Group 1 - The adult products industry is increasingly popular, attracting many entrepreneurs looking to open stores [1] - A business license is essential for operating an adult products store, as it serves as a legal permit [3] - Operating without a license is considered illegal and may result in fines or business suspension [3] Group 2 - In some regions, selling certain adult products requires an additional "Class II Medical Device Business License" [3] - A detailed list of required materials for obtaining a business license includes property ownership proof, rental contracts, and identification [5][7] - If acquiring an existing store, the previous owner must cancel their business license before a new one can be issued [7] Group 3 - The application process for a business license can be completed online or in person at local market supervision authorities [8] - The review period for the application typically takes 3 to 5 working days, after which the license can be collected or mailed [8]

2025 年 5 月 1 日 公司研究 25Q1 业绩短期承压，看好公司长期发展 ——迈瑞医疗（300760.SZ）2024 年年报及 2025 年一季报点评 要点 事件：迈瑞医疗发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 367.26 亿元，同比增长 5.14%；归母净利润 116.68 亿元，同比增长 0.74%；扣 非归母净利润 114.42 亿元，同比增长 0.07%。2025 年一季度实现营收 82.37 亿元，同比下滑 12.12%；归母净利润 26.29 亿元，同比下滑 16.81%；扣非归 母净利润 25.31 亿元，同比下滑 16.68%。 点评： 24 年业绩微增，25Q1 业绩短期承压：2024 年公司从业务结构来看，体外诊断 业务收入 137.65 亿元，同比增长 10.82%，首次超越生命信息与支持业务，成 为第一大业务板块；生命信息与支持业务收入 135.57 亿元，同比下降 11.11%； 医学影像业务收入 74.98 亿元，同比增长 6.60%。25Q1 业绩承压，主要原因包 括海外业务去年同期基数较高，以及国内业务因从招投标到确认收入的时间拉长 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed strong growth in non-COVID self-produced luminous business, particularly in overseas markets, despite short-term pressures in Q1 2025 due to centralized procurement impacts [1][2] Financial Performance - In 2024, the company achieved revenue of 2.012 billion yuan (YoY -2.02%) and a net profit of 302 million yuan (YoY -15.06%), with a non-recurring net profit of 287 million yuan (YoY +30.84%) [1] - For Q4 2024, the company reported revenue of 618 million yuan (YoY +21.57%) and a net profit of 83 million yuan (YoY +18.43%) [1] - In Q1 2025, revenue was 418 million yuan (YoY -3.13%) and net profit was 10 million yuan (YoY -84.63%) [1] Business Segments - The non-COVID self-produced luminous revenue for 2024 was 1.672 billion yuan (+26.1%), accounting for 83% of total revenue, with self-produced luminous revenue at 1.522 billion yuan (+30.3%) [2] - Domestic market revenue was 1.724 billion yuan (-7.03%), influenced by centralized procurement execution and inventory adjustments, while overseas market revenue grew to 250 million yuan (+52.08%) [2] R&D and Product Development - The company invested 338 million yuan in R&D in 2024, representing 16.8% of revenue, and achieved significant product registrations and localizations [3] - The introduction of high-end self-developed instruments and a rich product matrix in specialty testing areas is expected to enhance market expansion and improve profit margins [3] Future Outlook - Revenue projections for 2025-2027 are 2.309 billion yuan, 2.678 billion yuan, and 3.167 billion yuan, with expected growth rates of 14.76%, 15.98%, and 18.27% respectively [4] - Net profit forecasts for the same period are 371 million yuan, 464 million yuan, and 583 million yuan, with growth rates of 23.01%, 25.14%, and 25.51% respectively [4]

