（文章来源：证券日报） 证券日报网讯美康生物10月9日在互动平台回答投资者提问时表示，2025年，集中带量采购、检测套餐 拆解、收费标准化等政策全面推进，国内收入利润承压。公司自产收入主要由生化产品构成，经过肝 功、肾功、糖代谢三轮省际联盟集采，大部分生化项目已纳入集采范围。公司将加强精细化管理，实施 规模化生产，优化供应链，推动试剂上量，提高运营效率，提质增效，进一步提升公司在生免产品的市 场份额和品牌影响力。同时，公司将加快海外市场的布局，并在国内通过质谱、精准血脂等精准诊断产 品打造新的业绩增长点。 ...

深圳商报·读创客户端记者 马强 | 序号 | 原因 | 披露日期 | | --- | --- | --- | | | 2025年9月30日，睿健医疗因财务报告到期补充审计事项申请中止审核，根据 | | | | 《北京证券交易所向不特定合格投资者公开发行股票并上市审核规则》 第五十 | 2025-09-3 | | | 二条,中止其公开发行股票并上市审核。 | | 招股书显示，睿健医疗成立于2013年，是一家专业从事血液净化产品的研发、生产和销售的企业。公司主要产品包括血液透析器和血液灌流器，2024年公司 取得了血液透析机、连续性血液净化设备和连续性肾脏替代治疗管路等产品的医疗器械注册证，公司产品可以覆盖血液透析环节主要设备和耗材。 ▍关联交易真实公允性：向印度乐普销售毛利率低、账期长，是否存利益输送嫌疑？ 据北交所官网信息，9月30日，四川睿健医疗科技股份有限公司（下称"睿健医疗"）披露北交所针对公司IPO的第二轮审核问询函（以下简称二轮问询）。在 二轮问询中，北交所就公司IPO材料中关联交易公允性、销售费用真实性、研发资本化合规性、经销商终端销售穿透核查充分性、境外股权架构稳定性等问 题作出问询。 此外，9 ...

（记者 胡玲） 健帆生物（300529.SZ）9月30日在投资者互动平台表示，（1）2024年度公司高通量、低通量血液透析 器通过集采实现的销售收入为962万元，占同期营业收入的0.36%；血液透析管路通过集采实现销售收 入336万元，占同期营业收入的0.13%。2025年上半年公司高通量、低通量血液透析器通过集采实现销 售收入1520万元，占同期营业收入的1.34%；血液透析管路通过集采实现销售收入245万元，占同期营 业收入的0.22%。截至目前，公司主营产品血液灌流器产品未被纳入国家及省级等集中带量采购范围。 （2）2025年上半年公司海外市场实现收入3443.76万元，占公司收入的3.04%。未来公司将持续高度重 视国际市场开拓，通过积极开展跨国科研合作、梳理海外经销商体系、招募海外推广人员、聚焦重点国 家等策略，深挖海外市场机会，实现国际业务"慢病+急危病"双轮驱动，打开国际业务增长新局面。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，1、请问公司血液透析器和血液透析管路集 采量占去年总销售量比例？折价多少？集采对公司业绩的影响预计如何？2、公司的海外销售进展如 何？ ...

格隆汇9月29日丨中红医疗(300981.SZ)公布，控股子公司江西科伦医疗器械制造有限公司（简称"科伦医械"）于近期参加福建省漳州市 一次性使用压力延长管、注射器全省性联盟集中带量采购项目的投标工作。根据福建省漳州市一次性使用压力延长管、注射器全省性 联盟集中带量采购公告（第6号）显示，科伦医械部分产品拟中选上述集中带量采购项目。 科伦医械注射器2024年度销售收入为6413万元，占科伦医械2024年度营业收入的34.84%，占公司2024年度营业收入的2.61%。科伦医械 上述拟中选产品的采购周期内，采购地区的医疗机构将优先使用公司拟中选产品，并确保完成约定采购量，后续签订购销合同并实施 后，将有利于进一步扩大中选产品的市场销售，提高市场占有率，提升品牌影响力，对公司长远发展产生积极影响。 | 品种分类 | 耗材型号规格 | 注册证号 | 注册分类 | 适用范围 | 拟中选价 格及数量 | 拟供应 地区 | | --- | --- | --- | --- | --- | --- | --- | | | 0. 45X15mm RWLB 1ml; 0.5X20mm | | | | | | | | RWLB 1 ...

