南财智讯2月26日电，康泰医学公告，公司于2026年2月26日召开第四届董事会第二十五次会议，审议通 过《关于使用闲置自有资金进行现金管理的议案》，同意公司拟使用总额度不超过人民币2.00亿元（含 本数）的闲置自有资金进行现金管理，投资方向为购买安全性高、流动性好的理财产品，包括但不限于 银行、证券公司等合法合规金融机构发行的产品；上述额度自董事会审议通过之日起12个月内有效；资 金在额度范围内可滚动使用；不会影响公司正常生产经营及资金周转需求。 ...

康泰医学系统（秦皇岛）股份有限公司（以下简称"公司"）于 2026 年 2 月 26 日召开第四届董事会第二十五次会议，审议通过了《关于使用闲置自有资金 进行现金管理的议案》，同意公司在确保不影响正常经营及资金安全的前提下， 拟使用总额度不超过人民币 2 亿元（含本数）的闲置自有资金进行现金管理，上 述额度自董事会审议通过之日起 12 个月内有效；在前述额度和期限范围内，资金 可循环滚动使用。 本次使用闲置自有资金进行现金管理事项在公司董事会审批权限范围内，无 需提交公司股东会审议。本次投资不构成关联交易，亦不构成《上市公司重大资 产重组管理办法》规定的重大资产重组。具体情况公告如下： 一、现金管理概况 证券代码：300869 证券简称：康泰医学 公告编号：2026-005 债券代码：123151 债券简称：康医转债 康泰医学系统（秦皇岛）股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 1、现金管理目的 为进一步提高公司资金使用效率，合理利用暂时闲置的自有资金，在严格控 制投资风险、不影响公司正常生产经营及 ...

康泰医学系统（秦皇岛）股份有限公司（以下简称"公司"）第四届董事会 第二十五次会议通知于 2026 年 2 月 16 日以邮件方式向各位董事发出，会议于 2026 年 2 月 26 日以现场会议方式在公司会议室召开。会议由公司董事长胡坤先 生召集并主持，应出席会议的董事 5 人，实际出席会议的董事 5 人，公司高级管 理人员列席了会议。本次会议的召集、召开及表决，符合《中华人民共和国公司 法》和《康泰医学系统（秦皇岛）股份有限公司章程》（以下简称"《公司章程》"） 的规定，会议合法有效。 二、董事会会议审议情况 审议通过《关于使用闲置自有资金进行现金管理的议案》 经审议，董事会同意在确保不影响公司正常经营及资金安全的前提下，使用 总额度不超过人民币 2 亿元（含本数）的暂时闲置自有资金进行现金管理，上述 额度自董事会审议通过之日起 12 个月内有效；在前述额度和期限范围内，资金 可循环滚动使用；授权董事长在上述额度及有效期内行使该项投资决策权，负责 签署相关合同、协议等法律文件，具体操作事宜由公司财务部统筹办理。 证券代码：300869 证券简称：康泰医学 公告编号：2026-004 债券代码：123151 ...

Core Viewpoint - Kangtai Medical (300869) has announced a projected net profit loss of between 17 million to 33 million yuan for 2025, indicating a reduction in losses compared to the previous year [1][2]. Group 1: Financial Performance - The company expects a net profit loss of 17 million to 33 million yuan for the fiscal year 2025, which is an improvement from the loss of 77.9 million yuan in the same period last year, primarily due to a decrease in inventory impairment provisions [2]. Group 2: Convertible Bonds - The issuance of Kangyi Convertible Bonds (bond code: 123151) has been terminated, with the conversion period extending until June 30, 2028. A small amount of conversion is expected to be completed in the fourth quarter of 2025, which may impact the company's capital structure [3]. Group 3: Stock Price and Fund Flow - In January 2026, the company's main fund flow exhibited volatility, with a net inflow of 3.146 million yuan on January 9, followed by a cumulative decline of 6.14% in stock price by January 30. These fluctuations may reflect short-term market sentiment changes [4].

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

Group 1 - Public mutual funds have distributed over 33 billion yuan in dividends this year, with equity funds accounting for nearly 80% of the total [1] - The increase in dividend distribution is attributed to policies, performance, industry transformation, and funding needs, marking a trend towards high-quality development in the industry [1] - The new registration of private MOM products has been halted due to regulatory concerns about potential deviations from active management [1] Group 2 - China's total electricity consumption has historically surpassed 10 trillion kilowatt-hours, equivalent to more than double the annual electricity consumption of the United States [1] - This milestone reflects a nearly doubled growth from approximately 5.5 trillion kilowatt-hours in 2015, indicating robust infrastructure development and a strengthened industrial advantage in the power sector [1] Group 3 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with several companies recently listed on the Hong Kong and STAR markets [2] - Domestic chip manufacturers face challenges under Nvidia's ecosystem, prompting a focus on system efficiency and scene adaptability to enhance competitiveness [2] - Collaboration between chip and model companies is deemed crucial for the independent development of domestic AI [2] Group 4 - The production of World Cup-related sports goods in Yiwu has entered a critical phase as the 2026 FIFA World Cup approaches, with significant international demand observed [2] Group 5 - Alphabet, Google's parent company, reported a fourth-quarter net profit of $34.455 billion, a year-on-year increase of 29.8%, with total revenue reaching $113.83 billion [4] - Google Cloud revenue grew by 48% year-on-year, indicating strong performance in the cloud segment [4] Group 6 - Texas Instruments announced an agreement to acquire Synaptics for $7.5 billion, with the transaction expected to be completed in the first half of 2027 [5] - The acquisition will provide Synaptics' investors with $231 in cash per share [5] Group 7 - Chang'an Automobile plans to repurchase shares worth between 1 billion and 2 billion yuan, with specific allocations for A-shares and B-shares [8]

