上海联影医疗科技股份有限公司 2024 年年度股东会会议资料 上海联影医疗科技股份有限公司 2024 年年度股东会 会议资料 二〇二五 年 六 月 上海联影医疗科技股份有限公司 2024 年年度股东会会议资料 上海联影医疗科技股份有限公司 2024 年年度股东会会议资料目录 | 一、2024 年年度股东会须知 | 1 | | | --- | --- | --- | | 二、2024 年年度股东会会议议程 | 3 | | | 三、2024 年年度股东会会议议案 | 5 | | | 1、关于公司 2024 年度董事会工作报告的议案 | | 5 | | 2、关于公司 2024 年度监事会工作报告的议案 | | 6 | | 3、关于公司 2024 年年度报告及摘要的议案 | | 7 | | 4、关于公司 2024 年度财务决算报告的议案 | | 8 | | 5、关于公司 2024 年度利润分配预案的议案 | | 9 | | 6、关于公司 2025 年度董事薪酬的议案 | | 11 | | 7、关于购买董事、高级管理人员责任险的议案 | | 12 | | 8、关于续聘 2025 年度会计师事务所的议案 | | 13 | ...

公司于 2025 年 6 月 14 日至 2025 年 6 月 23 日在公司内部对本次拟激励对象 的姓名和职务进行了公示，公示期间共计 10 天，公示期内，公司员工可通过口 头、书面等方式向公司监事会反馈意见。 截至公示期满，公司监事会未收到任何员工对本次拟激励对象名单提出异议。 证券代码：688271 证券简称：联影医疗 公告编号：2025-025 上海联影医疗科技股份有限公司 监事会关于公司 2025 年限制性股票激励计划 首次授予激励对象名单的公示情况说明及核查意见 本公司监事会及全体监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。 上海联影医疗科技股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日 召开第二届董事会第二十一次会议、第二届监事会第十三次会议审议通过了《关 于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，公 司对 2025 年限制性股票激励计划（以下简称"本次激励计划"）中拟首次授予的 激励对象的姓名和职 ...

Core Viewpoint - The Shanghai Stock Exchange Sci-Tech Innovation Board Medical Index has shown a decline in performance over various time frames, indicating potential challenges in the medical sector within the Sci-Tech Innovation Board [1][2]. Group 1: Index Performance - The Shanghai Sci-Tech Innovation Board Medical Index reported a value of 697.06 points, with a decline of 4.19% over the past month, 7.99% over the past three months, and 3.88% year-to-date [1]. - The index is composed of no more than 30 listed companies in the medical field, reflecting the overall performance of medical stocks on the Sci-Tech Innovation Board, with a base date of December 30, 2022, set at 1000.0 points [1]. Group 2: Index Holdings - The top ten weighted companies in the index include: Huatai Medical (10.77%), United Imaging (10.14%), Yirui Technology (7.2%), Aibo Medical (6.29%), Rejing Biology (5.94%), Nanwei Medical (4.99%), Shengxiang Biology (4.84%), Xinmai Medical (4.35%), Haier Biology (3.92%), and Yahui Long (3.41%) [1]. - The index is exclusively composed of companies listed on the Shanghai Stock Exchange, with the industry breakdown showing that medical consumables account for 42.66%, medical devices for 30.80%, and in vitro diagnostics for 26.54% [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted quarterly, with implementation occurring on the next trading day following the second Friday of March, June, September, and December [2]. - Weight factors are adjusted in accordance with the sample changes, and in special circumstances, the index may undergo temporary adjustments [2].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6]. Core Viewpoints - The acceleration of innovative drug reviews is expected to enhance the market's risk appetite for the innovative drug sector, with a focus on companies capable of rapid research, internationalization, and commercialization [3][24]. - The report suggests that the approval efficiency improvements will shorten product launch cycles, benefiting companies like Heng Rui Medicine, BeiGene, and Rongchang Biologics [3][27]. - The 2025 investment strategy emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [3][28]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 4.35%, underperforming the CSI 300 index by 3.90 percentage points [1][18]. - The Hong Kong Hang Seng Medical Health Index dropped by 7.72%, lagging behind the Hang Seng Index by 6.24 percentage points [1][18]. Company R&D Progress Tracking - Recent IND applications include ABSK043 by He Yu Pharmaceutical and clinical applications for BGB-B455 by BeiGene and SA102-CAR-T by Sanofi [2][31]. - RAY1225 by Zhongsheng Pharmaceutical and HRS-1893 by Heng Rui Medicine are in Phase III clinical trials, while HS-10370 by Hansoh Pharmaceutical and SSGJ-612 by Sanofi are in Phase I [2][31]. Policy and Regulatory Updates - The National Medical Products Administration has proposed a draft to optimize the clinical trial review process, aiming to shorten approval times to 30 working days for eligible innovative drugs [3][26]. - The policy is expected to support key areas such as pediatric drugs and rare disease treatments, enhancing the commercialization speed of innovative drugs [3][26]. Key Company Profit Forecasts and Valuation - Heng Rui Medicine: 2024 EPS forecast at 0.99 CNY, with a PE ratio of 52, rated as "Accumulate" [5]. - Fish Leap Medical: 2024 EPS forecast at 1.80 CNY, with a PE ratio of 20, rated as "Buy" [5]. - Mindray Medical: 2024 EPS forecast at 9.62 CNY, with a PE ratio of 24, rated as "Buy" [5]. - United Imaging Healthcare: 2024 EPS forecast at 1.53 CNY, with a PE ratio of 84, rated as "Buy" [5].

