Core Viewpoint - Sanbo Neuroscience (301293.SZ) continues to invest in the brain science sector through fund participation, aiming to enhance its industry chain and clinical capabilities [1][2]. Investment Activities - The company plans to invest 57 million yuan in the establishment of Tianjin Yuanming Haihe Brain Science Venture Capital Partnership, focusing on brain science investments [2]. - The total fundraising target for this fund is 300 million yuan, concentrating on clinical advantages in brain disease diagnostics, treatment, health management, and medical information [2]. - In August, the company announced investments of 87 million yuan and 10 million yuan in two other funds, totaling 154 million yuan in investments within a month [3]. Company Performance - Sanbo Neuroscience has shown continuous growth since its listing in 2023, with revenue reaching 1.313 billion yuan and a net profit of 78.238 million yuan, marking increases of 22.73% and 23.31% year-on-year, respectively [4]. - For 2024, the company expects revenue to grow by 8.84% to 1.429 billion yuan, with net profit increasing by 34.24% to 105 million yuan, marking the first time net profit exceeds 100 million yuan [4]. - In the first half of 2025, the company achieved revenue of 827 million yuan, a year-on-year increase of 17.54%, with net profit reaching 69.696 million yuan, also a new mid-year high [5]. Regional Revenue Breakdown - The main revenue sources for the company are from the Southwest and North China regions, contributing 51.63% and 31.6% of total revenue, respectively [5].

Core Insights - Sanbo Brain Science has demonstrated strong resilience in its operations, achieving significant growth in both revenue and profitability for the year 2024 [1][2] Financial Performance - For the year 2024, Sanbo Brain Science reported a revenue of 1.429 billion yuan, an increase of 8.84% compared to the previous year [1] - The net profit attributable to shareholders exceeded 100 million yuan, reaching 105 million yuan, which represents a year-on-year growth of 34.24% [1] - The net profit excluding non-recurring gains and losses was 94 million yuan, showing a slight increase of 0.77% year-on-year [1] - Core business segments showed stable growth, with medical service revenue at 1.091 billion yuan (up 8.47%) and pharmaceutical revenue at 323 million yuan (up 7.97%) [1] Shareholder Returns - The company announced a profit distribution plan for 2024, proposing a cash dividend of 1.48 yuan per 10 shares (including tax), totaling 30.0425 million yuan [1] Business Expansion - Sanbo Brain Science operates eight hospitals across key regions in China, including five specialized neurology hospitals and three general hospitals [2] - The company has established a competitive edge in treating complex conditions, talent development, and research translation, supported by a team of expert academicians [2] - Recent acquisitions, including a supply chain company and a significant stake in another firm, have enhanced business synergies and expanded the company's operational footprint [3] Future Outlook - The company anticipates continued growth into 2025, with a first-quarter revenue increase of 16.78% to 393.4738 million yuan and a net profit growth of 14.56% [3] - Plans to expand hospital operations and enhance information technology infrastructure are in place to improve operational efficiency and service delivery [3]

Core Viewpoint - The company, Sanbo Brain Science, is a leading private medical service group specializing in neurology, focusing on the integration of medical services, education, and research to enhance service quality and patient experience. Company Overview - Sanbo Brain Science operates eight hospitals across various regions in China, including five specialized neurology hospitals and three general hospitals, aiming to provide high-quality medical services [5][6]. - The company emphasizes a collaborative approach in medical, educational, and research fields, striving for continuous improvement in diagnostic and treatment technologies [5][6]. Business Development - In Q4 2024, the company integrated Chengdu Sanbo into its management system, further expanding its presence in the Southwest region [7]. - The company has successfully incorporated Luoyang Sanbo, enhancing its capabilities in neurology and obstetrics and gynecology, thereby strengthening its overall service offerings [7]. Industry Competition - Specialized hospitals are crucial in the healthcare system, contributing to advancements in medical technology and quality [8]. - Public hospitals dominate the neurosurgery sector in China, with notable institutions like Beijing Tiantan Hospital and Shanghai Huashan Hospital leading in academic reputation and resources. Sanbo Brain Science is positioned as the largest private neurology-focused medical service group in China, leveraging its experienced clinical team and advanced management practices to enhance its industry influence [8]. Financial and Operational Updates - The company has undergone several strategic acquisitions and capital increases to optimize its business structure and enhance operational efficiency, including the acquisition of 100% equity in Chongqing Xida and a 34% stake in Luoyang Sanbo [10][11]. - The company has also increased the registered capital of several subsidiaries to support their growth and operational needs, reflecting a commitment to long-term strategic goals [11].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Sanbo Neuroscience, which has a current stock price of 45.2 yuan and a rolling PE ratio of 84.92 times, significantly higher than the industry average of 46.29 times [1][2] - As of September 30, 2024, Sanbo Neuroscience has 27,403 shareholders, an increase of 2,446 from the previous period, with an average holding value of 352,800 yuan per shareholder [1] - The company specializes in clinical medical services in neurology, with a focus on complex surgeries, achieving a high volume of operations, particularly in advanced neurosurgery [1] Group 2 - In the latest financial report for Q3 2024, Sanbo Neuroscience reported a revenue of 1.059 billion yuan, representing a year-on-year increase of 9.83%, and a net profit of 105 million yuan, up 42.93% year-on-year, with a gross margin of 24.97% [1] - The company ranks 37th in terms of PE ratio within the medical services industry, which has an average PE of 46.29 times and a median of 47.83 times [2]

