证券代码：688236 证券简称：春立医疗 公告编号：2026-003 北京市春立正达医疗器械股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年年 度的定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：元 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.编制合并报表的公司应当以合并报表数据填制；上年同期财务数据经过重述的，应同时披露重述后的 相关数据。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司产品集采落地后增长潜力持续释放，国际化业务稳步推进，内外协同驱动营收稳健增 长；同时公司持续优化经营管理与资源配置，经营效率与盈利能力进一步提升，共同推动业绩实现良好 增长。 公司实现营业总收入1,043,768,680.27元，较上年同期增长29.52%；实现归属于母公司所有者的净利润 272,124 ...

报告期内，公司产品集采落地后增长潜力持续释放，国际化业务稳步推进，内外协同驱动营收稳健增 长;同时公司持续优化经营管理与资源配置，经营效率与盈利能力进一步提升，共同推动业绩实现良好 增长。 春立医疗(01858)公布2025年度业绩快报，营业总收入约10.44亿元，同比增长29.52%;归属于母公司所有 者的净利润约2.72亿元，同比增长117.72%;基本每股收益0.71元。 公告称，业绩增长主要原因为：随着骨科耗材国家集采常态化推进，公司依托完善的渠道覆盖网络与丰 富的产品体系，产品销量稳步提升，国内业务规模与市场份额持续扩大，推动盈利水平稳步提升。公司 持续推进国际化战略，依托达到国际先进水平的产品技术与质量标準，在国际市场实现了业务的持续拓 展与突破，海外营收稳步提升，为公司整体业绩增长提供重要支撑。 与此同时，公司聚焦精细化运营管理，优化运营效率;通过规模化生产，进一步强化规模效应，整体运 营效率与盈利能力得到显著提升。 ...

与此同时，公司聚焦精细化运营管理，优化运营效率;通过规模化生产，进一步强化规模效应，整体运 营效率与盈利能力得到显著提升。 智通财经APP讯，春立医疗(01858)公布2025年度业绩快报，营业总收入约10.44亿元，同比增长29.52%; 归属于母公司所有者的净利润约2.72亿元，同比增长117.72%;基本每股收益0.71元。 公告称，业绩增长主要原因为：随着骨科耗材国家集采常态化推进，公司依托完善的渠道覆盖网络与丰 富的产品体系，产品销量稳步提升，国内业务规模与市场份额持续扩大，推动盈利水平稳步提升。公司 持续推进国际化战略，依托达到国际先进水平的产品技术与质量标準，在国际市场实现了业务的持续拓 展与突破，海外营收稳步提升，为公司整体业绩增长提供重要支撑。 报告期内，公司产品集采落地后增长潜力持续释放，国际化业务稳步推进，内外协同驱动营收稳健增 长;同时公司持续优化经营管理与资源配置，经营效率与盈利能力进一步提升，共同推动业绩实现良好 增长。 ...

格隆汇2月27日丨威高骨科(688161.SH)公布2025年度业绩快报，报告期内，公司营业收入15.39亿元，较 上年同期增长5.95%；实现归属于母公司所有者的净利润2.67亿元，较上年同期增长19.17%；实现归属 于母公司所有者的扣除非经常性损益的净利润2.52亿元，同比增长19.59%。报告期内，公司实施2025年 限制性股票激励计划，产生股份支付费用约2900万元，剔除股份支付费用影响，归属于母公司所有者的 净利润约2.96亿元，同比增长约32.13%；归属于母公司所有者的扣除非经常性损益的净利润约2.81亿 元，同比增长约33.34%。 影响经营业绩的主要原因： 报告期内，骨科带量采购总体执行平稳，国产头部品牌市场份额持续提升。 销售方面，公司积极进行销售模式和销售组织结构的调整，打造以专业科室为核心维度的事业部利润中 心制，推动营销架构优化升级，激发销售组织活力；进一步细分产品线，通过销售事业部细分管理，提 高销售队伍的专业能力和聚焦度，更精准的进行临床服务和市场学术引领；通过聚焦关键术式的多产线 协同销售，核心重点医院业务增量明显，同时加大下沉市场的开发以及创新产品的推广，整体手术量持 续增 ...

最近北交所又添新成员，苏州的爱得科技正式挂牌上市，这也让苏州的北交所上市公司总数来到18家。爱得科技主打骨科耗材，拥 有多项核心技术与108项专利，在国内脊柱类器械市场排名靠前，算得上基本面扎实的优质企业。不少朋友看到新股上市的消息， 第一反应就是要不要关注，但老投资者都清楚，利好消息出炉后，走势未必如预期——有的标的强势拉升，有的却高开低走，为啥 差距这么大？其实根本不是消息本身的问题，而是背后资金的真实动作。普通人只能看到股价的涨跌表象，却摸不清资金的真实意 图，但用量化大数据就能把这些动作拆解得明明白白，帮你避开表面的迷惑。 一、拆解四种核心交易行为 普通人看市场，只知道涨和跌，但量化大数据能把交易行为拆成四种核心类型，每种类型对应资金的真实态度：红柱「做多主 导」，代表资金积极参与推升；黄柱「获利回吐」，代表资金兑现已有收益；绿柱「做空主导」，代表资金参与意愿明显下降；蓝 柱「空头回补」，代表资金重新进场布局。这四种行为，才是看懂市场的关键。 看图1： 比如这只标的，黄色框内股价还在持续上涨，但7个交易日里有5天是「获利回吐」主导，说明表面强势的背后，主导资金已经在悄 悄兑现收益，后续走势也随之进入调 ...

