北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于迪瑞医疗科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 国枫律股字[2025]A0383号 致：迪瑞医疗科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 （一）本次会议的召集 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管 理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执 业规则》"）等相关法律、行政法规、规章、规范性文件及《迪瑞医疗科技股份有限公司 章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、 出席会议人员资格、会议表决程序及表 ...

证券代码：300396 证券简称：迪瑞医疗 公告编号：2025-031 迪瑞医疗科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未涉及变更前次股东大会决议； 一、会议召开和出席情况 公司于 2025 年 07 月 23 日发出《关于召开 2025 年第一次临时股东大会的通 知》（详见中国证监会指定的创业板信息披露网站 http://www.cninfo.com.cn）。 1、会议召开时间：2025 年 08 月 07 日 14:40 2、会议召开地点：公司会议室 3、会议召开方式：采取现场投票与网络投票相结合的方式。现场会议召开 时间：2025 年 08 月 07 日（星期四）14:40。网络投票时间：2025 年 08 月 07 日。 其中，通过交易系统进行网络投票的时间为：2025 年 08 月 07 日（星期四）9:15— 9:25、9:30-11:30 和 13:00—15:00；通过互联网投票系统投票的具体时间为：2025 年 ...

迪瑞医疗科技股份有限公司 关于变更董事及高级管理人员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 迪瑞医疗科技股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开 了第六届董事会第二次临时会议，审议通过了《关于变更公司董事的议案》等事 项。公司于 2025 年 8 月 7 日召开了 2025 年第一次临时股东大会选举产生了公 司第六届董事会新任董事。同日，公司召开了第六届董事会第三次临时会议，审 议通过了《关于变更高级管理人员的议案》。现将具体内容公告如下： 证券代码：300396 证券简称：迪瑞医疗 公告编号：2025-033 一、董事任职情况 郭霆先生、郎涛先生、刘莹女士、李光先生顺利当选为公司第六届董事会非 独立董事，上述人员担任董事的任期自公司股东大会审议通过之日起至第六届董 事会任期届满之日止。宋清先生、秦锋先生、王学敏先生、林茂亮先生不再担任 公司董事职务，具体内容详见公司于 2025 年 7 月 23 日在巨潮资讯网披露的《关 于变更公司董事的公告》。 公司董事会选举郭霆先生为公司第六届董事会董事长，任期自本次董事会审 ...

Group 1 - The core viewpoint of the news is that Dirui Medical's stock has seen a recent increase, but its price-to-earnings (PE) ratio remains significantly higher than the industry average, indicating potential overvaluation [1][2] - As of August 7, Dirui Medical's closing price was 15.16 yuan, with a PE ratio of 115.48, which is the lowest in 88 days, and a total market capitalization of 4.134 billion yuan [1] - The medical device industry has an average PE ratio of 54.79, with a median of 37.86, placing Dirui Medical at the 107th position in the industry ranking [1][2] Group 2 - On August 7, Dirui Medical experienced a net inflow of 4.1041 million yuan in main funds, with a total inflow of 15.4107 million yuan over the past five days [1] - The company specializes in the research, production, marketing, and service of medical testing instruments and related reagents, holding 213 patents, including 136 invention patents and 96 software copyrights [1] - The latest financial report for Q1 2025 shows that the company achieved a revenue of 182 million yuan, a year-on-year decrease of 72.47%, and a net profit of 15.6787 million yuan, down 87.13%, with a gross profit margin of 42.78% [1]

Core Viewpoint - The company, Dirui Medical, is facing its first half-year loss due to a deep adjustment period in the in vitro diagnostics (IVD) industry, driven by significant price reductions from centralized procurement policies starting in 2024, leading to compressed profit margins across the industry [2][10]. Financial Performance - In 2024, Dirui Medical's revenue decreased by 11.63% to 1.218 billion yuan, while net profit plummeted by 48.5% to 142 million yuan [4][5]. - The company's cash flow from operating activities turned negative at -295 million yuan, a decline of 231.29% compared to the previous year [5]. - The gross profit margin for instruments fell from 33.99% to 24.26%, and for reagents, it dropped from 75.42% to 70.06% [7][8]. Industry Challenges - The IVD industry is undergoing a significant transformation, with policies leading to drastic price cuts for diagnostic reagents, some dropping by over 50% [10][13]. - Dirui Medical is experiencing dual pressure from domestic competitors and foreign brands, with its market penetration for new products remaining below 5% [10][12]. - The company is heavily reliant on imported key materials, which account for 40% of reagent production costs, complicating its cost structure [13]. Strategic Responses - Dirui Medical is leveraging resources from China Resources Group to enhance its market position, aiming to increase the penetration rate of its coagulation reagents in tertiary hospitals from 8% to 15% [12]. - The company plans to optimize inventory turnover and reduce reliance on imported high-end optical components [12]. - Despite a significant R&D investment of 130 million yuan in 2024, new products have yet to achieve scale, indicating a mismatch between R&D efforts and market demand [12][13]. Market Outlook - The ongoing industry reshuffle poses a 50% elimination risk for small and medium-sized enterprises in the IVD sector, with many facing financial difficulties [10][13]. - Differentiated competition is seen as essential for survival, with potential opportunities in niche markets such as coagulation testing and gynecological secretions [13].

