Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company reported a revenue of 507 million yuan for the first three quarters of 2024, a year-over-year decrease of 6.50%, with a net profit attributable to shareholders of 73.41 million yuan, down 59.02% year-over-year [1] - The company is increasing its investment in sales and R&D, leading to higher sales and management expenses, which contributed to the decline in net profit [1] - R&D investment for the first three quarters of 2024 reached 104 million yuan, a year-over-year increase of 42.77%, accounting for 20.55% of revenue, up 7.09 percentage points year-over-year [1] Financial Summary - Revenue for 2023 was 745 million yuan, with projections of 729 million yuan for 2024, 880 million yuan for 2025, and 1.061 billion yuan for 2026 [2][4] - Net profit attributable to shareholders for 2023 was 227 million yuan, expected to drop to 115 million yuan in 2024, then recover to 210 million yuan in 2025 and 276 million yuan in 2026 [2][4] - Gross margin for 2023 was 68.6%, projected to decrease to 66.9% in 2024, then recover to 69.2% in 2025 and remain at 69.2% in 2026 [2][5] - Earnings per share (EPS) for 2023 was 1.44 yuan, expected to decline to 0.72 yuan in 2024, then rise to 1.32 yuan in 2025 and 1.73 yuan in 2026 [2][5] Cash Flow and Investment - Operating cash flow for 2023 was 228 million yuan, projected to decrease to 157 million yuan in 2024, then increase to 246 million yuan in 2025 and 308 million yuan in 2026 [3] - Capital expenditures for 2024 are expected to be minimal at 10 million yuan, remaining consistent through 2026 [3][4] Balance Sheet Overview - Total assets for 2023 were 2.592 billion yuan, projected to grow to 3.329 billion yuan by 2026 [4] - Current assets for 2023 were 1.194 billion yuan, expected to increase to 2.020 billion yuan by 2026 [4] - Total liabilities for 2023 were 485 million yuan, projected to rise to 615 million yuan by 2026 [4]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][9]. Core Insights - The company is a leading R&D enterprise in the domestic rehabilitation medical device industry, with a focus on assessment, training rehabilitation, physiotherapy devices, nursing equipment, and assistive devices. As of Q3 2024, the company has obtained 336 medical device registration certificates and has 1,817 patents [3][4]. - For the first three quarters of 2024, the company reported a revenue of 507 million yuan, a year-on-year decline of 6.5%, and a net profit attributable to shareholders of 73.41 million yuan, down 59.02% year-on-year. The third quarter alone saw a revenue of 169 million yuan, down 18.51% year-on-year [3][4]. - The comprehensive gross margin for the first three quarters of 2024 was 66.86%, a decrease of 1.72 percentage points from the previous year, while the net profit margin fell by 18.78 percentage points to 14.48% [4]. - The report projects a downward revision of the company's EPS to 0.65 yuan for 2024, 1.20 yuan for 2025, and 1.38 yuan for 2026, with corresponding dynamic P/E ratios of 44.57, 23.99, and 20.86 respectively [4]. Financial Performance Summary - The company’s revenue for 2024 is estimated at 687 million yuan, reflecting a decrease of 7.76% compared to 2023, with a projected net profit of 103 million yuan, down 54.44% year-on-year [6]. - The company’s total assets are projected to reach 2.731 billion yuan in 2024, with a debt ratio of 21.87% [7]. - The report indicates that the company has maintained its investment in R&D, with R&D expenses accounting for 20.55% of total revenue in the first three quarters of 2024, an increase of 7.09 percentage points from the previous year [4][7].

