中广核技主要开展电子加速器研发与制造、辐照加工服务、新材料研发与制造、医疗健康业务及测控装备等方面业务。 2025年，中广核技围绕以产品为核心的市场化体系建设，聚焦核技术在医疗和工业领域应用，持续推动产业转型升级。该公司 的加速器及新材料业务均呈现出向好态势。对于业绩亏损，中广核技在公告中解释称主要受对孵化期、产业初期业务持续投入 等因素的影响。 本报讯 （记者李勇）中广核核技术发展股份有限公司（以下简称"中广核技"）1月28日晚间发布了2025年度业绩预告。公 告显示，经初步测算，中广核技预计2025年度归属于上市公司股东的净利润亏损2.4亿—3.4亿元，同比减亏6.12%至33.73%；预 计2025年度归属于上市公司股东的扣除非经常性损益的净利润亏损3.2亿—4.5亿元，同比减亏12.24%至37.60%。 （编辑 张伟） 具体来看，医疗健康业务方面，中广核技2025年继续对质子治疗设备的研发、市场推广及同位素业务加大投入，亏损同比 扩大。此外，中广核技拟对可能发生资产减值的资产计提相应的减值准备，也对利润带来一定影响。 ...

格隆汇1月28日丨中广核技(000881.SZ)公布，预计2025年亏损24,000.00万元至34,000.00万元，扣非亏损 32,000.00万元至45,000.00万元。2025年，公司围绕以产品为核心的市场化体系建设，聚焦核技术在医疗 和工业领域应用，持续推动产业转型升级。公司加速器及新材料业务呈现出向好的发展态势，业绩同比 实现提升，但受公司对孵化期、产业初期业务持续投入等因素的影响，本报告期公司预计净利润为负 值：1.医疗健康业务：报告期内，公司继续对质子治疗设备的研发、市场推广及同位素业务加大投入， 亏损同比扩大。2.根据企业会计准则及公司会计政策等相关规定，公司对各类资产进行全面检查和减值 测试，公司拟对可能发生资产减值的资产计提相应的减值准备。3.非经常性损益变动：报告期内，非经 常性损益较上年同期下降，主要系计入当期损益的政府补助、股权处置收益同比减少所致。 ...

南财智讯1月28日电，中广核技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为亏 损2.40亿元至3.40亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损3.20 亿元至4.50亿元。2025年，公司围绕以产品为核心的市场化体系建设，聚焦核技术在医疗和工业领域应 用，持续推动产业转型升级。公司加速器及新材料业务呈现出向好的发展态势，业绩同比实现提升，但 受公司对孵化期、产业初期业务持续投入等因素的影响，本报告期公司预计净利润为负值：（1）医疗 健康业务：报告期内，公司继续对质子治疗设备的研发、市场推广及同位素业务加大投入，亏损同比扩 大。（2）根据企业会计准则及公司会计政策等相关规定，公司对各类资产进行全面检查和减值测试， 公司拟对可能发生资产减值的资产计提相应的减值准备。（3）非经常性损益变动：报告期内，非经常 性损益较上年同期下降，主要系计入当期损益的政府补助、股权处置收益同比减少所致。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The treatment equipment industry in China has experienced significant growth, with the market size increasing from 375.23 billion RMB in 2019 to 621.39 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 13.44% [9] - The market is expected to continue growing, with projections indicating an increase to 872.09 billion RMB by 2028, at a CAGR of 6.12% [10] - The integration of AI and advanced technologies is driving innovation and efficiency in treatment devices, enhancing diagnostic accuracy and treatment precision [31] Market Background - The medical device sector includes instruments and software for diagnosis, monitoring, and treatment, with a notable increase in clinical trial institutions from 1,176 in 2022 to 1,340 in 2023, a growth of 13.8% [5] - The treatment equipment category encompasses surgical instruments and rehabilitation devices, which are crucial for patient recovery [6][7] Market Status - The treatment equipment market is expanding due to improved regulatory frameworks and increased domestic innovation, with a total of 13,260 medical device registrations in 2023, a 25.4% increase from 2022 [9] - The demand for treatment devices is rising, driven by an aging population and increased surgical procedures, with PCI surgeries growing from 915,000 in 2018 to 1,636,000 in 2023, a 26.4% year-on-year increase [13] Market Competition - The competitive landscape features a tiered structure, with leading companies like Mindray Medical and MicroPort in the first tier, and others like Qizhi Laser and Yuyue Medical in subsequent tiers [17][18] - The total R&D investment among the top 20 listed medical device companies reached 11.18 billion RMB in 2023, up 14.9% from 2022, indicating a strong focus on innovation [18] Recommended Brands - Mindray Medical is recognized for its leadership in ultrasound imaging and life information support, with a significant market share in high-end ultrasound products [19] - MicroPort specializes in minimally invasive intervention technologies, particularly in cardiovascular and neurological fields [20] - Yuyue Medical leads in home medical devices, with a dominant market position in respiratory therapy and blood glucose monitoring [22] Development Trends - The industry is undergoing a technological revolution with AI, 5G, and IoT integration, enhancing diagnostic and treatment capabilities [31] - The shift towards tiered medical services is optimizing the structure of healthcare consumption, with increased procurement of high-end devices by tertiary hospitals [32] - National policies are fostering domestic innovation and internationalization in the medical device sector, with a focus on streamlining approval processes for innovative products [33]

