汇涵科技 成立于2005年，总部位于苏州，是一家融合科技、医疗与消费属性的创新型企业，专注于生物医用 材料的研发与产业化。公司旗下有高端敷料、一次性手术器械、生物医用材料及日用消费品四大板块。公司以 临床需求为导向，通过自主核心技术推动医疗产品创新，为手术管理、创面修复及组织再生提供高效解决方 案。 汇涵科技依托 胶体银技术、水凝胶技术、细菌纤维素技术、生物3D技术及MT技术 五大核心平台，为临床医 疗提供高效、安全的解决方案。 公司产品涵盖止血类、手术密封类、防黏连类、软组织管理类等全系列产品，已取得含两个三类医疗器械在内 的 50多张医疗器械注册 。此外，公司还注册了如 细菌纤维素人工血管、细菌纤维素饮品等 新产品，推动创 新材料在临床医疗与大健康领域的应用。 细菌纤维素技术 北京和上海活动报名： 第三届全球手术机器人大会 2025医疗器械研发创新论坛 近日， 苏州汇涵医用科技发展有限公司 （以下简称"汇涵科技"）宣布完成 B轮融资 ，此次融资由江苏润淮 产业发展基金独家投资，资金将主要用于汇涵科技旗下生物医用材料板块的产能扩建、自动化升级及研发创 新。 # 关于汇涵科技 融资历程 思宇年度活动回顾： 首 ...

Financial Data and Key Metrics Changes - Net sales for Q4 were $381 million, an 8% decline year-over-year when excluding the divested automation test and measurement business [7][12] - Adjusted net income for fiscal 2025 was $8.4 million or $0.34 per diluted share, compared to $9.7 million or $0.38 per diluted share in Q4 last year [15] - Gross margin rate in Q4 was 8%, a 50 basis point decrease from 8.5% in the same period of fiscal 2024 [12] - Adjusted operating income for Q4 was $19.6 million or 5.2% of net sales, compared to $22.7 million or 5.3% of net sales last year [14] - Cash generated by operating activities in the quarter was $78.1 million, marking the sixth consecutive quarter of positive cash flow [16] Business Line Data and Key Metrics Changes - Medical business sales were $107 million, up 5% year-over-year, representing 28% of total company revenue [8][9] - Automotive sales were $184 million, a 13% decrease year-over-year, accounting for 48% of total company sales [10] - Industrial sales were $90 million, down 12% year-over-year, representing 24% of total company sales [11] Market Data and Key Metrics Changes - The medical market is expected to provide opportunities for revenue diversification and leverage core strengths [6] - The automotive sector is facing challenges, particularly with electronic steering systems for EVs [11] - The industrial segment shows early signs of stability, but broad-based declines were noted in North America and Europe [11] Company Strategy and Development Direction - The company is focusing on becoming a medical contract manufacturing organization (CMO) and has opened a new 300,000 square foot facility in Indianapolis [6][10] - The strategy includes pursuing growth with blue-chip customers and enhancing capabilities in drug delivery systems [24][25] - Fiscal 2026 is expected to be a year of transition with projected net sales between $1.35 billion and $1.45 billion, reflecting a 2% to 9% decrease compared to fiscal 2025 [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to generate positive cash flow and invest in growth opportunities [24] - The company anticipates modest growth in medical and industrial businesses, offset by a decline in automotive [21] - Management emphasized the importance of quality and reliability across all verticals, aiming for a five nines reliability standard [23] Other Important Information - The company ended fiscal 2025 with net sales totaling $1.487 billion, the third highest annual revenue in its history [19] - Capital expenditures for fiscal 2025 were $33.7 million, primarily for new product introductions and maintenance needs [18] - The company has $16.3 million remaining on its share repurchase program [19] Q&A Session Summary Question: Timing and revenue capacity of the new facility in Indianapolis - The grand opening is planned for November, with the facility capable of handling hundreds of millions in business depending on program sizes [28][29] Question: Capital allocation focus on Medical CMO and industrial adjacencies - The company is exploring strategic opportunities in industrial while ramping up the medical CMO [30][31] Question: Tariffs and global footprint - The majority of the business is not typically the importer of record, providing some protection against tariffs [32][34] Question: Margin profile change with the large medical customer - There are no material changes to the margin profile; the company is resuming full and final assembly for the customer [39][43] Question: Improvement in cash conversion days - The goal is to reduce cash conversion days to around 75 days through better controls and partnerships [44][46] Question: Margin improvement drivers - Improvements will come from gross margin and capacity utilization as revenue increases [49] Question: Changes in sales organization for the Medical segment - The company is making hires in business development and implementing a comprehensive marketing plan to support CMO efforts [52][53] Question: Automation in the new facility and its effect on margins - Significant automation is expected, which will be accretive to margins over time [55]