Q&A 中创新航 20250328 中创新航在快充技术方面有哪些进展？其客户结构如何？ 摘要 中创新航的市值在行业内处于什么位置？与同行相比如何？ 中创新航目前的市值约为 300 亿人民币，相较于同行业的亿纬锂能（400 亿人 民币）和孚能科技（接近 200 亿人民币），中创新航的市值显得偏低。考虑到 中创新航今年（2025 年）的预期出货量为 110GWh，超过国轩高科和孚能科技， 其 300 亿的市值显然被低估。随着公司加入港股通以及业绩持续释放，中创新 航的市值和估值有望得到修复。 中创新航近年来的发展策略是什么？其产品布局有哪些变化？ 中创新航近年来的发展策略主要包括战略转型和产品多元化。公司最初专注于 三元电池技术动力电池，随后加强了铁锂电池研发，并逐步扩展至商用车动力 电池和储能电池领域。目前，公司在乘用车、商用车、电动三轮车及储能方面 均有布局，目标是成为国内前三名。此外，公司还涉足低空经济、电动化交通、 • 中创新航 2025 年预期出货量达 110GWh，超越部分竞争对手，当前市值 300 亿或被低估，未来有望通过港股通及业绩释放实现估值修复。 • 公司战略转型包括从三元电池向铁锂电池扩展， ...

Summary of Miniso Conference Call Company Overview - **Company**: Miniso - **Ticker**: 9896 HK (H shares), MNSO US (ADR) - **Market Capitalization**: Approximately $5.9 billion USD / $5.7 billion HKD Key Industry Insights - **China SSSG Recovery**: Expected to recover from a high single-digit decline in 2024 to a mid-single-digit growth in 2025, driven by improved consumer sentiment and strategic initiatives [1][5] - **Overseas Expansion**: Significant growth anticipated with 50-70% of new store openings planned for international markets, contributing to a projected 1.1 percentage point uplift in operating profit margin [1][5] - **Yonghui Acquisition**: Miniso's acquisition of a 29.4% stake in Yonghui is expected to lead to a clearer turnaround strategy, with a target to significantly reduce losses in 2025 [1][5] Financial Performance - **2024 Revenue Growth**: Revenue and adjusted earnings increased by 22.8% and 15.4% year-over-year, respectively, aligning with expectations [1][5] - **2025 Forecasts**: Revenue and earnings are projected to grow at compound annual growth rates (CAGRs) of 18% and 24% from 2025 to 2027 [1][5] - **Price Target Adjustments**: New price targets set at $22 for ADR and HK$43 for H shares, based on a 15x 2025E P/E ratio [1][5] Strategic Initiatives - **Store Expansion Plans**: Miniso plans to open 500-600 new stores overseas in 2025, including 200-300 direct-to-consumer (DTC) stores, with a focus on the US market [5][10] - **IP Strategy**: Aiming for 90 new intellectual property (IP) projects in 2025 to enhance consumer engagement and drive same-store sales growth [5][9] - **Membership Growth**: Plans to expand the membership system, as members reportedly spend 2.2 times more than non-members [5][9] Operational Insights - **DTC Store Margins**: Current DTC stores have the lowest margins, but improvements are expected as the store count increases and operational efficiencies are realized [5][9] - **Cost Management**: Strategies to manage costs include sourcing 30% of products from outside China and adjusting pricing to maintain stable gross margins amid tariff pressures [12][13] Earnings Estimates - **2025 Revenue and Profit Projections**: Group revenue is expected to grow by 25.8% in 2025, with adjusted operating profits anticipated to accelerate compared to 2024 [15][21] - **Adjusted Net Profit Growth**: Forecasted adjusted net profits for 2025 are projected to grow by 21.2% year-over-year [21][15] Risks and Considerations - **Market Concerns**: Ongoing concerns regarding SSSG performance and margin erosion due to investments in overseas DTC stores [6][19] - **Tariff Risks**: Miniso is actively working to mitigate risks associated with US tariffs through supply chain diversification and pricing strategies [12][13] Conclusion Miniso is positioned for recovery and growth in 2025, with strategic initiatives in place to enhance its market presence both domestically and internationally. The focus on IP development, store expansion, and cost management will be critical in navigating the challenges ahead while capitalizing on emerging opportunities in the retail sector.