Core Viewpoint - Spring Medical (01858) has announced a significant increase in its expected net profit for the fiscal year 2025, with projections indicating a rise of 96.01% to 130.41% year-on-year, driven by improvements in its core business and international expansion efforts [1][4]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 245 million to 288 million yuan, and a non-recurring net profit of 230 million to 270 million yuan, reflecting increases of 96.01% to 130.41% and 142.80% to 185.11% respectively [1][4]. - In Q1 of the previous year, Spring Medical reported a revenue of 230 million yuan, marking a 3.6% increase, and a net profit of 58 million yuan, up 5.2% [7]. - By Q3 of the previous year, the company achieved a revenue of 756 million yuan, a year-on-year growth of 48.75%, and a net profit of 192 million yuan, a significant increase of 213.21% [7]. Market Reaction - Despite the positive earnings forecast, the market response was muted, with the stock price dropping by 2.87% the day after the announcement, and continuing to decline to a new low of 13.47 HKD by February 12 [4][10]. - The stock has experienced a maximum fluctuation of over 30% since reaching a peak of 20.49 HKD in early November [4]. Strategic Insights - The growth in profits is attributed to the gradual release of growth potential following the inclusion of various product lines in centralized procurement, alongside the company's ongoing international development strategy [5][18]. - The overseas revenue contribution reached 40% in the first half of the previous year, indicating a strong focus on international market expansion [18]. Valuation Perspective - Following a three-month decline in stock price, Spring Medical's overall valuation has fallen below the industry average, with a current PE ratio of 19.12, compared to the industry average of 20.48 [11]. - The stock is considered undervalued, which typically attracts interest from investors looking for quality stocks at lower prices [11][13]. Investor Behavior - Recent data indicates a shift in the behavior of Hong Kong Stock Connect funds, which have transitioned from being net buyers to net sellers of Spring Medical shares [13][15]. - The holding ratio of Hong Kong Stock Connect funds peaked at 47.77% but has since dropped to 43.16%, reflecting a change in investment strategy towards trend-based trading [15][18].

Core Viewpoint - Spring Medical (01858) has announced a significant increase in its expected net profit for the fiscal year 2025, with projections indicating a rise of 96.01% to 130.41% year-on-year, driven by improvements in its core business and international expansion efforts [1][4]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 245 million to 288 million yuan for 2025, and a non-recurring net profit of 230 million to 270 million yuan, reflecting increases of 96.01% to 130.41% and 142.80% to 185.11% respectively [1][4]. - In Q1 of the previous year, Spring Medical reported a revenue of 230 million yuan, marking a 3.6% increase, and a net profit of 58 million yuan, up 5.2% [7]. - By Q3 of the previous year, the company achieved a revenue of 756 million yuan, a year-on-year growth of 48.75%, and a net profit of 192 million yuan, a significant increase of 213.21% [7]. Market Reaction - Despite the positive earnings forecast, the market response has been muted, with the stock price declining by 2.87% the day after the announcement and continuing to fall, reaching a low of 13.47 HKD [4][10]. - The stock has experienced a maximum fluctuation of over 30% since hitting a peak of 20.49 HKD in early November [4][10]. Business Drivers - The growth in profits is attributed to the gradual release of growth potential following the inclusion of various product lines in centralized procurement, alongside the company's ongoing international development strategy [5][18]. - The overseas revenue contribution reached 40% in the first half of the previous year, indicating a strong international market presence [18]. Valuation - Following a three-month decline in stock price, Spring Medical's overall valuation has fallen below the industry average, with a current PE ratio of 19.12, compared to the industry average of 20.48 [11]. - The stock is considered undervalued, with a 6% lower PE ratio than its average over the past three months [11]. Investor Sentiment - Recent data indicates that the Hong Kong Stock Connect funds have shifted from being net buyers to net sellers of Spring Medical shares, with significant sell-offs observed [13][15]. - The holding ratio of Hong Kong Stock Connect funds decreased from a peak of 47.77% to 43.16%, reflecting a change in investment strategy towards trend-based trading [15].

