据北交所官网信息，9月30日，四川睿健医疗科技股份有限公司（下称"睿健医疗"）披露北交所针对公司IPO的第二轮审核问询函（以下简称二轮问询）。在 二轮问询中，北交所就公司IPO材料中关联交易公允性、销售费用真实性、研发资本化合规性、经销商终端销售穿透核查充分性、境外股权架构稳定性等问 题作出问询。 此外，9月30日，睿健医疗因财务报告到期补充审计事项申请中止审核，北交所根据相关规定中止其公开发行股票并上市审核，睿健医疗最新IPO进程显示 为"中止"。 | 序号 | 原因 | 披露日期 | | --- | --- | --- | | | 2025年9月30日，睿健医疗因财务报告到期补充审计事项申请中止审核，根据 | | | | 《北京证券交易所向不特定合格投资者公开发行股票并上市审核规则》第五十 | 2025-09-3 | | | 二条,中止其公开发行股票并上市审核。 | | 北交所请公司：①全面梳理王滔具有重大影响相关交易主体的具体情况，包括与公司开展合作以来的相关主体的成立时间、股权结构、实际控制人、主要经 营管理人员、注销时间及原因（如涉及）、王滔重大影响的具体体现、经营规模及公司的交易占比、与公司的合作 ...

深圳商报·读创客户端记者 马强 | 序号 | 原因 | 披露日期 | | --- | --- | --- | | | 2025年9月30日，睿健医疗因财务报告到期补充审计事项申请中止审核，根据 | | | | 《北京证券交易所向不特定合格投资者公开发行股票并上市审核规则》 第五十 | 2025-09-3 | | | 二条,中止其公开发行股票并上市审核。 | | 招股书显示，睿健医疗成立于2013年，是一家专业从事血液净化产品的研发、生产和销售的企业。公司主要产品包括血液透析器和血液灌流器，2024年公司 取得了血液透析机、连续性血液净化设备和连续性肾脏替代治疗管路等产品的医疗器械注册证，公司产品可以覆盖血液透析环节主要设备和耗材。 ▍关联交易真实公允性：向印度乐普销售毛利率低、账期长，是否存利益输送嫌疑？ 据北交所官网信息，9月30日，四川睿健医疗科技股份有限公司（下称"睿健医疗"）披露北交所针对公司IPO的第二轮审核问询函（以下简称二轮问询）。在 二轮问询中，北交所就公司IPO材料中关联交易公允性、销售费用真实性、研发资本化合规性、经销商终端销售穿透核查充分性、境外股权架构稳定性等问 题作出问询。 此外，9 ...

Overview - The demand for hemodialysis in China is rapidly increasing due to a large patient population and the inclusion of end-stage renal disease treatment in major illness insurance, which has improved reimbursement rates, significantly boosting market demand for hemodialysis devices [1][8] - The market size of the hemodialyzer industry in China is projected to reach 5.322 billion yuan in 2024, with a year-on-year growth of 0.48% [1][8] Market Policies - The Chinese government has implemented various policies to support the development of the medical device industry, including hemodialyzers, ensuring market order, product quality, and patient safety [4][5] Industry Chain - The hemodialyzer industry chain consists of upstream suppliers of hollow fibers and dialysis membrane materials, midstream manufacturers producing various types of hemodialyzers, and downstream medical institutions such as public hospitals and independent dialysis centers [6][7] Current Development - The number of hemodialysis patients in China is expected to reach 1.0273 million in 2024, representing a year-on-year increase of 12.04%, with a notable rise in the average age of patients [8] - The male patient proportion is 61.3%, with new male patients accounting for 63.9% [8] Competitive Landscape - The hemodialyzer market in China was initially dominated by foreign companies, but domestic companies like Weigao Blood Purification and Sanxin Medical have been increasing their market share due to improved R&D capabilities and local cost advantages [9][11] - The shift from price competition to quality and innovation is evident, driven by regulatory changes and procurement policies [9] Key Companies - Weigao Blood Purification, a leading player in the blood purification industry, reported a total revenue of 3.604 billion yuan in 2024, with hemodialyzer revenue accounting for 51% of total revenue [11] - Sanxin Medical, established in 1997, achieved a total revenue of 1.5 billion yuan in 2024, with blood purification-related business contributing 81.13% of total revenue [11][12] Future Trends - The implementation of volume-based procurement policies is expected to lower product prices, leading to increased industry concentration as less competitive companies may exit the market [13] - Hemodialyzer companies are likely to offer integrated solutions combining equipment, consumables, and services to enhance customer satisfaction and market competitiveness [13]

