Core Viewpoint - Tianyi Medical (301097.SZ) announced that its subsidiary, Ningbo Tianyi Pharmaceutical Technology Co., Ltd., has received a Medical Device Registration Certificate from the National Medical Products Administration for its product "Blood Dialysis Concentrate" [1] Group 1: Product Details - The blood dialysis concentrate consists of two components: A Concentrate (referred to as A Liquid) and B Powder (referred to as B Powder) [1] - A Liquid is composed of sodium chloride, potassium chloride, calcium chloride, magnesium chloride, acetic acid, and dialysis water, while B Powder is made of sodium bicarbonate [1] - A Liquid models are TR-YA3-01 and TR-YA3-02, with specifications of 5L per barrel and 10L per barrel respectively; B Powder model is TR-FB-LBT1, with a specification of 650g per can [1]

Core Viewpoint - Tianyi Medical (301097.SZ) announced that its subsidiary, Ningbo Tianyi Pharmaceutical Technology Co., Ltd., has received a Medical Device Registration Certificate from the National Medical Products Administration for its product "Hemodialysis Concentrate" [1] Group 1 - The hemodialysis concentrate consists of two components: A Concentrate (referred to as A Liquid) and B Powder (referred to as B Powder) [1] - A Liquid is composed of sodium chloride, potassium chloride, calcium chloride, magnesium chloride, acetic acid, and dialysis water, while B Powder is made of sodium bicarbonate [1] - A Liquid models are TR-YA3-01 and TR-YA3-02, with specifications of 5L and 10L barrels respectively; B Powder model is TR-FB-LBT1, with a specification of 650g can [1]

证券代码： 301097 证券简称：天益医疗 公告编号：2026-008 宁波天益医疗器械股份有限公司 三、风险提示 以上产品注册证书涉及的产品实际销售情况取决于未来市场推广效果，目前 尚无法预测该产品对公司未来营业收入的影响，敬请投资者注意投资风险。 二、对公司的影响 天益药业本次获得医疗器械注册证的血液透析浓缩物由分为 A 浓缩液（以 下简称 A 液）和联机 B 干粉（以下简称 B 粉）组成。A 液由氯化钠、氯化钾、 氯化钙、氯化镁、冰醋酸和透析用水组成，B 粉由碳酸氢钠组成。A 液型号分别 为 TR-YA3-01、TR-YA3-02，规格分别为 5L\桶、10L\桶。B 粉型号为 TR-FB-LBT1， 规格为 650g\筒。 本次获得医疗器械注册证的血液透析浓缩物采用 A 液与 B 粉的创新搭配形 式，结合了液体浓缩物稳定性好与干粉制剂灵活可调的优点，能更精准地满足临 床对透析液类产品的个性化治疗需求。该产品的获批进一步拓宽了公司在血液净 化领域的产品覆盖，充分展示了公司的技术积累和严谨的质量管理体系，标志着 公司深度切入医疗器械高附加值核心耗材领域，丰富了公司在血液净化领域的整 体解决方案，有助于增 ...

Core Viewpoint - Tianyi Medical, a leading manufacturer of blood purification consumables in China, is expected to achieve rapid performance growth driven by the increasing number of ESRD patients, policy benefits, and expansion into overseas markets [1] Group 1: Company Strategy - The company has strategically acquired to complete the CRRT (Continuous Renal Replacement Therapy) full industry chain product matrix, establishing a complete ecological closed loop of "equipment + consumables + services" [1] - Tianyi Medical has formed three main business pillars: blood dialysis consumables, CRRT, and ward care, supported by a clear strategic layout [1] Group 2: Market Potential - The number of ESRD patients is continuously increasing, and the improvement in treatment rates is driving the long-term stable expansion of the blood dialysis market, which is expected to reach 51.515 billion yuan by 2030 [1] - The company is enhancing its competitive advantage through a combination of "internal growth + external expansion" strategies [1]

Group 1 - On January 27, the target price increases for listed companies were led by Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [1][2] - A total of 29 listed companies received broker recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer each receiving one recommendation [2] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [3][4] Group 3 - Five companies received initial coverage on January 27, including Taihe New Materials with an "Overweight" rating from Dongbei Securities, Keli Ke with an "Outperform" rating from Guoxin Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Overweight" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [5][6]

Group 1 - On January 27, brokerages set target prices for listed companies with notable increases for Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [2][3] - A total of 29 listed companies received brokerage recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer receiving one recommendation each [3] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [4][5] - Five companies received initial coverage on January 27, including Taihe New Materials with an "Accumulate" rating from Northeast Securities, Kelike with an "Outperform" rating from Guosen Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Accumulate" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [6]

