登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688271 证券简称：联影医疗公告编号：2025-046 联影医疗关于持股5%以上股东权益变动触及1%刻度的提示性公告 投资者及其一致行动人宁波梅山保税港区影聚投资管理合伙企业（有限合伙）、宁波梅山保税港区影力 投资管理合伙企业（有限合伙）、宁波梅山保税港区影健投资管理合伙企业（有限合伙）、宁波梅山保 税港区影康投资管理合伙企业（有限合伙）、上海影董企业管理合伙企业（有限合伙）保证向本公司提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ■ 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 3.一致行动人信息 ■ 二、权益变动触及1%刻度的基本情况 2025年11月17日，公司收到股东宁波梅山保税港区影聚投资管理合伙企业（有限合伙）、宁波梅山保税 港区影力投资管理合伙企业（有限合伙）及其一致行动人发来的《减持权益变动告知函》，其于2025年 9月1日至2025年11月14日期间通过集中竞价方式合计减持公司股份 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company reported a strong recovery in the domestic market and significant achievements in its globalization strategy, with a revenue of 8.859 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 27.39% [1]. - The net profit attributable to shareholders reached 1.12 billion yuan, up 66.91% year-on-year, while the net profit excluding non-recurring items was 1.053 billion yuan, reflecting a remarkable growth of 126.94% [1]. - The third quarter alone saw revenues of 2.843 billion yuan, a substantial increase of 75.41% year-on-year [1]. Financial Performance Summary - For the fiscal years 2023 to 2027, total revenue is projected to grow from 11.411 billion yuan in 2023 to 17.934 billion yuan in 2027, with year-on-year growth rates of 24%, -10%, 21%, 20%, and 20% respectively [2][9]. - The net profit attributable to shareholders is expected to increase from 1.974 billion yuan in 2023 to 2.739 billion yuan in 2027, with growth rates of 19%, -36%, 49%, 21%, and 21% respectively [2][9]. - The company’s earnings per share (EPS) is forecasted to rise from 2.40 yuan in 2023 to 3.32 yuan in 2027 [2][9]. Market Performance - The company achieved a revenue of 6.866 billion yuan in the domestic market for the first three quarters of 2025, marking a year-on-year increase of 23.70% [6]. - The overseas market revenue reached 1.993 billion yuan, with a year-on-year growth of 41.97%, indicating a growing contribution to overall revenue [6]. - The service business also showed strong growth, with a revenue increase of 28.44% year-on-year, reaching 1.243 billion yuan [6]. Profitability Metrics - The comprehensive gross margin for the third quarter of 2025 was reported at 45.09%, with a slight decline of 1.16 percentage points [6]. - The overall net profit margin improved significantly, reaching 4.02%, an increase of 21.68 percentage points [6]. - The report indicates that the company’s operational efficiency is continuously improving, supported by a robust supply chain and digital management system [6].

格隆汇11月17日丨联影医疗(688271.SH)公布，2025年11月17日，公司收到股东宁波梅山保税港区影聚 投资管理合伙企业（有限合伙）、宁波梅山保税港区影力投资管理合伙企业（有限合伙）及其一致行动 人发来的《减持权益变动告知函》，其于2025年9月1日至2025年11月14日期间通过集中竞价方式合计减 持公司股份547.81万股，占公司股份总数的0.66%。本次权益变动后，宁波梅山保税港区影聚投资管理 合伙企业（有限合伙）、宁波梅山保税港区影力投资管理合伙企业（有限合伙）及其一致行动人所持公 司股份比例由6.62%变动至5.96%，权益变动触及1%刻度。 ...

Core Viewpoint - The company, United Imaging Healthcare (688271.SH), announced a reduction in shareholding by certain shareholders, indicating a decrease in their ownership percentage in the company [1] Group 1: Shareholding Changes - From September 1, 2025, to November 14, 2025, shareholders Ningbo Meishan Bonded Port Area Yingju Investment Management Partnership (Limited Partnership) and Ningbo Meishan Bonded Port Area Yingli Investment Management Partnership (Limited Partnership) collectively reduced their holdings by 5.4781 million shares, accounting for 0.66% of the company's total shares [1] - Following this reduction, the shareholding percentage of the aforementioned shareholders decreased from 6.62% to 5.96%, crossing the 1% threshold for equity change [1]

联影医疗关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 投资者及其一致行动人宁波梅山保税港区影聚投资管理合伙企 业（有限合伙）、宁波梅山保税港区影力投资管理合伙企业（有限合 伙）、宁波梅山保税港区影健投资管理合伙企业（有限合伙）、宁波梅 山保税港区影康投资管理合伙企业（有限合伙）、上海影董企业管理 合伙企业（有限合伙）保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供 的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 证券代码：688271 证券简称：联影医疗 公告编号：2025-046 2025 年 11 月 17 日，公司收到股东宁波梅山保税港区影聚投资管理合 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Aibo Medical, Sanhua Intelligent Control, Zhaoyi Innovation, and Jinpan Technology [11] - In the last five days, the most popular companies for institutional research include Industrial Fulian, Anbotong, Boying Special Welding, Optoelectronics, and Anke Biology [11] - Among the top twenty companies in the last 30 days, 17 companies had ten or more rating agencies involved, with significant net profit growth expected for companies like Jiao Cheng Ultrasound, Ninebot Company-WD, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [11][12] Group 2: Shareholder Increase in A-Share Listed Companies - From November 10 to November 14, 2025, only one A-share listed company, Su Nong Bank, announced significant shareholder increase progress [16] - From January 1 to November 14, 2025, a total of 290 companies announced shareholder increase progress, with 74 of them having ten or more rating agencies involved [17] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 10 to November 14, 2025, 70 companies announced buyback progress, with 13 having ten or more rating agencies involved [20] - Among these, 18 companies had an average expected buyback amount exceeding 1% of their market value on the announcement date, with a focus on companies like Rongsheng Environmental Protection, Chengde Lulou, and Jiamei Packaging [20] - From January 1 to November 14, 2025, a total of 1,804 companies announced buyback progress, with 342 having ten or more rating agencies involved, and 91 companies had a significant expected buyback amount [22]

