Core Viewpoint - The stock price of Aihuilong has shown a slight increase of 2.04% this year, with a current trading price of 14.49 CNY per share and a total market capitalization of 8.279 billion CNY [1]. Group 1: Company Overview - Aihuilong Biotechnology Co., Ltd. was established on September 17, 2008, and went public on May 17, 2021. The company specializes in the research, production, and sales of in vitro diagnostic instruments and related reagents, primarily using chemiluminescence immunoassay technology [1]. - The revenue composition of Aihuilong includes: self-produced reagents (non-COVID products) 58.57%, self-produced consumables (non-COVID products) 12.60%, self-produced instruments (non-COVID products) 11.92%, agency reagents 11.02%, agency consumables 3.30%, other (supplement) 1.89%, agency instruments 0.68%, and software services 0.04% [1]. Group 2: Financial Performance - For the period from January to September 2025, Aihuilong reported a revenue of 1.287 billion CNY, representing a year-on-year decrease of 7.69%. The net profit attributable to the parent company was 60.42 million CNY, down 72.36% year-on-year [2]. - Since its A-share listing, Aihuilong has distributed a total of 693 million CNY in dividends, with 531 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Aihuilong had 12,800 shareholders, an increase of 7.40% compared to the previous period. The average circulating shares per person decreased by 6.89% to 44,595 shares [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Medical ETF (512170) ranked as the seventh largest, holding 9.6516 million shares, a decrease of 1.7669 million shares from the previous period [3].

北交所报告 北交所 12 月份定期报告 北 交 所 定 供给提速延续，打新热度不减 2026 年 1 月 5 日 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn S0340522040001 电话：0769-23320059 邮箱：lvziwei@dgzq.com.cn 证 券 研 资料来源：iFind，东莞证券研究所 核心观点： 分析师：李紫忆 SAC 执业证书编号： 分析师：吕子炜 SAC 执业证书编号： 12月北交所延续高频供给态势，新股活跃与打新热度持续维持高位，市场 重心由前期普涨逐步转向"新股+结构性主题"驱动。一级市场节奏明显提 速，注册、排队、发行等环节衔接更为顺畅，显示出制度化常态运作特征 进一步强化。与此同时，近期上市企业普遍具备更高的成长性与规范性， 供给质量呈现边际改善，推动资金逐步形成偏好重构。二级市场层面，随 着估值中枢阶段性修复到位，存量博弈下的结构分化特征更趋明显，资金 更偏好流动性充足、预期兑现路径清晰的标的。整体看，短期交易重心仍 将围绕新股表现与主题外溢轮动展开，中期关注高质量供给持续释放下的 配置机会。 期 报 ...

Core Viewpoint - The medical device sector is experiencing significant growth, with notable stock increases for companies like Lepu Medical, Mindray, and United Imaging, driven by favorable regulatory developments and market sentiment [1][2]. Group 1: Stock Performance - Lepu Medical's stock surged by 20%, while Mindray and United Imaging saw increases of over 4% [1]. - Medical device-related ETFs rose by more than 5%, indicating strong investor interest in the sector [1]. Group 2: Regulatory Developments - The National Medical Products Administration has developed a "Priority Approval List for High-end Medical Devices (2025 Edition)," which includes advanced technologies such as medical electronic accelerators and implantable brain-machine interface devices [2]. - The inclusion of these high-end products in the priority approval category highlights the government's support for technological advancements in the medical device industry [3]. Group 3: Market Potential - The brain-machine interface sector is characterized by diverse application scenarios and rich research and development pathways, suggesting a broad potential market space [3]. - With supportive policies for product registration and medical insurance project approvals, the commercialization process for these technologies is expected to accelerate [3].

