Financial Projections - The company expects a net profit in the range of -33 million to -17 million CNY for the year 2025, compared to -77.9 million CNY in the previous year[4] - The net profit after deducting non-recurring gains and losses is projected to be between -59 million and -30 million CNY, compared to -95.08 million CNY in the same period last year[4] Inventory and Losses - The decrease in inventory impairment provision is expected to contribute to a reduced net loss compared to the previous year[6] Audit and Reporting - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an external auditor[5] - The specific financial data for the year 2025 will be disclosed in the company's annual report[8]

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。 康泰医学系统（秦皇岛）股份有限公司 关于获得医疗器械注册证的公告 证券代码：300869 证券简称：康泰医学 公告编号：2026-003 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（以下简称"公司"）于近日取得了 由河北省药品监督管理局颁发的《中华人民共和国医疗器械注册证》，具体情况 如下： 批准日期：2026 年 1 月 28 日 一、医疗器械注册证内容 注册人名称：康泰医学系统（秦皇岛）股份有限公司 产品名称：无创呼吸机 型号、规格：R100ST 适用范围：用于对轻中度呼吸衰竭或阻塞性睡眠呼吸暂停(OSA)的患者（体重 在 30kg 以上）提供无创通气。可用于家庭环境和医疗机构。 注册证编号：冀械注准 20262080028 有效期至：2031 年 1 月 27 日 二、对公司的影响及风险提示 以上产品医疗器械注册证的首次取得，有利于丰富公司产品线，进一步提高 公司的核心竞争力，对公司发展具有正面影响。上述产品后期实际销售情况取决 于未来市场的推广效果及市场的实际需求，公司 ...

Summary of Conference Call Industry Overview - The conference focused on updates and developments in the Chinese biopharmaceutical industry, particularly highlighting companies such as BeiGene, 3SBio, and Kelun-Biotech [1][10]. Key Company Insights BeiGene - BeiGene's BCL-2 inhibitor has been approved for sale in China and is expected to receive accelerated approval in the U.S. within the year [1]. - BCL-2 is viewed as a second growth driver for BeiGene, complementing its existing BTK inhibitors, which have shown rapid sales growth in the U.S. market [2]. - The company has a robust pipeline for solid tumors, with several candidates entering late-stage development, including treatments for breast cancer and other indications [3]. - BeiGene is anticipated to report its first annual profit, with expectations that its annual report may exceed forecasts [3]. 3SBio - Pfizer has outlined a global development plan for its drug 707, with five global Phase III trials expected to start by 2026, targeting various cancers [4]. - The trials include first-line treatments for colorectal cancer and non-small cell lung cancer [4]. Kelun-Biotech - Kelun-Biotech is expected to have a significant year with five products anticipated to be commercialized, three of which have already been included in the national medical insurance [5]. - The company has successfully commercialized its top two ADC products and is expected to see explosive growth following their inclusion in insurance [5]. Innovent Biologics - Innovent's Ivosidenib is expected to receive final approval from the FDA in Q4 of this year, with ongoing clinical trials for various cancers [6][7]. - The company is also preparing for the commercialization of its CAR-T product, which has already been approved domestically [8]. Rongchang - Rongchang has announced plans for three Phase III trials, including one for non-small cell lung cancer, which has received FDA approval [7][8]. Other Notable Mentions - Merck has initiated 16 global Phase III trials for its drug targeting various major indications, with data expected in the second half of the year [5]. - The conference highlighted the importance of clinical trial data releases for several companies, which are crucial for their long-term valuations [3][10]. Market Dynamics - The overall market for innovative drugs is currently experiencing a downturn, primarily due to internal funding shifts within the pharmaceutical sector [10]. - The high percentage of holdings in innovative and traditional pharmaceuticals (around 75%) has led to a reallocation of funds towards other sectors like AI healthcare and CROs [11]. - Despite the market's performance, the fundamental aspects of many companies remain strong, with ongoing clinical advancements and positive earnings expectations [11]. - The total amount of business development (BD) transactions in recent weeks has already reached 25% of last year's total, indicating a robust pace of international expansion [11]. Conclusion - The conference provided a comprehensive overview of the current state of the biopharmaceutical industry in China, highlighting significant advancements and the potential for growth among key players. The market dynamics suggest a temporary disconnect between stock performance and fundamental company health, indicating potential investment opportunities.

