华泰联合证券有限责任公司 关于湖北华强科技股份有限公司 上海证券交易所： 根据贵所《关于对湖北华强科技股份有限公司 2024 年年度报告的信息披露 监管问询函》（上证科创公函【2025】0268 号，以下简称"问询函"）的要求， 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"持续督导机构"） 作为湖北华强科技股份有限公司（以下简称"华强科技"或"公司"）的持续督 导机构，会同公司及相关中介机构，对问询函所提及的事项进行了逐项落实，现 将问询函所涉及问题回复如下： 年报显示，公司实现营业收入 6.11 亿元，同比增长 6.74%，实现归母净利 润 2,252.79 万元，同比增长 184.26%。其中，集体防护装备实现营业收入 1.61 亿元，同比增长 68.31%，毛利率为 4.45%，上年为-17.85%；个体防护装备实现 营业收入 2,843.81 万元，同比下滑 59.24%；药用丁基胶塞毛利率 23.07%，连 续三年下滑，较上年减少 2.56 个百分点。此外，2025 年一季度，公司实现营业 收入 6,498.23 万元，同比下滑 46.45%，实现归母净利润 188.31 万元，同比下 滑 ...

Core Insights - The medical insurance claims in 2024 exceeded 86 billion, with an average annual growth rate of 21% over the past decade [1][12][87] - The report highlights significant cases of high claims, including five cases with total payouts exceeding 3 million and eight individuals with over 100 claims [1][21] - The trend of "one-stop" settlement for hospital discharges is gaining traction, with major companies like China Life and Ping An reporting direct payments exceeding 4 billion [1][48] - The age groups most affected by medical claims are 30-50 years and 0-17 years, with a higher incidence of claims among males in the child category [1][55][60] Medical Claims Overview - Medical claims have shown rapid growth, with total payouts reaching 405.2 billion in 2024, a sevenfold increase compared to ten years ago [12][87] - The report includes data from 68 life insurance companies, with 60 companies disclosing medical claims totaling over 86 billion [12][13] - Major insurers like Renmin Health reported over 20 billion in claims, while Ping An Life and Ping An Health reported over 12 billion [13][14] Claim Characteristics - The medical insurance claims are characterized by high frequency and low average payout, with nearly 80% of companies reporting average claims below 3,000 [19][34] - The report emphasizes that while average payouts may seem low, the high frequency of claims reflects the nature of medical insurance as a reimbursement product [19][20] High Payout Cases - Notable cases include individuals receiving over 3 million in claims, with companies like Fude Life, Xinhua Insurance, and AIA reporting multiple high-claim cases [26][30] - The report details that some medical insurance products have guaranteed renewal periods, allowing for cumulative payouts to exceed initial coverage limits [26] Special Drug Payments - In 2024, Ping An Health paid over 19 billion for special drugs, while Taibao Health reported a maximum payout of 1.2 million for CAR-T therapy [36][44] - The introduction of commercial health insurance innovation drug directories in the 2025 medical insurance catalog is expected to enhance coverage for previously excluded innovative drugs [40][41] One-Stop Settlement - The trend of one-stop settlement for medical claims is being adopted by several insurers, with 11 companies reporting direct payment amounts exceeding 12 billion in 2024 [50][51] - Companies like China Life and Ping An Life have reported direct payments exceeding 4 billion, indicating a shift towards more efficient claim processing [51][49] Age and Gender Distribution - The report indicates that the most common age groups for medical claims are 30-50 years and 0-17 years, with a notable prevalence of claims among males in the child category [55][60] - Female claims are generally higher in adult age groups, reflecting greater health awareness and insurance purchasing behavior among women [62][66] Claim Causes - The majority of medical claims are due to diseases, with respiratory infections being the most common reason for claims [72][76] - In contrast, accidental claims are primarily related to animal bites and sprains, highlighting the different nature of claims in medical insurance [81][82]

Core Viewpoint - The Chinese government emphasizes the importance of strengthening pharmaceutical innovation and development to support public health and enhance the country's healthcare system [1][2]. Group 1: Pharmaceutical Innovation - The Vice Premier Liu Guozhong highlighted the need for collaboration in tackling key challenges in the pharmaceutical sector, aiming to boost innovation and high-quality development [2]. - Recent years have seen significant improvements in China's pharmaceutical research capabilities, market competitiveness, and innovation vitality [2]. - The government encourages deep integration of industry, academia, and research institutions to enhance pharmaceutical technology innovation, particularly in drug, vaccine, and medical device development [2]. Group 2: Regulatory Support - The National Medical Products Administration (NMPA) is working on optimizing the clinical trial review and approval process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [3]. - The NMPA has also approved measures to support the innovation of high-end medical devices, emphasizing the importance of a comprehensive regulatory reform in the medical device sector [4]. - Specific measures include optimizing special approval processes, improving classification and naming principles, and enhancing post-market surveillance and quality monitoring [4]. Group 3: Future Initiatives - The NMPA plans to release detailed guidelines soon, focusing on coordination and clarifying requirements to ensure the successful implementation of new initiatives [5].

