登录新浪财经APP 搜索【信披】查看更多考评等级 爱得科技（苏州爱得科技发展股份有限公司）即将于2025年11月21日接受北交所上市委员会审议，但其 IPO之路可谓荆棘密布。这家主营骨科耗材的医疗器械企业虽在2024年业绩止跌企稳，却深陷集采政策 冲击、财务内控不规范、实控人高度控股等多重困境。 例如，2022年、2023年第二大客户融誉医疗于2019年5月成立，注册资本100万元，实缴资本仅12.5万 元，参保员工仅2人，却在成立第二年为爱得科技贡献1456.72万元收入，占总营收5.88%。这些异常经 销商的存在，使得公司收入确认的真实性和准确性受到严重质疑。 陆强和黄美玉夫妇为爱得科技的控股股东及实际控制人，直接持有和控制的公司股份比例共计 79.07%，对公司拥有绝对控制权。这种高度集中的股权结构引发了监管对"实际控制人不当控制"的风险 关注。公司虽称已建立较为完善的公司治理结构，但坦言若陆强、黄美玉利用其控制地位对公司的人事 任免、财务决策、重大经营等方面进行干预，可能会损害公司及中小股东的利益。 对关键高管李逸飞的依赖程度极高。李逸飞作为公司总经理，长期负责销售及渠道管理。更值得关注 的是，201 ...

（编辑 袁冠琳） 证券日报网讯 福安药业11月19日在互动平台回答投资者提问时表示，公司子公司持有帕拉米韦注射液 生产批文，该药品可用于甲型和乙型流感的治疗，受集采政策、市场竞争环境变化等多重因素影响，截 至目前公司帕拉米韦注射液销量非常少，对公司当前整体营业收入和经营业绩没有重大影响。 ...

Core Viewpoint - The company continues to experience high growth in revenue and profit in Q3 2025, with overall performance meeting expectations. Short-term growth is driven by the implementation of centralized procurement for craniofacial repair PEEK products, while long-term growth is supported by a comprehensive layout in neurosurgical consumables and active external expansion efforts [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 249 million yuan, a year-on-year increase of 30.53%, and a net profit attributable to shareholders of 76 million yuan, up 43.65%. The non-recurring net profit was 73 million yuan, reflecting a 57.94% increase [2] - In Q3 alone, the company achieved revenue of 91 million yuan, a 32.74% year-on-year growth, and a net profit of 29 million yuan, up 39.89%. The non-recurring net profit for the quarter was 27 million yuan, marking a 45.54% increase, indicating a significant profit growth rate compared to revenue growth due to scale effects and cost optimization [3] Product Line Analysis - The company’s four major business segments are developing synergistically, with clear growth logic. The artificial dura mater patch remains a cornerstone business benefiting from centralized procurement policies, while craniofacial repair and fixation systems (PEEK) continue to grow rapidly due to price advantages from centralized procurement [4] - New products such as absorbable regenerated oxidized cellulose (hemostatic gauze) and dura mater medical glue have shown strong growth, with combined revenue increasing by 169.66% year-on-year in the first half of 2025, continuing the high growth trend into Q3. Successful bidding for hemostatic materials in Tianjin could accelerate product volume [4] Strategic Developments - The company is progressing with the acquisition of Yijie Medical, which focuses on the research, production, and sales of neuro-interventional medical devices. This acquisition is expected to expand the company’s business from neurosurgery to neurology, enhancing its product matrix and opening up long-term growth potential [4] Profitability and Cost Structure - The company’s overall gross margin for the first three quarters of 2025 was 80.87%, an increase of 2.65 percentage points year-on-year, driven by scale effects and improved margins on new products. The sales expense ratio remained stable at 17.75%, while the management expense ratio decreased by 3.83 percentage points to 19.66%, reflecting effective cost control [5] - Research and development expenses increased by 54.88% year-on-year, with a research expense ratio of 10.34%, indicating a commitment to advancing clinical trials for new products [5] Earnings Forecast and Valuation - Short-term growth is expected to continue with the ongoing volume increase of craniofacial repair PEEK products and the accelerated promotion of new products. Mid-term, the company’s comprehensive layout in neurosurgical consumables is anticipated to enhance market share. Long-term, the acquisition of Yijie Medical is projected to create business synergies and unlock growth potential [6][7] - Revenue forecasts for 2025-2027 are 366 million, 480 million, and 627 million yuan, representing year-on-year growth rates of 31.57%, 30.98%, and 30.66%, respectively. Net profits are projected at 111 million, 146 million, and 190 million yuan, with growth rates of 40.74%, 31.11%, and 30.60% [7]