Group 1: Financial Performance - The main reason for the decline in net profit is attributed to a decrease in sales revenue and an increase in R&D and sales expenses [2] - The company plans to increase R&D and marketing investments to address ongoing challenges [2] Group 2: Product Development - The company is focusing on brain-computer interface products, with several products entering the registration process; mental health products are expected to be market-ready this year, while sports training products will have registrations next year [3] - New products launched in 2024 include infrared thermal radiation therapy devices, low-frequency treatment devices, and AI rehabilitation robots, aimed at enhancing clinical rehabilitation solutions [3][4] Group 3: Market Expansion - The company has seen significant growth in external markets, including military sales and exports, with a focus on enhancing marketing efforts in home care and private hospitals [5] - The company is actively pursuing overseas expansion, with a low base of export sales last year leading to substantial growth in the first three quarters of this year [4][5] Group 4: Investment and M&A - The company is progressing with investment and acquisition plans, supported by new policies from the regulatory authority, focusing on companies with competitive core products and sales capabilities [4] - The company is cautiously advancing its investment and acquisition strategies, with a good pipeline of projects [4] Group 5: Industry Outlook - The rehabilitation industry is experiencing changes in competition, with weaker companies facing potential elimination; the industry is expected to continue growing, driven by increasing demand for rehabilitation equipment and services [6] - There is a rising recognition among the elderly for physical therapy and rehabilitation training, indicating a growing market for home care and rehabilitation services [6]

证券代码：688626 证券简称：翔宇医疗 公告编号：2024-059 河南翔宇医疗设备股份有限公司 关于部分募投项目结项的公告 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。 河南翔宇医疗设备股份有限公司（以下简称"公司"）首次公开发行股票募 集资金投资项目"康复设备研发及展览中心建设项目"目前已基本完成建设并达 到预定可使用状态，可予以结项。根据《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》等相关规定，本次部分募投项目结项无需董事会审 议。现将相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 1 月 26 日出具的《关于同意河南翔 宇医疗设备股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕254 号），公司获准向社会公众发行人民币普通股（A 股）40,000,000 股，每股发行 价格为人民币 28.82 元，本次发行募集资金总额 1,152,800,000.00 元；扣除发 行费用后，募集资金净额为 1,049,656,554.20 元。 上述募 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥168,772,576.52, a decrease of 18.51% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥16,778,072.88, down 76.55% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥10,998,576.80, a decline of 84.27% compared to the previous year[3]. - The basic earnings per share for Q3 2024 was ¥0.11, a decrease of 76.09% compared to the same period last year[3]. - Net profit for the third quarter of 2024 was CNY 73.38 million, a decline of 59.3% compared to CNY 180.20 million in the same quarter of 2023[21]. - The company reported a net profit attributable to shareholders of CNY 73.41 million, a decrease of 59.0% compared to CNY 179.16 million in the previous year[22]. Research and Development - R&D investment totaled ¥38,453,979.63 in Q3 2024, representing an increase of 50.96% year-on-year, accounting for 22.78% of operating revenue[4]. - Research and development expenses rose to CNY 104.12 million, an increase of 42.5% from CNY 72.93 million in the previous year[21]. - During the reporting period, the company obtained 12 new medical device registration certificates, bringing the total to 336[13]. - The company added 134 new patents, including 30 invention patents, for a cumulative total of 1,817 patents[13]. - The company successfully included 24 models of rehabilitation equipment in the tenth batch of excellent domestic medical device product catalog[13]. Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥2,802,730,356.30, an increase of 8.13% from the end of the previous year[4]. - The total equity attributable to shareholders at the end of Q3 2024 was ¥2,025,625,177.97, a decrease of 3.12% from the previous year[4]. - The company's total equity decreased to CNY 2.04 billion, down 3.1% from CNY 2.11 billion in the previous year[19]. - Total liabilities increased to CNY 760.83 million, up 57.0% from CNY 484.69 million year-on-year[19]. - The total amount of non-current liabilities was CNY 136.86 million, an increase of 21.5% from CNY 112.55 million year-on-year[19]. Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 45.06% due to reduced government subsidies received and increased cash expenses[6]. - The total cash inflow from operating activities for the first three quarters of 2024 was CNY 637,256,246.44, a decrease of 1.44% compared to CNY 647,724,318.67 in the same period of 2023[23]. - The net cash flow from operating activities decreased to CNY 92,978,705.37, down 45.00% from CNY 169,238,341.53 in the previous year[23]. - Cash outflow from operating activities increased to CNY 544,277,541.07, compared to CNY 478,485,977.14 in the same period last year, reflecting a rise of 13.76%[23]. - The cash inflow from investment activities was CNY 324,262,827.10, significantly lower than CNY 1,516,055,387.16 in the previous year, indicating a decrease of 78.66%[25]. - The net cash flow from investment activities was -CNY 186,978,378.01, compared to -CNY 244,969,918.15 in the same period last year[25]. - Cash inflow from financing activities totaled CNY 492,000,000.00, an increase from CNY 278,730,141.17 in the previous year, representing a growth of 76.36%[25]. - The net cash flow from financing activities was CNY 151,233,716.66, slightly up from CNY 149,349,919.32 in the same period last year[25]. - The ending balance of cash and cash equivalents was CNY 709,126,445.75, down from CNY 790,452,828.66 at the end of the previous year[25]. - The company received CNY 324,000,000.00 in loans during the financing activities, a significant increase from CNY 75,000,000.00 in the previous year[25]. Inventory and Fixed Assets - The company’s fixed assets rose to CNY 509,307,243.89 from CNY 396,899,151.13 year-over-year[17]. - The company’s inventory stood at CNY 240,905,036.20, slightly down from CNY 241,366,072.32[17]. - The company’s non-current assets totaled CNY 1,670,821,158.40, an increase from CNY 1,397,773,485.02 in the previous year[17].

