Group 1 - The core viewpoint of the article highlights the significance of technological innovation as a driving force for high-quality development in the healthcare industry, with a focus on the achievements of YOUMAGIC Shuliti R&D Company and its subsidiary Weimai Medical [3][5] - YOUMAGIC Shuliti R&D Company has established a strong foundation in scientific research, leveraging over 30 years of RF technology experience from Tsinghua University's Engineering Physics Department and nearly 70 years of high-energy physics research to enhance its technological innovation capabilities [3][5] - The company has developed a comprehensive product line in both serious medical and consumer healthcare sectors, with multiple products receiving NMPA Class III certification, indicating its potential for high-energy development [3][5] Group 2 - YOUMAGIC Shuliti R&D Company has demonstrated a keen market insight, adapting to the trends of "precision medicine" and the widespread application of AI technology in the healthcare sector, which is reshaping the industry landscape [5][7] - The company's flagship product, the YOUMAGIC Shuliti next-generation high-energy monopolar RF device, is the first in China to receive both NMPA and FDA dual certification, catering to diverse consumer treatment needs with customizable treatment plans [5][7] - Future plans for YOUMAGIC Shuliti include deepening its focus on precision medicine, accelerating the development of a multi-head product matrix, and enhancing the application of AI technologies in healthcare to provide better, more precise, and comfortable medical solutions globally [7]

7月4日，迪瑞医疗今日收盘14.03元，下跌1.06%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到106.87倍，总市值38.26亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13迪瑞医疗106.8726.961.8538.26亿行业平均 51.0548.784.55107.12亿行业中值36.6236.522.5051.67亿1九安医疗10.2610.380.81173.21亿2英科医疗 10.4711.290.93165.45亿3新华医疗14.4313.381.1892.52亿4奥美医疗15.3215.011.5755.35亿5山东药玻 15.3915.431.77145.53亿6振德医疗15.4714.580.9856.17亿7康德莱15.7315.741.3033.89亿8维力医疗 16.4917.141.9337.60亿9九强生物16.4915.332.0281.66亿10奥泰生物16.6117.511.3452.96亿11安杰思 17.6117.812.1352.26亿12安图生物18.8317.982.42214.74亿 来源：金融界 迪瑞医疗科技股份有限公司的 ...

Core Viewpoint - The National Health Commission emphasizes the importance of distinguishing between medical and non-medical beauty services, highlighting the risks associated with non-professional practices in medical aesthetics [1][2][3] Group 1: Medical vs. Non-Medical Aesthetics - Medical aesthetics involves invasive techniques such as surgeries and injections aimed at repairing or reshaping appearance, while non-medical beauty services are non-invasive, like applying face masks [1] - Medical institutions must meet strict regulatory requirements to ensure safety and quality in medical aesthetic services, which can be verified through the National Health Commission's official website [1] Group 2: Risks of Non-Medical Aesthetic Practices - Increased risk of infection due to non-sterile environments and improper handling in non-medical settings, potentially leading to severe complications like sepsis [2] - Higher likelihood of adverse reactions from unregulated injection materials, which may cause serious allergic reactions or other health issues [2] - Greater risk of embolism from injections performed by non-professionals, which can result in severe consequences such as skin necrosis, blindness, or stroke [2][3] - Non-medical institutions lack effective emergency response measures, making it difficult to address complications like allergies or embolisms promptly [3]

Core Viewpoint - Alibaba plans to issue HKD 12 billion zero-interest exchangeable bonds, which may be interpreted as a disguised reduction of its stake in Alibaba Health, leading to a significant drop in Alibaba Health's stock price [1][4]. Summary by Sections Bond Issuance Details - The bonds will have a principal amount of approximately HKD 12 billion and are set to mature in 2032, with an initial exchange price of HKD 6.23 per share of Alibaba Health, which is about 50% higher than its current trading price [2][3]. Purpose of Fundraising - The net proceeds from the bond issuance are intended for general corporate purposes, including investments to support the development of Alibaba's cloud infrastructure and international business [4]. Impact on Alibaba Health - Alibaba holds approximately 64% of Alibaba Health, which has a market value of HKD 682 billion as of July 4, 2023. The issuance of these bonds is not expected to dilute shareholder equity in Alibaba Health [4][8]. Market Reactions and Investor Sentiment - Following the announcement, Alibaba Health's stock fell by 6.42%, while Alibaba's stock experienced a slight decline before recovering. Analysts suggest that the bond issuance is a flexible capital management strategy rather than an immediate asset sale [1][7][9]. Financial Performance - For the fiscal year 2025, Alibaba Health reported total revenue of HKD 30.6 billion, a year-on-year increase of 13.2%, and adjusted net profit of HKD 1.95 billion, up 35.6%. Alibaba's revenue for the same period was HKD 996.35 billion, reflecting a 6% year-on-year growth [5][10]. Strategic Considerations - Analysts emphasize that the bond issuance should be viewed from a strategic and value investment perspective, as it does not indicate a negative outlook on Alibaba Health's business model. The focus should remain on the long-term growth potential of the digital healthcare sector [10].

