中证智能财讯有研新材（600206）10月10日晚间披露业绩预告，预计2025年前三季度归母净利润2.3亿元至2.6亿元，同比增长101%-127%；扣非净利润预计 1.55亿元至1.7亿元，同比增长62%-78%。以10月10日收盘价计算，有研新材目前市盈率（TTM）约为63.51倍-70.75倍，市净率（LF）约4.7倍，市销率 （TTM）约2.14倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 300 @50 200 150 120.65 100 70.06 68.75 54x29 50 58.2 37x88 0 2020-06-30 ' 2020-12-37 2021-06-30 <- 12-37 2021-12-3- 5-12-37 2n- -○- 公司 -○- 行业均值 100 ହ 90 80 70 63a87 60 50 40 30 26.3 23x62 22d4 20 17016 10 4.88 0 2027-12-37 1 -06-30 ' 2021-06-30 2-06-30 -12-37 <- 12-37 . 1-12-37 2n- ← ...

Core Viewpoint - The company aims to enhance its refined and intelligent management capabilities in the medical device distribution sector through the implementation of information systems, thereby strengthening its service attributes within the industry chain and promoting product diversification and integration with upstream and downstream partners [1][2]. Group 1: Business Overview - The company, Jianfa Zhixin, operates as a national high-value medical device distributor, focusing on direct sales and distribution of medical devices, as well as providing centralized operation services for medical consumables to end hospitals [1]. - The company has accumulated extensive operational and service experience in the medical device distribution field, establishing a certain market position through years of development and exploration of industry transformation [1][2]. Group 2: Future Development Plans - The company plans to ensure growth in sales of its core vascular intervention products while expanding sales in IVD, surgical, dental, and ophthalmic medical device sectors to solidify its foundation for scaled development [2]. - The company intends to strengthen collaboration with upstream manufacturers by providing efficient, flat, and centralized professional services across various dimensions such as channel access management, logistics management, inventory management, and information management [2]. - The company aims to explore opportunities in centralized operation management services for public hospital medical consumables, expanding direct sales and centralized operation services, and continuously developing and upgrading its SPD management system [2]. - The company will enhance its existing information systems to improve data analysis and lean management capabilities, providing robust support for business development [2]. Group 3: Financial Overview - The company plans to raise funds through its upcoming IPO to enhance its refined and intelligent management capabilities in medical device distribution, optimize its financial structure, and reduce operational risks [1]. - The company reported a significant increase in net cash flow from operating activities, amounting to 164 million yuan, a year-on-year increase of 539 million yuan [21]. - As of the first half of 2025, the company’s weighted average return on net assets was 8.84%, reflecting a decline of 0.35 percentage points compared to the same period last year [17]. Group 4: Revenue Composition - In 2024, the company's revenue composition included 99.666 billion yuan from vascular intervention, 38.468 billion yuan from surgical instruments, 23.39 billion yuan from IVD, 11.179 billion yuan from medical devices, and 4.997 billion yuan from other medical devices [6]. - The company’s revenue structure for 2023 showed similar trends, with vascular intervention contributing 92.046 billion yuan and surgical instruments contributing 30.7 billion yuan [8]. Group 5: Shareholder Structure - As of June 13, 2025, the largest shareholder of the company was Xiamen Jianfa Medical Health Investment Co., Ltd., holding 51.02% of the shares [51].

Core Insights - The establishment of the "Peking University International Dental Medical Device Innovation and Transformation Base" marks a significant step in the rapid development of dental medical device innovation in Shunyi District, Beijing [1] - The Shunyi District government aims to create an international dental industry cluster around the base, focusing on the integration of dental medical technology innovation and industry [1] - A dental industry fund has been launched with an initial capital of 100 million yuan, targeting investments in dental medical devices, robotics, materials, artificial intelligence, and services [1][2] Group 1 - The base is a collaboration between the Shunyi District government and Peking University Dental Hospital, focusing on R&D incubation, achievement transformation, industry aggregation, and international cooperation [1] - The establishment of the "Medical-School-Industry Integration Community" aims to bridge the gap between clinical needs, academic research, and industrial transformation [2] - The "Dental Independent Innovation Industry Alliance" has been formed to promote collaborative innovation and resource sharing among enterprises, educational institutions, and research organizations [2] Group 2 - Shunyi District's pharmaceutical trade has exceeded 100 billion yuan for two consecutive years, leading the nation, with drug imports accounting for about one-third of the national total [3] - The dental industry in Shunyi has over 100 enterprises covering the entire R&D, production, and service chain, indicating a robust industrial ecosystem [3] - Shunyi District has implemented specialized policies to support dental enterprises, enhancing their core competitiveness and aiming to build a globally influential dental industry cluster [3]

