证券代码：688580 证券简称：伟思医疗 公告编号：2025-026 南京伟思医疗科技股份有限公司 关于部分募投项目结项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 南京伟思医疗科技股份有限公司（以下简称"公司"或"伟思医疗"）首次 公开发行股票募投项目中"研发中心建设项目"已达到预定可使用状态，公司决 定将其予以结项，根据《上海证券交易所科创板上市公司自律监管指引第 1 号 ——规范运作》等相关规定，该事项可以免于履行董事会审议程序，无需监事会、 保荐机构或者独立财务顾问发表明确同意意见。现将相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意南京伟思医疗科技股份有限公司首 次公开发行股票注册的批复》 （证监许可〔2020〕1213 号）文核准，公司向社会 公众公开发行人民币普通股（A 股）17,086,667 股，每股面值 1.00 元，每股发 行价格为 67.58 元。本次公开发行募集资金总额为 1,154,716,955.86 元，扣除 总发行费用 91,729,995.18 ...

Macro - In June 2025, China's export growth rate rose to 5.8%, driven by resilience in non-U.S. exports and "export grabbing" strategies towards the U.S. [4] - Looking ahead, the postponement of tariff deadlines to August 1 may sustain demand for Chinese exports, although global trade volumes are expected to decline if tariff policies are fully implemented [4] - Overall, China's exports may face slight pressure in the second half of the year, primarily due to a decline in global trade volumes rather than direct exports to the U.S. [4] Banking - In June 2025, loan issuance surged, with a slight year-on-year decrease in RMB loans for the first half of the year; corporate loans played a stabilizing role while retail credit showed seasonal growth [5] - New social financing reached 4.2 trillion yuan, with a growth rate of 8.9%, up 0.2 percentage points from the end of May [5] - M1 and M2 growth rates were revised upward, with the M2-M1 gap narrowing, indicating potential for continued positive performance in the banking sector [5] Materials - The price of polysilicon has increased for the first time in three months, while the price of praseodymium and neodymium oxide reached a 19-month high, indicating a positive outlook for the metal new materials sector [6] - Lithium prices have dropped to around 60,000 yuan per ton, with potential for accelerated capacity clearance; companies with cost advantages and resource expansion in the lithium sector are recommended for attention [6] - The extension of the cobalt export ban from the Democratic Republic of Congo by three months highlights ongoing strategic value in rare earth materials [6] Energy - Gansu Province has released a draft notice on establishing a capacity price mechanism for power generation, which is expected to benefit thermal power across the country, especially in regions with high wind and solar capacity [7] Company Updates - Chengzhi Shareholding (000990.SZ) anticipates a significant decline in net profit for H1 2025, projecting a net profit of 15 million to 22 million yuan, down 88.24% to 91.98% year-on-year [8] - Aohua Endoscopy (688212.SH) has received domestic certification for its new generation 4K ultra-high-definition endoscope system AQ-400 series, which is expected to drive growth upon market launch [9] - Yiling Pharmaceutical (002603.SZ) has received approval for its Qifang Nasal Tablets in Macau, marking a significant achievement in its R&D efforts, with expectations for improved performance throughout 2025 [10]

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 25Q1公司收入1.24亿元，同比下降26.92%，实现归母净利润-2879.15万元，同比由盈转亏；实现扣非归母 净利润-3100.11万元。我们认为公司收入同比下滑主要系行业表现影响，医疗设备招采复苏偏弱，公司或 积极主动调整渠道库存水平，期待行业招采复苏，公司业绩逐步回暖。此外，2024年以来公司进一步布局 海外营销网络，海外多个国家的产品准入以及市场推广进展顺利，全方位提高了品牌影响力，24年海外业 务快速增长。 新产品持续推出，市场竞争力不断增强 2024年10月，公司推出AQ-150 Series 4K超高清内镜系统和AQ-120 Series内镜系统，AQ-150 Series内镜系 统通过搭载10.1英寸超大可触控液晶屏 ...

