证券代码：300677 证券简称：英科医疗 公告编号：2025-157 英科医疗科技股份有限公司 关于公司 2025 年限制性股票激励计划预留授予登记 重要内容提示： 1、本次授予的限制性股票上市日期为：2025 年 11 月 26 日 2、本次授予的限制性股票登记数量：37.00 万股 3、限制性股票授予价格：11.25 元/股 4、本次授予的限制性股票授予登记人数：2 名 5、本次授予的限制性股票来源：公司向激励对象定向发行的公司 A 股普通股股票 根据中国证券监督管理委员会《上市公司股权激励管理办法》（以 下称"《管理办法》"）、深圳证券交易所、中国证券登记结算有限责 任公司深圳分公司的有关规定，英科医疗科技股份有限公司（以下简 称"公司"）完成了2025年限制性股票激励计划（以下简称"本次激励 计划"）预留部分的限制性股票的授予登记工作，现将有关情况公告 如下： 完成的公告 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。 （一）2025年5月29日，公司召开第四届董事会第五次会议和第 四届监事会第五次会议，审议通过了《关于公司<2025年限制性股票 激 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 44.15 - 49.34 CNY [5][60]. Core Insights - The disposable glove industry is expected to continue its recovery, supported by the company's capacity expansion and production line upgrades, which will enhance cost control and profitability [3][60]. - The company has successfully diversified its market presence, with significant growth in non-US markets and domestic sales, achieving approximately 45% growth in overseas non-US market sales and about 35% growth in domestic market sales in the first half of 2025 [2][21]. - The company is positioned as a leading player in the disposable glove sector, leveraging its scale of production, full industry chain layout, and global distribution network to increase its market share [3][60]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 74.25 billion CNY (+4.60%) and a net profit attributable to shareholders of 9.24 billion CNY (+34.47%), while the non-recurring net profit decreased by 19.32% to 4.84 billion CNY [1][10]. - The gross margin for Q3 2025 was 22.66% (-0.70pp), with a notable increase in management expense ratio to 7.39% (+2.35pp) due to investments in overseas factory construction [2][19]. - The company anticipates revenue growth of 99.9 billion CNY, 120.1 billion CNY, and 138.8 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 12.4 billion CNY, 17.0 billion CNY, and 20.1 billion CNY [3][60]. Market Dynamics - The disposable glove market is experiencing a recovery, with nitrile glove prices stabilizing and expected to gain further market share due to their superior properties compared to PVC and latex gloves [34][37]. - The company has adapted to changes in the market landscape due to US tariff policies, shifting its production capacity to non-US markets while maintaining full production and sales [2][21]. Production and Cost Structure - The company has an annual production capacity of 87 billion gloves, with 56 billion nitrile gloves and 31 billion PVC gloves, supported by advanced production technology and a decentralized control system [40][41]. - The company is actively implementing a global supply chain strategy, with new production capacity expected to help re-enter the higher-priced US market [2][45]. Management and Governance - The company's management team has extensive industry experience, with the founder and chairman having a deep understanding of the North American market and FDA regulations [32][33]. - The company has a clear ownership structure, with significant control held by the founder, ensuring strong governance [29][30].

Group 1 - The core viewpoint of the news is that Yingke Medical has seen a 5% increase in stock price, reaching 40.50 CNY per share, with a trading volume of 267 million CNY and a turnover rate of 1.43%, resulting in a total market capitalization of 26.519 billion CNY [1] - Yingke Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009, with its listing date on July 21, 2017. The company operates in three main business segments: personal protection (91.47% of revenue), rehabilitation care (4.75%), and other products (3.77%) [1] Group 2 - From the perspective of major fund holdings, one fund under the Fortune Fund has a significant position in Yingke Medical. The Fortune CSI Pharmaceutical Theme Index Enhanced Fund (LOF) A (161035) held 193,700 shares in the third quarter, accounting for 1.79% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 373,800 CNY [2] - The Fortune CSI Pharmaceutical Theme Index Enhanced Fund (LOF) A (161035) was established on November 11, 2016, with a current scale of 353 million CNY. Year-to-date returns are 15.91%, ranking 2658 out of 4208 in its category; the one-year return is 10.07%, ranking 2920 out of 3981; and since inception, the return is 41.07% [2] Group 3 - The fund managers of the Fortune CSI Pharmaceutical Theme Index Enhanced Fund (LOF) A (161035) are Niu Zhidong and Cai Kaer. As of the report, Niu Zhidong has a tenure of 10 years and 199 days, managing assets totaling 24.849 billion CNY, with the best fund return during his tenure being 111.51% and the worst being -88.81%. Cai Kaer has a tenure of 8 years and 325 days, managing assets totaling 111.894 billion CNY, with the best return of 51.06% and the worst of -32.1% [3]

