Core Insights - The internet healthcare sector experienced a slight increase of 0.21% on October 29, with notable gains from companies like Jiangyu Pingmin, which rose by 6.29% [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Company Performance - Jiangyu Pingmin (301017) closed at 11.99 with a gain of 6.29%, trading volume of 201,100 shares and a transaction value of 242 million [1] - Furuishi (300049) closed at 74.48, up 6.20%, with a trading volume of 150,500 shares and a transaction value of 1.104 billion [1] - Xingqi Eye Medicine (300573) closed at 82.01, increasing by 5.29%, with a trading volume of 309,400 shares and a transaction value of 2.518 billion [1] - Other notable performers include Maidi Technology (603990) with a 2.98% increase and a transaction value of 384 million, and Hanhui Technology (300007) with a 2.68% increase and a transaction value of 1.402 billion [1] Market Dynamics - The internet healthcare sector saw a net outflow of 1.125 billion from institutional investors, while retail investors contributed a net inflow of 926 million [2][3] - The overall market sentiment indicated a mixed response, with some stocks experiencing significant declines, such as Jiayuan Technology (301117) which fell by 13.29% [2] - The trading activity highlighted a divergence in investor behavior, with institutional investors pulling back while retail investors remained active [2][3]

Core Insights - Jiarun Technology (301117.SZ) reported its Q3 2025 results, revealing a total of 6 institutional investors holding shares, amounting to 6.1508 million shares, which represents 4.76% of the total share capital [1] - The institutional holding percentage decreased by 1.01 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Chengdu Jiaduoji Business Information Consulting Center (Limited Partnership), Industrial and Commercial Bank of China - GF Jufeng Mixed Securities Investment Fund, Agricultural Bank of China - Great Wall Jiujia Innovation Growth Flexible Allocation Mixed Securities Investment Fund, BARCLAYS BANK PLC, Goldman Sachs International - Proprietary Funds, and Green Hongli Enhanced Bond A [1] - The total institutional holding percentage is now at 4.76% [1] Public Funds - One public fund, GF Jufeng Mixed A, reduced its holdings by 0.21% compared to the previous quarter [1] - Two new public funds disclosed this quarter include Great Wall Jiujia Innovation Growth Mixed A and Green Hongli Enhanced Bond A [1] - A total of 44 public funds were not disclosed this quarter, including notable funds such as Dacheng CSI 360 Internet + Index A and GF Advantage Growth Stock A [1] Foreign Investment - Two new foreign institutions disclosed their holdings this quarter, including BARCLAYS BANK PLC and Goldman Sachs International - Proprietary Funds [2]

Core Insights - Jiarun Technology (301117.SZ) reported a total operating revenue of 203 million yuan for Q3 2025, ranking 47th among disclosed peers [1] - The company recorded a net profit attributable to shareholders of -9.57 million yuan, ranking 43rd among disclosed peers [1] - Operating cash flow showed a net outflow of 122 million yuan, ranking 54th among disclosed peers, a decrease of 27.996 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 12.09%, an increase of 3.45 percentage points year-on-year [3] - The gross profit margin is reported at 44.55%, a decrease of 0.90 percentage points from the previous quarter [4] - Return on equity (ROE) is at -0.73%, ranking 42nd among disclosed peers [4] Earnings and Turnover - The diluted earnings per share (EPS) is -0.07 yuan, ranking 47th among disclosed peers [4] - Total asset turnover is 0.13 times, ranking 51st among disclosed peers, remaining flat compared to the same period last year, with a year-on-year decline of 2.04% [4] - Inventory turnover is 0.27 times, ranking 59th among disclosed peers, a decrease of 0.02 times compared to the same period last year, reflecting a year-on-year decline of 5.64% [4] Shareholder Structure - The number of shareholders is 17,400, with the top ten shareholders holding a total of 73.08 million shares, accounting for 56.57% of the total share capital [4] - The largest shareholder is Wang Jin, holding 37.6 million shares [4]

Core Insights - Jiarun Technology's stock dropped by 8.83% on October 28, with a trading volume of 533 million yuan [1] - The company reported a net financing outflow of 7.81 million yuan on the same day, with a total financing balance of 196 million yuan, representing 3.79% of its market capitalization [1] - As of September 30, 2025, Jiarun Technology's revenue reached 203 million yuan, a year-on-year increase of 4.22%, while the net profit attributable to shareholders was -9.57 million yuan, showing a 46.43% year-on-year growth [2] Financing and Trading Activity - On October 28, Jiarun Technology had a financing buy-in of 45.62 million yuan, with a current financing balance of 196 million yuan, which is above the 90th percentile of the past year [1] - The company had no short-selling activity on the same day, with a short-selling balance of 0 yuan, indicating a high level of short-selling activity over the past year [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders increased by 26% to 17,400, while the average number of circulating shares per person decreased by 20.64% to 4,568 shares [2] - Jiarun Technology has distributed a total of 52.59 million yuan in dividends since its A-share listing, with 15.68 million yuan distributed over the past three years [3] - Notable changes in institutional holdings include a decrease in shares held by Guangfa Jufeng Mixed A and the entry of Changcheng Jiujia Innovation Growth Mixed A as a new major shareholder [3]

