股东方面，截至2025年6月30日，冠昊生物股东户数32645户，较上次减少515户，户均持股市值35.28万 元，户均持股数量2.76万股。 冠昊生物科技股份有限公司的主营业务是致力于开发具有自主知识产权的新产品、新技术,将提升产品 质量、优化产品结构视为企业发展的核心驱动力,积极应对市场挑战,不断调整优化营销策略,积极提升品 牌影响力和市场占有率,不断推动公司核心业务生物材料、药业、细胞三大业务板块的协同快速发展。 公司的主要产品是生物型硬脑（脊）膜补片、B型硬脑（脊）膜补片、胸普外科修补膜、无菌生物护创 膜、艾瑞欧乳房补片、优得清脱细胞角膜植片。公司作为"国家知识产权优势企业"，其中商标"冠昊生 物""欣比克"纳入广东省重点商标保护名录。冠昊生物及下属子公司北昊研究院、中昊药业、武汉北度 均为高新技术企业；冠昊生物、北昊研究院、中昊药业均为广东省专精特新中小企业；冠昊科技园为国 家级科技企业孵化器、广州市中小企业服务站、优秀科技金融工作站、青年众创空间、粤港澳青少年交 流活动基地、黄埔区企业家服务中心工作站。 最新一期业绩显示，2025年一季报，公司实现营业收入9479.71万元，同比3.67%；净利润 ...

Core Viewpoint - The planned 500 million yuan private placement by Guanhao Biotech has been officially terminated after more than two years of planning due to changes in the market environment and considerations of the company's overall development strategy [2][6]. Group 1: Private Placement Details - The private placement was initially approved by the shareholders in April 2023, but the company delayed the implementation multiple times, extending the validity of the resolution [3]. - In January 2024, Guanhao Biotech submitted the application to the Shenzhen Stock Exchange, which was accepted, but the company again extended the resolution's validity in March 2024 [4]. - The termination of the private placement comes after the company had planned to issue up to 55,803,571 shares at a price of 8.96 yuan per share, while the current stock price is 16.41 yuan per share, representing an increase of over 80% [5]. Group 2: Financial Implications - The company has a funding gap of 623 million yuan, which includes minimum cash reserves, repayment of short-term loans, and future large expenditures [6]. - As of the first quarter of 2024, Guanhao Biotech reported cash holdings of 122 million yuan against current liabilities of 146 million yuan [7]. Group 3: Business Performance - Guanhao Biotech's revenue dropped significantly by 22.84% in 2022 to 377 million yuan, with a net loss of 308 million yuan, but there was a recovery in 2023 [8]. - However, in 2024, both revenue and net profit are projected to decline again, with revenue decreasing by 6.60% to 377 million yuan and net profit down by 11.57% to 27.42 million yuan [8]. - The decline in revenue is attributed to decreased income from core products, particularly in the medical device and pharmaceutical sectors [8]. Group 4: Strategic Focus - Guanhao Biotech is shifting its focus towards the cell therapy sector, having established a research and application platform for cell and stem cell technology since 2013 [9]. - The company is currently developing projects in the cell field, including a bioartificial liver and mesenchymal stem cell therapy, both of which are in preclinical research [9]. - The termination of the private placement raises concerns about the viability of the company's "cell strategy," especially as R&D expenditures have been declining for three consecutive years [9].

内容概要：硬脑（脊）膜补片是指用于硬脑膜和/或硬脊膜缺损暂时或永久性修补的片状材料类产品。 近几年来，随着人口老龄化程度的加深、脑血管疾病发病率的攀升、国民疾病认知水平提升，我国颅脑 肿瘤、颅脑创伤、脑出血等脑部疾病外科手术治疗选择率不断上升，带动硬脑（脊）膜补片应用需求持 续增加，行业规模再度进入增长通道。数据显示，2024年我国硬脑（脊）膜补片市场规模达到11.8亿 元，预计2029年将达到18.41亿元。 相关上市企业：冠昊生物（300238）；正海生物（300653）；迈普医学（301033）；佰仁医疗 （688198）等 相关企业：天新福（北京）医疗器材股份有限公司；深圳市沃尔德外科医疗器械技术有限公司；苏州希 普生物科技有限公司；北京桀亚莱福生物技术有限责任公司；重庆润泽医药有限公司；江西光至金辉医 疗制品有限公司；上海白衣缘生物工程有限公司；陕西佰傲再生医学有限公司等 关键词：产业链；硬脑（脊）膜补片行业规模；竞争格局；重点企业；发展趋势 一、行业概况 硬脑（脊）膜介于颅骨和脑组织之间，具有保护大脑、防止脑脊液漏出的作用，硬脑（脊）膜损伤会导 致脑脊液持续性漏出，进而引发脑膜炎、颅内感染等问题， ...

