据悉，西门子医疗业务历史可追溯至19世纪末，2018年独立上市时西门子持股85%。此后西门子集团持续减持，2025年2月曾以14.5亿欧元出售2%股权。 西门子医疗业务覆盖医学影像、体外诊断、肿瘤放疗等领域，2020年以139亿欧元收购美国放疗巨头瓦里安后，行业地位进一步巩固，当前市值维持在约 520亿欧元。 该拆分计划需经双方股东、欧盟及美国监管机构批准，预计2026年第二季度完成。西门子医疗CEO伯恩德·蒙塔格对此表示认可，称将延续全面独立的发 展进程。 同日，西门子宣布首席财务官拉尔夫·托马斯将于2026财年卸任，其职位由西门子金融服务CEO维罗妮卡·比恩特接任。托马斯卸任后将继续担任西门子医 疗监事会成员，以保持业务衔接。 近日，德国工业巨头西门子集团正式宣布重大股权调整计划，将以"直接分拆"方式向自身股东划转所持西门子医疗约30%的股份，涉及股权价值达335亿 欧元。 根据公告，拆分前西门子持有西门子医疗67%的股份，此次股权划转后持股比例将降至37%以下。西门子CEO罗兰德·布希进一步透露，集团计划中期内将 持股比例降至20%以下，不排除在本次方案获批前启动后续减持。 ...

Market Overview - The net outflow of main funds in the Shanghai and Shenzhen markets reached 40.955 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 5.791 billion yuan [1] - A total of 178 stocks saw net inflows, while 415 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 93 stocks rose, while 496 stocks fell, with one stock, He Xin Instrument, hitting the daily limit down [1] - C Hengkun, listed for 5 days, had a significant drop of 2.44% [1] Fund Flow Analysis - Among the 178 stocks with net inflows, five stocks had inflows exceeding 100 million yuan, led by Yuanjie Technology with a net inflow of 316 million yuan [2] - Other notable inflows included Changguang Huaxin and Yingshi Innovation, with net inflows of 144 million yuan and 113 million yuan, respectively [2] Continuous Fund Flow - 46 stocks showed continuous net inflows for more than three trading days, with Weigao Orthopedics leading at 10 consecutive days of inflow [2] - Conversely, 202 stocks experienced continuous net outflows, with Zhixiang Jintai leading at 17 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow included: - Yuanjie Technology: 315.73 million yuan, 10.22% inflow rate, 3.56% increase [2] - Changguang Huaxin: 144.31 million yuan, 11.14% inflow rate, 2.00% increase [2] - Yingshi Innovation: 113.72 million yuan, 21.35% inflow rate, 4.26% increase [2] Notable Outflows - The stocks with the highest net outflows included: - SMIC: 800.2 million yuan, 1.42% decrease [1] - Baiwei Storage: 344 million yuan outflow [1] - Guodun Quantum: 263 million yuan outflow [1]

Core Viewpoint - The stock of United Imaging Healthcare has experienced fluctuations, with a recent decline of 2.00% and a total market capitalization of 108.43 billion yuan, reflecting a mixed performance in the stock market [1]. Financial Performance - For the period from January to September 2025, United Imaging Healthcare reported a revenue of 8.859 billion yuan, representing a year-on-year growth of 27.39%, and a net profit attributable to shareholders of 1.120 billion yuan, which is a 66.91% increase compared to the previous year [2]. - The company has distributed a total of 641 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for United Imaging Healthcare increased to 32,400, marking a 96.28% rise from the previous period, while the average number of circulating shares per person decreased by 29.23% to 25,444 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 19.036 million shares, a decrease of 2.9809 million shares from the previous period [3].

