本届展会吸引了约70个国家和地区的5300多家参展商与会。展会主办方杜塞尔多夫展览集团公司执行董 事迈克尔·德根表示，人工智能、机器人技术、数字化和网络化医疗正在重塑医疗保健行业，本届展会 将提供充分的讨论交流机会，并展示大量的新产品。 （文章来源：新华财经） 记者在展会现场观察到，中国企业正成为展会的中坚力量。10多个场馆几乎都有中国企业的身影，部分 场馆还有特设的中国区。重庆西山科技股份有限公司是一家以生产手术动力装置为代表的高新技术企 业，今年第二次参展。相比较去年，公司展台面积扩大了近10倍。该公司市场总监何庆宇表示，公司希 望向更多全球客户提供优质的医疗器械和服务。 "中国参展企业不仅数量更多了，产品质量也更优了。"长期参与组织中国企业参加展会的中国医疗器械 行业协会国际合作部副主任夏天表示，中国医疗器械产品的技术含量和覆盖品类逐年提升，中国企业正 在得到全球客户的认可。 新华财经德国杜塞尔多夫11月17日电（记者尹亮）2025年杜塞尔多夫国际医疗器械设备展17日在德国杜 塞尔多夫会展中心开幕，1300多家中国企业携创新产品和服务参展，参展商数量在所有国家中位居首 位。 杜塞尔多夫国际医疗器械设备展 ...

Core Viewpoint - The company reported a strong recovery in Q3 2025, with significant growth in revenue and profit, indicating a potential turning point despite challenges in the first three quarters of the year [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 231 million yuan, an increase of 11.32%, while net profit attributable to shareholders was 43 million yuan, a decrease of 34.14% [1]. - In Q3 alone, the company recorded revenue of 76 million yuan, up 35.45%, and a net profit of 9 million yuan, up 28.75% [1]. - The decline in net profit for the first three quarters was primarily due to a drop in gross profit from a specific product, increased depreciation and operating expenses from a new facility, and reduced investment income [1]. Business Segments - The orthopedic business has become a core growth engine, with its revenue share increasing from 24% to 35% year-on-year [2]. - The spinal surgery consumables saw over 90% growth, while joint and trauma-related consumables grew by over 70% [2]. - The company experienced a 45% increase in sales volume of a specific biopsy product due to price reductions from procurement policies, enhancing market demand [2]. R&D and Internationalization - The company has made significant advancements in R&D, launching new surgical power devices and obtaining certifications for various products, enhancing its competitive edge [3]. - In 2025, the company added 112 new patents, bringing the total to 1,368, showcasing its ongoing innovation capabilities [3]. - The company achieved key milestones in internationalization, with several products receiving EU CE-MDR certification, facilitating entry into international markets [3]. Profit Forecast and Investment Suggestions - The projected net profits for 2025-2027 are 61 million, 77 million, and 95 million yuan, respectively [4]. - As a leading domestic player in surgical power devices, the company is well-positioned to benefit from the ongoing shift towards disposable consumables and the introduction of innovative products [4].

Core Viewpoint - The company reported strong financial performance in Q3, with significant growth in revenue and net profit, driven by increased sales in orthopedic products and successful product certifications [1][2]. Financial Performance - In Q3, the company achieved operating revenue of 75.76 million yuan, a year-on-year increase of 35.45% [1] - The net profit attributable to shareholders reached 9.01 million yuan, up 28.75% year-on-year [1] - The net profit after deducting non-recurring items was 5.67 million yuan, reflecting a 24.27% increase compared to the previous year [1] Product Performance - Revenue from orthopedic-related power products increased from 24% to 35% of total revenue year-on-year, becoming a major income source for the company [1] - Sales of disposable breast biopsy needles grew by 45% compared to the same period last year, indicating the effectiveness of the company's price-volume strategy [1] - Significant growth was observed in the surgical power device segment, with spinal surgery consumables increasing by over 90% and trauma-related consumables by over 70% year-on-year [1] Regulatory Achievements - The company successfully obtained CE-MDR certification for its neurosurgery, orthopedic, ENT, and breast surgery power device products, which will positively impact future international product access and sales [1] - The penetration of plasma devices and consumables has increased, with breakthroughs in markets such as Shanxi, Anhui, Guangdong, Shaanxi, Gansu, Ningxia, and Chongqing [1] Innovation and R&D - The company added 112 new patents this year, bringing the total to 1,368 effective patents, including 768 for surgical power devices, 243 for endoscopes, and 263 for energy surgical equipment [2] - New surgical power devices for ENT and neurosurgery have been developed and launched, receiving market recognition [2] - Key technological breakthroughs in endoscopic products have been achieved, providing new growth momentum for the company [2]

