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 ...

证券研究报告 | 2024年09月13日 翔宇医疗（688626.SH）——2024 年中报点评 优于大市 24H1 业绩有所承压，持续加大研发投入力度 营收基本持平，利润端承压。2024 上半年公司实现营收 3.38 亿元 （+0.93%），归母净利润 0.57 亿元（-47.37%），扣非归母净利润 0.53 亿元（-43.62%）。其中 24Q2 单季营收 1.69 亿元（-11.92%），归母净 利润 0.18 亿元（-74.84%），扣非归母净利润 0.17 亿元（-72.75%）。 2024 上半年公司收入端基本持平，主要系受行业整顿影响，利润端承压， 主要系公司持续加大研发投入力度以及加强营销网络布局和体系建设， 导致研发费用和销售费用上升，同时政府补助减少所致。 毛利率基本持平，费用率增加明显。2024H1 毛利率 68.22%（+0.61pp）， 毛利率基本持平。销售费用率 27.99%（+4.64pp），管理费用率 7.10% （+2.11pp），研发费用率 19.44%（+5.26pp），财务费用率-3.34% （+0.73pp），四费率 51.19%（+12.74pp），销售费用率和研 ...

证券研究报告 | 2024年09月13日 翔宇医疗（688626.SH）——2024 年中报点评 优于大市 24H1 业绩有所承压，持续加大研发投入力度 营收基本持平，利润端承压。2024 上半年公司实现营收 3.38 亿元 （+0.93%），归母净利润 0.57 亿元（-47.37%），扣非归母净利润 0.53 亿元（-43.62%）。其中 24Q2 单季营收 1.69 亿元（-11.92%），归母净 利润 0.18 亿元（-74.84%），扣非归母净利润 0.17 亿元（-72.75%）。 2024 上半年公司收入端基本持平，主要系受行业整顿影响，利润端承压， 主要系公司持续加大研发投入力度以及加强营销网络布局和体系建设， 导致研发费用和销售费用上升，同时政府补助减少所致。 毛利率基本持平，费用率增加明显。2024H1 毛利率 68.22%（+0.61pp）， 毛利率基本持平。销售费用率 27.99%（+4.64pp），管理费用率 7.10% （+2.11pp），研发费用率 19.44%（+5.26pp），财务费用率-3.34% （+0.73pp），四费率 51.19%（+12.74pp），销售费用率和研 ...

证券代码：688626 证券简称：翔宇医疗 公告编号：2024-057 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计划时间届满 暨减持结果公告 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： 股东及其一致行动人持股的基本情况 本次减持计划实施前，河南翔宇医疗设备股份有限公司（以下简称"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 ...

证券代码：688626 证券简称：翔宇医疗 公告编号：2024-056 河南翔宇医疗设备股份有限公司 重要内容提示： 会议召开时间：2024 年 9 月 19 日(星期四)下午 14:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 9 月 18 日(星期三)16:00 前，通过公司邮箱 xymedical@xyyl.com 将需要了解和关注的问题提前提供给公司。公司将在说明 会文字互动环节对投资者普遍关注的问题进行回答。 河南翔宇医疗设备股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日下午 14:00-16:00 参加由上海证券交易所主办的 2024 年半年度科创板医疗器械及医疗设备专场集 体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 关于 ...

河南翔宇医疗设备股份有限公司 投资者关系活动记录表 河南翔宇医疗设备股份有限公司 投资者关系活动记录表 证券代码：688626 证券简称：翔宇医疗 编号：2024-006 | --- | --- | --- | |------------|----------------|--------------------------------------------------------| | | | | | | ¨ 特定对象调研 | ¨ 分析师会议 | | 投资者关系 | ¨ | 媒体采访 ¨业绩说明会 | | | ¨ 新闻发布会 þ | 路演活动 | | 活动类别 | ¨ 现场参观 | | | | þ | 其他（半年报线上交流会） | | 参与单位 | | 华夏基金、创金合信、中华保险、嘉实基金、博道基金、龙航 | | | | 资产、北京金百镕投资、朱雀基金、信达证券、天风医药、国 | | 名称 | | 盛证券、财通医药、东方证券资管、利安人寿、方正医药、大 | | | | 成基金、华安基金、富安达基金、华宝基金、拾萃资本、湖南 | | | | 财信、度势投资、诺德基金、国海证券、鹤禧投资、金元顺安 | | ...