Investment Rating - The report gives a "Buy" rating for Dongxing Medical [5] Core Viewpoints - Dongxing Medical is positioned as a micro-invasive surgical platform company with diversified layouts that promote growth. The company focuses on the anastomosis device industry chain and is gradually expanding into other micro-invasive surgical products, aiming to establish itself as a platform enterprise in medical devices [3][12] - The company plans to acquire 90% of Wuhan Yijiaobao Biological Materials Co., which has obtained 58 medical device registration certificates, enhancing its medical device platform and facilitating synergistic development [3][12] - The company has a concentrated shareholding structure and a professional management team, with expected revenue growth driven by product upgrades and cost control [3][12] Summary by Sections 1. Company Overview - Dongxing Medical has diversified its business since its establishment in 2001, transitioning from an agency model to a medical device manufacturer. The company has completed several acquisitions to integrate its supply chain, including the acquisition of Weike Medical and Zihang Precision, which closed the anastomosis device industry chain [12][19] - The company has a strong cash position, with cash and cash equivalents reaching 1.2 billion yuan, supporting future acquisitions [30][32] 2. Anastomosis Device Market - The anastomosis device market in China is expected to reach 9.82 billion yuan by 2024, with a compound annual growth rate (CAGR) of 8.1% from 2019 to 2024. The electric laparoscopic anastomosis device market is projected to grow significantly, with a CAGR of 44.4% during the same period [49][52] - The report indicates that the impact of centralized procurement on pricing has reached a turning point, with price adjustments stabilizing and the industry entering a phase of steady growth as penetration rates increase [54][55] 3. New Surgical Products - The company is expanding its product line to include ultrasonic knives, with a market size in the tens of billions. The domestic market for ultrasonic knives is rapidly increasing due to the rise in domestic production rates [5][12] - The company is also collaborating with Shanghai Jiao Tong University to develop synthetic biological materials, which are expected to be applied in serious medical fields such as hemostasis and scar repair, adding another growth point [5][12] 4. Financial Forecast and Valuation - The company forecasts revenues of 379 million yuan, 445 million yuan, and 512 million yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be -37 million yuan, 94 million yuan, and 121 million yuan for the same years [5][8] - The report estimates a price-to-earnings (PE) ratio of 29x for 2026 based on the closing price on January 16, 2026 [5][8]

Core Viewpoint - Dongxing Medical (301290.SZ) is currently not involved in the design, research, or production of surgical robot-related products, focusing instead on innovative medical devices such as electric endoscopic staplers, ultrasonic knives, and tissue clips [1] Group 1 - The company's current research and development priorities are centered on forward-looking products in the medical device industry [1] - Dongxing Medical aims to maintain an innovation-driven approach to build technological advantages [1] - The company plans to advance its strategic implementation through both organic growth and external expansion, providing greater value returns to small and medium investors [1]

Core Viewpoint - Dongxing Medical (301290.SZ) is currently not involved in the design, research, or production of surgical robot-related products, focusing instead on innovative medical devices such as electric endoscopic staplers, ultrasonic scalpels, and tissue clips [1] Group 1 - The company's current research and development priorities are centered on forward-looking products in the medical device industry [1] - Dongxing Medical aims to maintain an innovation-driven approach to build technological advantages [1] - The company plans to advance its strategy through both internal development and external expansion, providing greater value returns to small and medium investors [1]

Group 1 - The core point of the article is that Dongxing Medical announced a change in its signing registered accountants to Zhu Lei and Zhang Yu [2]

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。 江苏东星智慧医疗科技股份有限公司(以下简称"公司")于2025年4月14 日召开第四届董事会第八次会议及第四届监事会第七次会议，审议通过了《关 于续聘会计师事务所的议案》，同意续聘立信会计师事务所（特殊普通合伙） （以下简称"立信"）为公司2025年度财务报告审计机构及内部控制审计机构 ，聘期一年。董事会审计委员会审议并通过了该议案。本议案已经公司2024年 年度股东大会审议通过。具体内容详见公司于2025年4月15日在巨潮资讯网 （www.cninfo.com.cn）披露的《关于续聘会计师事务所的公告》（公告编号： 2025-012）。 证券代码：301290 证券简称：东星医疗 公告编号：2026-001 江苏东星智慧医疗科技股份有限公司 关于变更签字注册会计师的公告 签字注册会计师近三年从业情况 姓名：张宇 | 时间 | 上市公司名称 | 职务 | | --- | --- | --- | | 2024年 | 江苏海力风电设备科技股份有限公司 | 签字注册会计师 | | 2024年 | 启迪设计集团股份有限公 ...