Group 1 - Shandong Huge Dental Medical Group Co., Ltd. has been recognized in the Shandong Province's Outstanding Contribution Award for High-Quality Development of the Private Economy [1][3] - The company is a national high-tech enterprise focused on the research, production, and sales of dental medical devices, covering clinical, technician, and digital product areas [5] - Shandong Huge Dental has over 1,500 distributor partners nationwide, establishing a comprehensive sales network across the country [5] Group 2 - The company has achieved breakthroughs in key core technologies in the dental materials field, leading the domestic market share in elastic impression materials and synthetic resin teeth [5] - Shandong Huge Dental's innovations have disrupted the long-standing foreign brand monopoly in clinical biomaterials, significantly advancing the import substitution process of domestic medical devices [5]

Group 1 - Haihao Medical Technology (Suzhou) Co., Ltd. officially opened its Smart Oral Medical Innovation Transformation Center, which will further promote the company's growth and inject strong momentum into the development of the high-end medical device industry cluster in Taihu Science City [1][3] - Haihao Medical has been deeply engaged in the oral medical field for ten years, establishing strategic partnerships with international brands from Sweden, Switzerland, and South Korea, and forming stable customer relationships with over 4,000 medical institutions nationwide [3] - The company has completed strategic integration of nine subsidiaries, forming an operational system for "Haihao Oral Medical Device Headquarters," with an expected revenue of 500 million yuan by 2025 and a compound annual growth rate exceeding 25% over the past decade [3] Group 2 - The establishment of the Smart Oral Medical Innovation Transformation Center is not the end; future plans include the establishment of an Oral Medical Device R&D Center to create an innovation-driven model that connects clinical needs, technology research and development, and industrial implementation [6] - The Taihu Science City functional area is actively seizing new opportunities in the medical device industry, focusing on key areas such as in vitro diagnostics, biomedical materials, interventional devices, medical imaging equipment, medical robots, and rehabilitation medical devices [6][7] - The functional area has attracted over 800 high-end medical-related enterprises and has built first-class industrial innovation carriers exceeding one million square meters, with an annual growth rate of over 20% in medical device industry output value [6][7]

Core Viewpoint - The Sichuan provincial government is implementing a comprehensive training program aimed at enhancing the foreign trade capabilities of local enterprises in response to the complex international economic environment. The initiative focuses on practical training to help businesses overcome challenges in foreign trade and aims to boost their market expansion and risk management abilities [1][2][3]. Group 1: Training Initiatives - The training program emphasizes practical applications, addressing specific foreign trade challenges faced by enterprises, such as market expansion and compliance with international trade policies [2][3]. - The first phase of the training includes sessions on international market development, the impact of U.S. trade policies on emerging industries, and practical case studies in cross-border e-commerce [3]. - Future training sessions will cover various sectors, including electronics, food and agricultural products, and machinery, with a total of 50 targeted training events planned for the year [4]. Group 2: Strategic Focus Areas - The initiative categorizes enterprises into four groups: "breaking the zero," "returning," "growing," and "safeguarding," each with tailored strategies to enhance their foreign trade capabilities [6]. - "Breaking the zero" focuses on assisting enterprises that are hesitant or lack the skills to engage in foreign trade through direct training [6]. - "Returning" targets businesses that previously engaged in foreign trade but have since become inactive, with customized plans to reintegrate them into the market [6]. - "Growing" aims to support high-potential enterprises with dedicated services to help them ascend to leading positions in their sectors [6]. - "Safeguarding" provides timely information on trade conditions and potential products, leveraging AI applications to respond to enterprise needs [6][7]. Group 3: Performance Metrics - In 2024, Sichuan aims to achieve over 1 trillion yuan in foreign trade, with 9,106 active foreign trade enterprises projected, marking a net increase of 855 from 2023 [5]. - The contribution of private foreign trade enterprises is expected to exceed 440 billion yuan, highlighting their significant role in the province's foreign trade landscape [5].