Core Viewpoint - Shanghai Haohai Biological Technology Co., Ltd. (Haohai) has announced the acquisition of the remaining 20% stake in Shenzhen New Industry Ophthalmology Technology Co., Ltd. for 74 million yuan, aiming to enhance its market competitiveness in ophthalmic products amid declining performance in its core business [1][3]. Group 1: Acquisition Details - Haohai's wholly-owned subsidiary, Shanghai Haohai Pharmaceutical Technology, will acquire the remaining 20% stake in New Industry Ophthalmology, completing a nine-year strategic layout that began with a 60% stake acquisition in November 2016 [1][2]. - New Industry Ophthalmology specializes in manufacturing and selling orthokeratology lenses and intraocular lenses, as well as distributing various imported ophthalmic products in mainland China [1]. Group 2: Financial Performance - As of December 31, 2024, New Industry Ophthalmology's total assets were valued at 250 million yuan, with projected after-tax profits of 32.735 million yuan for 2023, 22.0062 million yuan for 2024, and 16.1877 million yuan for the first half of 2025 [2]. - The acquisition is expected to improve management and operational efficiency, thereby enhancing the competitiveness of Haohai's ophthalmic products [2]. Group 3: Business Challenges - Haohai's overall performance has been under pressure, with a significant slowdown in revenue growth. In 2024, the company reported revenue of 2.698 billion yuan, reflecting a mere 1.64% year-on-year increase, a stark contrast to the double-digit growth seen from 2021 to 2023 [3]. - The company's three main business segments, including ophthalmology, experienced revenue declines in the first half of 2025, with ophthalmic products down by 18.61% [4]. Group 4: Strategic Response - The acquisition of New Industry Ophthalmology is viewed as a strategic move to address declining performance, with Haohai planning to enhance its product offerings and market presence in the ophthalmic sector [6]. - The company aims to promote its self-developed orthokeratology lenses and expand its product line to improve market share, despite ongoing challenges from price reductions due to national and provincial procurement policies [5][6].

小财米 洛溪/文 导语：在2025年前三季度盈利5878.20万元、同比增长26.70% 的亮眼数据背后，海圣医疗IPO闯关之路仍布满荆棘。监护仪屏幕上跳动的数字， 记录着患者生命体征的每一次波动；而海圣医疗的招股书中，集采产品收入占比从11.34%攀升至15.45%、2024年扣非净利润下滑9.41% 的数据， 同样牵动资本市场的神经。 2025年11月7日，浙江海圣医疗器械股份有限公司（以下简称海圣医疗）迎来北交所上市委员会的审议"大考"。这家由63岁老军医掌舵25年的企业，拟募资 3.7亿元冲击资本市场，但在闯关的最后关头，其产业链地位的薄弱与业绩不稳定等多重争议仍悬而未决。 原材料"卡脖子"与研发投入不足 高毛利表象下的业绩波动 海圣医疗的财务数据呈现出显著的不稳定性。2024年，公司营收同比下滑0.7% 至3.04亿元，扣非归母净利润降幅达9.41%，出现"增收不增利"的局面。这种 业绩波动在区域市场中表现得更为明显——华东、华南等核心区域收入集体下滑，监护类与手术护理类产品收入双双承压。 海圣医疗在产业链上游的脆弱性显而易见。原材料成本占生产成本60%以上，而对以色列供应商Elcam Medica ...