Financial Data and Key Metrics Changes - Total revenue for the fourth quarter was $80.2 million, representing a year-over-year growth of over 12% [5][23] - MedTech revenue was $35.8 million, a 22% increase, while Med Device revenue was $44.4 million, an increase of 6.2% [23] - For the full fiscal year, total revenue increased by 8.1% to $292.7 million, primarily driven by growth in the MedTech segment [34][35] - Gross margin for the fourth quarter was 52.7%, with MedTech gross margin at 59% and Med Device gross margin at 47.6% [30][36] Business Line Data and Key Metrics Changes - AURYON platform generated $15.6 million in revenue, growing 19.7% year-over-year [23] - Mechanical thrombectomy revenue, including AngioVac and AlphaVac, increased by 44.7% year-over-year, with AngioVac revenue at $8.2 million (39.5% increase) and AlphaVac revenue at $3.1 million (60.8% increase) [24] - NanoKnife revenue totaled $7.2 million, a decrease of 2.5%, attributed to lower capital sales, while disposable sales grew by 5.5% [25] Market Data and Key Metrics Changes - Hospital customers represented approximately 36% of total AURYON revenue, up from 28% at the beginning of fiscal 2025 [7] - In Europe, over $1 million in revenue was generated from AURYON, indicating successful market entry following CE Mark approval [8] Company Strategy and Development Direction - The company is focused on a long-term strategic transformation to simplify its business and enter high-growth, high-margin MedTech markets [5][20] - Continued investment in R&D is planned, targeting approximately 10% of sales to support long-term growth in the MedTech segment [31] - The company aims to drive adoption and market share gains across its MedTech platforms while maintaining operational discipline [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate tariff impacts and maintain profitability, expecting to be cash flow positive in fiscal 2026 [20][39] - The company anticipates net sales for fiscal 2026 to be in the range of $305 million to $310 million, representing growth of 46% over fiscal 2025 [38] Other Important Information - The company achieved significant regulatory approvals and reimbursement wins, which are expected to drive future growth [5][15] - The company incurred $1.6 million in tariff expenses during the fourth quarter, impacting gross margins [28] Q&A Session Summary Question: Details on the blood return product for the VTE business - Management confirmed that the blood return product is designed as an ancillary add-on and is undergoing the 510(k) regulatory process, with confidence in its market potential [46][50] Question: Expectations for NanoKnife growth with upcoming reimbursement - Management indicated that reimbursement starting in January 2026 is expected to drive growth, although immediate acceleration may not be seen [52][56] Question: Major product growth expectations for FY 2026 - Management expects AURYON to grow in the mid-teens, while mechanical thrombectomy products are anticipated to show the strongest growth [60][63] Question: Impact of tariffs on gross margin and outsourcing benefits - Management acknowledged the complexity of tariff impacts and indicated that benefits from the manufacturing transfer plan will be seen in FY 2026 [64][66] Question: Plans for acquiring new MedTech products or divesting existing ones - Management expressed satisfaction with the current portfolio and indicated no immediate plans for acquisitions or divestitures, focusing instead on maximizing existing assets [70][74]