来源：新浪证券-红岸工作室 截至11月10日，港通医疗股东户数8109.00，较上期增加2.45%；人均流通股7774股，较上期减少 2.39%。2025年1月-9月，港通医疗实现营业收入3.44亿元，同比减少30.06%；归母净利润-1020.84万 元，同比减少150.92%。 分红方面，港通医疗A股上市后累计派现4899.73万元。 机构持仓方面，截止2025年9月30日，港通医疗十大流通股东中，诺安多策略混合A（320016）位居第 八大流通股东，持股72.51万股，为新进股东。 融资方面，港通医疗当日融资买入129.89万元。当前融资余额3360.68万元，占流通市值的2.04%，融资 余额低于近一年30%分位水平，处于低位。 融券方面，港通医疗11月18日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额 2359.00元；融券余量100.00股，融券余额2359.00元，超过近一年90%分位水平，处于高位。 资料显示，四川港通医疗设备集团股份有限公司位于四川省成都市简阳市凯力威工业大道南段356号， 成立日期1998年1月13日，上市日期2023年7月25日，公司主营业务涉及 ...

分红方面，爱朋医疗A股上市后累计派现1.13亿元。近三年，累计派现1638.62万元。 爱朋医疗今年以来股价涨51.84%，近5个交易日跌13.16%，近20日跌11.04%，近60日跌24.70%。 11月19日，爱朋医疗盘中下跌2.09%，截至11:29，报26.67元/股，成交5657.84万元，换手率2.39%，总 市值33.62亿元。 爱朋医疗所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：机器人概念、人工智 能、人脑工程（脑机接口）、专精特新、医用耗材等。 资金流向方面，主力资金净流出639.98万元，大单买入643.01万元，占比11.36%，卖出1282.99万元，占 比22.68%。 截至9月30日，爱朋医疗股东户数2.21万，较上期减少31.76%；人均流通股3972股，较上期增加 46.51%。2025年1月-9月，爱朋医疗实现营业收入2.52亿元，同比减少8.41%；归母净利润-1148.42万 元，同比减少401.64%。 今年以来爱朋医疗已经6次登上龙虎榜，最近一次登上龙虎榜为8月8日，当日龙虎榜净买入1192.43万 元；买入总计7835.89万元 ，占总成交额比 ...

Group 1 - The forum held on November 18 in Wuxi attracted over 700 guests, including executives from more than 30 Fortune 500 companies, focusing on key industries like new energy and biomedicine [1] - A total of 21 high-level R&D projects were signed at the event, alongside the launch of two major industry platforms: the Jiangsu Province Biomedicine Full Industry Chain Open Innovation Alliance and the Jiangsu Province New Energy Industry Chain Hub Platform [1][6] - Jiangsu's actual foreign investment reached $103.74 billion from 2021 to 2024, with a national share of 16.4% in 2024, increasing to 18.1% in the first three quarters of this year [2] Group 2 - The Jiangsu Free Trade Zone's biomedicine open innovation development plan was approved, making it the first province in China to pilot in this field, featuring 18 policy measures and 77 specific tasks [3] - The plan aims to create a "highway" for the entire process of drug development, manufacturing, circulation, and use, with significant cost savings and faster customs clearance [3] - The presence of over 40% of Apple's core suppliers in China, with half located in Jiangsu, highlights the region's mature industrial chain [4] Group 3 - Pfizer announced the launch of the "Pfizer-Jiangsu Full Industry Chain Innovation Empowerment Plan" to deepen its involvement in Jiangsu's biomedicine sector [5] - LG Group has invested nearly $10 billion in Jiangsu, viewing it as a key base for new energy battery production, with plans for further investment in new technologies [5] - The establishment of two major industry platforms aims to enhance collaborative efficiency and international competitiveness in key sectors like power batteries and renewable energy [6] Group 4 - Eli Lilly plans to deepen local cooperation in major disease areas, having invested a total of $15 billion in its Suzhou pharmaceutical production base over the past 30 years [7]

