长城证券股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意深圳开立生物医疗科技股份有 限公司向特定对象发行股票注册的批复》（证监许可[2021]668 号）核准，公司 向特定对象发行人民币普通股（A 股）27,851,745 股，发行价格为 27.79 元/股， 募集资金总额为人民币 773,999,993.55 元，扣除发行费用（不含税）合计人民币 4,944,026.20 元后，募集资金净额为人民币 769,055,967.35 元，其中计入股本 27,851,745.00 元，计入资本公积（股本溢价）741,204,222.35 元。天健会计师事 务所（特殊普通合伙）对以上募集资金到账情况出具了《深圳开立生物医疗科技 股份有限公司验资报告》（天健验[2021]3-78 号）。 | 序号 | 募投项目 | 拟使用募集资 | 截至 2024.09.30 | 截至 2024.09.30 | | --- | --- | --- | --- | --- | | | | 金投入金额 | 累计投入金额 | 投入比例 | | 1 | 彩超、内窥镜产品研发项目 | 24,211.03 | 24, ...

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 江珅(分析师) | 021-23185638 | jiangshen@gtht.com | S0880525090001 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 请务必阅读正文之后的免责条款部分 股 票 研 究 政策拉动国内市场有效复苏，医疗设备招 采保持快速增长 投资要点： [Table_Report] 相关报告 医疗器械《政策拉动国内市场有效复苏，设备类 企业迎来业绩拐点》2025.11.11 医疗器械《政策资本多重共振，脑机商业化有望 加速》2025.10.22 医疗器械《医疗设备招投标规模保持增长，25 年 新一轮医疗设备更新有望来临》2025.10.13 医疗器械《设备更新政策持续落 ...

Core Viewpoint - The financial performance of Kaili Medical (300633) shows mixed results, with a slight increase in revenue but a significant decline in net profit, indicating potential challenges ahead for the company [2]. Financial Performance - For the first three quarters of 2025, Kaili Medical reported a main revenue of 1.459 billion yuan, an increase of 4.37% year-on-year [2]. - The net profit attributable to shareholders was 33.51 million yuan, a decrease of 69.25% year-on-year [2]. - The net profit after deducting non-recurring items was 23.99 million yuan, down 72.14% year-on-year [2]. - In Q3 2025, the company achieved a single-quarter main revenue of 495 million yuan, up 28.42% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -13.52 million yuan, an increase of 78.05% year-on-year [2]. - The single-quarter net profit after deducting non-recurring items was -15.89 million yuan, an increase of 76.92% year-on-year [2]. - The company's debt ratio stands at 24.22%, with investment income of 2.08 million yuan and financial expenses of -38.30 million yuan [2]. - The gross profit margin is reported at 60.36% [2]. Market Activity - As of December 10, 2025, Kaili Medical's stock closed at 26.81 yuan, with a slight increase of 0.3% [1]. - The trading volume was 18,500 hands, with a total transaction amount of 49.37 million yuan [1]. - On December 10, the net inflow of main funds was 4.96 million yuan, accounting for 10.05% of the total transaction amount [1]. - Retail investors experienced a net outflow of 4.06 million yuan, representing 8.23% of the total transaction amount [1]. Analyst Ratings - In the last 90 days, 15 institutions provided ratings for Kaili Medical, with 10 buy ratings and 5 hold ratings [2]. - The average target price set by institutions over the past 90 days is 4.128 billion yuan [2].

Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4327.65 points, down 0.28%, with a trading volume of HKD 7.682 billion and a turnover rate of 0.9% [1] - Among the index constituents, 21 stocks rose while 36 stocks fell, with Kewei Medical leading the gainers at a 4.14% increase and Xianjian Technology leading the decliners at a 9.14% decrease [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index include: - Mindray Medical (sz300760) with a weight of 14.56%, latest price at HKD 198.00, and a market cap of HKD 240.063 billion, down 0.36% [1] - Yier Eye Hospital (sz300015) with a weight of 11.62%, latest price at HKD 11.23, and a market cap of HKD 104.724 billion, down 0.62% [1] - Lejin Medical (sz300003) with a weight of 4.85%, latest price at HKD 15.64, and a market cap of HKD 28.831 billion, down 0.64% [1] - Aimeike (sz300896) with a weight of 4.80%, latest price at HKD 143.25, and a market cap of HKD 43.346 billion, up 1.47% [1] - Yuyue Medical (sz002223) with a weight of 4.66%, latest price at HKD 35.68, and a market cap of HKD 35.768 billion, up 0.17% [1] - Yingke Medical (sz300677) with a weight of 3.64%, latest price at HKD 41.76, and a market cap of HKD 27.360 billion, down 0.17% [1] - Furuijia (sz300049) with a weight of 3.59%, latest price at HKD 69.33, and a market cap of HKD 18.371 billion, down 0.82% [1] - Meinian Health (sz002044) with a weight of 3.58%, latest price at HKD 5.09, and a market cap of HKD 19.924 billion, up 0.39% [1] - Sinopharm Holdings (hk01099) with a weight of 3.35%, latest price at HKD 18.15, and a market cap of HKD 56.638 billion, down 0.40% [1] - Ping An Good Doctor (hk01833) with a weight of 2.63%, latest price at HKD 12.23, and a market cap of HKD 26.434 billion, down 3.24% [1] Capital Flow Analysis - The index constituents experienced a net outflow of HKD 382 million from institutional investors, while retail investors saw a net inflow of HKD 329 million [1] - Notable individual stock capital flows include: - Meinian Health (sz002044) with a net inflow of HKD 23.6308 million from institutional investors [2] - Aimeike (sz300896) with a net inflow of HKD 5.8353 million from institutional investors [2] - Yier Eye Hospital (sz300015) with a net outflow of HKD 20.7620 million from retail investors [2]

