1. Report Industry Investment Rating There is no information provided in the content regarding the report industry investment rating. 2. Core Viewpoints of the Report - The global high - value medical consumables market is expected to reach $347.8 billion in 2031, with a compound growth rate of 8.4% from 2025 - 2031. The Chinese high - value medical consumables market is currently under pressure but has great potential in the future due to the release of demand from an aging population [23][24]. - The medical device industry has long - term growth potential driven by factors such as the "Healthy China 2030" strategy, aging population, and technological innovation. The market size of Chinese medical devices in 2024 was about 1.0638 trillion yuan, and the growth rate from 2025 - 2030 is expected to be about 3% [31][32]. - The company's innovative business model, national service network, integrated control, and digital supply chain capabilities give it significant competitive advantages in the medical device industry [38][39][40]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Guoke Hengtai, and the reception time is September 17, 2025. The listed company's reception personnel include the chairman, general manager, independent director, and other executives [16]. 3.2. Detailed Research Institutions - The reception objects are investors who participated in the company's 2025 semi - annual online performance briefing online, and the reception object type is "other" [19]. 3.3. Research Institution Proportion There is no information provided in the content regarding the research institution proportion. 3.4. Main Content Data 3.4.1. Market Situation of High - value Medical Consumables - The global high - value medical consumables market maintains a steady growth trend, but faces challenges such as rising raw material prices, capital market fluctuations, and supply chain disruptions. The Chinese market is under pressure from volume - based procurement but will have greater space in the future with the release of demand [23][24]. 3.4.2. Warehouse and Logistics Network - As of June 30, 2025, the company has 111 branches and subsidiaries in 31 provinces, municipalities, and autonomous regions, with a 2 - hour delivery radius covering over 80% of tertiary hospitals in China. It completed 80,000 surgical support operations in the first half of 2025. The company has 9 third - party warehouses in 8 cities, which can improve operational efficiency and reduce costs [25]. 3.4.3. Informatization System Construction - The company has a mature information system, using cloud computing and other advanced technologies to build four middle - platform support architectures. It has formed an industry - leading information management system, achieving real - time interaction of internal and external information, and promoting the digital transformation of the medical device supply chain [25][26]. 3.4.4. Market Value Management - The company attaches great importance to market value management, including strengthening top - level design, focusing on enhancing investment value, and normalizing the market value management working mechanism [34][35][36]. 3.4.5. Digital Supply Chain - The company has developed a digital core product "Juxietong", which provides comprehensive solutions for medical device manufacturers, helps with channel collaboration, and reduces costs and risks at the hospital end [29][30][31]. 3.4.6. Industry Development Trends and Policy Support - The medical device industry has long - term growth potential. In 2025, the state introduced policies to support the high - quality development of the industry, such as promoting the construction of a unified national market and optimizing the review and approval process [31][33]. 3.4.7. Tianjin Public Bonded Warehouse - In April 2025, the company's public bonded warehouse in Tianjin completed its first cargo storage. It can reduce the operating costs of medical device enterprises and shorten the turnover time of goods [34]. 3.4.8. Business Model and Competitive Advantages - The company's innovative business model of "one - stop product distribution platform + hospital - end service platform" and its national service network, integrated control, and digital supply chain capabilities form significant competitive advantages [38][39][40]. 3.4.9. Risk Control - The company has established a complete risk control system, covering the whole process from project initiation to execution, and will continue to optimize risk management [42]. 3.4.10. Cooperation with Manufacturers - The company has become a fixed partner of well - known domestic and foreign medical device manufacturers in the Chinese mainland, with product lines covering multiple departments [42]. 3.4.11. Operating Cash Flow - In the first half of 2025, the company's operating cash flow reached 387 million yuan, a year - on - year increase of 11.21% [44].

