证券代码：300677 证券简称：英科医疗 公告编号：2024-092 英科医疗科技股份有限公司 第三届监事会第二十三次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 英科医疗科技股份有限公司（以下简称"公司"）第三届监事会 第二十三次会议于 2024 年 9 月 19 日在公司会议室以通讯方式召开。 根据《英科医疗科技股份有限公司监事会议事规则》规定，"若情况 紧急，需要尽快召开监事会临时会议的，可以随时通过口头或者电话 等方式发出会议通知，但应当在会议上作出说明"。经全体监事同意 豁免本次会议通知期限，会议通知已于 2024 年 9 月 19 日以电子邮 件、传真及电话通知的方式向全体监事送达，会议由公司监事会主席 唐烨先生召集和主持，本次会议应出席监事 3 名，实际出席会议监事 3 名。会议的召集和召开符合《公司法》《英科医疗科技股份有限公司 章程》的有关规定。 二、监事会会议审议情况 1、审议通过《关于公司回购股份方案的议案》 1 法规规定的期限内用于上述用途，未使用部分将予以注销。如国家对 相关政策做调整，则本回购方案 ...

证券代码：300677 证券简称：英科医疗 公告编号：2024-091 第三届董事会第二十五次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 英科医疗科技股份有限公司 具体内容详见同日登载于巨潮资讯网（www.cninfo.com.cn）上的 《关于公司回购股份方案的公告》（公告编号：2024-093）。 表决结果：同意7票、反对0票、弃权0票。 三、备查文件 1、第三届董事会第二十五次会议决议。 英科医疗科技股份有限公司（以下简称"公司"）第三届董事会 第二十五次会议于 2024 年 9 月 19 日在公司会议室以现场结合通讯 方式召开。根据《英科医疗科技股份有限公司章程》规定，"情况紧 急，需要尽快召开董事会临时会议的，可以通过电话或者其他口头方 式发出会议通知，并立即召开，但召集人应当在会议上做出说明"， 经全体董事同意豁免本次会议通知期限，会议通知已于 2024 年 9 月 19 日以电子邮件、传真及电话通知的方式向全体董事送达，会议由公 司董事长刘方毅先生召集和主持，本次会议应出席董事 7 名，实际出 席会议董事 7 ...

关于英科医疗科技股份有限公司 2024年第三次临时股东大会的 法律意见书 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 邮编：200120 电话：021-61913137 传真：021-61913139 上海泽昌律师事务所 关于英科医疗科技股份有限公司 2024 年第三次临时股东大会的 法律意见书 泽昌证字 2024-01-03-05 致：英科医疗科技股份有限公司 本所接受英科医疗科技股份有限公司（以下简称"公司"）委托，就公司召 开 2024 年第三次临时股东大会（以下简称"本次股东大会"）的有关事宜，根 据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大会规 则》等法律、法规、规章和其他规范性文件以及《英科医疗科技股份有限公司章 程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证 ...

英科医疗科技股份有限公司 2024年第三次临时股东大会决议公告 证券代码：300677 证券简称：英科医疗 公告编号：2024-090 1、本次股东大会没有出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议的情 形。 一、会议召开情况和出席情况 1、会议召开时间： 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： （1）现场会议召开时间：2024年9月19日（星期四）14:00 （2）网络投票时间：2024年9月19日。其中，通过深圳证券交易 所交易系统进行网络投票的时间为2024年9月19日9:15-9:25，9:30- 11:30和13:00-15:00；通过深圳证券交易所互联网系统投票的具体时间 为2024年9月19日9:15-15:00。 2、现场会议召开地点：山东省淄博市张店区张柳路29号英科医 疗智能医疗器械研发营销科技园会议室 3、会议召开方式：现场投票和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事于海生先生 6、本次股东大会的召集及召开符合《中华人民共和国公司法》 《深圳证券交易所创业板股票上 ...

