图源startupticker 瑞士医疗科技公司Hemotune成立于2017年，致力于研发血液磁性吸附珠。该吸附珠融合了生物医学和纳米技术，能够精准、直接地从患者血液中去除如毒 素、病原体或过量药物等致病物质，为败血症患者提供更具针对性、更高效的治疗方法。 Hemotune是苏黎世联邦理工学院的衍生公司，由Lukas Langenegger与Carlos Mora共同创立。Lukas Langenegger为公司首席执行官，拥有苏黎世联邦理工学 院化学和生物工程学士学位，曾在苏黎世联邦理工学院担任研究助理。Carlos Mora为公司首席技术官，拥有苏黎世联邦理工学院化学和生物工程博士学 位，曾在苏黎世联邦理工学院功能材料实验室担任研究员。 图源VentureLab 中毒、全身性感染或自身免疫性疾病均由致病因子在血液循环过程中引发。败血症是一种最严重的感染形式，又称血液中毒，是机体对细菌或病毒感染产生 的危及生命的异常免疫反应，其会通过血液传播的多种化合物导致免疫系统崩溃及器官损伤，最终引发多器官功能障碍，高达50%的脓毒性休克患者因此死 亡。败血症每年影响近5000万人，导致1100万人死亡。通常，最直接 ...

资料显示，重庆山外山血液净化技术股份有限公司位于重庆市两江新区慈济路1号，成立日期2001年3月 26日，上市日期2022年12月26日，公司主营业务涉及血液净化设备的研发、生产和销售。主营业务收入 构成为：血液净化设备66.12%，血液净化耗材23.89%，医疗服务8.31%，其他1.68%。 山外山所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：医用耗材、智慧医疗、小 盘、医疗器械、专精特新等。 截至6月30日，山外山股东户数8150.00，较上期增加2.67%；人均流通股28779股，较上期减少2.60%。 2025年1月-6月，山外山实现营业收入3.57亿元，同比增长28.72%；归母净利润5503.86万元，同比增长 20.28%。 9月24日，山外山盘中上涨2.16%，截至10:56，报14.66元/股，成交2120.38万元，换手率0.63%，总市值 47.10亿元。 资金流向方面，主力资金净流入24.80万元，大单买入77.10万元，占比3.64%，卖出52.31万元，占比 2.47%。 山外山今年以来股价涨32.55%，近5个交易日跌2.66%，近20日跌5.84%，近60日 ...

