证券代码： 688271 证券简称： 联影医疗 公告编号： 2025-049 根据《上海联影医疗科技股份有限公司首次公开发行股票并在科创板上市招 股说明书》《联影医疗关于调整募集资金投资项目拟投入募集资金金额的公告》 （公告编号：2022-001）披露，本次公司首次公开发行股票募投项目及经调整后 的募集资金使用计划如下： | 单位：万元 | | --- | | 序号 | 项目名称 | 投资总额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | 1 | 下一代产品研发项目 | 616,792.14 | 466,235.09 | | 2 | 营销服务网络项目 | 73,506.31 | 57,972.88 | | 3 | 高端医疗影像设备产业化基金项目 | 312,560.30 | 312,560.30 | | 4 | 信息化提升项目 | 45,158.91 | 35,615.88 | | 5 | 补充流动资金 | 200,000.00 | 200,000.00 | | 合计 | | 1,248,017.66 | 1,072,384.15 | 上海联影医疗科技股份有限公司关于部分 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-050 上海联影医疗科技股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证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： 召开日期时间：2025 年 12 月 30 日 14 点 00 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 30 日至2025 年 12 月 30 日采用上海证 券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的 交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年12月30日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 召开地点：上海市嘉定区城北路 2258 号一楼 （五） 网络投票的系统、起止日期和投票时间。 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 （二 ...

表决结果：3 票同意、0 票反对、0 票弃权。 上海联影医疗科技股份有限公司 独立董事：王少飞、盛雷鸣、JIA HONG GAO 2025 年 12 月 12 日 一、审议通过《关于 2026 年度日常关联交易预计的议案》 上海联影医疗科技股份有限公司 经全体与会独立董事审议：公司预计 2026 年度与关联人发生的关联交易系 公司生产经营中正常业务行为，双方交易遵循了客观、公平、公允的原则，交易 价格根据市场价格确定，不存在损害公司和其他非关联方股东的利益。公司审议 该关联交易议案的表决程序符合有关规定，关联董事进行了回避表决，符合《上 海证券交易所科创板股票上市规则》《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。综上，我们同意本次 2026 年度日常关 联交易预计的事项。 第二届董事会独立董事第七次专门会议决议 上海联影医疗科技股份有限公司（以下简称"公司"）第二届董事会独立董 事第七次专门会议于2025年12月12日以通讯方式召开，本次会议的通知于2025 年 12 月 8 日通过书面方式送达各位独立董事，会议通知中包括会议的相关材料， 同时列明了会议召开的时间、地点、内 ...

Investment Rating - Industry investment rating is "Outperform" compared to the market, expecting the industry index to perform better than the CSI 300 index by more than 5% in the next six months [22]. Core Insights - The medical device bidding environment remains robust, with a significant trend towards high-end products. Since 2025, the release of equipment update policy dividends has led to sustained market demand growth, keeping bidding activities at a high level. Monthly procurement scales from July to November 2025 were 13.4 billion, 14.6 billion, 16.4 billion, 16.4 billion, and 20.9 billion respectively, with year-on-year growth rates of +24%, +31%, +2%, +14%, and +0% [3][11]. - The bidding environment is benefiting leading companies in the industry, with procurement scales for ultrasound, CT, MRI, DR, DSA, and gastrointestinal endoscopes showing significant year-on-year growth in November 2025 [4][12][14]. - The report emphasizes the importance of high-end and intelligent medical devices, suggesting that leading domestic companies like Mindray, United Imaging, Kaili Medical, and Aohua Endoscopy should be closely monitored for their strategic positioning in the market [5][20]. Summary by Sections Market Trends - The medical device market is experiencing a strong revival, with a notable focus on high-end imaging equipment such as CT, MRI, and ultrasound, which together account for nearly 62% of the total bidding amount [3][11]. - In November 2025, the procurement scale for ultrasound was 2.301 billion (yoy +17%), CT was 2.605 billion (yoy +26%), MRI was 2.394 billion (yoy +6%), DR was 460 million (yoy +50%), and DSA was 1.016 billion (yoy +4%) [12][14]. Company Performance - Domestic companies are aligning with industry trends, with Mindray achieving 1.318 billion (yoy +12%), United Imaging at 1.433 billion (yoy +30%), Kaili Medical at 247 million (yoy +62%), and Aohua at 109 million (yoy +60%) in November 2025 [17]. Investment Recommendations - The report recommends focusing on domestic leading enterprises that are enhancing their high-end and intelligent product offerings, as the bidding environment is expected to remain favorable due to ongoing policy support for equipment updates [5][20].

