Core Insights - The medical color Doppler ultrasound equipment is a crucial imaging device used for various examinations in fields such as abdominal, cardiac, vascular, and obstetrics and gynecology [2] Market Overview - The color Doppler ultrasound category dominates the procurement of ultrasound imaging diagnostic devices, with a procurement quantity of 9,490 units from January to August 2025, accounting for 80.49% of the total quantity and 85.31% of the total value [3] - The domestic color ultrasound market is characterized by a "dual leader" pattern, with Mindray Medical and Kaidi Medical leading the domestic sector, while high-end fields remain dominated by imported brands like GE and Philips [3][11] - The domestic ultrasound market is expected to grow to 17.1 billion yuan by 2026, with a compound annual growth rate of 10.5% from 2021 to 2026 [7] Competitive Landscape - Mindray Medical holds the largest market share at approximately 25.49% for color Doppler ultrasound diagnostic devices, while Kaidi Medical has a market share of about 7.11% [11] - Imported brands still dominate high-end specialized ultrasound fields, but domestic brands are gaining ground in portable and mid-to-low-end markets [11] - The procurement of ultrasound devices in tertiary and above medical institutions accounted for 40.51% of the total quantity and 52.49% of the total value, with a median price of 1.0838 million yuan [7] Technological Trends - The development of ultrasound technology is moving towards 3D/4D imaging, AI-assisted diagnosis, and portability, expanding application scenarios from traditional departments to emergency, grassroots, and mobile medical fields [3] - Future ultrasound devices will integrate AI technology for automatic identification of lesions, quantitative data analysis, and intelligent diagnostic suggestions, enhancing diagnostic efficiency and accuracy [17] - The trend towards portable and wearable ultrasound devices is expected to facilitate quick examinations in emergency and grassroots medical settings [18] Policy and Economic Drivers - The development of medical ultrasound is influenced by various policies and macroeconomic factors, including significant support for equipment updates and grassroots popularization [4] - Recent capital market activities show a trend of leading companies going public and capital focusing on specialized investments, with notable events such as the successful IPO of Super Research Co. and significant funding rounds for other key players [4][6] Industry Chain - The upstream of the medical ultrasound equipment industry consists of mature markets for electronic components, ceramics, and structural parts, with high-end components like imaging chips primarily imported [13] - Midstream companies include large domestic and multinational manufacturers, while downstream users have diverse needs based on the level of medical institutions, with a focus on reliability, ease of use, and after-sales service [13][16]

现场，两位长期从事知识产权工作方面的专家分别从前端布局、中端防范、后端应对三个层面，系统梳 理企业知识产权全链条保护思路。专家结合医疗器械上游零部件、中游设备耗材、下游临床检验的产业 特点，从产生构思、挖掘创新点、形成专利申请等方面，探讨企业如何系统提升专利挖掘能力；针对企 业发展不同阶段，分享多种攻防结合的专利布局策略，对企业加强自身前端保护架构提供了良好思路； 深入剖析行业国内外商标抢注、专利侵权和商业秘密等知识产权纠纷典型案例，帮助企业提升对知识产 权工作的认识，进一步识别生产经营过程中存在的知识产权风险，做好应对准备，更好地掌握知识产权 创造、运用、保护的合理路径。 在实践教学环节，参训人员先后观摩了南京诺唯赞生物科技股份有限公司（以下简称"诺唯赞"公司）、 南京诺源医疗器械有限公司（以下简称"诺源公司"）两家行业示范企业。诺唯赞公司专注于生命科学和 体外诊断领域，参训人员参观了酶原料质控以及研发实验室，学习其专利研发管理的先进经验；诺源公 司专注于分子荧光技术领域，参观人员参观了诺源学院以及药物实验室，了解新药开发全过程，实地体 验了设备检测流程。本次活动开启了南京市医疗器械产业知识产权保护实务培训 ...

