Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core products are experiencing steady growth, while short-term profits are under pressure due to the performance of the hearing aid segment [5][7] - The company is expected to focus on core products and self-manufactured items, with a rich product pipeline that is likely to enhance profitability in the future [7] Financial Performance Summary - For 2023, the company reported revenue of 2,854 million RMB, with a year-on-year decline of 4.14%. The net profit attributable to the parent company was 254 million RMB, down 15.71% year-on-year [6] - Revenue is projected to grow to 3,495 million RMB in 2025, representing a year-on-year increase of 17.15%. The net profit is expected to reach 376 million RMB, with a growth rate of 20.45% [6][8] - The gross margin for 2024 is reported at 51.9%, an increase of 8.6 percentage points year-on-year, with significant improvements in the rehabilitation aids segment [7] Business Segment Performance - The rehabilitation aids segment achieved revenue of 1.1 billion RMB, up 42.8% year-on-year. The traditional Chinese medicine therapy and other segments generated 180 million RMB, up 20.5% year-on-year [7] - The hearing aid segment reported revenue of 270 million RMB, a year-on-year increase of 37.9%, but also faced a net loss of 43.25 million RMB due to a challenging consumer environment and new store performance [7] Profitability and Valuation - The company is expected to see net profits of 3.8 billion RMB, 4.5 billion RMB, and 5.4 billion RMB from 2025 to 2027, with growth rates of 20.4%, 20.2%, and 20.6% respectively [7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19X, 16X, and 13X respectively [7]

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]

医生 ×CEO ×工程师 ×投资人 强强联合，破解医疗器械创新难题！ 一次创新思维的碰撞，一场探索医疗科技创新的合作之旅！ 如果你对 医疗器械创新、医工结合、技术转化 充满兴趣，那么这次 上海交通大学医学院 × 附属医院 × 生物医 学工程学院 联合打造的 「医疗器械医工创新转化工作坊」 ，就是你的绝佳机会！ 课程亮点 你将获得 培训信息 让医学痛点与工程技术深度融合，打造医疗创新产品，助力成果转化！ 是否曾有一个医疗创新的想法，却不知如何落地？ 是否苦于医生与工程技术团队难以有效协作？ 是否希望掌握医疗器械从概念到市场的完整路径？ Biodesign 医工创新方法论： 全球前沿医工创新模式，助力高效转化 顶级医工专家亲授： 上海交大医学院、附属医院、生物医学工程学院权威师资 需求挖掘 × 创意生成： 从临床实际出发，转化医学需求为创新解决方案 跨学科高端人脉圈： 医生、工程师、投资人共创，共享资源 瑞金医院转化医学中心参访： 近距离接触医疗器械创新最前沿 ✅ 精准洞察 | 医疗器械产业趋势，抢占市场先机 ✅ 实战赋能 | 设计思维 × 跨学科合作，掌握创新转化路径 ✅ 高端社群 | 结识医生、科研人员、产业 ...

国家药监局今天发布《医疗器械网络销售质量管理规范》政策解读，对《规范》出台的背景、总体思 路、主要内容、销售有特殊验配要求医疗器械的要求、网络销售经营者的责任、经营主体信息公示要 求、电商平台经营者的人员配置和机构设置方面的要求，以及违法违规处置和安全风险管理等方面，向 公众做出详细说明。近年来，我国医疗器械网络销售市场迎来爆发式增长。据统计，从2018年至今，从 事网络销售的医疗器械经营企业由8717家增至36万余家，第三方平台企业由77家增长至851家。(央视新 闻) ...