（编辑 王雪儿） 证券日报网讯 健帆生物9月30日在互动平台回答投资者提问时表示，2024年度公司高通量、低通量血液 透析器通过集采实现的销售收入为962万元，占同期营业收入的0.36%；血液透析管路通过集采实现销 售收入336万元，占同期营业收入的0.13%。2025年上半年公司高通量、低通量血液透析器通过集采实 现销售收入1520万元，占同期营业收入的1.34%；血液透析管路通过集采实现销售收入245万元，占同 期营业收入的0.22%。截至目前，公司主营产品血液灌流器产品未被纳入国家及省级等集中带量采购范 围。 ...

投资建议：关注出海、产品矩阵完善、大单品方向 中国腹膜透析液市场也保持着稳步增长，预计2022-2026年CAGR达16.0% 整体看透析市场规模持续扩容：1)需求端：ESRD患者数量迅猛增长，透析需求稳步增长，透析市场规 模持续扩容；居民医疗支付能力不断增强，医保体系逐渐覆盖推动推动透析治疗渗透率。根据弗若斯特 沙利文数据，2018年至2023年，我国接受血液/腹膜透析的ESRD患者数量从57.9/9.5万人增加到91.7/15.3 万人，透析行业需求端呈现稳定增长态势。2)供给端：血液净化耗材行业布局公司持续增加，国产厂商 居领先地位；行业政策助力血液净化行业发展，带量采购进一步提升市场集中度。 他山之石：参考费森尤斯，看好我国服务发展和产品出海 费森尤斯医疗美国收入贡献约7成，全球化布局生产基地和透析中心。目前我国血透厂商尚处于加速海 外市场布局阶段，国内市场仍贡献大部分营收。山外山通过出口血透机等血液净化设备和自产耗材，威 高血净（603014）持续扩大海外及国际销售范围。参照全球龙头费森尤斯医疗公司情况，我们认为随着 国产厂商血液净化设备和耗材产品的认可度持续提升，海外市场仍有较大潜力。费森尤斯医疗 ...

Group 1: Blood Dialysis Industry - The blood dialysis industry in China is experiencing stable growth, with a market size CAGR of 5.67% from 2019 to 2023, and an expected CAGR of 21.52% from 2023 to 2027 [6][7] - The demand for dialysis is driven by the rapid increase in the number of ESRD patients, which rose from 57.9 thousand in 2018 to 91.7 thousand in 2023 for blood dialysis [6][7] - Investment recommendations focus on three main lines: companies with high overseas potential (e.g., Shanyishan, Baolite, Weigao Blood Purification), companies with a complete product matrix (e.g., Weigao Blood Purification, Shanyishan), and companies with strong single product competitiveness (e.g., Weigao Blood Purification, Shanyishan, Jianfan Biological) [6][7] Group 2: Neurovascular Medical Devices Industry - The neurovascular medical device market in China is projected to grow from 4.9 billion yuan in 2019 to 37.1 billion yuan by 2030, with a CAGR of 20.2% [10][11] - The number of ischemic stroke surgeries in China is expected to increase from 45.8 thousand in 2019 to 881.3 thousand by 2030, reflecting a CAGR of 30.8% [10][11] - Recommended companies include Xianjian Technology, Xinmai Medical, and Huatai Medical, focusing on various aspects of neurovascular intervention [10][11] Group 3: Computer Industry - Tencent's launch of the Hunyuan Image 3.0 model is expected to significantly enhance AI application development and cloud computing demand [13][15] - The model integrates multiple modalities, improving semantic understanding and knowledge reasoning capabilities, which will drive the growth of AI applications across various industries [13][15] - Related investment targets include IDC, server technology, and computing chips [15] Group 4: Electronics Industry - Siwei's revenue for the first half of 2025 is projected to reach 3.786 billion yuan, with a year-on-year growth of 54.11%, driven by significant growth in automotive electronics [16][18] - The company is expanding its presence in high-end applications, particularly in the automotive sector, where revenue increased by 108% year-on-year [17][18] - Investment forecasts for Siwei suggest revenues of 8.06 billion, 10.22 billion, and 12.23 billion yuan from 2025 to 2027 [18] Group 5: Textile and Apparel Industry - Laofengxiang's revenue declined by 16.52% in the first half of 2025 due to high gold prices, but the company is focusing on product innovation and brand upgrades to enhance competitiveness [24][26] - The company is expanding its marketing network, with a total of 5,550 outlets by mid-2025, and is implementing strategies for online and offline integration [25][26] - Future earnings per share are projected to be 3.39, 3.71, and 4.01 yuan from 2025 to 2027, indicating a potential recovery [26]