Core Viewpoint - The stock of Kaili Medical (300633) has shown a slight increase of 1.04% on December 8, 2025, with a closing price of 27.22 yuan, indicating a mixed sentiment in the market regarding the company's performance and future prospects [1]. Financial Performance - For the first three quarters of 2025, Kaili Medical reported a main revenue of 1.459 billion yuan, a year-on-year increase of 4.37% [3]. - The net profit attributable to shareholders was 33.51 million yuan, reflecting a significant year-on-year decline of 69.25% [3]. - The company's third-quarter revenue was 495 million yuan, up 28.42% year-on-year, but the net profit for the quarter was negative at -13.52 million yuan, although this represented a year-on-year improvement of 78.05% [3]. - The company's gross profit margin stands at 60.36%, which is higher than the industry average of 51.22% [3]. Market Activity - On December 8, 2025, the net inflow of main funds was 6.65 million yuan, accounting for 9.27% of the total transaction amount, while retail investors experienced a net outflow of 0.08 million yuan [1][2]. - Over the past five days, the stock has seen fluctuations in fund flows, with varying levels of net inflow and outflow from different investor categories [2]. Industry Comparison - Kaili Medical's total market capitalization is 11.778 billion yuan, slightly above the industry average of 11.014 billion yuan, ranking 27th out of 124 companies in the medical device sector [3]. - The company's price-to-earnings ratio (P/E) is 263.61, significantly higher than the industry average of 65.06, indicating potential overvaluation [3]. - The return on equity (ROE) for Kaili Medical is 1.07%, which is considerably higher than the industry average of 0.15%, suggesting better efficiency in generating profits from equity [3]. Analyst Ratings - In the last 90 days, 15 institutions have rated the stock, with 10 giving a "buy" rating and 5 an "accumulate" rating, indicating a generally positive outlook among analysts [4]. - The average target price set by analysts over the past 90 days is 41.28 yuan, suggesting potential upside from the current trading price [4].

最新公告列表 截至2025年12月8日收盘，开立医疗（300633）报收于27.22元，较前一交易日上涨1.04%，最新总市值 为117.78亿元。该股当日开盘26.92元，最高27.39元，最低26.92元，成交额达7179.33万元，换手率为 0.61%。 公司近日发布公告称，深圳开立生物医疗科技股份有限公司于2025年12月4日召开2025年员工持股计划 第一次持有人会议，审议通过设立员工持股计划管理委员会，并选举冯乃章为管理委员会主任，李翔、 罗曰佐为委员。管理委员会将代表持股计划行使股东权利并负责日常管理。会议还通过了授权管理委员 会办理持股计划相关事宜的议案，授权范围包括召集持有人会议、资产管理、权益分配等。表决结果均 为100%同意，无反对或弃权。 《2025年员工持股计划第一次持有人会议决议公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The stock of Kaili Medical (300633) has shown mixed performance with a slight increase in price, but significant fluctuations in net profit and varying fund flows indicate potential challenges ahead [1][3]. Financial Performance - As of December 5, 2025, Kaili Medical's stock closed at 26.94 yuan, up 0.79% with a trading volume of 23,200 hands and a total transaction amount of 61.90 million yuan [1]. - For the first three quarters of 2025, the company reported a main revenue of 1.459 billion yuan, a year-on-year increase of 4.37%, while the net profit attributable to shareholders was 33.51 million yuan, a decline of 69.25% [3]. - The third quarter alone saw a main revenue of 495 million yuan, up 28.42% year-on-year, but a net profit of -13.52 million yuan, indicating a significant loss [3]. Fund Flow Analysis - On December 5, 2025, the net inflow of main funds was 124,100 yuan, accounting for 0.20% of the total transaction amount, while retail investors saw a net inflow of 66,220 yuan [1][2]. - Over the past five days, the stock experienced varying fund flows, with significant net outflows from retail investors on December 4, amounting to 249,470 yuan [2]. Industry Comparison - Kaili Medical's total market value is 11.657 billion yuan, slightly above the industry average of 11.035 billion yuan, ranking 27th out of 124 in the medical device industry [3]. - The company's net profit margin stands at 2.3%, significantly lower than the industry average of 9.57%, ranking 88th out of 124 [3]. - The price-to-earnings ratio (P/E) for Kaili Medical is 260.9, which is considerably higher than the industry average of 64.34, indicating potential overvaluation [3]. Analyst Ratings - In the last 90 days, 15 institutions have rated the stock, with 10 giving a "buy" rating and 5 an "accumulate" rating, while the average target price set by analysts is 41.28 yuan [4].