Market Dynamics and Sentiment - A-shares experienced a downward adjustment, with the ChiNext Index leading the decline by 0.84%, the Shenzhen Component Index down 0.47%, and the Shanghai Composite Index slightly down by 0.07%. The market turnover decreased to 1.07 trillion yuan, indicating a strong wait-and-see sentiment [2] - The major indices in the US showed mixed performance, with technology stocks generally declining, including a nearly 4% drop in Google, while Apple rose over 2%. Chinese concept stocks displayed a mixed performance, with the Nasdaq Golden Dragon China Index down 0.92% [2] Policy and Major Events - The US imposed tariffs on steel household appliances starting June 23, leading to a collective adjustment in the Asia-Pacific stock market. Concerns arose regarding the profit pressure on appliance exporters, particularly those reliant on the North American market, prompting some companies to consider relocating production to Southeast Asia or switching to aluminum [3] - The Federal Reserve maintained interest rates during the June meeting, but the "dot plot" indicated a reduction in the expected rate cuts for 2025 from two to one, signaling a more hawkish stance. Trump continued to pressure for significant rate cuts, while Powell emphasized the independence of policy, leading to increased market divergence regarding the rate cut path [3] Industry Sectors and Hotspots - The PCB industry is experiencing a surge due to increased demand driven by AI servers and electric vehicles, with leading companies like Shenghong Technology having orders extending into 2026 [5] - In the consumer electronics sector, multiple factors are driving investment opportunities in the third quarter, with a focus on concepts like HarmonyOS and solid-state batteries [6] - The charging treasure safety crisis has emerged, with multiple brands facing suspension of 3C certification, and battery supplier Amperis under regulatory investigation, exposing credit risks in the industry [7] - The extension of the cobalt raw material ban in the Democratic Republic of Congo for an additional three months may elevate cobalt prices, benefiting companies like Huayou Cobalt and Tengyuan Cobalt [8] - Iran's announcement to close the Strait of Hormuz has drawn attention to the nuclear pollution prevention and oil and gas shipping concepts, with companies like Guangguang Co. and Ningbo Shipping being highlighted [9] - The National Medical Products Administration supports full lifecycle supervision of high-end medical devices, which is favorable for companies like Mindray Medical and United Imaging Medical [10] - The commercial use of humanoid robots in China is expected to reach 60,000 units by 2030, with a compound annual growth rate of 95.3%, benefiting companies like Tongda Power and Zhengye Technology [11] Company Dynamics and Capital Operations - China Railway Construction's 3.856 billion shares of restricted stock were unlocked on June 23, accounting for 72.29% of the total share capital, which may exert pressure on the stock price [12] - Guangting Information's 48.547 million shares of restricted stock were unlocked, representing 52.41% of the total share capital, involving four shareholders [13] - Beijing Junzheng's stock registration date is June 23, with a proposed cash dividend of approximately 48.16 million yuan [14] - Jianfa Real Estate's 670 million yuan bond was fully redeemed on June 23 [15] - Yihua Co. held an extraordinary shareholders' meeting to review the repurchase and cancellation of restricted stock and the reduction of registered capital, which may impact