Group 1 - The company, Suyu MedTech, focuses on the medical technology industry, providing content and research services to various stakeholders including medical device companies, clinical doctors, and investors [2][3]. - The core work includes producing in-depth content related to surgical robots, ophthalmology, orthopedics, cardiovascular, imaging, and medical aesthetics, as well as creating industry white papers and research reports [3]. - The company aims to expand its team by 2026 and is looking for suitable candidates who align with its long-term vision [1][12]. Group 2 - The company expects candidates to have a background in engineering, medicine, or pharmacy, preferably at the master's level, and currently does not hire undergraduates or PhD candidates [4]. - The work environment promotes remote working, reducing commuting costs and allowing more time for reading, thinking, and writing, with occasional travel as needed [8]. - Compensation is attractive for recent graduates or newcomers but may be lower for those with extensive experience [9].

www.hczq.com 证券研究报告 | 医药生物 | 2025年12月27日 华创医药投资观点&研究专题周周谈 · 第156期 SMO格局稳固，行业有望开启成长新周期 本周专题联系人：王宏雨 华创医药团队： | 首席分析师 郑辰 | | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | 刘浩 | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | 高初蕾 | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | | | 执业编号：S0360524070007 | 邮箱：zhukec ...

Macro Dynamics - The National Internet Information Office has drafted the "Interim Measures for the Management of Humanized Interactive Services of Artificial Intelligence" and is seeking public opinions to promote healthy development and standardized application of AI services [2] Financial Institutions - Bank of China has completed the first cross-border QR code payment business using digital currency in Laos, allowing Chinese tourists to make payments without currency exchange [8] Market Data - U.S. stock indices closed slightly lower, with Tesla dropping over 2%, while major tech stocks showed mixed performance [9] Company Dynamics - Han's commitment that all its products do not contain human epidermal growth factor (EGF) following consumer concerns about specific products [10] - Tongxin Medical's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 1.064 billion yuan for various projects [11] - Kawasaki Heavy Industries has been banned from participating in tenders for 2.5 months due to data falsification regarding marine engine tests [12]

吴皓院长在手术中 李慧武介绍鸿鹄 机器人 医学的未来，不仅在于临床技术的精进，更在于科技创新与临床需求的深度融合。 多年来，上海交通大学医学院附属第九人民医院（以下简称"上海九院"）正以其独特的"临床驱动"模 式，成为医疗科技成果转化的高地，连续位居中国医院创新转化排行榜综合榜单前列。 自主研发的关节手术机器人"鸿鹄®"远销海外，"国产人工听觉脑干植入系统"让耳聋患者迎来"新声"， 为银发族量身定制了国产种植牙体系统……一条"医生主导、平台支撑、企业协同、快速迭代"的创新转 化路径在这里日益清晰。 "近年来，我们围绕临床问题开展应用基础研究和原始创新研究，以提高疾病诊治水平为目的，注重医 工交叉特色，将科研与临床有机结合，致力成为'创新药物与医疗器械策源地'。"九院院长吴皓如是 说。 医护成为创新"第一发起人" 该院大力推动医工结合，通过校企联合实验室等形式，将医生的临床洞察与工程师的技术实现能力深度 融合，并于十多年前率先成立成果转化办公室，致力于连接这"第一公里"。"转化办帮我联系了企业， 他们接触的资源比医生多得多。"李慧武表示。这一"枢纽"精准匹配临床需求与产业资源，让医生的奇 思妙想不再悬在空中。 ...

