香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 北 京 市 春 立 正 達 醫 療 器 械 股 份 有 限 公 司 Beijing Chunlizhengda Medical Instruments Co., Ltd.* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：1858） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由北京市春立正 達醫療器械股份有限公司（「本公司」）作出。 茲載列本公司在上海證券交易所網站刊登之《2025年年度報告摘要》，僅供參閱。 承董事會命 北京市春立正達醫療器械股份有限公司 董事長 史文玲 中國北京，2026年3月31日 截至本公告日期，本公司執行董事為史文玲女士、史春寶先生、岳術俊女士及解鳳寶先生；本公 司非執行董事為王鑫先生；及本公司獨立非執行董事為徐泓女士、翁杰先生及黃德盛先生。 * 僅供識別 北京市春立正达医疗器械股份有限公司202 ...

Summary of Key Points from Conference Call Records Company: Vico Technology Core Business and Financial Performance - Vico Technology's gross margin has rebounded to over 29%, with the proportion of high-margin precision molds increasing to 40%[1][2] - The company’s stock price has exceeded market expectations, with a 19% increase over the past five days, and institutional investor interest has significantly increased since February 2026[2] - Despite a decline in overall gross margin from 36% to 29% between 2020 and 2024 due to pressures in the home appliance sector, the company has achieved a continuous recovery in gross margin over three consecutive quarters starting in 2025[2] - Vico Technology's financial health is robust, with a strong cash flow reserve and a diversified business strategy that mitigates reliance on any single industry[2] Growth Areas and Strategic Developments - The MPO (Multi-fiber Push On) optical communication business is emerging as a new growth driver, with significant increases in component shipments in Q1 2026 and entry into the more technically demanding connector field[1][4] - The company is expected to achieve a revenue breakthrough in the MPO connector business by the second half of 2026, potentially becoming one of the few domestic suppliers for MPO connectors[5] - Vico Technology is also focusing on 3D printing technology, with the cost of titanium alloy frames dropping to approximately 270 RMB, making it competitive with CNC processing costs[1][10] Market Trends and Competitive Landscape - The global military trade landscape is shifting, with a decline in Russia's market share creating opportunities for Chinese companies in the Middle East and Southeast Asia[1][16] - The commercial aerospace sector is entering a growth phase in 2026, with significant orders for large satellite constellations expected to materialize[1][14] - The demand for conventional weapons and drones is increasing, particularly in the Middle East and Southeast Asia, driven by modern warfare needs[1][17] Industry Insights 3D Printing in Consumer Electronics - 3D printing technology is rapidly penetrating the consumer electronics sector, particularly in the production of titanium alloy components, with Apple integrating this technology into its products[7][8] - The cost of 3D printed titanium alloy frames has decreased by over 25% compared to 2023, indicating a significant economic viability for large-scale applications[10][11] - The market for 3D printing equipment and structural components is projected to reach approximately 70 billion RMB by 2027, with a total output value of around 150 billion RMB expected for structural components[11][12] Military and Aerospace Sector - The military sector's performance is sensitive to market risk preferences and liquidity, with demand driven by domestic procurement, military exports, and dual-use applications[13][14] - The commercial aerospace industry is expected to see significant growth, with new orders and technological breakthroughs anticipated in 2026[14][15] - Investment opportunities in the military sector are focused on drones, conventional munitions, and satellite communication services, particularly in light of geopolitical tensions[17][19] Investment Opportunities - Companies with strong technological foundations and the ability to integrate across the 3D printing value chain, such as Huazhu High-Tech and Dazhu Laser, are highlighted as having investment potential[12] - The military sector presents opportunities in drone technology, conventional munitions, and satellite information services, with specific companies recommended for further research[19]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][8]. Core Insights - The company is a key supplier in the nuclear power HVAC sector, with over 80% market share in China, and is expected to benefit from the accelerated pace of nuclear power construction during the 14th Five-Year Plan [6][8]. - The company is also venturing into the 3D printing business, which is anticipated to become a significant growth driver in the future [6][8]. - Financial forecasts indicate a recovery in profitability, with projected net profits of 0.42 billion, 1.14 billion, and 1.95 billion yuan for 2025, 2026, and 2027 respectively [7][8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 6.20 billion yuan in 2024 to 12.53 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 43.9% [2]. - The