证券代码：688085 证券简称：三友医疗 公告编号：2025-053 上海三友医疗器械股份有限公司 关于公司董事兼高管减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： ● 基本情况 本次减持计划实施前，上海三友医疗器械股份有限公司（以下简称"公司"）实际控制人之一、董事、资 深副总裁兼董秘David Fan（范湘龙）先生持有公司股份17,379,262股，占减持计划披露日公司总股本的 比例为6.25%。上述股份来源为公司首次公开发行股票并上市前持有的公司股份及资本公积转增股本获 得、集中竞价交易取得的股份。David Fan（范湘龙）先生的一致行动人徐农先生及其一致行动人混沌 天成资管－徐农－混沌天成精选策略18号单一资产管理计划（以下简称"混沌天成18号"）直接持有公司 股份40,149,483股、Michael Mingyan Liu（刘明岩）先生直接持有公司股份25,284,935股，上述一致行动 人合计直接持有公司股份82,813,680股，占减持计划披露日公司总股本的比 ...

Market Overview - On July 25, A-shares experienced adjustments, with the Sci-Tech 50 Index rising over 2% against the trend. The Shanghai Composite Index closed at 3593.66 points, down 0.33%, while the Shenzhen Component Index and the ChiNext Index fell by 0.22% and 0.23%, respectively. The total trading volume in the Shanghai and Shenzhen markets was 1.7873 trillion yuan, a decrease of 57.4 billion yuan from the previous trading day, marking the seventh consecutive day of exceeding 1.5 trillion yuan. Notable stocks included Northern Rare Earth, China Power Construction, and Dongfang Wealth, each with trading volumes exceeding 10 billion yuan [1]. Technology Sector - The technology sector saw a significant inflow of funds, particularly in AI applications. Companies such as Insai Group and CloudWalk Technology experienced gains of 20% and over 10%, respectively. The World Artificial Intelligence Conference (WAIC) is set to take place from July 26 to 29, featuring over 60 leading domestic and foreign enterprises, showcasing more than 3000 cutting-edge exhibits, the largest scale in history. Analysts believe that the trend in the AI industry will continue to drive capital expenditure from major tech companies and boost the performance of companies in the computing power supply chain [2]. Healthcare Sector - The healthcare sector was notably active, with medical device, CRO, and AI medical stocks performing well. Kangtai Medical surged by 20%, while other companies like Nanwei Medical and Yiming Pharmaceutical also saw significant gains. Recent announcements from the National Medical Insurance Administration regarding the optimization of centralized procurement rules and the introduction of new drug directories for commercial health insurance are expected to positively impact the sector. Analysts suggest that the healthcare industry may see a recovery in valuations and performance due to these changes [3][4]. Investment Strategies - Investment strategies are focusing on two main directions: first, on generic drugs and medical devices that continue to win bids in centralized procurement, which are expected to gain market share; second, on innovative pharmaceutical companies with rich R&D pipelines that have core products entering medical insurance or are likely to be included in new drug directories [4]. - Analysts from Dongfang Securities and Zhongyuan Securities suggest that the current macroeconomic expectations are stable, with a generally ample capital environment. They recommend focusing on sectors with high growth in performance and technology, as well as high-dividend banks and public utilities [5][6]. Fund Allocation Trends - Recent fund allocation trends indicate a clear shift towards industry leaders in sectors such as communication, non-bank finance, media, agriculture, and beauty care, while significant reductions were seen in steel, coal, real estate, and food and beverage sectors. Analysts recommend focusing on four main lines: AI-driven communication and hardware, non-bank finance, new consumption trends in Hong Kong stocks, and safety-related investments [6].

Group 1 - The company, Shanghai Kelly Medical Technology Co., Ltd., has received a warning regarding its stock due to an audit report from Zhonghua Accounting Firm, which issued an opinion of inability to express an opinion on the internal control of the financial report for the fiscal year 2024 [1][2] - According to the Shenzhen Stock Exchange's rules, the company is subject to risk warnings and may face delisting risk if the issues related to the audit report are not resolved [1][2] - The company has taken measures to address the issues raised in the audit report, including enhancing compliance awareness among board members and management, reviewing related party transactions, and establishing a whistleblower system to reduce fraud opportunities [2][3] Group 2 - The company is required to disclose progress updates at least once a month during the warning period until the issues are resolved or until a delisting risk warning is implemented [3] - The company emphasizes the importance of maintaining the interests of all shareholders, particularly minority shareholders, by improving internal controls and ensuring compliance [3]

Group 1 - The company held its 12th meeting of the second Supervisory Board on July 25, 2025, via communication, with all three supervisors present, ensuring compliance with relevant laws and regulations [1][2] - The Supervisory Board approved the proposal to use up to RMB 526 million of temporarily idle raised funds for cash management, stating that this decision aligns with regulatory requirements and does not conflict with the implementation of investment projects [1][2] - The decision to manage idle funds is expected to enhance the company's capital efficiency and yield good financial returns, with unanimous support from all supervisors [1]

