| | 3、限有王以人口を欧化門越的目位デロ,王琳尼 | | --- | --- | | | 未来业务发展提供了更多的可能性。 | | | 近三年归母 6.9164亿元(2024年,+20.36%) | | 近三年营收 | 5.7466亿元 (2023年,+0.19%) 净利润及业 | | | 5.7356亿元（2022年，-） 绩预告 | | 募资投向 | 凯普乐公共卫生医疗物资产业园建设项目 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 1月12日新股申购 (共15 | 爱舍伦(北交所, 92005 | | --- | | 申购代码 | 920050 | | --- | --- | | 发行价格 | 15.98元 顶格F | | 总市值 | 8.11亿 | | 发行市盈率 | 14.99 行业 | | 同业可比公司 | 奥美医疗 同业公司 | | | 振德医疗 动态市盈率 | | | 健尔康 | | 主营构成 | 康复护理产品: 53.41%; 手术感控产品:45.76%; | | | 其他:0.83% | | | 1、公司是国内最大的医用护理垫生产厂商，医用 | ...

相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wanqyg@swsresearch.com 联系人 2026年01月09日 爰舍伦 (920050) : 国内医用敷料行 业头部企业,积极扩充产能 -北交所新股申购策略报告之一百五十五 请务必仔细阅读正文之后的各项信息披露与声明 基本面：国内医用敷料行业头部企业。公司 2015年成立，总部位于江苏苏州，主要从事 低值医用耗材的研发、生产及销售,通过 ODM/OEM 等方式为国际知名医疗器械品牌 厂商提供相关产品。根据中国医药保健品进出口商会 2024 年 9 月 20 日出具的《关于 江苏爱舍伦医疗科技集团股份公司在医用敷料行业地位的说明》，2021 年、2022 年、 2023 年、2024 年 1-6 月江苏爱舍伦医疗科技集团股份有限公司医用敷料出口金额（铺 垫类敷料）排名全国前十。贯彻核心客户战略，合作规模持续扩大。核心客户 Medline 集团、Zarys International Group、Sejong Healthcare co., Ltd 均为国际 ...

Group 1 - In December 26, 2023, Yingke Medical's stock price fell by 5.04%, closing at 41.28 yuan per share, with a trading volume of 431 million yuan and a turnover rate of 2.20%. The total market capitalization is 27.045 billion yuan. The stock has experienced a consecutive decline over three days, with a cumulative drop of 2.05% during this period [1] - Yingke Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009. The company went public on July 21, 2017. Its main business includes three segments: personal protection (91.47% of revenue), rehabilitation care (4.75%), and other products (3.77%) [1] Group 2 - From the perspective of major holdings, one fund under Zhongyou Fund holds a significant position in Yingke Medical. The Zhongyou Strategic Emerging Industries Mixed A Fund (590008) held 1 million shares in the third quarter, accounting for 4.09% of the fund's net value, ranking as the ninth largest holding. The estimated floating loss today is approximately 2.19 million yuan, with a floating loss of 910,000 yuan during the three-day decline [2] - The Zhongyou Strategic Emerging Industries Mixed A Fund (590008) was established on June 12, 2012, with a current scale of 888 million yuan. Year-to-date returns are 30.77%, ranking 3055 out of 8087 in its category; the one-year return is 30.59%, ranking 2900 out of 8074; and since inception, the return is 560% [2]