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [5]. Core Insights - The report highlights a significant increase in influenza-like illness (ILI) cases, suggesting a potential surge in demand for flu vaccines, respiratory virus testing, and cold medications [2][24]. - The report emphasizes the importance of clinical value in the pharmaceutical sector, advocating for investments in innovative drug chains and medical devices [3][27]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 3.29%, outperforming the CSI 300 index by 4.37 percentage points and the ChiNext index by 4.59 percentage points, ranking 5th among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Medical Health Index increased by 6.8%, surpassing the Hang Seng Index by 5.4 percentage points [1][16]. Current Trends - The proportion of flu-like cases has been rising, with the ILI percentage reported at 5.5% in southern provinces and 6.1% in northern provinces, indicating a higher incidence compared to previous years [22][23]. - The report warns of a potential severe flu season in 2025, driven by changes in circulating strains and increased risks of immune evasion [2][23]. Investment Recommendations - The report suggests focusing on investment opportunities in flu vaccines, respiratory virus testing, cold medications, and special drugs due to the rising flu cases [2][24]. - Specific companies recommended for flu vaccines include Hualan Biological Engineering, Baike Biological, and Jindike; for respiratory virus testing, companies like Innotec, Shengxiang Biological, and Botao Biological are highlighted; and for cold medications, companies such as Zhongsheng Pharmaceutical, China Resources Sanjiu, and Kangyuan Pharmaceutical are suggested [2][24][26]. Key Company Earnings Forecast and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, indicating a "Buy" rating for Tianjin Tasly Pharmaceutical, Innovent Biologics, and WuXi AppTec, among others [4][29]. - The earnings per share (EPS) and price-to-earnings (PE) ratios for these companies are projected to improve over the next few years, reflecting positive market sentiment [4]. Annual Investment Strategy - The report outlines a three-stage investment strategy focusing on clinical value, emphasizing the need for innovative drugs and high-end medical devices [3][27]. - It highlights the potential for growth in the innovative drug sector and the importance of domestic and international market dynamics [27][28].

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

Core Viewpoint - The stock of United Imaging Healthcare has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 6.28%, indicating volatility in market performance [1]. Financial Performance - For the period from January to September 2025, United Imaging Healthcare reported a revenue of 8.859 billion yuan, representing a year-on-year growth of 27.39% [2]. - The net profit attributable to shareholders for the same period was 1.120 billion yuan, showing a significant increase of 66.91% compared to the previous year [2]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for United Imaging Healthcare reached 32,400, an increase of 96.28% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 29.23% to 25,444 shares [2]. - The stock's trading activity showed a net outflow of 58.49 million yuan from main funds, with significant selling pressure observed [1]. Company Overview - United Imaging Healthcare, established on March 21, 2011, and listed on August 22, 2022, specializes in high-performance medical imaging equipment, radiation therapy products, and medical digital solutions [1]. - The company's revenue composition includes 81.29% from medical imaging diagnostic equipment and radiation therapy equipment sales, 13.56% from maintenance services, and 4.68% from other sources [1]. Institutional Holdings - As of September 30, 2025, major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings [3].

兄弟们，最近后台好多人追着问我，四季度A股忽上忽下的，外资到底在偷偷搞啥动作？作为干了20年财经记者、蹲过无数上市公司调研现场的老炮，帮主 今天就跟你们掏心窝子唠唠——这波外资的操作，可不是随便逛逛，藏着不少门道！ 作为专注中长线的投资者，帮主得说句实在话：外资增配中国资产，不是一时头脑发热。现在全球资金都在找安全的投资洼地，而咱们的高端制造、医疗设 备这些赛道，不仅有政策支持，企业硬实力也越来越强，自然成了香饽饽。但普通人别想着直接跟风抄作业，这里面有三个关键点得拎清楚。 首先，别盯着单只股死磕。外资调研的这些公司，核心集中在高端制造、医疗健康这些长期赛道，咱们可以重点关注这些领域的龙头企业，而不是跟风追某 一只短期热门股。其次，别追涨杀跌。外资是中长线布局，可能调研完还会观察几个月才动手，咱们普通人也得沉住气，跟着长期逻辑走，而不是被短期涨 跌牵着鼻子走。最后，多看看公司基本面。能被多家外资扎堆调研的标的，至少说明公司质地没大问题，咱们可以顺着这个线索，去研究公司的营收、研 发、行业地位这些硬指标，比自己瞎找靠谱多了。 做投资20年，我最信奉的就是"跟着聪明钱，但不盲从聪明钱"。外资这波密集调研，本质是看 ...