Group 1 - The core point of the article is the significant block trade of United Imaging Healthcare, with a transaction price of 128.63 yuan for 23,300 shares, totaling 2.9971 million yuan [1] - In the past three months, there have been five block trades for this stock, with a total of 799,000 hands traded, including two trades at a discount [1] - Over the past six months, 231 million shares of restricted stock have been released, accounting for 28.01% of the company's total share capital [1] Group 2 - As of December 12, 2025, United Imaging Healthcare (688271) closed at 128.63 yuan, down 0.05%, with a turnover rate of 0.59% and a trading volume of 488,000 hands, amounting to 627 million yuan [1] - There has been a net reduction of 7.8985 million shares held by shareholders in the last six months, with a notable decrease from Ningbo Meishan Bonded Port Area Yingli Investment Management Partnership [1] - In the last 90 days, 25 institutions have rated the stock, with 18 buy ratings and 7 hold ratings, and the average target price set by institutions is 173.12 yuan [1]

中经记者 晏国文 卢志坤 北京报道 "过去，医药投资主要关心药企有没有独家品种、有没有差别定价、销售渠道和能力强不强等。而现 在，医药投资主要关心企业研发管线布局、未来产品出海潜力等。在医改政策的指挥棒下，医药企业核 心竞争力已经发生了巨大的变化。"池陈森说，这个差别背后，核心的推动因素就是国家医药政策的变 化。 池陈森指出，中国有庞大的人口基数，市场需求广阔，有科学家和工程师红利，高校和科研院所众多， 研究效率高，研究成本相对低，中国创新药产业具有很强的优势和巨大的潜力。"就像AI（人工智能） 和人类智能的比拼，一旦AI的能力超过了人类智能，AI的发展是一去不回头的。随着中国创新药企业 在全球竞争中崛起，其未来的发展也会一骑绝尘。" 对于行业未来投资机遇，池陈森认为，近几年国内需求端整体呈现缓慢复苏的态势。局部的、有增量需 求的领域或许可以发现一些好的投资机遇。国内临床上还有很多未被满足的需求，同时创新药企业也应 该将目光瞄准海外，满足海外更广大的市场需求，创新药领域未来会持续有很多投资机会。 池陈森表示，未来，随着中国创新药企业的竞争优势不断增强，在海外市场的经验逐渐丰富，或许可以 在海外市场寻找到更大的 ...