Group 1 - The core viewpoint of the news is that Yingke Medical has seen a 5% increase in stock price, reaching 40.50 CNY per share, with a trading volume of 267 million CNY and a turnover rate of 1.43%, resulting in a total market capitalization of 26.519 billion CNY [1] - Yingke Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009, with its listing date on July 21, 2017. The company operates in three main business segments: personal protection (91.47% of revenue), rehabilitation care (4.75%), and other products (3.77%) [1] Group 2 - From the perspective of major fund holdings, one fund under the Fortune Fund has a significant position in Yingke Medical. The Fortune CSI Pharmaceutical Theme Index Enhanced Fund (LOF) A (161035) held 193,700 shares in the third quarter, accounting for 1.79% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 373,800 CNY [2] - The Fortune CSI Pharmaceutical Theme Index Enhanced Fund (LOF) A (161035) was established on November 11, 2016, with a current scale of 353 million CNY. Year-to-date returns are 15.91%, ranking 2658 out of 4208 in its category; the one-year return is 10.07%, ranking 2920 out of 3981; and since inception, the return is 41.07% [2] Group 3 - The fund managers of the Fortune CSI Pharmaceutical Theme Index Enhanced Fund (LOF) A (161035) are Niu Zhidong and Cai Kaer. As of the report, Niu Zhidong has a tenure of 10 years and 199 days, managing assets totaling 24.849 billion CNY, with the best fund return during his tenure being 111.51% and the worst being -88.81%. Cai Kaer has a tenure of 8 years and 325 days, managing assets totaling 111.894 billion CNY, with the best return of 51.06% and the worst of -32.1% [3]

Core Viewpoint - Inco Medical experienced a decline of 5.05% in its stock price, reaching 37.42 CNY per share, with a trading volume of 321 million CNY and a turnover rate of 1.81%, resulting in a total market capitalization of 24.502 billion CNY [1] Company Overview - Inco Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009, with its listing date on July 21, 2017 [1] - The company's main business segments include personal protection, rehabilitation care, and other products, with revenue composition as follows: personal protection 91.47%, rehabilitation care 4.75%, and other products 3.77% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Caitong Fund has a significant position in Inco Medical [2] - Caitong Medical Health Mixed A Fund (018937) held 95,200 shares in the third quarter, accounting for 5.97% of the fund's net value, making it the second-largest holding [2] - The fund has experienced a floating loss of approximately 189,400 CNY today [2] Fund Performance - Caitong Medical Health Mixed A Fund (018937) was established on March 27, 2024, with a latest scale of 50.4705 million CNY [2] - Year-to-date return is 14.86%, ranking 5206 out of 8213 in its category; the one-year return is 13.41%, ranking 5016 out of 8130; and since inception, the return is 14.15% [2] - The fund manager, Luo Ying, has a tenure of 4 years and 130 days, with total assets under management of 58.5742 million CNY [2]

Core Viewpoint - Inke Medical's stock price has shown significant growth this year, with a year-to-date increase of 64.94%, reflecting strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Inke Medical reported a revenue of 7.425 billion yuan, representing a year-on-year growth of 4.60% [2]. - The net profit attributable to shareholders for the same period was 924 million yuan, marking a substantial increase of 34.47% compared to the previous year [2]. Stock Market Activity - As of November 12, Inke Medical's stock price reached 41.45 yuan per share, with a trading volume of 230 million yuan and a market capitalization of 27.141 billion yuan [1]. - The stock experienced a net inflow of 15.9098 million yuan from institutional investors, indicating positive sentiment [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Inke Medical decreased by 21.11% to 47,300, while the average number of shares held per shareholder increased by 25.65% to 9,832 shares [2][4]. - The top circulating shareholders include various ETFs and mutual funds, with notable changes in holdings among major investors [4]. Dividend Distribution - Inke Medical has distributed a total of 1.903 billion yuan in dividends since its A-share listing, with 245 million yuan distributed over the past three years [3].

Core Viewpoint - In recent trading, Yingke Medical's stock price has shown a decline of 2.02%, with a current price of 38.36 CNY per share and a total market capitalization of 25.118 billion CNY. The company has experienced a year-to-date stock price increase of 52.64% [1] Financial Performance - For the period from January to September 2025, Yingke Medical reported a revenue of 7.425 billion CNY, reflecting a year-on-year growth of 4.60%. The net profit attributable to shareholders was 924 million CNY, marking a significant increase of 34.47% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Yingke Medical decreased by 21.11% to 47,300. The average number of circulating shares per shareholder increased by 25.65% to 9,832 shares [2] Dividend Distribution - Yingke Medical has cumulatively distributed dividends amounting to 1.903 billion CNY since its A-share listing, with a total of 245 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of Yingke Medical include notable ETFs such as Huabao Zhongzheng Medical ETF and Yifangda Growth Enterprise Board ETF, with some shareholders reducing their holdings while others have newly entered [4]

