证券代码：688271 证券简称：联影医疗 公告编号：2025-031 上海联影医疗科技股份有限公司 首次公开发行部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为 首发限售股份 ；股票认购方式为 网下 ，上市股数为 本次股票上市流通总数为230,859,012股。 ? 本次股票上市流通日期为2025 年 8 月 22 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 6 月 22 日出具的《关于同意上海联 影医疗科技股份有限公司首次公开发行股票注册的批复》（证监许可[2022]1327 号），上海联影医疗科技股份有限公司（以下简称"联影医疗"或"公司"）获准 向社会公开发行人民币普通股（A 股）100,000,000 股，并于 2022 年 8 月 22 日在 上海证券交易所科创板上市交易。首次公开发行后公司总股本为 824,157,988 股， 其中有限售条件流通股为 776,907,446 股，无限售条件流通股为 47,250, ...

2024年1至12月份，联影医疗的营业收入构成为：医疗器械行业占比95.96%，其他业务占比4.04%。 （文章来源：每日经济新闻） 联影医疗（SH 688271，收盘价：127.96元）8月15日晚间发布公告称，公司限售股份约2.31亿股将于 2025年8月22日解禁并上市流通，占公司总股本比例为28.01%。 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-031 上海联影医疗科技股份有限公司 首次公开发行部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 230,859,012股。 本次股票上市流通总数为230,859,012股。 致股本数量变化的情况。 三、本次上市流通的限售股的有关承诺 1、公司实际控制人薛敏就所持公司股份锁定事宜作出承诺如下： （1）自发行人股票在上海证券交易所科创板上市之日起 36 个月内，本人不 转让或委托他人管理本人在本次公开发行前直接或间接持有的发行人股份，也不 由发行人回购该部分股份。 本次股票上市流通日期为2025 年 8 月 22 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 6 月 22 日出具的《关于同意上海联 影医疗科技股份有限公司首次公开发行股票注册的批复》（证监许可[2022]1327 号），上海联影医疗科技股份有限公司（以下简称"联 ...

中信证券股份有限公司、中国国际金融股份有限公司 关于上海联影医疗科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）、中国 国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）为上海联影 医疗科技股份有限公司（以下简称"公司"、"联影医疗"）首次公开发行股 票并上市的保荐机构。根据《证券发行上市保荐业务管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等相关规定履行持续督导职责，就联影医疗首次公开发行部分限售股上 市流通事项进行核查，核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 6 月 22 日出具的《关于同意上海 联影医疗科技股份有限公司首次公开发行股票注册的批复》（证监许可 [2022]1327 号），公司获准向社会公开发行人民币普通股（A 股）100,000,000 股，并于 2022 年 8 月 22 日在上海证券交易所科创板上市交易。首次公开发行 后公司总股 ...

Core Viewpoint - The company acknowledges fluctuations in operating cash flow for 2024, attributing it to macro industry policies and strategic investments while maintaining a healthy overall financial status [1] Financial Performance - Operating cash flow has shown volatility due to external policy changes affecting market volume and revenue recognition timing [1] - The company reported a research and development expenditure of 2.261 billion yuan, accounting for 21.95% of revenue, an increase of 5.14 percentage points year-on-year [1] Industry Context - The ongoing industry restructuring since 2023 is pushing the medical equipment sector towards a more regulated and market-oriented direction, which, while beneficial long-term, has caused delays in procurement processes and order releases in the short term [1] - A large-scale medical equipment renewal policy initiated in the first half of 2024 presents structural opportunities for the industry, but its broad coverage and lengthy cycle have led to temporary market demand backlog [1] Strategic Initiatives - The company is committed to an "innovation-driven development" strategy, increasing investments in R&D and global expansion, which impacts short-term cash flow [1] - The company has established an overseas marketing team of over 700 and more than 1,000 service engineers, with a network covering over 200 cities in more than 85 countries [1] Future Outlook - The company anticipates that as innovation results accelerate and industry policies are implemented, cash flow, revenue, and profit will improve in tandem, enhancing its core competitiveness in the global high-end medical equipment market [1]