Group 1 - The core viewpoint of the news is that Xishan Technology's stock performance and financial metrics indicate a mixed outlook, with a slight decline in stock price and significant financing activity [1][2]. - On October 30, Xishan Technology's stock fell by 0.72%, with a trading volume of 17.36 million yuan, and a net financing purchase of 849,300 yuan [1]. - As of October 30, the total margin balance for Xishan Technology was 93.81 million yuan, accounting for 6.60% of its market capitalization, indicating a high level of financing activity compared to the past year [1]. Group 2 - For the period from January to September 2025, Xishan Technology reported a revenue of 231 million yuan, representing a year-on-year growth of 11.32%, while the net profit attributable to shareholders decreased by 34.14% to 43.40 million yuan [2]. - The company has distributed a total of 94.07 million yuan in dividends since its A-share listing [3]. - As of September 30, 2025, Xishan Technology had 5,303 shareholders, with an average of 4,109 circulating shares per shareholder, indicating a slight increase in shareholder numbers but a decrease in average shares held [2].

Core Viewpoint - Xishan Technology reported a revenue of 231 million yuan for the first three quarters of 2025, marking an 11.32% year-on-year increase, while the net profit attributable to shareholders decreased by 34.14% to 43.395 million yuan [1][2]. Financial Performance - The basic earnings per share for the reporting period was 0.96 yuan, with a weighted average return on equity of 2.51% [2]. - The company's gross margin for the first three quarters was 64.27%, down 6.50 percentage points year-on-year, and the net margin was 18.80%, a decrease of 12.98 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 62.16%, down 8.77 percentage points year-on-year and 1.41 percentage points quarter-on-quarter, while the net margin was 11.90%, a decline of 0.62 percentage points year-on-year and 13.79 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for Q3 2025 were 111 million yuan, an increase of 12.22 million yuan year-on-year, with an expense ratio of 48.13%, up 0.45 percentage points from the previous year [2]. - Breakdown of expenses showed a 2.54% decrease in sales expenses, a 66.65% increase in management expenses, a 6.72% increase in R&D expenses, and a 5.16% increase in financial expenses [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 5,273, an increase of 427 (8.81%) from the end of the previous half-year, while the average market value per shareholder decreased by 4.93% from 597,200 yuan to 567,700 yuan [2]. Company Overview - Xishan Technology, established on December 23, 1999, and listed on June 6, 2023, is located in Chongqing and specializes in the research, production, and sales of surgical power devices [3]. - The main business revenue composition includes surgical power devices (92.10%), with consumables accounting for 76.74%, complete machines for 10.06%, and other components for 7.87% [3].

Group 1 - On September 23, Xishan Technology's stock fell by 1.44%, with a trading volume of 23.32 million yuan [1] - The financing data on the same day showed a financing purchase amount of 4.07 million yuan and a net financing purchase of 2.27 million yuan, with a total financing and securities balance of 93.61 million yuan, accounting for 6.68% of the circulating market value [1] - The company specializes in the research, production, and sales of surgical power devices, with 92.10% of its main business revenue coming from this segment [1] Group 2 - As of September 19, the number of shareholders of Xishan Technology was 5,284, a decrease of 3.33%, while the average circulating shares per person increased by 3.44% [2] - For the first half of 2025, Xishan Technology achieved an operating income of 155 million yuan, a year-on-year increase of 2.40%, but the net profit attributable to the parent company decreased by 41.62% to 34.38 million yuan [2] Group 3 - Since its A-share listing, Xishan Technology has distributed a total of 94.07 million yuan in dividends [3]

Group 1 - The company reported a revenue of 155 million yuan for the first half of 2025, representing a year-on-year growth of 2.40% [1] - The net profit attributable to the parent company was 34.38 million yuan, with basic earnings per share of 0.76 yuan [1] - The net cash flow from operating activities improved significantly to 17.53 million yuan compared to the same period last year [1] Group 2 - The company emphasized its commitment to independent research and development, with R&D investment reaching 24.74 million yuan, a year-on-year increase of 7.52%, accounting for 15.96% of revenue [2] - The company completed 85 patent applications and received 74 authorized patents, including 21 invention patents [2] - The company has made progress in the field of flexible endoscopes by forming a specialized technical team to overcome core technological bottlenecks [2] Group 3 - The company aims to maintain its strategic positioning as a provider of overall solutions for minimally invasive surgical tools, focusing on product iteration and brand promotion [3] - The company plans to enhance the flexibility of its R&D and marketing systems while improving operational processes and internal controls [3] - The company is committed to strengthening its core competitive advantages through effective supply chain management and product quality [3]

