Group 1 - The new stock and recent IPO market is experiencing high trading activity, with the recent listing of Bai'ao Saitou on the Sci-Tech Innovation Board seeing a first-day increase of 146.63%, yielding nearly 20,000 yuan per subscription [1][16] - This week, there are five new stocks available for subscription, including two from the Sci-Tech Innovation Board, two from the Shenzhen Main Board, and one from the Beijing Stock Exchange [3][18] - The first stock available for subscription is Jianxin Superconducting, which is the world's largest independent supplier of medical MRI superconducting magnets, with a market share of 4.2% in 2024, ranking fifth globally and second domestically [1][16] Group 2 - Jiangtian Technology, the second stock for subscription, specializes in label printing products and has established long-term partnerships with numerous well-known global brands, including Unilever and Procter & Gamble [1][16] - Jiangtian Technology expects to achieve a net profit of 106 million to 115 million yuan in 2025, representing a year-on-year growth of 4.11% to 12.95% [7][23] - The third stock, Yufan Technology, focuses on smart diagnostics and health assessments for drainage systems, with a strong brand presence in the market [6][24] Group 3 - Strong One Co., Ltd. is a high-tech enterprise focusing on the research, design, production, and sales of probe cards for semiconductor testing, ranking ninth and sixth globally in 2023 and 2024, respectively [12][26] - Strong One expects a net profit of 355 million to 420 million yuan in 2025, with a growth rate of 52.30% to 80.18% [12][27] - The final stock, Shuangxin Environmental Protection, operates in the polyvinyl alcohol (PVA) industry chain and is ranked among the top three in the industry, with an annual production capacity of 130,000 tons [2][29]

Core Viewpoint - The company Jianxin Superconductor (688805.SH) is set to be available for subscription on the Sci-Tech Innovation Board, focusing on the research, production, and sales of core components for medical MRI equipment, which constitute approximately 50% of the cost of MRI devices [1][6]. Group 1: Company Overview - Jianxin Superconductor was established on December 11, 2013, and is one of the earliest manufacturers in China to produce high-field superconducting magnets on a large scale [6]. - The company has developed a diverse product matrix, including 1.5T zero-evaporation superconducting magnets and 3.0T zero-evaporation superconducting magnets, becoming the largest independent supplier of superconducting magnets globally [6]. - Jianxin Superconductor has established close partnerships with renowned MRI equipment manufacturers such as Fujifilm, GE Healthcare, and others, with over 50% of its products being sold to international markets [6]. Group 2: Financial Information - The initial offering price is set at 18.58 yuan per share, with an institutional quotation of 18.89 yuan per share, and the company's market capitalization is approximately 2.337 billion yuan [3]. - The company’s projected earnings per share (PE) ratio is 61.97, compared to the industry average of 31.79 [3]. - The company plans to invest approximately 2.75 billion yuan in a project to produce 600 sets of non-liquid helium superconducting magnets, which accounts for 35.48% of the total fundraising [5]. Group 3: Risks and Challenges - The company faces a high customer concentration risk, with the top five customers accounting for 73.75% to 83.43% of total revenue from 2022 to the first half of 2025, with Fujifilm being the largest customer [7]. - Although sales and gross profit from Fujifilm do not exceed 50%, any significant changes in the customer landscape or performance could adversely affect the company's profitability [7].

智通财经APP获悉，12月15日，健信超导(688805.SH)开启申购，发行价格为18.58元/股，申购上限为1万股，市盈率 61.97倍，属于上交所，广发证券为其保荐人。 据招股书，公司主要从事医用磁共振成像(MRI)设备核心部件的研发、生产和销售，主要产品包括超导磁体、永磁体和 梯度线圈，占MRI设备核心部件成本的比例在50%左右。公司通过自主研发和持续创新推动磁共振的迭代进步及推广 普及。公司在超导磁体、永磁体和梯度线圈上突破核心技术并实现规模化制造，保障了国产磁共振产业核心部件自主 可控，支撑并推动了国产超导磁共振产业的快速发展，降低医院磁共振检查的价格。 在超导领域，公司已形成包括1.5T零挥发超导磁体、1.5T无液氦超导磁体、3.0T零挥发超导磁体和开放式零挥发超导磁 体在内的丰富产品矩阵，成为全球磁共振行业内排名第一的超导磁体独立供应商。在零挥发超导技术领域，公司追平 了与国际巨头约20年的技术差距，并通过设计和工艺创新持续提升产品性能水平和成本竞争力。公司是国内最早规模 化生产高场强超导磁体的厂商之一，2015年以来，在零挥发超导磁体特别是1.5T产品领域与联影医疗等同步打破了欧 美、日本厂 ...