证券代码：300869 证券简称：康泰医学 公告编号：2026-001 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 2025 年第四季度可转换公司债券转股情况的公告 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。 重要内容提示： 1、康医转债（债券代码：123151）转股期限为 2023 年 1 月 9 日至 2028 年 6 月 30 日。 2、2025 年第四季度，共有 1 张"康医转债"完成转股（票面金额共计 100 元人 民币），合计转为 3 股"康泰医学"股票（股票代码：300869）。 3、截至 2025 年第四季度末，公司剩余可转换公司债券为 6,998,183 张，剩余可 转换公司债券票面总金额为人民币 699,818,300 元。 根据《深圳证券交易所创业板股票上市规则》和《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》的有关规定，康泰医学系统（秦皇岛）股 份有限公司（以下简称"公司"）现将 2025 年第四季度可转换公司债券（以下简称 "可转债"）转股及公司总股本变化情况公告如 ...

Core Viewpoint - The company, Keli Equipment (301552), has responded to investor inquiries regarding its involvement in the production of medical equipment, specifically in response to increased demand for temperature guns during the pandemic [1] Group 1: Company Response and Actions - In early 2020, external adverse factors led to a surge in demand for temperature guns from Kangtai Medical (300869), resulting in supply shortages from its original suppliers [1] - The company developed molds and produced overall structural components for temperature guns and pulse oximeter housings in response to an urgent request from Kangtai Medical [1] Group 2: Technological Development - The company is focusing on the research and preparation of high-tech barrier nano-coating materials, which have antibacterial properties [1] - These materials are suitable for use on the surfaces of medical robots and medical devices, helping to reduce the risk of cross-infection [1]

Core Insights - The pharmaceutical industry is witnessing a shift in Alzheimer's disease (AD) drug development, with Chinese companies increasingly entering the field while multinational corporations face setbacks [1][2][3] Group 1: Current Developments in Alzheimer's Drug Research - Novo Nordisk announced that its two large Phase III trials for Semaglutide in treating Alzheimer's disease did not meet primary endpoints [1] - Chinese pharmaceutical companies, such as Green Leaf Pharmaceutical and Kangfang Biotech, are advancing their own AD drug candidates, with Green Leaf's LY03017 recently receiving FDA approval for clinical trials [1][2] - The number of drugs under development for AD in China ranks second globally, following the United States, indicating a growing interest and investment in this area [2] Group 2: Challenges Faced by Multinational Corporations - Major multinational companies like Pfizer, Roche, and Johnson & Johnson have faced failures in AD drug development due to unclear disease mechanisms and ineffective clinical trial results [2][3] - Notably, Biogen's Aducanumab is set to exit the AD treatment landscape due to conflicting Phase III trial results, while other drugs like Lecanemab and Donanemab have received limited approval [3] Group 3: Factors Driving Chinese Companies' Confidence - Chinese companies are motivated by advancements in diagnostic technologies and a significant unmet clinical need in the AD space [4] - The integration of biomarker testing and advanced imaging techniques has improved diagnostic accuracy, addressing previous challenges in the field [4] - Green Leaf Pharmaceutical is exploring multiple indications for its LY03017 drug, indicating a strategic approach to capitalize on the unmet needs in AD and related disorders [4]

Core Insights - The blood oxygen monitor industry in China is experiencing strong growth driven by the increasing prevalence of chronic respiratory and cardiovascular diseases, particularly due to the aging population, which has led to a significant rise in demand for long-term blood oxygen monitoring [1][9] - The market size of the blood oxygen monitor industry in China is projected to grow from 3.8 billion yuan in 2019 to 4.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3.44%. By 2030, the market size is expected to exceed 8 billion yuan, indicating a promising future for the industry [1][9] - The rapid adoption of telemedicine and the general increase in public health awareness are facilitating the transition of blood oxygen monitors from professional medical settings to home care and chronic disease management [1][9] Industry Overview - Blood oxygen monitors are medical devices used to measure vital indicators such as blood oxygen saturation and heart rate, with common types including fingertip, wrist, tabletop, handheld, and wearable monitors [3] - The industry has evolved significantly since the mid-1990s, transitioning from professional medical use to home and mobile applications, with advancements in technology enabling features like data collection and remote monitoring [3] Industry Policies - Blood oxygen monitors are classified as Class II medical devices under the Medical Device Supervision and Administration Regulations, requiring strict management to ensure safety and effectiveness [4] - Recent government policies aim to enhance the development of the blood oxygen monitor industry, including measures for intellectual property protection and subsidies for consumers purchasing medical devices [4] Market Dynamics - The aging population in China is a key driver for the demand for blood oxygen monitors, with the number of individuals aged 60 and above expected to reach 31.03 million by the end of 2024, accounting for 22% of the total population [5] - The blood oxygen monitor industry is supported by a robust supply chain, including raw materials, manufacturing, and sales channels, with both online and offline distribution methods [5][6] Competitive Landscape - The global blood oxygen monitor market is characterized by a mix of established international players and emerging domestic brands, with companies like Masimo Corporation and Philips leading in high-end medical-grade monitors [10][11] - Chinese companies such as Yuyue Medical and Kangtai Medical are gaining market share by offering competitive products in the mid to low-end segments, with a focus on quality and performance [10][11] Future Trends - The blood oxygen monitor industry is expected to see advancements in smart technology, enabling continuous data collection and personalized health management [14] - The trend towards portability will drive the development of smaller, lighter devices that integrate with wearable technology, enhancing user convenience [15] - The application scenarios for blood oxygen monitors are expanding beyond traditional medical settings to include fitness, high-altitude travel, and workplace health management [16]