| | | 截至十二月三十一日止年度 | | | --- | --- | --- | --- | | | 二零二四年 | 二零二三年 | 變動 | | | 人民幣千元 | 人民幣千元 | | | 收益 | 1,303,699 | 1,267,175 | 2.9% | | 毛利 | 981,435 | 995.637 | -1.4% | | 經營溢利 | 186,336 | 383,278 | -51.4% | | 除税前溢利 | 198,995 | 175.581 | 13.3% | | 本公司擁有人應佔年內溢利 | 222,388 | 263.242 | -15.5% | | 每股收益 | | | | | 一基本 | 人民幣5.1分 | 人民幣 6.0 分 | -15.0% | | 一攤薄 | 人民幣5.1分 | 人民幣5.9分 | -13.6% | # 财报数据 2024年实现营业收入约人民币 13.04亿元 ，同比增长约 2.9% 。净利润约人民币 1.69亿 元，同比增长约 56.7% 。毛利率约75.3%，显示出较强的盈利能力。归 母净利润约人民币2.22亿元。 公司业务核心驱动力 # 关于先健科技 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 328.30 [7][8]. Core Views - The company reported a revenue of RMB 367.26 billion and a net profit attributable to the parent company of RMB 116.68 billion for 2024, reflecting a year-on-year growth of 5.1% and 0.7% respectively. The profit was below market expectations due to delays in domestic equipment upgrade policies [1]. - The company is expected to achieve steady growth in 2025, driven by the acceleration of domestic equipment upgrade policies and ongoing efforts in product promotion both domestically and internationally [1]. - The company’s three core business segments are projected to perform well in 2025: 1. IVD segment revenue reached RMB 137.65 billion in 2024, with a year-on-year increase of 10.8% and strong overseas growth [2]. 2. Medical imaging segment revenue was RMB 74.98 billion, up 6.6% year-on-year, supported by the launch of high-end products [2]. 3. Life information and support segment revenue was RMB 135.57 billion, down 11.1% year-on-year, but expected to rebound in 2025 due to improving domestic policies [2]. Summary by Sections Financial Performance - The company’s revenue for 1Q25 was RMB 82.37 billion, with a net profit of RMB 26.29 billion, showing a year-on-year decline of 12.1% and 16.8% respectively, but a quarter-on-quarter increase of 13.8% and 154.9% [1]. - The company’s revenue forecast for 2025 is RMB 40.545 billion, with a projected net profit of RMB 12.84 billion, reflecting a growth of 10.04% [6]. Market Expansion - The company’s overseas revenue reached RMB 164.34 billion in 2024, growing by 21.3%, with significant contributions from the Asia-Pacific and European regions [3]. - Domestic revenue was RMB 202.92 billion, down 5.1% year-on-year, but expected to improve in 2025 due to the release of medical infrastructure orders and enhanced competitiveness [3]. Profitability and Valuation - The EPS forecast for 2025 is adjusted to RMB 10.59, with a PE ratio of 31x for 2025, leading to a target price of RMB 328.30 [4]. - The company is recognized as a leading domestic medical device manufacturer with strong brand influence and a continuously improving global sales network [4].

多元业务韧性生长 心脑血管事业部2025年一季度持续保持高速增长态势。一季报显示，公司心脑血管事业部一季度销售收 入超过3.6亿元，较去年同期增长约26%。从公司投资者交流记录披露的内容可知，中国、南亚、拉美 地区心内科行业增速为10%—15%，欧美发达国家心内科行业增速约为5%，公司心脑血管业务增速超过 行业平均水平。这主要得益于公司推出的新产品持续放量，据公开信息查询，公司2024年共有十余款心 脑血管产品获批上市（含孵化、代理产品）。随着研发成果加速转化，公司产品线丰富，带动心脑血管 整体业务规模提升，同时，依托成熟的全球化、全渠道网络布局优势，新产品得以快速渗透市场，推动 心脑血管业务规模快速扩张。 4月28日晚间，蓝帆医疗（002382）发布2025年一季度报告。报告期内，公司实现营收14.78亿元，同比 增长1.59%；实现归母净利润7702.23万元，较上年同期实现大幅增长。同时，公司一季度经营性现金流 净额达到1.98亿元，同比由负转正，环比也大幅提升。 公司业绩的大幅增长，主要得益于两个方面：一方面，公司主业经营状况向好，扣非后的归母净利润较 上年同期减亏51.02%；另一方面，公司参股投资 ...

证券代码：301097 证券简称：天益医疗 宁波天益医疗器械股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年年度报告业绩说明会的投资者 | | 时间 | 2025年04月29日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长、总经理 吴志敏 | | | 独立董事 刘起贵 | | | 副总经理、财务总监 邵科杰 | | | 副总经理、董事会秘书 李孟良 | | | 1.贸易摩擦是否会对或者已经对公司业绩产生重大负面影响？ 答:2024年度，公司外销占比约为38%，部分产品的终端市场为 | | 投资者关系活动主要内容 | 美国，关税政策暂未对公司2024年度已完成订单及业务产生重大影 | | | 响，公司目前已 ...