Group 1: Mona Lisa (002918) - The company's revenue from distribution channels decreased by 10% year-on-year in the first half of 2025, while the engineering channel saw a decline of 42.68% [1] - The distribution channel accounted for 82.98% of revenue in Q2, with ongoing declines in engineering [1] - The company is facing intense industry competition with no positive price changes, and is focusing on cost reduction and efficiency improvements [1] - The strategic customer business proportion has dropped to 17%, with 83% of demand coming from non-real estate sectors [1] - The company maintains a "large tiles, large building materials, large home" strategy, with low financial investment proportion [1] Group 2: Mountain Outside Mountain - The domestic market for blood purification equipment generated revenue of 152 million yuan, a year-on-year increase of 14.60% [2] - Blood purification consumables revenue reached 85.34 million yuan, up 46.17%, with self-produced consumables growing by 91.90% [2] - R&D investment increased by 37.12% to 36.51 million yuan, while sales expenses rose by 26.64% to 62.80 million yuan [2] - The overseas market revenue was 86.82 million yuan, reflecting a growth of 41.30%, with significant increases in North America and Africa [2] - The company is a drafting unit for national standards and is enhancing its international competitiveness through core technology [2] Group 3: Leyard (300296) - The smart display segment experienced a 20% quarter-on-quarter growth, driven by high demand in overseas markets, particularly North America [3] - Business growth is supported by demand from cinemas, virtual shooting, and large events [3] - The company is optimizing production capacity across its factories in Slovakia, Shenzhen, and Wuxi to mitigate tariff impacts [3] - The AR glasses are expected to launch in October, targeting B-end customers [3] - The AI and spatial computing segments saw a year-on-year decline due to price reductions and increased R&D investment [3]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by its leading position in the domestic blood purification equipment market and increased sales of self-produced consumables [1][2]. Group 1: Financial Performance - The company achieved a revenue of 357 million yuan in the first half of 2025, representing a year-on-year growth of 28.72% [1] - The net profit attributable to shareholders was 55.04 million yuan, up 20.28% year-on-year, with basic earnings per share of 0.17 yuan, also reflecting a growth of 20.29% [1] - In Q2 alone, revenue reached 168 million yuan, marking a 45.51% increase year-on-year, while net profit for the quarter was 18.03 million yuan, up 56.47% [1] Group 2: Market Position and Growth Drivers - The company is recognized as a leading player in the domestic blood purification equipment market, with a market share increase in CRRT devices to 20.42% in the first half of 2025, up from 18.18% in the same period last year [1] - The market share for blood dialysis machines also rose to 15.29%, compared to 10.35% year-on-year, maintaining the top position among domestic brands [1] - The revenue from blood purification consumables reached 85.34 million yuan, showing a year-on-year growth of 46.17%, with self-produced consumables growing by 91.90% [2] Group 3: Strategic Initiatives - The company has established an independent sales team to enhance the synergy between equipment and consumables, focusing on penetrating public hospitals and strengthening partnerships with medical groups and dialysis centers [2] - The international market strategy is being deepened, with significant revenue growth in overseas markets, particularly in North America and Africa, where sales increased by 41.30% to 86.82 million yuan [2] Group 4: Profit Forecast and Valuation - The company is expected to see net profits of 151 million yuan, 191 million yuan, and 238 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 34.3, 27.2, and 21.8 times [3]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 357 million yuan, a year-on-year growth of 28.72%, and a net profit of 55.04 million yuan, up 20.28% [1][2] - The company emphasizes innovation and has increased R&D investment by 37.12% to 36.51 million yuan, leading to advancements in key technologies and maintaining its position as a leader in the blood purification industry [2][3] Financial Performance - The company achieved a net cash flow from operating activities of 68.45 million yuan, reflecting a substantial increase of 149.50% year-on-year [1] - The basic earnings per share for the first half of the year stood at 0.17 yuan [1] Market Position and Strategy - The company has successfully implemented a dual-engine development strategy focusing on both equipment and consumables, resulting in a 25.15% increase in domestic revenue to 270 million yuan [2] - The market share for CRRT equipment reached 20.42% and for blood dialysis machines 15.29%, both leading among domestic brands, indicating strong competitive positioning [2] Product Development and Innovation - The company has made significant progress in R&D, with 62 patents obtained, including 6 international patents, and has participated in the formulation of multiple national and industry standards [2] - New product developments include advanced blood dialysis machines and high-performance dialysis filters, further solidifying the company's technological leadership [2] Consumables Business Growth - The consumables segment saw revenue growth of 46.17% to 85.34 million yuan, with self-produced consumables revenue increasing by 91.90% [3] - An independent sales team has been established to enhance the synergy between equipment and consumables, focusing on public hospital coverage and strategic partnerships with medical groups [3] International Expansion - The company has accelerated its international market presence, achieving overseas revenue of 86.82 million yuan, a growth of 41.30%, and covering over 100 countries and regions [3] - The company has obtained 22 new overseas product registration certificates and achieved EU MDR certification for key products, indicating successful international compliance and market entry [3]

Core Insights - The company reported a revenue of 357 million yuan for the first half of 2025, representing a year-on-year growth of 28.72% [1] - The net profit attributable to shareholders reached 55.0386 million yuan, with a year-on-year increase of 20.28% [1] - The basic earnings per share stood at 0.1713 yuan [1] Revenue Growth - The increase in revenue was driven by a continuous rise in market share for the company's products [1] - Sales revenue from blood purification equipment showed steady growth [1] - There was a significant increase in sales revenue from self-produced blood purification consumables [1]

