Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9] Core Insights - The company is a pioneer in the ultrasound field, focusing on portable and intelligent solutions, with a strong outlook for external collaborations [2][8] - The company has a comprehensive product lineup that includes high-end ultrasound machines and portable devices, which are competitive in both domestic and international markets [8][60] - The financial projections indicate steady revenue growth, with expected revenues of 5.17 billion, 6.21 billion, and 7.45 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.46 billion, 1.82 billion, and 2.29 billion yuan [7][9] Summary by Sections 1. Company Overview - Founded in 1996, the company has focused on ultrasound technology, holding over 400 intellectual property rights and exporting products to more than 100 countries [18][21] - The company has established R&D centers in both China and the US, and has been involved in significant national research projects [18] 2. Market Potential - The global ultrasound market is projected to grow, with a compound annual growth rate (CAGR) of 9% expected from 2020 to 2024 [43] - The domestic ultrasound market is also expanding, with significant breakthroughs from local companies [47] 3. Product Development - The company has developed a complete range of ultrasound products, including high-end and portable devices, which are recognized for their performance and innovation [60][67] - The SonoFamily series includes advanced products like XBit90, SonoMax, SonoAir, and SonoEye, which leverage AI technology for enhanced diagnostic capabilities [60][66] 4. Financial Performance - The company has shown stable financial performance, with a projected revenue of 4.69 billion yuan in 2024, despite a slight decline due to external factors [27][32] - The gross margin remains stable at around 59%, with a low debt ratio of 11% as of Q3 2025 [34][38] 5. Strategic Collaborations - The company is actively pursuing external collaborations, including ODM partnerships with major global firms like Philips and the Gates Foundation, which are expected to enhance growth prospects [79][81]

Group 1 - The stock of Xiangsheng Medical (688358) closed at 30.74 yuan on December 5, 2025, with an increase of 1.12% and a trading volume of 4319 lots, amounting to 13.20 million yuan [1] - The net capital flow on December 5 showed a net outflow of 352,700 yuan from main funds, accounting for 2.67% of the total trading volume, while retail funds had a net inflow of 870,100 yuan, representing 6.59% of the total [1] - Over the past five days, the stock experienced fluctuations in capital flow, with varying net inflows and outflows from main, retail, and speculative funds [2] Group 2 - Xiangsheng Medical's total market value is 3.447 billion yuan, with a net asset value of 1.4 billion yuan and a net profit of 93.92 million yuan, ranking 94th, 90th, and 49th respectively in the medical device industry [3] - The company reported a year-on-year decline in main revenue of 5.27% for the first three quarters of 2025, with a net profit decrease of 4.56% [3] - The gross profit margin stands at 59.82%, significantly higher than the industry average of 51.22%, while the net profit margin is 27.37%, compared to the industry average of 9.57% [3] Group 3 - Three institutions have given buy ratings for Xiangsheng Medical in the last 90 days, indicating positive sentiment towards the stock [4] - The definitions of capital flow indicate that inflows are associated with price increases driven by active buying, while outflows are linked to price declines due to active selling [5]

Core Viewpoint - The company announced the appointment of DaXin Accounting Firm as its auditing institution for the fiscal year 2025, taking full responsibility for the company's audit work [2] Group 1 - The company intends to change its auditing firm to DaXin Accounting Firm [2] - The new auditing firm will be responsible for the company's audit work for the fiscal year 2025 [2]

《祥生医疗关于股份性质变更暨2025年限制性股票激励计划股份授予的进展公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年11月28日收盘，祥生医疗（688358）报收于31.61元，较前一交易日上涨0.96%，最新总市值 为35.44亿元。该股当日开盘31.46元，最高31.7元，最低31.05元，成交额达1905.5万元，换手率为 0.54%。 近日，祥生医疗发布关于股份性质变更暨2025年限制性股票激励计划股份授予的进展公告。公告显示， 公司于2025年10月23日确定向17名激励对象授予160,000股限制性股票，授予价格为16.50元/股。因1名 激励对象放弃认购，最终16名激励对象实际认购150,000股，缴款总额为2,475,000.00元。其中148,924股 来源于公司回购股份，1,076股为定向发行。该部分回购股份将由无限售条件流通股变更为有限售条件 流通股，公司总股本不变。相关股份登记手续正在办理中。 最新公告列表 ...

