cash Flow - Cash flow from operating activities year-to-date was CNY 573,240,155.17, a decrease of 34.23% compared to the same period last year[4] - Net cash flow from operating activities is ¥573,240,155.17, down 34.2% from ¥871,604,805.56 in the previous period[27] - Cash received from other operating activities increased by 69.88% to ¥96,557,078.25, mainly due to an increase in government subsidies related to assets[14] - Cash paid for other operating activities decreased by 34.12% to ¥265,858,918.17, attributed to cost control measures[14] - Cash received from investment income dropped by 64.20% to ¥8,757,199.60, mainly due to a decrease in maturing financial products[14] - Cash received from financing activities surged by 799.93% to ¥449,965,192.89, primarily due to the redemption of financial products related to financing activities[14] - Cash paid for debt repayment decreased by 91.18% to ¥32,120,327.44, reflecting a reduction in bank loan repayments[14] Financial Performance and Changes - The company reported a significant increase in trading financial assets, which rose by 241.90% to CNY 2,027,709,429.35 due to the purchase of wealth management products[8] - The company’s financial expenses increased by 33.65% to CNY 30,737,763.62, primarily due to adjustments in the funding structure and a decrease in deposit interest income[12] - The company experienced a 63.61% decline in other income, totaling CNY 18,950,231.78, mainly due to reduced government subsidies and VAT refunds[12] - The company reported a significant increase in fair value changes, with a gain of CNY 30,921,869.97, reflecting a 9137.44% increase due to changes in the fair value of held financial products[12] - Tax refunds received decreased by 33.63% to ¥946,942.18 compared to the previous year, primarily due to a reduction in VAT refunds[14] Market and Growth Opportunities - The number of hemodialysis patients in China is expected to grow by 12% year-on-year, reaching approximately 1.027 million by the end of 2024[15] - The introduction of new medical service pricing guidelines in June 2025 will include independent pricing for "hemodialysis perfusion" and "plasma adsorption," indicating a policy-driven growth opportunity[15] - The company is actively expanding into international markets and increasing new product development in metabolic cardiovascular diseases and related health management[16] Shareholder Information - The total number of common shareholders at the end of the reporting period was 51,243[18] Accounting and Audit - The company has not undergone an audit for the third quarter financial report[29] - The company plans to implement new accounting standards starting from 2025[29]

证券代码：300529 证券简称：健帆生物 公告编号：2025-078 债券代码：123117 债券简称：健帆转债 健帆生物科技集团股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 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。 特别提示： 1、证券代码：300529 证券简称：健帆生物 2、债券代码：123117 债券简称：健帆转债 3、转股价格：38.65 元/股 4、转股期限：2021 年 12 月 29 日至 2027 年 6 月 22 日 5、根据公司《健帆生物科技集团股份有限公司创业板向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）规定：在可转债存 续期间，当公司股票在任意连续三十个交易日中至少有十五个交易日的收盘价格 低于当期转股价格的 85%时，公司董事会有权提出转股价格向下修正方案并提交 公司股东大会表决。 自 2025 年 10 月 14 日至 2025 年 10 月 27 日，公司股票已有十个交易日低于 当期转股价格的 85%。若触发转股价格修正条件，公司将按照《募集说明书》的 约定及时履行后续审议程序 ...

Group 1 - The core point of the article is that Jianfan Biological (SZ 300529) held its 33rd meeting of the fifth board of directors on October 13, 2025, where it reviewed the proposal regarding not adjusting the conversion price of Jianfan convertible bonds [1] - For the year 2024, Jianfan Biological's revenue composition is as follows: 99.71% from the medical device manufacturing industry and 0.29% from other sources [1] - As of the time of reporting, Jianfan Biological has a market capitalization of 17.3 billion yuan [1]

