Core Viewpoint - The report outlines the ongoing supervisory work conducted by Western Securities for Chongqing Mountain Outside Blood Purification Technology Co., Ltd. (Mountain Outside), emphasizing compliance with regulations and the company's operational status post-IPO [1][2]. Group 1: Supervisory Work - The sponsor has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing oversight [1]. - A continuous supervision agreement was signed between the sponsor and Mountain Outside, clarifying the rights and obligations of both parties during the supervision period [1]. - The sponsor conducts regular communication, visits, and on-site inspections to understand Mountain Outside's business situation [1][2]. Group 2: Financial Performance - For the first half of 2025, the company reported operating income of CNY 357.25 million, a year-on-year increase of 28.72% [14]. - The total profit reached CNY 60.14 million, reflecting a growth of 34.55% compared to the previous year [14]. - The net profit attributable to shareholders was CNY 55.04 million, marking a 20.28% increase year-on-year [14]. Group 3: Research and Development - The company increased its R&D investment by 37.12% in the first half of 2025, totaling CNY 36.51 million, which represents 10.22% of its operating income [24][25]. - The R&D team expanded to 236 personnel, a growth of 38.01% compared to the previous year [24]. - The company has obtained various patents and certifications, including 62 invention patents and CE certifications for several products, enhancing its competitive edge in the market [19][25]. Group 4: Market Position and Competition - Mountain Outside is positioned as a leading domestic manufacturer of blood purification equipment, benefiting from technological advantages and brand recognition [14][16]. - The company faces competition from established international brands, necessitating continuous innovation and product upgrades to maintain market share [11][12]. - The domestic market for blood purification devices is characterized by intense competition, with imported brands holding significant market shares [11][12]. Group 5: Risk Factors - The company is exposed to various risks, including core competitiveness risks related to technology and talent retention, operational risks associated with regulatory compliance, and financial risks linked to accounts receivable [4][9][10]. - The potential impact of changes in national healthcare policies and market dynamics poses additional challenges to the company's growth and profitability [12][13]. - The company is actively monitoring macroeconomic conditions and trade relations to mitigate risks associated with currency fluctuations and global trade disputes [13].

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