Group 1: Fund Performance - The fund "淳厚信睿C" has achieved a one-year return of 54.03%, outperforming the benchmark growth rate of 17.02% and the CSI Mixed Fund Index return of 18.18%, ranking in the top 5 among mixed funds as of July 21, 2025 [1] - Over the past two years, the fund's return is 46.27%, significantly higher than the performance benchmark of 12.24% and the CSI Mixed Fund Index return of 4.00% [1] - The fund's maximum drawdown over the past three years is 30.32%, which is better than the average level of similar mixed funds, with a maximum drawdown recovery time of 246 days, ranking in the top 20 among similar funds [1] Group 2: Fund Size and Shareholder Structure - As of June 30, 2025, the fund's total management scale reached 4.08 billion yuan, with a total of 173 million shares outstanding [1] - The institutional shareholder ratio of the fund is 53.67% according to the 2024 annual report [1] - The fund had 5 shareholders with a total holding size of 61.12 million yuan, accounting for 14.96% of the total holdings as of the mid-2025 report [1] Group 3: Industry Insights - The number of end-stage renal disease (ESRD) patients in China increased from 3.025 million in 2019 to 4.126 million in 2023, with a CAGR of 8.1%, significantly higher than the global growth rate of 5.1%, indicating a growing market for blood dialysis [3] - The percentage of ESRD patients receiving dialysis treatment in China is approximately 26%, which is lower than the global average of 37% and significantly below the average of 75% in developed countries, suggesting substantial market potential for blood dialysis [3] - The sales revenue of blood purification equipment for 山外山 company in Q1 2025 reached 127.49 million yuan, showing strong growth in both domestic and international markets [3] Group 4: Competitive Advantages - 山外山 company has a strong technological innovation advantage, with national-level research and development platforms, making it a leading domestic blood purification equipment manufacturer [3] - The company emphasizes product quality with a comprehensive quality management system, ensuring the safety, reliability, and stability of its products [3] - 山外山 company has established a robust after-sales service system, enabling quick responses to customer needs and providing efficient technical support [3] Group 5: Future Developments - The company plans to closely monitor the progress of medical equipment update projects, as the National Development and Reform Commission has announced policies to enhance funding efficiency and support equipment updates [3][4] - In Q1 2025, the medical services segment of 山外山 company achieved a revenue of 16.27 million yuan, a year-on-year increase of 43.52%, indicating growth in its blood dialysis service offerings [4] - The company has established six chain blood dialysis centers and is developing standards for their construction and operation, along with a talent training system [4]

Summary of Conference Call on Mountain Outside Mountain (山外山) Industry Overview - The domestic blood purification industry has significant growth potential, with a continuous increase in patient numbers. The current domestic replacement rate for imported products has room for improvement, benefiting companies like Mountain Outside Mountain and Weigao Xuejing [2][4]. - Approximately 900,000 blood dialysis patients exist in China, with an annual increase of about 100,000. If aligned with developed countries, the future patient count could reach 3 million, indicating substantial market growth potential [4][22]. Company Position and Competitive Advantages - Mountain Outside Mountain is a leading enterprise in the domestic blood purification field, with a comprehensive layout across the upstream, midstream, and downstream of the blood dialysis industry chain. Despite fluctuations in revenue and profit in recent years, the company's market share and product approval status remain stable [3]. - The company has advantages in both equipment and consumables, with a full range of self-owned consumables. The partnership with Swiss Dialife to produce the Delaif dialysis machine, utilizing steam sterilization technology, enhances product quality and market competitiveness [5][8]. - The management team is stable, with founder Gao Guangyong holding a 24% stake and being a core technical figure, contributing to the company's strong competitive edge in blood purification [8]. Financial Performance and Growth Projections - Revenue and profit are expected to maintain a compound annual growth rate (CAGR) of around 30% over the next three years. Currently, 70% of revenue comes from equipment, 20% from consumables, and 10% from medical services [7]. - Despite a downturn in 2024 due to public health events and medical corruption, a significant recovery is anticipated in 2025, driven by better-than-expected equipment procurement data and consumable hospital admission rates [7]. International Market Expansion - The company has actively expanded into overseas markets, with significant sales growth in Brazil, Russia, and Southeast Asia. Although overseas revenue currently represents a small proportion, it has shown remarkable growth, with a 91% year-on-year increase in 2023 and a projected 30% increase in 2024 [6][18]. - Mountain Outside Mountain exports to nearly 90 countries, achieving thousands of installations and serving hundreds of thousands of kidney disease patients globally [18]. Regulatory and Policy Impact - Recent policies have promoted the development of the domestic blood dialysis industry and domestic substitution. For instance, new equipment configuration standards for county-level hospitals have driven demand for related devices and consumables [14]. - The collective procurement policy initiated in 2020 has led to significant price reductions, with an average drop of 53% across 23 provinces in 2024, which has a relatively minor impact on the company's ex-factory prices [15]. Valuation and Investment Potential - The company's current valuation is considered low, with steady improvements in gross margin, net profit margin, and operating profit margin over the past five years. This positions Mountain Outside Mountain as a company with good long-term investment value [9][20]. - The company’s revenue recognition method, which confirms income after terminal installations, alleviates inventory pressure from distributors, allowing for rapid performance reflection in financial statements once bidding data improves [21]. Conclusion - The blood purification industry presents a long-term growth trajectory, with Mountain Outside Mountain positioned as a leader in both equipment and consumables. The company’s international business, currently at 15% of total revenue, has significant growth potential, further catalyzing long-term performance [22].