Summary of Modern Dairy's Conference Call Company Overview - **Company**: Modern Dairy - **Year**: 2024 - **Revenue**: RMB 13.254 billion, with a cash flow adjustment of RMB 2.986 billion, representing a year-on-year growth of 19.61% [3][4][7] - **Loss**: Reported a loss of RMB 1.469 billion due to non-cash items including a fair value loss of RMB 861 million and goodwill impairment of RMB 599 million [4][10] Key Financial Metrics - **Adjusted Operating Profit Margin**: Increased by 4 percentage points to 22.5% [3][4] - **Dairy Cow Inventory**: Exceeded 490,000 heads, a 9% increase year-on-year, including 30,000 organic dairy cows from acquisitions [4][5] - **Raw Milk Production**: Reached 3.01 million tons, a 16.1% increase year-on-year, with annualized yield per cow at 12.8 tons, up 1.6% [4][5] - **Feed Costs**: Decreased by 16.7% to RMB 1.95 per kg, with sales cost per kg of milk down 13.4% to RMB 2.53 [4][5] - **Cash Flow Improvement**: Operating cash flow, excluding working capital changes, grew 17% to RMB 2.8 billion [4][7] Strategic Developments - **Specialty Milk Production**: Accelerated focus on specialty milk, with organic milk production reaching 470,000 tons and a target of 10% specialty milk by 2027 [4][6] - **A2 Milk Certification**: Achieved for Zhangyuan Phase I and Shanghe Pasture, with plans to increase certified student pastures to 13 [4][6] Industry Insights - **Inventory Reduction**: Accelerated de-stocking in the industry, with small farms disappearing; a potential turning point in dairy supply-demand dynamics expected by Q3 2025 [4][8] - **Import Reduction**: Decrease in imported milk powder, with demand-side stimulus policies likely to address supply-demand discrepancies [4][8] - **Future Impairment Outlook**: Significant improvement in impairment expected in 2025, with no large-scale one-time impairment projects anticipated [4][10] Challenges and Risks - **Market Dynamics**: The industry faces challenges including sales issues, market expansion, and financial pressures, particularly for small-scale farms [20][25] - **Supply Chain Issues**: The trend of small farms exiting the market due to financial difficulties and inability to secure loans [20][25] - **Feed Cost Uncertainty**: Potential challenges from tariff countermeasures affecting feed costs in Q4 [9] Price Trends and Projections - **Raw Milk Price**: Expected to stabilize around RMB 3.45 per kg, with potential to approach RMB 4 per kg [16][22] - **Consumer Demand**: Current demand remains sluggish, with a potential turning point in the second half of 2025 [32][35] Conclusion - Modern Dairy is navigating a complex landscape with significant operational improvements and strategic initiatives in specialty milk production. However, the company faces industry-wide challenges, particularly from small-scale farms and fluctuating market dynamics. The outlook for 2025 suggests a cautious optimism with expected improvements in financial performance and market conditions.

Key Points Summary of 康希诺生物 Conference Call Company Overview - 康希诺生物 (CanSino Biologics) is a biotechnology company focused on vaccine development and commercialization, particularly in the fields of infectious diseases. Financial Performance - In 2024, 康希诺's revenue exceeded 846 million yuan, representing a year-on-year growth of 137% [3] - Vaccine business revenue surpassed 800 million yuan, growing over 40% compared to the previous year [3] - The company's annual loss significantly narrowed by over 74%, with a net loss close to 80% after excluding one-time investment losses [3] - The three expense ratios (R&D, sales, and management) decreased significantly year-on-year, indicating effective cost control measures [3] Product Development and Market Position - 康希诺's four-valent meningococcal conjugate vaccine (MCV four) is the only product of its kind in the market, with increasing penetration and registration in Indonesia, marking a significant step in international commercialization [3][4] - The company anticipates the launch of the thirteen-valent pneumococcal conjugate vaccine (PCV13) in 2025, with preparations underway for market-related activities [5] - Other products entering the market include infant DTP (diphtheria, tetanus, pertussis) vaccine, adsorbed tetanus vaccine, and the expansion application for the MCV four vaccine [5] Marketing and Sales Strategy - 康希诺 employs an academic marketing strategy, utilizing a professional team to focus on promotion and implementing a dual-mode approach to drive sales [6] - The company has conducted market segmentation analysis on nearly 10,000 PUCs (Potential User Customers) to develop regional marketing strategies [6] - Plans to expand international business focus on Southeast Asia, the Middle East, North Africa, and South America, with a strong emphasis on clinical registration and commercialization of products like MCV four [7] Future Growth Plans - 康希诺 aims to expand its market share in the 4-6 years, 7-17 years, and 18-59 years age groups, with a focus on newborns for PCV13 and DTP vaccines [8] - The company has a comprehensive product portfolio for bacterial