Core Viewpoint - The orthopedic industry is facing scrutiny due to commercial bribery cases, while major companies are reporting significant revenue and profit growth for 2025, highlighting a contrast between industry recovery and ongoing issues of high sales expenses and unethical practices [2][6][8]. Group 1: Bribery Cases and Industry Impact - The National Healthcare Security Administration has reported significant bribery cases in the orthopedic field, with kickback rates reaching up to 40% [2][3]. - In a case involving a hospital director, illegal kickbacks totaled 2.72 million yuan, with a supplier paying 35% of the total supply as a monthly kickback [4]. - Another case revealed a hospital official receiving 3.66 million yuan in bribes over ten years, with kickback rates between 20% and 40% for various orthopedic devices [5]. Group 2: Financial Performance of Companies - Major orthopedic companies like Spring Medical, Dabo Medical, and Kelly Tai are forecasting significant revenue and profit increases for 2025, with some companies expecting profit growth exceeding 300% [2][6][7]. - The orthopedic consumables sector saw a 17% year-on-year revenue growth in the first three quarters of 2025, with net profit increasing by 81% [6][16]. - Spring Medical anticipates a net profit of 245 to 288 million yuan for 2025, representing a year-on-year increase of 96.01% to 130.41% [6][16]. Group 3: Sales Expenses and Challenges - Despite positive financial forecasts, high sales expenses remain a significant concern, with some companies' sales expense ratios exceeding the industry average [8][18]. - For instance, Dabo Medical's sales expense ratio was approximately 26.7%, indicating elevated marketing costs within the orthopedic sector [18]. - The ongoing high sales expenses are squeezing companies' research and development budgets, with reductions in R&D spending reported by several firms [19].

Group 1: Linping Development (603284.SH) - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent R&D capabilities [4][6] - The company has a market capitalization of 28.57 billion yuan and an issue price of 37.88 yuan per share, with an issuance P/E ratio of 18.69 [4] - Linping Development's production capacity is 1.15 million tons, ranking among the top 30 paper production companies in China, with a projected raw paper output of 1.0197 million tons for 2024 [6] - The company has established stable partnerships with well-known domestic enterprises, enhancing its brand influence and competitive advantage [6] Group 2: Electric Science Blue Sky (688818.SH) - Electric Science Blue Sky focuses on advanced electric energy systems and products, with a market capitalization of 164.50 billion yuan and an issue price of 9.47 yuan per share [9] - The company has a high concentration of sales to its largest customer, Aerospace Science and Technology Group, which accounted for 45.59% of its revenue in 2022 [12] - Electric Science Blue Sky has a strong technological foundation with 367 authorized patents and has received multiple national science and technology awards [12] Group 3: Aide Technology (920180.BJ) - Aide Technology is engaged in the R&D, production, and sales of orthopedic medical devices, with a market capitalization of 7.67 billion yuan and an issue price of 7.67 yuan per share [16] - The company ranks third among domestic manufacturers of spinal vertebral body shaping systems and has a stable customer base with no single customer exceeding 50% of total sales [17] - Aide Technology holds 108 patents, including 41 invention patents, and is subject to strict regulatory oversight from health authorities [17]

Group 1 - The core focus of the news is the upcoming IPO of Changzhou Tongbao Optoelectronics Co., Ltd. (stock code: 920168), a significant supplier in the LED automotive lighting sector, which is set to open for subscription on February 9, 2026 [1][3][4]. - Tongbao Optoelectronics specializes in the production and application of LED semiconductor lighting devices, covering automotive LED modules and lighting design and manufacturing [1][4][5]. - The company has established strategic partnerships with major automotive manufacturers, including SAIC-GM-Wuling, which is its largest customer [1][5]. Group 2 - The subscription limit for Tongbao Optoelectronics is set at 845,700 shares, with a total fundraising target of approximately 13.675 million yuan [4]. - The company was founded in 1991 and has developed a comprehensive production capability for various LED automotive lighting products, serving both domestic and international automotive manufacturers [5]. - The company is positioned to benefit from the rapid growth of domestic new energy vehicle brands and has participated in the development of several popular new energy models [5]. Group 3 - Other companies scheduled for IPO during the same week include Electric Science and Technology Blue Sky Co., Ltd. (688818), Anhui Linping Circular Development Co., Ltd. (603284), and Suzhou Aide Technology Development Co., Ltd. (920180) [6]. - Electric Science and Technology Blue Sky focuses on energy products and systems, while Linping Development specializes in corrugated paper and boxboard, and Aide Technology is involved in orthopedic medical devices [6]. Group 4 - The news also highlights recent IPO approvals, including Anhui New Fortune New Energy Technology Co., Ltd. and Guangdong Huahui Intelligent Equipment Co., Ltd., which successfully passed the review for listing on the Beijing Stock Exchange [8][9]. - The upcoming review for Changzhou Longxin Intelligent Equipment Co., Ltd. and Henan Jiachen Intelligent Control Co., Ltd. is scheduled for February 11 and 12, respectively [9][10]. Group 5 - In the Hong Kong market, companies such as Haizhi Technology Group and Wolong Nuclear Materials are set to open for subscription [11]. - Shenzhen Luyuan Technology Co., Ltd. has submitted its IPO prospectus in Hong Kong, while Danuo Pharmaceutical (Suzhou) Co., Ltd. has updated its prospectus [11]. Group 6 - Recent financing activities include Henan Zhongke Qingneng Technology Co., Ltd. completing nearly 500 million yuan in Pre-A++ financing, and other companies like Zhuosheng Technology and Suzhou Linghou Robot Co., Ltd. also securing significant funding [15][16].