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to enhance fund efficiency while ensuring the safety of the funds and the implementation of investment projects [3][5][7]. Fundraising Overview - The company was approved to publicly issue 25 million shares at a price of RMB 40.29 per share, raising a total of RMB 100,725.00 million, with a net amount of RMB 90,975.85 million after deducting issuance costs [1][2]. - The funds are stored in a special account, and a tripartite supervision agreement has been signed with the sponsor and the commercial bank [2]. Investment Project Details - The total investment for the projects funded by the raised capital is RMB 65,000.48 million, with RMB 57,377.94 million planned from the raised funds and RMB 7,622.54 million from self-owned funds [2]. Cash Management Plan - The company intends to use up to RMB 52,600.00 million of temporarily idle funds for cash management within a 12-month period, ensuring it does not affect the implementation of investment projects [3][4][6]. - The investment products will include low-risk, high-liquidity options such as structured deposits, large-denomination certificates of deposit, and time deposits [4][5]. Impact on Operations - The cash management strategy is designed to improve fund efficiency without impacting the normal operations of the company or its investment projects, ultimately benefiting shareholders [5][7]. - The company aims to use the returns from cash management to supplement any shortfalls in project investments [4][5]. Approval Process - The board of directors and the supervisory board have approved the cash management plan, confirming compliance with relevant regulations and ensuring no adverse effects on the company's operations or shareholder interests [6][7][8].

Core Insights - China's medical equipment industry is rapidly emerging, with exports covering over 9,000 medical institutions in more than 190 countries and regions by 2024 [2] - The industry has seen significant growth, with revenue from large-scale medical equipment enterprises exceeding 540 billion yuan, maintaining a rapid growth trend over the past decade [5] - The approval of innovative medical devices has accelerated, with 45 new devices approved in the first half of the year, marking an 87% year-on-year increase [5] Group 1: Industry Growth and Innovation - The medical equipment market in China has reached a scale of 1.35 trillion yuan, showcasing the country's position as a major application market and production base for medical equipment [5] - Innovative products such as smart bionic hands and advanced imaging systems are being developed, demonstrating the integration of brain-machine interface technology and artificial intelligence [5][9] - The international competitiveness of China's medical equipment industry has been improving, with a compound annual growth rate of 9.4% in import and export trade over the past five years [8] Group 2: Global Expansion and Collaboration - Chinese medical equipment is increasingly being utilized globally, with products like CT scanners and ventilators being exported to serve numerous patients [8] - The shift from single equipment exports to comprehensive professional solutions is evident, as companies like Mindray Medical have developed integrated ecosystems to enhance operational efficiency [8][10] - Collaborative efforts are being made to strengthen the ecosystem of production, education, research, and application, with initiatives from various government bodies to support innovation in the medical field [10][11]

新京报贝壳财经讯（记者俞金旻 阎侠）7月25日，随着第八届进博会倒计时100天，2026年第九届中国 国际进口博览会招展正式启动。 贝壳财经记者在现场看到，第九届进博会招展启动仪式现场有40余家企业正式签约，成为2026年第九届 进博会首批参展商，签约展览面积3万平方米。GE医疗、诺华、霍尼韦尔、三菱电机、捷豹路虎、欧莱 雅、乐斯福、汇丰银行等20余家企业成为进博会首批九年"全勤生"。 签约现场，GE医疗中国影像业务副总裁侯薇向贝壳财经记者介绍，GE医疗连续八年参展进博会。"今 年，我们将携10余款全球首秀，中国首展新品集中亮相第八届进博会，持续拓展高质量医疗可及性。我 们将推动神经、肿瘤、心脑血管等重大疾病病灶的早期发现与精准诊疗。依托进博会平台，GE医疗持 续加速更多融合全球智慧的中国创新成果落地临床，服务健康中国。" 香港贸发局上海代表谭丹妮向贝壳财经记者表示，贸发局作为香港特别行政区的官方组展机构，是进博 会的"全勤生"。过去七年来，香港贸发局组织了近400家香港企业参展，累计参展面积近1万平方 米。"第八届进博会上，我们将在产品展馆新增直播间，让展商现场直播带货，助产品更快地渗透内地 市场。" 欧莱 ...