Group 1 - The core viewpoint of the news is that Yingke Medical's stock has increased by 5.01%, reaching a price of 42.13 CNY per share, with a trading volume of 565 million CNY and a turnover rate of 2.95%, resulting in a total market capitalization of 27.586 billion CNY [1] - Yingke Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009, with its listing date on July 21, 2017. The company operates in three main business segments: personal protection, rehabilitation care, and other products [1] - The revenue composition of Yingke Medical is as follows: personal protection accounts for 91.47%, rehabilitation care for 4.75%, and other products for 3.77% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund ranks among the top shareholders of Yingke Medical. The Southern CSI 500 ETF (510500) increased its holdings by 967,200 shares in the second quarter, bringing its total to 6.698 million shares, which represents 1.43% of the circulating shares [2] - The estimated floating profit for the Southern CSI 500 ETF today is approximately 13.4629 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 113.438 billion CNY. Year-to-date returns are 28.62%, ranking 1823 out of 4219 in its category, while the one-year return is 28.52%, ranking 1678 out of 3877 [2]

Group 1 - The core point of the news is that Yingke Medical's stock price increased by 5.01% to 42.13 CNY per share, with a trading volume of 566 million CNY and a turnover rate of 2.96%, resulting in a total market capitalization of 27.586 billion CNY [1] - Yingke Medical, established on July 20, 2009, and listed on July 21, 2017, operates in three main business segments: personal protection (91.47% of revenue), rehabilitation care (4.75%), and other products (3.77%) [1] Group 2 - According to data from fund holdings, one fund under Zheshang Securities Asset Management heavily invests in Yingke Medical, with Zheshang Huijin Quantitative Selected Stocks A (011824) holding 40,200 shares, accounting for 0.75% of the fund's net value, making it the second-largest holding [2] - The fund has achieved a year-to-date return of 27.54%, ranking 1932 out of 4219 in its category, and a one-year return of 32.66%, ranking 1391 out of 3877 [2] Group 3 - The fund manager of Zheshang Huijin Quantitative Selected Stocks A is Chen Gujun, who has been in the position for 5 years and 282 days, with the fund's total asset size at 204 million CNY [3] - During Chen Gujun's tenure, the best fund return was 38.13%, while the worst was -7.57% [3]

Group 1 - In October 17, 2023, Yingke Medical experienced a decline of 5.05%, with a stock price of 43.20 yuan per share, a trading volume of 1.434 billion yuan, a turnover rate of 6.69%, and a total market capitalization of 28.287 billion yuan [1] - Yingke Medical Technology Co., Ltd. is located in Zibo City, Shandong Province, and was established on July 20, 2009, with its listing date on July 21, 2017. The company's main business includes three segments: personal protection, rehabilitation care, and other products [1] - The revenue composition of Yingke Medical is as follows: personal protection accounts for 91.47%, rehabilitation care for 4.75%, and other products for 3.77% [1] Group 2 - From the perspective of the top ten holdings of funds, one fund under Zheshang Securities Asset Management has a significant position in Yingke Medical. The Zheshang Huijin Quantitative Selected Stock A (011824) held 40,200 shares in the second quarter, representing 0.75% of the fund's net value, making it the second-largest holding [2] - The estimated floating loss for the fund on the current day is approximately 92,500 yuan. The Zheshang Huijin Quantitative Selected Stock A (011824) was established on July 1, 2021, with a latest scale of 63.808 million yuan. Year-to-date, it has achieved a return of 28.41%, ranking 1771 out of 4218 in its category; over the past year, it has returned 38.96%, ranking 1351 out of 3865; and since inception, it has returned 18.1% [2] Group 3 - The fund manager of Zheshang Huijin Quantitative Selected Stock A (011824) is Chen Gujun, who has been in the position for 5 years and 272 days. The total asset size of the fund is 204 million yuan, with the best fund return during his tenure being 40.06% and the worst being -7.57% [3]