the company's capital structure [16]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report highlights that the domestic PFA brands are expected to enter a commercialization fast track in 2025, driven by their non-thermal ablation characteristics, shorter operation times, lower complication risks, and better long-term efficacy [5][6] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% this week, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [6][18] - The report emphasizes the importance of high-end medical device innovation, supported by recent regulatory measures aimed at optimizing lifecycle management [13][14] Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 7552.12, with a 52-week high of 8490.25 and a low of 6070.89 [1] Recent Developments - Johnson & Johnson announced significant progress in PFA research at the HRS2025 conference, showcasing three key PFA products with excellent safety and efficacy profiles [4][5] - The report notes that six domestic brands have received approval for PFA technology, marking a significant step towards commercialization [5] Subsector Performance - All sub-sectors within the pharmaceutical and biotechnology industry experienced declines this week, with the largest drop in the other biological products sector at 6.7% [6][23] - The report provides a detailed breakdown of weekly performance across various sub-sectors, indicating a general trend of retraction [6][24] Recommended and Beneficiary Stocks - Recommended stocks include innovative pharmaceutical companies such as Xinda Biopharma and Kangfang Biopharma, as well as medical device firms like Yingke Medical and Maipu Medical [7][29] - Beneficiary stocks in the innovative drug sector include Zai Lab, Yifan Biopharma, and others, while the medical device sector includes companies like Mindray Medical and Aohua Endoscopy [7][29] Regulatory Insights - The report discusses the approval of measures to support high-end medical device innovation, which includes optimizing special approval processes and enhancing communication mechanisms [13][14] - The report suggests that the implementation of these measures will significantly benefit high-tech medical devices, including AI-assisted diagnostic tools [14][28]

Quantitative Models and Construction Methods 1. Model Name: Broad-based Index Heat Rotation Strategy - **Model Construction Idea**: The strategy is based on the weekly heat change rate (MA2) of broad-based indices. By identifying the index with the highest heat change rate, the strategy aims to capture short-term market sentiment shifts[7][13][16] - **Model Construction Process**: 1. Group all A-share stocks into five categories: CSI 300, CSI 500, CSI 1000, CSI 2000, and "Others" 2. Calculate the total heat indicator for each group by summing the heat indicators of constituent stocks 3. Compute the weekly heat change rate for each group and apply a 2-week moving average (MA2) for smoothing 4. At the end of each week, invest in the index with the highest heat change rate (MA2). If the "Others" group has the highest rate, remain in cash[8][11][13] - **Model Evaluation**: The strategy demonstrates the ability to capture short-term sentiment-driven opportunities in the market[13] --- Backtesting Results of Models 1. Broad-based Index Heat Rotation Strategy - **Annualized Return**: 8.74% since 2017[16] - **Maximum Drawdown**: 23.5%[16] - **Cumulative Return (2025)**: 9.6%[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Total Heat Indicator - **Factor Construction Idea**: The total heat indicator is used as a proxy for market sentiment, aggregating the attention metrics of individual stocks[7] - **Factor Construction Process**: 1. Define the total heat indicator for individual stocks as the sum of browsing, watchlist additions, and click counts 2. Normalize the indicator by dividing it by the total market value on the same day 3. Multiply the normalized value by 10,000 to scale the indicator within the range [0, 10,000][7] - **Factor Evaluation**: The factor effectively captures market sentiment at the stock level and can be aggregated to broader categories like indices, industries, or