Group 1 - Investment Rating: Buy [2] - Core Logic: Tianyi Medical, a leading manufacturer of blood purification consumables in China, has strategically acquired to complete the CRRT (Continuous Renal Replacement Therapy) product matrix, establishing a complete ecosystem of "equipment + consumables + services" [5][6] - Expected Performance Growth: The company is anticipated to achieve rapid performance growth driven by the continuous increase in ESRD (End-Stage Renal Disease) patients, policy benefits, and expansion into overseas markets [5][6] Group 2 - Industry Demand: The number of ESRD patients in China is projected to grow from 4.12 million in 2023 to 5.27 million by 2027, with a CAGR of 6.32% from 2023 to 2027, indicating a significant market opportunity [6][15] - Market Expansion: The blood dialysis market in China is expected to reach 51.515 billion yuan by 2030, driven by increasing patient awareness, improved healthcare policies, and advancements in blood purification technologies [6][15] - Treatment Rate: The treatment rate for ESRD patients in China remains low at 24.40%, significantly below developed countries, indicating room for growth in the market [15][46] Group 3 - Business Structure: The company has established three main business pillars: blood purification consumables, CRRT, and ward care, enhancing its competitive advantage through both organic growth and acquisitions [7][8] - Strategic Partnerships: A strategic cooperation with Fresenius Medical is expected to accelerate the growth of the blood purification consumables business, with an estimated first-year supply contract worth 40 million USD starting in 2026 [7][16] - Acquisition Strategy: The company has completed acquisitions to solidify its CRRT product line, becoming one of the few companies globally with a full range of CRRT products, which will enhance its operational capabilities [8][18] Group 4 - Revenue Forecast: The company expects revenues of 514 million yuan, 936 million yuan, and 1.556 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22.7%, 82.1%, and 66.3% [9][11] - Net Profit Projection: The projected net profits for 2025, 2026, and 2027 are 21 million yuan, 96 million yuan, and 234 million yuan, with significant year-on-year growth rates of 2967.9%, 350.4%, and 143.3% [9][11] - Valuation Metrics: The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 162, 36, and 15 times respectively, indicating a favorable investment outlook [10][11]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The report highlights that Tianyi Medical, as a leading manufacturer of blood purification consumables in China, is strategically enhancing its product matrix through acquisitions, establishing a complete ecosystem of "equipment + consumables + services" [5][6] - The company is expected to achieve rapid growth in performance driven by the continuous increase in ESRD patients, the release of policy dividends, and the expansion into overseas markets [5][6] Industry Overview - The demand for blood dialysis is expected to expand significantly, with the number of ESRD patients in China projected to reach 5.27 million by 2027, growing at a CAGR of 6.32% from 2023 to 2027 [6][15] - The treatment rate for ESRD patients in China remains low at 24.40%, indicating substantial room for market growth compared to developed countries [15][46] - The blood dialysis market in China is anticipated to grow to 51.515 billion yuan by 2030, driven by increasing patient awareness, improved healthcare policies, and advancements in blood purification technologies [15][51] Company Overview - Tianyi Medical has established three main business pillars: blood dialysis consumables, CRRT (Continuous Renal Replacement Therapy), and ward care, continuously strengthening its competitive advantage through both organic growth and acquisitions [7][8] - The company has entered into a strategic partnership with Fresenius, which is expected to significantly boost its blood dialysis consumables business, with an estimated first-year supply contract worth 40 million USD starting in 2026 [7][16] - The acquisition of CRRT business assets from Japan's Nikkiso and Italy's BELLCO S.R.L. will enable the company to offer a complete CRRT product line, enhancing its global market presence [8][18] Financial Projections - Revenue projections for Tianyi Medical are as follows: 514 million yuan in 2025, 936 million yuan in 2026, and 1.556 billion yuan in 2027, with year-on-year growth rates of 22.7%, 82.1%, and 66.3% respectively [9][11] - The net profit attributable to the parent company is expected to reach 0.21 billion yuan in 2025, 0.96 billion yuan in 2026, and 2.34 billion yuan in 2027, with significant growth rates of 2967.9%, 350.4%, and 143.3% respectively [9][11]

1月22日，天益医疗跌3.48%，成交额9074.82万元。两融数据显示，当日天益医疗获融资买入额854.51 万元，融资偿还645.44万元，融资净买入209.07万元。截至1月22日，天益医疗融资融券余额合计 5881.74万元。 融资方面，天益医疗当日融资买入854.51万元。当前融资余额5881.74万元，占流通市值的1.71%，融资 余额超过近一年90%分位水平，处于高位。 分红方面，天益医疗A股上市后累计派现1.02亿元。近三年，累计派现8749.78万元。 机构持仓方面，截止2025年9月30日，天益医疗十大流通股东中，鹏华弘嘉混合A（003165）位居第四 大流通股东，持股49.87万股，持股数量较上期不变。中信保诚多策略混合(LOF)A（165531）位居第十 大流通股东，持股20.79万股，为新进股东。圆信永丰聚优A（010469）、圆信永丰医药健康A （006274）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，天益医疗1月22日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高 ...

Group 1 - On January 19, several companies disclosed share buyback and increase plans, including Hongya CNC, Tianyi Medical, and Aotai Bio [1][4] - Hongya CNC's controlling shareholder plans to increase company shares by 30 million to 60 million yuan [3][6] - Tianyi Medical has received a commitment letter for a 90 million yuan stock repurchase loan from Quanrong Institution [3][6] - Aotai Bio's controlling shareholder and chairman proposed a share repurchase [3][6] Group 2 - A total of 11 A-share listed companies disclosed share reduction plans, including Huning Co., Yiwan Yichuang, and Zhaobiao Co. [1][4] - Huning Co. shareholders plan to reduce their holdings by no more than 1.1972% [7] - Yiwan Yichuang's shareholder Zhang Fan reduced holdings by 2.319427 million shares on January 16 [7] - Zhaobiao Co. shareholders plan to reduce holdings by no more than 0.06% [7] - Meihua Medical shareholders plan to reduce holdings by no more than 2.51% [7] - Wuhan Tianyuan shareholders, including Konka Group and Hongta Innovation, plan to reduce holdings by no more than 2% [7] - Jianglong Shipbuilding's director plans to reduce holdings by no more than 0.6423% [7] - Changying Precision's controlling shareholder plans to reduce holdings by no more than 1% [7] - Hanke Technology's actual controller and concerted actors plan to reduce holdings by no more than 0.43% [7] - Kangqiang Electronics plans to reduce 1.9528 million shares from December 8, 2025, to January 19, 2026 [7] - Top Software's shareholder Aipai Ke plans to reduce holdings by no more than 0.87% [7] - Western Gold's controlling shareholder plans to reduce holdings by no more than 1% [7]