Core Insights - VAREX IMAGING reported revenue of $228.9 million for the quarter ended September 2025, reflecting an 11.3% increase year-over-year and surpassing the Zacks Consensus Estimate of $220.45 million by 3.83% [1] - The company's EPS for the quarter was $0.37, significantly higher than the $0.19 reported in the same quarter last year, and exceeded the consensus EPS estimate of $0.18 by 105.56% [1] Revenue Breakdown - Industrial revenue reached $76.8 million, exceeding the average estimate of $65.39 million by analysts, marking a 25.3% increase compared to the previous year [4] - Medical revenue was reported at $152.1 million, slightly below the average estimate of $155.08 million, but still showing a year-over-year increase of 5.3% [4] Profit Metrics - Gross profit from Industrial operations was $29.8 million, surpassing the average estimate of $22.05 million [4] - Gross profit from Medical operations was $48 million, which was below the average estimate of $49.24 million [4] Stock Performance - Over the past month, VAREX IMAGING shares have returned -1.7%, contrasting with a +0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Insights - The forum held on November 18 in Wuxi focused on international cooperation in supply chains, attracting over 700 attendees, including executives from more than 30 Fortune 500 companies [1] - Key discussions revolved around the collaborative development of supply chains in critical industries such as renewable energy and biomedicine, leading to the signing of 21 high-level R&D projects [1][6] - Jiangsu province has achieved significant foreign investment, with actual foreign capital usage reaching $103.74 billion from 2021 to 2024, accounting for 16.4% of the national total in 2024 [2] Industry Developments - The establishment of the "Jiangsu Province Biomedicine Full Industry Chain Open Innovation Alliance" and the "Jiangsu Province New Energy Industry Chain Hub Platform" aims to enhance global resource connectivity and build a new industrial ecosystem [1][6] - The "Jiangsu Free Trade Zone Biomedicine Full Industry Chain Open Innovation Development Plan" has been approved, making Jiangsu the first province in China to pilot in the biomedicine sector, featuring 18 policy measures to streamline the R&D process [3] Company Engagements - GE Healthcare's Wuxi base has become the largest ultrasound equipment center globally, supporting over 460 upstream and downstream suppliers, showcasing the strength of the industrial cluster [2] - Pfizer announced the launch of the "Pfizer-Jiangsu Full Industry Chain Innovation Empowerment Plan" to deepen its involvement in Jiangsu's biomedicine sector, emphasizing local production and global market integration [5][7] - Apple’s core suppliers, over 80% of whom have factories in China, with half located in Jiangsu, highlight the region's mature industrial chain and advancements in smart manufacturing and green transformation [4]

