2025年12月30日，中医针具品类首次进入全国性大规模联盟采购。当天，由自治区医保局牵头组织 的中医针具类医用耗材省际联盟集中带量采购信息公开大会在南宁举行，随着国内52家生产企业申报价 格"亮底"，这份覆盖全国25个省（区、市）及新疆生产建设兵团的联盟"超级大单"拟中选结果正式产 生。 针灸、拔罐等中医适宜技术，因其"简、便、验、廉"深受百姓喜爱，但长期以来，中医针具种类繁 多、价格不一，增加了患者负担和医保基金支出压力。为此，本次集采精准投向中医临床广泛使用的皮 内针、针灸针、刃针、梅花针等代表性耗材。在广西有关部门牵头组织下，这一集采联盟汇聚了超过25 亿支的采购需求量，以此进行"以量换价"，其规模效应直接覆盖全国超70%的中医药服务消费市场。 对于患者来说，集采最直观的期待是价格实惠。但在挤掉价格水分之余，如何保证医生用得顺手、 患者用得安心？自治区医保局有关工作人员介绍，从此次集采现场规则来看，分组竞价机制是一大亮 点。即企业被分为A、B两组竞价：A组针对市场份额大、临床使用成熟的主流产品，重在尊重既有的 临床习惯，确保供应稳定；B组则为性价比高的新产品提供了公平的竞争舞台，鼓励创新与优质优价。 ...

文/梧桐兄弟 浙江海圣医疗器械股份有限公司申报北交所IPO于2025年5月29日获得受理，完成二轮问询及回复后于2025年11月7日上会审议通过，2025年12月9日提交注册。公 司主营麻醉、监护类医疗器械产品的研发、生产和销售。公司注册地浙江省绍兴市，前身有限公司成立于2000年10月10日，2021年1月整体变更为股份有限公司， 后续于2024年9月18日在全国股转系统创新层挂牌。黄海生直接持有公司47.11%的股份，为公司控股股东。黄海生及吴晓晔夫妇两人合计控制公司54.92%的股份， 系公司实际控制人。 审议会议提出问询的主要问题： 1.关于财务信息的真实性、准确性。 请中介机构说明对 经销收入、销售费用 核查的充分性和有效性。 2.关于行业政策影响。 请发行人说明 带量集采、"两票制"等政策 对公司经营业绩稳定性的影响及应对措施。请保荐机构核查并发表明确意见。 3.关于有源设备研发与产业化。 请发行人说明设备类产品研发及进展情况，相关业务拓展的优劣势及风险揭示情况。请保荐机构核查并发表明确意见。 一、主营麻醉、监护类医疗器械，毛利率逾50% 公司是面向全球的麻醉、监护类医疗器械综合产品提供商，主营业 ...

重要的消息有哪些 12月23日（周二）申购提示 4．中国人民银行决定实施一次性信用修复政策。对于2020年1月1日至2025年12月31日期间，单笔金额 不超过10000元人民币的个人逾期信息，个人于2026年3月31日（含）前足额偿还逾期债务的，金融信用 信息基础数据库将不予展示。其中：（一）个人于2025年11月30日（含）前足额偿还逾期债务的，金融 信用信息基础数据库自2026年1月1日起不予展示相关逾期信息；（二）个人于2025年12月1日至2026年3 月31日之间足额偿还逾期债务的，金融信用信息基础数据库于次月月底前不予展示相关逾期信息。 1．近日，中共中央办公厅、国务院办公厅印发了《关于做好2026年元旦春节期间有关工作的通知》。 《通知》提出，确保市场供应平稳有序。全力做好煤电油气生产、运输保障，确保民生用能保供稳价， 保障群众温暖过冬。落实粮食安全党政同责和"菜篮子"市长负责制，强化市场监测预警，发挥交通物流 保通保畅工作机制作用，保障粮油肉蛋奶果蔬等生活必需品供应充足、价格平稳。扩大优质商品和服务 供给，创新多元消费场景，激发假期消费潜力。强化餐饮服务食品安全和市场销售食用农产品质量安全 ...

