法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 518038 电话(Tel.)：（0755）8826 5288 传真（Fax.）：（0755）8826 5537 网址（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于深圳市美好创亿医疗科技股份有限公司 2025 年第二次临时股东会的 法律意见书 信达会字（2025）第 314 号 致：深圳市美好创亿医疗科技股份有限公司 广东信达律师事务所（以下简称"信达"）接受深圳市美好创亿医疗科技股 份有限公司（以下简称"贵公司"）的委托，指派律师参加了贵公司二〇二五年 第二次临时股东会（以下简称"本次临时股东会"），并进行了必要的验证工作。 现根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股 东会规则》（以下简称"《股东会规则》"）以及贵公司《公司章程》的规定， 按照律师业 ...

证券日报网讯美好医疗（301363）9月30日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司股东户数为14997户。 ...

Group 1 - The core point of the article indicates that Meihao Medical has experienced a decline in the number of shareholders, with a total of 14,997 shareholders as of September 20, representing a decrease of 1,294 shareholders or a 7.94% decline compared to the previous period [1] - The latest stock price of Meihao Medical is reported at 24.48 yuan, reflecting an increase of 0.78%, but the stock has seen a cumulative decline of 7.62% since the concentration of shares began, with 6 days of increase and 8 days of decrease in trading [1] - The margin trading data shows that as of September 29, the total margin balance for the stock is 197 million yuan, with a financing balance of 196 million yuan, indicating an increase of 21.8 million yuan or 12.52% during the current concentration period [1] Group 2 - The company's semi-annual report reveals that it achieved an operating income of 733 million yuan in the first half of the year, representing a year-on-year growth of 3.73%, while the net profit was 114 million yuan, reflecting a year-on-year decline of 32.44% [1] - The basic earnings per share are reported at 0.2000 yuan, with a weighted average return on equity of 3.23% [1]

Summary of Medical Device and Healthcare Services Industry Conference Call Industry Overview - The medical device sector is experiencing improved growth rates, with significant performance expected in Q3 and the second half of the year, suggesting a focus on companies with improving quarter-over-quarter and year-over-year results, as well as those poised for accelerated growth in 2026 [1][2][6] - High-value consumables and equipment performed relatively well in the first half of the year, with upstream medical device companies like Meihao Medical, Yingke Medical, and Haitai Xinguang showing high growth trends in Q3 [1][3][4] Key Trends and Insights - The strategy of expanding overseas is crucial for Chinese medical device companies to unlock a second growth curve, driven by domestic policy pressures and increased competition from local manufacturers [1][5] - The medical device sector is expected to see a significant improvement in Q3, with companies like Union Medical and Mindray anticipated to show performance turning points [4][8] - The high consumables segment is expected to see further improvement in Q3, benefiting from reduced impact from centralized procurement and the launch of new products, with companies like Huatai and Maipu Chunli Medical projected to achieve high growth [9] Investment Opportunities - Companies with high growth potential or rapid profit growth, such as Meihao Medical and those in the brain-computer interface and humanoid robot supply chains, are recommended for long-term holding [6][7] - Low-valuation companies expected to accelerate growth in 2026 include Meihao Medical, MicroPort Medical, and Yiyuan Technology, among others [12] - The IVD sector is facing challenges but is expected to see improvements in domestic growth rates, while overseas markets maintain high growth [10] Performance of Specific Companies - The Hong Kong medical device sector has shown significant innovation, with companies like Silan Tongqiang and MicroPort Medical demonstrating strong recovery in profitability [14] - The consumption medical services sector, led by Aier Eye Hospital, is outperforming serious medical services, with a notable increase in average transaction prices for procedures [16][17] Valuation and Market Position - The overall valuation of the medical services sector is at historically low levels, with the current PE ratio around the 20% percentile of the past five years [18] - Comprehensive hospitals are facing revenue declines due to healthcare payment reforms, with many experiencing over a 10% drop in income in the first half of 2025 [19][20] Recommendations for Future Monitoring - Long-term investment opportunities exist in both the Hong Kong and A-share medical device sectors, particularly in companies with strong innovation capabilities and international expansion potential [15] - Companies like Aier Eye Hospital and Hai Jiaya Medical are recommended for their leadership in their respective segments, while Yiyuan Medical is noted for its rapid overseas growth and strong cash flow [21][22]

