9月30日，大博医疗涨5.02%，截至发稿，报56.11元/股，成交1.70亿元，换手率1.08%，总市值232.31亿 元。 资料显示，大博医疗科技股份有限公司位于福建省厦门市海沧区山边洪东路18号，成立日期2004年8月 12日，上市日期2017年9月22日，公司主营业务涉及医用高值耗材的生产、研发与销售。主营业务收入 构成为：创伤类产品38.68%，脊柱类产品17.95%，微创外科类产品16.34%，关节类产品10.37%，其他 产品9.27%，神经外科类产品4.50%，齿科类产品2.89%。 从大博医疗十大流通股东角度 数据显示，南方基金旗下1只基金位居大博医疗十大流通股东。南方中证1000ETF（512100）二季度增 持14.19万股，持有股数75.68万股，占流通股的比例为0.26%。根据测算，今日浮盈赚取约202.81万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益27.27%，同 类排名2099/4220；近一年收益47.41%，同类排名1424/3846；成立以来收益12.63%。 南方中证1000ETF（512100）基金经 ...

2025 年 09 月 28 日 公司研究 评级：买入(维持) | | | | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 锚定"品牌向上、稳健增长" ，医疗&消费 协同发展 ——稳健医疗（300888）公司动态研究 最近一年走势 | 相对沪深 | 300 表现 | | 2025/09/26 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 稳健医疗 | | -9.2% | -4.4% | 43.7% | | 沪深 300 | | 2.2% | 15.3% | 28.3% | 2）医疗板块：老龄化显著推动医疗需求提升，提供医用耗材一 ...

公告 近日，江苏爱舍伦医疗科技集团股份有限公司（以下简称"爱舍伦"）回复了北交所第三轮审核问询函，涉及与竞争对手比较产品时存在差异的原因及合理 性、行业竞争情况、未来业务的主要增长点等问题。 | 品電視 | 已问询 上市委会议 | 提交注册 | 注册结果 | | --- | --- | --- | --- | | 2024-06-26 | 2024-07-23 | | | | 项目基本信息 | | | | | 代码 | 874105 | 简称 | 爱舍伦 | | 公司全称 | 江苏爱舍伦医疗科技集团股份有限公司 | 受理日期 | 2024-06-26 | | 审核状态 | 已问询 | 更新日期 | 2025-09-11 | | 保荐机构 | 东吴证券股份有限公司 | 保存代表人 | 林文茂,赵昕 | | 会计师事务所 | 容诚会计师事务所(特殊普通合伙) | 签字会计师 | 股李峰,俞国徽,周路 | | 律师事务所 | 北京市中伦律师事务所 | 签字律师 | 乔文骏,孙瑜,吴韦唯 | | 评估机构 | 厦门嘉学资产评估房地产估价有限公司 | 签字评估师 | 孙谨,孙羽溶 | 2025年上半年，爱舍伦营收、净利 ...

记者从国家医保局获悉，目前，我国已完成血管介入支架、人工器官、植入式心脏节律管理器等7类医 保医用耗材的分类优化工作，将逐步解决医用耗材"识别难、区分难、管理难"等问题，提升了医保管理 的标准化、精细化水平。 长期以来，医用耗材产品命名缺乏统一标准，企业自主命名空间较大，致使市场上出现部分不同规格、 不同功能的产品共用同一名称，而部分本质相同的产品却拥有多个名称的现象，对医保的精准支付和基 金监管，以及医疗机构的耗材招标采购增添了难度。 为此，国家医保局2024年11月正式启动"医保医用耗材分类"修订。目前已完成分类优化工作的7类医保 医用耗材包括：血管介入支架、血管介入球囊、非血管介入支架、非血管介入球囊、吻合器、人工器 官、植入式心脏节律管理器。 此次医用耗材分类优化工作尊重支持创新，助推产业发展。例如，植入式无导线心脏起搏器是心脏起搏 领域的革命性技术，它可通过微创方式经静脉植入心腔内，具有无切口、无囊袋、无导线的优势。本次 分类调整将无导线心脏起搏器单独分类，充分关注了技术创新，为传统起搏器多次感染、上腔静脉通路 缺失、长期血液透析的患者提供了更多选择。 中国社会保障学会项目组负责人翟梦媛：我们的修订 ...

央广网北京9月14日消息（记者杜希萌 周尧）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，国家医保局相关负责人近日介绍，血管介入支架等7类医保医用耗材分类、医保通用名等已完成优 化，相关医用耗材数据库9月底前全部落地实施。 国家医保局大数据中心编码标准处副处长张雯说，他们也将继续组织力量推进其他医保医用耗材分 类修订优化工作，尤其会对创新产品留出空间。 张雯：我们在医保医用耗材库的各大分类下都预留了"其他"这一个类别，为目前暂时没有明确的创 新产品提供了一个临时性的赋码通道。 医用耗材分类编码一直是医保标准化工作中的难点。国家医保局大数据中心副主任赵秀竹坦言，此 次血管介入支架等7类医用耗材完成分类编码调整，重点解决了医用耗材长期存在的分类不清、管理复 杂等问题。植入式心脏节律管理器、人工器官等技术壁垒较高的耗材首次纳入分类新规，标志着医保精 细化管理正从成熟赛道延伸至更多高值领域。 赵秀竹：截至2025年8月底，（医保医用耗材分类）数据库已发布耗材分类代码10.36万条，涵盖1.5 万家企业、9.16万张注册证、14.09万件产品、1337.96万个规格型号。 ...

Core Points - The Tianjin Municipal Medical Insurance Bureau has issued the "Tianjin Basic Medical Insurance Medical Consumables Directory (2025)", which will be officially implemented on September 18, 2025 [1] - The directory aims to enhance the precision, scientific management, and standardization of medical consumables reimbursement under the medical insurance system, ensuring that insured patients receive their entitled benefits [1] Summary by Categories - **Reimbursement Scope**: The directory specifies the reimbursement range for medical consumables applicable to Tianjin's basic medical insurance and maternity insurance, currently including 3,062 types of medical consumables [1] - **Classification Management**: The consumables in the directory are categorized into two classes: Class A with 1,896 types and Class B with 1,166 types [1] - **Support for Innovation**: The directory supports technological innovation in the pharmaceutical industry and will implement dynamic adjustments with a "dynamic entry and exit" policy for consumables [1] - **Policy Clarity**: The compilation of the directory aims to clarify the range of consumables eligible for medical insurance payment, reasonably determine reimbursement standards, and gradually transition towards more refined management, aiding medical institutions in policy understanding and execution [1]

Core Points - The first provincial-level centralized procurement project for "cloud film" in China was launched in Guiyang, Guizhou, marking a new phase in the digitalization and service-oriented procurement of medical consumables [1][3] - The project will cover all public medical institutions in Guizhou that provide radiological examination services, involving X-ray, CT, and MRI, with a procurement cycle of two years and an expected total demand of 21.56 million instances in the first year [1][3] Industry Insights - The National Healthcare Security Administration's deputy director highlighted that the project aims to establish a provincial-level centralized medical imaging cloud center, facilitating the collection of medical imaging data, verification of medical behaviors, application of healthcare data, and sharing across regions, as well as deep integration of artificial intelligence [1][3] - The implementation of "cloud film" services is expected to reduce patient expenses and improve efficiency by allowing doctors to access patient information directly when they switch hospitals, thus avoiding repeated examinations [1][3] - Guizhou, as a national big data comprehensive experimental zone, is leveraging its advantages in big data to promote more innovative projects, contributing to the modernization of healthcare governance and the collaborative development of the digital health industry [3]