Core Insights - Zhonghong Medical's subsidiary, Kelong Medical, has successfully participated in bulk procurement projects across multiple provinces, enhancing its market presence in the medical consumables sector [1][2]. Group 1: Procurement Success - Kelong Medical has won bids for essential medical consumables such as vacuum blood collection tubes, nebulizers, intravenous catheters, and infusion sets in various provinces including Fujian, Beijing, and Yunnan [2]. - The selected products are recognized as clinical necessities, indicating stable market demand and a strong competitive edge [2][3]. Group 2: Product Strength and Market Performance - The products selected for procurement have established a solid reputation and customer base, demonstrating their market competitiveness through consistent performance [3]. - Kelong Medical's core products have maintained robust market performance, supported by precise understanding of clinical needs and ongoing product optimization [3]. Group 3: Market Expansion and Long-term Development - The bulk procurement initiative is a significant opportunity for Kelong Medical, promising stable market orders and expanded market space [4]. - The procurement rules ensure that medical institutions prioritize Kelong Medical's selected products, which will enhance market share and brand influence [4]. - This breakthrough in procurement is a critical advancement for Zhonghong Medical in the medical consumables sector, allowing for better alignment with industry trends and improved supply chain efficiency [4]. Group 4: Future Growth Prospects - The successful procurement is a testament to Kelong Medical's long-term focus on product quality and market strategy [5]. - With the anticipated signing and execution of procurement contracts, Kelong Medical is expected to further increase market coverage and share, driving sustainable growth for Zhonghong Medical [5]. - This achievement opens new development avenues and positions the company to lead in the high-quality development wave of the medical consumables industry [5].

Core Viewpoint - Kangji Medical has received shareholder approval for its privatization plan, which is expected to take effect on December 5, 2025, with the company's shares delisted from the Hong Kong Stock Exchange on December 9, 2025 [1][6]. Group 1: Privatization Details - Knight Bidco Limited's proposal to privatize Kangji Medical has been approved by shareholders, with the share cancellation price set at HKD 9.25, valuing the company at approximately USD 1.4 billion [1]. - The privatization plan is based on the Cayman Islands Companies Law and will make Kangji Medical a wholly-owned subsidiary of Knight Bidco Limited [1][6]. - The plan requires approval from the Grand Court of the Cayman Islands and will be registered before it can take effect [6]. Group 2: Financial Performance - In the first half of 2025, Kangji Medical reported revenue of CNY 497 million, an increase of 8.32% year-on-year, driven by sales growth in disposable products [2]. - The net profit attributable to shareholders was CNY 265.8 million, a slight decrease of 7.03% year-on-year [2]. - Revenue growth from 2018 to 2024 showed significant increases, with annual growth rates of 42.89%, 42.36%, 1.59%, 34.95%, 13.92%, 17.76%, and 8.92% [2]. Group 3: Industry Challenges - The Chinese medical device industry is undergoing significant structural adjustments, with intensified regulatory pressures and challenges from centralized procurement policies affecting product pricing and profit margins [3]. - Kangji Medical faces increased competition and the need for greater investment in research and development to maintain its market position [3]. - The company's stock performance has been volatile, with a significant decline from its initial listing price of HKD 23.679 to a low of HKD 3.803, resulting in a cumulative drop of over 64% [3]. Group 4: Strategic Rationale for Privatization - Kangji Medical believes that maintaining its listing status offers limited benefits and that privatization will reduce costs associated with being publicly listed [4]. - The company aims to alleviate pressure related to short-term performance metrics and focus on broader strategic decisions post-privatization [4]. - The approval of the privatization plan is seen as a significant milestone, reflecting strong support from shareholders [5].

Group 1 - The company actively participates in government centralized procurement for blood glucose test strips, focusing on regional projects [2] - Currently, the company has successfully implemented five procurement projects across 62 cities in 13 provinces nationwide [2] - The company aims to enhance its market competitiveness by improving product quality control, optimizing production costs, and enhancing sales services [2]

Core Viewpoint - The announcement by Zhonghong Medical on November 4 indicates that its subsidiary, Jiangxi Kelong Medical Device Manufacturing Co., Ltd. (referred to as "Kelong Medical"), has participated in bidding for centralized procurement projects in multiple cities and provinces, with potential selection of several products [1] Group 1: Procurement Projects - Kelong Medical is involved in bidding for centralized procurement projects in Putian City, Fuzhou City, Beijing, and Qujing City [1] - The products targeted for selection include disposable vacuum blood collection tubes, disposable nebulizers, and disposable intravenous indwelling needles [1] Group 2: Market Impact - If selected, the medical institutions in the procurement regions will prioritize the use of Kelong Medical's products during the procurement cycle, ensuring the completion of the agreed procurement volume [1] - The subsequent signing of sales contracts and implementation will help expand the market sales of the selected products, increase market share, and enhance brand influence, positively impacting the company's long-term development [1]