Group 1 - The core viewpoint of the news is that Baolait Medical Technology Co., Ltd. has seen a stock price increase of 5.31%, reaching 8.53 CNY per share, with a total market capitalization of 2.257 billion CNY as of January 5 [1] - The company, founded on June 28, 1993, and listed on July 19, 2011, specializes in the research, production, sales, and service of medical device products [1] - The main revenue composition of the company includes hemodialysis products at 77.51%, monitoring equipment at 21.39%, and other products at 1.10% [1] Group 2 - From the perspective of Baolait's top ten circulating shareholders, Citic Prudential Fund has entered the list with its multi-strategy mixed fund (LOF) A, holding 1.055 million shares, which is 0.5% of the circulating shares [2] - The fund has achieved a year-to-date return of 45.48%, ranking 1493 out of 8155 in its category [2] - The fund manager, Wang Ying, has been in the position for 8 years and 326 days, with the fund's total asset size at 4.904 billion CNY [3]

公告提到，西安康复公司在研发、生产及销售等方面进展良好，凭借专业技术积累和精准市场定位，已 初步建立起良好产业基础。此次增资旨在加快康复器械的研发、生产与销售进程，进一步扩大公司规 模。 近日，新华医疗（600587）发布公告称，拟使用自有资金6000万元向全资子公司新华医疗康复产业（西 安）有限公司（简称"西安康复公司"）增资，以补充其营运资金、增强发展能力。 ...

Group 1 - The pharmaceutical and biotechnology industry is entering a critical phase of innovation realization and global layout, with a resonance of industrial, policy, and capital cycles expected by 2026, leading to a potential performance inflection point and valuation reshaping for Chinese innovative drugs, particularly in next-generation therapies such as ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - The impact of policies on the medical device industry is diminishing, with over half of the market covered by centralized procurement, allowing domestic companies to achieve technological breakthroughs in certain high-end fields and surpass foreign competitors, alongside rapid growth in exports, which are expected to increase by 7.3% year-on-year from January to November 2025 [1] - The medical equipment sector is driven by a significant increase in procurement volume, with a projected 40% year-on-year growth in bidding amounts for 2025, positioning flow-type products and high-end export enterprises for high growth [1] - The demand for blood products and plasma collection continues to grow, with resources concentrating towards leading companies, and stable demand for major products such as albumin and immunoglobulin [1] Group 2 - The ChiNext Medical ETF (159377) tracks the Innovative Medicine Index (399275), which has a daily price fluctuation limit of 20%, and selects listed companies in the biotechnology, genetic engineering, and new drug development sectors from the ChiNext market to reflect the overall performance of high-growth and innovative biopharmaceutical frontier enterprises [1]

Market Overview - The Shanghai Composite Index closed at 4011.45 points, above the five-day moving average, with an increase of 1.07% [1] - The total trading volume of A-shares reached 1.960478 trillion yuan [1] Stock Performance - A total of 1880 A-shares have prices that surpassed the five-day moving average [1] - Stocks with significant deviation rates include: - BeiYikang (证券代: 920199) with a deviation rate of 18.85%, closing at 44.96 yuan, up 29.98% [1] - WeiSi Medical (证券代: 688580) with a deviation rate of 15.01%, closing at 58.08 yuan, up 20.00% [1] - ChengYiTong (证券代: 300430) with a deviation rate of 14.78%, closing at 23.06 yuan, up 19.98% [1] Additional Notable Stocks - Other notable stocks with high deviation rates include: - GuanHao Biological (证券代: 300238) at 14.72% [1] - DiNaiKe (证券代: 300884) at 14.64% [1] - MeiHao Medical (证券代: 301363) at 14.46% [1] - Stocks with lower deviation rates that just crossed the five-day moving average include: - ChenZhan Optoelectronics (证券代: 688767) at 12.64% [1] - SaiNuo Medical (证券代: 688108) at 12.19% [1]