Core Insights - The pharmaceutical sector in 2025 is characterized by a stark contrast between innovative drug companies thriving in a capital-rich environment and traditional pharmaceutical firms struggling with declining revenues and profits [1][8]. Innovative Drug Sector - The A-share innovative drug sector experienced unprecedented growth in 2025, with external licensing transactions totaling nearly $66 billion in the first half, surpassing the entire 2024 figure of $51.9 billion, and reaching over $100 billion by September, a 170% year-on-year increase [2][4]. - Stock prices of innovative drug companies surged, with notable examples like Hengrui Medicine's share price rising from 65 yuan to 98 yuan, a 50.77% increase, and its market capitalization exceeding 500 billion yuan [4][5]. - The performance of innovative drug companies was robust, with Hengrui Medicine reporting a 15.88% increase in revenue to 15.76 billion yuan and a 29.67% rise in net profit to 4.45 billion yuan in the first half of 2025 [5]. - The integration of advanced technologies such as AI and big data into drug development has significantly enhanced efficiency and reduced costs, exemplified by Jingtai Technology's AI-driven experimental platform [6][7]. - The continuous influx of capital into the innovative drug sector has provided substantial financial support, with cumulative financing exceeding 1 trillion yuan from 2019 to 2025 [7]. Traditional Pharmaceutical Sector - In stark contrast, traditional pharmaceutical companies faced a challenging environment in 2025, with overall industry revenue declining by 3.06% and net profit dropping by 12.50% in the first half of the year [8]. - The chemical pharmaceutical sector saw a revenue decrease of 3.22% to 271.4 billion yuan, while the traditional Chinese medicine sector also reported a decline in revenue of over 5% [8]. - The vaccine sector experienced significant pressure, with revenues and net profits declining by 58% and 128.6%, respectively, due to intensified competition and reduced demand [8][9]. - The ongoing centralized procurement policies have severely impacted traditional pharmaceutical companies, leading to significant price reductions and profit margin compression [9][10]. - Many traditional firms are recognizing the need to transition to innovative drug development, but face substantial challenges including high R&D costs, lengthy development timelines, and the risk of clinical trial failures [10][11]. Market Dynamics and Future Outlook - The aging population and rising prevalence of chronic diseases are driving demand for innovative drugs, with elderly patients increasingly favoring targeted therapies over traditional treatments [12][13]. - Innovative drug companies are investing heavily in R&D, with Hengrui Medicine allocating 3.56 billion yuan in the first half of 2025, representing 22.56% of its revenue [14]. - Despite the current success of innovative drugs, challenges such as high R&D risks, intense market competition, and potential valuation bubbles pose significant threats to the sustainability of this growth [15].

智通财经APP获悉，中信建投发布研报称，随着集采政策影响逐步出清、库存和基数压力逐步减弱、美 对中关税缓和、出海和新产品新业务逐步放量，多家公司的业绩有望持续改善，26年相比25年业绩加 速;短期建议关注板块业绩改善背景下的结构性投资机会，长期建议关注创新、出海、并购整合的机 会。医疗服务板块25Q3收入同比小幅下滑，部分消费医疗服务公司客单价企稳回升，严肃医疗服务公 司业绩仍受多重政策影响而承压。 高值耗材板块：25Q3板块缓慢复苏，收入实现个位数增长，利润端出现下滑，各细分领域公司受集采 影响时点不同、消费等因素影响有所分化。展望25Q4及26年，部分集采出清或有新产品催化的公司将 迎来经营拐点。 IVD板块：受集采、检验收费价格调整、套餐解绑、增值税等因素影响，25Q3板块降幅缩窄，部分公 司Q4或明年有望迎来业绩拐点。 其他部分器械公司：家用医疗器械公司业绩有所分化，国内消费需求温和复苏，多家企业积极拓展出海 业务或新增长点。低值耗材不少企业出口占比较高，Q3受关税影响增速继续承压。 医疗服务：25Q3收入同比小幅下滑，部分消费医疗服务公司客单价企稳回升。2025Q3板块营收、归母 净利润、扣非归母净 ...

Core Insights - The company's 9M25 revenue and net profit attributable to shareholders were 15.758 billion and 646 million CNY, showing a year-on-year decline of 1.5% and 9.8% respectively [1] - The 3Q25 revenue showed a stable growth of 2.0% year-on-year, while net profit attributable to shareholders decreased by 14.0% [1] - The decline in performance is primarily due to the impact of centralized procurement policies on the pharmaceutical wholesale business, leading to a temporary decrease in hospital drug sales [1][2] Financial Performance - 9M25 industrial revenue was 860 million CNY, with a net profit of 123 million CNY, reflecting a growth of 6.44% but a decline in net profit by 13.38% year-on-year [2] - The wholesale revenue for 9M25 was 12.236 billion CNY, with a net profit of 405 million CNY, down 3.79% and 11.25% year-on-year respectively [2] - Retail revenue for 9M25 was 2.591 billion CNY, with a net profit of 117 million CNY, showing stable growth of 8.17% and a slight increase in net profit by 0.23% year-on-year [2] Margin and Cash Flow - The gross margin for 9M25 was 10.88%, a decrease of 0.88 percentage points year-on-year, attributed to the impact of centralized procurement [3] - Operating cash flow improved year-on-year, with a net cash flow of 135 million CNY, an increase of 10.1% [3] Business Outlook - The company maintains a "buy" rating, with expectations for net profit attributable to shareholders in 2025-2027 projected at 770 million, 800 million, and 820 million CNY respectively, reflecting a downward adjustment of 9.4% to 10.8% [4] - The estimated EPS for 2026 is projected at 1.94 CNY, with specific estimates for industrial, wholesale, and retail businesses being 0.68 CNY, 1.18 CNY, and 0.14 CNY respectively [4] - Target price is set at 21.70 CNY, down from the previous 23.61 CNY, with corresponding valuations for industrial, wholesale, and retail businesses at 13x, 10x, and 11x respectively [4]

