1月5日，奥精医疗涨5.02%，截至发稿，报21.33元/股，成交5260.64万元，换手率1.82%，总市值29.22 亿元。 融通健康产业灵活配置混合A/B（000727）基金经理为万民远。 截至发稿，万民远累计任职时间9年135天，现任基金资产总规模59.57亿元，任职期间最佳基金回报 130.09%， 任职期间最差基金回报-25.38%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从奥精医疗十大流通股东角度 数据显示，融通基金旗下1只基金位居奥精医疗十大流通股东。融通健康产业灵活配置混合A/B （000727）三季度新进十大流通股东，持有股数240万股，占流通股的比例为1.75%。根据测算，今日 浮盈赚取约244.8万元。 融通健康产业灵活配置混合A/B（000727）成立日期2014年12月25日，最新规模18.16亿。今年以来收益 8.57%，同类排名6064/8155；近一年收益8.57%，同类排名6064/8155；成立以来收益1 ...

Core Insights - On November 21, Aojing Medical experienced a decline of 5.33% with a trading volume of 71.50 million yuan [1] - As of November 21, the total margin balance for Aojing Medical was 172 million yuan, representing 6.49% of its market capitalization [1] Financing Summary - On November 21, Aojing Medical had a financing buy-in amount of 6.40 million yuan and a financing repayment of 6.40 million yuan, resulting in a net financing buy of -4946 yuan [1] - The current financing balance of 172 million yuan is above the 90th percentile of the past year, indicating a high level of financing activity [1] Shareholder and Financial Performance - As of September 30, Aojing Medical had 9,862 shareholders, an increase of 15.44% from the previous period, while the average circulating shares per person decreased by 13.37% to 13,892 shares [2] - For the period from January to September 2025, Aojing Medical reported a revenue of 156 million yuan, a year-on-year increase of 5.22%, and a net profit attributable to shareholders of 13.94 million yuan, reflecting a significant year-on-year growth of 185.19% [2] Dividend and Institutional Holdings - Since its A-share listing, Aojing Medical has distributed a total of 58.67 million yuan in dividends, with 22.40 million yuan distributed over the past three years [3] - As of September 30, 2025, the eighth largest circulating shareholder is Rongtong Health Industry Flexible Allocation Mixed A/B, holding 2.40 million shares as a new shareholder [3]

Core Viewpoint - Aojing Medical, a leading company in high-end biomedical materials and related medical devices in China, is facing short-term performance pressure due to centralized procurement but is expected to accelerate market expansion and maintain strong growth momentum [6]. Group 1: Company Overview - Aojing Medical was established on December 22, 2004, and was listed on the Shanghai Stock Exchange on May 21, 2021. The company is headquartered in Beijing and specializes in the research, production, and sales of high-end biomedical materials and related medical devices [1]. - The company operates in the pharmaceutical and biomedical industry, specifically in the medical device and consumables sector, with concepts including medical devices, oral healthcare, small-scale nuclear fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - In Q3 2025, Aojing Medical achieved a revenue of 156 million yuan, ranking 50th among 50 companies in the industry. The top company, Yingke Medical, reported a revenue of 7.425 billion yuan, while the industry average was 1.379 billion yuan [2]. - The net profit for the same period was approximately 10.60 million yuan, placing the company 43rd in the industry. The leading company, Lepu Medical, reported a net profit of 999.6 million yuan, with the industry average at 183 million yuan [2]. Group 3: Financial Ratios - Aojing Medical's debt-to-asset ratio was 6.22% in Q3 2025, down from 7.53% year-on-year and significantly lower than the industry average of 23.66%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 68.90%, a decrease from 74.46% year-on-year but still above the industry average of 48.78%, reflecting robust profitability [3]. Group 4: Executive Compensation - The chairman, Hu Gang, received a salary of 1.6835 million yuan in 2024, a slight increase from 1.6822 million yuan in 2023. The general manager, Qiu Zhiye, earned 1.4528 million yuan, up from 1.3802 million yuan in the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-shares shareholders increased by 15.44% to 9,862, while the average number of shares held per shareholder decreased by 13.37% to 13,900 shares [5]. Group 6: Market Outlook - According to Cinda Securities, Aojing Medical's performance is under short-term pressure due to centralized procurement, but the company is accelerating its market expansion. Key highlights include the development of over 900 new hospitals in 2024 and international expansion breakthroughs [6]. - The company expects significant revenue growth from its "Gaojin" product line and the acquisition of HumanTechDental, which will enhance its oral implant business. Revenue projections for 2025-2027 are 270 million, 355 million, and 470 million yuan, with corresponding net profits of 42 million, 66 million, and 98 million yuan [6].

