截至发稿，邹建累计任职时间4年292天，现任基金资产总规模12.12亿元，任职期间最佳基金回报 14.09%， 任职期间最差基金回报-21.29%。 从基金十大重仓股角度 数据显示，大成基金旗下1只基金重仓三鑫医疗。大成创业板两年定开混合A（160926）三季度增持15 万股，持有股数273.26万股，占基金净值比例为3.23%，位居第八大重仓股。根据测算，今日浮盈赚取 约136.63万元。 数据显示，大成基金旗下1只基金位居三鑫医疗十大流通股东。大成创业板两年定开混合A（160926） 三季度新进十大流通股东，持有股数273.26万股，占流通股的比例为0.76%。根据测算，今日浮盈赚取 约136.63万元。 大成创业板两年定开混合A（160926）成立日期2020年7月16日，最新规模5.82亿。今年以来收益 26.07%，同类排名3476/8147；近一年收益19.24%，同类排名3487/8056；成立以来收益12.73%。 大成创业板两年定开混合A（160926）基金经理为邹建。 11月12日，三鑫医疗涨5.07%，截至发稿，报10.36元/股，成交1.22亿元，换手率3.39%，总市值54.09亿 ...

11月12日，三鑫医疗涨5.07%，截至发稿，报10.36元/股，成交1.22亿元，换手率3.39%，总市值54.09亿 元。 资料显示，江西三鑫医疗科技股份有限公司位于江西省南昌县小蓝经济开发区富山大道999号，成立日 期1997年3月7日，上市日期2015年5月15日，公司主营业务涉及医疗器械研发、制造、销售和服务。主 营业务收入构成为：血液净化类82.23%，给药器具类10.83%，心胸外科类4.60%，其他类2.34%。 截至发稿，周冲累计任职时间3年101天，现任基金资产总规模1161.54万元，任职期间最佳基金回报 4.91%， 任职期间最差基金回报-10.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，汇安基金旗下1只基金重仓三鑫医疗。汇安资产轮动混合A（005360）三季度减持3.63万股， 持有股数11.71万股，占基金净值比例为9.2%，位居第一大重仓股。根据测算，今日浮盈赚取约5.86万 ...

Core Insights - Company announced a projected revenue decline of approximately 15% for its drug delivery devices in the first half of 2025 compared to the previous year due to intensified market competition and product homogeneity [1] Company Strategy - The company is focusing on the blood purification sector as part of its strategic deployment [1] - Continuous product iteration and upgrades are planned, emphasizing safety, convenience, and precision in drug delivery devices [1] Market Trends - The aging population and increasing number of chronic disease patients are driving higher clinical demands for drug delivery devices in terms of safety, convenience, and precision [1] Product Development - The company is set to launch several new functional products, including precision filtration infusion, light-protective infusion, safe injection, and medical needle-free injection [1] - A new pre-filled catheter flushing device has been registered, extending the product line and providing safer and more efficient catheter care solutions for clinical treatment [1]

Core Viewpoint - The company, Sanxin Medical, announced a projected decline of approximately 15% in revenue from drug delivery devices in the first half of 2025 compared to the previous year due to intensified market competition and product homogeneity [2] Group 1: Market Conditions - The drug delivery device market is experiencing increased competition and significant product homogeneity, leading to a fragmented competitive landscape [2] - The aging population and rising number of chronic disease patients are driving higher clinical demands for drug delivery devices in terms of safety, convenience, and precision [2] Group 2: Strategic Initiatives - The company is focusing on upgrading its drug delivery products through material optimization, functional enhancements, and precise delivery innovations [2] - New functional products such as precision filtration infusion, light-protective infusion, safe injection, and medical needle-free injection are being developed to transform and upgrade drug delivery devices [2] - The company has obtained registration for a new pre-filled catheter flushing device, which expands its product line and aims to provide safer and more efficient catheter care solutions for clinical treatment [2]

Summary of the Conference Call for Sanxin Medical Company Overview - **Company**: Sanxin Medical - **Industry**: Blood purification and dialysis products Key Points Financial Performance - In the first half of 2025, Sanxin Medical achieved revenue of 760 million yuan, a year-on-year increase of 10.83% [4] - Net profit attributable to shareholders was 115 million yuan, up 8.35% year-on-year [4] - Blood purification products contributed 626 million yuan in revenue, growing 20% and accounting for 82% of total revenue [4] - Revenue from drug delivery devices decreased by 15% year-on-year, totaling 82.4 million yuan [4] Market Expansion - Export revenue in the first half of 2025 reached 187 million yuan, a 67% increase year-on-year, with dialysis equipment and consumables making up 88% of exports [4][2] - The company is focusing on expanding into Southeast Asia, with plans to enter markets in Brazil, Turkey, and India [2][5] Product Development and Strategy - Sanxin Medical plans to issue convertible bonds to improve asset structure and expand production capacity, with approximately 4 billion yuan allocated for production expansion and 1.3 billion yuan for working capital [6] - The company aims to increase market share through capacity expansion and the promotion of new products like wet membrane dialyzers [3][21] Domestic Market Dynamics - The company’s market share for dialysis devices increased to approximately 8%, with device revenue growing about 70% year-on-year [7] - The number of patients receiving standardized blood dialysis treatment reached 1.027 million, with an expected growth rate of over 10% in the future [11] - The National Medical Insurance Administration's reforms have positively impacted the industry, enhancing patient and hospital engagement [12] Competitive Landscape - Sanxin Medical's market share for dialysis devices has grown from 5-6% to around 8%, driven by increased domestic production and market reshuffling [16] - The company faces challenges from price reductions due to centralized procurement and increased competition [21] Future Outlook - The company expects a revenue growth of around 10% for the full year 2025, despite pressures from centralized procurement and competition [3][21] - New product launches, including artificial blood vessels and wet membrane dialyzers, are planned for the second half of the year [6][10] International Market Insights - The company has gained market access in Indonesia, Mexico, and Peru, with plans for further expansion in Brazil, India, Vietnam, and Turkey [8] - The majority of exports are concentrated in Southeast Asia, with ASEAN countries accounting for nearly 70% of total exports [13] Regulatory and Policy Impact - The introduction of the CA deduction project by the National Medical Insurance Bureau is expected to create a favorable environment for the industry’s long-term development [12] Shareholder Returns - Sanxin Medical has proposed a mid-year dividend plan, aiming for a dividend payout ratio of 70% for the year [25] Conclusion - Sanxin Medical is positioned for growth in the blood purification sector, with a focus on expanding its product line and market presence while navigating challenges from competition and regulatory changes [25]