太平医疗健康基金表示："太平医疗健康基金投资实践中始终坚持研究先行，持续聚焦全球最具创新性 和竞争潜力的产品。汇禾医疗以K-Clip®为代表原始创新介入医疗器械，开创了三尖瓣瓣环成型修复的 全新术式，未来有望成为全球范围内具备商业化能力的三尖瓣环缩修复产品。期待汇禾医疗凭借'瓣环 修复技术'和'一瓣双修理念'持续迭代研发，服务全球患者。" 夏尔巴投资创始管理合伙人蔡大庆表示："本轮融资的完成，将为汇禾医疗的产品商业化提供充足的资 金保障、丰富的保险渠道和医疗机构资源，加速K-Clip®等产品在中国及海外市场的推广和应用，为公 司的业绩增长奠定坚实基础。夏尔巴持续看好汇禾医疗的研发能力及商业化前景，自首次投资后也坚定 的多次追加投资。" 汇禾医疗董事长林林表示："汇禾医疗完成D轮融资，是太平医疗健康基金在结构性心脏病介入治疗领 域的重要布局，也是保险资金服务新质生产力发展、支持科技自立自强的生动实践。为公司的商业化进 程和全球化发展注入强劲动力。同时，也感谢老股东夏尔巴对汇禾医疗长期坚定的支持和认可。汇禾医 疗将继续在心血管介入领域不断突破创新，为患者带来更微创、更安全的治疗方案，为医生提供更简 便、更可控的手 ...

Company Overview - Xiangsheng Medical Technology Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on January 30, 1996. The company went public on December 3, 2019. Its main business involves the research, development, manufacturing, and sales of ultrasound medical imaging equipment [1]. - The revenue composition of the company is as follows: 91.12% from ultrasound medical imaging equipment, 6.49% from accessories and others, 2.27% from technical service fees, and 0.12% from other sources [1]. Stock Performance - As of the latest report, Xiangsheng Medical's stock price increased by 1% to 30.29 CNY per share, with a trading volume of 8.7364 million CNY and a turnover rate of 0.26%. The total market capitalization is 3.396 billion CNY [1]. Fund Holdings - The fund "Lobomai China Medical Health Stock Initiation A" (020142) holds a significant position in Xiangsheng Medical, with 47,000 shares, accounting for 6.76% of the fund's net value, making it the fourth-largest holding [2]. - The fund was established on December 26, 2023, with a latest scale of 16.336 million CNY. Year-to-date returns are 17.51%, ranking 2966 out of 4195 in its category, while the one-year return is 15.01%, ranking 3086 out of 4179 [2]. - The fund manager, Li Tao, has been in charge for 2 years and 6 days, with a total asset scale of 22.8582 million CNY. The best and worst fund returns during his tenure are -5.15% and -6.31%, respectively [2].

在国内市场，图迈在头部公立医院及高端非公立医院市场均取得突破性进展，装机医院中百强医院占比 已达到23%，三甲医院占比超过90%，图迈已逐步形成以临床价值驱动、专业能力沉淀为核心的高质量 装机格局。海外市场方面，截至目前，图迈海外市场布局已广泛覆盖亚洲、欧洲、非洲、大洋洲、南美 洲的40余个国家和地区，获得当地顶级机构的认可，并已在15个国家实现"多台销售、多院装机"，实现 在全球不同地域成熟医疗体系内的常态化、网络化、规模化使用。 智通财经APP获悉，微创机器人-B(02252)再涨超4%，截至发稿，涨3.67%，报27.66港元，成交额1.59亿 港元。 消息面上，12月24日，微创机器人-B发布公告，综合订单方面，经本集团内部初步统计，本集团旗下腔 镜、骨科、血管介入核心产品的综合订单量累计突破230台。其中，核心产品图迈腔镜手术机器人(图 迈)于全球范围内累计商业化订单超过160台，含今年新获订单近120台。根据公开统计数据，图迈2025 年全球订单量已跻身全球前二。 ...