三博脑科医院管理集团股份有限公司 首次公开发行股票并在创业板上市招股说明书 创业板投资者风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高 的投资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、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。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 三博脑科医院管理集团股份有限公司 Sanbo Hospital Management Group Limited （北京市海淀区香山一棵松 50 号 23 号楼 105 室） 首次公开发行股票并在创业板上市 招股说明书 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 三博脑科医院管理集团股份有限公司 首次公开发行股票并在创业板上市招股说明书 发行人声明 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。 根据《证券法》的规定，股 ...

三博脑科医院管理集团股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）：中信证券股份有限公司 特别提示 三博脑科医院管理集团股份有限公司（以下简称"三博脑科"、"发行人" 或"公司"）根据《证券发行与承销管理办法》（证监会令【第 208 号】）（以 下简称"《管理办法》"）《首次公开发行股票注册管理办法》（证监会令【第 205 号】）（以下简称"《注册办法》"）《深圳证券交易所首次公开发行证券 发行与承销业务实施细则》（深证上〔2023〕100 号）（以下简称"《业务实施 细则》"）《深圳市场首次公开发行股票网上发行实施细则》（深证上〔2018〕 279 号）（以下简称"《网上发行实施细则》"）及《深圳市场首次公开发行股 票网下发行实施细则（2023 年修订）》（深证上〔2023〕110 号）（以下简称"《网 下发行实施细则》"）《首次公开发行证券承销业务规则》（中证协发〔2023〕 18 号）（以下简称"《承销业务规则》"）《首次公开发行证券网下投资者管理 规则》（中证协发〔2023〕19 号）（以下简称"《网下投资者管理规则》"）等 相关法律法规、监管规定及自律规则等文件，以及深圳证 ...

三博脑科医院管理集团股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）：中信证券股份有限公司 特别提示 三博脑科医院管理集团股份有限公司（以下简称"三博脑科"、"发行人" 或"公司"）根据《证券发行与承销管理办法》（证监会令【第 208 号】）（以 下简称"《管理办法》"）《首次公开发行股票注册管理办法》（证监会令【第 205 号】）（以下简称"《注册办法》"）《深圳证券交易所首次公开发行证券 发行与承销业务实施细则》（深证上〔2023〕100 号）（以下简称"《业务实施 细则》"）《深圳市场首次公开发行股票网上发行实施细则》（深证上〔2018〕 279 号）（以下简称"《网上发行实施细则》"）及《深圳市场首次公开发行股 票网下发行实施细则（2023 年修订）》（深证上〔2023〕110 号）（以下简称"《网 下发行实施细则》"）《首次公开发行证券承销业务规则》（中证协发〔2023〕 18 号）（以下简称"《承销业务规则》"）《首次公开发行证券网下投资者管理 规则》（中证协发〔2023〕19 号）（以下简称"《网下投资者管理规则》"）等 相关法律法规、监管规定及自律规则等文件，以及深圳证 ...

三博脑科医院管理集团股份有限公司 Sanbo Hospital Management Group Limited （北京市海淀区香山一棵松 50 号 23 号楼 105 室） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书作为投资决定的依据。 保荐机构（主承销商） 的投资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、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。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 三博脑科医院管理集团股份有限公司 首次公开发行股票并在创业 ...