Summary of Medical Imaging Equipment Demand Update Industry Overview - The medical imaging equipment market is experiencing varied growth across different segments, with specific focus on CT, MRI, DSA, DR, and PET-CT devices. [1][3][10] Key Points Market Size and Growth Projections - The MRI equipment market is expected to remain stable in 2025, with a market size projected at 102-103 (based on 2024 as 100) and no significant growth anticipated through 2026 [1][4] - The CT equipment market is projected to see a slight decline in sales, estimated at 97-98 units in 2025, with a similar trend expected in 2026 [1][5] - The DR market is forecasted to shrink, with expectations of a decrease to 85-90 in 2025 and further down to 80-85 in 2026 [1][6] - The DSA market is expected to grow slightly, reaching 107-108 in 2025 and potentially 108-110 in 2026, driven by the expansion of interventional surgery and new product launches from domestic brands [1][7] - The PET-CT market is anticipated to grow by 7%-8% in 2025, reaching 107-108, and further to around 110 in 2026, while the PET-MR market is expected to decline to 80-90 units in 2025 and 60-70 in 2026 [1][9] Demand Drivers - Demand for high-end products is primarily coming from large hospitals (level 1 and above), while grassroots hospitals contribute minimally to overall growth [1][11] - The overall growth rate for medical equipment is projected at approximately 3% for 2025, with a slight increase of 1%-2% expected in the following years [1][10] Procurement Policies - A national centralized procurement policy is being implemented, with about one-third of provinces having completed the first round of procurement, accounting for 15%-20% of total procurement value, expected to rise to 30%-35% by the end of next year [1][12] - Average price reductions post-procurement are reported at 20%-30%, with factory prices dropping by 15%-20% [2][14] Competitive Landscape - The leading domestic company, Lianying, is currently the most profitable among local manufacturers due to centralized procurement, but faces long-term challenges from both international giants and domestic competitors [4][20][21] - Lianying's product development and sales capabilities are strong, with a comprehensive product line and rapid innovation, positioning it as one of the strongest companies in the domestic market [4][22] Future Trends - Photon CT is gaining traction, with current installations at around 30-40 units and expected to increase by 60-70 units. Prices are projected to drop from approximately 50 million to 25-30 million yuan as domestic brands enter the market [4][17] - The MRI sector is also evolving, with advancements in high-field MRI systems (5T and 7T) expected to gain market acceptance due to their clinical applicability [4][18] Additional Insights - The centralized procurement process is expected to standardize pricing and reduce costs across the board, impacting both high-end and low-end product segments [12][15] - Support policies for upgrading equipment are still in place but are less effective than initially anticipated, focusing more on mid to low-end products for grassroots hospitals [16] This summary encapsulates the key insights from the medical imaging equipment demand update, highlighting market trends, growth projections, and competitive dynamics within the industry.

Core Viewpoint - The article maintains an "overweight" rating, recommending medical device companies that are expected to benefit from the implementation of equipment upgrade policies leading to performance recovery [1] Group 1: Market Growth and Equipment Procurement - The scale of medical device bidding continues to grow, with significant increases in November 2025: MR up 11.1%, CT up 26.4%, DR up 47.2%, ultrasound up 17.0%, endoscopes down 4.9%, and surgical robots up 8.6% [2] - Cumulatively, by November 2025, the bidding scale for new equipment shows substantial growth: MR up 50.4%, CT up 72.7%, DR up 74.0%, ultrasound up 56.1%, endoscopes up 19.7%, and surgical robots up 32.8% [2] - Specific company performance in November 2025 includes: United Imaging MR up 3.0%, United Imaging CT up 41.9%, Mindray ultrasound up 24.5%, KAILI ultrasound up 70.2%, KAILI endoscope up 47.4%, and Aohua endoscope up 60.3% [2] - Year-to-date performance by November 2025 shows: United Imaging MR up 39.7%, United Imaging CT up 56.4%, Mindray ultrasound up 68.4%, KAILI ultrasound up 92.6%, KAILI endoscope up 87.8%, and Aohua endoscope up 26.1% [2] Group 2: Policy Impact and Market Recovery - The implementation of equipment upgrade policies is expected to drive long-term procurement levels in the medical device sector, with a target of over 25% growth in equipment investment by 2027 compared to 2023 [3] - In 2024, significant procurement plans for medical equipment are expected to be announced across various provinces, indicating a robust demand for innovative diagnostic and treatment equipment [3] - The domestic market is showing signs of recovery, with a reported revenue of 6.866 billion yuan for United Imaging in the first three quarters of 2025, reflecting a year-on-year growth of 23.70% [3]