Core Insights - The company reported a total revenue of 1.676 billion yuan for the first half of 2025, representing a year-on-year increase of 5.99% [1] - The net profit attributable to shareholders reached 199 million yuan, up 6.87% year-on-year [1] - The net profit excluding non-recurring gains and losses was 185 million yuan, reflecting an 8.87% increase compared to the previous year [1] - The net cash flow from operating activities was 345 million yuan, which is a 5.45% increase year-on-year [1] R&D and Innovation - The company adhered to an innovation-driven development strategy, increasing R&D investment to 58.83 million yuan in the first half of 2025, a 51.59% increase from the same period last year [1] - As of July 31, 2025, the company held a total of 74 effective invention patents, 321 utility model patents, 77 design patents, and 22 software copyrights, marking a 12.38% increase compared to the previous year [1] Business Focus - The company is dedicated to the medical health sector, primarily engaged in the R&D, production, and sales of medical consumables, disposable medical devices, infection protection products, and home care products [1] - The core business focuses on medical consumables, with two main product segments: medical devices and consumer products [1]

Core Insights - The company has conducted investor relations activities, attracting significant institutional interest [1] - In the first half of the year, the company demonstrated strong performance with a net profit of 490 million yuan, representing a year-on-year increase of 28.1% [1] - The company maintains a product leadership strategy with a steady increase in patent and medical product registration certificates [1] Financial Performance - The net profit attributable to shareholders reached 490 million yuan, with a net profit of 460 million yuan after deducting non-recurring gains, marking year-on-year growth of 28.1% and 40.9% respectively [1] - Cumulative cash dividends amount to 2.88 billion yuan, with share buybacks totaling 690 million yuan, together accounting for 100.3% of the net proceeds from the initial public offering [1] Business Segments - The medical consumables business saw a year-on-year increase of 13.2%, with the second quarter's revenue growing by 15.3% compared to the previous year [2] - The consumer goods segment, particularly the "All Cotton Era" brand, achieved revenue of 2.75 billion yuan, reflecting a year-on-year growth of 20.3% [2] - The company has expanded its offline stores to 484, with 16 new openings in the first half of the year, and the total membership has grown to nearly 67 million, a 7.7% increase from the end of last year [2] Market Activities - The company actively participated in exhibitions and promotional activities, including the 91st China International Medical Equipment Expo and the third China International Supply Chain Promotion Expo [2] - A special program was launched in collaboration with CCTV to enhance brand image in the consumer healthcare sector [2]

Financial Performance - In the first half of 2025, the company achieved a total revenue of 5.3 billion yuan, representing a year-on-year growth of 31.3% [11] - The revenue for Q1 and Q2 was 1.9 billion yuan and 2.6 billion yuan respectively, showing a steady increase [12] - The overall gross profit margin remained stable, with the operating profit margin increasing by 0.7 percentage points compared to the same period last year [16] Profitability - The net profit attributable to shareholders was 490 million yuan, with a year-on-year growth of 28.1% [16] - The net profit excluding non-recurring gains and losses was 460 million yuan, reflecting a growth of 40.9% [16] - The company's asset-liability ratio decreased to 32%, indicating improved asset quality [18] Business Segments Medical Consumables - The medical segment generated a revenue of 2.52 billion yuan, with a year-on-year increase of 46.4% [29] - Excluding the contribution from the newly acquired GRI, the revenue was 1.95 billion yuan, up 13.2% year-on-year [29] - Key product categories such as surgical consumables and high-end dressings showed strong growth [29] Consumer Products - The consumer segment achieved a revenue of 2.75 billion yuan, growing by 20.3% year-on-year [40] - The core product, the Nai Si Princess sanitary napkin, significantly contributed to the overall growth [40] - The online sales channel generated 1.71 billion yuan, with a year-on-year increase of 23.6% [45] R&D and Innovation - The company emphasized R&D investment, with a steady increase in the number of patents and medical product registrations [18] - The focus on product innovation led to the development of high-end materials and improved product offerings [25][35] Shareholder Returns - The mid-term profit distribution plan for 2025 includes a cash dividend of 4.5 yuan per 10 shares, totaling 260 million yuan, which is 53% of the net profit attributable to shareholders [23] - Cumulatively, the company has distributed 2.88 billion yuan in cash dividends since its listing [23]