Core Viewpoint - China General Nuclear Power Technology Co., Ltd. (CGN Tech) is a leading enterprise in non-power nuclear technology, focusing on accelerator manufacturing and irradiation processing services, with a strategic emphasis on its core business [1][5]. Financial Performance - For Q3 2025, CGN Tech reported revenue of 4.065 billion yuan, ranking 8th in the industry, significantly above the industry average of 1.994 billion yuan but far below the top competitor, Sinochem International, at 35.716 billion yuan [2]. - The company's net profit for the same period was -109 million yuan, placing it 74th in the industry, which is considerably lower than the industry average net profit of 74.438 million yuan [2]. - The main business composition includes new materials at 2.136 billion yuan (82.38%), with other segments contributing 220 million yuan (8.49%) and electronic accelerators and irradiation processing at 218 million yuan (8.40%) [2]. Financial Ratios - As of Q3 2025, CGN Tech's debt-to-asset ratio was 44.49%, down from 47.95% year-on-year, but still above the industry average of 34.74% [3]. - The gross profit margin for the same period was 13.47%, an increase from 12.50% year-on-year, yet still below the industry average of 19.93% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 17.23% to 48,400, while the average number of circulating A-shares held per shareholder increased by 28.65% to 17,400 [5]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5]. Business Highlights - CGN Tech is recognized as the only manufacturing champion in the domestic electronic accelerator sector, with a production capacity of 90 units per year and a 30% increase in accelerator sales expected in 2024 [6]. - The company is expanding its nuclear medicine sector with the proton therapy equipment and isotope production, with production expected to commence soon [5][6]. - Revenue projections for 2025 to 2027 are 6.760 billion yuan, 7.708 billion yuan, and 8.206 billion yuan, respectively, with net profits expected to rise from 55 million yuan in 2025 to 221 million yuan in 2027 [5][6].

Core Insights - The "2025 Medical Device Economic Information Release Conference" was held in Hefei, focusing on regulatory reform and high-quality development in the medical device industry [1] - Hefei has positioned the biomedicine industry as a leading strategic new industry, emphasizing the development of high-end medical devices [1] Industry Overview - Hefei has established itself as a hub for the medical device industry, with 7 listed medical device companies and nearly 1,000 enterprises in the industry chain [1] - The city is recognized as the production base for the most diverse medical imaging equipment in the country, the largest dental CT and orthokeratology lens production base, a leading research and production base for proton therapy equipment, and a major production base for medical biodegradable high-value consumables [1]

Core Insights - The nuclear technology application industry in China is experiencing rapid growth, with a projected output value of 890 billion yuan in 2024, representing a 27% increase from 2022 and a compound annual growth rate of 15.6% from 2020 to 2024 [1][2] - The industry is expected to reach a market size of one trillion yuan by 2025, with significant growth anticipated to continue through 2030, potentially doubling the current scale [2] - Compared to developed countries, China's nuclear technology application market has substantial room for improvement, with its output value expected to account for 0.66% of GDP in 2024, significantly lower than the 2-3% seen in countries like the US, Japan, and South Korea [2] Industry Development - The nuclear technology application sector encompasses various fields, including industrial applications (42.7%), nuclear medicine (21.7%), and agriculture (13.9%), among others [1] - Recent regulatory developments, including the passage of the first Atomic Energy Law, provide a legal framework to support the growth of the nuclear technology application industry [4] - The National Energy Administration is enhancing top-level design for the industry, with key documents outlining long-term development plans and action schemes [4] Company Initiatives - China National Nuclear Corporation (CNNC) is focusing on three core areas: nuclear medicine, security, and auxiliary applications, establishing a complete industrial ecosystem in nuclear medicine [5] - CNNC is a major supplier of radioactive isotopes, producing 25 types of radioactive drugs and supplying nearly 60% of China's nuclear medicine needs [5] - China General Nuclear Power Group (CGN) is set to launch its first proton therapy device in November 2024, marking a significant advancement in domestic production capabilities for high-performance medical equipment [5] - State Power Investment Corporation (SPIC) has made strides in semiconductor technology, achieving breakthroughs in hydrogen ion implantation, which expands the application of nuclear technology into the semiconductor industry [6][7]