Core Viewpoint - Sanxin Medical (300453) demonstrated steady growth in its 2025 mid-year report, with significant increases in revenue and net profit, particularly in the overseas market [2][12]. Business Overview - Total revenue reached 761 million yuan, a year-on-year increase of 10.83%, while net profit attributable to shareholders was 115 million yuan, up 8.35% [2]. - In Q2 alone, revenue was 400 million yuan, reflecting a 12.65% year-on-year growth, and net profit was 61.39 million yuan, increasing by 16.65% [2]. Main Business Analysis - **Blood Purification Products**: This core business accounted for over 80% of total revenue, generating 626 million yuan with a gross margin of 34.30% [3]. - **Drug Delivery Devices**: Revenue from this segment was 82.41 million yuan, making up 10.83% of total revenue, with a gross margin of 27.15% [4]. - **Cardiothoracic Products**: This category generated 34.98 million yuan, representing 4.60% of total revenue, with a high gross margin of 64.09% [5]. Financial Metrics Analysis - **Profitability**: The company maintained a gross margin of 34.97% and a net margin of 16.72%, despite slight decreases of 0.34 and 0.54 percentage points respectively [6]. - **Cost Control**: Total selling, administrative, and financial expenses were 94.80 million yuan, accounting for 12.46% of revenue, a decrease of 3.58 percentage points year-on-year [7]. - **Cash Flow**: Operating cash flow per share was 0.36 yuan, up 38.20%, with cash and cash equivalents increasing by 70.74% to 216 million yuan [8]. Overseas Market Performance - Revenue from overseas markets reached 187 million yuan, a significant year-on-year increase of 67.30%, accounting for 24.58% of total revenue [9]. Development Prospects - The medical device industry is rapidly growing, with projections indicating a market size of 1,813.4 billion yuan by 2035 in China. As a leading player, the company is well-positioned to benefit from this growth, especially in the blood purification sector due to the increasing number of end-stage renal disease (ESRD) patients [11].

Group 1 - The core business of the company is the research, manufacturing, sales, and service of medical devices, with main products including blood purification, drug delivery devices, and thoracic surgery products [2] - As of the end of 2024, the company has obtained 203 authorized patents, 121 accepted patents, and holds 102 medical device product registration certificates, demonstrating a strong focus on technological innovation and R&D [2] - The company has received various governmental support for its projects, including recognition as a "National Intellectual Property Advantage Enterprise" and awards for its key technologies in blood dialysis membrane production [2] Group 2 - The company's latest financial performance for Q1 2025 shows revenue of 361 million yuan, an increase of 8.88% year-on-year, and a net profit of 53.73 million yuan, with a slight increase of 0.20% year-on-year [2] - The company's current rolling P/E ratio is 19.93, which is significantly lower than the industry average of 55.41 and the industry median of 37.94 [1][3] - The total market capitalization of the company is 4.534 billion yuan, ranking it 41st in the medical device industry [1][3]

Company Overview - Jiangxi Sanxin Medical Technology Co., Ltd. specializes in the research, manufacturing, sales, and service of medical devices, with key products including blood purification devices, drug delivery instruments, and thoracic surgery products [2] - As of the end of 2024, the company holds 203 authorized patents, 121 pending patents, and has published 26 papers, demonstrating a strong commitment to technological innovation and R&D [2] Financial Performance - For Q1 2025, the company reported revenue of 361 million yuan, an increase of 8.88% year-on-year, and a net profit of 53.73 million yuan, reflecting a slight increase of 0.20% year-on-year [2] - The gross profit margin for the same period was 34.62% [2] Market Position - As of May 6, the company's stock closed at 8.02 yuan, with a PE ratio of 18.42, significantly lower than the industry average of 48.90 and the median of 36.41 [1][3] - The total market capitalization of the company is 4.19 billion yuan [1] Institutional Holdings - As of Q1 2025, six institutions hold shares in the company, including four funds and two insurance companies, with a total holding of 14.61 million shares valued at 115 million yuan [1]