核心观点 毛利率受关节集采续约影响有所下降，销售及研发费用率显著降低上半年公司销售毛利率67.09% （-4.43pp），预计主要由于关节集采续约导致出厂价下降。上半年销售费用率19.74%（-9.59pp），预 计主要系集采落地实施的影响下市场开拓费下降所致；管理费用率5.82%（+0.21pp ），基本保持稳 定；研发费用率10.43%（-7.37pp），主要系公司对研发管理进行优化，提高研发效率和成果质量所 致。财务费用率-1.38%（+0.99pp）。经营活动现金流净额1.41 亿元，上年同期为-0.69 亿元，主要系公 司收到客户回款增加所致。应收账款周转天数88.8 天，同比下降90.1 天，预计主要系公司收入增长较快 且回款效率提升所致。 短期关注国内拐点及海外高增长趋势，中长期有望维持关节行业龙头地位短期来看，随着关节续约降价 影响逐步出清，公司已经迎来业绩拐点，叠加公司海外业务有望持续放量，公司全年收入有望保持稳健 增长，利润在低基数下有望实现较快增长。中长期来看，公司具有较强的研发、生产能力，有望进一步 优化生产成本，运动医学、机器人、口腔等新产品陆续获批上市，海外业务保持良好的增长势头， ...

Summary of the Orthopedic Consumables Industry Conference Call Industry Overview - The orthopedic consumables industry is undergoing rapid reshuffling post-collective procurement, with companies shifting strategies towards volume-based pricing [1][4] - Joint surgery volumes are expected to maintain a stable growth rate of 10%-15% in the long term, while spinal surgeries benefit from aging populations and domestic replacements [1][5] - The industry is focusing on international expansion, particularly in regions such as the Middle East, Africa, Latin America, Southeast Asia, and Europe, with strong demand in Belt and Road Initiative countries [1][6] Key Points and Arguments - **Performance Metrics**: In the first half of 2025, the orthopedic consumables sector saw a 16% year-on-year increase in revenue, with a notable 23% growth in Q2. Gross margins improved by approximately 2 percentage points due to cost control and inventory clearance [3][10] - **Market Dynamics**: Post-collective procurement, the industry has seen a focus on cost management and sales of non-procurement products to enhance market share and customer coverage [4][13] - **Company Strategies**: Major players like Dabo and Weigao are investing heavily in logistics and supply chain improvements to enhance product turnover efficiency [1][7] - **Joint Segment Recovery**: The joint segment is recovering the fastest, with over 1 million surgeries performed, and is expected to maintain a growth rate of 10%-15% [8][9] Company-Specific Insights - **Dabo Medical**: Reported a 77% revenue growth in H1 2025, marking a significant recovery across all product lines [17] - **Aikang Medical**: Experienced a 6% revenue growth, with hip joint revenue increasing by 14%, while knee joint revenue remained flat due to price declines [18][19] - **Chunli Medical**: Achieved over 40% of revenue from overseas markets, reflecting a strategic shift towards international product promotion [20] - **Weigao Medical**: Faced a 21% decline in joint revenue but improved shipment volumes and market share [10][21] - **Sanyou Medical**: Despite a 17% decline in overall revenue, the company is focusing on innovative products like surgical robots and ultrasonic bone knives [22] Additional Important Insights - The industry is expected to see a rise in domestic market share and opportunities in non-procurement products, while international expansion is viewed as a second growth curve [14][15] - Companies are adopting various strategies for internationalization, including mergers and acquisitions, and focusing on high-end markets in Europe and the U.S. [12][16] - The overall performance of the orthopedic consumables sector remains constrained by national procurement policies and healthcare regulations, impacting growth rates [10][14]

Company Overview - Tianxing Medical has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International as joint sponsors [1] - Tianxing Medical is the largest domestic sports medicine company in China, providing treatment solutions for soft tissue injuries and sports rehabilitation covering joints such as shoulders, knees, and hips [1] - The company relies on self-developed implants, active devices, consumables, and surgical instruments, boasting the most comprehensive sports medicine product line in the Chinese market with 52 products, many of which are among the first approved domestically [1] Industry Insights - The Chinese sports medicine market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 14.3% from 2024 to 2030, driven by an increase in the sports population, aging demographics, rising health awareness, and higher penetration rates of minimally invasive surgeries [1] - National policies encourage the development of domestic medical devices, and advancements in domestic brand technologies are expected to enhance the market penetration of local sports medicine providers [1] Financial Performance - By the end of 2024, Tianxing Medical's products are expected to be available in over 3,000 hospitals, including more than 1,000 tertiary hospitals [1] - The company anticipates achieving revenue of 327 million RMB and a profit of 95.39 million RMB for the fiscal year 2024 [1]

Core Viewpoint - Tianxing Medical's IPO on the Sci-Tech Innovation Board has been terminated due to the withdrawal of its sponsor, leading to the cessation of its listing review process [1] Company Overview - Tianxing Medical is an innovative medical device company specializing in sports medicine, focusing on the research, production, and sales of sports medicine implants, active devices, consumables, and surgical tools [3] - The company has established a comprehensive product matrix with 47 approved sports medicine products as of September 30, 2024, including several first domestically approved products in the implant field [3] - Tianxing Medical has obtained 20 Class III and 17 Class II medical device registration certificates, along with CE certifications for 15 products, and has received medical device registration or filing certificates from multiple countries [3] Market Position - As of 2023, Tianxing Medical holds approximately 4% of the sports medicine medical device market in China, ranking first among domestic companies [3] Financial Performance - The company reported revenues of 148 million yuan, 241 million yuan, and 223 million yuan for the years 2022 and the first three quarters of 2024, respectively, with net profits of 40.34 million yuan, 63.58 million yuan, and 64.08 million yuan [4] - A significant price drop of around 60% for its products was noted following the national centralized procurement process, which could impact the company's profitability if sales do not meet expectations [4] IPO Journey - Tianxing Medical's IPO was accepted in September 2023, with plans to raise 880 million yuan for a smart factory project, product development, and working capital [5] - The company faced inquiries during the review process but did not disclose responses before withdrawing its IPO application [5]