Market Overview - The medical device sector experienced a decline of 1.21% on November 20, with Dongfang Ocean leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the medical device sector included: - Baijun Medical (688198) with a closing price of 131.90, up 4.02% [1] - Wandong Medical (600055) at 16.40, up 3.60% [1] - Yingke Medical (300677) at 38.90, up 3.43% [1] - Conversely, significant decliners included: - Dongfang Ocean (002086) at 2.85, down 4.36% [2] - Canar Co. (301122) at 26.52, down 3.70% [2] - Xiangyu Medical (688626) at 46.69, down 3.47% [2] Capital Flow - The medical device sector saw a net outflow of 1.303 billion yuan from institutional investors, while retail investors had a net inflow of 1.097 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Baijun Medical (688198) had a net inflow of 33.93 million yuan from institutional investors, while retail investors showed a net outflow of 16.04 million yuan [3] - Microelectrophysiology (688351) saw a net inflow of 17.57 million yuan from institutional investors, but a net outflow of 27.01 million yuan from retail investors [3] - Yingke Medical (300677) experienced a net inflow of 15.41 million yuan from institutional investors, with retail investors also showing a net outflow of 14.05 million yuan [3]

Core Viewpoint - The stock of Yingke Medical (300677) has shown a decline in price and mixed capital flow, indicating potential challenges in market sentiment and performance [1][2]. Financial Performance - As of November 18, 2025, Yingke Medical's stock closed at 37.39 yuan, down 0.98%, with a trading volume of 74,200 hands and a turnover of 279 million yuan [1]. - In the third quarter of 2025, the company reported a main revenue of 25.11 billion yuan, a year-on-year decrease of 2.9%, while the net profit attributable to shareholders was 2.14 billion yuan, an increase of 113.04% [3]. - For the first three quarters of 2025, the total revenue was 74.25 billion yuan, up 4.6% year-on-year, and the net profit was 9.24 billion yuan, up 34.47% year-on-year [3]. Capital Flow Analysis - On November 18, 2025, the net outflow of main funds was 24.86 million yuan, accounting for 8.91% of the total turnover, while retail investors saw a net inflow of 39.62 million yuan, representing 14.2% of the total turnover [1][2]. - Over the past five days, the stock has experienced significant fluctuations in capital flow, with notable net outflows from main and speculative funds on several days [2]. Industry Comparison - Yingke Medical's total market capitalization is 24.483 billion yuan, significantly higher than the industry average of 11.405 billion yuan, ranking 8th in the industry [3]. - The company's net profit margin stands at 12.82%, which is above the industry average of 9.57%, ranking 53rd in the industry [3]. - The gross profit margin of Yingke Medical is 23.7%, which is considerably lower than the industry average of 51.22%, ranking 115th in the industry [3]. Analyst Ratings - In the last 90 days, 8 institutions have provided ratings for Yingke Medical, with 7 buy ratings and 1 hold rating, indicating a generally positive outlook from analysts [4].

证券代码：300677 证券简称：英科医疗 公告编号：2025-156 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 26 日分别召开的第四届董事会第二次（定期） 会议、第四届监事会第二次（定期）会议以及 2024 年度股东大会， 审议通过了《关于公司及子公司向银行申请授信额度及担保事项的议 案》。为满足公司及子公司的生产经营需要，公司及子公司拟向银行 等金融机构申请综合授信的额度以及金融衍生品交易风险限额的总 额（以下简称"授信额度"）不超过 360 亿元人民币，对其担保总额 不超过 360 亿元人民币，授权期限自公司 2024 年度股东大会审议通 过之日起至下一年度股东大会召开时止。具体内容详见刊登于巨潮资 讯网（www.cninfo.com.cn）的《关于公司及子公司向银行申请授信额 度及担保事项的公告》《2024 年度股东大会决议公告》（公告编号： 2025-046、2025-072）。 一、担保事项概述 江苏英科医疗制品有限公司（以下简称"江苏英科"）因 ...

证券代码：300677 证券简称：英科医疗 公告编号：2025-155 英科医疗科技股份有限公司 关于股东完成证券非交易过户暨董事、高级管理人员 持股方式发生变化的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于近日收到公 司股东上海英雅企业管理中心（有限合伙）（以下简称"上海英雅"） 出具的《关于完成证券非交易过户的告知函》。公司获悉因上海英雅 解散清算，故将其持有的公司无限售流通股736,369股（占公司总股 本的0.1125%）通过证券非交易过户的方式登记至各合伙人名下，相 关手续已经办理完成，并已取得中国证券登记结算有限责任公司出具 的《中国证券登记结算有限责任公司过户登记确认书》。现将有关情 况公告如下： 注：1、本公告总股本数以截至 2025 年 11 月 14 日公司最新总股本 654,793,743 股为计算标 准。 2、根据《公司法》《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》等 相关法律法规的规定，上市已满一年的公司的董事、高级管理人员证券账户内通过二级市场 过出方 过入方 ...