近日，公司已经完成注册，并取得贸易许可证，现将有关情况公告如下： 被许可人： CONTEC GLOBAL INVESTMENT FZCO 证券代码：300869 证券简称：康泰医学 公告编号：2025-080 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 关于迪拜子公司成立的进展公告 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。 2025 年 7 月 14 日，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次会议，审议通过了《关于投资设立子公司的议案》 （详见巨潮资讯网《关于投资设立子公司的公告》，公告编号：2025-054）。 签发日期：2025 年 11 月 24 日 特此公告。 康泰医学系统（秦皇岛）股份有限公司董事会 2025 年 11 月 25 日 许可证编号：07143 性质：私营自由区有限责任公司 地址：迪拜机场自由区 3W 520 公司经理：朱庆超 营业范围：科学及实验室设备贸易、医疗外科设备及器械贸易、兽医设备及 器械贸易、商业企业投资及管理、工业企业投资及管理、自有资金投资活 ...

证券代码：300869 证券简称：康泰医学 公告编号：2025-079 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 关于持股 5%以上股东、部分董事及高级管理人员 | | 有限售条件股份 | 1,385,233 | 0.3448% | 1,385,233 | 0.3448% | | --- | --- | --- | --- | --- | --- | | 许云龙 | 合计持有股份 | 891,452 | 0.2219% | 671,452 | 0.1671% | | | 其中：无限售条件股份 | 222,863 | 0.0555% | 2,863 | 0.0007% | | | 有限售条件股份 | 668,589 | 0.1664% | 668,589 | 0.1664% | | 刘振红 | 合计持有股份 | 634,276 | 0.1579% | 477,276 | 0.1188% | | | 其中：无限售条件股份 | 158,569 | 0.0395% | 1,569 | 0.0004% | | | 有限售条件股份 | 475,707 | 0.1184% | 475, ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **innovative drug industry** in China, focusing on the **2026 outlook** and the ongoing **internationalization** of Chinese pharmaceutical companies [1][3][5][8]. Core Insights and Arguments - **Healthcare Negotiations**: Ongoing negotiations in healthcare are emphasizing tumor drugs, with innovative drugs receiving support but at potentially lower price reductions. The average price reduction for drugs is stabilizing around **60%** [2][4]. - **Commercial Insurance Directory**: The establishment of a commercial insurance directory for innovative drugs provides a second payment pathway for high-value drugs, benefiting CAR-T and ADC therapies [1][2]. - **Internationalization Phase 2.0**: Chinese pharmaceutical companies are entering the **2.0 phase** of internationalization, with a **60%** year-on-year increase in business development transactions, totaling **$88.26 billion** [3][5]. - **Focus on Innovative Technologies**: Key areas of focus include **ADC**, **I/O (immunotherapy)**, and **small nucleic acids**. Notable products and data releases are anticipated in these fields [1][6][7]. - **GLP-1 Market Potential**: The GLP-1 market is expected to grow significantly, with major companies like Eli Lilly, Roche, and AstraZeneca set to release critical clinical data in cardiovascular, diabetes, and obesity sectors [1][7]. Additional Important Content - **Collective Procurement Policies**: The latest round of collective procurement has introduced new focus areas such as maintaining clinical stability and ensuring quality, with price reductions stabilizing [4]. - **CRO Industry Recovery**: The CRO industry is experiencing a recovery, with significant growth in biopharmaceutical investments, particularly in the CDMO sector, which is benefiting from strong commercial demand [9][10]. - **Upstream Supply Chain and Equipment**: The domestic upstream supply chain and pharmaceutical equipment sectors are seeing improvements in profitability due to increased localization and technological upgrades [13]. - **Research Reagents Market**: The demand for research reagents is strong, driven by increased funding for research, with domestic brands improving in quality and responsiveness [14]. - **Impact of Global Expansion**: Local companies are leveraging global expansion strategies to alleviate domestic price pressures and enhance their competitive positioning in the international market [15]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the innovative drug industry in China.