Core Viewpoint - The company Jianxin Superconductor (688805.SH) has initiated its subscription with an issue price of 18.58 yuan per share and a price-to-earnings ratio of 61.97 times, focusing on the research, production, and sales of core components for MRI equipment, which account for approximately 50% of the cost of MRI devices [1]. Group 1: Company Overview - The company specializes in the research, production, and sales of core components for medical MRI equipment, including superconducting magnets, permanent magnets, and gradient coils [1]. - The company has achieved breakthroughs in core technologies for superconducting magnets, permanent magnets, and gradient coils, ensuring the independence and controllability of core components in the domestic MRI industry [2]. Group 2: Product Development and Market Position - The company has developed a comprehensive product matrix in the superconducting field, including 1.5T and 3.0T zero-evaporation superconducting magnets, becoming the world's leading independent supplier of superconducting magnets [2]. - The company has closed a 20-year technology gap with international giants in zero-evaporation superconducting technology and has broken the long-standing monopoly of European, American, and Japanese manufacturers in the 1.5T product field since 2015 [2]. Group 3: Technological Advancements - The company has transitioned from a follower to a leader in the next-generation helium-free superconducting technology, achieving a fully helium-free superconducting magnet and being recognized as the "international first set of equipment" by the Zhejiang Provincial Economic and Information Technology Department in 2021 [3]. - The company is the largest supplier of MRI permanent magnets globally, providing high-quality products that are economically viable and suitable for grassroots medical systems [3]. Group 4: Financial Performance - The company reported revenues of approximately 359 million yuan, 451 million yuan, 425 million yuan, and 252 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of 34.63 million yuan, 48.73 million yuan, 55.78 million yuan, and 31.92 million yuan during the same periods [4]. - As of June 30, 2025, the total assets of the company were approximately 688.99 million yuan, with a debt-to-asset ratio of 29.22% [5].

路演嘉宾合影 健信超导：持续自主研发创新努力成为全球磁共振核心部件行业领导品牌 ——宁波健信超导科技股份有限公司首次公开发行股票并在科创板上市网上投资者交流会精彩回放 问：公司的主营业务是什么？ 许建益：公司主要从事医用磁共振成像（MRI）设备核心部件的研发、生产和销售，主要产品包括超导 磁体、永磁体和梯度线圈。公司以"让磁共振成为老百姓用得起的日常诊查手段"为使命，通过自主研发 和持续创新，推动磁共振技术迭代进步及推广普及。 出席嘉宾 宁波健信超导科技股份有限公司董事长许建益先生 宁波健信超导科技股份有限公司董事、总经理姚海锋先生 宁波健信超导科技股份有限公司董事、副总经理、董事会秘书许卉女士 宁波健信超导科技股份有限公司财务总监叶来刚先生 广发证券股份有限公司投行业务管理委员会委员、董事总经理袁海峰先生 广发证券股份有限公司保荐代表人周寅先生 广发证券股份有限公司保荐代表人王振先生 经营篇 问：请介绍公司的产品矩阵。 许建益：公司已形成包括1.5T零挥发超导磁体、1.5T无液氦超导磁体、3.0T零挥发超导磁体和开放式零 挥发超导磁体在内的丰富产品矩阵，成为全球排名第一的超导磁体独立供应商。在零挥发超导技术 ...