2025年以来，港股市场无论是IPO还是再融资都极为火热。 Wind数据显示，2025年以来，港股市场股权融资规模已达到2879.82亿港元，远高于2023和2024全年的1424.39亿港元和1756.60亿港元，甚至也已经高于 2022年全年的2809.46亿港元。 | | 合计 | | IPO | | 西传 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额(亿元) | 数量 | 金额(亿元) | 家数 : | 金额(亿元) | 数量 | | 本年 | 2.879.82 | 295 | 1.235.64 | 51 : | 1.569.85 | 192 | | 2024年 | 1.756.60 | 474 | 881.47 | 70 : | 545.99 | 300 | | 2023年 | 1.424.39 | 419 : | 463.34 | 70 - | 661.61 | 256 | | 2022年 | 2.809.46 | 408 | 1.046.22 | 89 : | 779.99 | 223 | | 2021年 | 7.947.43 | ...

Group 1 - The European Commission has imposed a ban on Chinese medical device companies from participating in public tenders exceeding €5 million (approximately ¥40 million), which is expected to reshape the global medical device industry landscape [2][3] - The ban is part of a broader trade conflict centered around "fair competition," with the EU's investigation into China's procurement practices highlighting the requirement for a certain level of domestic production [3][4] - China's Ministry of Finance responded with a countermeasure, excluding EU companies from government procurement projects valued over ¥4.5 million, specifically targeting 50 types of medical devices imported from the EU [5][6] Group 2 - Despite the challenges posed by the EU's procurement barriers, the Chinese medical device industry still sees potential in overseas markets, particularly in regions with unmet medical needs such as Asia, Africa, and Latin America [6][7] - Companies are encouraged to adapt their strategies by collaborating with local firms and establishing overseas production bases to navigate trade barriers and maintain market presence [6][7] - The global medical device supply chain is undergoing rapid restructuring, indicating a shift in competitive dynamics as new markets emerge [7]

Core Insights - The launch of the first national "Medical Insurance + Commercial Insurance" clearing and settlement center marks a significant shift in the payment landscape, allowing seamless integration between medical insurance and commercial insurance, reducing the burden on patients [1][2] - The integration of medical insurance and commercial insurance is entering a fast track, with various companies leveraging their strengths to innovate and enhance payment efficiency [2][4] Group 1: Policy and Technological Developments - The National Medical Insurance Administration has expressed a commitment to exploring the collaborative development of basic medical insurance and commercial medical insurance, with the recent establishment of the clearing center being a pilot project aimed at facilitating this integration [2] - Companies like Megxin Health have pioneered concepts such as "commercial insurance identity medical treatment," introducing platforms that allow for direct payment at public hospitals, enhancing user experience by enabling "pay after treatment" [2][4] Group 2: Innovations by Key Players - Alipay has introduced the "Commercial Insurance Code," which utilizes national medical insurance data to streamline the settlement process, significantly reducing the financial burden on patients [3][4] - Ping An Good Doctor has launched "Ping An Medical Payment," a product that leverages medical insurance data to achieve seamless and rapid claims processing, creating a closed-loop payment and service model [3][4] Group 3: Industry Transformation and Future Outlook - The integration of medical insurance and commercial insurance is redefining the concept of "innovative payment," enhancing payment efficiency and improving the quality of life for patients [5][6] - The shift from simple complementarity to a data and service ecosystem is driving competition in the health insurance sector, moving away from price wars to service-oriented competition [6][8] - The anticipated full implementation of the "Medical Insurance + Commercial Insurance" one-stop settlement model is projected to unlock a trillion-level health insurance market, fostering a new ecosystem of medical, insurance, and technology integration [7][8]