Financial Data and Key Metrics Changes - Fourth Quarter revenue was $229 million, up 11% year over year, at the high end of guidance [5][6] - Non-GAAP gross margin for the Fourth Quarter was 34%, 130 basis points higher than the same quarter last year [6][14] - Non-GAAP earnings per share in the Fourth Quarter was $0.37, up $0.21 compared to last year [6] - Total revenue for Fiscal Year 2025 was $845 million, a 4% increase compared to Fiscal Year 2024 [6] - Non-GAAP EBITDA for the year was $122 million, up $33 million from $89 million last year [6][15] Business Line Data and Key Metrics Changes - Medical segment revenue increased by 5% year over year, totaling $152 million in the Fourth Quarter [11][12] - Industrial segment revenue grew by 25% year over year, reaching $77 million in the Fourth Quarter, marking the highest quarterly contribution of industrial revenue in Varex's history [11][12] - For the full fiscal year, medical revenue was $593 million, a 2% increase year over year, while industrial revenue was $252 million, a 10% increase [6][11] Market Data and Key Metrics Changes - Revenue from the Americas grew by 9%, EMEA rose by 16%, and APAC increased by 8% year over year [13] - Sales volume to China remained steady, contributing 14% of total revenues, reflecting resilience in the healthcare market despite tariff challenges [13][21] Company Strategy and Development Direction - The company plans to invest in R&D to strengthen its competitive edge and focus on growth markets such as India, South Asia, the Middle East, and Latin America [22][23] - Varex is advancing its photon counting CT technology and expanding its manufacturing capabilities in India to support cost-effective product designs [22][23][25] - The company aims to lead with innovation while maintaining cost-effectiveness in the value and mid-tier segments [22] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging start to Fiscal Year 2025 due to global tariff situations, but customer ordering patterns have normalized [21] - Customers in China are projecting stronger orders for 2026 compared to 2024 and 2025, driven by demand for value tier and mid-tier CT systems [21] - The company is intensifying efforts to strengthen geopolitical resiliency through supply chain and manufacturing regionalization [21][22] Other Important Information - The company ended the year with $155 million in cash, cash equivalents, and marketable securities, down from $213 million last year due to debt retirement [6][18] - Gross debt outstanding at the end of the quarter was $370 million, with a net debt leverage ratio of approximately 1.8 times adjusted EBITDA [18][19] Q&A Session Summary Question: Can you split the top 10 customers' contribution between medical and industrial? - Management stated that the top 10 customers generally account for 50%-55% of sales, primarily from the medical segment, but they do not disclose the split for commercial reasons [30][31] Question: Is there a structural shift in the medical and industrial segments? - Management indicated that industrial sales are growing and expected to reach mid-30s as a percentage of overall sales, while medical segment volatility is influenced by geopolitical factors [32][33] Question: What are the implications of GE and Siemens Healthineers divesting their China business? - Management noted that most business in China comes through Chinese OEMs, so these announcements do not have significant implications for Varex [36][37] Question: Can you provide a high-level outlook for the full year? - Management expects solid demand and growth in both medical and industrial segments, with medical business ex-China anticipated to grow [40][41] Question: What is the impact of tariffs on gross margin? - Management indicated that tariffs impact gross margin by 100 to 150 basis points, and they are working to mitigate this through supply chain adjustments [82][83]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $229 million, an increase of 11% year-over-year, and at the high end of guidance [5][6] - Non-GAAP gross margin for the fourth quarter was 34%, up 130 basis points from the same quarter last year [6][14] - Non-GAAP earnings per share in the fourth quarter was $0.37, up $0.21 compared to last year [6] - For the full fiscal year, total revenue was $845 million, a 4% increase compared to fiscal 2024 [6] - Non-GAAP EBITDA for the year was $122 million, up $33 million from $89 million last year [6] Business Line Data and Key Metrics Changes - Medical segment revenue increased by 5% year-over-year to $152 million in the fourth quarter, while Industrial segment revenue surged by 25% to $77 million [11][12] - For the full year, Medical revenue was $593 million, a 2% increase, and Industrial revenue was $252 million, a 10% increase [6][11] - The Industrial segment achieved its highest revenue quarter ever at $77 million, driven by strong demand for security inspection systems [5][7] Market Data and Key Metrics Changes - Revenue from the Americas grew by 9%, EMEA rose by 16%, and APAC increased by 8% year-over-year [13] - Sales volume to China remained steady, contributing 14% of total revenues, reflecting resilience in the healthcare market despite tariff challenges [13][21] Company Strategy and Development Direction - The company plans to focus on innovation and cost-effectiveness in the value tier and mid-tier segments, particularly in emerging markets like India, South Asia, and Latin America [22][23] - Investments in supply chain and manufacturing regionalization are aimed at strengthening geopolitical resiliency [21][22] - The company is advancing its Photon Counting CT project and expanding production capabilities in India [23][25] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging start to fiscal 2025 due to global tariff situations, but customer ordering patterns have normalized [21] - Expectations for stronger orders and sales in China for 2026 compared to previous years were expressed [21] - The company anticipates gradual growth throughout fiscal 2026, with Medical business expected to grow and Industrial business also projected to increase [41][42] Other Important Information - The company ended the year with $155 million in cash, down from $213 million the previous year, primarily due to debt reduction efforts [6][18] - The company reported a non-cash goodwill impairment charge of $94 million taken in Q3, impacting operating income [14] Q&A Session Summary Question: Can you split the top 10 customers' contribution between Medical and Industrial? - Management indicated that the top 10 customers generally contribute 50%-55% of sales, primarily from the Medical segment, but did not provide a specific breakdown for commercial reasons [30][31] Question: Is there a structural shift in Medical and Industrial segments? - Management noted that Industrial sales are growing and approaching 30% of overall sales, while Medical segment volatility is influenced by geopolitical factors [32][33] Question: Any implications from GE or Siemens Healthineers divesting their China business? - Management stated that the majority of business in China comes from Chinese OEMs, and they do not anticipate significant impacts from these potential divestitures [36][37] Question: Can you provide a high-level outlook for the full year? - Management expects solid demand and growth in both Medical and Industrial segments, with China modeled to be stable [40][41] Question: What is the impact of tariffs on gross margin? - Management indicated that tariffs are impacting gross margin by 100 to 150 basis points, but efforts to reroute supply chains and increase production in India may help mitigate this [81][82]