Investment Rating - The investment rating for the company is "Buy" (initial coverage) [1]. Core Viewpoints - The nitrile glove industry is on an upward cycle, characterized by superior performance and high cost-effectiveness, with a continuous increase in penetration rates [1]. - The global glove market has seen inventory depletion since Q1 2024, leading to demand recovery and a potential new upward cycle [1]. - The company has significant cost advantages and ample capital, positioning it to become a global leader in nitrile gloves [1][3]. Summary by Sections Company Overview - The company, Yingke Medical, is a leader in disposable gloves in China and is advancing towards becoming a global leader [4]. - The founder, Liu Fangyi, holds approximately 36% of the shares and has extensive experience in overseas trade [12]. - The company has experienced explosive growth in revenue and profit during 2020-2021, followed by a period of adjustment, with a return to growth expected in 2024 [15]. Nitrile Gloves Market - Nitrile gloves have become the mainstream product in the disposable glove market due to their excellent performance and wide application scenarios [1][17]. - The global nitrile glove sales are projected to exceed 250 billion pieces in 2023, accounting for 36% of total disposable glove sales [1]. - The market for disposable gloves is expected to maintain a compound annual growth rate (CAGR) of about 10% from 2022 to 2025 [19]. Company Advantages - The company has a significant cost advantage due to self-supply of raw materials and the use of clean coal as energy, which is more cost-effective compared to competitors [1][3]. - The company’s production lines are advanced, with a high automation level and efficiency, leading to a product yield rate of over 99% [1]. - The company is actively preparing for overseas capacity expansion and increasing its presence in non-US markets [1][3]. Financial Forecast and Valuation - The company’s projected net profits for 2024-2026 are 1.25 billion, 1.66 billion, and 2.03 billion yuan, representing year-on-year growth rates of 226%, 33%, and 22% respectively [3]. - As of September 13, 2024, the company's market capitalization is 17.6 billion yuan, with corresponding price-to-earnings ratios of 14X, 11X, and 9X for the next three years [3].

Investment Rating - The report does not specify a clear investment rating for the company, but it indicates a positive outlook based on performance metrics and market conditions. Core Insights - The company reported a revenue of 4.51 billion yuan in H1 2024, representing a year-on-year increase of 36.9%. The net profit attributable to shareholders was 590 million yuan, up 100.2%, and the net profit excluding non-recurring items was 487 million yuan, an increase of 185.2% [1]. - The performance improvement is attributed to the significant channel clearing in the disposable glove industry, leading to a better supply-demand balance and increased production capacity utilization [1]. - The company maintains its position as a global industry leader with an annual production capacity of 79 billion disposable gloves, including 48 billion nitrile gloves and 31 billion PVC gloves [1]. - The company has initiated overseas factory construction to mitigate potential tariff impacts and has actively participated in 17 industry exhibitions to enhance brand influence and market reach [2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 2.2 billion yuan, a 40.1% increase, while Q2 revenue was 2.31 billion yuan, up 34.1%. The net profit for Q1 was 240 million yuan, a 255.6% increase, while Q2 net profit was 350 million yuan, down 21.8% [1]. - The gross margin for H1 2024 was 21.9%, an increase of 11.22 percentage points, and the net margin was 13.1%, up 3.88 percentage points [1]. - The company forecasts net profits of 1.2 billion yuan, 1.51 billion yuan, and 1.94 billion yuan for 2024, 2025, and 2026, respectively [2]. Business Segment Performance - Personal protective equipment revenue reached 4.11 billion yuan in H1 2024, up 38.7%, while rehabilitation and nursing product revenue was 230 million yuan, a 29.97% increase [1]. - The company expects the disposable nitrile glove sales volume to be 48 billion, 56 billion, and 68 billion units for 2024, 2025, and 2026, respectively, with a price increase anticipated in 2024 [4][5].

