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 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]

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 ...