Core Strategy - Shanghai aims to build a globally influential technology innovation center, using institutional innovation as a driving force to accelerate project approval reforms and empower the transformation of intellectual property achievements [1][2] Project Approval Acceleration - The speed of project implementation serves as a direct indicator of the business environment, with significant projects in Shanghai's Lingang New Area achieving record speeds [2] - The Tesla Shanghai Energy Storage Super Factory project exemplifies this speed, with a total timeline from investment agreement to construction completion of just 9 months, significantly faster than previous projects [2] - Boeing's project achieved "same-day land acquisition, certification, and commencement," showcasing the efficiency of the new approval processes [2][3] "Wujie Silicon Alley" Initiative - The "Wujie Silicon Alley" initiative aims to integrate technology innovation with urban life, creating new industrial clusters that break traditional boundaries [4][5] - The initiative has led to a significant increase in technology companies in the area, growing from over 500 in 2023 to over 930 currently, attracting various specialized enterprises [5][6] Intellectual Property and Financial Innovation - Intellectual property is crucial for innovation, and transforming it into assets is essential for optimizing the business environment for tech companies [9] - The first ABS project in Shanghai, involving nine high-tech companies, highlights the potential of intellectual property securitization as a flexible financing channel [9][10] - The project achieved a record low financing rate of under 2%, significantly aiding companies in maintaining cash flow and supporting R&D investments [10] Strengthening Intellectual Property Protection - A robust intellectual property protection system is vital for the high-quality development of industries like biomedicine, which are heavily reliant on patents [11] - Shanghai has become a preferred location for resolving patent disputes, with a notable case involving a German company that showcased the city's efficient administrative adjudication capabilities [11]

Group 1: Event Overview - The ninth China International Import Expo (CIIE) has officially launched its exhibition recruitment, with over 40 companies signing contracts, covering an exhibition area of 30,000 square meters [1] - The eighth CIIE has signed contracts for over 330,000 square meters of exhibition space, with 170 companies and 27 institutions recognized as "full attendance" participants [2] - The event will feature participation from 60 overseas exhibition groups from 40 countries and regions, with record-high participation from countries like Canada, Malaysia, New Zealand, Norway, and Peru, reflecting confidence in the Chinese economy [2] Group 2: Exhibitor Highlights - L'Oréal, a long-time exhibitor, will showcase new brands and technologies, marking the largest debut scale in its history, and will celebrate the 20th anniversary of its R&D center in China [6] - New Zealand's Fonterra will globally launch three new product categories, including "A2 Grass-fed Pure Milk," targeting the health-conscious Chinese consumer market [9][10] - Medtronic will present over 100 innovative medical technology products, including six global debuts, emphasizing the transformation of exhibition items into market products [20][24] Group 3: Innovation and New Products - The eighth CIIE will introduce a special area for products from least developed countries and a "cross-border e-commerce selection platform" [2] - Siemens Healthineers will showcase its largest exhibition area to date, featuring groundbreaking medical technologies such as the world's first life-sensing PET/MR system [20] - Abbott will debut its breakthrough cardiovascular technology, the Diamondback 360™ system, which aims to improve treatment reliability for coronary artery blockages [21]

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [8][58]. Core Insights - The report highlights the optimization of centralized procurement rules, which aims to stabilize clinical practices, ensure quality, and prevent excessive competition in the pharmaceutical sector. This is expected to benefit pharmaceutical and medical device sectors [6][57]. - The report emphasizes the importance of monitoring the progress of the commercial insurance innovative drug catalog and the performance of companies exceeding expectations in their semi-annual reports. It suggests focusing on pipeline realization, performance growth, and business collaborations within the innovative drug and related industry chain [6][57]. - The report notes significant developments in the pharmaceutical industry, including the approval of new drug indications and strategic partnerships for drug development, which are expected to enhance market opportunities [19][29][34]. Industry News - In the first half of 2025, the employee medical insurance personal account mutual aid involved 200 million people, with a total mutual aid amount of 26.177 billion yuan [5][18]. - The Shanghai Pudong New Area government has issued a plan to enhance the functions of the biopharmaceutical industry park from 2025 to 2027, aiming for an industry scale exceeding 500 billion yuan by 2027 [18]. - The report mentions the approval of Novo Nordisk's semaglutide for treating chronic kidney disease in China, which is a significant advancement in the industry [19]. Market Performance - During the week of July 18-24, 2025, the Shanghai Composite Index rose by 2.53%, the Shenzhen Component Index increased by 2.94%, and the pharmaceutical and biological sector also saw a rise of 2.94%. All sub-sectors experienced growth, with medical services leading at 6.16% [6][44]. - As of July 24, 2025, the price-to-earnings ratio (TTM) for the pharmaceutical and biological industry was 30.59 times, with a valuation premium of 155% relative to the CSI 300 index [6][48]. Company Announcements - Lizhu Group's clinical trial for a humanized monoclonal antibody injection reached its primary endpoint, indicating progress in its development pipeline [29]. - WuXi Biologics and WuXi AppTec both issued positive profit forecasts, with expected revenue growth of approximately 16% and over 60%, respectively, for the first half of 2025 [32][33].