Core Viewpoint - The company, Shanwaishan, is experiencing growth in its blood purification equipment sales and is well-positioned in the expanding domestic blood dialysis market due to increasing ESRD patient numbers and supportive government policies [2][3][5]. Industry Overview - The number of ESRD patients in China increased from 3.025 million in 2019 to 4.126 million in 2023, with a compound growth rate (CGR) of 8.1%, which is significantly higher than the global growth rate of 5.1% [2]. - The percentage of ESRD patients receiving dialysis treatment in China is approximately 26%, which is below the global average of 37% and significantly lower than the average of 75% in developed countries, indicating substantial market potential for blood dialysis services [2]. Company Performance - In Q1 2025, Shanwaishan's blood purification equipment achieved revenue of 127.49 million yuan, with strong growth in both domestic and international markets [3]. - The company's blood purification consumables generated revenue of 43.26 million yuan in Q1 2025, with a year-on-year growth of 123.46% [5][6]. - The medical services segment reported revenue of 16.27 million yuan in Q1 2025, reflecting a year-on-year increase of 43.52% [6]. Competitive Advantages - Shanwaishan maintains a strong competitive edge through technological innovation, product quality, brand influence, and rapid service response [4]. - The company has established a national-level technology innovation platform and a comprehensive quality management system, ensuring product safety and reliability [4]. - As the only Sci-Tech Innovation Board listed company in the blood purification industry, Shanwaishan's brand recognition is increasing, enhancing market trust and acceptance [4]. Market Trends and Policies - The Chinese government is promoting policies to enhance the efficiency of medical equipment funding and reduce financing costs for equipment updates, which is expected to increase demand for blood dialysis equipment in hospitals [5][6]. - The company is actively monitoring and participating in the implementation of relevant procurement policies to capitalize on market opportunities [6].

Core Insights - The company reported a revenue of 1.89 billion yuan for Q1 2025, marking a year-on-year increase of 16.77% and a net profit of 370.06 million yuan, up 8.10% [1] - The company is a leading domestic player in blood purification equipment, benefiting from technological advantages and strong brand recognition, which has led to increased market share and steady revenue growth [1] - The company significantly increased its self-produced blood purification consumables revenue, which saw a remarkable growth of 208.15% year-on-year in 2024 [1] Financial Performance - For 2024, the company achieved a total revenue of 5.67 billion yuan, with a net profit of 708.86 million yuan [1] - Blood purification equipment revenue accounted for 3.78 billion yuan, while consumables revenue was 1.29 billion yuan [1] - R&D investment reached 54.24 million yuan in 2024, a 42.62% increase year-on-year, with Q1 2025 R&D spending at 16.43 million yuan, up 32.20% [1] Market Position - The company has a market share of 15.97% in blood dialysis machine tenders, ranking first among domestic brands and maintaining a leading position in China's blood purification equipment industry [2] - The company is expanding its international market presence, with overseas sales reaching 128 million yuan, a 29.74% increase, particularly in emerging markets in South America and Africa [2] Strategic Initiatives - The company is enhancing its promotion of blood purification equipment and consumables across national, provincial, and municipal hospitals, leveraging the demonstration effect of top-tier hospitals to strengthen brand image [2] - Automation upgrades have been implemented in assembly lines, improving operational efficiency and decision-making capabilities [2]