Group 1 - The stock of Haohai Biological Technology (688366) has a comprehensive score of 47.92, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 50.41 yuan, with a 5-day main cost of 50.79 yuan and a 20-day main cost of 51.67 yuan [1] - There have been no instances of the stock hitting the upper or lower limits in the past year [1] Group 2 - On July 4, 2025, the net outflow of main funds was 387.01 million yuan, accounting for 12% of the total transaction amount [2] - The short-term pressure level is at 51.24 yuan, while the short-term support level is at 50.15 yuan [2] - The medical device sector showed a slight decline, with the medical device concept down by 0.40% and medical beauty down by 0.65% [2]

Core Viewpoint - CapsoVision, Inc. has launched its IPO at a price of $5.00 per share, aiming to raise approximately $27.5 million, marking a significant step towards enhancing its position in the global medical market focused on gastrointestinal diagnostics [1] Market and Competitive Environment - The global capsule endoscopy market is projected to reach $1.2 billion by 2030, driven by aging populations, rising prevalence of gastrointestinal diseases, and a growing preference for non-invasive examination methods [3] - CapsoVision faces intense competition, with Medtronic's PillCam holding approximately 85-90% market share, supported by a well-established product line and extensive clinical validation [3][5] - Other active competitors include Olympus, IntroMedic, and Jinshan Science & Technology, each with their own market presence and product offerings [3] Technology Pathway - CapsoVision's flagship product, CapsoCam Plus, features four high-resolution cameras arranged horizontally to create a 360-degree panoramic image of the small intestine, enhancing visibility and comfort for patients [10][12] - The Smart Motion Sense™ technology allows the capsule to adjust its frame rate based on its movement within the gastrointestinal tract, achieving a battery life of up to 15 hours [12] - Clinical studies indicate that CapsoCam Plus significantly improves visualization rates and detection of small lesions compared to traditional forward-viewing capsules [12] Product as a Platform - CapsoVision is developing a comprehensive platform that integrates image acquisition, data transmission, cloud processing, and AI analysis, exemplified by the CapsoAccess system and CapsoView software [13][15] - The CapsoCloud platform allows for remote data management, aligning with the increasing demand for telemedicine solutions, especially highlighted during the pandemic [15] - CapsoCam Plus received FDA permanent approval for remote home examinations, facilitating high-quality imaging without the need for hospital visits [15] Future Developments - CapsoVision is working on the CapsoCam Colon product, aimed at providing panoramic imaging for the colon, addressing the challenges of traditional colonoscopy [16][17] - The U.S. colon capsule endoscopy market is expected to grow to $311 million by 2030, presenting a significant opportunity for CapsoVision if it can overcome existing technical challenges [17] - The company plans to expand its technology to other gastrointestinal areas, including esophageal and pancreatic screenings, indicating its ambition to create a modular platform [18]

计算机行业 2025 年 7 月 4 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 超配（维持） 计算机行业双周报（2025/6/20-2025/7/3） 行 业 国内科技巨头争相抢滩 AI 医疗，有望加快 AI 垂类应用场景落地 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 计 算 机 行 业 指 数 涨 跌 幅 及 估 值 ： 申 万 计 算 机 板 块 近 2 周 （2025/6/20-2025/7/3）累计上涨4.48%，跑赢沪深300指数1.23个百分 点，在31个申万一级行业中排名第15名；申万 ...

Core Viewpoint - The stock of Nanwei Medical (688029) shows strong performance indicators with a comprehensive score of 63.83, indicating a robust trend direction and potential for short-term and mid-term gains [1][2][3] Group 1: Stock Performance - The stock price has broken through short-term resistance levels, suggesting potential for short-term strength; similarly, breaking through mid-term resistance levels indicates potential for mid-term strength [2][3] - The stock has not experienced any limit-up or limit-down events in the past year [1] Group 2: Financial Data - As of July 4, 2025, the company reported earnings per share of 0.86 yuan and an operating profit of 1.98 billion yuan [2][3] - The net profit stands at approximately 167.16 million yuan, with a sales gross margin of 65.689% [2][3] Group 3: Capital Flow - On July 4, 2025, the net inflow of main funds was 23.54 million yuan, accounting for 12% of the total transaction volume [2][3] - The data indicates a net inflow of 6.44 million yuan from large orders and a net inflow of 17.10 million yuan from super large orders, while retail investors experienced a net outflow of 703,400 yuan [2][3] Group 4: Market Context - The stock is associated with the medical device sector, which saw a slight increase of 0.18%, while the medical device concept experienced a decrease of 0.40% [2][3]

Core Viewpoint - The company reported a decline in revenue and profit for 2024, but showed signs of recovery in Q1 2025, with a focus on both domestic and international market expansion [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 10.3 billion yuan, a decrease of 9.73%, and a net profit of 1.262 billion yuan, down 36.1% [1]. - Q4 2024 revenue was 3.35 billion yuan, down 15.91%, with a net profit of 591 million yuan, down 35.1% [1]. - In Q1 2025, revenue increased to 2.478 billion yuan, up 5.42%, with a net profit of 370 million yuan, up 1.87% [1]. Business Segments - Domestic sales of medical imaging and radiation therapy equipment generated 8.445 billion yuan, a decline of 14.93%, while the service segment grew by 26.81% to 1.356 billion yuan [2]. - International revenue reached 2.266 billion yuan, an increase of 35.08%, accounting for 22% of total revenue, driven by market penetration in high-end segments [2]. R&D and Innovation - The company invested 2.261 billion yuan in R&D in 2024, representing 21.95% of revenue, and 568 million yuan in Q1 2025, accounting for 22.92% of revenue [3]. - The company has achieved significant advancements in technology across various product lines, establishing a competitive edge in the market [3]. Market Strategy - The company is focusing on a dual strategy of high-end product development and comprehensive market penetration domestically, while enhancing localized operations internationally [3]. - The global service network now covers over 85 countries and regions, supporting the operational needs of more than 34,500 devices [3].

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