vaccines targeting infants aged 0-6 years and plans to enhance its offerings for older age groups [8] R&D Pipeline and Innovations - The PCV13 vaccine has passed site inspections and is expected to complete production batches by the second quarter of 2025 [9] - The DTP vaccine is prioritized for review due to its excellent phase III clinical data and is expected to be approved by mid-2026 [11] - The company is also developing innovative combination vaccines, including a five-component vaccine, which is currently in the early clinical trial phase [16][19] Challenges and Solutions - The development of meningococcal vaccines faces technical challenges, including immune interference from multiple antigens, which 康希诺 addresses by using different carriers to enhance success rates [20] - The company maintains a low inventory level for its meningococcal vaccine, unaffected by industry-wide destocking trends, and expects further optimization in 2025 [21] Financial Health and Investment Plans - As of December 2024, 康希诺 has approximately 3.5 billion yuan in total funds, indicating a healthy financial status to support R&D and strategic development [22] - The company plans to control capital expenditures and focus on necessary projects, ensuring efficient resource allocation [22] mRNA Technology and Future Directions - 康希诺 is exploring mRNA technology for flu vaccines and has partnered with the Malaysian Institute of Medical Research for multi-valent flu vaccine development [23] - The company has successfully transitioned from the impact of COVID-19 and aims to maximize product value through various collaborations, targeting better performance in 2025 [24]

Summary of China Resources Power's Conference Call Company Overview - **Company**: China Resources Power - **Year**: 2024 - **Revenue**: HKD 4 billion, up 28.5% year-on-year - **Core Profit from Renewable Energy**: HKD 9.23 billion, down 5.1% year-on-year, but still leading in the industry [2][3] Key Points Industry and Market Dynamics - **Renewable Energy Capacity**: As of the end of 2024, the company added 78 GW of renewable energy capacity, with a total of 47.2% of its installed capacity being renewable, an increase of 6.5 percentage points [2][4]. - **Electricity Sales**: Renewable energy sales volume increased by 19.2% to 52.23 billion kWh, accounting for 25.2% of total sales. Notably, solar sales surged by 141.5% [2][5]. - **Market Transaction Proportion**: The proportion of market-based transactions rose to 64%, an increase of 6.3 percentage points [2][5]. Financial Performance - **Shareholder Profit**: The profit attributable to shareholders was HKD 14.39 billion, a 30.82% increase year-on-year [3]. - **Coal Power Sales**: Coal-fired power sales volume increased by 4% to 155.4 billion kWh, with utilization hours exceeding the industry average by 225 hours [2][6]. - **Fuel Costs**: Expected fuel costs are projected to decrease by 7% to 8% year-on-year due to a balanced but loose coal market [2][12]. Future Plans and Investments - **Capital Expenditure**: Projected capital expenditure for 2025 is approximately HKD 56.8 billion, with HKD 42 billion allocated for renewable energy projects [2][7]. - **Coal Procurement**: Anticipated total coal procurement for 2025 is about 100.6 million tons, with over 80% contract coverage [2][12]. - **New Coal Power Units**: Plans to commission approximately 6 million kW of coal power capacity in 2025, primarily in Guangdong and Hubei [2][13]. Pricing and Profitability Trends - **Electricity Pricing**: Expected annual contract prices for 2025 are projected to decrease by about 7% compared to 2024, with southern provinces experiencing larger declines [2][9]. - **Market Price Trends**: Wind and solar prices fell by approximately 5% and 11% respectively in 2024, influenced by increased market transactions and the rise of parity projects [2][20]. - **Profitability Challenges**: The renewable energy sector faced profit declines due to reduced utilization hours, increased curtailment, and lower average electricity prices [2][21]. Strategic Initiatives - **A-Share Listing**: The company is actively pursuing the return of its renewable energy segment to the A-share market [2][35]. - **Energy Transition Focus**: Future development will focus on energy transition and security, optimizing installed capacity structure and reasonable growth [2][39]. - **Energy Storage Development**: The company is exploring energy storage technology applications, viewing it as a necessary trend for future development [2][40]. Additional Insights - **Dividend Policy**: The company plans to maintain a 40% dividend payout ratio [2][38]. - **Collaboration with Local Governments**: The company is shifting towards strategic partnerships with local energy enterprises to enhance project value [2][26]. - **Utilization Hours for Coal Power**: Expected to slightly decline in 2025, estimated between 4,000 to 4,450 hours due to increased competition from renewable sources [2][14]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, market dynamics, future strategies, and challenges within the renewable energy sector.