Group 1: Project Status and Orders - The Huaxi Proton Medical Project's equipment has completed factory production, but installation cannot begin until site conditions are met, making year-end acceptance unlikely [2] - The company has not received new orders for proton therapy equipment in the last two years due to long preparation times for funding and construction, despite some hospitals obtaining configuration permits [2] - The company has completed technical breakthroughs and design for a miniaturized proton therapy system [2] Group 2: Product Development and Revenue - The isotope main equipment arrived at the production base in June 2025, with production planned for 2026 [3] - The company’s subsidiary is developing a special plastic product (Peek) for various industries, but it has not yet generated revenue [3] - The company’s revenue from the nuclear power sector is less than 10% [3] Group 3: Financial Performance and Strategies - The company aims to achieve profitability by reducing costs, enhancing strategic customer collaboration, and upgrading products based on market needs [3] - The company has faced significant losses for several years but is not currently at risk of being delisted according to stock exchange rules [4] - The company is focused on improving operational performance and enhancing investor relations to align intrinsic value with market value [4] Group 4: Corporate Governance and Future Plans - The company is not considering a private placement to increase shareholding ratios at this time [4] - The company is committed to completing its asset disposal work by the end of 2025 [4] - The company is actively embracing artificial intelligence to drive high-end, green, and intelligent transformation [5]

Performance Forecast - The company expects a net loss in the current reporting period, with estimated losses ranging from 90 million to 120 million yuan, compared to a loss of 86.58 million yuan in the same period last year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be a loss between 100 million and 130 million yuan, compared to a loss of 131.47 million yuan in the previous year [1] - Basic earnings per share are expected to be a loss between 0.0952 yuan and 0.1269 yuan, compared to a loss of 0.0916 yuan in the same period last year [1] Reasons for Performance Changes - The overall performance did not meet expectations due to several factors, despite some business segments showing positive development, such as the new materials business [1] - The expansion of the sub-therapeutic equipment market and core technology research, along with continuous investment in new isotope preparation technology, led to an increase in losses in that business segment [1] - The optical multiplier business has not yet achieved profitability due to increased R&D investment aimed at improving production line yield [1] - A decrease in the number of accelerator deliveries compared to the previous year resulted in temporary losses for that segment [1] - A reduction in government subsidies recognized in the current period also contributed to the overall losses [1]

Group 1 - Mianyang has 20 national-level defense research institutes and 264 provincial and national innovation platforms, with 29 academicians and over 86,000 high-level talents introduced in the past three years [1][2] - The city has established 41 municipal academician (expert) workstations through collaboration with 12 academicians and over 110 high-level experts since 2012 [3][2] - Mianyang is focusing on technology innovation to empower high-quality industrial development, exemplified by the world's smallest linear vibration motor produced by Anhe Precision Electronics [1][2] Group 2 - The "enterprise proposes, government sets, and collaboration solves" research mechanism has been established in Youxian District, leading to breakthroughs such as the nitrogen zirconium sensor and the first proton therapy device [2][3] - A public platform for pilot testing services has been launched, significantly reducing the time for precision parts sample production from one month to three days [4][5] - Mianyang is constructing a comprehensive support system for pilot testing, including a 100 million yuan pilot fund and a 50 million yuan "first investment, then equity" special fund [5][6] Group 3 - The city is focusing on integrating technology innovation into industrial development, with the establishment of several innovation centers and laboratories aimed at resource sharing and deep collaboration [7][8] - Southwest University of Science and Technology has projects selected for the "enterprise finds technology" initiative, focusing on wind turbine blade protection in extreme environments [8]