蓝帆医疗兼具股权与资产价值的巨大潜力释放空间，正通过聚焦主业、剥离非核心资产的组合动作，同 步实现资产价值显性化与资产负债结构优化两大目标。此前，健康防护板块引入泰国长线投资者HKG 增资，2亿美元增资款已于12月全部到位；心脑血管板块完成10亿元A轮战略融资，两大核心业务的资 产价值与发展前景得到专业资本背书。同时，蓝帆医疗也积极推进非核心资产剥离，于12月30日公告启 动对应急救护业务全资子公司武汉必凯尔100%股权的出售，此举不仅能充分盘活存量资产、兑现资产 价值，更与交易方明德生物（002932）达成互利共赢的合作格局。 上述资本运作已形成对公司财务基本面的强力支撑，HKG增资款中，山东蓝帆健康科技将以8亿元收购 蓝帆医疗旗下两家丁腈手套子公司100%股权，相关资金将直接回流上市公司，为即将到期的"蓝帆转 债"兑付提供有力保障。此外，武汉必凯尔股权出售交易落地后，将进一步夯实公司财务根基、提升整 体偿债能力。随着增资款项的逐步回流及股权出售的有序推进，公司流动性水平预计将持续改善，偿债 能力持续增强。 业务层面，蓝帆医疗两大核心板块有望实现突破式发展。健康防护板块借力本次泰方增资，同步完成对 上游能源 ...

Core Viewpoint - The article emphasizes the importance of the IPO stage for medical device companies, highlighting that these companies often feel hesitant to communicate during this critical period [2]. Summary by Sections IPO Documentation and Communication - The article discusses the contents of the prospectus and the information that can be interpreted and utilized, as well as the communication limitations for companies before and after going public [3]. - It raises questions about the roles of marketing and branding departments during this phase, indicating a lack of systematic guidance and reliance on experiences from investment banks and listing teams [3]. Event Information - An organized event for a small group of participants is scheduled for January 15, 2026, in Shanghai, focusing on IPO-related discussions for medical device companies [4]. - The event is free but requires registration, which will be reviewed [4]. Agenda and Participants - The agenda includes self-introductions, a presentation by a guest speaker, and open discussions, targeting market/brand leaders from companies planning or undergoing IPOs, as well as management and strategic personnel [6]. - The guest speaker will cover three main topics: the readability of medical device prospectuses, compliance boundaries for communication before and after IPO, and executable promotional strategies for companies [7]. Key Topics of Discussion - The article outlines the basic structure and key modules of a prospectus, what different roles (marketing, investment, partners) typically focus on, and the distinction between factual statements and potentially misused content [7]. - It also addresses what can be communicated and what should be avoided, along with common pitfalls in promotional activities [7]. - The differences in risks before and after the IPO stage are highlighted, along with recommendations for effective communication strategies during the IPO process [7].

近日， 冰晶智能宣布完成数千万人民币 A 轮融资 。本轮投资方为 江夏科投 、 盛科智造 ， 天超资本 、 大桉资本 （DAION CAPITAL）担任本轮财务顾问。公司表示，本轮融资资金将主要用于生产基地建设、运营投入及流动资金补充。 # ICE 市场前景及概况 心腔内超声（ ICE ）是一种 将相控阵超声成像和心脏导管术进行融合的经皮血管介入超声影像技术 。 ICE 具有 实时超声成像 、 不受成像窗限制 以及 良好耐受性 等优点。在手术实施过程中只需局部麻醉，调弯操作灵活，超 声影像全程可视，帮助临床医生获取心腔内的解剖结构，实时监测术中并发症，并进行多普勒血流评估。 近年来，随着结构性心脏病和心律失常疾病介入诊疗技术的快速发展，对术中影像的要求越来越高，随着 ICE 技术的适用范 围越来越广， ICE 导管逐渐成为心脏介入医生的 " 黄金眼 " 。 产品采用了业 内 首创的新一代声能转换系统 ，可有效提升信号采集、传输效率及图像清晰度；同时，HD-ICE系统采用了 国产首创的高清心脏图像专用处理系统 ，运用业内最新的算法技术，有更快的成像速度，从而可以满足更多的临床需求。 ▲公司相关产品线 在临床层面 ...