Group 1 - The core viewpoint of the news is that Aojing Medical's stock performance and financing activities indicate a low level of investor confidence, with a net financing buy of -58.05 million yuan on August 26 [1] - As of August 26, Aojing Medical's total financing and securities balance is 128 million yuan, which is 4.52% of its market capitalization, indicating a low financing level compared to the past year [1] - The company has not engaged in any short selling activities on August 26, with a short selling balance of 0, suggesting a lack of bearish sentiment among investors [1] Group 2 - As of March 31, Aojing Medical had 7,905 shareholders, a decrease of 2.85% from the previous period, while the average number of circulating shares per shareholder increased by 2.93% to 17,147 shares [2] - For the first quarter of 2025, Aojing Medical reported a revenue of 42.46 million yuan, a year-on-year decrease of 10.35%, and a net profit attributable to shareholders of 1.04 million yuan, down 84.99% year-on-year [2] - The company has distributed a total of 58.67 million yuan in dividends since its A-share listing, with 22.40 million yuan distributed over the past three years [3]

Company Summary - Aojing Medical (688613) reported a significant increase in sales volume of its core product "Gaojin," with a year-on-year growth of 93.54% in 2024, selling 1.4714 million cm3 compared to 760,300 cm3 in 2023 [1] - In Q1 2025, the sales volume of "Gaojin" further accelerated, achieving a remarkable growth of 174% [1] - The price of artificial bone products, including "Gaojin," decreased significantly due to centralized procurement, with prices dropping from 1,000-1,500 RMB/cm3 to 320-340 RMB/cm3, allowing more patients to access these materials [1] Industry Overview - The domestic bone repair market is in a phase of continuous expansion, with significant growth potential for artificial bone, particularly biomimetic mineralized collagen materials [3] - The market size of bone repair materials in China was approximately 2.58 billion RMB in 2023, with a projected compound annual growth rate (CAGR) of 14.5% from 2022 to 2028 [3] - Artificial bone materials are becoming the primary clinical application consumables in the bone repair field, overcoming the limitations of autologous and natural bone [3]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Aojing Medical Technology Co., Ltd. in 2024, including a significant decline in revenue and net profit due to price reductions from centralized procurement and increased competition in the medical device market [2][11]. Summary by Sections Business Performance - In 2024, the company's main business revenue was impacted by a decrease in the ex-factory price of artificial bones due to centralized procurement, leading to a net profit of -12.66 million yuan, a year-on-year decrease of 123.35% [2][11]. - The revenue from the neurosurgery product "Cerebrum" was 13.85 million yuan, down 70.07% year-on-year [2][11]. - The company reported a significant increase in sales volume of its orthopedic product "Guanjin," with a total sales volume of 1.4714 million cm³ in 2024, a 93.54% increase from 2023 [5][11]. Product Analysis - The centralized procurement led to a drop in the clinical terminal price of artificial bones from 1,000-1,500 yuan/cm³ to 320-340 yuan/cm³, which increased the accessibility of artificial bones for patients [5][11]. - The oral product "Zhibei" saw a substantial revenue increase due to new high-quality distributor partnerships, contributing 30.84 million yuan, accounting for 78.44% of its total revenue [5][16]. Regional Sales Concentration - The company's sales are primarily concentrated in East and North China, where it has established a strong presence with over 200 hospitals using its products [7][11]. - The concentration in these regions is attributed to the availability of advanced medical resources and the acceptance of innovative medical products [7][11]. Sales Expenses - Sales expenses increased significantly due to the expansion of the sales team and marketing efforts related to the centralized procurement and the acquisition of HumanTech Dental [9][11]. - The increase in travel expenses was driven by a higher number of terminal hospitals and the need for market support activities [9][11]. Financial Challenges - The company's performance turned from profit to loss due to several factors, including reduced profit margins from centralized procurement, declining neurosurgery product revenue, and increased operating costs [11][10]. - The overall gross margin for the orthopedic product "Guanjin" fell to 72.84%, a decrease of 11.03 percentage points year-on-year [10][11]. Acquisition of HumanTech Dental - The acquisition of HumanTech Dental was completed in 2024, with a goodwill of 24.62 million yuan, although the acquired company has not yet achieved profitability [20][21]. - The integration of HumanTech Dental's operations is aimed at expanding the company's market presence in the dental implant sector [21][22]. Accounts Receivable - The accounts receivable increased by 13.31% year-on-year, with the company extending credit terms to some high-quality distributors to support their sales efforts [17][19]. - The company has a bad debt provision ratio of 13.55%, indicating a cautious approach to credit risk management [17][19].