Summary of the Conference Call for Mingyuan Cloud Company Overview - Mingyuan Cloud reported a 12.5% decline in overall revenue for 2024, with net profit decreasing by 67.7%. Adjusted net loss, excluding equity payment factors, was 44 million yuan, a significant reduction of 74.1% year-on-year [3][4][3]. - The decline in revenue was primarily due to the macroeconomic impact on the real estate market, particularly in the real estate development business, where the number of new projects decreased by approximately 20% and sales dropped by over 10% [3][4][3]. Key Financial Performance - Despite the overall revenue decline, the asset management and operations product line performed well, generating nearly 100 million yuan in revenue and showing growth [4][3]. - Overall expenses decreased by over 10%, with three expense categories dropping between 15% to 25%. The workforce was reduced to 1,900 employees, a 25% decrease, leading to an increase in per capita output [3][4][3]. - The company maintained a healthy financial position with a low debt-to-asset ratio and a provision rate for bad debts on accounts receivable above 40% [3][4][3]. - Operating cash flow for 2024 was approximately 70 million yuan, primarily due to performance bonuses distributed in the first half of the year. Year-end cash reserves reached 4.268 billion yuan, providing a safety net against market fluctuations [3][4][3]. Business Lines and Growth Areas - The cloud CRM product line showed resilience with a single-digit revenue decline, while the average transaction price increased. AI product commercialization reached a contract value of 28 million yuan, covering 1,300 real estate projects, indicating significant growth potential [4][6][4]. - The project construction business is undergoing structural adjustments, focusing more on state-owned enterprise (SOE) clients, which increased in proportion, leading to a 4.3% rise in average project price despite a 20.7% revenue decline [4][7][4]. - Asset management and operations are highlighted as growth areas, with nearly 100 million yuan in revenue and continuous growth, targeting SOE clients [4][7][4]. Market Outlook - For 2025, the company anticipates a slight decline in domestic market revenue but expects rapid growth in overseas markets, resulting in relatively minor overall revenue pressure. Sales expenses are projected to decrease by over 10%, with operating net profit and cash flow expected to turn positive [4][14][4]. - The company plans to continue optimizing its business structure and strengthen collaborations with state-owned enterprises [3][4][3]. AI and Technology Integration - The company is focusing on AI and marketing, with recorded contract values between 23 million to 28 million yuan and plans to launch more standalone SKUs [4][13][4]. - AI products are being integrated into various business lines, enhancing customer acquisition capabilities and increasing project transaction prices [4][20][4]. - The integration of AI with IoT and existing SaaS products is expected to enhance product interactivity and data collection capabilities, providing a competitive advantage in the real estate sector [4][28][4]. International Strategy - Mingyuan Cloud is prioritizing partnerships with local tech companies in overseas markets, particularly in Southeast Asia, Japan, and Hong Kong, with a goal of achieving significant growth in these regions [4][12][4]. - The company aims to provide lightweight, understandable SaaS products combined with AI and IoT capabilities, such as safety management systems for construction sites [4][22][4]. Conclusion - Mingyuan Cloud is navigating a challenging domestic market while strategically positioning itself for growth in international markets and leveraging AI technology to enhance its product offerings and operational efficiency [4][27][4].