Core Viewpoint - Xiangyu Medical has been granted a patent for an invention related to a low-temperature cryotherapy device, specifically a spray gun that enhances treatment efficacy and adaptability [1] Group 1: Invention Details - The patented spray gun includes components such as a speed regulation component, nozzle component, locking component, and a main body with an internal flow channel [1] - The design allows for the adjustment of the flow rate of liquefied gas by rotating a variable-speed component, which changes the connection with the first liquid port [1] Group 2: Application and Benefits - The low-temperature cryotherapy device utilizes liquid carbon dioxide to locally cool the skin of patients, which helps alleviate pain, relieve muscle spasms, and reduce localized swelling [1]

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： 证券代码：688626 证券简称：翔宇医疗 公告编号：2024-058 河南翔宇医疗设备股份有限公司 关于股东及其一致行动人减持股份计划公告 股东及其一致行动人持股的基本情况 截至本公告披露日，河南翔宇医疗设备股份有限公司（以下简称"翔宇医疗" 或"公司"）股东：苏州济峰股权投资合伙企业（有限合伙）（以下简称"苏州济 峰"）持有公司股份 4,800,720 股，占公司总股本的 3.00%；嘉兴济峰一号股权 投资合伙企业（有限合伙）（以下简称"嘉兴济峰一号"）持有公司股份 2,703,120 股，占公司总股本的 1.69%；福州济峰股权投资合伙企业（有限合伙）（以下简 称"福州济峰"）持有公司股份 896,280 股，占公司总股本的 0.56%。苏州济峰、 嘉兴济峰一号、福州济峰存在关联关系，作为一致行动人，合计持有公司股份 8,400,120 股，占公司总股本的 5.25%。上述股份为公司首次公开发行前取得的 股份，且已于 2022 年 3 月 3 ...

Group 1: Product Development and Innovation - The company has recently obtained multiple new products, including various therapeutic devices, with approximately 300 invention patents currently in the substantive examination stage [3] - The company has developed a comprehensive product structure with over 600 proprietary products across 20 major series in the rehabilitation medical device sector [3] - New products launched in 2024 include infrared thermal radiation therapy devices and directional transdermal drug delivery devices, focusing on clinical needs [4] Group 2: Market Position and Strategy - The company emphasizes the development of high-end rehabilitation equipment, including mental health recovery and rehabilitation robots, to provide integrated clinical solutions [4] - The company has received multiple honors in the elderly care sector and has products listed in national promotion catalogs for elderly care [4] - The company aims to address common ailments in the elderly population, offering a full suite of rehabilitation equipment and solutions [5] Group 3: Financial and Shareholder Information - Currently, there are no plans for major shareholders to reduce their holdings, with commitments made to not sell shares for 12 months [5] - As of September 10, 2024, major shareholders have not executed any reduction plans, indicating stability in shareholder structure [5] Group 4: Opportunities and Challenges - The rehabilitation medical sector is supported by favorable policies, with increasing market demand due to aging populations [6] - The company faces challenges from multiple external factors that may impact operations and profitability [6] - Strategies include enhancing product structure, expanding into overseas markets, and developing a comprehensive rehabilitation industry chain to create a second growth curve [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.90 yuan as of September 24, 2024 [1] Core Views - The company is a leading R&D-driven enterprise in China's rehabilitation medical device industry, focusing on five major business segments: assessment, training, physiotherapy, nursing, and assistive devices [1] - As of the first half of 2024, the company has obtained 324 medical device registration certificates/filing vouchers, 1,702 patents, 160 software copyrights, and 185 provincial-level scientific achievements [1] - The