Core Viewpoint - The domestic vascular intervention leader, Xinmai Medical, is facing significant challenges as it anticipates a decline in revenue and profit for the first half of 2025, marking the first instance of negative growth since its listing, attributed to market changes and product price adjustments [1][4]. Group 1: Financial Performance - Xinmai Medical expects revenue for the first half of 2025 to be between 708 million and 787 million yuan, a year-on-year decrease of 0% to 10% [1]. - The projected net profit attributable to shareholders is estimated to be between 304 million and 361 million yuan, reflecting a year-on-year decline of 10.52% to 24.78% [1]. - In the first half of 2024, the company maintained a revenue growth rate of 26.63% and a net profit growth rate of 44.06%, primarily driven by its core product, the Castor stent, which accounted for over 37% of revenue [4]. Group 2: Market and Regulatory Challenges - The National Healthcare Security Administration (NHSA) issued an inquiry regarding the high pricing of the Castor stent, which has a factory price of around 50,000 yuan but is sold to medical institutions for over 120,000 yuan [4]. - Following the inquiry, Xinmai Medical announced a price adjustment plan, resulting in a 40.42% price reduction for the Castor stent, with a new price cap of 71,500 yuan [4]. - The NHSA's focus on price rationality over innovation has made the previous high-margin pricing model unsustainable for Xinmai Medical [5]. Group 3: Strategic Adjustments and Risks - In response to market pressures, Xinmai Medical reduced its R&D investment by 34.9% in 2024, which may weaken its technological capabilities in the long term [6]. - The company’s overseas revenue contribution remains limited at 1.64 billion yuan, accounting for only 13.6% of total revenue, with the recent acquisition of Lombard Medical still in a loss-making state [6]. - The reliance on a single product for growth has exposed vulnerabilities, especially as the market undergoes significant restructuring and price reductions [5][6].

资金流向方面，7月15日，大博医疗主力资金净流入4891.97万元，近5日总体呈流入状态，5日共流入 7310.49万元。 7月15日，大博医疗今日收盘41.61元，上涨9.99%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到43.26倍，创650天以来新低，总市值172.27亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均51.83倍，行业中值37.23倍，大博医疗排 名第84位。 大博医疗科技股份有限公司的主营业务是医用高值耗材的生产、研发与销售。公司的主要产品是髓内 钉、空心钉、普通钉板、锁定钉板、手/足钉板产品、外固定支架、骨针、线缆、小儿产品、脊柱接骨 板（前路）、脊柱内固定器（后路）、椎间融合器、椎体成形、颅骨修复钛网系列、微小型接骨板、螺 钉系统、髋关节假体、膝关节假体、不可吸收带线锚钉、带袢钛板、种植体系统、一次性腹腔镜穿刺器 系列。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13大博医疗43.2648.285.39172.27亿行业平均 51.8349.634.51107.50亿行业中值37.2337.992.5052.12亿1九安医疗11.0311 ...

Domestic Policy Insights - Since the April Politburo meeting, the central government's research has focused on five key areas: technology, consumption, employment, foreign trade, and platform economy, with technology, consumption, and employment being the primary focuses[2] - The government is promoting the "old for new" policy in home appliances and exploring new business models in cultural and tourism consumption to stimulate consumer potential[12] - Employment strategies include enhancing services for college graduates and migrant workers, and supporting vocational training institutions[12] Capital Market Developments - On July 1, the new "Information Disclosure Management Measures for Listed Companies" came into effect, clarifying disclosure requirements for various industries[31] - The China Securities Regulatory Commission approved the first batch of 10 Sci-Tech Innovation Bonds ETFs on July 2 to guide funds into technology innovation[31] - The People's Bank of China released a draft for the "Cross-Border Payment System Business Rules" on July 4, seeking public feedback[31] Global Economic Tracking - The U.S. Congress passed the "Big and Beautiful" Act on July 3, which may impact international trade dynamics[6] - As of July 1, the U.S. manufacturing PMI was reported at 49%, slightly above the expected 48.8%[6] - The U.S. non-farm payrolls added 147,000 jobs in June, with an unemployment rate of 4.1%, a decrease of 0.1 percentage points month-on-month[6]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market this week, with the healthcare services sector leading the gains. The overall A-share market rose by 1.50%, while the biopharmaceutical sector increased by 1.82%, outperforming the market [1][33] - Merck announced a $10 billion acquisition of Verona Pharma to obtain the COPD drug Ohtuvayre, which is expected to be a significant product in the respiratory disease treatment market [2][10] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, with revenues expected to reach 20.799 billion yuan, reflecting a growth of 20.64% [3] Summary by Sections Market Performance - The biopharmaceutical sector's price-to-earnings ratio (TTM) stands at 35.79x, which is at the 77.7 percentile of its historical valuation over the past five years [1][38] - The overall A-share market and various sub-sectors showed positive performance, with healthcare services up by 6.46% [1][33] Key Company Updates - Merck's acquisition of Verona Pharma will provide access to Ohtuvayre, a dual-target PDE3/4 inhibitor approved for COPD maintenance therapy, marking a significant advancement in treatment options [2][10] - Ohtuvayre's sales reached $71 million in Q1 2025, indicating strong market uptake and potential for expansion into other indications [22][24] Company Earnings Forecasts - WuXi AppTec's net profit for H1 2025 is expected to be 8.561 billion yuan, a 101.92% increase, driven by strong operational performance [3] - The report includes earnings forecasts for several companies, with WuXi AppTec and Mindray Medical both rated as "Outperform" [4][42] Investment Recommendations - Mindray Medical is highlighted as a leading domestic medical device company benefiting from new healthcare infrastructure and product upgrades [42] - WuXi AppTec is recognized for its comprehensive service capabilities in the new drug development outsourcing market [42] - Other recommended companies include New Industries, Huatai Medical, and Aibo Medical, each with strong market positions and growth potential [42][43][44]