Core Insights - The article highlights the successful approval of SkuHeal™ artificial bone repair material by the Vietnamese Ministry of Health, following its previous registrations in China and Indonesia [1][3] - The company, Aojing Medical Technology Co., Ltd., specializes in high-end biomedical materials and has developed a series of mineralized collagen artificial bone repair materials [8] Company Overview - Aojing Medical was established on December 22, 2004, and was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 21, 2021 [8] - The company focuses on the research, production, and sales of biomedical materials, with key products including "Gaojin," "Chibei," and "Curu" [8] - Aojing Medical's products have been clinically applied in over 600 hospitals in China, with more than one million cases, and have received FDA 510(k) market access approval [8] Product Details - SkuHeal™ is developed using proprietary in vitro biomimetic mineralization technology, closely mimicking the composition and microstructure of natural bone tissue [6] - The product is primarily used for bone defect repair in neurosurgery, including fractures, non-union, and bone defects, demonstrating significant potential for clinical application [7] - Other key products include Gaojin for orthopedic bone defect repair, Chibei for oral or plastic surgery, and Curu for neurosurgery [9]

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Aojing Medical, including its stock price increase and market valuation [1] - As of March 31, 2025, Aojing Medical has 7,905 shareholders, a decrease of 232 from the previous period, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - Aojing Medical specializes in high-end biomedical materials and related medical device products, with key products including BONGOLD, single-tooth anti-rotation abutments, and oral implants [1] Group 2 - The latest financial report for Q1 2025 shows Aojing Medical achieved revenue of 42.46 million yuan, a year-on-year decrease of 10.35%, and a net profit of 1.04 million yuan, down 84.99%, with a gross margin of 60.71% [1] - The company's current price-to-earnings (P/E) ratio is significantly negative at -150.60, with a price-to-book (P/B) ratio of 1.99, and a total market capitalization of 2.795 billion yuan [2] - The industry average P/E ratio is 51.00, while the median is 37.03, indicating Aojing Medical's valuation is below industry standards [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under short-term pressure due to centralized procurement, but market expansion is accelerating, indicating strong growth momentum. In 2024, the company achieved revenue of 206 million yuan, a year-on-year decrease of 9.03%, and a net profit loss of 13 million yuan, a year-on-year decline of 123.35%. The company is actively expanding its domestic market and has made breakthroughs in international markets [2][4] - The "Bone Gold" product line is expected to see increased sales volume, while the company is also positioning itself in the implant business to create new growth points. The revenue from the "Bone Gold" product was 145 million yuan, with a gross margin of 72.84%. The company has also acquired HumanTechDental in Germany to expand its dental implant business [2][4] - Revenue forecasts for 2025-2027 are projected at 270 million, 355 million, and 470 million yuan, with year-on-year growth rates of 31.0%, 31.5%, and 32.3%, respectively. The net profit for the same period is expected to be 42 million, 66 million, and 98 million yuan, with significant growth rates [2][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 206 million yuan, a decrease of 9.03% year-on-year, and a net profit loss of 13 million yuan, a decline of 123.35% year-on-year. The first quarter of 2025 saw revenue of 42 million yuan, down 10.35% year-on-year, with a net profit of 0.01 yuan, a decrease of 84.99% year-on-year [2][4] - The company is expected to recover with projected revenues of 270 million, 355 million, and 470 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 42 million, 66 million, and 98 million yuan [4] Market Expansion - The company has developed over 900 new hospitals in 2024, a 90% increase year-on-year, primarily due to the implementation of centralized procurement. This expansion is expected to lay a solid foundation for domestic revenue growth [2] - The company has made significant strides in international markets, completing clinical trials for its artificial bone repair products in Southeast Asia and Latin America [2] Product Lines - The "Bone Gold" product line generated revenue of 145 million yuan, with a gross margin of 72.84%. The decline in gross margin is attributed to lower factory prices following centralized procurement [2] - The "Tooth Bay" dental repair material performed well, achieving revenue of 39 million yuan, an increase of 82.1% year-on-year. The acquisition of HumanTechDental is expected to enhance the synergy between the dental implant and "Tooth Bay" businesses [2]

正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月26日， 奥精医疗 发布了2024年年报以及2025年一季报。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 206,033,014.77 | 226,475,894.98 | -9.03 | 245,305,139.72 | | 扣除与主营业务无关的业务收 入和不具备商业实质的收入后 | 200,430,853.46 | 218,427,930.77 | -8.24 | 240,282,309.74 | | 的营业收入 | | | | | | 归属于上市公司股东的净利润 | -12,662,162.69 | 54,231,840.71 | -123.35 | 95,217,271.83 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | -28,371,119.81 | 25,766,199.74 | -210.11 | 80,059, ...