证券代码：300677 证券简称：英科医疗 公告编号：2025-019 上海英科心电图医疗产品有限公司（以下简称"英科心电图"） 因经营需要，向中国农业银行股份有限公司上海奉贤支行（以下简称 "农业银行上海奉贤支行"）申请授信额度，公司为上述授信提供人 民币 1,350 万元的连带责任保证担保，并于近日与农业银行上海奉贤 支行签订了《最高额保证合同》。 本次担保进展情况如下表： 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 2024 年 4 月 23 日、2024 年 5 月 16 日分别召开的第三届董事会第二十一次（定 期）会议、第三届监事会第十九次（定期）会议以及 2023 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 300 亿元人民币，对其担 保总额不超过 300 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in the disposable glove market, with significant advantages in technology, manufacturing processes, and cost management. It has six production bases and exports to over 120 countries, serving more than 10,000 clients. The company is expected to see rapid revenue growth due to capacity expansion and business development [5][13] - The global disposable glove market is expected to continue expanding, with a projected sales volume of 82.93 billion gloves and revenue of $13.6 billion by 2025. The nitrile glove segment is anticipated to maintain a leading growth rate post-pandemic, supported by increasing demand and improved supply dynamics [5][48] Summary by Sections Company Overview - The company focuses on disposable gloves, leveraging its competitive advantages in production technology, supply chain management, and brand strength. It aims to strengthen its leadership position in the personal protective equipment industry [13][14] Market Dynamics - The global disposable glove market has shown stable growth, with a CAGR of 14.8% in sales volume and 37.0% in revenue from 2017 to 2021. The nitrile glove segment has outpaced others, with a CAGR of 18.0% in sales volume and 48.6% in revenue during the same period [47][48] Production Capacity - As of 2023, the company's total production capacity for disposable gloves reached 79 billion units, with 48 billion units for nitrile gloves and 31 billion units for PVC gloves. The company has six production bases in China, ensuring a competitive edge in production efficiency [6][25] Financial Performance - The company reported a total revenue of 6.919 billion yuan in 2023, a year-on-year increase of 4.61%. The projected net profits for 2024, 2025, and 2026 are 1.345 billion, 1.580 billion, and 1.857 billion yuan, respectively, indicating a strong recovery and growth trajectory [7][24] Investment and Growth Strategy - The company has a robust investment strategy, with significant capital allocated to expand production capacity and enhance technological capabilities. The cash reserves and fixed asset investments are expected to support long-term growth and maintain competitive advantages in the capital-intensive glove industry [35][36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a global leader in the disposable glove market, with significant advantages in technology, manufacturing processes, and automated production facilities. It has six production bases and exports to over 120 countries, serving more than 10,000 customers. Revenue is expected to grow rapidly due to increased capacity and business expansion. The projected net profits for 2024-2026 are 1.345 billion, 1.580 billion, and 1.857 billion CNY respectively, with current P/E ratios of 12.1, 10.3, and 8.8, indicating relatively low valuations compared to peers [5][7]. Summary by Sections Company Overview - The company focuses on disposable gloves, leveraging its comprehensive competitive advantages. It was established in 2009 and listed in 2017, holding a leading market share in both domestic and international markets. The company is well-prepared to strengthen its leadership position in the disposable glove industry [13][14]. Market Growth - The global disposable glove market is expanding, with significant long-term growth potential. The sales volume is expected to reach 82.93 billion pieces and sales revenue to reach 13.6 billion USD by 2025. The nitrile glove segment continues to lead in growth post-pandemic, with a clear growth logic in the Chinese market [5][47][48]. Production Capacity - The company's total production capacity for disposable gloves reached 79 billion pieces in 2023, with nitrile gloves accounting for 48 billion pieces and PVC gloves for 31 billion pieces. The company has six production bases in China and maintains a high product quality with a defect rate of over 99% [6][25][29]. Financial Performance - The company reported total revenue of 6.919 billion CNY in 2023, a year-on-year increase of 4.61%. The net profit for the same year was 383 million CNY, down 39.1% year-on-year. However, the company is expected to see a significant recovery in profits in 2024, with projected revenues of 9.33 billion CNY and net profits of 1.345 billion CNY [7][24][26]. Research and Development - The company has been increasing its R&D investment, with R&D expenses accounting for 4.1% of total revenue. The number of R&D personnel has also grown significantly, indicating a commitment to innovation and efficiency in production processes [29][30]. Employee Incentives - The company has implemented stock incentive plans to align the interests of its core team with the company's goals, aiming to support its global marketing and manufacturing strategies [37][38].

证券代码：300677 证券简称：英科医疗 公告编号：2025-018 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 2024 年 4 月 23 日、2024 年 5 月 16 日分别召开的第三届董事会第二十一次（定 期）会议、第三届监事会第十九次（定期）会议以及 2023 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 300 亿元人民币，对其担 保总额不超过 300 亿元人民币，授权期限自公司 2023 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》《2023 年度股东大会决议公告》（公告 编号：2024-036、2024-050）。 ...

证券代码：300677 证券简称：英科医疗 公告编号：2025-017 英科医疗科技股份有限公司 关于公司及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"或"英科医疗"） 于 2024 年 4 月 23 日、2024 年 5 月 16 日分别召开的第三届董事会第 二十一次（定期）会议、第三届监事会第十九次（定期）会议以及 2023 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 300 亿元人民币， 对其担保总额不超过 300 亿元人民币，授权期限自公司 2023 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》《2023 年度股东大会决议公告》 （公告编号：2024-036、20 ...