Core Viewpoint - The company assesses that the recent EU policy changes regarding public procurement contracts will have a limited and manageable impact on its European business operations [1] Group 1: Company Strategy and Response - The company has been proactively upgrading its global supply chain strategy since 2018, focusing on diversifying production and service nodes globally [1] - The establishment of a subsidiary in Poland in 2018 and the European regional headquarters in the Netherlands in 2024 exemplifies the company's forward-looking global strategy [1] - The company has over 500 high-end medical devices servicing more than half of the EU member states, indicating a strong localized operational framework [1] Group 2: Market Opportunities - The company identifies dual structural opportunities in the European market: a replacement demand cycle in mature markets like Western Europe and emerging demand in Eastern Europe for high-end imaging equipment [1] - As of 2024, revenue from the European market accounts for approximately 3.75% of the company's total revenue, with most projects falling below the €5 million threshold set by the new EU policy [1] Group 3: Future Outlook - The company plans to continue diversifying its market presence while strengthening its operations in North America, Asia-Pacific, and Latin America [1] - The focus will remain on innovation and collaboration with leading academic and clinical institutions to enhance product value [1] - To mitigate potential long-term trade barriers, the company aims to accelerate the establishment of production and service centers in key overseas regions [1]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [4] Core Viewpoints - The total bid amount for medical devices in July 2025 reached 12.643 billion yuan, representing a year-on-year increase of 20% and a cumulative total of 96.785 billion yuan from January to July, with an overall year-on-year growth of 57% [5][11] - Domestic device bidding amounts are recovering, with categories like endoscopes showing high year-on-year growth rates [6] - Imported brands experienced a slight decline in bidding amounts, but categories such as CT and DSA showed significant year-on-year growth [7] Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in July 2025 was 12.643 billion yuan, a 20% increase year-on-year, but a 6% decrease month-on-month [11] - From January to July 2025, the total bidding amount was 96.785 billion yuan, reflecting a 57% year-on-year increase [11] Domestic Brands - Mindray Medical's total bidding amount in July was 1.017 billion yuan, up 84% year-on-year, with a cumulative total of 5.854 billion yuan from January to July, also up 57% [15] - Aohua Endoscopy's total bidding amount in July was 68.22 million yuan, a 23% increase year-on-year, with a cumulative total of 303.27 million yuan from January to July, reflecting a 48% increase [21] - Kailing Medical's total bidding amount in July was 101 million yuan, a 67% increase year-on-year, with a cumulative total of 740 million yuan from January to July, showing a 106% increase [24] - Shanfeng's total bidding amount in July was 49 million yuan, a staggering 392% increase year-on-year, with a cumulative total of 236 million yuan from January to July, reflecting a 239% increase [27] - Wandong Medical's total bidding amount in July was 66.17 million yuan, a 19% increase year-on-year, with a cumulative total of 794.41 million yuan from January to July, showing a 95% increase [30] Imported Brands - Philips' total bidding amount in July was 467.37 million yuan, a 41% decrease year-on-year, with a cumulative total of 5.045 billion yuan from January to July, reflecting a 39% increase [33] - Siemens' total bidding amount in July was 554 million yuan, an 11% decrease year-on-year, with a cumulative total of 6.620 billion yuan from January to July, showing a 49% increase [36] - GE's total bidding amount in July was 701.17 million yuan, a 17% decrease year-on-year, with a cumulative total of 7.414 billion yuan from January to July, reflecting a 44% increase [39]

Group 1 - The National Public Health and Medical Health Index (980016) increased by 0.86% as of August 15, 2025, with notable gains in constituent stocks such as Zhenhua Cell (688520) up 7.38% and BGI Genomics (688114) up 4.59% [1] - The Medical Health ETF Taikang (159760) rose by 1.23%, with a latest price of 0.66 yuan, and achieved an annualized return of 5.26% over the past three months [1] - CITIC Securities believes that the CXO industry is showing signs of a turning point, with valuation recovery expected to lead to a new development phase, following a period of adjustment due to a cooling investment environment and high base effects from COVID-19 orders [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Public Health and Medical Health Index accounted for 53.05% of the index, including WuXi AppTec (603259) and Hengrui Medicine (600276) [2] - The Medical Health ETF Taikang closely tracks the National Public Health and Medical Health Index, reflecting the market performance of publicly listed companies in the public health and medical health industry in the A-share market [2]

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Group 1 - The core viewpoint of the articles highlights the target price adjustments and recommendations made by brokerages for various listed companies on August 14, with notable increases in target prices for companies in the chemical pharmaceutical, leisure food, and decoration materials industries [1] Group 2 - On August 14, the companies with the highest target price increases were Haishike (48.00%), Wancheng Group (41.16%), and Weixing New Materials (38.89%) [1] - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving 5 recommendations, Satellite Chemical receiving 3, and Wanhua Chemical also receiving 3 [1] Group 3 - Two companies had their ratings upgraded on August 14, including Dongfang Securities upgrading Shuanghui Development from "Hold" to "Buy" and Xinda Securities upgrading United Imaging Healthcare from "Hold" to "Buy" [1] - Two companies had their ratings downgraded on August 14, with Dongwu Securities downgrading Jiansheng Group from "Buy" to "Hold" and Zhongtai Securities downgrading Aisxu Co. from "Buy" to "Hold" [1] Group 4 - On August 14, brokerages provided 10 instances of initial coverage, with notable ratings including Baoneng New Energy receiving a "Buy" rating from Huatai Securities, Beiqi Blue Valley receiving an "Accumulate" rating from Western Securities, and Jiansheng Group receiving an "Accumulate" rating from Dongwu Securities [1]