net profit attributable to shareholders is expected to increase significantly, from 0.42 billion yuan in 2025 to 1.95 billion yuan in 2027, reflecting a strong recovery trajectory [2][7]. - The earnings per share (EPS) is forecasted to rise from 0.09 yuan in 2025 to 0.41 yuan in 2027 [2][7]. Business Overview - The company specializes in ventilation and air handling systems, primarily serving the nuclear power, subway, and tunnel industries, with a strong competitive position in these markets [18][19]. - The 3D printing segment is being developed through its subsidiary, which aims to provide comprehensive 3D printing services and has already established initial partnerships in various industries [19][20]. Market Position and Competitive Advantage - The company holds a unique position as the first in the industry to obtain design and manufacturing licenses for nuclear-grade fans and valves, establishing a significant barrier to entry for competitors [6][8]. - The HVAC systems for nuclear power plants are critical for ensuring safety and operational efficiency, which enhances the company's value proposition in this sector [59][60]. Growth Drivers - The acceleration of nuclear power construction and infrastructure projects during the 14th Five-Year Plan is expected to drive demand for the company's products [10][11]. - The 3D printing technology, particularly its dual light source approach, is anticipated to find applications in high-tech industries, further diversifying the company's revenue streams [10][11].

Investment Rating - The report rates the industrial-grade 3D printing industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [3][12]. Core Insights - The demand for large-scale, high-stability, and multi-laser collaborative metal additive manufacturing equipment is continuously growing as industrial manufacturing evolves towards larger, integrated, high-precision, and high-efficiency directions [6]. - Significant advancements in beam shaping technology, ultra-fine printing, multi-laser systems, and AI applications are enhancing the efficiency and capabilities of 3D printing [6]. - The cost of titanium alloy powder for 3D printing has halved since 2023, driven by process improvements and reduced sponge titanium costs, opening up new application scenarios for 3D printing [6]. - Key application areas for metal 3D printing include aerospace, consumer electronics, and AI computing, where it addresses the limitations of traditional manufacturing processes [6]. Summary by Sections Market Demand and Technology Advancements - The report highlights the increasing market demand for large, stable, and efficient metal additive manufacturing equipment, with specific advancements in beam shaping technology leading to efficiency improvements of 69%-100% for various materials [6]. - Ultra-fine printing technology achieves a precision of 0.03mm and a density of 99.99%, enabling the production of complex structures [6]. - Multi-laser systems, such as the EP-M3050, can achieve forming speeds of 1500-3500 cm³/h, balancing high efficiency with stability [6]. - AI applications in powder detection enhance defect recognition and reduce re-powdering time, significantly improving operational efficiency [6]. Cost Reduction and Application Expansion - The price of titanium alloy powder for 3D printing has decreased from 600 RMB/kg to below 300 RMB/kg, facilitating broader adoption in various industries [6]. - In aerospace, 3D printing supports the shift towards high-frequency launches and scalable networks, allowing for rapid design iterations and reduced manufacturing cycles [6]. - In consumer electronics, the technology enables lightweight and complex structures, addressing the challenges of traditional manufacturing methods [6]. - In AI computing, 3D printing expands the processing capabilities of copper materials, making complex structures more controllable under high thermal densities [6]. Key Companies and Valuations - Notable companies in the sector include: - Huazhu Gaoke (华曙高科) with a market cap of 350.47 billion and projected net profits increasing from 0.67 billion in 2024 to 1.73 billion in 2026 [7]. - Plittech (铂力特) with a market cap of 257.53 billion and projected net profits rising from 1.04 billion in 2024 to 3.28 billion in 2026 [7]. - Jiangshun Technology (江顺科技) with a market cap of 88 billion and projected net profits increasing from 1.55 billion in 2024 to 1.75 billion in 2026 [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [13]. Core Insights - The company is projected to achieve significant revenue growth, with estimated revenues of 716 million, 1.34 billion, and 2.26 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 45.6%, 86.9%, and 68.5% [4][9]. - The net profit attributable to the parent company is expected to be 68 million, 165 million, and 309 million RMB for the same years, with growth rates of 1.4%, 142.6%, and 86.8% respectively [4][9]. - The company is focusing on expanding its 3D printing services, particularly in the consumer electronics sector, which is expected to drive rapid revenue growth [10]. - The industrial-grade 3D printing market is experiencing a surge in demand, and the company is well-positioned with a comprehensive product and service offering, creating a strong competitive barrier [10]. Financial Projections - Revenue and net profit forecasts for the company are as follows: - 2025: Revenue of 716 million RMB (+45.6% YoY), Net Profit of 68 million RMB (+1.4% YoY) - 2026: Revenue of 1.34 billion RMB (+86.9% YoY), Net Profit of 165 million RMB (+142.6% YoY) - 2027: Revenue of 2.26 billion RMB (+68.5% YoY), Net Profit of 309 million RMB (+86.8% YoY) [4][9]. - The price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 60X, 32X, and 19X respectively [4].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **华曙高科 (Huashu High-Tech)**, a company in the **3D printing** industry, particularly focusing on applications in the **3C (computer, communication, consumer electronics)** sector [1][2]. Key Financial Highlights - In **2025**, the company reported a revenue of **¥7.16 billion**, representing a **45.6% year-over-year increase**, indicating a strong reversal and high growth trend [1]. - For **4Q2025**, the revenue reached **¥3.18 billion**, showing a **116.2% year-over-year increase** and a **100% quarter-over-quarter increase** [1]. - The net profit attributable to shareholders for **4Q2025** was **¥0.53 billion**, which is a **128.2% year-over-year increase** and a **430% quarter-over-quarter increase** [1]. - The net profit margin for **4Q2025** was **16.8%**, up by **0.9 percentage points year-over-year** and **10.5 percentage points quarter-over-quarter** [1]. Core Business Insights - The company is experiencing a **surge in demand** for 3D printing services, particularly in the **3C sector**, driven by improvements in titanium powder production processes [1]. - Major smartphone manufacturers like **Apple, Honor, and Huawei** are accelerating the application of 3D printing titanium alloy technology in the mass production of precision components such as **foldable screen hinges and titanium alloy frames** [1]. Strategic Initiatives - The company has established a **joint venture** to expand its 3D printing services in the **civilian sector**, focusing on the **3C industry**, which is expected to drive rapid revenue growth [2]. - The **industrial-grade 3D printing** market is experiencing a significant increase in demand, necessitating a shift from traditional manufacturing processes to 3D printing technology to meet requirements for **heat dissipation and lightweight materials** [2]. - The company has a comprehensive product layout, covering both **metal and polymer 3D printers**, and is enhancing its service offerings in 3D printing, thereby building a **top-tier competitive barrier** [2]. Risk Factors - Potential risks include **underperformance in downstream application expansion**, **technology iteration risks**, **geopolitical and exchange rate fluctuations**, and **lock-up stock release risks** [3].

Core Viewpoint - Huashu High-Tech (688433.SH) reported a significant increase in revenue and profits for the fiscal year 2025, driven by technological innovations and market expansion [1] Financial Performance - The company achieved total operating revenue of 716 million yuan, representing a year-on-year growth of 45.55% [1] - Operating profit reached 66.79 million yuan, up 13.59% year-on-year [1] - Total profit amounted to 67.61 million yuan, reflecting a year-on-year increase of 1.84% [1] - Net profit attributable to shareholders was 67.98 million yuan, with a year-on-year growth of 1.15% [1] - The net profit excluding non-recurring gains and losses was 58.51 million yuan, showing a year-on-year increase of 6.73% [1] - Basic earnings per share were 0.1645 yuan, an increase of 1.23% compared to the previous year [1] Factors Influencing Performance - The company continuously upgraded equipment through technological innovation and optimized software systems, control modules, and production processes, significantly enhancing product printing efficiency [1] - Active expansion into downstream application markets and improvement of the industrial chain layout effectively boosted production efficiency and accelerated order delivery [1] - The company provided 3D printing services based on downstream customer needs, contributing to substantial revenue growth in 2025 [1] - The net profit attributable to shareholders remained stable compared to the previous year due to increased share-based payment amounts, higher depreciation costs from new factory buildings, and ongoing investments in research and development [1]

