Financial Performance - The company achieved operating revenue of 760.81 million CNY, a year-on-year increase of 10.83% [3] - Net profit attributable to shareholders reached 115.12 million CNY, up 8.35% from the previous year [3] - Net profit excluding non-recurring gains and losses was 103.23 million CNY, reflecting a growth of 9.26% [3] - The net profit growth rate after excluding share payment expenses was 13.60% [3] Business Segments - Blood purification products generated revenue of 625.59 million CNY, a 19.73% increase, accounting for 82.23% of total revenue [3] - Drug delivery devices saw revenue of 82.41 million CNY, a decline of 15.06%, representing 10.83% of total revenue [3] - Cardiothoracic products achieved revenue of 34.98 million CNY, a slight increase of 0.74%, making up 4.60% of total revenue [3] International Market Expansion - The company successfully registered products in Indonesia, Peru, and Mexico, and is advancing certification processes in Turkey, Vietnam, and Brazil [4][6] - Overseas revenue reached 187.00 million CNY, a significant increase of 67.30%, driven by blood purification product exports [4][6] - Blood purification product exports accounted for 88% of total export revenue, with sales increasing by 83.84% [6] Research and Development - R&D investment totaled 36.98 million CNY, with over 30 projects underway and 11 new patents authorized [4][5] - The company is focusing on innovative medical devices and high-value consumables, including artificial blood vessels and anticoagulant-coated catheters [5][15] Future Outlook - The number of patients receiving hemodialysis in China is projected to grow from 248,000 in 2012 to 1.0273 million by 2024, indicating a 4.1-fold increase [9] - The dialysis treatment rate in China is currently below 30%, compared to 58% in the U.S., suggesting significant growth potential [9] - The company plans to expand production capacity and enhance product offerings to meet increasing market demand [15] Shareholder Returns - The company has implemented a stable profit distribution policy, with cumulative cash dividends amounting to 547 million CNY since its IPO [16] - A three-year shareholder return plan (2025-2027) aims to distribute at least 30% of the annual distributable profits in cash [16]

证券代码：300453 证券简称：三鑫医疗 江西三鑫医疗科技股份有限公司 Jiangxi Sanxin Med tec Co., Ltd. （江西省南昌县小蓝经济开发区富山大道 999 号） 向不特定对象发行可转换公司债券 募集资金使用可行性分析报告 二〇二五年八月 江西三鑫医疗科技股份有限公司 向不特定对象发行可转换公司债券募集资金使用可行性分析报 告 江西三鑫医疗科技股份有限公司（以下简称"公司"）系深圳证券交易所创 业板上市公司。为满足业务发展的需要，进一步增强资本实力及盈利能力，促进 公司的长期发展，根据《中华人民共和国公司法》 《中华人民共和国证券法》 项目 《上 市公司证券发行注册管理办法》等有关法律、法规和规范性文件及《江西三鑫医 疗科技股份有限公司章程》的规定，公司拟向不特定对象发行可转换公司债券。 本次发行募集资金总额不超过 53,000 万元（含本数），在扣除发行费用后将 用于三鑫医疗年产 1000 万束血液透析膜及 1000 万支血液透析器改扩建项目、三 鑫医疗高性能血液净化设备及配套耗材研发生产基地项目-新建年产 3000 万套血 液透析管路生产线及配套工程建设项目、江西呈图康电子加速 ...

Core Viewpoint - Jiangxi Sanxin Medical Technology Co., Ltd. is expanding its international presence by establishing a wholly-owned subsidiary in Hong Kong to enhance cooperation and business development in overseas markets [2][7]. Company Overview - Jiangxi Sanxin Medical Technology Co., Ltd. (stock code: 300453) is a national high-tech enterprise focused on the research, manufacturing, sales, and service of medical devices, established in 1997 and is the first A-share listed company in Jiangxi Province's medical device industry [3]. - The company's core business includes blood purification products such as hemodialysis machines and related consumables, making it one of the first companies in the industry to develop a complete product chain independently [3][9]. - The company also produces drug delivery devices, including injection and infusion products, continuously upgrading its offerings to meet market demands [6]. Financial Data - In 2024, the company achieved a revenue of 1.5 billion yuan, representing a year-on-year growth of 15.41%. The net profit attributable to shareholders was 227 million yuan, reflecting a growth of 10.05% compared to the previous year [10]. Product and Market Expansion - The company has a strong market presence, with products sold in over 30 provinces and regions in China and exported to more than 60 countries worldwide. The global competitiveness of its blood purification equipment is expected to strengthen, with a rapid increase in export orders [9]. - Sanxin Medical has obtained 43 patents and established long-term partnerships with several universities and top-tier hospitals, achieving various quality certifications including CE, CMD, and FDA510(k) [9]. - The company is accelerating the development of other blood purification treatment models, further solidifying its industry position [9].

Group 1: Procurement Policy and Market Dynamics - The focus of the procurement policy has shifted from "expanding coverage and reducing prices" to "stabilizing prices and improving quality" as stated in the 2023 Government Work Report [2] - The blood dialysis consumables alliance has expanded to cover 23 provinces by 2024, indicating a nationwide implementation of procurement [2] - The company has successfully bid for all major products within the procurement scope, ensuring a competitive pricing advantage [2][3] Group 2: International Business Development - In 2024, the company's overseas business generated revenue of 27,412.03 million yuan, a year-on-year increase of approximately 40%, with blood purification product revenue growing by about 67% [4] - The company has registered blood purification products in Indonesia, Peru, and Mexico, and is accelerating certification processes in Russia and Turkey [4] - Future plans include expanding the self-certification scope in emerging markets such as Southeast Asia, South America, and Africa [4] Group 3: Market Share and Product Development - The company holds a leading market share in dialysis concentrate (powder) products, with production bases established in Jiangxi, Yunnan, Sichuan, and Heilongjiang [5] - A new production line for dialysis concentrate with a capacity of 30 million patient doses is being developed in Jiangxi, further solidifying the company's industry position [5] - The market for blood dialysis equipment has significant potential for domestic replacement, with the company's sales increasing by over 100% year-on-year in 2024 [6] Group 4: Future Outlook and Strategic Initiatives - The company is focused on innovating and upgrading blood dialysis products and expanding into various renal management areas, including diabetes and early-stage kidney disease [7][8] - The company aims to enhance its product offerings and commercialize new products to improve operational performance [8] - The procurement policy's emphasis on quality will create higher demands for product supply capabilities, benefiting leading enterprises in the industry [8]