三友医疗去年扣非亏损 已完成关联收购2020上市募10.8亿

Core Viewpoint - Sanyou Medical (688085.SH) reported a decline in revenue and net profit for the year 2024, indicating financial challenges, but showed a recovery in Q1 2025 with significant revenue growth and a return to profitability [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 454 million yuan, a decrease of 1.48% year-on-year; net profit attributable to shareholders was 11.47 million yuan, down 88.00% year-on-year; and cash flow from operating activities was 10.96 million yuan, a decline of 95.90% [1]. - For Q1 2025, the company reported operating revenue of 116.43 million yuan, an increase of 34.72% year-on-year; net profit attributable to shareholders was 12.82 million yuan, marking a turnaround from a loss; and cash flow from operating activities improved to -16.44 million yuan, a 66.85% improvement from the previous year [2][3]. Shareholder Structure - The actual controllers of Sanyou Medical include Xu Nong, Michael Mingyan Liu, and David Fan, collectively holding 29.80% of the company's shares [4]. - Xu Nong directly holds 11.78% of the shares, while Michael Mingyan Liu and David Fan hold 9.10% and 6.25%, respectively [4]. Fundraising and Investments - The company raised a total of 1.076 billion yuan through its initial public offering, exceeding its initial fundraising target by 378 million yuan, with plans to use the funds for orthopedic implant expansion, product R&D, and working capital [5]. - Sanyou Medical completed a transaction to acquire a 37.1077% stake in Waterwood Tianpeng for 330.92 million yuan and 100% of Shanghai Hanzhan for 84.76 million yuan, with the latter becoming a wholly-owned subsidiary [8][9].