Core Insights - The company held an online performance briefing on September 17, 2025, with active participation from investors discussing business development and market trends [1][2] Business and Market Development Highlights - The global high-value medical consumables market is projected to reach $347.8 billion by 2031, with a compound annual growth rate (CAGR) of 8.4% from 2025 to 2031. Despite challenges such as rising raw material prices, product innovation remains a core focus. In China, factors like an aging population will drive demand for high-value medical consumables, indicating a broad market potential [3] Logistics and Supply Chain Advantages - As of June 30, 2025, the company operates 111 branches and subsidiaries across 31 provinces, cities, and autonomous regions in China. Its 2-hour delivery radius covers over 80% of tertiary hospitals nationwide, achieving 80,000 surgical setups in the first half of 2025. The establishment of 9 third-party warehouses in 8 cities enhances supply chain efficiency [4] Information Technology Leadership - The company has developed a mature information system utilizing cloud computing, featuring four supporting middle-platform architectures. It has independently developed core operational modules for business visibility and traceability, meeting various stakeholder needs. Additionally, the company collaborates with regulatory bodies to promote compliance in the industry [5] "JuXieTong" Initiative - The "JuXieTong" platform provides channel marketing and comprehensive supply chain solutions for manufacturers, addressing challenges such as recruitment difficulties. It supports fully automated business scenarios and leverages new internet technologies to create standardized business middle platforms, enhancing supply chain efficiency [6] Financial Performance in H1 2025 - In the face of market changes, the company optimized its product structure, achieving revenue of 3.679 billion yuan, a slight increase of 0.54% year-on-year. Net profit reached 52.1 million yuan, with net cash flow from operating activities amounting to 387 million yuan, reflecting a year-on-year growth of 11.21%. The company demonstrates a strong development trend in the high-value medical consumables market, supported by advantages in logistics and information technology [7]

Market Overview - The global high-value medical consumables market is projected to reach $347.8 billion by 2031, with a compound annual growth rate (CAGR) of 8.4% from 2025 to 2031 [1] - The Chinese market is under pressure due to accelerated volume-based procurement and price reductions, leading to a slowdown in overall industry growth [1][2] - By the end of 2024, China's medical device market is expected to reach approximately ¥1,063.8 billion, with a growth rate of about 3% from 2025 to 2030 [6][7] Company Operations - As of June 30, 2025, the company operates 111 subsidiaries across 31 provinces, covering over 80% of tertiary hospitals within a 2-hour delivery radius [2][13] - The company achieved 80,000 surgical setups in the first half of 2025 [2][13] - The company has established a public bonded warehouse in Tianjin, which allows for deferred tax payments and reduces operational costs for medical device companies [8] Digital Transformation - The company has developed a mature information management system, integrating cloud computing, distributed storage, and AI technologies to enhance supply chain efficiency [3][14] - The "Juxietong" product offers a comprehensive digital solution for manufacturers, addressing challenges in marketing, inventory management, and compliance [11][12] Financial Performance - In the first half of 2025, the company reported revenue of ¥3.679 billion, a slight increase of 0.54% year-on-year, with a net profit of ¥52.1 million [10][19] - The net cash flow from operating activities reached ¥387 million, reflecting an increase of 11.21% compared to the previous year [10][19] Risk Management and Market Strategy - The company has implemented a comprehensive risk control system to manage major contracts and projects, ensuring compliance and operational stability [16] - The company emphasizes value management and strategic resource allocation to enhance investor confidence and long-term returns [9][17] Industry Collaboration - The company has established partnerships with renowned medical device manufacturers, covering key areas such as orthopedics, cardiology, and neurosurgery [17]

Group 1: Company Overview and Business Model - The company leverages a "short-chain + digital empowerment" design concept to create a one-stop product distribution and hospital service platform, enhancing transaction efficiency and reducing operational costs [3][4]. - The core sales product, vascular interventional therapy materials, generated revenue of CNY 4.455 billion, accounting for 60.64% of total revenue, with a year-on-year growth of 13.27% [3][4]. Group 2: Digital Supply Chain Capabilities - The company has invested billions in developing the "Juxietong" information management system, utilizing AI, big data, and IoT technologies to create a standardized business platform tailored for the medical device industry [3][4][12][14]. - As of December 31, 2024, the company holds 9 invention patents and 36 software copyrights related to its digital products [12]. Group 3: Market Position and Competitive Advantage - The company operates 116 subsidiaries across 31 provinces, cities, and autonomous regions, establishing a comprehensive marketing and distribution network [3][4]. - The establishment of a public bonded warehouse in Tianjin allows for deferred tax payments on imported goods, reducing operational costs and improving supply chain efficiency [4]. Group 4: Future Development Strategy - The company aims to enhance its supply chain business, accelerate digital business growth, and extend upstream in the industry chain to improve profitability and technological content [5]. - The medical device distribution industry is expected to grow rapidly due to increasing market demand, supportive policies, and technological innovations [5]. Group 5: Financial Health and Shareholder Returns - The company reported a net operating cash flow of CNY 649 million for 2024, indicating a solid financial foundation [8]. - The proposed cash dividend for 2024 is CNY 0.84 per share, totaling approximately CNY 39.22 million [10].