Investment Rating - The report assigns a "Buy" rating for the company, Inco Medical, based on its potential to benefit from the recovery of nitrile glove prices and its position as a global leader in disposable glove production [3]. Core Views - The nitrile glove prices have stabilized and are on the rise, with a significant increase from a low of $15.26 per box in October 2023 to $17.99 per box by October 2024. This recovery is attributed to the exit of high-cost production capacities and the aging of Malaysian production facilities [1][34]. - Inco Medical has become a leading disposable glove manufacturer globally, with a total capacity of 87 billion gloves, including 56 billion nitrile gloves, positioning it just behind Top Glove in terms of production capacity but ahead in revenue [2][27]. - The company is expected to see substantial growth in net profit, with projections for 2024 indicating a net profit of 1.2 to 1.5 billion yuan, representing a year-on-year increase of approximately 213% to 292% [1]. Summary by Sections 1. Glove Industry Overview - The disposable medical glove industry is experiencing a rebound, with nitrile gloves becoming the main product in the incremental market due to their superior properties compared to PVC and latex gloves [13]. - The global sales volume of nitrile gloves is projected to grow at a CAGR of 11.6% from 2022 to 2025, outpacing the overall glove market growth [23]. 2. Nitrile Glove Price Recovery - Nitrile glove prices have shown a recovery trend since February 2024, with the average export price increasing from $15.26 per box in October 2023 to $17.99 per box in October 2024 [1][34]. - The price of nitrile latex, a key raw material for glove production, has also risen, contributing to the potential for price increases in end products [38]. 3. Company Position and Performance - Inco Medical's production capacity is significant, with 870 million gloves produced, making it a leader in the industry. The company has also established a strong upstream material supply chain by holding stakes in several nitrile latex production companies [2][27]. - The company's revenue for 2024 is projected to be approximately 9.43 billion yuan, with a year-on-year growth rate of 36.3% [5]. 4. Financial Forecast and Valuation - The financial forecast for Inco Medical indicates a net profit of approximately 1.33 billion yuan in 2024, with a projected PE ratio of around 12.7X for 2024 [3][5]. - The company is expected to maintain a competitive edge due to its scale, cost control, and upstream material layout, which are anticipated to drive continued profitability [3].

证券代码：300677 证券简称：英科医疗 公告编号：2025-016 英科医疗科技股份有限公司 2025年第一次临时股东大会决议公告 2、本次股东大会不涉及变更以往股东大会已通过的决议的情 形。 一、会议召开情况和出席情况 1、会议召开时间： （1）现场会议召开时间：2025 年 2 月 13 日（星期四）14:00 （2）网络投票时间：2025 年 2 月 13 日。其中，通过深圳证券交 易所交易系统进行网络投票的时间为 2025 年 2 月 13 日 9:15-9:25， 9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网系统投票的具 体时间为 2025 年 2 月 13 日 9:15-15:00。 2、现场会议召开地点：山东省淄博市张店区张柳路 29 号英科医 疗智能医疗器械研发营销科技园会议室 3、会议召开方式：现场投票和网络投票相结合的方式 1 本公司及董事会全体成员保证公告内容真实、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、本次股东大会没有出现否决提案的情形。 4、会议召集人：公司董事会 5、会议主持人：董事于海生先生 6、本次股东大会的召集及召 ...

高朋（上海）律师事务所 关于英科医疗科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 2025 年 2 月 中国上海市徐汇区虹桥路 500 号中城国际大厦 23 楼 邮编：200030 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 网址：http://www.gaopenglaw.com www.gaopenglaw.com 北京 上海 南京 杭州 天津 深圳 中国·上海·徐汇区虹桥路 500 号 中城国际大厦 23 楼 23/F CURA International Center , No 500 HongQiao Road , XuHui District , Shanghai , 200030 ,China 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 www.gaopenglaw.com 高朋（上海）律师事务所 关于英科医疗科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：英科医疗科技股份有限公司 扬州 泰州 本所接受英科医疗科技股份有限公司（以下简称"公司"）委托，就公司召 开 ...

以下文章来源于阿基米德Biotech ，作者阿基米德君 阿基米德Biotech . 生物医药第三方独立观察，客观中立，深入浅出，松弛愉悦，写作纯为兴趣，不接广告 一个伟大的开端。 作者 | 阿基米德君 来源 | 阿基米德Biotech （ID：ArchimedesBiotech） 这个冬天太长了。在遥远的2021年夏天，所有人都不会想到医药下行周期会超过3年半，以致于最有耐心的坚守者也濒临崩溃。 参考率先见底的CDMO，当所有负面因素都充分入价后，任何细微的边际改善都将带来巨大弹性。从底部挣扎起来，药明康德反弹约 60% 药明生物反弹约110%，药明合联一度逼近历史新高。 不要指望惊天大逆转，但细微的边际改善是可期待的，这已经足矣。 2024Q4，全部公募基金对医药板块的持仓比例为8.58%，环比下降1.08pct，已超过2022Q3全部基金持仓的低点位（9.37%）， 下降至历史最低位置，意味着任何细微的增量资金都将带来弹性。 寒冰融化。在支付端，单一支付体系即将破局，多元化支付体系将在年内初步建立，而且在用药群众对药效日益关切的推动下，集 采、医保谈判有望转向控费与质控的平衡；在融资端，未盈利生物科技企业 ...