Core Insights - The company reported a revenue of 733 million yuan for H1 2025, representing a year-on-year increase of 3.73%, while the net profit attributable to the parent company was 114 million yuan, a decrease of 32.44% year-on-year [1] Business Analysis - The company experienced strong growth in emerging business sectors, with home respiratory device components generating 436 million yuan (down 2.76% year-on-year), cochlear implant components at 60 million yuan (down 7.53% year-on-year), other medical product components at 76 million yuan (up 54.41% year-on-year), and home and consumer electronics components at 107 million yuan (up 35.69% year-on-year). The company plans to increase investment in strategic emerging business areas to establish a solid foundation for long-term sustainable development [2] - The company is diversifying its business layout in multiple segments such as blood glucose management, cardiovascular, and in vitro diagnostics, aiming to create second and third growth curves. In the blood glucose management sector, breakthroughs have been made in disposable injection pens, continuous glucose monitoring (CGM) devices, and insulin patch pumps. A fully automated production project for insulin injection pens customized for international clients has achieved large-scale production, and the core R&D work for the self-designed "Beautiful Pen" has been completed, with client expansion progressing smoothly [2] - In the in vitro diagnostics field, the company has leveraged its strong technical foundation to achieve significant R&D results in microfluidic chips, detection consumables, reagent packaging materials, and precision components for instruments. Some products have been delivered for validation in small batches, and future business development will be driven by existing customer needs [3] Profit Forecast - The company forecasts revenues of 1.829 billion yuan, 2.294 billion yuan, and 2.741 billion yuan for 2025-2027, with year-on-year growth rates of 14.74%, 25.42%, and 19.47% respectively. The net profit attributable to the parent company is expected to be 402 million yuan, 488 million yuan, and 605 million yuan, with year-on-year growth rates of 10.56%, 21.44%, and 23.92%. The price-to-earnings (PE) ratios for 2025-2027 are projected to be 36.08, 29.71, and 23.98, with corresponding price-to-earnings growth (PEG) ratios of 3.42, 1.39, and 1.00 [4]

Group 1 - The A-share market saw a significant decline in brain-computer interface concept stocks, with several companies experiencing drops of over 5% [1] - Notable companies that fell over 5% include Dineike, Xiangyu Medical, Meihao Medical, Chengdu Huamei, and Tom Cat [1] - Other companies such as Yanshan Technology, Zhongke Information, Aipeng Medical, Nanjing Panda, Weisi Medical, Innovation Medical, Robot, Mailande, Beiqingsong, Botuo Biological, and Rongtai Health dropped over 4% [1]

Investment Rating - The investment rating for the company is "Buy" [8][13] Core Views - The company reported a revenue of 733 million yuan for H1 2025, a year-on-year increase of 3.73%, but the net profit attributable to the parent company decreased by 32.44% to 114 million yuan [3][4] - The company is focusing on strategic emerging business areas, with significant growth in new business segments, including a 54.41% increase in other medical product components revenue [4][5] - The company is diversifying its business in blood glucose management, cardiovascular, and in vitro diagnostics, with ongoing breakthroughs in product technology and CDMO services [5] Company Overview - The latest closing price is 25.51 yuan, with a total market capitalization of 14.5 billion yuan and a circulating market capitalization of 4 billion yuan [2] - The company has a total share capital of 569 million shares, with 156 million shares in circulation [2] - The company has a low debt-to-asset ratio of 11.3% and a price-to-earnings ratio of 28.34 [2] Financial Performance - Revenue projections for 2025-2027 are 1.829 billion yuan, 2.294 billion yuan, and 2.741 billion yuan, with year-on-year growth rates of 14.74%, 25.42%, and 19.47% respectively [6][9] - The net profit attributable to the parent company is expected to reach 402 million yuan, 488 million yuan, and 605 million yuan for the same period, with corresponding growth rates of 10.56%, 21.44%, and 23.92% [6][9] - The company’s earnings per share (EPS) is projected to increase from 0.71 yuan in 2025 to 1.06 yuan in 2027 [9][12]