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Dirui Medical, indicating a significant decline in revenue and profit in the latest quarterly report [1][2] - As of August 4, Dirui Medical's stock closed at 15.05 yuan, with a PE ratio of 114.64, marking a new low in 85 days, and a total market capitalization of 4.104 billion yuan [1] - The average PE ratio for the medical device industry is 54.32, with a median of 38.11, positioning Dirui Medical at 107th place within the industry [1][2] Group 2 - Dirui Medical specializes in the research, production, marketing, and service of medical testing instruments and related reagents, with key products including urine analysis, biochemical analysis, and blood cell analysis [1] - The company holds 213 patents, including 136 invention patents and 96 software copyrights [1] - In the first quarter of 2025, Dirui Medical reported revenue of 182 million yuan, a year-on-year decrease of 72.47%, and a net profit of 15.6787 million yuan, down 87.13%, with a gross margin of 42.78% [1]

Core Viewpoint - The company, Dirui Medical, is facing significant financial challenges, with a projected net loss of 22 million to 33 million yuan for the first half of 2025, marking its first half-year loss in 11 years since its listing, contrasting sharply with a profit of 165 million yuan in the same period last year [2][3] Financial Performance - The company reported a 11.63% decline in revenue and a 48.5% drop in net profit for the full year of 2024, with the fourth quarter showing a staggering 87.14% decrease in total revenue [4] - The net profit for 2024 was only 142 million yuan, with a significant cash flow reversal from a net cash inflow of 224 million yuan in the previous year to a net outflow of 295 million yuan, a decline of 231.29% [4] Asset Quality and Impairment - Dirui Medical attributed its losses to a decline in overall gross profit and a substantial increase in asset impairment losses, with a provision for asset impairment of 23.89 million yuan announced alongside the earnings forecast [3][4] Product Structure and Market Position - The company has a product structure imbalance, with reagent revenue accounting for only 48.51% and instrument revenue at 51.49%, contrasting with industry leaders where reagent revenue is significantly higher [5] - The decline in gross margins for both reagent and instrument products was noted, with reagent gross margin dropping from 75.42% to 70.06% and instrument gross margin from 33.99% to 24.26% [4][5] Competitive Landscape - Dirui Medical faces intense competition from both domestic players like Mindray and international giants such as Abbott and Sysmex, particularly in the blood cell analysis market [6] - The company’s BF series blood cell analyzers, while technically advanced, struggle with brand recognition and channel development, hindering market penetration [6] Strategic Response and Management Changes - The company has outlined measures to focus on increasing reagent sales and expanding into international markets, although these strategies will require time to yield results [7][8] - Recent management changes include the departure of four board members, with new candidates from the China Resources background proposed, raising questions about the new leadership's ability to navigate the company out of its current difficulties [9]

近日，迪瑞医疗科技股份有限公司（以下简称"迪瑞医疗"）发布2025年半年度业绩预告显示，期内预计实现归属股东净利润约为-2200万元至-3300万元，上 年同期盈利1.65亿元，预计扣非后净利润约为-2600万元至-3900万元，上年同期盈利1.62亿元，同比由盈转亏。 这家曾被华润看好并通过基金收购控股的国内IVD器械平台，正在面临着利润率下滑、资产减值与政策影响等多重挑战。 华润系唯一国内IVD器械平台，2024年利润骤降 根据介绍，迪瑞医疗成立于1992年，是国内专业从事医疗器械、诊断试剂及配套耗材研发、生产与销售的企业，2014年于A股上市。 2020年，华润系收购迪瑞医疗28%的股权，成为控股股东。迪瑞医疗成为华润系大健康产业上市公司，与华润医药、华润医疗、华润三九、东阿阿胶、华润 双鹤、江中药业共同形成了具备医药工业、医药商业和医疗机构等全产业链的产业集群。 不过，从近几年业绩来看，华润系入股之后，并未影响迪瑞医疗业务出现巨大转变。2021-2024年，公司营收分别为9.09亿元、12.2亿元、13.78亿元和12.18 亿元，对应归母净利润分别为2.1亿元、2.62亿元、2.76亿元和1.42亿 ...

Group 1 - As of July 28, 2025, the closing price of Dirui Medical (300396) was 14.64 yuan, down 0.41%, with a turnover rate of 1.72%, trading volume of 46,900 shares, and a transaction amount of 68.6996 million yuan [1] - The company has faced criticism from investors regarding its performance, with concerns raised about the management's effectiveness leading to losses over the past year [2] - The company’s main business involves the research, production, sales, and service of medical testing instruments and related reagents, and it is committed to addressing public health needs [2] Group 2 - On July 28, the capital flow for Dirui Medical indicated a net outflow of 9.0785 million yuan from major funds, while retail investors saw a net inflow of 7.3176 million yuan [3][4] - The company has not developed products for the detection of the Chikungunya virus, despite inquiries from investors regarding its potential contributions to current public health issues [2]

Market Overview - The Shanghai Composite Index closed at 3605.73 points, above the six-month moving average, with an increase of 0.65% [1] - The total trading volume of A-shares reached 1,873.88 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 232 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhifei Biological Products (12.29%) - Jiexun Feihong (6.69%) - Hongtaiyang (6.56%) [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Chanyi Intelligent - Donghu High-tech - Dingxin Communications [1] Performance of Selected Stocks - Zhifei Biological Products: Today's increase of 20.01%, turnover rate of 11.40%, latest price at 24.77 yuan [1] - Jiexun Feihong: Today's increase of 7.18%, turnover rate of 12.67%, latest price at 9.11 yuan [1] - Hongtaiyang: Today's increase of 7.44%, turnover rate of 8.62%, latest price at 7.08 yuan [1]