Company Overview - Xishan Technology's closing price on August 8 was 72.56 yuan, up 1.94%, with a rolling PE ratio of 39.18, marking a new low in 207 days, and a total market capitalization of 3.301 billion yuan [1] - The company operates in the surgical medical device sector, focusing on the research, manufacturing, sales, and service of surgical instruments, including 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 profit margin of 67.64% [1] Industry Comparison - The average PE ratio for the medical device industry is 55.70, with a median of 39.08, placing Xishan Technology at the 77th position in the industry ranking [1] - The company’s static PE ratio is 33.46, and its price-to-book ratio is 1.91 [2]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Xishan Technology in the medical device industry, noting its current stock price and market capitalization [1][2] - As of July 24, Xishan Technology's stock closed at 68.09 yuan, with a rolling PE ratio of 36.77, marking a new low in 61 days, and a total market value of 3.098 billion yuan [1] - The average PE ratio for the medical device industry is 54.56, with a median of 37.54, positioning Xishan Technology at the 74th rank within the industry [1][2] Group 2 - The company specializes in the research, manufacturing, sales, and service of surgical medical devices, with key products including surgical power tools, endoscopic systems, and energy surgical equipment [1] - In the latest quarterly report for Q1 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%, with a gross margin of 67.64% [1]

Core Viewpoint - Xishan Technology (688576.SH) is facing significant challenges with declining revenue and profits, prompting investor concerns and discussions about the company's future strategies and stock buyback practices [1][2][3] Group 1: Company Overview - Xishan Technology, headquartered in Chongqing, specializes in surgical power devices, endoscopic systems, and energy surgical equipment, serving various clinical departments [1] - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 6, 2023, with a strategic placement of shares [1] Group 2: Financial Performance - In 2024, Xishan Technology reported a revenue of 336 million yuan, a year-on-year decrease of 6.74%, and a net profit of 71.71 million yuan, down 22.45% [1] - For Q1 2025, the company generated revenue of 65.88 million yuan, a decline of 11.2% year-on-year, and a net profit of 8.99 million yuan, down 55.02% [2] Group 3: Investor Concerns - Investors have expressed concerns regarding the company's continuous revenue decline and significant profit drops since its IPO, questioning the effectiveness of the company's strategies to reverse this trend [2][3] - Xishan Technology has conducted multiple share buybacks, totaling approximately 490 million yuan, which has not positively impacted the stock price, leading to further investor dissatisfaction [3] Group 4: Stock Performance - As of June 9, 2025, Xishan Technology's stock price was 64.55 yuan per share, representing a decline of about 52.4% from its initial offering price of 135.80 yuan [3]

Core Points - The annual general meeting of Chongqing Xishan Technology Co., Ltd. is scheduled for May 21, 2025, at 14:30, with a combination of on-site and online voting methods [3][5] - The meeting will cover several key proposals, including the 2024 Board of Directors' work report, the 2024 Supervisory Board work report, the 2024 financial settlement report, and the profit distribution plan for 2024 [5][8][9] - The company reported a net profit of 98,666,904.12 yuan for 2024, with a proposed cash dividend of 10.00 yuan per 10 shares, amounting to a total of 45,190,060.00 yuan, which represents 45.80% of the net profit [8][9] - The company’s total assets decreased from 2,318,065,640.21 yuan in 2023 to 1,925,782,570.99 yuan in 2024, primarily due to share buybacks and dividend distributions [25][26] - The company’s operating income for 2024 was 33,638.07 million yuan, down from 36,068.92 million yuan in 2023, while the net profit also decreased from 11,734.41 million yuan in 2023 to 9,866.69 million yuan in 2024 [25][26] Meeting Procedures - Attendees must arrive at least 30 minutes early for registration, and the meeting will be conducted under strict rules to maintain order and protect shareholder rights [2][4] - The agenda includes the election of vote counters, reading of meeting rules, and voting on various proposals [5][7] - The meeting will also include reports from independent directors and a session for shareholder questions and comments [7][13] Financial Performance - The company’s total liabilities increased, with a debt ratio of 8.35% in 2024 compared to 6.79% in 2023 [25][26] - Research and development expenses accounted for 16.42% of operating income in 2024, up from 12.89% in 2023, indicating a focus on innovation [25][26] - The company’s cash flow from operating activities was reported at 39,468.89 million yuan for 2024, down from 68,080.09 million yuan in 2023 [25][26]

Group 1 - The company reported a revenue of 340 million yuan in 2024, a decrease of 6.7%, and a net profit attributable to shareholders of 100 million yuan, down 15.9% [2] - In Q1 2024, the company achieved a revenue of 66 million yuan, a decline of 11.2%, with a net profit of 11 million yuan, down 55.7% [2] - The gross margin improved to 70.4%, an increase of 0.7 percentage points, mainly due to the increased revenue share from surgical power consumables [2] Group 2 - The surgical power device equipment revenue declined significantly due to external factors affecting bidding, while consumables saw steady growth, increasing by 15.69% year-on-year [3] - The company is a leader in the domestic surgical power device market, continuously expanding into endoscopy and energy surgical equipment, aiming to become a comprehensive solution provider for surgical procedures [4] - The market for surgical power devices in China was valued at 7.2 billion yuan in 2022, with a trend towards single-use consumables gradually replacing reusable ones [4] Group 3 - The company expects a compound annual growth rate of 6.9% in net profit attributable to shareholders over the next three years, driven by the replacement of reusable consumables and the introduction of innovative products [5] - The company has made significant breakthroughs in the field of flexible endoscopy, successfully obtaining registration for new medical devices [4]

Core Viewpoint - The article discusses the financial performance and technological advancements of Chongqing Xishan Technology Co., Ltd., highlighting a decline in revenue and profit while emphasizing its innovative capabilities in the medical device sector [2][3][6]. Financial Data - In 2024, the company achieved operating revenue of 336 million yuan, a year-on-year decrease of 6.74% [6] - The net profit attributable to shareholders was 98.67 million yuan, down 15.92% year-on-year [6] - The net profit after deducting non-recurring items was 71.71 million yuan, a decline of 22.45% year-on-year [6] - The asset-liability ratio stood at 8.35%, an increase of 1.56 percentage points compared to the same period last year [6] - The diluted earnings per share were 1.97 yuan, a decrease of 22.13% year-on-year [6] - The net cash inflow from operating activities was 39.47 million yuan, down 42.03% year-on-year, primarily due to increased expenditures on material procurement, employee salaries, taxes, and R&D [6] About Xishan Technology - Chongqing Xishan Technology Co., Ltd. was established in December 1999 and went public on the Sci-Tech Innovation Board in June 2023 [3] - The company is a national high-tech enterprise engaged in the R&D, manufacturing, sales, and service of digital minimally invasive surgical equipment and consumables [3] Products and Business - The surgical power devices cover various clinical departments including neurosurgery, ENT, orthopedics, and breast surgery, with a diverse range of product models to meet most surgical needs [7] - The endoscope systems include 4K ultra-high-definition endoscopic imaging systems applicable in multiple surgical fields, providing clear and naturally colored surgical field images [7] - Energy surgical equipment includes ultrasonic bone tissue surgical devices, plasma surgical devices, and high-frequency surgical devices, which work in conjunction with surgical power devices and endoscope systems to form comprehensive solutions [7] Technology and Innovation - The company has established three provincial and ministerial-level research platforms and has undertaken multiple national and provincial research projects [7] - As of April 30, 2024, the company has applied for over 1,200 patents, with more than 100 domestic and foreign invention patents granted [7] - The company has led the drafting of 8 national medical device industry standards and is the drafting unit for the national pharmaceutical industry standard for electric bone tissue surgical devices [7] - Core technologies include optical system design, optical processing, ISP image processing technology, and FPGA algorithm implementation technology, with innovations that enhance surgical precision, safety, and efficiency [7]

Core Insights - The company reported a revenue of 336 million yuan and a net profit attributable to shareholders of 98.67 million yuan for the reporting period [1] - The company maintains its strategic positioning as a provider of overall solutions for minimally invasive surgical tools, focusing on business line layout and expansion [1] Financial Performance - Revenue for the reporting period was 336 million yuan, with a net profit of 98.67 million yuan [1] - R&D expenses amounted to 55.24 million yuan, reflecting an 18.79% year-on-year increase [2] R&D Investment - The number of R&D personnel increased by 19% year-on-year, indicating a strong commitment to innovation [2] - R&D investment as a percentage of revenue has grown from 11.42% in 2022 to 16.42% in 2024, demonstrating a consistent increase in focus on R&D [2] Strategic Direction - The company plans to continue its dual growth strategy of "internal development" and "external expansion" while adhering to its strategic positioning [2] - The product strategy will focus on the integration of endoscopic systems, surgical power devices, energy surgical equipment, and other extensions in the minimally invasive surgery field [2]

股票简称：西山科技 股票代码：688576 重庆西山科技股份有限公司 Chongqing Xishan Science&Technology Co.,ltd. （重庆市北部新区高新园木星科技发展中心（黄山大道中段 9 号）） 首次公开发行股票科创板上市公告书 保荐人（主承销商） 东方证券承销保荐有限公司 （上海市黄浦区中山南路 318 号 24 层） 二〇二三年六月五日 重庆西山科技股份有限公司 上市公告书 特别提示 重庆西山科技股份有限公司（以下简称"西山科技"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 6 月 6 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 4-1-1-1 重庆西山科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 ...

科创板投资风险提示 本次发行股票拟在科创板市场上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者 应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决 重庆西山科技股份有限公司 Chongqing Xishan Science&Technology Co.,ltd. （重庆市北部新区高新园木星科技发展中心（黄山大道中段 9 号）） 首次公开发行股票并在科创板上市 保荐机构（主承销商） （上海市黄浦区中山南路 318 号 24 层） 重庆西山科技股份有限公司 招股说明书（注册稿） 1-1-0 招股说明书 （注册稿） 定。 重庆西山科技股份有限公司 招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 目 录 | 重要声明 … | | --- | | 发行概况 … | | 日 求 … | | 第一节 释义 . | | 一、普通 ...