从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均50.65倍，行业中值38.17倍，万东医疗排 名第123位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13万东医疗771.0070.602.37111.08亿行业平均 50.6552.834.43108.44亿行业中值38.1738.932.6252.73亿1九安医疗9.9211.230.84187.41亿2康德莱 15.1617.161.3936.95亿3奥美医疗15.5719.101.8970.42亿4英科医疗15.9918.571.50272.16亿5维力医疗 16.0617.882.0339.23亿6奥泰生物16.9316.491.2849.89亿7山东药玻17.4014.121.63133.12亿8安杰思 17.4716.251.9247.68亿9新华医疗17.5112.891.1389.12亿10九强生物18.2914.832.0778.98亿11安图生物 18.4716.972.32202.74亿12三鑫医疗18.9920.413.3646.41亿 股东方面，截至2025年9月30日，万东医疗股东户数27164户，较上次增加3 ...

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 - Ningbo Jianxin Superconducting Technology Co., Ltd. is set to go public on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise funds for various superconducting magnet projects, including the production of 600 sets of helium-free superconducting magnets and medical superconducting magnets [1][4]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 393.30 million yuan, a year-on-year increase of 37.34% [4] - Operating profit reached 53.73 million yuan, up 41.98% year-on-year [4] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 47.62 million yuan, reflecting a growth of 38.54% [4] - The growth was driven by increased revenue from helium-free superconducting products and rising domestic demand for medical equipment [4]. Industry Position - Jianxin Superconducting is one of the earliest manufacturers in China to produce high-field superconducting magnets at scale, breaking the long-standing monopoly of European, American, and Japanese companies in the field [4][5]. - The company has achieved a significant technological breakthrough in helium-free superconducting technology, leading to a global first in fully helium-free superconducting magnets [5]. - By 2024, the company is projected to hold the fifth position globally and the second among domestic companies in terms of MRI superconducting magnet market share [5]. Research and Development - As of June 30, 2025, the company holds a total of 85 authorized patents, including 45 invention patents [7]. - Jianxin Superconducting has been recognized as a "Little Giant" enterprise by the national government, indicating its focus on specialized and innovative technologies [7]. - The company is actively involved in various significant R&D projects, including the development of helium-free superconducting magnets and other key technologies [7]. Strategic Partnerships - The company has established close collaborations with renowned MRI equipment manufacturers, including Fujifilm, GE Healthcare, and others, enhancing its supply chain and reducing delivery costs [8]. - Over 50% of the company's products are exported to Japan, Europe, and other emerging markets, facilitating global promotion of MRI equipment [8]. Future Outlook - Jianxin Superconducting aims to deepen its core superconducting technology innovations in the MRI industry and expand its applications into new fields such as power and transportation [9][10]. - The company's vision is to become a leading brand in the global MRI core component industry, focusing on advanced design and production of MRI components [10].

Group 1 - The core theme of the presentation by Midea Group's medical segment, specifically Beijing Wandong Medical Technology Co., Ltd., at the RSNA 2025 is "AI Transforming the Future," showcasing innovations in intelligent imaging from a Chinese medical technology perspective [1] - Wandong Medical is advancing the industry from "device-assisted diagnosis" to "core intelligent decision-making," establishing a comprehensive smart ecosystem from imaging to diagnosis [1] - The third-generation helium-free magnetic resonance system, featuring the self-developed WDL intelligent platform, was a highlight at the exhibition, emphasizing improvements in efficiency, quality, and user experience [1] Group 2 - In the digital X-ray sector, Wandong Medical's full-field DR demonstrates a balance of efficiency and precision, with an intelligent measurement system that reduces traditional manual measurement time from several minutes to seconds [1] - The company is focusing on "localized implementation" as a key to technology export, engaging in deep discussions with clients and partners from Europe, Asia-Pacific, and the Americas to explore collaboration paths and enhance local operations and market expansion [1] - Wandong Medical is leveraging Midea's global resources and networks, employing a "5+1" regional strategy to build service capabilities across Central Asia, the Middle East, Africa, Asia-Pacific, Latin America, and Europe, extending its reach to North America [2]

科创板风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 宁波健信超导科技股份有限公司 Ningbo Jansen Superconducting Technologies Co., Ltd. （浙江省慈溪高新技术产业开发区高科大道427号） 首次公开发行股票并在科创板上市 保荐人（主承销商） 招 股 意 向 书 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 宁波健信超导科技股份有限公司 招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股 ...