证券代码：300633 证券简称：开立医疗 公告编号：2025-051 深圳开立生物医疗科技股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、持有人会议召开情况 深圳开立生物医疗科技股份有限公司（以下简称"公司"）2025 年员工持股 计划（以下简称"本持股计划"）第一次持有人会议于 2025 年 12 月 4 日在公司 会议室以现场及通讯会议方式召开，本次会议由公司董事会秘书李浩先生召集并 主持，会议应出席持有人 7 名，实际出席持有人 7 名，出席持有人代表本持股计 划份额对应的标的股票数量为 50 万股，占公司 2025 年员工持股计划持有标的股 票总数的 100%。本次会议的召集、召开和表决程序符合相关法律、法规、规范 性文件及公司 2025 年员工持股计划的相关规定。 二、会议审议情况 1、审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 为确保公司 2025 年员工持股计划的顺利实施，根据《2025 年员工持股计划 （草案）》、《2025 年员工持股计划管理办法》等 ...

Core Viewpoint - The stock of Kailing Medical (300633) has shown a decline in price and mixed fund flow data, indicating potential challenges in market sentiment and performance metrics [1][2]. Financial Performance - As of December 4, 2025, Kailing Medical's stock closed at 26.73 yuan, down by 1.0% with a trading volume of 24,900 hands and a transaction value of 66.73 million yuan [1]. - In the third quarter of 2025, the company reported a main revenue of 4.95 billion yuan, an increase of 28.42% year-on-year, but a net profit of -135.92 million yuan, reflecting a 78.05% increase in losses compared to the previous year [3]. - For the first three quarters of 2025, the company achieved a main revenue of 14.59 billion yuan, up by 4.37% year-on-year, while the net profit decreased by 69.25% to 33.51 million yuan [3]. Market Position and Ratios - Kailing Medical's total market value is 11.566 billion yuan, slightly above the industry average of 10.958 billion yuan, ranking 27th out of 124 in the medical device industry [3]. - The company has a price-to-earnings ratio (P/E) of 258.86, significantly higher than the industry average of 60.57, ranking 87th out of 124 [3]. - The gross margin stands at 60.36%, which is above the industry average of 51.22%, ranking 50th out of 124 [3]. Fund Flow Analysis - On December 4, 2025, the net inflow of main funds was 4.5728 million yuan, accounting for 6.85% of the total transaction value, while retail investors experienced a net outflow of 2.4947 million yuan, representing 3.74% of the total [1][2]. - Over the past five days, the stock has seen fluctuating fund flows, with the highest net inflow of main funds recorded on December 2, 2025, at 3.3875 million yuan [2]. Analyst Ratings - In the last 90 days, 15 institutions have rated Kailing Medical, with 10 buy ratings and 5 hold ratings, indicating a generally positive outlook among analysts [4]. - The average target price set by institutions over the past 90 days is 41.28 yuan, suggesting potential upside from the current trading price [4].

Core Insights - The medical device distribution industry is facing significant challenges due to the expansion of centralized procurement, which has intensified price competition and reduced profit margins for distributors [2][3][4][5]. Group 1: Industry Trends - Centralized procurement for medical devices began in 2020 in Anhui and Fujian, but has recently expanded to most provinces in China, leading to a significant shift in the market landscape [2][10]. - The prices of major medical devices have drastically decreased, with examples including digital X-ray (DR) prices dropping from over 1 million to 200,000, and CT prices falling to historical lows of 600,000 [3][9]. - The ongoing anti-corruption campaign in the medical sector has heightened scrutiny on procurement practices, contributing to the rapid expansion of centralized procurement initiatives [3][12]. Group 2: Distributor Challenges - Many medical device distributors are considering transitioning to other business models, such as focusing on devices that are not yet subject to centralized procurement or moving upstream to manufacturing [4][5]. - The profit margins for distributors have significantly decreased, with some reporting earnings dropping from several million to only tens of thousands due to the competitive bidding process [4][5]. - It is projected that only about 10% of current medical device distributors will remain in the industry post-procurement expansion, primarily focusing on after-sales services [5][8]. Group 3: Manufacturer Responses - Major international manufacturers like GE and Philips are experiencing market share losses due to intensified competition from local companies, which are increasingly winning bids in centralized procurement [6][8]. - Local companies such as Wandong Medical and Mindray have shown strong performance in procurement bids, with Wandong achieving a 47% bid success rate for CT devices [8][9]. - Despite the increased competition, some manufacturers like United Imaging have managed to grow their revenue and profits, indicating that innovation may provide a competitive edge in this challenging environment [9]. Group 4: Future Outlook - The trend of centralized procurement is expected to continue expanding across provinces, with most regions likely to implement such measures within the next 3 to 5 years [12]. - The complexity of nationwide centralized procurement is acknowledged, with regional differences in medical device usage making it more feasible to conduct procurement at the provincial level [12].