2018年，尚荣医疗决定投资建设该项目，是为了实现公司战略布局，提高公司的盈利能力，为公司带来 更好的业绩。但尚荣医疗认为，受国内外市场竞争加剧、集采降价等因素的影响，相关产品的毛利率较 项目规划初期已呈现显著下滑，导致项目原定的盈利预期难以实现，如继续实施募投项目将增加公司折 旧摊销成本以及将面临资金使用效率降低、投资回报周期延长等实质性风险，无法达到预期目标。"尚 荣转债"已到期且兑付完毕。公司进一步加大了医疗耗材在海外市场的投资建厂力度。 8月26日，深圳市尚荣医疗（002551）股份有限公司(以下简称"尚荣医疗")发布公告宣布，董事会会议 同意公司终止"高端医疗耗材产业化项目"，并将剩余募集资金用于永久补充流动资金。 这并非尚荣医疗首次提出终止上述项目。2024年11月7日，尚荣医疗召开董事会会议，审议通过了《关 于终止募集资金投资项目并将剩余募集资金永久补充流动资金的议案》。不过，该议案后未在11月25日 召开的"尚荣转债"2024年第一次债券持有人会议上通过，因此该议案未生效执行。 项目原定盈利预期难以实现 2018年12月5日，尚荣医疗获准社会公开发行面值总额7.5亿元的可转换公司债券，期限6年 ...

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） 每经AI快讯，尚荣医疗（SZ 002551，收盘价：4.59元）8月25日晚间发布公告称，公司第八届第三次董 事会会议于2025年8月23日在公司会议室以现场加通讯相结合方式召开。会议审议了《关于提请召开公 司2025年第一次临时股东大会的议案》等文件。 2025年1至6月份，尚荣医疗的营业收入构成为：医疗产品占比82.55%，其他业务收入占比8.85%，医院 后勤托管服务占比8.61%。 截至发稿，尚荣医疗市值为39亿元。 ...

截至2025年3月31日，尚荣医疗实现营业总收入2.80亿元，同比增长1.30%，实现归属净利润1396.42万 元，同比增长0.58%。流动比率、速动比率分别为2.468、2.122，资产负债率为22.29%。 来源：金融界 8月22日收盘，尚荣医疗当日下跌1.07%，成交额2.81亿元，换手率9.98%。从区间来看，该股近3个交易 日累计下跌10.96%。 资金流向方面，今日主力资金净流出1728.39万元，占成交比6.15%，其中超大单净流出1072.60万元， 占成交比3.81%。 尚荣医疗主营业务：医疗产品生产销售、医疗服务、健康产业运营等。 ...

Financial Data and Key Metrics Changes - In Q2 2025, sales reached $2.2 billion, reflecting a 2.8% increase on an organic basis and a 3.9% increase on a reported basis, with foreign exchange contributing a 110 basis point benefit to reported growth [24][25] - Gross margins improved to 56% of sales, an increase of 20 basis points over the prior year, despite headwinds from the three ms supply agreement [28] - Earnings per share (EPS) was reported at $1.69, exceeding expectations, driven by sales outperformance and favorable margins [30] Business Line Data and Key Metrics Changes - The MedSurg segment generated $1.2 billion in sales, up 3.9% on an organic basis, with growth led by infection prevention and surgical solutions, which grew 5.9% [26] - Advanced Wound Care saw a growth of 0.8%, impacted by a product recall, while Dental Solutions segment sales increased by 70 basis points on an organic basis, driven by innovation [27][16] - Health Information Systems contributed $339 million in sales, a 3.2% organic growth, benefiting from strong customer retention in revenue cycle management software [27] Market Data and Key Metrics Changes - The company is experiencing strong demand in international markets, particularly in Australia and the Middle East, for its Health Information Systems solutions [17] - The Purification and Filtration segment reported $252 million in sales, a 3.1% organic growth, led by bioprocessing filtration and industrial filtration categories [28] Company Strategy and Development Direction - The company is focused on disciplined tuck-in M&A to enhance progress post the P and F transaction, aiming to establish itself as a mission-driven performance leader in the industry [8][19] - The five growth drivers identified are negative pressure wound therapy, IV site management, sterilization assurance, core restoratives, and revenue cycle management, expected to account for over 80% of long-term growth [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth and margin targets, raising sales growth and EPS guidance for the year due to strong execution and positive momentum [6][21] - The company is actively monitoring tariff impacts, reducing estimated tariff impact for 2025, which is expected to ease pressure on gross and operating margins in the second half of the year [12][32] Other Important Information - Solventum was recognized on the Fortune 500 list in its first year as a standalone company and named a best company to work for by U.S. News and World Report [20] - The company is making significant progress in its separation from three ms, with 35% of transition service agreements exited to date [23] Q&A Session Summary Question: What is driving the organic growth in MedSurg? - Management highlighted the commercial restructuring, differentiated brands, and new product launches as key drivers of growth in the MedSurg business [42][43] Question: Can you provide clarity on the underlying growth rate in Q2? - Management indicated that the reported 2.8% growth reflects a realistic view of underlying performance, accounting for various factors including order timing and SKU impacts [56][58] Question: How does the partnership with Ensemble for autonomous coding impact revenue opportunities? - Management noted that the partnership allows for integration of their technologies into Ensemble's accounts, enhancing efficiency and potentially improving revenue capture [87][89] Question: Why was there an increase in organic sales growth and EPS guidance while maintaining free cash flow guidance? - The increase in guidance was attributed to strong commercial improvements and margin performance, while free cash flow guidance remains unchanged due to a slow start and timing of payments [95][96]

Core Insights - Solventum (SOLV) is set to release its second-quarter 2025 results on August 7, with previous earnings surpassing estimates by 12.61% and a trailing four-quarter average surprise of 11.48% [1][2] Financial Estimates - The Zacks Consensus Estimate for Solventum's revenues is $2.12 billion, while the earnings estimate is $1.45 per share [2] Segment Performance - The MedSurg segment achieved 6% organic growth in the last quarter, driven by strong contributions from Infection Prevention and Surgical Solutions, which rose 8.2%. Continued product adoption and improved execution are expected to support this segment, despite some anticipated moderation in growth due to earlier order timing [3] - The Dental Solutions segment experienced a modest 0.4% organic growth, reflecting a softer market. However, steady demand for core products and new launches are expected to stabilize performance in the upcoming quarter [4] - The Health Information Systems (HIS) segment posted nearly 4% organic growth, supported by strong customer retention in revenue cycle management software. Continued interest in AI-powered tools is expected to maintain steady growth [5] - The Purification and Filtration segment grew 2.2% organically, with solid demand in bioprocessing. This segment is anticipated to remain stable despite preparations for divestiture later this year [6] Strategic Developments - Investors are keen on updates regarding Solventum's three-phase transformation plan, which includes exiting over 30% of transition service agreements and executing a significant ERP deployment [7] - The company raised its full-year organic revenue growth guidance to 1.5% to 2.5%, reflecting stronger volume trends. Adjusted earnings per share are expected to remain between $5.45 and $5.65, despite anticipated tariff headwinds [10] Tariff Impact - Solventum expects an $80 to $100 million impact from tariffs in the second half of the year, which will pressure margins but not revenue. An update on the planned divestiture of the Purification and Filtration business is also anticipated [9]