Summary of Key Points from the Conference Call Industry Overview - The blood purification industry is experiencing significant growth driven by domestic substitution and centralized procurement policies, benefiting companies like Shanwaishan and Weigao Blood Purification, especially in critical care during the pandemic [1][2][6] - The market for blood purification devices and consumables is expected to continue expanding, with the dialysis machine market projected to reach tens of billions by 2030, supported by increased medical insurance coverage and improved living standards [1][9] Key Trends and Insights - **Domestic Substitution and Centralized Procurement**: Domestic companies are gaining market share due to favorable policies, with notable performances from Shanwaishan and Weigao Blood Purification [2][4] - **International Expansion**: Companies like San Aisi and Baolait are showing potential in emerging markets such as South America and Southeast Asia, with significant expected growth in export volumes [1][3][5] - **Full Industry Chain Development**: Companies are focusing on developing their own consumables alongside devices to enhance competitiveness, as seen with Shanwaishan's self-developed consumables [1][7] - **Strong Product Competitiveness**: Companies with strong single product competitiveness, such as Tianyi Medical and its acquisition of the CRT business, are expected to see growth despite centralized procurement trends [1][7] Company-Specific Insights - **Shanwaishan**: Achieved nearly 30% revenue growth in the first half of 2025, with a focus on expanding its product range and international market presence [15][16] - **Dingwen**: Reported a 10% revenue growth in the first half of 2025, with expectations of a 50% increase in overseas revenue due to international expansion efforts [18] - **Jianfa**: Dominates the perfusion device market with over 80% market share, but faces challenges in maintaining growth after a significant increase in sales during the pandemic [21] - **Tianyi Medical**: Anticipates over 20% revenue growth this year, supported by acquisitions and new factory developments [28][29] Market Dynamics - The blood purification market is characterized by a compound annual growth rate of approximately 5% in patient demand, with a double-digit growth rate in market size [2][9] - The dialysis machine market is currently valued at around 3 billion yuan, with expectations to grow significantly by 2030 [9] - The introduction of joint charging policies for blood perfusion and dialysis is expected to positively impact industry performance [23] Competitive Landscape - Domestic manufacturers are increasingly competitive against international players, with companies like Shanwaishan and Tianyi Medical showing strong international revenue growth [13][14] - The centralized procurement trend may lead to a decline in market share for overseas manufacturers, while domestic firms like Samsung and Shanwaishan are expected to gain [4][10] Conclusion - The blood purification industry is poised for robust growth, driven by domestic substitution, international expansion, and full industry chain development strategies. Companies that adapt to these trends and enhance their product offerings are likely to succeed in this evolving market landscape [1][12][22]

Core Viewpoint - Jiarun Technology (301117.SZ) reported a revenue of 203 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.22% [1] Financial Performance - The net loss attributable to shareholders of the listed company was 9.5654 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 10.7708 million yuan [1] - The basic loss per share was 0.07 yuan [1]

证券代码：301117 证券简称：佳缘科技 公告编号：2025-063 佳缘科技股份有限公司 关于2025年前三季度度计提资产减值、信用减值准备的公告 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。 佳缘科技股份有限公司（以下简称"公司"）根据《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《企业会计准则》及公司相关会计政策的规定，对公司及下属子公司2025 年前三季度计提信用减值损失、资产减值准备有关情况公告如下： 根据《深圳证券交易所创业板股票上市公司规则》等相关规定，本次计提减 值准备无需提交公司董事会或股东会审议。 一、本次计提减值准备情况的概述 根据评估和分析的结果判断，计提2025年前三季度各项信用减值准备和资产 减值准备共计13,008,086.08元，如表所示： | 类别 | 项目 | 计提减值损失金额（元） | | --- | --- | --- | | 信用减值损失 | 应收账款减值损失 | 13,360,790.01 | | | 其他应收款减值损失 | 139,122.75 | | ...

证券代码：301117 证券简称：佳缘科技 公告编号：2025-061 佳缘科技股份有限公司 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 佳缘科技股份有限公司（以下简称"公司"）第四届董事会第五次会议于2025 年10月27日（星期一）16:00在成都市高新区天辰路333号公司一楼1号会议室以 现场结合通讯表决方式召开。会议通知已于2025年10月24日通过电话、邮件的方 式送达各位董事。本次会议应出席董事5名，实际出席董事5名。 本次会议由董事长王进女士主持。公司高级管理人员列席了本次会议。会议 符合《公司法》和《公司章程》的有关规定。经与会董事认真审议，以投票表决 方式通过了以下决议： 二、董事会会议审议情况 （一）审议通过《关于<2025年第三季度报告>的议案》 经审核，董事会认为：公司编制的2025年第三季度报告的相关内容真实、准 确、完整地反映了公司实际情况，编制程序符合法律、行政法规和中国证监会的 有关规定，不存在任何虚假记载、误导性陈述或者重大遗漏。董事会同意对外披 露《2025年第三季 ...