证券代码：301033 证券简称：迈普医学 广州迈普再生医学科技股份有限公司 投资者关系活动记录表 编号：2025005 | 投资者关系活 | ☑特定对象调研 □分析师会议□媒体采访 | | | --- | --- | --- | | 动类别 | □业绩说明会□新闻发布会□路演活动 | | | | ☑现场参观□一对一沟通□其他： | | | 参与单位名称 | | | | | 华创证券 李婵娟；国盛证券 杨芳；中邮证券 陈峻；中信 建投 喻胜锋；广发证券 杨正；国泰基金 邱晓旭；前海鑫 | | | 时间 | | 2025年07月03日 10:30-12:00 | | 地点 | 公司展厅及会议室 | | | 上市公司接待 | 董事、副总经理、财务总监 骆雅红 | | | 人员 | 董事、副总经理、董事会秘书 龙小燕 | | | | 证券事务代表 李晓香 | | | 投资者关系活 | 一、公司基本情况 | | | 动主要内容介 | 公司是一家专注于高性能植入医疗器械的科技创新型 | | | 绍 | 企业，是国内神经外科领域唯一同时拥有人工硬脑（脊） | | | | 东正圆投资 钟晓琳；太平养老 张翼；隆象资本 贺艳 ...

7月2日，佰仁医疗今日收盘101.9元，下跌1.26%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到82.11倍，总市值140.01亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均51.29倍，行业中值37.02倍，佰仁医疗排 名第103位。 北京佰仁医疗科技股份有限公司的主营业务是医疗器械的研发、生产、销售及服务。公司的主要产品是 心外科生物补片、胸外科生物补片、神经外科生物补片、人工生物心脏瓣膜、经导管主动脉瓣系统、瓣 膜成形环、肺动脉带瓣管道、涤纶补片及其他外科植入医疗器械产品等。 最新一期业绩显示，2025年一季报，公司实现营业收入1.00亿元，同比31.30%；净利润3250.43万元， 同比290.69%，销售毛利率85.72%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13佰仁医疗82.1195.6810.88140.01亿行业平均 51.2949.024.57106.75亿行业中值37.0237.322.4950.63亿1九安医疗10.2410.360.81172.88亿2英科医疗 10.3411.150.92163.38亿3新华医疗14.3913. ...

Core Viewpoint - The company has abruptly terminated a financing plan involving nearly 500 million yuan, citing changes in market conditions, but the underlying issue is the significant discount in the stock issuance price compared to the market price, raising concerns about potential regulatory scrutiny and shareholder backlash [1][2]. Group 1: Financing and Market Conditions - The company withdrew its application for a private placement of shares, which was intended to raise funds from related parties of the actual controller [1]. - The pricing for the private placement was set at 8.96 yuan per share, which is 73% lower than the market closing price of 15.52 yuan, leading to concerns about the high discount and potential regulatory issues [2]. Group 2: Operational Risks - The company's sales expense ratio has been significantly higher than the industry average, recorded at 37.88%, 41.45%, and 41.20% from 2021 to 2023, raising concerns about its operational health [3]. - The core pharmaceutical business is underperforming, with a projected revenue of only 37 million yuan for the main product in 2024, a decrease of 25.15% year-on-year, and a significant drop in sales volume [3]. Group 3: Disclosure Issues - The company has a troubling history of delayed disclosures, including a lawsuit involving over 100 million yuan, which was not disclosed until July 2023, despite the case being initiated in August 2022 [4]. - A key product from a subsidiary lost its agency rights in May 2022, but the news was not disclosed until August 2022, raising further concerns about transparency [4]. Group 4: Future Challenges - The company has faced substantial asset impairment charges totaling 339 million yuan over the past three years, indicating weaknesses in internal risk management [5]. - Despite the termination of the financing plan, the company claims it will not affect normal operations, but it faces significant challenges in regaining market confidence amid high sales expenses and a trust crisis in disclosures [5].