Core Viewpoint - The company reported strong revenue and profit growth in 2024 and Q1 2025, driven by new product launches and a stable cost structure, indicating a positive outlook for future performance [1][2][3]. Revenue Performance - In 2024, the company achieved revenue of 502 million yuan, a year-on-year increase of 35.41%, with all three major business segments showing growth: heart valve replacement and repair up 64.28%, congenital heart disease intervention up 15.24%, and soft tissue repair up 19.89% [1]. - In Q1 2025, revenue reached 100 million yuan, a year-on-year increase of 31.30%, with net profit soaring by 290.69% to 33 million yuan [1]. Cost and Margin Analysis - The gross margin for medical device products was 88.48% in 2024, with specific segments showing varying margins: heart valve replacement at 91.65%, congenital heart disease intervention at 88.73%, and soft tissue repair at 82.89% [2]. - The company maintained stable operating costs, with a slight increase in R&D expenses, reflecting a commitment to product development [2]. Profitability Insights - Despite high R&D investments of 151 million yuan in 2024 (up 53.26%), the company still achieved a net profit of 146 million yuan, a year-on-year increase of 27.02% [3]. - In Q1 2025, R&D expenses decreased, suggesting potential for further profit growth as the high investment phase concludes [3]. Product Innovation and Market Expansion - The heart valve replacement segment saw significant advancements, including patent approvals and ongoing clinical trials for new products, contributing to a 24.59% increase in sales volume [4]. - The company is expanding its product applications, including three collagen fillers, which are expected to gradually contribute to revenue [5]. Future Outlook - The company anticipates continued revenue growth, projecting revenues of 698 million yuan, 973 million yuan, and 1.288 billion yuan for 2025-2027, with net profits of 245 million yuan, 389 million yuan, and 531 million yuan respectively [6]. - The expansion of TAVR indications and increasing heart surgery demand are expected to drive market growth [6].

各创新团队、相关企业和创服机构： 中国医疗器械创新创业大赛 在科 技部相关单位的指导下自2018年起已连续成 功举办了七届，是国内参赛项目数量最多、质量最高、行业影响力最大的全国性专 业赛事。七届赛事报名参赛项目5041个，决赛评出一二三等奖项目共计588个，前 六届赛后半年跟踪统计融资总额逾75亿元，部分项目后续还获得部委、省市和军队 的课题资助及其他各种赛事奖项。大赛有力助推了临床和院校成果转化及产业创新 发展，也引领了园区生态建设和项目落户聚集，受到了各方一致好评。 第八届（2025）中国医疗器械创新创业大赛于2025年4月1日正式启动报名 ， 现将有关事项通知如下： 一、 组织单位 大赛以 " 创新策源、生态建设" 为主旨， 面向实际需求，支持临床和院校成果转化， 重视技术创新与服务 。大赛由 国家医疗器械产业技术创新联盟 及 医疗器械创新网 组织 举办，欢迎地方政府、产业园区及科研院所联合承办。 二、 报名类别 参赛项目按以下类别报名参赛： 以上类别分为 创意组、 初创组 和 成长组 报名 。 三、 参赛项目分组及要求 01 参赛项目分组 ： 创意组 ： 项目 处于 早期 研发阶段项目， 已 获 专 ...

Core Viewpoint - Wangsu Technology and United Imaging Medical Technology have signed a cooperation agreement to establish an AI medical-focused computing center, aiming to enhance the digital transformation of the healthcare sector [1] Group 1: Partnership Details - The partnership will leverage Wangsu's Shanghai Jiading Cloud Computing Data Industrial Park to build a computing cluster that supports United Imaging's comprehensive digital transformation across R&D, supply chain, marketing, and services [1] - The initiative aims to boost technological innovation and productivity, facilitating the domestic replacement process of medical devices [1] Group 2: Project Objectives - The project will support the establishment and operation of United Imaging's enterprise-level large model platform and the development of intelligent applications [1] - By fostering open innovation capabilities, the partnership seeks to drive digital transformation across the upstream and downstream of the medical industry, enhancing the quality and efficiency of the industrial chain [1]