报告期内，公司全资子公司江西狼和医疗器械有限公司（以下简称"狼和医疗"）受产品市场需求增长放 缓以及行业竞争激烈影响，经营业绩出现大幅下滑。公司于2018年收购狼和医疗100%股权，形成商誉 26,936.70万元。基于狼和医疗当前经营状况及对其未来经营情况的分析预测，公司管理层初步判断，收 购该公司所形成的商誉已出现减值迹象。为了更加客观、公正地反映公司财务状况和资产价值，根据 《企业会计准则第8号-资产减值》等相关会计政策规定，按照谨慎性原则，公司2025年度预计计提商誉 减值14,700万元。最终计提减值金额将由公司聘请的评估机构及审计机构进行评估和审计后确定。 格隆汇1月7日丨维力医疗(603309.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为7,500万元到9,500万元，同比减少66%到57%。预计2025年度实现归属于母公司所有者 的扣除非经常性损益的净利润为6,500万元到8,500万元，同比减少69%到60%。 ...

报告期内，公司全资子公司江西狼和医疗器械有限公司(简称"狼和医疗")受产品市场需求增长放缓以及 行业竞争激烈影响，经营业绩出现大幅下滑。公司于2018年收购狼和医疗100%股权，形成商誉 26,936.70万元。基于狼和医疗当前经营状况及对其未来经营情况的分析预测，公司管理层初步判断，收 购该公司所形成的商誉已出现减值迹象。为了更加客观、公正地反映公司财务状况和资产价值，根据 《企业会计准则第8号-资产减值》等相关会计政策规定，按照谨慎性原则，公司2025年度预计计提商誉 减值14,700万元。最终计提减值金额将由公司聘请的评估机构及审计机构进行评估和审计后确定。 智通财经APP讯，维力医疗(603309.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利 润为7500万元到9500万元，同比减少66%到57%。 ...

人民财讯1月7日电，维力医疗（603309）1月7日发布2025年度业绩预告，经财务部门初步测算，预计 2025年度实现归属于母公司所有者的净利润为7500万元到9500万元，与上年同期相比，同比减少66%到 57%。报告期内，公司全资子公司江西狼和医疗器械有限公司(简称"狼和医疗")受产品市场需求增长放 缓以及行业竞争激烈影响，经营业绩出现大幅下滑。公司于2018年收购狼和医疗100%股权，形成商誉 2.69亿元。基于狼和医疗当前经营状况及对其未来经营情况的分析预测，公司管理层初步判断，收购该 公司所形成的商誉已出现减值迹象。按照谨慎性原则，公司2025年度预计计提商誉减值1.47亿元。 ...

报告期内，公司全资子公司江西狼和医疗器械有限公司（以下简称"狼和医疗"）受产品市场需求增长放 缓以及行业竞争激烈影响，经营业绩出现大幅下滑。公司于2018年收购狼和医疗100%股权，形成商誉 26,936.70万元。基于狼和医疗当前经营状况及对其未来经营情况的分析预测，公司管理层初步判断，收 购该公司所形成的商誉已出现减值迹象。为了更加客观、公正地反映公司财务状况和资产价值，根据 《企业会计准则第8号-资产减值》等相关会计政策规定，按照谨慎性原则，公司2025年度预计计提商誉 减值14,700万元。最终计提减值金额将由公司聘请的评估机构及审计机构进行评估和审计后确定。 格隆汇1月7日丨维力医疗(603309.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润为7,500万元到9,500万元，同比减少66%到57%。预计2025年度实现归属于母公司所有者 的扣除非经常性损益的净利润为6,500万元到8,500万元，同比减少69%到60%。 ...

创新药已经突围成功。 "十五五"规划开局之年，医药行业在2026年将呈现创新药爆发、CXO回暖、中药转型、药店收缩、医院 洗牌、并购潮涌的总体格局，行业分化加剧，强者恒强。 创新药：20款重磅新药有望获批 在2025年，共有76个创新药物成功获批上市，数量较上年增长58%。与此同时，创新药对外授权交易活 跃，交易数量突破150起，累计交易总额更是高达1300亿美元以上，彰显了我国创新药产业的强劲发展 势头。 西部证券指出，2026年创新药行情将从"BD为王"转向"数据为王"，全球多中心临床试验数据读出将成 为核心催化。 随着临床数据和上市审批的加速，2026年，中国创新药出海会迎来爆发期。业内预测，2026年将有约20 款重磅新药有望在中国获批上市，涵盖肿瘤、感染性疾病、罕见病、自身免疫性疾病、神经系统疾病等 多个治疗领域。比如，BL-B01D1是百利天恒自主研发的全球首创EGFR×HER3双抗ADC，用于治疗复 发性或转移性食管鳞癌。作为全球首个被纳入优先审评的EGFR×HER3双抗ADC，它填补了PD-1/PD-L1 联合化疗失败患者的治疗空白。此外，BL-B01D1的鼻咽癌适应症也已获优先审评，预计20 ...

格隆汇1月7日丨苏州高新(600736.SH)在投资者互动平台表示，根据景昱医疗官网资料显示，景昱医疗 聚焦脑科学领域，研发并提供脑机接口DBS产品。有关景昱医疗具体情况请直接咨询该企业。 ...