Group 1 - ST Unimed (002581) has been placed under other risk warnings due to its subsidiary Tianjin Unimed Biopharmaceutical Co., Ltd. being unable to resume normal operations within three months, leading to a stock suspension on July 7 and a subsequent name change to "ST Unimed" upon resumption [1] - The company's board acknowledges the negative impact of this situation and is taking effective measures to mitigate uncertainties, including cooperating with regulatory authorities for defect rectification and optimizing management to enhance profitability [1] - The company has completed a capital increase of 45 million yuan in its wholly-owned subsidiary Peking University Unimed (Shanghai) Biopharmaceutical Co., Ltd., acquiring a 51% stake in Sichuan Gukang Pharmaceutical Co., Ltd., which is expected to contribute revenue and profit starting from the 2025 semi-annual report [1] Group 2 - Sichuan Gukang Pharmaceutical, established in 2012, focuses on the procurement, processing, research, and sales of traditional Chinese medicine, offering over 400 high-quality products [2] - In 2024, Gukang Pharmaceutical reported revenues of 73.93 million yuan and a net profit of 4.15 million yuan, with a significant increase in performance expected in 2025, as revenues from January to April 2025 already surpassed the entire 2024 net profit [2] - The acquisition aims to enhance the pharmaceutical supply chain and explore opportunities in traditional Chinese medicine, leveraging Gukang's established market presence and customer resources to create synergies with existing business [2] Group 3 - The company is also making progress in its own operations, with a focus on strengthening its professional R&D platform, particularly through its subsidiary Shandong Yandu Biotechnology Co., Ltd. [3] - Shandong Yandu has developed a high-expression recombinant protein platform and is advancing multiple drug research systems, including a new ophthalmic drug that has completed Phase II clinical trials and is preparing for Phase III [3] - The core product, injectable mouse nerve growth factor, generated approximately 139 million yuan in revenue in 2024, while the new ophthalmic drug, a second-generation recombinant human nerve growth factor, has high clinical value and potential to become the first recombinant human nerve growth factor eye drop in China [3]

北京提振消费24条来了。 为深化国际消费中心城市建设，北京市人民政府7月10日印发《北京市深化改革提振消费专项行动方案》（下称《行动方案》），从推动居民增收减负、优化 服务消费体验、增强商品消费动能等六方面提出24条措施，着力优化消费供给，提升消费品质，优化消费环境，减少消费领域掣肘。 针对居民在购房、购车过程中的痛点，《行动方案》进一步优化了住房消费和汽车消费政策，支持住房公积金"既提又贷"，明确将优化小客车指标配置，有力 畅通消费循环。 《行动方案》要求，力争到2030年，北京市市场总消费额年均增长5%左右，打造2—3个千亿级文商旅体融合消费新地标，在全球消费市场的辐射带动能力、 资源配置能力和创新引领能力进一步提升，国际消费中心城市建设取得新突破。 北京市商务局有关负责人指出，《行动方案》顺应消费升级趋势，把握消费热点需求，进一步优化升级消费供给。同时，《行动方案》突出改革创新，聚焦 消费领域裉节难点，激发市场活力。 支持住房公积金"既提又贷" "优化住房消费新供给"是本次《行动方案》的一大亮点。 在具体举措上，《行动方案》要求优先向轨道交通站点和就业密集地区供应住宅用地，完善"保障 +市场"住房供应体 ...

6月20日，国家药监局党组书记、局长李利主持召开会议，研究部署支持高端医疗器械创新发展举措，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》（以下简称《举措》）。 会议指出，党中央、国务院高度重视高端医疗器械创新发展，党的二十届三中全会明确提出要健全支持创 新医疗器械发展机制，2024年，国务院办公厅印发《关于全面深化药品医疗器械监管改革促进医药产业高 质量发展的意见》（国办发〔2024〕53号）， 提出要深化药品医疗器械监管全过程改革，明确了医疗器 械领域支持要点 。医用机器人、高端医学影像设备、人工智能医疗器械和新型生物材料医疗器械等技术集 成度高，是高端医疗器械的典型产品，也是塑造医疗器械新质生产力的关键。《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。 《举措》的出台对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，满足人民群众健康需求具有重要意义，是药 ...

财政部：对于4500万元人民币以上的医疗器械政府采购项目 在华欧资企业可以参与 金十数据7月10日讯，财政部发布《关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通 知》政策问答，其中提到，对于4500万元人民币以上的医疗器械政府采购项目，未分包开展采购的，非 欧盟企业提供的自欧盟进口的医疗器械占比不得超过该项目合同总金额的50%；分包开展采购的，非欧 盟企业提供的自欧盟进口的医疗器械占比不得超过分包后单个采购包合同金额的50%。对于4500万元人 民币以上的医疗器械政府采购项目，在华欧资企业可以参与。但如果其提供的产品中包含自欧盟进口的 医疗器械，则自欧盟进口的医疗器械金额占比不得超过项目合同总金额的50%。 全部或者部分由欧盟 投资者投资，依照中国法律在中国境内经登记注册设立的企业为在华欧资企业，其在中国境内生产的医 疗器械不属于措施限制的范围。 ...