Core Viewpoint - Jiangxi Sanxin Medical Technology Co., Ltd. plans to issue convertible bonds to raise up to 530 million yuan for expanding production capacity and enhancing its capital strength and profitability in the blood purification sector [2][12]. Fundraising Investment Plan - The total amount to be raised is not more than 530 million yuan, which will be allocated to projects including the expansion of blood dialysis membrane and blood dialysis device production, and the construction of a new production line for blood dialysis tubing [2][4]. - The investment breakdown includes 210 million yuan for the blood dialysis membrane and device expansion, 166 million yuan for the new production line, and 24 million yuan for the sterilization production line [4]. Project Necessity and Feasibility - The projects are aimed at enhancing production capacity in the blood purification business, which is expected to improve overall profitability and sustainable development [4][12]. - The blood dialysis market in China is projected to grow at a compound annual growth rate of 5.67% from 2019 to 2023, reaching 51.515 billion yuan by 2030, indicating a strong demand for expanded production capacity [4][5]. Market Opportunities - The company has secured procurement agreements in multiple provinces, ensuring a stable demand for its products and a competitive pricing advantage [5][9]. - The trend of domestic substitution in medical devices is gaining momentum, with new procurement rules facilitating competition between domestic and imported products [5][6]. International Expansion - The company is actively pursuing international markets, having registered products in countries like Indonesia, Peru, and Mexico, and is working on certifications in Turkey, Vietnam, and Brazil [6][10]. - The internationalization strategy aims to enhance global competitiveness and establish a solid foundation for brand globalization [6][12]. Financial Impact - The issuance of convertible bonds is expected to improve the company's financial strength and asset scale, providing effective support for sustainable development [12]. - While the debt-to-asset ratio may increase before conversion, the lower interest rates associated with convertible bonds will reduce financing costs and enhance shareholder returns [12].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 150,043.84 million yuan, representing a year-on-year growth of 15.41% [2] - Overseas business generated a revenue of 27,412.03 million yuan, with a year-on-year increase of 39.70% [2] - Blood dialysis equipment sales volume increased by 120% year-on-year due to successful product registrations in countries like Indonesia, Peru, and Mexico [6] Group 2: Market Expansion Strategy - The company plans to expand its overseas self-certification scope, focusing on emerging markets in Southeast Asia, South America, and Africa [3][4] - The company aims to enhance its international market layout by building a global self-certification system for blood purification products [3] - Future product line expansions will include CRRT and blood dialysis filtration products to solidify the company's industry position [4] Group 3: Competitive Advantages - The company holds a high market share in blood dialysis solutions, supported by four major production bases that enhance service responsiveness and reduce transportation costs [7] - The introduction of personalized dialysis products, such as low-calcium dialysis concentrates, meets specific patient needs and strengthens competitive positioning [7] - The domestic production of medical-grade polyethersulfone (PES) materials is expected to enhance the competitiveness of dialysis membranes and devices [8] Group 4: Response to Market Challenges - The company has developed strategies to address price pressures from centralized procurement policies, including flexible pricing systems and cost reduction measures [5] - The impact of raw material price fluctuations on production costs is significant, and the company has implemented procurement strategies to mitigate these effects [5] - The company is committed to maintaining a robust quality management system to ensure product safety and effectiveness [5] Group 5: Future Product Development - The company is advancing the development of a needle-free injector to improve patient comfort and medication absorption efficiency [11] - The PTA high-pressure balloon dilation catheter has been registered and is expected to accelerate the domestic replacement of imported products [13] - The company plans to continue innovating and optimizing the production of its dialysis-related products to meet clinical needs and enhance patient experience [10]