证券代码：688108 证券简称：赛诺医疗 赛诺医疗科学技术股份有限公司 赛诺医疗科学技术股份有限公司 为保障赛诺医疗科学技术股份有限公司（以下简称"公司"）全体股东的合法权益，维护 股东大会的正常秩序，保证股东大会的议事效率，确保本次股东大会如期、顺利召开，根据《中 华人民共和国公司法》 《赛诺医疗科学技术股份有限公司章程》 《赛诺医疗科学技术股份有限公 司股东大会议事规则》及中国证监会、上海证券交易所的有关规定，特制定本须知。 一、股东大会设会务组，由公司董事会秘书负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东及股东代理人的合法权益， 除出席会议的股东及股东代理人、公司董事、监事、高级管理人员、见证律师及董事会邀请的 人员外，公司有权依法拒绝其他人员进入会场。 三、出席现场会议的股东及股东代理人须在会议召开前半小时到达会议现场办理签到手续， 并请按规定出示证券账户卡、身份证明文件或营业执照/注册证书复印件（加盖公章）、授权委 托书以及参会回执等，上述登记材料均需要提供复印件一份，个人登记材料复印件须个人签字， 法定代表人证明文件复印件须公司盖章，经验证后领取会议资料 ...

据介绍，近年来，我国医疗器械网络销售市场迎来爆发式增长。从2018年至今，从事网络销售的医疗器 械经营企业由8717家增至36万余家，第三方平台企业由77家增长至851家。 《规范》指导电商平台经营者通过加强内部风险监测和收集分析外部风险信息等方式，持续加强医疗器 械质量安全风险管理，并为企业规划了持续加强医疗器械质量安全风险管理的路径和关键指标。 《规范》共四章五十条，分为总则、网络销售经营者质量管理、电商平台经营者质量管理和附则。《规 范》提出，网络销售经营者和电商平台经营者应当按照本规范要求，建立健全与网络销售医疗器械相适 应的质量管理体系并保证其有效运行。 《规范》进一步细化、压实电商平台经营者管理责任。一是明确电商平台经营者质量安全管理责任。对 入网的网络销售经营者进行实名登记，电商平台经营者要审查其医疗器械相关许可、备案等情况和网络 销售医疗器械产品注册、备案情况，采取有效措施对平台内医疗器械经营者的经营行为进行管理。二是 指导电商平台经营者建立健全质量管理体系。明确电商平台经营者质量管理机构与人员的职责、细化了 网络交易系统功能、健全了覆盖医疗器械网络交易服务全过程的体系文件，指导电商平台经营者 ...

Core Viewpoint - The announcement highlights that the company's wholly-owned subsidiary, Gaoshi Tailiang Medical Technology Co., Ltd., has received medical device registration approval from the Guangdong Provincial Drug Administration for its "artificial lens implantation system" [1] Group 1: Product Details - The artificial lens implantation system is designed for use in micro-incision cataract surgery, optimizing the surgical incision to less than 1.8mm, which minimizes corneal trauma and accelerates postoperative recovery [1] - The product is an original design by Gaoshi Tailiang and has been granted an invention patent [1] Group 2: Regulatory Approval - The approval from the Guangdong Provincial Drug Administration marks a significant milestone for the company, as it allows the commercialization of the new artificial lens implantation system [1] - This system is compared to the one approved in 2024, indicating advancements in surgical techniques and technology [1]

报名：首届全球心血管大会 | 最新议程 合作伙伴征集：2025全球手术机器人大会 心未来 近日， 上海微创心脉医疗科技（集团）股份有限公司 （以下简称 "心脉医疗 "）公布了其 2025年第一 季度财报 。 报告显示，公司一季度营业收入为 3.32亿元 ， 同比 下降7.23% ；归母净利润为 1.30亿元 ，同比下降 29.66%；扣非归母净利润为1.22亿元，同比下降31.27%；基本每股收益 1.05元 。 主动 脉 介入 领域 # 主要财务数据 # 财务状况 费用情况 营业收入： 2025年第一季度，心脉医疗实现营业收入 3.32亿元 ， 同比 下降7.23% 。 净利润： 归母净利润为 1.3亿元 ， 同比 下降29.66% ；扣非净利润为1.22亿元，同比下降 31.27%。 毛利率与净利率： 毛利率为 69.61% ， 同比 下降6.90% ；净利率为38.53%，同比下降 12.54%。 基本每股收益： 1.05元/股 。 三费（销售费用、管理费用、财务费用）总计为 6300.66万元 ，占总营收的比例从去年同期的9.72%上 升至18.97%，增幅达95.05%。 其中， 销售费用 同比增长 ...

