Core Viewpoint - Tianyi Medical (301097.SZ) has received a Medical Device Registration Certificate from the National Medical Products Administration for its blood dialysis concentrate products, indicating a significant advancement in its product offerings in the blood purification sector [1]. Product Details - The blood dialysis concentrate consists of two components: A liquid (A液) and a dry powder (B粉). A liquid includes sodium chloride, potassium chloride, calcium chloride, magnesium chloride, acetic acid, and dialysis water, while B powder contains sodium bicarbonate [1]. - A liquid models are TR-YA3-01 and TR-YA3-02, with specifications of 5L and 10L per barrel, respectively. The B powder model is TR-FB-LBT1, with a specification of 650g per can [1]. Innovation and Market Impact - The innovative combination of A liquid and B powder offers the stability of liquid concentrates and the flexibility of dry powder formulations, allowing for more precise customization to meet clinical needs for dialysis products [1]. - The approval of this product expands the company's coverage in the blood purification field, showcasing its technological accumulation and rigorous quality management system [1]. - This development marks a deeper entry into the high-value core consumables of the medical device sector, enriching the overall solutions offered in blood purification and enhancing customer recognition and market synergy [1]. - The product's approval is expected to solidify and expand the company's leading position in the blood purification field, further improving its competitive advantage in the market [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 "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]

Group 1 - Tianyi Medical's stock price dropped by 3.48% on January 22, with a trading volume of 90.75 million yuan. The financing buy amount was 8.55 million yuan, while the financing repayment was 6.45 million yuan, resulting in a net financing buy of 2.09 million yuan. The total financing and securities balance reached 58.82 million yuan as of January 22, which is 1.71% of the circulating market value and is at a high level compared to the past year [1] - The company specializes in the research, production, and sales of medical devices related to blood purification and ward care, with revenue composition being 59.05% from blood purification, 34.08% from ward care, and 6.87% from other sources [1] - As of December 10, the number of shareholders for Tianyi Medical was 5,135, a decrease of 1.36% from the previous period. The average circulating shares per person increased by 1.38% to 5,637 shares [2] Group 2 - For the period from January to September 2025, Tianyi Medical achieved an operating income of 387 million yuan, representing a year-on-year growth of 24.14%. The net profit attributable to the parent company was 20.09 million yuan, showing a significant year-on-year increase of 216.81% [2] - Since its A-share listing, Tianyi Medical has distributed a total of 102 million yuan in dividends, with 87.50 million yuan distributed over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders, Penghua Hongjia Mixed A held 498,700 shares, remaining unchanged from the previous period, while CITIC Prudential Multi-Strategy Mixed A entered the list as the tenth largest shareholder with 207,900 shares [3]