Core Viewpoint - The global price of disposable gloves has rebounded from a low in 2024, with the factory price of nitrile gloves produced domestically expected to rise steadily by 2026 [1] - The company has initiated a global supply chain optimization plan to build overseas production bases covering major markets, reducing trade friction risks and enhancing risk resilience [1] - The company’s overseas production capacity is gradually being deployed, providing new growth momentum and further consolidating its global competitive position [1] - In the medium to long term, the global supply and demand for disposable gloves has reached a new balance, with the company’s cost, automation level, and manufacturing process significantly leading the industry [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 7.425 billion, net profit attributable to shareholders of 924 million, and net profit excluding non-recurring items of 484 million, representing year-on-year changes of +4.60%, +34.47%, and -19.32% respectively [2] - In Q3 2025, the company reported revenue of 2.511 billion, net profit attributable to shareholders of 214 million, and net profit excluding non-recurring items of 84 million, with year-on-year changes of -2.90%, +113.04%, and -25.87% respectively [2][3] - The company’s gross profit margin for the first three quarters of 2025 was 23.70%, up 1.27 percentage points year-on-year; however, in Q3 2025, the gross profit margin was 22.66%, down 0.70 percentage points year-on-year and 1.63 percentage points quarter-on-quarter [3] Operational Efficiency - The company’s operational efficiency remained stable in Q3 2025, with total period expense ratio at 19.68%, up 1.84 percentage points year-on-year and 6.24 percentage points quarter-on-quarter [4] - The company’s operating cash flow for Q3 2025 was 361 million, a year-on-year increase of 64.84% [4] - As of the end of September 2025, the company had approximately 5.6 billion in net cash assets, showing little change from the end of 2024 [4] Market Outlook - The factory price of nitrile gloves is expected to rise steadily in 2026, supported by the company’s global supply chain optimization plan [5] - The company has accumulated rich experience in automated production line design, significantly reducing labor and energy consumption while maintaining high product quality [5] - The global disposable glove market has shown steady growth, with a compound annual growth rate of 8.2% from 2017 to 2022, and is expected to return to balance after a period of extreme supply-demand imbalance [6] Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 10.1 billion, 12.3 billion, and 13.8 billion from 2025 to 2027, with year-on-year growth rates of 6.05%, 21.37%, and 12.35% respectively [7] - Net profit attributable to shareholders is projected to be 1.224 billion, 1.790 billion, and 2.154 billion for the same period, with year-on-year growth rates of -16.47%, 46.22%, and 20.32% respectively [7] - The company maintains a "buy" rating based on its strong cost control capabilities and global marketing network advantages [7]

Core Viewpoint - Inco Medical experienced a decline of 5.05% in its stock price, reaching 37.42 CNY per share, with a trading volume of 321 million CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 24.502 billion CNY [1] Company Overview - Inco Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009, with its listing date on July 21, 2017 [1] - The company's main business segments include personal protection, rehabilitation care, and other products, with revenue composition as follows: personal protection 91.47%, rehabilitation care 4.75%, and other products 3.77% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Caitong Fund has a significant position in Inco Medical [2] - Caitong Medical Health Mixed A Fund (018937) held 95,200 shares in the third quarter, accounting for 5.97% of the fund's net value, making it the second-largest holding [2] - The fund has experienced a floating loss of approximately 189,400 CNY today [2] Fund Performance - Caitong Medical Health Mixed A Fund (018937) was established on March 27, 2024, with a latest scale of 50.4705 million CNY [2] - Year-to-date return is 14.86%, ranking 5206 out of 8213 in its category; the one-year return is 13.41%, ranking 5016 out of 8130; and since inception, the return is 14.15% [2] - The fund manager, Luo Ying, has a tenure of 4 years and 130 days, with total assets under management of 58.5742 million CNY [2]

证券代码：300677 证券简称：英科医疗 公告编号：2025-154 英科医疗科技股份有限公司 关于为子公司提供担保事项的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 26 日分别召开的第四届董事会第二次（定期） 会议、第四届监事会第二次（定期）会议以及 2024 年度股东大会， 审议通过了《关于公司及子公司向银行申请授信额度及担保事项的议 案》。为满足公司及子公司的生产经营需要，公司及子公司拟向银行 等金融机构申请综合授信的额度以及金融衍生品交易风险限额的总 额（以下简称"授信额度"）不超过 360 亿元人民币，对其担保总额 不超过 360 亿元人民币，授权期限自公司 2024 年度股东大会审议通 过之日起至下一年度股东大会召开时止。具体内容详见刊登于巨潮资 讯网（www.cninfo.com.cn）的《关于公司及子公司向银行申请授信额 度及担保事项的公告》《2024 年度股东大会决议公告》（公告编号： 2025-046、2025-072）。 一、担 ...