Core Viewpoint - The pharmaceutical and medical device sectors in China are expected to experience a convergence of industrial, policy, and capital cycles by 2026, presenting significant investment opportunities in innovative therapies and medical devices [1] Pharmaceutical Industry - The Chinese innovative drug sector is anticipated to reach a performance inflection point and valuation restructuring, with a focus on next-generation therapies such as ADCs, bispecific/multispecific antibodies, cell and gene therapies, and small nucleic acids [1] - Research and development spending by pharmaceutical companies is showing marginal improvement, with opportunities for domestic substitution and breakthroughs in mid-to-high-end products [1] Medical Device Industry - The impact of centralized procurement policies is gradually diminishing, while overseas markets continue to grow rapidly, suggesting a recovery in the performance of related companies [1] - Investment focus should be on rapidly scaling products post-procurement implementation and medical device companies driven by equipment upgrades [1] Blood Products Market - The demand for blood products and the volume of plasma collection are consistently increasing, with resources concentrating among leading companies in the sector [1] Investment Opportunities - The overall pharmaceutical industry is entering a critical phase of innovation realization and global expansion, with investment opportunities concentrated in innovative companies that possess global competitiveness [1] ETF Overview - The Guotai Innovation Pharmaceutical ETF (159377) tracks the Innovation Pharmaceutical Index (399275), which has a daily price fluctuation limit of 20%, focusing on companies with high R&D investment and innovation capabilities in the pharmaceutical sector [1]

Group 1 - The A-share market experienced narrow fluctuations on January 7, with coal, chips, and innovative drug sectors leading in gains. The Southern Innovative Drug ETF (159858.SZ) rose by 1.60%, and Baijie Shenzhou increased by 3.29% [1] - The Chinese innovative drug industry is expected to undergo a value return and structural reshaping by 2025, with a shift in core logic towards product strength, platform capability, and global operational ability [1] - Policies are transitioning from encouraging innovation to a new phase of systematic and precise guidance, providing institutional support for original innovation [1] Group 2 - Capital is concentrating on companies with core technology platforms, clear clinical value, and global potential, favoring mid-to-late-stage projects in areas such as ADC, bispecific antibodies, CGT, and AI drug development [1] - The transaction amount for innovative drugs going overseas has reached a historical high, with deepening collaboration models [1] - Domestic ADC and bispecific antibody products have been approved and show globally leading data, while breakthroughs have been made in small molecule drugs targeting "undruggable" targets, and significant progress has been observed in cell therapies and nucleic acid drugs [1] Group 3 - The industry is transitioning from following innovation to original innovation, and from technology input to systematic output [1] - The trend for the innovative drug industry is positive, with strengthened global competitiveness, ongoing international expansion, and gradual realization of commercial profitability [1] - The medical device industry is experiencing a calming of influencing factors, with accelerated innovation and internationalization [1] Group 4 - The innovative drug industry is showing enhanced innovation vitality and significant internationalization results, with sufficient long-term development momentum [1] - The Southern Innovative Drug ETF (159858.SZ) can focus on innovative drugs and the industry chain, sharing the growth dividends of truly competitive companies amid industry differentiation and seizing opportunities for value reshaping [1]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has shown strong growth in its endoscope and optical businesses, with a revenue increase of 40.47% year-on-year for the first three quarters of 2025, reaching 448 million yuan, and a net profit increase of 40.03%, amounting to 136 million yuan [4][5] - The endoscope business grew by 40% in the first three quarters of 2025, with a significant increase of over 100% in the third quarter compared to the same period in 2024 [5] - The optical business also experienced over 30% growth, driven by collaborations with domestic and international diagnostic equipment companies and the expansion into other optical applications [5] Financial Performance - For 2025, the company is projected to achieve revenues of 602 million yuan, 724 million yuan in 2026, and 869 million yuan in 2027, with year-on-year growth rates of 35.89%, 20.30%, and 20.11% respectively [6] - The net profit attributable to the parent company is expected to be 184 million yuan in 2025, 227 million yuan in 2026, and 281 million yuan in 2027, with growth rates of 36.22%, 22.97%, and 23.78% respectively [6] - The company's price-to-earnings (P/E) ratio is projected to decrease from 29.45 in 2025 to 19.35 in 2027, indicating improving valuation metrics [6]

Group 1 - The core point of the article is that southbound funds have increased their holdings in MicroPort Medical (00853.HK) by 3.31 million shares on January 5, 2026, with a total net increase of 16.43 million shares over the past five trading days [1] - Over the last 20 trading days, there were 7 days of net reductions in holdings, totaling 1.05 million shares [1] - As of now, southbound funds hold 899 million shares of MicroPort Medical, accounting for 46.96% of the company's total issued ordinary shares [1] Group 2 - The total number of shares held by southbound funds on January 5, 2026, was 899 million, reflecting a change of 3.31 million shares, which is a 0.37% increase [2] - The previous trading days showed significant changes, with an increase of 9.10 million shares (1.03%) on January 2, 2026, and smaller increases on December 30, 2025 (0.28%), December 29, 2025 (0.16%), and December 23, 2025 (0.02%) [2] - MicroPort Medical is primarily engaged in the sales, production, research, and development of medical devices, operating through eight divisions including cardiovascular intervention, orthopedic medical devices, cardiac rhythm management, and surgical robotics [2]