Core Viewpoint - 康泰医学预计2025年度归母净利润将亏损1700万元至3300万元，相较于上年同期的亏损7790万元有所改善 [2] Financial Performance - 2025年度预计计提存货减值准备金额较上年减少，尽管相关计提对净利润的影响尚未完全消除 [2] - 预计2025年净利润较上年同期减亏，显示出公司在财务管理上的改善 [2]

Financial Performance Forecast - The company expects a net profit loss for 2025, estimated between CNY 17 million and CNY 33 million, compared to a loss of CNY 77.9 million in the previous year[8] - The net profit after deducting non-recurring gains and losses is projected to be a loss between CNY 30 million and CNY 59 million, compared to a loss of CNY 95.08 million in the previous year[8] - The anticipated decrease in inventory impairment provision for 2025 is expected to reduce the net profit loss compared to the previous year[9] - The financial forecast is based on preliminary calculations by the company's finance department and has not yet been audited by an accounting firm[8] - The company has communicated with the accounting firm regarding the performance forecast, and there are no discrepancies between both parties[8] Investor Advisory - Investors are advised to pay attention to the significant loss expected in 2025 and the potential impact of product market demand changes on the company's performance[10] - The report serves as a temporary trustee management report regarding the company's bond issuance and does not constitute investment advice[5] - The company emphasizes the importance of independent judgment by investors regarding the reported matters[12] Bondholder Interests - The company will continue to monitor the repayment of principal and interest on the bonds and other matters significantly affecting bondholders' interests[11]

债券简称：康医转债 债券代码：123151 中信建投证券股份有限公司 关于 康泰医学系统（秦皇岛）股份有限公司 2025 年度业绩预亏的 一、康泰医学 2025 年度业绩预亏情况 临时受托管理事务报告 受托管理人：中信建投证券股份有限公司 2026 年 2 月 1 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《可转换公司债券管理办法》的相关规定及《康泰医学系统（秦皇岛） 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》"）、《康泰医学系统（秦皇岛）股份有限公司向不特定对象发行 可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"）的约定，康泰 医学系统（秦皇岛）股份有限公司（以下简称"发行人"、"康泰医学"或"公司"） 公开信息披露文件以及发行人提供的相关资料等，由本次债券受托管理人中信建 投证券股份有限公司（以下简称"中信建投证券"、"受托管理人"）编制。 本报告仅对本次债券受托管理的有关事项进行说明，不构成针对本次债券的 任何投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何内容 据以作为受托管理人所作的承 ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3876.07 points on February 3, with a gain of 2.37% and a trading volume of 13.236 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 49 constituent stocks rise, with NuoSiGe leading the gains at 8.76% [1]. - The index's turnover rate was 1.71%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - YuanEr Eye Hospital (sz300015) with a weight of 9.18% and a latest price of 11.04 yuan, up 1.28% [1]. - MaiRui Medical (sz300760) with a weight of 8.95% and a latest price of 188.15 yuan, up 0.56% [1]. - TaiGe Medical (sz300347) with a weight of 8.52% and a latest price of 63.20 yuan, up 4.97% [1]. - KangLong HuaCheng (sz300759) with a weight of 7.18% and a latest price of 29.61 yuan, up 2.10% [1]. - LePu Medical (sz300003) with a weight of 4.96% and a latest price of 17.83 yuan, up 1.89% [1]. - New Industry (sz300832) with a weight of 4.73% and a latest price of 54.50 yuan, up 2.60% [1]. - AiMeiKe (sz300896) with a weight of 4.49% and a latest price of 147.57 yuan, up 4.56% [1]. - YingKe Medical (sz300677) with a weight of 4.14% and a latest price of 40.55 yuan, up 1.38% [1]. - FuRui Medical (sz300049) with a weight of 3.55% and a latest price of 67.33 yuan, up 1.45% [1]. - HuaDa Gene (sz300676) with a weight of 3.15% and a latest price of 50.30 yuan, up 2.57% [1]. Group 3: Capital Flow - The net inflow of main funds into the ChiNext Medical Index constituents totaled 145 million yuan, while retail investors experienced a net outflow of 106 million yuan [1]. - The detailed capital flow indicates that TaiGe Medical had a main fund net inflow of 10.514 million yuan, while retail investors had a net outflow of 18.28% [2].