Group 1 - Jiarun Technology reported a revenue of approximately 203 million yuan for the first three quarters of 2025, representing a year-on-year increase of 4.22% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 9.57 million yuan, with basic earnings per share showing a loss of 0.07 yuan [1] - As of the report date, Jiarun Technology's market capitalization stood at 5.2 billion yuan [2] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with the technology sector leading the market's transformation [2] - A new "slow bull" market pattern is emerging, indicating a potential shift in market dynamics [2]

Financial Performance - The company's revenue for Q3 2025 was ¥35,897,472.91, representing a decrease of 6.54% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥15,036,073.07, an increase in loss of 41.35% year-over-year[5]. - The basic earnings per share for the period was -¥0.12, reflecting a 40.00% increase in loss compared to the previous year[5]. - The net profit for the current period is a loss of CNY 10,778,210.21, an improvement compared to a loss of CNY 19,267,123.18 in the previous period, reflecting a reduction in losses of approximately 44.5%[21]. - The basic and diluted earnings per share for the current period are both CNY -0.07, an improvement from CNY -0.14 in the previous period[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,490,269,258.41, a decrease of 2.63% from the end of the previous year[5]. - Total current assets decreased from 1,258,415,556.20 RMB to 1,191,723,803.45 RMB, a decline of approximately 5.3%[16]. - Total liabilities amount to CNY 180,180,645.05, a decrease from CNY 209,991,434.57 in the previous period, showing a reduction of about 14.3%[20]. - The company’s total current liabilities are CNY 178,764,002.06, down from CNY 209,144,035.26, reflecting a decrease of about 14.5%[20]. Cash Flow - Cash flow from operating activities showed a net outflow of -¥122,261,132.04, down 29.70% year-to-date[5]. - Cash generated from operating activities is CNY 170,172,001.71, significantly higher than CNY 109,461,023.91 in the previous period, indicating an increase of about 55.4%[22]. - Net cash flow from operating activities was -$122.26 million, compared to -$94.27 million in the previous period, indicating a decline in operational cash generation[23]. - The net increase in cash and cash equivalents was -$164.37 million, compared to -$150.71 million in the previous period, highlighting ongoing liquidity challenges[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,391[13]. - The largest shareholder, Wang Jin, holds 37.68% of the shares, totaling 48,671,700 shares[13]. - The top ten shareholders hold a combined 63.39% of the total shares[13]. Operating Costs and Expenses - Total operating revenue for the current period is CNY 202,762,406.25, an increase from CNY 194,548,387.88 in the previous period, representing a growth of approximately 6.2%[19]. - Total operating costs for the current period are CNY 202,953,594.16, down from CNY 204,577,290.42 in the previous period, indicating a decrease of about 0.8%[20]. - The company reported a decrease in research and development expenses to CNY 47,572,172.11 from CNY 48,781,696.55, a reduction of approximately 2.5%[20]. - Cash paid for employee compensation was $59.01 million, slightly up from $56.11 million in the previous period, indicating stable labor costs[23]. - Cash paid for taxes was $11.16 million, compared to $4.21 million in the previous period, reflecting an increase in tax obligations[23]. Investment Activities - The company reported a significant increase in prepayments, which rose by 249.92% to ¥13,703,322.13, primarily due to increased advance payments for project goods[9]. - Total cash inflow from investment activities was $201.07 million, down from $1.06 billion in the previous period, reflecting a significant decrease in investment returns[23]. - Cash outflow from investment activities totaled $236.23 million, compared to $1.10 billion in the previous period, showing a reduction in capital expenditures[23]. - Cash received from investment income was $1.07 million, significantly lower than $6.17 million in the previous period, indicating reduced investment performance[23]. - Cash received from other investment activities was $200 million, down from $1.05 billion in the previous period, suggesting a decline in investment activity[23]. Financial Expenses - The financial expenses decreased by 43.12% to -¥586,156.58, mainly due to reduced interest expenses[11]. - The income tax expense for the period was -¥984,973.39, a 71.86% increase compared to the previous year, primarily due to the absence of prior deductible losses[11]. - The company’s financial expenses showed a positive change, with a net income of CNY -586,156.58 compared to CNY -1,030,564.10 in the previous period, indicating an improvement[20]. Inventory and Receivables - Accounts receivable increased from 395,256,580.12 RMB to 422,297,382.77 RMB, an increase of approximately 6.5%[16]. - Inventory increased from 388,421,516.09 RMB to 441,643,621.03 RMB, an increase of approximately 13.7%[16]. - The company’s intangible assets increased by 66.37% to ¥16,604,404.33, mainly due to the acquisition of new software[9]. - The company experienced a 114.48% increase in contract liabilities, reaching ¥10,119,473.24, attributed to an increase in advance contract payments[9].