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Core Insights - The company, Meihua Medical (301363), reported that as of September 10, 2025, the number of shareholders is 16,291 [1] Company Summary - Meihua Medical has engaged with investors through an interactive platform, providing updates on shareholder numbers [1]

Summary of the Conference Call for Meihua Medical Industry and Company Overview - **Company**: Meihua Medical - **Industry**: Medical Devices, specifically focusing on home respiratory devices, cochlear implants, blood glucose management products, and robotics Key Points and Arguments 1. **Home Respiratory Device Business**: - Short-term decline due to factory relocation, expected recovery in Q4 with increased customer inventory replenishment needs [2][3][4] - Current six-month orders and forecasts aim to meet annual targets [5] 2. **Cochlear Implant Business**: - Recovery from previous disruptions caused by rare earth material controls, with normal shipments expected to resume in the second half of the year [2][6] - Anticipated positive impact on overall performance [2] 3. **Blood Glucose Management Products**: - Stable production of insulin pens and new orders for weight loss pens expected to start deliveries in Q1 2026 [7] - Continuous growth in Continuous Glucose Monitoring (CGM) products, with bulk deliveries starting in Q2 and further expansion planned for 2026 [7] 4. **Tariff Impact Mitigation**: - Partial production capacity has been relocated to Malaysia to address tariff impacts and meet domestic and international market demands [8] - Collaboration with overseas clients, including Johnson & Johnson, to enter the domestic market [8] 5. **Shareholder Concerns**: - No significant share reduction risk as the controlling shareholder and employee stock platform have no plans to sell shares until the end of the year [9] 6. **Profitability Metrics**: - Decline in net profit margin at the Huizhou subsidiary reflects an overall decrease in gross margin, primarily due to short-term factors affecting core businesses [10] - Expected recovery in overall performance as these factors dissipate and emerging businesses grow [10] 7. **Gross Margin Decline**: - The decrease in gross margin attributed to increased costs from capacity adjustments and rising operational expenses [11] 8. **Production Capacity and Supply Chain**: - Completion of the relocation of respiratory device component production, with 20%-30% capacity retained domestically and 70%-80% supplied from overseas [12] - New production capacity planning based on customer orders and automation requirements [17] 9. **Brain-Computer Interface (BCI) Development**: - Ongoing research and development in BCI technology based on cochlear implant expertise, with collaborations for invasive electrode development [18][19] - Current projects are in early R&D stages, with no defined commercialization timeline yet [22] 10. **Robotics Business Exploration**: - Focus on lightweight components, micro-motors, and flexible skin sensor technology for robotics applications [27] - Development of proprietary sensor technologies to enhance product offerings [28][29] 11. **Market Positioning**: - Meihua Medical holds approximately 70% of the global cochlear implant market, making it a preferred partner for clients [24] - The company’s experience in long-term implant safety enhances its attractiveness to both domestic and international clients [24] 12. **Future Revenue Projections**: - Shift in revenue structure anticipated, with increased focus on larger market segments such as insulin pens and CGM products [32] - The company aims to balance its revenue sources between traditional and emerging product lines [32] 13. **Cochlear Implant Market Growth**: - Despite a slow overall market growth rate of 5-6%, Meihua Medical expects to achieve a growth rate of around 15% due to stable replacement demand [36] 14. **CGM Business Outlook**: - Positive future outlook for CGM business with plans for factory expansion in Malaysia and stable pricing models that mitigate the impact of terminal price fluctuations [39] Additional Important Information - The company is actively exploring new product developments and collaborations to enhance its market presence and technological capabilities across various medical device sectors [28][30] - The strategic focus on R&D and innovation is expected to drive long-term growth and profitability [31]