Group 1: Production Capacity and Expansion Plans - The company plans to increase its annual nitrile production capacity by 8 billion units with two new production lines in Anqing, set to commence operations by the end of October and November 2024 [3]. - The current operating rates for manufacturers vary, with older and higher-cost lines in Malaysia operating at approximately 50%-60%, while newer and lower-cost lines are at around 80% [3][4]. - Major domestic manufacturers are operating at near full capacity, while smaller firms are at about 40%-50% due to the exit of high-cost, outdated capacities, leading to increased industry concentration [3][4]. Group 2: Market Trends and Pricing - The average price of nitrile gloves in Malaysia is around $20, with expectations for price increases due to previous losses faced by manufacturers [4]. - The manufacturing cost in China is significantly lower than in Malaysia, which is expected to accelerate the shift of the disposable glove industry towards China [4][5]. - The overall compound annual growth rate (CAGR) for the disposable glove industry is estimated at 6%-8%, with nitrile gloves expected to grow at over 10% according to a report by Sullivan [5][6]. Group 3: Regional Revenue and Market Dynamics - The North American market accounts for approximately 35%-40% of the company's overseas revenue, with European markets growing rapidly and expected to match North American revenue levels [5]. - The company anticipates that the demand for disposable gloves will continue to rise due to increasing economic levels, consumer awareness, and hygiene consciousness, particularly in China [5][6]. - The PVC glove market is currently at a break-even point, with intense competition among domestic manufacturers, and is expected to maintain this balance in the near future [6].

证券代码：300677 证券简称：英科医疗 公告编号：2024-088 英科医疗科技股份有限公司 | | | 份，无标记股份；"未质押股份限售和冻结数量"中限售部分为高管锁定股，无冻结股份。 三、其他说明 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于近日接到公 司控股股东刘方毅先生的通知，获悉刘方毅先生将其所持有的公司部 分股份办理了解除质押手续。现将具体内容公告如下： 注：本公告总股本数以截至 2024 年 8 月 28 日公司最新总股本 647,901,380 股为计算标准。 二、股东股份累计质押的情况 截至本公告披露日，刘方毅先生所持质押股份情况如下： | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 占其所 | 占公司 | 已质押股份 | | | | | 股东 | 持股数量 | 持股比 | 累计质押数 | ...

为进一步优化投资结构，提升投资价值，英科医疗科技股份有限 公司（以下简称"公司"）全资子公司英科医疗国际（香港）有限公 司（以下简称"英科国际"）拟与 MS Capital Partners VIII GP LP 签 署《Amended and Restated Limited Partnership Agreement》（以下简称 "《合伙协议》"）及相关认购协议，以自有资金参与投资 North Haven Capital Partners VIII Non-U.S. Wealth Management Partners LP（以下简 称"合伙企业"或"基金"）。合伙企业是美国特拉华州的一家有限 合伙公司，目标募集规模为不少于 250,000 万美元，其中，英科国际 将作为该合伙企业的有限合伙人（LP）认缴出资 1,000 万美元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 7 号——交易与关联交易》等法律法规以及 《英科医疗科技股份有限公司章程》等相关规定，本次投资不构成关 联交易，出资金额属于董事长审批权限，无需提交公司董事会审议； 本次交易无需提交股东大会审议， ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue for the first half of 2024 reached 4.512 billion RMB, a year-on-year increase of 37%, with a net profit of 587 million RMB, up 100% year-on-year [2] - The disposable glove business is experiencing rapid growth, with a significant increase in sales of nitrile gloves, contributing to a gross margin improvement [2] - The company is expanding its production capacity, with an annual capacity of 79 billion gloves, including 48 billion nitrile gloves, positioning it as a leader in the industry [2] Summary by Sections Performance Overview - In Q2 2024, the company achieved revenue of 2.309 billion RMB, a 34% increase year-on-year and a 5% increase quarter-on-quarter [2] - The gross margin for Q2 2024 was 23.1%, reflecting a 2.4 percentage point increase from the previous quarter and a 9.7 percentage point increase year-on-year [2] Business Analysis - The personal protective equipment segment generated 4.112 billion RMB in revenue, up 39% year-on-year, while rehabilitation and nursing products contributed 233 million RMB, a 30% increase [2] - The company is implementing technological upgrades in production lines to enhance efficiency and reduce energy consumption, further improving profitability [2] Capacity and Expansion - The company is steadily advancing its domestic and international production base construction, with the domestic base in Anhui and an overseas project in Vietnam [2] - The annual production capacity for disposable gloves is 79 billion units, with 48 billion units for nitrile gloves and 31 billion units for PVC gloves [2] Profit Forecast and Valuation - The earnings forecast for 2024-2026 has been raised by 19%, 26%, and 28% respectively, with projected net profits of 1.216 billion, 1.552 billion, and 1.880 billion RMB [2] - The current price corresponds to a PE ratio of 14, 11, and 9 for the years 2024, 2025, and 2026 respectively [2]