Core Viewpoint - The company anticipates pressure on domestic revenue and profits in 2025 due to the full implementation of policies such as centralized procurement, disassembly of testing packages, and standardization of charging [2] Group 1: Domestic Market Strategy - The company's self-produced revenue is primarily composed of biochemical products, with most biochemical projects included in the centralized procurement scope after three rounds of inter-provincial alliance procurement for liver function, kidney function, and glucose metabolism [2] - The company plans to enhance refined management, implement large-scale production, optimize the supply chain, and increase operational efficiency to improve market share and brand influence in the immunological products sector [2] Group 2: Growth Initiatives - The company will accelerate its overseas market expansion and aims to create new performance growth points domestically through precision diagnostic products such as mass spectrometry and precise blood lipid testing [2]

Core Viewpoint - The Beijing Stock Exchange has issued a second round of inquiry regarding the IPO of Sichuan Ruijian Medical Technology Co., Ltd., focusing on issues such as the fairness of related party transactions, authenticity of sales expenses, compliance of R&D capitalization, and the stability of the overseas equity structure [1][2][3] Group 1: IPO Inquiry and Suspension - Sichuan Ruijian Medical disclosed the second round of inquiry from the Beijing Stock Exchange on September 30, 2025, regarding its IPO materials [1] - The company has applied to suspend its IPO review due to the need for supplementary audits of financial reports [2] - The latest IPO progress for Ruijian Medical is marked as "suspended" [1] Group 2: Related Party Transactions - The Beijing Stock Exchange raised concerns about the sales to Lepu Medical's subsidiary in India, questioning the fairness of pricing and the authenticity of receivables [3] - Sales to Lepu Medical in India showed lower gross margins compared to the company's average gross margin, raising suspicions of potential benefit transfer [3][4] - The company provided a credit period of 150 days to Lepu Medical, significantly longer than the 15-90 days offered to other overseas clients [3] Group 3: Sales Expenses and Financial Integrity - The sales expense ratio of Ruijian Medical is significantly lower than that of comparable companies, raising questions about the completeness and authenticity of sales expenses [7] - The actual controller transferred a total of 16.4 million yuan to the sales director, which remains unpaid, drawing attention to potential financial irregularities [8] - The company reported sales expenses of 35.3 million yuan in 2024, primarily consisting of market promotion, employee salaries, and travel expenses [7] Group 4: R&D Capitalization - Ruijian Medical's R&D expenses capitalized during the reporting period amounted to 3.8 million yuan, 12.2 million yuan, and 8.6 million yuan, raising questions about the prudence and compliance of its accounting treatment [10] - The company has capitalized R&D expenses for several projects, while comparable companies have not capitalized any R&D expenditures [10][11] Group 5: Revenue and Market Dynamics - The company reported that nearly 100% of its revenue comes from distributors, with a significant increase in the number of overseas distributors during the reporting period [12] - The implementation of centralized procurement policies is expected to impact the sales prices and gross margins of the company's blood dialysis products [19] - The company plans to raise 480 million yuan despite having nearly 500 million yuan in cash, questioning the necessity and reasonableness of the fundraising [20][21] Group 6: Corporate Governance and Control - The overseas equity structure of Ruijian Medical involves complex arrangements, with concerns about the stability of control and potential conflicts of interest due to relationships between the actual controllers [14][15] - The company has been asked to clarify the compliance and commercial rationale behind its overseas equity structure and any potential impacts on its independence [16][17]

Core Viewpoint - The company, Jianfan Biological (300529.SZ), provided insights on its sales performance related to centralized procurement and its overseas market expansion efforts. Group 1: Centralized Procurement Impact - In 2024, the sales revenue from high-flow and low-flow blood dialysis machines through centralized procurement is projected to be 9.62 million yuan, accounting for 0.36% of the total revenue during the same period [1] - The sales revenue from blood dialysis tubing through centralized procurement is expected to be 3.36 million yuan, representing 0.13% of the total revenue [1] - For the first half of 2025, the sales revenue from high-flow and low-flow blood dialysis machines through centralized procurement is anticipated to reach 15.2 million yuan, which will be 1.34% of the total revenue [1] - The sales revenue from blood dialysis tubing through centralized procurement in the same period is projected to be 2.45 million yuan, accounting for 0.22% of the total revenue [1] - Currently, the company's main product, blood perfusion devices, has not been included in the centralized procurement scope at the national or provincial levels [1] Group 2: Overseas Market Development - In the first half of 2025, the company expects to achieve revenue of 34.44 million yuan from overseas markets, which will constitute 3.04% of the total revenue [1] - The company plans to focus on international market expansion by actively engaging in cross-border research collaborations, refining its overseas distributor network, recruiting overseas marketing personnel, and concentrating on key countries [1] - The strategy aims to tap into overseas market opportunities and drive growth in international business through a dual approach of "chronic diseases + acute critical illnesses" [1]