Core Insights - Hengli Intelligent Manufacturing (Yunnan) Technology Co., Ltd. utilizes 3D printing technology to produce complex metal components efficiently and cost-effectively, marking a significant advancement in manufacturing processes [1][2] - The company aims to target the Southeast Asian market, with its location in Qujing being strategically chosen for its practical support from local authorities [1] - The company has developed over 200 new products for well-known enterprises, supported by 82 utility patents and multiple invention patents [1] Group 1 - The factory features a "silent" manufacturing environment with smart production lines and minimal dust and noise [1] - The company has achieved a production value of 30 million yuan since its first phase began in May 2025, creating 60 jobs [2] - Future plans include the construction of a digital casting workshop and machining workshop, with an expected annual output value of 300 million yuan and over 150 jobs created [2] Group 2 - Hengli Intelligent Manufacturing is focused on reducing weight and increasing toughness for high-end equipment across various industries, including aerospace and automotive [2] - The establishment of a large-scale intelligent base for high-end aluminum alloy components is underway, contributing to the development of manufacturing in Yunnan [2]

Core Viewpoint - The orthopedic doctor Li Zhijiang has announced significant progress in his company, Aikang Medical, with multiple successful bids for advanced orthopedic surgical navigation systems in top-tier hospitals across China, indicating a strong market presence and growth potential [2][3]. Group 1: Company Developments - Aikang Medical has secured six new contracts since December 2024, including notable institutions like Zhejiang University First Affiliated Hospital and Peking University Third Hospital, showcasing its expanding footprint in the orthopedic sector [2][3]. - The company’s market capitalization is approaching HKD 7 billion, with an average of one Aikang prosthetic being implanted every two minutes [3]. - Aikang Medical's revenue for the first half of 2025 reached RMB 694.2 million, reflecting a 5.6% increase year-on-year, while net profit rose by 15.3% to RMB 160.6 million [8][9]. Group 2: Pricing and Market Strategy - The company faced significant pricing pressures due to centralized procurement policies, with initial price drops of 82% in the first round and an additional 6% in the second round [5][6]. - Despite these challenges, Aikang Medical has managed to increase its market share significantly, benefiting from its local service advantages and entering numerous top-tier hospitals [6][19]. - The company has successfully transitioned from traditional prosthetics to advanced digital and intelligent solutions, including a digital orthopedic platform and a smart surgical robot system [20][22]. Group 3: Technological Innovations - Aikang Medical has pioneered the use of 3D printing technology in orthopedic implants, significantly improving the integration of prosthetics with human bone and reducing risks of loosening and detachment [14][15]. - The introduction of a digital orthopedic solution covers the entire process from 3D modeling to customized prosthetics, enhancing surgical planning and execution [22]. - The company has also developed the first orthopedic medical-engineering interactive platform in China, which provides comprehensive pre-surgical planning and real-time monitoring during procedures [20][22]. Group 4: International Expansion - Aikang Medical is actively expanding its international presence, having acquired the UK orthopedic brand JRI in 2018 and establishing a dual-brand strategy to penetrate both developed and emerging markets [24]. - In the first half of 2025, the company reported overseas revenue of RMB 128 million, with ongoing registration processes in multiple countries [24].

Group 1 - The core point of the news is that Shenzhen Chuangxiang Sanwei Technology Co., Ltd. plans to issue up to 150,808,200 overseas listed ordinary shares and convert 393,412,551 shares held by 21 shareholders from unlisted domestic shares to overseas listed shares for trading on the Hong Kong Stock Exchange [1][3] Group 2 - According to the prospectus, Chuangxiang Sanwei Technology submitted its application to the Hong Kong Stock Exchange in August 2025, with China International Capital Corporation as the exclusive sponsor [3] - Chuangxiang Sanwei Technology is a leading global provider of consumer-grade 3D printing products and services, including 3D printers, 3D printing materials, and various services offered through Chuangxiang Cloud [3] - The company holds a market share of 27.9% in the cumulative shipment of consumer-grade 3D printers from 2020 to 2024, making it the largest provider in this sector globally [3] - Based on the projected shipment volume for 2024, Chuangxiang Sanwei Technology ranks second globally in consumer-grade 3D printers, first in consumer-grade 3D scanners, and third in consumer-grade laser engraving machines [3]