Core Viewpoint - The company has successfully increased its market share in the in vitro diagnostics (IVD) sector while maintaining stable gross margins, thanks to its core technology and strategic responses to national procurement policies [1] Market Share and Procurement - Since the second half of 2021, the company has actively participated in multiple centralized procurement projects, leveraging its multi-product line advantage in the IVD field to expand market share [1] - The company's market ranking in the chemiluminescence business has improved to third place domestically, while its biochemical business has surpassed a 15% market share for the first time [1] - The company has successfully won multiple bids for high-value consumables in 2024, including ultrasound knives and laparoscopic anastomosis devices, breaking into top-tier hospitals [1] Profitability and Cost Management - The company has managed to maintain its gross margin despite increased market share, primarily due to its mastery of core technologies [1] - The company aims to reduce the cost of chemiluminescence reagents by at least 50% over three years through increased self-manufacturing of core raw materials [1] - The introduction of new high-end ultrasound devices has allowed the company to double the price compared to previous models due to significant improvements in image performance [1] Innovation and Marketing - The company's technological innovations are increasingly competitive with imported brands, with some products leading in technology, which accelerates the acquisition of high-end clients [1] - The strategy to increase the revenue share of flow-type businesses, such as IVD reagents and high-value consumables, is expected to positively impact future profitability [1] Employee Engagement and Management - The company conducts regular employee surveys to assess management effectiveness and drive improvements, with a participation rate of 92.64% in the latest survey [1] - Survey results indicate that 84.78% of employees are engaged, and 80.23% express overall recognition of the company's management, culture, and development [1] - Approximately 89.16% of employees are confident in the company's future development [1]

上海建发致新医疗科技集团 股份有限公司 （上海市杨浦区杨树浦路 288 号 9 层） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年九月 股票简称：建发致新 股票代码：301584 上海建发致新医疗科技集团股份有限公司 上市公告书 特别提示 上海建发致新医疗科技集团股份有限公司（以下简称"建发致新"、"本公司"、 "公司"或"发行人"）股票将于 2025 年 9 月 25 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词释义与《上海建发致新医疗科技集团 股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股说明书"） 中的相同。如本上市公告书中合计数与各加数直接相加之和在尾数上存在差异，系由于 ...

Core Viewpoint - Zhenghai Biological's performance in the first half of 2025 shows a significant decline in revenue and net profit, primarily due to the contrasting performance of its core products, with the membrane series growing while the oral repair membrane business suffers a decline [1][2][3]. Financial Performance - The company reported a revenue of 187 million yuan, a year-on-year decrease of 5.14% [1]. - The net profit attributable to shareholders was 46.49 million yuan, down 45.97%, marking the largest decline since its listing [1]. - The gross profit margin decreased by 2.81 percentage points to 83.92%, and the net profit margin fell from 43.45% to 24.75% [3]. Product Performance - The membrane series products achieved sales of 80.27 million yuan, a year-on-year increase of 5.88%, benefiting from continued success in centralized procurement [1][2]. - In contrast, the oral repair membrane's revenue was 77.12 million yuan, down 19.38%, with a gross margin decline of 1.63 percentage points to 85.98% [2][3]. - The company attributes the decline in the oral repair membrane segment to intense competition in the private market and a lack of demand in the dental implant market [2]. Marketing and Sales Strategy - Sales expenses increased by 38.87% to 71.18 million yuan, primarily for market promotion and competitive marketing strategies [1][3]. - Despite the increase in marketing expenses, the sales expense ratio rose from 25.88% to 37.90%, indicating that higher spending did not translate into improved market share [3]. New Product Development - The company is focusing on new products like active biological bone, which has started sales in 2023, but specific revenue figures have not been disclosed [5]. - Future products, including calcium silicate biological ceramic bone repair materials and uterine cavity repair membranes, are in various stages of development and are expected to contribute to revenue in the next 2-3 years [5][6]. - The success of new products will depend on their ability to gain market share amidst intense competition [6].

针对投资者关心的公司新品活性生物骨产品、生物陶瓷骨修复材料等，正海生物也给予了回应。 日前，正海生物（300653）接受投资者调研，针对上半年业绩变动以及相关产品销售情况进行了回应。 财报显示，2025年上半年，正海生物实现营收1.87亿元，同比减少5.14%，净利润4648.57万元，同比减 少45.97%。正海生物表示，上半年公司的收入下滑主要受口腔板块的收入下滑影响，种植市场需求不 旺，竞争日益激烈，产品价格走低导致口腔修复膜收入同比下滑。此外，受到税率调整的影响，公司整 体收入承压。 据介绍，目前，口腔修复膜和脑膜系列产品仍是正海生物的主要收入来源，其中，脑膜系列产品合计实 现销售收入8027.17万元，在辽宁牵头省际联盟、陕西牵头省际联盟、河北省、山东省的接续采购项目 中成功中选，继续保持着脑膜系列产品在集中带量采购项目中持续中标的良好态势。口腔修复膜实现销 售收入7711.62万元，尽管行业面临竞争加剧、需求波动等压力和挑战，但正海生物坚持精准化营销策 略，不断增进与头部终端的紧密合作，稳住了渠道对市场份额的覆盖。 此外，2025年上半年，正海生物新产品口腔修复膜产品获证，钙硅生物陶瓷骨修复材料进 ...