company's revenue for the first half of 2024 reached 338 million yuan, a year-on-year increase of 0.93%, while net profit attributable to shareholders decreased by 47.37% to 56.64 million yuan due to increased R&D and sales expenses [1] - The company is well-positioned to benefit from the "silver economy" trend, with nearly 100 types of rehabilitation medical devices suitable for elderly care [2] Financial Performance - In H1 2024, the company's gross margin was 68.22%, up 0.61 percentage points year-on-year, while the net profit margin decreased by 15.66 percentage points to 16.75% [1] - The company's expense ratios increased significantly: sales expense ratio rose by 4.64 percentage points to 27.99%, management expense ratio increased by 2.11 percentage points to 7.10%, and R&D expense ratio grew by 5.26 percentage points to 19.44% [1] - The company has maintained stable dividend payouts, with cash dividend ratios of 30.11%, 30.14%, and 36.36% from 2021 to 2023, and plans to maintain a dividend ratio of no less than 30% in 2024 [3] R&D and Innovation - The company has established a comprehensive testing center covering over 3,000 square meters with more than 300 advanced testing equipment, providing over 700 testing services for the entire product lifecycle [3] - The company is actively exploring cutting-edge technologies such as brain-computer interfaces, with ongoing projects including brain signal acquisition and analysis, and has developed prototypes for sleep assessment systems [3] - The company is leading a national key R&D project on "High-precision Biological Sensory Feedback Manipulation Technology and Systems" in collaboration with top research institutions [3] Industry Outlook - Rehabilitation medicine is recognized as one of the four major medical fields by the WHO, alongside preventive, clinical, and health medicine [1] - China's rehabilitation industry is still in its early stages of development, with significant growth potential driven by aging population and increasing health consumption [1] - The company's comprehensive solutions for elderly rehabilitation cover various aspects including pain management, stroke recovery, and cognitive disorders, positioning it well for the growing silver economy [2] Financial Projections - The company's EPS is projected to be 1.33 yuan in 2024, 1.56 yuan in 2025, and 1.87 yuan in 2026, with corresponding P/E ratios of 17.22x, 14.68x, and 12.25x [4] - Revenue is expected to grow from 819 million yuan in 2024 to 1.131 billion yuan in 2026, with growth rates of 10%, 15%, and 20% respectively [4] - Net profit is forecasted to increase from 213 million yuan in 2024 to 299 million yuan in 2026, despite a projected 6.4% decline in 2024 [4] Operational Metrics - The company's asset-liability ratio stood at 23.60% as of June 30, 2024, with a current ratio of 2.55 and quick ratio of 1.92 projected for 2024 [10] - Total asset turnover is expected to improve from 0.30 in 2024 to 0.36 in 2026, indicating better asset utilization efficiency [10] - The company's ROE is projected to increase from 9.57% in 2024 to 11.71% in 2026, reflecting improving profitability [10]

海通证券股份有限公司关于河南翔宇医疗设备股份有限公司 2024 年度持续督导半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：翔宇医疗 | | --- | --- | | 保荐代表人姓名：刘君、岑平一 | 被保荐公司代码：688626 | 经中国证券监督管理委员会《关于同意河南翔宇医疗设备股份有限公司首次 公开发行股票注册的批复》（证监许可[2021]254 号）批复，河南翔宇医疗设备 股份有限公司（以下简称"上市公司"或"公司"）首次公开发行股票 4,000 万 股，每股面值人民币 1 元，每股发行价格人民币 28.82 元，募集资金总额为人民 币 115,280.00 万元，扣除发行费用后，实际募集资金净额为人民币 104,965.66 万 元。本次发行证券已于 2021 年 3 月 31 日在上海证券交易所上市。海通证券股份 有限公司（以下简称"保荐机构"或"海通证券"）担任其持续督导保荐机构，持 续督导期间为 2021 年 3 月 31 日至 2024 年 12 月 31 日。 在 2024 年 1 月 1 日至 2024 年 6 月 30 日持续督导期内（以下简称"本持续 ...