Core Viewpoint - The company, Suzhou Tongxin Medical Technology Co., Ltd., has received acceptance for its IPO application on the Sci-Tech Innovation Board, focusing on the development and commercialization of full magnetic levitation ventricular assist devices, positioning itself as a global competitor in the artificial heart market [1][2]. Group 1: Company Overview - Founded in 2008, the company specializes in full magnetic levitation artificial hearts, leveraging independent technology and operational entities in China, the U.S., and Europe to establish a global business framework [1]. - The company's first product, CH-VAD, entered the special approval process for innovative medical devices in China in 2016 and became the first approved full magnetic levitation artificial heart in China in November 2021 [2][3]. Group 2: Market Context - Heart failure is a critical cardiovascular disease affecting over 60 million people globally, with a 50% annual mortality rate for late-stage heart failure, making artificial hearts a vital treatment option due to limited donor availability for heart transplants [2]. - The artificial heart industry has high entry barriers, with full magnetic levitation technology recognized as the mainstream approach, dominated by Abbott's HeartMate3, leaving a gap for Chinese companies [2]. Group 3: Product Performance - CH-VAD has shown superior performance in clinical settings, with over 670 implantations across more than 80 hospitals in China, and sales revenue projected to grow from 8.27 million yuan in 2022 to 67.06 million yuan in 2024 [3]. - The product features innovative designs that enhance blood compatibility and reduce infection rates, demonstrating excellent safety and reliability with no reported pump thrombosis or failures during clinical studies [3]. Group 4: Global Strategy - The company aims for global market expansion, aligning its R&D and clinical strategies with international standards, and has established a cross-national R&D team to support this goal [4]. - The BrioVAD, a next-generation device, has received FDA approval for clinical trials, marking a significant milestone as the first active implantable medical device from China to enter U.S. clinical trials [5]. - The company is also pursuing market entry in Europe and Japan, with plans for clinical trials and expanding indications for pediatric heart failure [5].

普昂医疗的保荐机构为国金证券股份有限公司，保荐代表人顾兆廷、徐清卉。这是国金证券今年保 荐成功的第4单IPO项目。此前，6月20日，国金证券保荐的上海巴兰仕汽车检测设备股份有限公司过 会；11月14日，国金证券保荐的山东农大肥业科技股份有限公司过会；12月25日，国金证券保荐的宁波 隆源股份有限公司过会。 公司秉持创新为首、稳健经营的发展理念，专业从事糖尿病护理、通用给药输注、微创介入类医疗 器械的研发、生产和销售。 截至招股说明书签署之日，泰优鸿持有公司12,079,800股，占公司股本总额的28.54%，为公司第一 大股东，普茂合伙持有公司11,061,300股，占公司股本总额的26.13%，为公司第二大股东，二者的执行 事务合伙人均为胡超宇，泰优鸿、普茂合伙合计持有公司23,141,100股，合计持股比例为54.67%，共同 构成公司的控股股东。胡超宇与毛柳莺作为夫妻，二人共同为公司实际控制人。 普昂医疗拟在北交所上市，拟向不特定合格投资者公开发行股票不超过10,582,800股，拟募集资金 39,525.50万元，分别用于穿刺介入医疗器械智能制造生产线建设项目、微创介入医疗器械研发及产业化 建设项目、 ...

Core Viewpoint - The investigation of Gao Yuwen, former chairman of China National Pharmaceutical Group, is linked to serious violations of discipline and law, and he is currently under disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission [1][3] Group 1: Company Background and Leadership Changes - Gao Yuwen resigned from his position as chairman of China National Pharmaceutical Group in February 2021 due to work adjustments and has not held any company positions since then [1] - China National Pharmaceutical Group, established in 1983, became part of the General Technology Group in 1999 and is now the sole platform for pharmaceuticals and medical devices under the group [1] Group 2: Internal Investigations and Corruption - Since 2024, at least 11 executives or former executives from China National Pharmaceutical Group and its subsidiaries have been investigated for serious violations of discipline and law [2] - Li Xin, former assistant to the general manager, is also under investigation, having retired in October 2022 but continuing to hold other positions within the company [2] - Multiple subsidiaries, including Hebei General Huachuang Medical Equipment Co., Ltd. and Hubei General Pharmaceutical Co., Ltd., have seen executives investigated, with Hubei General Pharmaceutical having the highest number of four individuals under investigation [2] Group 3: Financial Performance - In 2024, the company reported a revenue of 34.148 billion yuan, a year-on-year decrease of 12.04%, and a net profit attributable to shareholders of 535 million yuan, down 48.91% [4] - For the first half of 2025, the company achieved a revenue of 17.076 billion yuan, a decline of 6.71%, and a net profit of 294 million yuan, down 16.19% [4] - In the first three quarters of 2025, the net profit attributable to shareholders was 477 million yuan, reflecting a year-on-year decrease of 4.64% [4]