（记者 胡玲） 健帆生物（300529.SZ）9月30日在投资者互动平台表示，（1）2024年度公司高通量、低通量血液透析 器通过集采实现的销售收入为962万元，占同期营业收入的0.36%；血液透析管路通过集采实现销售收 入336万元，占同期营业收入的0.13%。2025年上半年公司高通量、低通量血液透析器通过集采实现销 售收入1520万元，占同期营业收入的1.34%；血液透析管路通过集采实现销售收入245万元，占同期营 业收入的0.22%。截至目前，公司主营产品血液灌流器产品未被纳入国家及省级等集中带量采购范围。 （2）2025年上半年公司海外市场实现收入3443.76万元，占公司收入的3.04%。未来公司将持续高度重 视国际市场开拓，通过积极开展跨国科研合作、梳理海外经销商体系、招募海外推广人员、聚焦重点国 家等策略，深挖海外市场机会，实现国际业务"慢病+急危病"双轮驱动，打开国际业务增长新局面。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，1、请问公司血液透析器和血液透析管路集 采量占去年总销售量比例？折价多少？集采对公司业绩的影响预计如何？2、公司的海外销售进展如 何？ ...

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [7] Core Viewpoints - The blood purification industry in China is experiencing stable growth driven by strong supply and demand dynamics, with a market size CAGR of 5.67% from 2019 to 2023, and an expected CAGR of 21.52% from 2023 to 2027 [10] - The report emphasizes the potential for domestic manufacturers to replace imports, focusing on large single products, diversification, and international expansion [10] Industry Overview - The blood dialysis market is expanding, with the number of ESRD patients rapidly increasing, leading to a steady rise in dialysis demand. The number of patients receiving blood and peritoneal dialysis in China grew from 579,000 and 95,000 in 2018 to 917,000 and 153,000 in 2023, respectively [10][30] - The market for blood dialysis devices and consumables is expected to continue growing, with the blood dialysis machine market projected to reach 8.17 billion RMB by 2030 [22] Supply and Demand Dynamics - The demand side is supported by the increasing number of ESRD patients and improved medical payment capabilities, while the supply side benefits from the growing number of domestic manufacturers and supportive industry policies [10][30] - The report highlights that the domestic market is still dominated by foreign brands, but local companies are gradually increasing their market share [43][47] Investment Recommendations - The report suggests focusing on companies with strong international potential, comprehensive product matrices, and competitive single products, such as Sanwa, Baolait, Weigao Blood Purification, and others [10][30] - The report identifies three main investment themes: international expansion, product matrix improvement, and strong single product competitiveness [10] Policy Support - A series of government policies have been introduced to support the blood purification industry, including funding, tax incentives, and industry planning, which are expected to drive demand growth [55][57] - The report notes that centralized procurement of blood purification consumables has been implemented, leading to significant price reductions [57]