健帆生物科技集团股份有限公司 证券代码：300529 证券简称：健帆生物 公告编号：2025-077 债券代码：123117 债券简称：健帆转债 关于不向下修正健帆转债转股价格的公告 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： 2025 年 10 月 13 日，健帆生物科技集团股份有限公司（以下简称"公司"） 召开第五届董事会第三十三次会议审议通过了《关于不向下修正健帆转债转股价 格的议案》，董事会决定本次不向下修正"健帆转债"转股价格。下一触发转股 价格修正条件的期间自 2025 年 10 月 13 日后首个交易日起重新计算，若再次触 发"健帆转债"转股价格向下修正条款，届时公司将按照相关规定履行审议程序， 决定是否行使"健帆转债"转股价格的向下修正权利。具体公告如下： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可[2020]3617 号"文同意注册，健帆生 物科技集团股份有限公司于 2021 年 6 月 23 日向不特定对象发行了 1,000.00 万张 可转换公司债券，每张面值 100 元，发行总额 ...

证券代码：300529 证券简称：健帆生物 公告编号：2025-076 债券代码：123117 债券简称：健帆转债 健帆生物科技集团股份有限公司 1、审议通过了《关于不向下修正健帆转债转股价格的议案》 综合考虑公司的基本情况、股价走势、市场环境等多重因素，以及对公司长 期稳健发展与内在价值的信心，为维护全体投资者利益，董事会决定本次不向下 修正"健帆转债"转股价格。下一触发转股价格修正条件的期间自 2025 年 10 月 13 日后首个交易日起重新计算，若再次触发"健帆转债"转股价格向下修正 条款，届时公司将按照相关规定履行审议程序，决定是否行使"健帆转债"转股 价格的向下修正权利。 公司董事董凡为"健帆转债"持有人，董事雷雯系董凡之配偶，关联董事董 凡、雷雯对本议案均已回避表决。 具体内容详见公司同日在中国证监会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）披露的《关于不向下修正健帆转债转股价格的公告》。 第五届董事会第三十三次会议决议公告 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。 一、董事会会议召开情况 健帆生物科技集团股份 ...

证券代码：300529 证券简称：健帆生物 公告编号：2025-075 债券代码：123117 债券简称：健帆转债 健帆生物科技集团股份有限公司 关于 2025 年第三季度健帆转债转股情况的公告 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： 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》等有关规定，健帆生物科技集团股份 有限公司（以下简称"公司"）现将 2025 年第三季度可转换公司债券（以下简 称"健帆转债"）转股及公司股本变化情况公告如下： 一、可转换公司债券发行上市情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2020]3617 号"文同意注册，健帆生 物科技集团股份有限公司于 2021 年 6 月 23 日向不特定对象发行了 1,000.00 万张 可转换公司债券，每张面值 100 元，发行总额人民币 100,000.00 万元。本次向不 特定对象发行的可转债向公司在股权登记日收市后登记在册的原股东优先配售， 原股东优先配售后余额部分（含原股东放弃优 ...

Core Viewpoint - The article highlights the role of Jianfan Biotechnology Group in promoting health technology in underprivileged areas, emphasizing the company's commitment to social responsibility and community health improvement through its initiatives [1][2]. Group 1: Company Initiatives - Jianfan Biotechnology has identified critical healthcare needs in grassroots regions, such as equipment shortages and difficulties in accessing medical services, and aims to address these through its "light and color" initiatives [1]. - The company has committed to donating over 2.06 million yuan worth of medical supplies, including blood purification machines, to local hospitals in Bijie from 2024 to 2025, enhancing the capacity of blood dialysis services [2]. - In Tibet, Jianfan has pledged a total of 3 million yuan in donations from 2019 to 2025, supporting cataract surgeries for farmers and herders and contributing 500,000 yuan to build a training facility for local medical teams [2]. Group 2: Business and Social Responsibility - The company believes that engaging in social responsibility is not merely a one-way act of giving but a mutual growth opportunity, where both the enterprise and the community benefit [2]. - Jianfan emphasizes the importance of integrating "public welfare logic" with "business logic" to achieve a win-win situation, focusing on using its core strengths to address real pain points in healthcare [3]. - The company advocates for a demand-driven approach to project selection, ensuring that initiatives are based on thorough research to avoid waste and enhance effectiveness [3].