Core Viewpoint - The financial performance of United Imaging Healthcare (688271) shows significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational efficiency and market demand for its medical imaging and treatment solutions [2]. Financial Performance - For the first three quarters of 2025, the company's main revenue reached 8.859 billion yuan, a year-on-year increase of 27.39% [2]. - The net profit attributable to shareholders was 1.12 billion yuan, up 66.91% year-on-year [2]. - The net profit excluding non-recurring items was 1.053 billion yuan, reflecting a substantial increase of 126.94% year-on-year [2]. - In Q3 2025 alone, the company reported a single-quarter main revenue of 2.843 billion yuan, a remarkable increase of 75.41% year-on-year [2]. - The single-quarter net profit attributable to shareholders was 122 million yuan, showing a year-on-year growth of 143.8% [2]. - The single-quarter net profit excluding non-recurring items was 87.6141 million yuan, up 126.24% year-on-year [2]. - The company's debt ratio stands at 30.08%, with investment income of 606.847 million yuan and financial expenses of -438.233 million yuan, while the gross profit margin is 47.02% [2]. Market Activity - As of December 11, 2025, the stock price of United Imaging Healthcare closed at 128.7 yuan, down 0.84% with a turnover rate of 0.31% [1]. - The trading volume was 25,700 hands, with a total transaction value of 332 million yuan [1]. - On December 11, the net outflow of main funds was 26.0505 million yuan, accounting for 7.85% of the total transaction value, while retail investors saw a net inflow of 13.9798 million yuan, representing 4.21% of the total transaction value [1]. Analyst Ratings - In the last 90 days, 25 institutions have provided ratings for the stock, with 18 giving a buy rating and 7 an overweight rating [2]. - The average target price set by institutions over the past 90 days is 17.312 billion yuan [2].

Summary of Conference Call on China Healthcare Industry and Companies Industry Overview - **Sector**: China Healthcare, specifically focusing on hospital equipment bidding - **Key Data**: November 2025 public hospital medical equipment bidding value increased by **15% YoY**, surpassing previous expectations of flat-to-low single-digit growth [1] Core Insights - **Bidding Activity**: - The increase in bidding value was unexpected, as leading indicators suggested weaker dynamics for 2025 compared to 2024 [1] - United Imaging indicated that while trade-in program execution is faster than last year, some procurement may be deferred to 2026, suggesting a recovery in non-trade-in demand [1] - **Future Outlook**: - A cautious stance is maintained for bidding activity into December 2025 and the first half of 2026 due to tougher base effects and uneven trade-in execution across regions [2] - The base-case assumption for bidding value has been revised from a flat-to-single-digit decline to flat-to-modest YoY growth for December 2025 and 1H26 [2] Company-Specific Insights United Imaging - **Performance**: - Domestic revenue grew **73% YoY** in 3Q25, driven by previous hospital bidding revenue recognition; overseas revenue increased by **81% YoY** [14] - Service revenue grew **22% YoY**, indicating resilience to economic cycles [14] - November growth was **30% YoY**, significantly higher than the industry average of **15%** [14] - **Valuation**: - Currently trading near its median P/E multiple since listing, with significant long-term net profit growth potential anticipated [14] Mindray - **Performance**: - Core businesses showed mixed results: PMLS grew **2.6%**, MI grew **1%**, while IVD declined **2.8%** in 3Q25 [16] - Domestic PMLS revenue decline narrowed to **-25%** from **-57%** in 1H25, with overseas sales up **14% YoY** [16] - Management expects destocking to complete by 4Q25, with revenue recovery anticipated in 2026 [16] - **Growth Drivers**: - Long-term double-digit growth supported by recurring business in China and market share gains in emerging markets [16] - High-potential products expected to drive significant revenue growth in China from 2024 to 2035 [16] Risks and Challenges - **Mindray**: - Risks include potential impacts from VBP on product pricing, challenges in penetrating top-tier hospitals, and difficulties in entering North American and European markets [77] - **United Imaging**: - Risks include chip supply chain issues, raw material risks, macroeconomic downturns in China, and potential VBP risks [78] Investment Ratings - **Mindray**: Rated as "Buy" with a 12-month target price of **Rmb285**, indicating an upside of **43.4%** [79] - **United Imaging**: Rated as "Buy" with a 12-month target price of **Rmb174**, indicating an upside of **34.9%** [82] Conclusion - The China healthcare equipment sector is showing signs of recovery with better-than-expected bidding activity, particularly for United Imaging. Mindray is facing challenges but has potential growth drivers in emerging markets and high-potential products. Both companies are rated as "Buy" with significant upside potential.