现场检查报告 华泰联合证券有限责任公司 关于江苏东星智慧医疗科技股份有限公司 2025 年现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为江苏东星智慧医疗科技股份有限公司（以下简称"东星医 疗"或"公司"）首次公开发行股票并在创业板上市的保荐人，于 2025 年 12 月 30 日对东星医疗 2025 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：东星医疗 | | --- | | 保荐代表人姓名：庄晨 联系电话：025-83388070 | | 保荐代表人姓名：黄飞 联系电话：025-83387682 | | 现场检查人员姓名：庄晨 | | 现场检查对应期间：2025 年度 | | 现场检查时间：2025 年 12 月 30 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：（1）查看公司办公楼、厂房、仓库等主要生产经营场所及募投项目建设情况； | | （2）查阅公司章程、三会 ...

Core Insights - The Chinese open stapler market is experiencing a decline, with the market size decreasing from 15.3 billion yuan in 2020 due to the pandemic, and projected to reach 14.1 billion yuan in 2024, a year-on-year decrease of 2.1% [2] - The decline is attributed to the shift towards minimally invasive surgical techniques, with laparoscopic staplers becoming the mainstream due to their advantages such as less trauma and faster recovery [2] - Despite the decline, open staplers still hold irreplaceable value in grassroots medical settings and complex surgeries, indicating a potential stabilization in market size, although their market share is expected to continue decreasing [2] Industry Overview - Open staplers are primarily used in traditional open surgeries, offering advantages such as quick suturing, ease of use, single-use to prevent cross-infection, and fewer complications [3][4] - The types of open staplers include linear staplers, tubular digestive tract staplers, linear cutting staplers, anal staplers, purse-string staplers, curved cutting staplers, and skin staplers, each with specific applications [4] - The industry chain consists of upstream material suppliers, midstream manufacturers, and downstream consumers such as hospitals and clinics [6] Market Dynamics - The number of medical institutions in China is on the rise, projected to reach 1,093,600 by 2024, which will increase the demand for open staplers [8] - The competition in the open stapler market is shifting towards product upgrades and cost control as the market space contracts [10]

Group 1 - The core viewpoint of the news is that Dongxing Medical has experienced a decline in stock performance and financial metrics, indicating potential challenges in its business operations [1][2]. - On December 31, Dongxing Medical's stock fell by 0.94%, with a trading volume of 12.79 million yuan. The net financing buy was -204.70 thousand yuan, indicating more selling than buying in the financing market [1]. - As of December 31, the total balance of margin trading for Dongxing Medical was 79.95 million yuan, with a financing balance of 79.65 million yuan, accounting for 4.59% of the circulating market value, which is above the 50% percentile level over the past year [1]. Group 2 - As of December 19, the number of shareholders for Dongxing Medical was 9,304, a decrease of 2.90% from the previous period, while the average circulating shares per person increased by 2.99% to 7,325 shares [2]. - For the period from January to September 2025, Dongxing Medical reported a revenue of 284 million yuan, a year-on-year decrease of 10.21%, and a net profit attributable to shareholders of -53.20 million yuan, reflecting a significant decline of 181.13% [2]. - Since its A-share listing, Dongxing Medical has distributed a total of 169 million yuan in dividends [3].

江苏东星智慧医疗科技股份有限公司 简式权益变动报告书 股票简称：东星医疗 股票代码：301290 信息披露义务人：江世华 住所：江苏省常州市武进区****** 通讯地址：江苏省常州市武进区****** 上市公司名称：江苏东星智慧医疗科技股份有限公司 股票上市地点：深圳证券交易所 股份变动性质：股份减少 签署日期：2025 年 12 月 29 日 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》及相关法律法规、规范性文件之规定编写。 二、截至本报告书签署之日，信息披露义务人签署本报告书已获得必要的授 权和批准，其履行亦不违反信息披露义务人合伙协议或内部规则中的任何条款， 或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本 报告 ...

证券代码：301290 证券简称：东星医疗 公告编号：2025-058 江苏东星智慧医疗科技股份有限公司 关于持股 5%以上股份的股东持股比例变动触及 1%及 5%整数 倍暨披露简式权益变动报告书的提示性公告 股东江世华先生保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 公司于近日收到江世华先生出具的《股东减持股份告知函》及《简式权益变 动报告书》，获悉江世华先生于 2025 年 12 月 29 日以集中竞价交易方式减持公 司股份 61,400 股，占公司总股本的 0.0613%，其持有公司股份占公司总股本的比 例从 5.0612%下降至 4.9999%，本次权益变动触及 1%及 5%的整数倍。现将有关 情况公告如下： 一、股东减持情况 | 股东 | 减持方式 | | 减持期间 | | 减持均价 | 减持 股数 | 占公司 总股本 | 占剔除公司 回购专户中 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | | （元/股） | （股） | 比例 | 股份总数后 总股本比例 | | 江 ...