时间： 2025年7月17日星期四，8点签到，9点准时开始。 地点： 本文包括： 参会注意事项、会议完整议程，请转发给参会的朋友。 有效报名的同志们，都已收到了拉群邀约 ，请一定入群。大会云相册、会刊等，都在群中 （没有入群的朋友，请主动添加微信号 suribot22） 还有参会名额！速速报名！ ★ 免费票领取方式附文末！★ ▍会议概况 北京 中关村国家自主创新示范区展示中心(5号门)（高德地图、百度地图都是） 进5号门直走，会议中心就在右手边。 特别提醒： 最好别开车，没车位，路边贴条~ 签到时间： 早8点开始签到 ，9点准时开始不等人。 建议8:30前到 ，早来签到不排队，100%有座位。 ▍大会总体行程安排 思字MedTech | 中关村联新生物医药产业联盟 届全球医疗科技大会 an 2025 Global MedTech Conference 中国. 北京 > 2025.7.17 演讲嘉宾 王昊 首都医科大学附属北京 天坛医院科技处处长 在年明 中国科学院自动化研究 所研究员,脑网络组研 究中心主任 逢宇 首都医科大学附属北京 胸科医院细菌免疫室主 任和科研处长 赵阳光 中国信息通信研究院云 大所生物 ...

# 关于凯磁医疗 近日， 重庆凯磁医疗技术有限公司 （以下简称"凯磁医疗"）完成了一轮 数百万人民币的融资 。本轮融资由 重庆科技金融服务中心、重庆明月湖私募股权投资基金和明月湖智能科技发展有限公司三方共同投资，这也是 三家机构的首次合作 。此次融资所筹资金将主要用于 凯磁医疗全磁悬浮系列产品的量产和市场拓展，并加速 其多管线研发进程 ，进一步巩固其在全磁悬浮系统解决方案和核心部件供应领域的行业地位。 此外，公司还研发出 低剪切、稳定输出的全磁悬浮搅拌器和洁净泵 ，并已实现系列化生产，其产品型号多达 十数款，能够满足生物制药 从上游发酵培养到下游分离纯化等 各工艺环节的需求。这些产品不仅解决了传统 技术存在的污染、细胞存活率低、产出少等问题，还打破了进口产品价格高、货期长、使用成本高等限制。 思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 | 首届全球医美科技大会 即将召开： 重庆凯磁医疗技术有限公司成立于2023年，位于重庆市，是一家专注于 全磁悬浮电机底层平台技术创新与突 破 的高科技企业。公司汇聚了国内外磁悬浮电机技术领域的顶尖科研人才和产业团队，拥有 "电机 + 全 ...