Core Viewpoint - The company, Maide Medical, is facing a significant decline in revenue and market challenges, particularly in its core safety infusion equipment segment, leading to concerns about its financial health and future prospects [2][3][4]. Revenue Performance - In 2024, Maide Medical's revenue plummeted by 42.77% year-on-year, totaling 275 million yuan, with core products experiencing substantial declines: safety infusion equipment revenue fell by 39.59%, and blood purification equipment revenue dropped to zero [2]. - The overall market for injection and puncture consumables in China shrank by 2.57% to 32 billion yuan, exacerbated by external pressures such as the FDA's safety reviews and tariffs on Chinese syringes [2]. Product Performance - The only bright spot was a 67.12% increase in revenue from blood purification connection machines, reaching 104 million yuan, although the average price halved from 20.78 million yuan to 8.01 million yuan [3]. - The shift towards lower-tier products in response to market demands raises concerns about the loss of technical premium and profitability [3]. Customer Concentration and Risks - The concentration of revenue among the top five customers increased, with the largest customer, Sanxin Medical, accounting for 32.65% of revenue (89.74 million yuan) and related transactions comprising 12.41% [3]. - The long repayment cycle of 1-3 years for major clients highlights potential liquidity risks for the company [3]. New Business Ventures - To counteract the decline in traditional business, Maide Medical is venturing into contact lens manufacturing through its subsidiary, Maide Shun, although this new business is currently in a cash-burning phase [4]. - Management expenses rose to 95 million yuan, and R&D expenses increased by 21.81% to 40 million yuan, with long-term loans of 30 million yuan fully invested in this new area [4]. Financial Health Indicators - Financial indicators are raising red flags, with inventory valued at 139 million yuan, constituting 22.99% of current assets, and a significant increase in contract liabilities by 78.59% to 98.84 million yuan [4]. - The company reported a goodwill impairment of 10.42 million yuan and a doubling of construction in progress to 50.01 million yuan, indicating potential asset bubble concerns [4].

Main Business - The company's main products include safety infusion devices and blood purification equipment, with significant revenue declines in safety infusion single machines and blood purification single machines, down 39.59% and 100.00% respectively, while blood purification continuous machines saw substantial growth [2][5][6] - The first major customer accounted for a significant portion of annual sales, with the increase in transaction amount attributed to the growth in the blood purification product business and the overall industry [2][14] Supplier Information - The company sources all standard parts externally, with a mix of self-manufactured, custom procurement, and outsourced processing for non-standard components. The total procurement amount for 2024 was 23,959.42 million yuan, a decrease of 36.99% compared to the previous year [28][29] Inventory and Contract Liabilities - The company reported that the inventory of blood purification single machines remained unsold due to production cycle delays and customer facility issues, impacting revenue recognition [11][12] - The company maintains a production model based on order fulfillment, which has led to fluctuations in sales revenue for blood purification single machines [11][12] Accounts Receivable and Long-term Receivables - The company provided details on its top five customers, including transaction amounts and payment conditions, indicating a healthy receivables situation with good recovery rates [13][15] Goodwill Impairment - There were no indications of impairment for the company's assets, as the net realizable value of blood purification single machines exceeded their costs, negating the need for inventory write-downs [12][25] Construction in Progress - The company has invested in the development of its contact lens manufacturing subsidiary, with a focus on material research and production line construction, indicating a strategic expansion into the optical sector [3][24] Market Trends - The blood dialysis medical device market in China is projected to grow steadily, with a compound annual growth rate of 5.67% from 2019 to 2023, expected to reach 51.515 billion yuan by 2030 [6][14] - The company is also expanding into the contact lens market, which is anticipated to grow significantly, with the transparent and colored contact lens markets projected to reach 161 billion yuan and 183 billion yuan respectively by 2030 [18][20]

日期变动人变动股数成交均价变动金额(万)变动原因变动后持股数变动人与董监高的关系2025-05-26王 瑜玲29.64万12.6712375.60集中竞价49.43万配偶2025-05-15王瑜玲19.59万11.5947227.12集中竞价19.78万 配偶2023-10-09郑龙-9590.0032.8-31.46二级市场买卖0.00本人2023-03-01郑龙-3000.0041.05-12.31二级市 场买卖6850.00本人2023-02-23周大威-1912.0038-7.27二级市场买卖5738.00本人2022-11-15郑 龙-500.0021.9-1.09二级市场买卖9850.00本人 截至最新收盘，迈得医疗总市值为22.54亿元。 上交所公开信息显示，5月26日，迈得医疗董事长、总经理王瑜玲在配偶集中竞价交易公司股票，增持 股数29.64万股，成交均价12.67元，变动金额375.60万元，变动后持股数为49.43万股。 迈得医疗的主营范围包括，模具、工业自动控制系统装置、实验分析仪器、塑料制品、工业机器人、具 有独立功能专用机械制造;软件开发;信息系统集成服务;货物与技术进出口。(依法 ...

来源：金融界 上交所公开信息显示，5月15日，迈得医疗董事长、总经理王瑜玲在配偶集中竞价交易公司股票，增持 股数19.59万股，成交均价11.59元，变动金额227.12万元，变动后持股数为19.78万股。 迈得医疗的主营范围包括，模具、工业自动控制系统装置、实验分析仪器、塑料制品、工业机器人、具 有独立功能专用机械制造;软件开发;信息系统集成服务;货物与技术进出口。(依法须经批准的项目,经相 关部门批准后方可开展经营活动) 从主营业务构成来看，截至2024年12月31日，公司安全输注类连线机收入1.16亿元，占比42.18%，血液 净化类连线机收入1.04亿元，占比37.90%，安全输注类单机收入3860.19万元，占比14.04%，其他类收 入1614.69万元，占比5.87%。 迈得医疗股东高管增减持详情如下： 日期变动人变动股数成交均价变动金额(万)变动原因变动后持股数变动人与董监高的关系2025-05-15王 瑜玲19.59万11.5947227.12集中竞价19.78万配偶2023-10-09郑龙-9590.0032.8-31.46二级市场买卖0.00本人 2023-03-01郑龙-3000.00 ...

面对下游医疗耗材行业需求波动，迈得医疗把握人口老龄化加剧与制造强国战略推进的时代机遇，坚定 看好医疗器械行业长期发展前景。公司以研发创新为破局关键，全年研发投入4041.19万元，同比增长 21.81%，研发投入占营业收入比重达14.70%。迈得医疗持续加码技术攻关与产品迭代，进一步巩固核 心竞争优势，在行业震荡中聚势突围。 战略深耕破局突围，多维驱动提质进阶 伴随我国医保体系日趋完善，医保覆盖范围持续拓展，分级诊疗等政策加速落地实施，加之新技术与创 新模式不断投入临床应用，多重利好因素共同驱动医疗器械行业迈向高质量发展新阶段。《中国医疗器 械蓝皮书（2024版）》数据显示，2023年全球医疗器械市场规模达5826亿美元，同比增长5.40%；中国 市场规模突破万亿元大关，达到10328亿元，在稳健增长中展现出强大韧性。政策扶持、市场扩容与生 产自动化的协同推进，正成为医用耗材智能装备行业发展的核心引擎，推动生产模式向智能化、自动化 加速转型。 作为国际领先的透析器耗材设备供应商，迈得医疗拥有国内领先的安全输注类与血液净化类智能装备技 术与优质产品线。公司持续聚焦主业发展，为广大客户提供高附加值产品。公司"Ma ...