Core Insights - Xishan Technology achieved a total operating revenue of 155 million yuan in the first half of 2025, representing a year-on-year growth of 2.4%, and a net profit attributable to shareholders of 34.38 million yuan [1] - The company continues to adhere to its strategic positioning as a provider of overall solutions for minimally invasive surgical tools, expanding its business lines while responding to changes in the economic environment and regulatory trends in the medical device industry [1] Group 1: R&D and Innovation - The company emphasizes independent R&D innovation, with R&D investment amounting to 24.74 million yuan, a year-on-year increase of 7.52%, accounting for 15.96% of total operating revenue [1][2] - A total of 85 patent applications were completed, with 74 patents granted during the reporting period, and the company added 2 Class III medical device registration certificates and 8 Class II medical device registration certificates [2] - The company is focusing on strategic projects for innovation breakthroughs and enhancing its competitive advantage in surgical power devices through strategic allocation of R&D resources and equipment iteration [2] Group 2: Production Capacity and Manufacturing - The company has significantly increased its production facility area with the full utilization of a new park, laying a hardware foundation for future capacity enhancement [2] - It is strengthening its core component production capabilities through automation and modular production, implementing a comprehensive traceability and data loop system from raw material intake to finished product delivery [2] Group 3: Market Expansion and Sales - The company is enhancing its end-sales channel construction by focusing on hospital user development, increasing user numbers, and boosting existing users' equipment and consumable usage to rapidly improve market share [3] - Xishan Technology has established a rich product matrix covering various departments such as neurosurgery, ENT, orthopedics, breast surgery, general surgery, and gynecology, providing comprehensive solutions for multiple scenarios [3] - The company is increasing its investment in international registration and promotion, expanding its overseas market presence, with products now covering 46 countries and regions as of the first half of 2025 [3]

Core Viewpoint - The report outlines the continuous supervision work conducted by Dongfang Securities for Chongqing Xishan Technology Co., Ltd. after its listing, confirming that the company has adhered to relevant regulations and has not encountered any legal violations during the supervision period [1][3]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, creating specific work plans for ongoing oversight [2]. - A sponsorship agreement was signed between the sponsor and the company, clarifying the rights and obligations of both parties during the supervision period [3]. - The sponsor has utilized various methods such as regular communication, site visits, and due diligence to monitor the company's business situation [3]. - During the supervision period, the company did not report any legal violations or breaches of commitments [3][4]. Company Governance and Internal Control - The sponsor has urged the company to establish and effectively implement corporate governance systems, including behavior norms for directors, supervisors, and senior management [4]. - The internal control systems, including financial management and auditing procedures, have been verified for effective execution [4]. - The company has been guided to strictly adhere to information disclosure regulations, ensuring that submitted documents do not contain false records or misleading statements [5]. Financial Performance - For the first half of 2025, the company reported operating income of 155.04 million yuan, a 2.40% increase compared to the same period last year [15]. - The net profit attributable to shareholders decreased by 41.62% to 34.38 million yuan, primarily due to reduced financial income and increased operational costs [16]. - The company’s total assets decreased by 3.88% to 1.85 billion yuan, attributed to share buybacks and cash dividends [16]. Research and Development - The company invested 24.74 million yuan in R&D during the first half of 2025, a 7.52% increase year-on-year, with R&D expenses accounting for 15.96% of operating income [17]. - The company holds 14 Class III medical device product registration certificates and has a total of 1,320 domestic patents, including 118 invention patents [17]. Industry Context - The medical device industry is a crucial part of the national economy and is subject to strict regulatory oversight, impacting the company's operations [14]. - The implementation of centralized procurement policies may affect the sales and pricing strategies of the company's products, necessitating adaptability to maintain competitiveness [13][14].

Company Overview - Xishan Technology's closing price on August 14 was 70.46 yuan, down 4.03%, with a rolling PE ratio of 38.05 times and a total market capitalization of 3.206 billion yuan [1] - The company operates in the surgical medical device sector, focusing on the research, manufacturing, sales, and service of surgical power devices, endoscopic systems, and energy surgical equipment [1] Financial Performance - For the first quarter of 2025, Xishan Technology reported revenue of 65.8771 million yuan, a year-on-year decrease of 11.20%, and a net profit of 11.4768 million yuan, down 55.66% year-on-year, with a gross margin of 67.64% [1] Industry Comparison - The average PE ratio for the medical device industry is 55.76 times, with a median of 39.14 times, placing Xishan Technology at the 75th position in the industry ranking [1] - The company’s static PE ratio is 32.49 times, and its price-to-book ratio is 1.85 times [2]