Core Viewpoint - The company has decided to terminate its stock issuance plan to specific investors, which has been in progress for over two years, due to changes in market conditions and regulatory scrutiny [2][3][4]. Group 1: Termination of Stock Issuance - The stock issuance plan aimed to raise up to 500 million yuan for working capital but faced criticism due to a significant price difference between the issuance price of 8.96 yuan per share and the market price of 15.52 yuan per share, representing a 73.21% premium [3][5]. - The company emphasized that the termination of the stock issuance will not have a significant adverse impact on its normal business operations and will not harm the interests of shareholders, especially minority shareholders [3][4]. Group 2: Financial Performance and Concerns - The company has faced scrutiny regarding its high sales expenses, which were 185 million yuan, 156 million yuan, and 167 million yuan from 2021 to 2023, accounting for 37.88%, 41.45%, and 41.20% of revenue, respectively, indicating a higher rate than industry peers [5][8]. - The company's main pharmaceutical product, Bimodine Ointment, saw a revenue decline of 25.15% in 2024, with total revenue from pharmaceuticals dropping from 12.23% in 2023 to 9.80% in 2024 [8][9]. Group 3: Regulatory and Compliance Issues - The company has previously received warnings from regulatory bodies for disclosure violations, including delays in reporting significant litigation and changes in core business operations, which have raised concerns about its compliance and risk management practices [7][10]. - The termination of the stock issuance plan may lead to increased regulatory scrutiny, especially regarding the fairness of pricing in related party transactions [4][6].

Core Viewpoint - Guanhao Biological has decided to terminate its plan to issue shares to specific investors due to changes in the market environment and overall development strategy, retracting its application documents [1][4]. Group 1: Termination of Share Issuance - The company announced the termination of its share issuance plan initiated in March 2023, which aimed to raise up to 500 million yuan (approximately 70 million USD) by issuing shares at 8.96 yuan per share [1][3]. - The funds from the planned issuance were intended to enhance the company's financial strength and support its operations, improving financial structure and liquidity [3][4]. - The stock price of Guanhao Biological has increased by 69.75% compared to the proposed issuance price, closing at 15.21 yuan per share on June 23 [1][4]. Group 2: Financial Performance - In 2024, the company reported revenue of 377 million yuan, a year-on-year decline of 6.60%, with a net profit attributable to shareholders of 27.42 million yuan, down 11.57% [4]. - For the first quarter of the current year, the company achieved revenue of 94.80 million yuan, a year-on-year increase of 3.67%, and a net profit of 14.87 million yuan, up 3.30% [4]. - As of the end of the first quarter, the company had cash and cash equivalents of 122 million yuan and current liabilities of 146 million yuan [4].

主办方： 中关村联新生物医药产业联盟、思宇MedTech 协办方 ： 集智未来、启迪之星 项目名称：启维医疗技术（深圳）有限责任公司 融资轮次： A轮 项目简介： 研发和销售创新型心衰介入治疗器械，包括房间隔药物球囊、动脉给药微导管、前列腺药物球囊 导管套组等。启维前列腺药物球囊-前列腺良性增生微创治疗金标准的挑战者，临床实验患者招募中；启维房 间隔药物球囊，房间隔分流治疗心力衰竭的二代无植入技术，国际首创。 路演人： 毛懿 创始人（线上参加） 项目2: 14:20-14:40 项目名称：无锡年欢科技有限公司 融资轮次：A轮 项目简介： 康养系列机器人，无锡年欢科技专注于从事大健康类和服务类机器人开发，由太湖英才A类人才李 照博士牵头创立，公司拥有多名博士组成的研发团队、并依托华中科技大学，武汉大学等国内外知名高校 ， 是拥有创造性思维和核心技术竞争力创新型企业 ，有雄厚的技术背景加持和持续性开发能力，在机器人和外 骨骼领域有自己的核心技术，在人工智能具像化和肢体运动的综合应用方面，拥有多方面技术储备，致力于为 老人、儿童及残障人士提供生活助力，所研发的智能助行机器人产品是集站、躺、坐、卧、测、康等多功能为 ...

深耕神外赛道，脑膜胶和可吸收止血纱新品上量可期 [Table_CoverStock] —迈普医学(301033)公司深度报告 [Table_ReportDate] 2025 年 6 月 16 日 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 迈普医学(301033) [Table_CoverAuthor] 唐爱金 医药行业首席分析师 曹佳琳 医药行业分析师 S1500523080002 S1500523080011 tangaijin@cindasc.com caojialin@cindasc.com [Table_CoverReportList] 相关研究 1.集采助力产品放量，盈利能力逐步增强 2.集采压力期已过，国内海外双丰收 投资评级 买入 上次评级 [Table_BaseData] 公司主要数据 | [Table_Profit] 重要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | ...