Core Viewpoint - The company is responding to inquiries regarding the significant asset sale of its subsidiary, Lexmark International, and the implications of this transaction on its financial health and operational capabilities. Financial Impact - As of December 31, 2024, the total assets of the company are expected to decrease by 48.91% post-sale, with net assets declining by 2.26% and operating revenue dropping significantly [6][16] - The asset-liability ratio is projected to improve from 72.61% to 47.58%, indicating a substantial enhancement in financial stability [16] Operational Impact - The sale of Lexmark International is anticipated to reduce the company's reliance on external suppliers and improve its operational independence, particularly in the printer business [7][8] - The collaboration with Lexmark International has been significantly affected by the entity list incident, leading to a 65% decrease in cooperative business scale [7][10] Business Segments - The printer business, which previously benefited from synergies with Lexmark, is expected to maintain its competitive position due to its established market presence and independent operational capabilities [8][11] - The consumables business has developed independently over the years, with a strong global market presence, and is not expected to suffer significant adverse effects from the sale [11][12] - The integrated circuit business, primarily focused on consumable chips, has not shown significant dependency on Lexmark, thus its market position remains stable post-sale [12][13] Future Outlook - The company aims to focus more on its proprietary brand printer business and chip business, which are seen as growth areas, enhancing long-term shareholder value [17] - The anticipated loss from the sale of Lexmark is estimated at $0.59 billion, but the company expects to redirect resources towards more profitable segments [15][17]

6月13日，珠海，一座被誉为"打印耗材之都"的城市，见证了通用打印耗材领域的一次关键节点：会上，格之格正式宣布"依据权威第三方调研数据，2024 年度格之格通用打印耗材全球销量登顶第一"。 这不仅是一场品牌成绩的公开展示，更是一份中国品牌正在切实引领全球通用打印耗材产业发展的公开宣言。 中国打印耗材的主导时刻 通用打印耗材： 隐匿而关键的基础支撑 你或许未曾留意，但通用打印耗材——这些由第三方品牌生产、兼容适配各类打印机的墨盒与硒鼓，几乎每日都支撑着我们现代办公的运转。作为医院、 学校、政府、银行等高频打印场景的幕后基石，它们虽非"高关注度"消费品，却承载着成像精度、耐久性、安全环保等多重严苛技术标准。 回溯2000年初，中国通用打印耗材产业深陷"受限"困境： 核心技术封锁：欧美原装巨头构筑森严技术壁垒，将中国品牌拒于主流市场门外； 产业基础薄弱：实验平台稀缺、供应链断裂，多数本土企业沦为原装耗材的底层模仿者。 正是在此绝境中，格之格怀揣"做好一支墨盒，为中国争气"的初心，踏上征途。 2001年，行业遭遇重大震荡——OEM厂商开始在墨盒中植入芯片，格之格逆势而行，紧急筹集400万研发经费，仅用3个月便成功开发 ...

Group 1 - The core viewpoint of the article highlights that Yongxi Investment has conducted research on a listed company, Weili Medical, focusing on its strategies to expand overseas production in response to domestic medical consumables procurement and geopolitical risks [1] - Weili Medical is actively building a factory in Mexico starting in 2024, having completed land acquisition and project planning, while also preparing a second overseas production base in Indonesia to mitigate high tariffs imposed by the U.S. [1] - The company expects that by 2024, overseas business will account for approximately 54% of its total revenue, with North America contributing 34%, Europe 27%, Asia 15%, and South America 8% [1] Group 2 - Weili Medical has seen a significant increase in the gross profit margin of its overseas business, rising from 27% in 2021 to 35% in 2024, an increase of 8 percentage points [1] - The company is diversifying its export products, with a growing proportion of high-margin products being exported, which contributes to the overall improvement in gross profit margins [1]

（三）、企业血液透析耗材业务技术/产品/服务/产业链布局状况 （四）、企业血液透析耗材业务供给布局状况 （五）、企业血液透析耗材业务销售布局状况 （六）、企业血液透析耗材业务布局优劣势分析 二、血液透析耗材企业案例二 （一）、企业发展历程及基本信息 （二）、企业业务架构及经营状况 （三）、企业血液透析耗材业务技术/产品/服务/产业链布局状况 （四）、企业血液透析耗材业务供给布局状况 （五）、企业血液透析耗材业务销售布局状况 （六）、企业血液透析耗材业务布局优劣势分析 三、血液透析耗材企业案例三 （一）、企业发展历程及基本信息 （二）、企业业务架构及经营状况 （三）、企业血液透析耗材业务技术/产品/服务/产业链布局状况 （四）、企业血液透析耗材业务供给布局状况 （五）、企业血液透析耗材业务销售布局状况 （六）、企业血液透析耗材业务布局优劣势分析 四、血液透析耗材企业案例四 （一）、企业发展历程及基本信息 （二）、企业业务架构及经营状况 （三）、企业血液透析耗材业务技术/产品/服务/产业链布局状况 （四）、企业血液透析耗材业务供给布局状况 （五）、企业血液透析耗材业务销售布局状况 （六）、企业血液透析耗材业务布局 ...

证券研究报告：医药生物|行业周报 发布时间：2025-06-16 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7895.79 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 推荐标的：英科医疗、迈普医学、怡和嘉业、微电生理、 拱东医疗、派林生物、益丰药房、大参林、康臣药业、佐力药 业、桂林三金、天士力、新里程、美年健康、国际医学。 《政策支持上市公司通过并购重组高 质量发展，行业整合持 ...

Market Overview - On June 13, stock indices in China experienced a downward trend, with the Shanghai Composite Index falling below 3400 points, closing down 0.75% at 3377 points, while the Shenzhen Component Index and ChiNext Index dropped over 1% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 150.41 billion yuan, an increase of approximately 20 billion yuan compared to the previous day [1] - Sectors such as media, retail, liquor, automotive, pharmaceuticals, and real estate declined, while the oil sector surged [1] Military Trade Opportunities - The recent escalation of tensions in the Middle East, particularly Israel's airstrikes on Iran, has created new opportunities in the military trade market [2] - Global military spending is projected to increase for the tenth consecutive year in 2024, with the highest growth rates seen in Europe and the Middle East [2] - China's military exports are transitioning from low-end to high-end weaponry, with increasing international recognition of domestic military products [2] Oil Price Volatility - Current geopolitical tensions, particularly in the Middle East and Ukraine, are driving significant fluctuations in oil prices [3] - The next OPEC+ meeting on July 6 is crucial, as the group's production strategy may change in response to high oil prices [3] - Brent crude oil prices are expected to fluctuate between $70 and $100 per barrel in the short term, depending on demand and OPEC+ production levels [3] AI Industry Growth - As of May 2025, the daily usage of tokens for the Doubao large model exceeded 16.4 trillion, a growth of over 137 times since its launch last year [4] - Oracle anticipates a growth rate of over 40% for its overall cloud business in the 2026 fiscal year, with IaaS growth exceeding 70% [4] - The surge in AI-related activities indicates a high level of industry vitality, suggesting continued investment in the computing power supply chain [4] Medical Supplies Procurement Optimization - The State Council meeting on June 13 discussed optimizing drug and medical supplies procurement policies to enhance collaboration in the healthcare sector [5] - The meeting emphasized the need for better evaluation of procurement policies and improving the quality control of drugs and medical supplies [5][6] - Optimizing procurement rules is expected to benefit the medical supplies industry, particularly high-value supplies, by stabilizing market confidence [6] Real Estate Market Stabilization - The State Council meeting also focused on strategies to stabilize the real estate market, emphasizing the importance of a new development model [7] - Policies will be implemented to support the construction of quality housing and improve the overall effectiveness of existing policies [7] - The aim is to activate demand and optimize supply in the real estate sector to prevent further declines [7] Infrastructure Development - The "Two Heavy" construction projects are accelerating, focusing on national strategic implementation and safety capabilities [8] - Significant progress is being made in the construction of key railway and port projects, supported by various facilitation measures [8] Brain-Computer Interface Clinical Trials - China has successfully conducted its first prospective clinical trial of an invasive brain-computer interface, becoming the second country after the U.S. to enter this phase [9] Red-Chip Stock Listing in Shenzhen - New policies allow companies listed in Hong Kong to also list in Shenzhen, which is expected to enhance financial collaboration in the Guangdong-Hong Kong-Macau Greater Bay Area [10] - This initiative is anticipated to boost investor confidence in China's capital markets and facilitate the return of quality tech companies to the A-share market [10]

Group 1: Real Estate Market - The meeting emphasized the importance of constructing a new development model for the real estate sector to promote stable, healthy, and high-quality growth [1] - It was stated that a systematic approach would be taken to support the construction of "good houses," integrating this into urban renewal mechanisms with policy support across planning, land, finance, and other areas [1] - The meeting called for a thorough assessment of supplied land and ongoing projects nationwide to optimize existing policies, aiming to stabilize market expectations, activate housing demand, and effectively mitigate potential risks [1] Group 2: Other Key Areas - In the area of free trade zones, the meeting outlined the replication and promotion of pilot measures in the Shanghai Free Trade Zone, focusing on initiatives that meet urgent needs of enterprises and the public while maintaining risk management [2] - The meeting approved a plan to enhance the credit repair system, aimed at helping untrustworthy entities rebuild their credit and promoting data interconnectivity in society [2] - In the pharmaceutical sector, the meeting discussed optimizing drug and medical supplies procurement measures, emphasizing the need for policy evaluation and the establishment of standardized, institutionalized, and regular procurement processes while ensuring quality supervision throughout the supply chain [2]

Core Viewpoint - The State Council emphasizes the need to strengthen the evaluation of drug and consumable procurement policies to ensure public confidence in medication [1] Group 1: Policy Evaluation and Implementation - The meeting highlighted the importance of summarizing experiences and addressing shortcomings in drug and consumable procurement policies [1] - There is a push for the standardization and institutionalization of procurement work to ensure its regular implementation [1] Group 2: Healthcare System Improvement - The meeting aims to better promote the coordinated development of the "three medical" systems (medical services, medical insurance, and pharmaceuticals) [1] - It calls for the improvement of public hospital compensation mechanisms to support the innovation capabilities of pharmaceutical companies [1] Group 3: Quality Control and Assurance - There is a focus on enhancing quality supervision across the entire chain of drug and consumable production, circulation, and usage [1] - The initiative includes advancing the consistency evaluation of the quality and efficacy of generic drugs to ensure public safety in medication [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Medical Index (Sci-Tech Medical, 950255) reported at 737.03 points, indicating a recent performance trend with a 1.84% increase over the past month, a 2.05% decrease over the past three months, and a 1.64% increase year-to-date [1] - The index comprises no more than 30 listed companies in the medical sector from the Sci-Tech Innovation Board, reflecting the overall performance of medical listed companies [1] - The index is based on a reference date of December 30, 2022, with a base point of 1000.0 [1] Group 2 - The top ten weightings in the index are as follows: Huatai Medical (11.45%), United Imaging (10.09%), Aibo Medical (6.94%), Yirui Technology (6.44%), Nanwei Medical (5.44%), Shengxiang Biology (5.0%), Xinmai Medical (4.74%), Haier Biomedical (4.22%), Yahui Long (3.61%), and Aohua Endoscopy (3.52%) [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with a 100.00% representation [1] - The industry composition of the index holdings includes 45.39% in medical consumables, 33.24% in medical devices, and 21.37% in in vitro diagnostics [1] Group 3 - The index sample is adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to calculation and maintenance guidelines [2]

证券之星消息，2025年6月12日奥美医疗（002950）发布公告称公司于2025年6月12日召开业绩说明会。 具体内容如下： 问：公司股价连续下行，而公司强调注重投资者的长期收益，这是否意味着市场对公司的不认可？公司 如何通过市值管理回报长期投资者？ 答：尊敬的投资者您好！二级市场价格受多种因素影响，维护上市公司股东利益的根本，在于经营好公 司，实现股东长期价值。奥美医疗目前作为海外医用敷料市场龙头，已经构建了深厚的护城河。近年 来，奥美医疗实施国内国外双轮驱动战略，力争未来在国内取得更高的市场份额。同时，公司重视股东 报，公司上市以来，2018-2024年度现金分红累计金额（含拟分红）约10.99亿元，累计分红金额已达公 司募集资金净额的2.29倍。未来，我们会持续重视股东报，为股东创造价值。感谢您的关注！ 问：请说明公司销售产品收入分布及国内、国外占比 答：尊敬的投资者您好！海外市场方面2024年，公司实现境外营业收入275,650.05万元，同比上升 23.43%，占营业收入比重为82.87%。 2024年度，受市场需求复苏及供应链优化等因素影响客户补库存意愿强烈；通过持续提升产品竞争力与 服务水平， ...