Core Viewpoint - MicroPort Scientific Corporation (微创机器人-B) has seen a significant increase in its stock price, rising over 4% and currently trading at 27.66 HKD with a transaction volume of 159 million HKD, following the announcement of a substantial increase in order volume for its core products [1] Group 1: Order Volume and Product Performance - The company reported that its cumulative order volume for core products, including endoscopic, orthopedic, and vascular intervention devices, has surpassed 230 units [1] - The TiMAY endoscopic surgical robot has achieved over 160 commercial orders globally, with nearly 120 new orders received this year [1] - By 2025, TiMAY is projected to rank among the top two in global order volume according to public statistics [1] Group 2: Market Penetration - In the domestic market, TiMAY has made significant progress in both leading public hospitals and high-end private hospitals, with 23% of installed hospitals being top-tier hospitals and over 90% being tertiary hospitals [1] - The company has established a high-quality installation pattern driven by clinical value and professional capability accumulation [1] Group 3: International Expansion - TiMAY's overseas market presence has expanded to over 40 countries and regions across Asia, Europe, Africa, Oceania, and South America, gaining recognition from local top institutions [1] - The product has achieved "multiple sales and installations in multiple hospitals" in 15 countries, indicating a normalized, networked, and scaled usage within mature healthcare systems globally [1]

Core Viewpoint - Sanofi Bio's stock decreased by 1.04% to 17.13 CNY per share, with a total market capitalization of 9.597 billion CNY as of the report date [1] Group 1: Company Overview - Sanofi Bio was established on August 7, 2002, and went public on March 19, 2012 [1] - The company specializes in the research, design, production, and sales of point-of-care testing (POCT) products for chronic disease detection [1] - The revenue composition of Sanofi Bio includes: 73.29% from blood glucose monitoring systems, 6.59% from diabetes nutrition and care products, 5.03% from glycated hemoglobin testing systems, 4.14% from blood lipid testing systems, 4.11% from blood pressure monitors, 3.94% from iPOCT monitoring systems, 2.05% from other products, and 0.85% from miscellaneous [1] Group 2: Shareholder Information - Huabao Fund's Huabao CSI Medical ETF (512170) is among the top ten circulating shareholders of Sanofi Bio, having reduced its holdings by 1.5068 million shares in the third quarter, now holding 9.6142 million shares, which is 2.13% of the circulating shares [2] - The estimated floating loss for Huabao CSI Medical ETF today is approximately 1.7306 million CNY [2] - The fund was established on May 20, 2019, with a current size of 26.404 billion CNY, yielding 5.42% this year, ranking 3760 out of 4195 in its category [2]

Core Insights - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange in February 2024 has become a conscious action among listed companies, with 471 companies disclosing their action plans by the end of November 2025, covering 30 industries including electronics and pharmaceuticals [1] Group 1: Focus Areas of Improvement - Listed companies are primarily focusing on three dimensions: core business development, technological innovation, and standardized operations to systematically enhance their quality [2] - Companies like Mindray Medical are driving core business development through high-intensity R&D investments and global R&D layouts, while Shenghong Technology is enhancing global competitiveness through acquisitions [2] - Many companies are increasing R&D investments and accelerating the transformation of results and intellectual property layout, with BYD's R&D expenditure reaching 54.2 billion yuan in 2024 [2][3] Group 2: Standardized Operations - Standardized operations are foundational for market trust and high-quality development, with companies like Anker Innovation and Xian Dao Intelligent continuously improving their corporate governance structures [3] Group 3: Enhancing Market Confidence - Stable and predictable cash dividends and share buybacks are crucial for enhancing market confidence, with companies like BOE Technology Group proactively disclosing shareholder dividend plans [4] - Companies are also encouraging shareholder buybacks and commitments not to reduce holdings, as seen with GoerTek's major shareholder increasing holdings significantly [4] Group 4: Performance Metrics - The 471 companies involved in the "Dual Improvement" initiative achieved a total operating revenue of 9.8 trillion yuan in 2024, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [7] - R&D investment accounted for 4.3% of operating revenue in the first half of 2025, with a total R&D investment amounting to 59.5% of the Shenzhen market [7] - The annual dividend total from 2022 to 2024 showed a compound growth rate of 10.0%, with 2024 dividends accounting for 43.6% of net profit, an increase of 10.9 percentage points from 2022 [7] Group 5: Market Reactions - From February 2024 to November 2025, the average stock price increase for the 471 "Dual Improvement" companies was 77.2%, surpassing the Shenzhen Component Index [8] - By the end of November 2025, the total market capitalization of these companies reached 21.2 trillion yuan, an increase of 8.1 trillion yuan since the initiative's launch [8]