Summary of the Conference Call on the Hong Kong Consumer Electronics Industry Industry Overview - The Hong Kong consumer electronics sector has recently experienced significant adjustments due to market fluctuations and underperformance of certain high-expectation businesses. This volatility is expected to continue for about a month. [3] Company Performance and Projections Sunny Optical Technology - **2024 Performance**: Sunny Optical achieved a sales revenue of 38.3 billion yuan, a year-on-year increase of 21%. Net profit reached 2.7 billion yuan, up 146.4%, exceeding market expectations. Revenue from mobile, automotive, and MR sectors grew by 20%, 14%, and 38% respectively, indicating strong recovery momentum. [3][5] - **2025 Guidance**: The company targets a gross margin of 8-10% for mobile modules and anticipates a nearly 50% increase in automotive lens shipments to approximately 3 billion units. The XR business is expected to see slight growth, with significant long-term potential. [3][5] BYD Electronics - **2024 Performance**: BYD Electronics reported revenue of 177.3 billion yuan, with a gross profit of 12.3 billion yuan, reflecting an 18% year-on-year increase. Net profit grew approximately 6% to 24.1 billion yuan. Despite lower-than-expected profits in Q4 due to R&D expenses, the long-term profit potential remains strong. [3][6] - **Future Growth Areas**: Key growth drivers include collaboration with Jabil, automotive and autonomous driving sectors, and new robotics and server businesses. The partnership with Jabil has led to a 20% decline in unit prices due to material changes, but increased design complexity has improved market share. [3][6] Strategic Developments - **Sunny Optical**: The company is expanding its AI-related capabilities and international collaborations, with a focus on emerging technologies like automotive lenses and smart glasses. The valuation is expected to return to 20-25 times earnings as the market stabilizes. [3][7] - **BYD Electronics**: The company is enhancing its competitiveness in new product development and autonomous driving through R&D amortization and organizational optimization. The collaboration with its parent company and reduced financial costs are expected to further boost profitability. [3][7] Market Trends and Expectations - The consumer electronics sector is projected to follow a steady development trajectory, with stock prices likely to rise. Sunny Optical's valuation is anticipated to recover, while BYD Electronics is expected to benefit from growth across multiple sectors, leading to improved market sentiment. [3][4] Additional Insights - **Material Changes Impact**: Jabil's material changes are expected to stabilize market share, with a return to high-end titanium alloy materials anticipated. [3][8] - **Automotive Sector Growth**: BYD Electronics expects a significant increase in automotive shipments, from 700,000 units last year to approximately 1.2 million units this year, with growth in automotive machine supply and autonomous driving assembly. [3][9] - **Robotics and Server Development**: The company is actively producing logistics robots and mechanical arms, with server business expected to grow from 1 billion yuan last year to 3-5 billion yuan this year, aiming for a scale of 10 billion yuan next year. [3][10] Future Performance Outlook - Despite a dip in Q4 profits, BYD Electronics is poised for significant growth in 2023 and 2024, driven by advancements in mobile, autonomous driving, and emerging server and robotics sectors. The current P/E ratio is below 20 times, indicating potential for market recovery as major clients and autonomous driving projects ramp up. [3][11]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Trendy Toy Industry Key Financial Performance - **2024 Revenue**: 130.38 billion RMB, up 106.9% YoY [3] - **Gross Profit**: 87.08 billion RMB, up 125.4% YoY, with a gross margin increase from 60.3% to 