concepts[7] 2. Factor Name: Weekly Heat Change Rate (MA2) - **Factor Construction Idea**: This factor measures the short-term change in market sentiment by tracking the weekly variation in the total heat indicator[13] - **Factor Construction Process**: 1. Calculate the weekly change rate of the total heat indicator for each stock or group 2. Apply a 2-week moving average (MA2) to smooth out short-term fluctuations[13][20] - **Factor Evaluation**: The MA2 smoothing enhances the stability of the factor, making it suitable for identifying trends in market sentiment[13] 3. Factor Name: Concept Heat Ranking - **Factor Construction Idea**: This factor identifies the hottest and coldest concepts based on their weekly heat change rates, enabling the construction of sentiment-driven portfolios[31] - **Factor Construction Process**: 1. Rank concepts by their weekly heat change rates 2. Select the top 5 concepts with the highest heat change rates 3. Construct two portfolios: - **TOP Portfolio**: Select the top 10 stocks with the highest total heat within each concept - **BOTTOM Portfolio**: Select the bottom 10 stocks with the lowest total heat within each concept[31] - **Factor Evaluation**: The factor highlights the potential for excess returns by exploiting sentiment-driven mispricing in concept stocks[31] --- Backtesting Results of Factors 1. Total Heat Indicator - **No specific backtesting results provided** 2. Weekly Heat Change Rate (MA2) - **No specific backtesting results provided** 3. Concept Heat Ranking - **BOTTOM Portfolio Annualized Return**: 15.71%[33] - **BOTTOM Portfolio Maximum Drawdown**: 28.89%[33] - **BOTTOM Portfolio Cumulative Return (2025)**: 18%[33]

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. (hereinafter referred to as "Jianxin Superconducting") is seeking an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, despite facing significant issues such as high customer concentration and declining revenue while its valuation has surged dramatically [1][4][7]. Group 1: Company Overview - Jianxin Superconducting, established in 2013, specializes in the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of MRI equipment costs [5]. - The company has achieved a global market share of about 4.2% in the MRI superconducting magnet sector, ranking fifth globally and second domestically, and is recognized as the largest independent supplier of superconducting magnets in the world [5][6]. Group 2: Financial Performance - Jianxin Superconducting's revenue for the years 2022 to 2024 was reported as 3.59 billion, 4.51 billion, and 4.25 billion respectively, with a notable decline of 5.58% in 2024 after a growth of 25.55% in 2023 [6]. - The net profit attributable to shareholders for the same period was 346.35 million, 487.35 million, and 557.84 million, showing a significant growth in 2022 and 2023, but a slowdown in 2024 [6]. Group 3: Customer Concentration - Over 70% of Jianxin Superconducting's revenue comes from five major clients, with Fujifilm Group contributing over 40% of the revenue, indicating a high customer concentration risk [1][8]. - The top five clients' sales accounted for 73.75%, 76.68%, and 79.62% of total sales from 2022 to 2024, with a notable increase in 2024 [8][10]. Group 4: Valuation and IPO Details - Jianxin Superconducting's valuation increased from approximately 1.5 billion in 2023 to 3.46 billion for the IPO, marking a 130.67% rise despite stagnant operational performance [3][7]. - The company plans to raise 865 million through the IPO, with 90 million earmarked for working capital, raising questions about its financial strategy given its recent cash dividends totaling around 600 million [12][13]. Group 5: Research and Development - Jianxin Superconducting's R&D expenditure as a percentage of revenue was significantly lower than that of comparable companies, with rates of 5.66%, 5.42%, and 6.50% from 2022 to 2024, compared to industry averages exceeding 14% [19][20]. - The company has faced criticism for its low R&D investment relative to its peers, raising concerns about its ability to maintain competitive advantages in the market [19][20].