Core Viewpoint - Recently, Xinmai Medical announced a forecast for its 2025 semi-annual performance, indicating a decline in both revenue and net profit, attributed to market environment changes and adjustments in product pricing and promotion strategies [1][2]. Financial Performance - Xinmai Medical expects revenue for the first half of 2025 to be between 708 million and 787 million yuan, a year-on-year decrease of 0% to 10% [1]. - The forecasted net profit attributable to shareholders is estimated to be between 304 million and 361 million yuan, reflecting a year-on-year decline of 10.52% to 24.78% [1]. - The company has experienced a continuous decline in revenue growth, with a 4% year-on-year drop in Q2 2024 and a 15% decline in net profit [2]. Market and Product Analysis - Xinmai Medical operates in the field of aortic and peripheral vascular interventional medical devices, with a market size of 372 billion yuan in 2021, projected to reach 1,402 billion yuan by 2030, representing a compound annual growth rate of 15.9% [4]. - The company’s innovative products, such as the Castor and Minos stents, have shown growth in hospital admissions and terminal implant volumes, but overall sales growth is impacted by market conditions [1][4]. Pricing and Regulatory Challenges - There is significant concern regarding the price disparity between the factory price and the terminal sales price of the Castor stent, which has drawn regulatory scrutiny [5][6]. - The National Medical Insurance Administration has issued inquiries regarding the high pricing of the Castor stent, with factory prices around 50,000 yuan and terminal prices exceeding 120,000 yuan [5]. - A price adjustment plan was proposed by the company, but the price difference remains significant [5]. Sales Model and Distribution Changes - The company has shifted its sales model to include regional distributors, which has lengthened the sales chain and increased the proportion of total sales attributed to these distributors [6][7]. - In 2023, major distributors accounted for nearly 40% of the company's revenue, indicating a significant change in the sales structure [6][7]. Impact of Centralized Procurement - Xinmai Medical's products are participating in multiple centralized procurement projects, which may lead to further price reductions in the market [8]. - The company’s primary revenue source, aortic stents, accounted for over 70% of its income in 2024, making it vulnerable to the impacts of centralized procurement policies [8]. New Product Development - The company has several new products expected to launch in 2025, including the Cratos® stent system and the Tipspear® kit, which may help mitigate some of the negative impacts from pricing pressures [9]. Compliance and Tax Issues - Xinmai Medical faced compliance issues leading to the cancellation of its high-tech enterprise status, resulting in a tax payment of approximately 60 to 70 million yuan, which is expected to impact net profit by over 10% [12]. - The company has since regained its high-tech enterprise certification, allowing it to continue benefiting from a reduced tax rate [12].

Core Insights - The central viewpoint of the articles emphasizes the ongoing optimization and challenges of the centralized drug procurement system in China, highlighting the need for improved execution and collaboration among medical institutions and pharmaceutical companies [1][2][3]. Group 1: Current Status of Centralized Procurement - Since 2018, China has organized 10 batches of drug procurement and 5 batches of high-value medical consumables procurement, successfully procuring a total of 435 types of drugs [1]. - The execution of the 10th batch of procurement began on April 30, with 21 out of 88 selected products having procurement tasks, of which 17 have been successfully procured [1]. - Some medical institutions still face issues such as "reporting but not procuring" and delays in procurement progress, while some pharmaceutical companies have not signed contracts with designated medical institutions in a timely manner [1][3]. Group 2: Optimization Measures - Recent notifications from various regions, including Beijing and Tianjin, aim to promote the orderly implementation of procurement results and ensure compliance with the centralized procurement mechanism [2]. - A monitoring mechanism has been established to track procurement progress and ensure that medical institutions fulfill their procurement responsibilities within three months of the procurement results [3][5]. - The need for refined management and higher collaborative efficiency among stakeholders is emphasized, with suggestions for mandatory compliance with procurement results [2][3]. Group 3: Challenges in Execution - Factors affecting procurement progress include unreasonable reporting by hospitals, such as incorrect unit reporting and over-reporting due to high inventory levels [3][4]. - Clinical habits and long-term relationships between medical institutions and distribution companies can hinder the adoption of selected products, as some non-procured products may offer hidden benefits [4][6]. - The decline in demand for certain drugs due to changes in disease prevalence and patient preferences also poses challenges for procurement [4][6]. Group 4: Policy and Regulatory Developments - The National Healthcare Security Administration has issued policies to enhance the procurement and execution mechanisms, encouraging compliance from medical institutions and pharmaceutical companies [3][7]. - Regions like Beijing have introduced flexible assessment criteria for procurement, allowing exceptions for changes in clinical demand due to public health events or guideline updates [7][8]. - Continuous efforts are being made to improve the efficiency of fund circulation between healthcare providers and pharmaceutical companies, addressing the longstanding issue of "triangle debts" [9][10]. Group 5: Future Directions - The articles suggest that further optimization of the procurement process is necessary, including the exploration of direct settlement systems between healthcare funds and pharmaceutical companies [9][10]. - The implementation of a prepayment system and enhanced risk control measures are recommended to streamline the procurement process and improve overall efficiency [10]. - Strengthening the responsibilities of all parties involved and enhancing full-process management are crucial for the sustainable development of the centralized procurement system [10].