格隆汇8月12日｜华安证券研报指出，三鑫医疗2025H1盈利能力稳定，海外市场持续高增长。上半年公 司海外业务实现营业收入18,700.17万元，同比增长67.30%，增速远高于公司营业总收入增长速度。公 司已经开启了全球化的新篇章，完成印度尼西亚、秘鲁、墨西哥等国家的产品注册，并加速推进土耳 其、越南、巴西等市场的认证进程。通过搭建全球自主持证体系，公司血液净化业务进一步强化国际市 场布局，显著提升全球竞争力。近年来，国内以联盟集中采购形式多次开展医用耗材带量采购，而公司 通过灵活精准的报价策略得以在集中采购范围内陆续中标，在获得约定采购量的同时，具备参与待分配 采购量的分配资格，同时公司还在集中采购前市场占有率相对较低的部分区域获得新突破，重点产品整 体市场份额得以稳步提升。考虑到血透行业尤其是透析机和透析器还存在较大的进口替代空间，行业增 长稳健，公司海外市场拓展顺利，维持"买入"评级。 ...

Summary of Key Points Core Viewpoint The Chinese IPO market is showing signs of recovery in the first half of 2025, with a total of 94 new listings in A-shares and Hong Kong stocks, indicating a positive trend in capital market expansion, particularly for companies from Shandong province. Group 1: IPO Market Overview - As of June 2025, a total of 94 new companies were listed in A-shares and Hong Kong stocks, with A-shares contributing 51 new listings and raising 37.355 billion yuan, representing a year-on-year increase of approximately 16% in the number of new stocks and 15% in total financing compared to 2024 [1] - Shandong province contributed three new listings: Weigao Blood Purification (603014.SH), Xinhenghui (301678.SZ) in A-shares, and Nanshan Aluminum International (02610.HK) in Hong Kong [1] Group 2: Weigao Blood Purification - Weigao Blood Purification officially listed on the Shanghai Stock Exchange on May 19, 2025, with an issue price of 26.5 yuan per share, raising 1.09 billion yuan [2] - The stock price closed at 41.41 yuan per share on the first day, a 56.26% increase from the issue price, with a market capitalization reaching 17.036 billion yuan [2] - The company is a leader in the blood purification sector, focusing on the development, production, and sales of medical products, and has established a strong technological barrier with 257 domestic patents [2][3] Group 3: Xinhenghui Electronics - Xinhenghui Electronics was listed on the ChiNext board on June 20, 2025, with an issue price of 12.80 yuan per share, successfully raising 767 million yuan [5] - The company is a leader in smart card packaging materials, with a global market share of 30%, ranking second worldwide [5][6] - From 2021 to 2023, Xinhenghui's revenue grew from 548 million yuan to 767 million yuan, with a compound annual growth rate of 18.28% [6] Group 4: Nanshan Aluminum International - Nanshan Aluminum International, the only Shandong company listed in Hong Kong, focuses on high-end aluminum supply chain and has become the first aluminum company listed in Southeast Asia [9] - The company opened at 26.60 HKD but closed at 25.25 HKD on the first day, a decrease of 5.08%, although the stock price increased by 28.57% by the end of June [9][10] - From 2021 to 2023, Nanshan's revenue surged from 173 million USD to 678 million USD, with a net profit increase from 39.71 million USD to 174 million USD [10] Group 5: Other Companies and Trends - Several other Shandong companies are planning to list in Hong Kong, including Goer Microelectronics and Tianyue Advanced, indicating a trend of Shandong enterprises expanding into international markets [10][11] - The capital market in Shandong is experiencing both new listings and some companies opting for voluntary delisting, such as Yulong Gold [13][14] - The overall landscape of Shandong's capital market is characterized by a mix of growth and restructuring, with a focus on high-end manufacturing and technology sectors [15]

2025年5月19日，国内血液透析领域龙头企业——山东威高血液净化制品股份有限公司（以下简称"威高血净"，股票代码：603014）正式登陆上交所主板。 上市首日股价表现强劲，盘中最高涨幅达88.64%，最终收报41.41元/股，涨幅56.26%，总市值突破170亿元，展现出资本市场对其行业地位及未来发展的高 度认可。 作为国内最早自主研发血液透析器的企业之一，威高血净在中空纤维膜技术、生物相容性优化等核心领域取得重大突破，成功打破外资品牌长期垄断。据弗 若斯特沙利文数据，2023年，威高血净在国内血液透析器市场占有率32.5%、透析管路市场占有率31.8%，均位居行业前列。 业绩稳健增长，政策红利助力长期发展 近年来，随着终末期肾病（ESRD）纳入医保及国产替代政策推动，威高血净业绩持续向好。2022-2024年，公司营收分别为34.26亿元、35.32亿元和36.04亿 元，归母净利润达3.15亿元、4.42亿元和4.49亿元，盈利能力稳步提升。 机构预测，到2030年，中国血液透析市场规模有望突破500亿元，而威高血净作为行业龙头，有望在基层医疗渗透率提升及国际化布局的双轮驱动下，实现 长期稳健增长。 未 ...

威海长期推行企业上市扶持政策，对境内上市企业分阶段补助，并通过 "免申即享" 机制直接兑现资金 支持。例如，2023 年泓淋电力（301439）、天罡股份等 6 家企业上市，累计发放补助 740 万元。威海 高新区政策力度更大，对境内上市企业最高补助 500 万元，分上市辅导、受理申请、成功上市三阶段拨 付。威高血净的上市进一步巩固了 "威海板块" 在全省资本市场的领先地位。 市场普遍关注威高血净在血液透析领域的龙头地位，却低估了其腹膜透析业务的长期战略价值。当前， 我国腹膜透析渗透率不足 10%，远低于国际平均水平的 20%，而威高血净通过与泰尔茂合作推出的中 性腹膜透析液，可有效降低患者腹膜纤维化风险，延长治疗周期，填补国产技术空白。尽管该业务目前 处于亏损状态，但其差异化产品定位与基层医疗市场的下沉潜力，可能成为未来增长极。 在医疗器械行业加速国产替代的背景下，威海资本市场迎来标志性事件。5月8日，山东威高血液净化制 品股份有限公司（股票代码：603014）正式启动 A 股申购，以 26.5 元 / 股的发行价登陆上交所主板， 成为威高集团旗下第四家上市公司。这一事件不仅标志着国内血液净化龙头的资本进阶 ...