Core Viewpoint - The company operates in the medical device distribution industry, focusing on high-value medical consumables and IVD diagnostic products, with a strategy to enhance its market share through differentiated operational capabilities and digital applications [2] Group 1: Industry Overview - The medical device distribution industry is characterized by a relatively fragmented market share for the company's core products, which include vascular intervention and surgical products, as well as IVD diagnostic products [2] - The company aims to leverage national sales networks, specialized operational capabilities, and digital development applications to differentiate itself from traditional medical device distributors and pharmaceutical wholesalers [2] Group 2: Business Strategy - The company plans to capitalize on existing mature market shares in the medical device distribution sector, particularly in the context of centralized procurement policies [2] - The company will actively pursue the commercialization of innovative medical devices, supported by encouraging policies for innovation [2] - Focus on centralized management supply for key hospitals during the full implementation phase of the medical reform DRG policy represents a new market segment for the company [2] Group 3: Competitive Positioning - The company's operational capabilities and digital applications are expected to enhance its position in both existing and emerging markets within the medical device distribution field [2] - The company aims for steady growth to improve its industry standing by learning from competitors and maintaining a robust competitive edge [2]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向建发致新提问："后续集采常态化，扩大化，公司是不是就可以关门了，毕意没 任何技术实力？请问公司如何开辟第二业务点，如跨界并购，成为高科技公司？" 针对上述提问，建发致新回应称："你好，尊敬的投资者。医疗器械集中带量采购政策系国家医保'带量 采购、以量换价'，为医保基金和居民节约资金，有利于医疗保障的全面覆盖。带量采购政策和创新医 疗器械鼓励政策是'一体两面'，共同促进中国医疗器械产业的长期健康发展，事实上医疗器械行业规模 在过去几年依旧处于增长阶段。 自2020年医疗冠脉支架首次公告实施全国集中带量采购政策以来，公 司主营产品医疗高值耗材已经经历多个批次的集采政策执行，产品覆盖血管介入、外科医疗耗材、IVD 诊断产品等。公司在过去四、五年期间，利用自身全国性医疗器械流通平台的定位，一方面积极布局产 品多元降低单一产品的阶段性收入波动；另一方面，利用全国网络渠道优势积极布局创新医疗器械的分 销业务；此外，顺应DRGS政策实施下医院耗材精益化管理需求，布局SPD管理业务。顺势而为，过去 几年各项业务在集 ...

Group 1 - The report gives the company an "Accumulate" rating for the first time [2][55] - The company is a national high-value medical device distributor, established in 2010, focusing on direct sales and distribution of medical devices, and providing centralized operation services for medical consumables (SPD) [5][11] - The SPD management model for medical devices has significant growth potential, with a current penetration rate of approximately 15.29% in public hospitals, indicating a vast market opportunity [5][47] Group 2 - The company has maintained stable revenue and net profit growth from 2020 to 2024, with revenue increasing from 8.542 billion to 17.923 billion yuan, and net profit rising from 160 million to 228 million yuan [24][26] - The medical device market in China is expanding steadily, with the market size growing from 370 billion yuan in 2016 to 1,032.8 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 15.79% [31][39] - The high-value medical consumables market in China has also shown steady growth, with a market size increase from 72.4 billion yuan in 2016 to 156.1 billion yuan in 2023, achieving a CAGR of 11.60% [39][40] Group 3 - The company leverages innovation to address industry challenges, focusing on technology, service, and management model improvements to enhance operational efficiency [48][49] - The company has developed a comprehensive SPD management system that integrates logistics information technology to optimize the management of medical consumables within hospitals [52] - The company aims to create a "national integrated medical device distribution hub," enhancing collaboration with major manufacturers and hospitals to streamline operations and improve service efficiency [53][54] Group 4 - The investment forecast estimates earnings per share of 0.66 yuan and 0.76 yuan for 2025 and 2026, respectively, with corresponding valuations of 48 times and 42 times [55][56] - The company is positioned to benefit from the ongoing trends of industry consolidation and increased efficiency in medical device distribution [44][45]

（文章来源：证券日报） 证券日报网讯 12月16日，建发致新在互动平台回答投资者提问时表示，公司主营医疗器械流通业务， 业务活动为医疗器械分销业务、直销业务和服务业务（医院SPD管理服务为主），2024年三项主要业务 活动的毛利率分别为7.91%、6.86%和39.80%，2024年整体毛利率为7.54%。2025年上半年度公司整体毛 利率为7.93%。公司的业务毛利率反映了行业属性，整体毛利率的发展趋势将受各项业务活动的毛利率 变动和业务活动结构的综合影响。 ...

证券日报网讯12月9日，建发致新（301584）在互动平台回答投资者提问时表示，公司作为医疗器械的 流通平台，现有的业务活动中包括医疗手术机器人产品的分销，以外科业务和骨科业务领域为主。未来 公司将根据医疗器械医院终端治疗场景和行业研发生产发展，对应拓展医疗手术机器人的销售业务场景 覆盖。 ...