Group 1: Non-Bank Financial Sector - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," aiming to optimize the classification and regulatory system for securities companies, enhancing their functional roles and professional capabilities [6][7][8] - The revised regulations will integrate business scoring indicators to support the differentiated development of small and medium-sized institutions, promoting a more efficient operational direction [7][8] - Investment recommendations focus on leading securities firms such as CITIC Securities, Huatai Securities, China Galaxy, and CICC, which are expected to benefit from the ongoing reforms in the capital market and securities industry [6][8] Group 2: Bond Market - The new special bond uses include addressing local government arrears to enterprises, with an estimated scale of 760 billion yuan for this year, indicating a shift in the focus of special bonds towards debt repayment [9][11] - The total issuance of special bonds for stabilizing growth is expected to be 5.08 trillion yuan in the second half of the year, reflecting a year-on-year decrease of 0.7 trillion yuan [9][11] Group 3: Medical Equipment Sector - The medical equipment update is deepening, with county-level medical communities actively engaging in procurement projects, leading to significant orders for various medical devices [12][13] - The procurement scale for new medical equipment has shown a month-on-month improvement, with January to May 2025 procurement amounts reaching 174 billion yuan, 113 billion yuan, 140 billion yuan, 153 billion yuan, and 134 billion yuan, respectively, indicating a strong recovery trend [13][14] - Investment suggestions include focusing on leading domestic companies in high-end and intelligent medical equipment, such as Mindray Medical, United Imaging, and others [15] Group 4: Real Estate Sector - The real estate sector is expected to maintain a volatile trend, with a recent decline of 1.69% in the sector, underperforming the CSI 300 index [17][18] - Recommendations emphasize focusing on companies with strong inventory structures, land acquisition capabilities, and product strength, which are likely to benefit from market stabilization [18] Group 5: Commodities Sector - Gold prices are expected to maintain a strong trend due to ongoing geopolitical issues, with the COMEX gold futures price recently at 3384.4 USD/oz [20] - Copper and aluminum inventories are at low levels, suggesting potential price increases, with LME copper and aluminum prices at 9660.5 USD/ton and 2561.5 USD/ton, respectively [21][22] - Investment recommendations include focusing on gold, copper, and aluminum sectors, with specific companies highlighted for their strong market positions [22][24]

数据显示，2023年中国医疗器械市场规模达1.27万亿元，高端医疗器械占据重要份额。预计2025年市场 规模突破1.8万亿元，2030年将达3万亿元，年均复合增长率超11.5%。 据中证报报道，国家药监局近日审议通过《关于优化全生命周期监管支持高端医疗器械创新发展的举 措》，支持高端医疗器械创新发展。《举措》包括优化特殊审批程序、完善分类和命名原则、持续健全 标准体系、进一步明晰注册审查要求、健全沟通指导机制和专家咨询机制、细化上市后监管要求、强化 上市后质量安全监测、密切跟进产业发展、推进监管科学研究和推动全球监管协调等十方面具体措施。 它的出台将支持高端医疗器械重大创新，促进更多新技术、新材料、新工艺和新方法应用于医疗健康领 域。《举措》将于近日发布，国家药监局将加强统筹协调，细化相关要求，明确工作时限，确保顺利推 进。 高端医疗器械市场将呈现"智能化、高端化、全球化"三大趋势，技术革命（如量子传感、脑机接口）与 政策红利（国产替代、设备更新）将共同驱动行业突破，推动行业从"跟随式发展"向"引领式创新"跨 越。国产替代与全球化布局是核心方向。国家"十四五"规划明确将高端医疗器械列为重点发展领域，推 动设备 ...