Group 1 - The company, Jingfeng Medical, has launched an IPO with a global offering of 27.7222 million shares, including 2.7723 million shares for Hong Kong and 24.9499 million shares for international placement, along with an over-allotment option of 4.1583 million shares [1] - The share price is set at HKD 43.24, with expected fundraising of HKD 1.1166 billion if the over-allotment option is not exercised, and up to HKD 1.2892 billion if it is exercised [1] - The company is focused on the surgical robotics sector, having developed multiple models of surgical robots for minimally invasive and non-invasive surgeries since its establishment in 2017 [1] Group 2 - Jingfeng Medical's core products, the Jingfeng® multi-port and single-port surgical robots, commenced commercialization in December 2022 and December 2024, respectively, with 61 global sales agreements signed by June 30, 2025 [2] - The company has completed over 12,000 robotic-assisted clinical surgeries using the multi-port robot and over 2,000 using the single-port robot [2] - Financial data shows revenues of CNY 48.042 million for 2023, CNY 160 million for 2024, and CNY 149 million for the first half of 2025, with a nearly fourfold increase in revenue for the first half of 2025 compared to the same period in 2024 [2] - The gross profit for the first half of 2025 was CNY 93.85 million, representing a year-on-year growth of nearly 390%, making it the industry leader [2] - The company has received support from notable investors aligned with its vision for surgical robotics, including Abu Dhabi Investment Authority, UBS Asset Management, Tencent, and others [2]

Core Viewpoint - Sanofi Bio's stock experienced a decline of 0.75% on December 29, with a trading volume of 79.52 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On December 29, Sanofi Bio had a financing buy amount of 13.46 million yuan and a financing repayment of 22.77 million yuan, resulting in a net financing buy of -9.31 million yuan [1] - The total financing and securities balance for Sanofi Bio reached 399 million yuan, with the financing balance accounting for 4.10% of the circulating market value, which is above the 70th percentile of the past year [1] - In terms of securities lending, Sanofi Bio repaid 100 shares and sold 6,800 shares, with a selling amount of 117,700 yuan, while the securities lending balance was 1.92 million yuan, exceeding the 90th percentile of the past year [1] Company Overview - Sanofi Bio, established on August 7, 2002, and listed on March 19, 2012, specializes in the research, design, production, and sales of point-of-care testing (POCT) products for chronic disease detection [2] - The company's revenue composition includes: blood glucose monitoring systems (73.29%), diabetes nutrition and care products (6.59%), glycated hemoglobin testing systems (5.03%), blood lipid testing systems (4.14%), blood pressure monitors (4.11%), iPOCT monitoring systems (3.94%), and other products (2.05%) [2] - As of September 30, 2025, Sanofi Bio reported a revenue of 3.45 billion yuan, reflecting a year-on-year growth of 8.52%, while the net profit attributable to shareholders was 211 million yuan, a decrease of 17.36% compared to the previous year [2] Dividend and Shareholder Information - Sanofi Bio has distributed a total of 1.51 billion yuan in dividends since its A-share listing, with 344 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 25.67 million shares, an increase of 3.30 million shares from the previous period [3] - Other notable shareholders include Ruiyuan Growth Value Mixed A and Huabao CSI Medical ETF, with changes in their holdings compared to the previous period [3]