Core Viewpoint - Suzhou Tongxin Medical Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, indicating a significant step towards public listing and capital raising for its innovative medical devices [1] Company Overview - Established in 2008, the company focuses on the research, development, and commercialization of full magnetic levitation ventricular assist devices, commonly referred to as artificial hearts [1] - The company has developed a global business system with operational entities in China, the United States, and Europe, achieving rapid revenue growth in both China and the U.S. [1] Product Development - The company's first product, CH-VAD, entered the special approval process for innovative medical devices in China in 2016, with the first human implantation completed in 2017 [1] - In November 2021, the product received approval from the National Medical Products Administration, becoming the first fully magnetic levitation artificial heart product in China with complete independent intellectual property rights [1] - A notable milestone includes a patient who successfully transitioned to heart transplantation after living with the implanted artificial heart for seven years [1]

Group 1 - The government investment fund has invested in 248 projects totaling 33.6 billion yuan, focusing on key areas such as high-end equipment manufacturing, biomedicine, wind energy, drones, and semiconductors [1] - The investment strategy emphasizes early-stage, small-scale investments in hard technology to attract more social capital and improve fund utilization efficiency [2] Group 2 - The investment in Anshu Intelligent Technology Co., which developed a mining monitoring system, was facilitated by the Taihang Fund, which invested 8 million yuan for a 26.4% equity stake [7] - The company has transitioned from a single business model to a "soft and hard" collaborative approach, significantly enhancing its operational efficiency and expanding into new markets [6][8] Group 3 - The Taihang Fund has established a pharmaceutical industry development fund, investing 30 million yuan in Xinyu Pharmaceutical, with 95% of the funds allocated for product research and development [12] - The establishment of the "Fund Island" in Jinzhong aims to attract various financial institutions to support the formation of industrial clusters [12][13] Group 4 - The Taihang Fund is innovating investment models such as loan-equity linkage and joint investment, while also adapting its strategies based on market changes [13] - The fund has registered 18 various industry funds and invested in 19 projects, addressing short-term funding needs for over 750 enterprises [13] Group 5 - The Taihang Fund is focused on enhancing governance and operational efficiency, with a strategic plan for 2025 that includes a dual approach of managing provincial government investment and market-oriented business [16] - The fund aims to improve project due diligence and post-investment management capabilities through the establishment of specialized centers [16]

在"消费新动能"圆桌讨论环节，锦波生物董事、副总经理、董事会秘书唐梦华详细阐述了技术驱动消费升级的实践路径。锦波生物作为2008年设立、2023年 北交所上市的科技创新型企业，专注于重组人源化胶原蛋白医疗器械及护肤品的研发生产，目前拥有三款处于世界领先地位的植入类重组人源化胶原蛋白产 品。 12月26日，由金融界主办的"启航·2025金融年会"系列活动在北京成功举办。作为年会重磅环节之一，"启航·2025上市公司高质量发展年会"以"穿越周期，韧 性成长"为主题，来自监管部门、行业协会、金融机构等相关领导和重磅嘉宾，以及来自200余家上市公司的优秀企业代表齐聚一堂，共话发展路径，为资本 市场高质量发展赋能，为中国式现代化建设注入持久动能。 当日，2025第十四届金融界"金智奖"年度评选也同步揭晓。该奖项旨在引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚，海尔 智家、利亚德、金龙鱼、东鹏饮料等140余家企业从超8000家A股、港股和中概股企业中脱颖而出，成为高质量发展典范。 在唐梦华看来，健康消费赛道要实现长效增长，仅靠技术壁垒远远不够，还需完成从技术壁垒到品牌壁垒的跨越，核心在于构建消费者 ...