61.8% [3] - **Net Profit**: 33.08 billion RMB, up 203.9% YoY, with a net profit margin of 25.4%, an increase of 8.1 percentage points from 2023 [3] - **Adjusted Net Profit**: 34.03 billion RMB, up 185.9% YoY, with an adjusted net profit margin of 26.1% [3] Revenue Breakdown - **Mainland China Revenue**: 79.72 billion RMB, up 52.3% YoY [4] - **Hong Kong, Macau, Taiwan, and Overseas Revenue**: 50.66 billion RMB, up 375.2% YoY, accounting for 38.9% of total revenue [4][5] - **E-commerce Retail Scale**: 14.6 billion RMB [4] Product Performance - **Self-Produced Products**: Revenue share increased to 97.6%, with artist IP products accounting for 85% [4][6] - **Inventory Management**: Inventory turnover days reduced from 133 to 102 days, indicating improved efficiency [4][7] - **Figures for Collectibles**: Collectibles category grew by 44%, while plush toys saw over 1,200% growth, making up 21% of total sales [4][11][12] Strategic Initiatives - **Dividend Plan**: 35% of net profit to be distributed as dividends, totaling 1 billion RMB, with a per-share dividend of 0.81 RMB [4][8] - **Store Expansion**: Plans to open 100 new stores overseas in 2025, focusing on enhancing brand perception [4][26] - **Market Performance**: Southeast Asia market showed strong performance, with Thailand's top stores achieving monthly sales exceeding 5 million RMB [4][26] Future Growth Projections - **2025 Revenue Target**: Over 200 billion RMB, with overall growth expected to exceed 50% YoY [4][20] - **International Market Growth**: Anticipated to continue exceeding 100% growth, becoming a core business driver [4][20] - **North America Market**: Sales expected to reach the scale of the entire group's revenue in 2020 [4][25] Operational Highlights - **Online and Offline Integration**: Significant growth in domestic retail online sales, with a focus on enhancing customer experience [4][30] - **Membership Growth**: Record high membership growth in 2024, with significant contributions from new customers [4][39] Challenges and Responses - **Supply Chain Management**: Addressing head product stockouts due to high demand, with plans to optimize production processes [4][42] - **SKU Management**: Maintaining a "less is more" philosophy, with SKU numbers expected to remain stable [4][43] New Product Development - **Emerging Categories**: Focus on jewelry and building blocks, with plans for more innovative products [4][45][49] - **Content Creation**: New short films and animations planned to enhance brand storytelling and attract new users [4][50] Logistics and Supply Chain - **International Logistics**: Plans to build regional warehouses in Europe to improve efficiency and reduce costs by approximately 50% [4][51] Conclusion - **Overall Strategy**: The company continues to focus on international expansion and IP-driven growth, with a commitment to enhancing customer experience and operational efficiency [4][24]

颐海国际 20250326 摘要 Q&A 颐海国际在 2024 年度的业绩表现如何？主要业务板块的情况如何？ 颐海国际 2024 年全年收入为 65.4 亿元人民币，同比增长 6.4%；毛利为 20.46 亿元人民币，同比增长 5.4%；集团净利润为 7.99 亿元，同比下降 11.9%；归属 母公司的净利润为 7.39 亿元，同比下降 13.3%，每股盈利 76 点 2 分。公司第 三方全年收入增长 10.4%至 45.66 亿元，关联方收入为 19.74 亿元，同比下降 1.8%。集团整体毛利率同比下降 0.3 个百分点至 31.3%，其中第三方毛利率略 有增长 0.2%至 38.6%，关联方毛利率同比下降 3 个百分点至 14%。 方便食品板 • 颐海国际 2024 年收入 65.4 亿元，同比增长 6.4%，但净利润同比下降 11.9%至 7.99 亿元，主要受销售费用增长（30%）及所得税开支增加影响。 第三方收入增长 10.4%，关联方收入下降 1.8%。 • 方便食品板块自热火锅系列销售收入与 2020 年基本持平，低价位产品销量 上升但传统大单品下滑。火锅底料中，牛油品类面临激烈竞争，复合调味 ...

威高股份 20250326 摘要 Q&A 威高股份在 2024 年面临的主要挑战和机遇是什么？ 2024 年，威高股份面临复杂多变的国内外宏观环境和医疗器械行业加速变革的 挑战。政策层面，集采常态化持续推进，对产品价格带来了下行压力，迫使企 业加速创新降本增效。同时，国家对创新医疗器械和设备的支持力度不断加大， 鼓励企业增加研发投入，推动高端医疗器械国产替代。市场方面，人口老龄化 和居民健康意识不断提升，使得医疗器械市场需求呈现结构性变化。一方面， 基层医疗需求日益增长；另一方面，高端医疗器械需求也与日俱增。技术层面， • 威高股份 2024 年营收 131 亿元，净利润 20.7 亿元，同比增长 5%，通过平 台化、国际化、数字化和人才战略，实现生态协同拓展、海外市场突破、 运营效率提升及创新研发驱动，巩固行业领先地位。 • 临床护理板块收入 63.22 亿元，同比下降 9%，但通过优化产品结构、提升 市场占有率、推动自动化生产和改进产品性能，积极应对集采降价影响， 并计划拓展数智化产品等新业务。 • 骨科板块收入 14.4 亿元，同比增长 13%，经营利润增长 187%，受益于集采 和国产替代，运动医学、 ...