Summary of Conference Call Notes Company and Industry Overview - The company operates in the healthcare and pharmaceutical sectors, facing challenges due to policy changes and market dynamics, particularly related to the "Duyiwai" product and its impact on revenue and profitability [2][3][9]. Key Points and Arguments Financial Performance - The pharmaceutical segment's revenue for the first three quarters declined by over 50% year-on-year, primarily due to the impact of the "Duyiwai" centralized procurement, leading to significant drops in both sales volume and price [2][3]. - The medical services segment reported revenue of 2.018 billion yuan, a year-on-year decrease of 13.88%, with a profit margin of 6.5%, down by 1.5 percentage points [3]. - The company managed to stabilize outpatient visits at approximately 800,000 per quarter, with outpatient average costs around 270 yuan [4]. Cost Management - The company implemented cost control measures, resulting in a 35% reduction in sales expenses and a 23% decrease in management expenses year-on-year [2][8]. - The expected sales expense ratio for the next year is anticipated to remain similar to the current year, while management expenses are projected to decrease further [8]. Hospital Operations and Capacity Expansion - The bed occupancy rate is close to 80%, with plans to add 2,000 new beds across various hospitals, including Siyang Hospital and Chongzhou Second Hospital [2][6]. - The company is actively adjusting its patient admission strategies in response to changes in medical insurance payment policies [5][6]. Market Outlook - Following the implementation of centralized procurement for "Duyiwai," the average sales price dropped by 55%, and sales volume decreased by 36% in the first three quarters [14]. - A rebound in sales is expected in the fourth quarter, with projections indicating that total revenue could reach 60% of the total from the first three quarters [14][19]. Strategic Initiatives - The company is focusing on enhancing the performance of the "Duyiwai" brand through product specification changes, expanding sales capabilities, and entering new markets [17][18]. - There are ongoing efforts to inject strategic investments into the "Duyiwai" brand to strengthen its market position [18]. Regulatory and Policy Challenges - The company is adapting to healthcare policy changes by restructuring its service offerings and optimizing cost structures to maintain profitability [20][21]. - The introduction of DRG (Diagnosis-Related Group) payment models is being managed to stabilize revenue streams, with no significant new instances of payment refusals reported [10][11]. Shareholder Dynamics - Significant changes occurred among the top ten shareholders, with some shares being sold off due to judicial auctions, while stable institutional investors have increased their holdings, indicating confidence in the company's future [16]. Additional Important Insights - The company is actively pursuing health technology asset injections to enhance its growth potential, despite regulatory challenges [22]. - The overall market sentiment remains cautious, with expectations of a recovery in the fourth quarter as operational adjustments take effect [19].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 21.70 [1][4][6] Core Insights - The company's revenue and net profit for the first nine months of 2025 showed a decline of 1.5% and 9.8% year-on-year, respectively, primarily due to the impact of centralized procurement policies on its high-revenue pharmaceutical wholesale business [1][2] - Despite the challenges, the company has demonstrated improved operating cash flow, with a net cash flow of RMB 1.35 billion, reflecting a year-on-year increase of 10.1% [3] - The company is optimistic about future performance recovery driven by product optimization, cost reduction, and policy adaptation [1][4] Summary by Sections Financial Performance - For 9M25, the company reported revenues of RMB 157.58 million and a net profit attributable to the parent company of RMB 6.46 million, with a decline in net profit margin [1][2] - The industrial segment's revenue increased by 6.44% year-on-year, while net profit decreased by 13.38% due to lower gross margins from centralized procurement [2] - Retail revenue remained stable, with a year-on-year increase of 8.17%, supported by differentiated product advantages and enhanced customer engagement strategies [2] Cost and Margin Analysis - The gross margin for 9M25 was reported at 10.88%, down by 0.88 percentage points year-on-year, attributed to the impact of centralized procurement on certain business segments [3] - The company maintained stable expense ratios across sales, management, R&D, and financial costs, indicating effective cost control measures [3] Future Projections - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of RMB 7.7 billion, RMB 8.0 billion, and RMB 8.2 billion, respectively, reflecting a downward revision of 9.4% to 10.8% compared to previous estimates [4] - The expected earnings per share (EPS) for 2025 is projected at RMB 1.94, with a gradual recovery anticipated in subsequent years [4][9]