Group 1 - The innovative drug sector experienced a significant surge, with companies like Shuyou Shen rising over 15% and Hehua Co. hitting the daily limit, indicating strong market interest [1] - In Q1 2025, China's innovative drug License-out transactions were active, contributing significantly to global hot targets, supported by policy backing and AI empowerment [1] - The recent response from several pharmaceutical companies to tariff issues showed limited impact, while they are expanding into emerging markets [1] Group 2 - The proportion of heavy holdings in the pharmaceutical industry funds has rebounded in Q1 2025, although it remains below historical averages, with increases in chemical pharmaceuticals and medical services [1] - Long-term prospects suggest that companies with strong innovation capabilities and rich product pipelines will benefit from the ongoing procurement initiatives in drug consumables [1] - Investment opportunities are recommended in the innovative drug industry chain, high-end medical devices, and medical consumer terminals, focusing on undervalued quality targets [1] Group 3 - The capital market is influenced by domestic policy relaxation, trade easing, and geopolitical conflicts, leading to frequent hotspots [2] - Despite slow short-term demand growth in the essential consumer sector, the long-term asset revaluation logic in China remains valid, suggesting potential value after external shocks [2] - Investors are advised to focus on undervalued sub-industries, particularly in the beer and alcoholic beverage sectors, which present potential investment opportunities in the current market environment [2]

Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, while specific segments like blood glucose management and emergency solutions showed significant growth [1][2]. Financial Performance - In 2024, the company achieved revenue of 7.566 billion yuan, a year-over-year decrease of 5.09%, and a net profit attributable to shareholders of 1.806 billion yuan, down 24.63% year-over-year [1]. - For Q1 2025, the company reported revenue of 2.436 billion yuan, an increase of 9.17% year-over-year, with a net profit of 625 million yuan, down 5.26% year-over-year [1]. Segment Performance - The blood glucose management and POCT solutions segment generated revenue of 1.03 billion yuan in 2024, growing by 40.20% year-over-year, driven by a significant increase in CGM and expansion of BGM customer base [2]. - The emergency solutions segment achieved revenue of 239 million yuan, up 34.05% year-over-year, benefiting from the certification and technological upgrades of the AED products [2]. - The respiratory therapy solutions segment saw revenue decline to 2.597 billion yuan, down 22.42% year-over-year, primarily due to fluctuations in public demand [2]. - The home health monitoring solutions segment reported revenue of 1.564 billion yuan, a slight decrease of 0.41% year-over-year, with some products experiencing growth despite high base effects [2]. - Clinical instruments and rehabilitation solutions generated revenue of 2.093 billion yuan, a marginal increase of 0.24% year-over-year, with certain product categories showing positive trends [2]. Profitability and Cost Management - The company achieved a gross margin of 50.14% in 2024, a decrease of 1.22 percentage points year-over-year, but is expected to stabilize and improve in Q1 2025 to 50.30% [3]. - The sales, management, and financial expense ratios for 2024 were 17.99%, 5.66%, and -3.12%, respectively, with a focus on optimizing costs and resource utilization [3]. International Expansion - The company’s overseas market revenue reached 949 million yuan in 2024, reflecting a year-over-year growth of 30.42%, supported by product registrations and localized team development [3]. Investment Outlook - The company is focused on the home medical device sector, particularly in respiratory and oxygen therapy, blood glucose management, and infection control, with rapid growth in international markets expected to enhance growth potential [4]. - Revenue projections for 2025-2027 are estimated at 8.548 billion yuan, 9.710 billion yuan, and 11.096 billion yuan, with corresponding year-over-year growth rates of 13.0%, 13.6%, and 14.3% [4].