Core Insights - The company emphasizes technology innovation as its core driving force, focusing on multiple therapeutic areas including anti-infection and digestive systems [2] - The company adopts a strategy that combines generic and innovative drug development, primarily focusing on generics while advancing research in raw material drugs, innovative drugs, high-end formulations, and licorice series products [2] - In the medical device sector, the company covers a full range of distribution activities including import and export trade, direct sales, distribution, delivery, SPD, and retail, while continuously extending its service chain [2] - The company is committed to transforming and upgrading its business, accelerating the application of high-tech achievements, and actively extending upstream into the high-end of the industry chain [2]

Core Points - Guoke Hengtai (301370) reported that as of October 20, 2025, the number of shareholders is 17,405 [1]

Core Insights - The article highlights the successful listing of Jianfa Zhixin Medical Technology Group on the Shenzhen Stock Exchange, raising a total of 446 million yuan, showcasing the integration of the group's strategy and industry [1] - Jianfa Zhixin has experienced significant growth in the medical device sector, with a net profit increase of over 50% year-on-year in Q1 2025, following steady profit growth in 2023 and 2024 [1][2] Company Overview - Jianfa Group has developed a core development strategy of "professionalism, mutual progress, and sustainability" over 40 years, with business operations extending into supply chain management, urban construction, tourism, healthcare, and emerging industries [1] - The company focuses on the medical device distribution market, primarily engaging in direct sales, distribution, and centralized operation services for medical consumables [2][6] Market Dynamics - The Chinese medical device market has shown rapid growth, with the market size increasing from 370 billion yuan in 2016 to 1,032.8 billion yuan in 2023, reflecting a compound annual growth rate of 15.79%, significantly outpacing the global market growth of 6.01% during the same period [2][4] - The market is projected to reach 1.2 trillion yuan in 2024, indicating strong growth potential [2] Financial Performance - Jianfa Zhixin's revenue has steadily increased, with reported revenues of 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan for 2022, 2023, and 2024 respectively, showing year-on-year growth rates of 29.97% and 16.06% for 2023 and 2024 [4][5] - The net profit for the same years was approximately 189 million yuan, 227 million yuan, and 274 million yuan, with year-on-year increases of 19.90% and 20.68% for 2023 and 2024 [4] Business Model and Strategy - Jianfa Zhixin has established a comprehensive distribution network, providing services to over 3,300 medical institutions across 31 provinces in China, and has formed long-term partnerships with over 100 well-known domestic and international medical device manufacturers [6][8] - The company is actively enhancing its service offerings through the implementation of an SPD management system, which centralizes and refines the management of medical consumables, improving efficiency and reducing costs for healthcare institutions [8] Future Outlook - The company aims to leverage its first-mover advantage and continue expanding its market presence in various medical fields, including IVD, surgical, dental, and ophthalmic devices, while enhancing its information systems and centralized service capabilities [10] - Jianfa Zhixin plans to utilize the funds raised from its IPO to invest in information system upgrades, centralized operation services, and to supplement working capital, aiming to improve its operational efficiency and financial structure [9][10]

Group 1: Market Overview - The global capital is increasingly focusing on the medical device distribution sector, with Medline Industries planning a potential IPO that could exceed a valuation of $50 billion, marking it as the largest IPO in the medical device industry by 2025 [1] - The Chinese medical device market is projected to reach a scale of 1.2 trillion yuan by 2024, with a significant acceleration towards intelligent supply chain solutions [2] - The traditional high-value consumables distribution in China remains fragmented and inefficient, with over 1.42 million companies involved, leading to long order processing times and inefficiencies [2] Group 2: Company Innovations - Jianfa Zhixin has recently listed on the ChiNext board, showcasing its innovative capabilities in reconstructing the supply chain value system [3] - The company has established a comprehensive medical supply chain hub, covering all provinces in China and serving over 3,300 medical institutions, with a focus on high-value interventional products [5] - Jianfa Zhixin's business model innovation includes a dual approach of direct sales and distribution, enhancing its service capabilities and collaboration with leading manufacturers [5] Group 3: Operational Efficiency - The company has implemented a Supply Chain Management (SPD) service model that addresses hospital management pain points, significantly improving operational efficiency [6][9] - Jianfa Zhixin has provided full-process operational services to 60 hospitals, managing over 10 billion yuan, with a notable recognition as a pilot unit for hospital logistics service standards [7] - The SPD model has demonstrated substantial improvements in resource allocation efficiency, reducing material requisition times and error rates in hospitals [9] Group 4: Digital Transformation - The company has built a robust digital supply chain management system, leveraging information technology and IoT to enhance operational efficiency and compliance [10] - Jianfa Zhixin's unique identification management technology addresses traditional coding issues, ensuring regulatory compliance and facilitating data flow from production to usage [10] Group 5: Market Potential and Capital Dynamics - The high-value medical device market in China has shown significant growth, with a compound annual growth rate of 15.79% from 2016 to 2023, providing a favorable environment for Jianfa Zhixin [12] - The capital market is experiencing a recovery, creating a conducive environment for Jianfa Zhixin's growth and valuation enhancement [15] - Analysts predict continued investment opportunities in the medical device sector, with a focus on undervalued stocks and supportive policies for innovation [18] Group 6: Strategic Outlook - The company's fundraising efforts will focus on upgrading information systems and enhancing centralized operations for medical consumables, reflecting a deep understanding of industry trends [19] - As management and business models continue to evolve, Jianfa Zhixin is expected to play a leading role in industry consolidation, with the capital market reassessing the value of leading companies in the medical device distribution sector [19]

Group 1 - The company is currently focused on distribution activities for surgical robot products and is not engaged in research and manufacturing [1] - There are no recorded research and development expenses for medical brain-machine interfaces and humanoid robots [1] - The existing research funding is primarily invested in the digitalization of medical device distribution, including business systems, data platforms, and SPD information systems [1]