Core Viewpoint - Puhua Heshun (HK1358) reported a total revenue of 414.4 million RMB for the first half of 2025, reflecting a year-on-year growth of 22.4%, while net profit decreased by 7.5% to 86.6 million RMB, indicating a complex operational environment influenced by industry reforms and competition [3][4][13]. Group 1: Business Performance - The blood purification segment generated 297.4 million RMB in sales, marking a significant increase of 44.5% year-on-year, driven by unmet market demand and an increase in end-stage renal disease (ESRD) patients [3][5][6]. - The infusion device segment reported revenues of 113.4 million RMB, down 14.5% year-on-year, primarily due to the impact of volume-based procurement policies and intensified market competition [8][9]. - The regenerative medical biomaterials segment achieved its first revenue of 3.54 million RMB, indicating a transition from R&D to market introduction [3][9][10]. Group 2: Market Dynamics - The Chinese medical device market is experiencing rapid growth, particularly in blood purification, with an estimated 3.5 million ESRD patients by 2024, representing 30% of the global total, but with a treatment rate below 20% [5][6]. - The number of blood dialysis centers in China has increased to 8,456, reflecting the expansion of dialysis services [5]. - Puhua Heshun's blood purification business accounted for 71.8% of total revenue in the first half of 2025, highlighting its market leadership [5][6]. Group 3: Strategic Initiatives - The company is actively participating in volume-based procurement to stabilize market share, despite the pressure on profit margins [6][7]. - Puhua Heshun is expanding both domestic and international markets, with significant sales growth in regions like India, the Americas, and Africa, although initial export margins are lower [7][8]. - The company is enhancing its product portfolio in blood purification, maintaining a leading position in consumables while also expanding into equipment sales [7][8]. Group 4: R&D and Innovation - R&D expenditure increased by 9.2% to approximately 225 million RMB in the first half of 2025, focusing on the three core business areas [11][12]. - The company has submitted multiple product registration applications, including for blood purification devices and aesthetic medical products, indicating a robust pipeline for future growth [11][12]. - As of June 30, 2025, Puhua Heshun holds 58 product registration certificates and 177 patents, showcasing its strengthened R&D capabilities [12]. Group 5: Future Outlook - The blood purification business is expected to continue expanding in both domestic and international markets, enhancing product technology and profitability [14]. - The infusion device segment aims to adapt to volume-based procurement policies and explore new application areas for stable growth [14]. - The regenerative medical biomaterials segment is poised to accelerate new product launches, potentially becoming a new growth engine for the company [14].

Core Viewpoint - The draft of the 2025 Restricted Stock Incentive Plan by Shandong Weigao Blood Purification Products Co., Ltd. aims to enhance corporate governance, attract and retain key talents, and align the interests of shareholders, the company, and core teams for long-term development. Group 1: Incentive Plan Overview - The plan proposes to grant 6.65 million restricted stocks, accounting for approximately 1.62% of the company's total share capital of 411.39 million shares as of the announcement date [2][11]. - The grant will be a one-time issuance with no reserved rights, and the total number of stocks involved in all effective equity incentive plans will not exceed 10% of the company's total share capital [2][11]. - The incentive objects include 124 individuals, such as directors, senior management, and core personnel, excluding independent directors and major shareholders [4][10]. Group 2: Grant Details - The grant price for the restricted stocks is set at 19.77 yuan per share, with adjustments possible based on corporate actions like stock dividends or capital increases [5][17]. - The effective period of the incentive plan is from the grant date until all restricted stocks are released from restrictions or repurchased, lasting no more than 48 months [3][6]. Group 3: Performance and Conditions - The plan includes performance assessment criteria based on the company's net profit growth, requiring a minimum growth rate of 10% for 2026, 21% for 2027, and 33% for 2028, using 2025's net profit as the baseline [19][21]. - The plan stipulates that if the company fails to meet the performance targets, the granted stocks will not be released from restrictions and will be repurchased by the company [18][20]. Group 4: Management and Approval Process - The shareholders' meeting is the highest authority for approving the plan, while the board of directors is responsible for its execution and management [7][28]. - The plan must be approved by a two-thirds majority of the voting rights at the shareholders' meeting, excluding votes from related parties [29].