无锡祥生医疗科技股份有限公司 证券代码：688358 证券简称：祥生医疗 公告编号：2025-044 关于股份性质变更暨 2025 年限制性股票激励计划 股份授予的进展公告 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。 2025 年 11 月 29 日 为有限售条件流通股，股份来源为公司自二级市场回购的本公司 A 股普通股股 票。公司股本结构变更情况如下： 单位：股 | 证券类别 | 变更前数量 | 本次变更数量 | 变更后数量 | | --- | --- | --- | --- | | 有限售条件流通股 | 0 | 148,924 | 148,924 | | 无限售条件流通股 | 112,124,537 | -148,924 | 111,975,613 | | 合计 | 112,124,537 | 0 | 112,124,537 | 后续，公司将根据相关规定在中国证券登记结算有限责任公司上海分公司办 理本激励计划第一类限制性股票授予的登记工作，并及时履行信息披露义务。 特此公告。 无锡祥生医疗科技股份有限公司董事会 鉴 ...

Core Viewpoint - Xiangsheng Medical (688358) has shown a slight increase in stock price, with a closing price of 31.8 yuan on November 25, 2025, reflecting a 2.12% rise, amidst mixed capital flows from different investor types [1][2]. Financial Performance - For the first three quarters of 2025, Xiangsheng Medical reported a main business revenue of 343 million yuan, a year-on-year decrease of 5.27% [3]. - The net profit attributable to shareholders was 93.92 million yuan, down 4.56% year-on-year, while the non-recurring net profit was 86.97 million yuan, a decrease of 2.69% [3]. - In Q3 2025, the company achieved a single-quarter main business revenue of 107 million yuan, down 6.68% year-on-year, but the net profit attributable to shareholders increased by 41.95% to 24.22 million yuan [3]. Market Position and Ratios - Xiangsheng Medical's total market capitalization is 3.566 billion yuan, with a net asset value of 1.4 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio of 28.47, which is significantly lower than the industry average of 56.62, indicating a potentially undervalued stock [3]. - The gross margin stands at 59.82%, higher than the industry average of 51.22%, while the net profit margin is 27.37%, compared to the industry average of 9.57% [3]. Investor Sentiment - Over the last 90 days, four institutions have rated Xiangsheng Medical with a "buy" recommendation, indicating positive sentiment among analysts [4]. - On November 25, 2025, the net inflow of main funds was 1.7942 million yuan, accounting for 6.04% of the total transaction amount, while retail investors saw a net inflow of 845,500 yuan, representing 2.85% of the total [1][2].

Core Points - Xiangsheng Medical disclosed that as of September 30, 2025, the total number of common shareholders is 6,167 [1] Group 1 - The company will disclose the total number of shareholders and related information in its periodic reports according to the regulations [1]

Core Viewpoint - Ms. Mo Ruoli has reduced her holdings in Xiangsheng Medical (688358.SH) by a total of 1,815,994 shares, which represents 1.62% of the company's total share capital, but has decided to terminate the reduction plan early due to confidence in the company's stable development and reasonable valuation [1] Summary by Category - **Share Reduction Details** - Ms. Mo Ruoli sold 655,458 shares through centralized bidding, accounting for 0.58% of the total share capital [1] - She also sold 1,160,536 shares through block trading, representing 1.04% of the total share capital [1] - The total shares reduced amount to 1,815,994, which is 1.62% of the company's total share capital [1] - **Reason for Termination of Reduction Plan** - The decision to terminate the reduction plan early is based on Ms. Mo Ruoli's confidence in the company's ongoing stable development [1] - She also believes in the reasonable assessment of the company's value [1]

证券代码：688358 证券简称：祥生医疗 公告编号：2025-043 无锡祥生医疗科技股份有限公司 关于股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，无锡祥生医疗科技股份有限公司（以下简称"公司"） 股东莫若理女士及其一致行动人无锡祥生投资有限公司、无锡祥鼎投资企业（有 限合伙）、无锡祥同投资企业（有限合伙）、上海御德科技有限公司合计持有公司 股份 80,723,956 股，占公司总股本的 71.99%，其中公司股东、实际控制人、董 事长及高级管理人员莫若理女士直接持有公司股份 26,460,000 股，占公司总股本 的 23.60%。 上述股份均为无限售流通股，来源于公司首次公开发行前取得的股份以及公 司实施资本公积转增股本取得的股份，涉及公司首次公开发行前取得的股份已于 2022 年 12 月 3 日解除限售并上市流通。 减持计划的实施结果情况 2025 年 8 月 15 日，公司披露了《无锡祥生医疗科技股 ...

Core Insights - The major shareholder, Mo Ruoli, and his concerted parties held a total of 80,723,956 shares, representing 71.99% of the total share capital before the reduction plan [1] - On August 15, 2025, Mo Ruoli announced a plan to reduce his holdings by up to 3,363,735 shares, which is not more than 3% of the total share capital [1] - As of November 21, Mo Ruoli has reduced his holdings by a total of 1,815,994 shares, accounting for 1.62% of the total share capital, with a total reduction amounting to 61.0752 million yuan [1] - Following this reduction, Mo Ruoli and his concerted parties' shareholding percentage decreased to 70.38% [1]