Sanyou Medical 三友医疗
8 significant filings since 30 May 2026: 6 on buyback, 1 on guarantee or financial assistance and 1 on dividend. The latest, on 12 Sep 2026: 关于为控股公司提供担保的公告.
自 30 May 2026 起有 8 份重大公告：buyback 6 份、guarantee or financial assistance 1 份、dividend 1 份。最新一份（12 Sep 2026）：关于为控股公司提供担保的公告。
As of 25 Sep 2026 截至2026年9月25日
Sanyou Medical 三友医疗 is a medical device company listed on the Shanghai Stock Exchange since 9 Apr 2020. The company reported strong growth in 2025, with revenue rising to RMB542.8m from RMB453.6m in 2024, and attributable net profit increasing to RMB63.1m from RMB11.5m. Profit quality improved, with operating cash flow per share at RMB0.20, ahead of net profit, and a cash flow to profit ratio of 1.51x. Margins remained high, with a gross margin of 74.9% and net margin of 8.3%. As of 30 Jun 2026, the balance sheet is healthy, with liabilities to assets at 9.7% and a current ratio of 5.53. However, the first half of 2026 showed a decline in profit, with attributable net profit down 24.2% to RMB27.8m. The stock has declined 27.7% over one year, and valuation is high at a P/E TTM of 88.9.
三友医疗是一家医疗器械公司，2020年4月9日在上交所上市。2025年公司实现营业收入5.43亿元，较2024年的4.54亿元增长19.7%；归母净利润增至6,310.0万元，同比增长450.2%。扣非净利润同比增幅达1,379.0%。每股经营现金流为0.20元，经营现金流与净利润之比达1.51倍，盈利质量改善。毛利率为74.9%，净利率为8.3%。截至2026年6月30日，资产负债率为9.7%，流动比率5.53，财务结构稳健。但2026年上半年归母净利润同比下降24.2%至2,775.2万元。过去一年股价下跌27.7%，市盈率（TTM）为88.9，估值较高。
- Attributable net profit for the full year 2026, to see if the decline in the first half reverses
2026全年归母净利润，观察上半年利润下滑趋势是否逆转 - Operating cash flow per share for the full year 2026, to confirm cash generation strength
2026年每股经营现金流，确认现金流生成能力 - Inventory days at year-end 2026, to assess turnover pressure given high level of 768 days
2026年末存货周转天数，评估768天高位下的周转压力
- Company: Sanyou Medical 三友医疗, Shanghai Stock Exchange 688085; industry Medical Devices; listed 9 Apr 2020.
公司：三友医疗，上海证券交易所 688085；行业：医疗器械；上市日期：2020年4月9日。 - Close on 24 Sep 2026 RMB13.15; close on 24 Sep 2025 RMB20.03, RMB18.18 in today's terms; one-year change, adjusted for distributions and share changes -27.7%.
2026年9月24日收盘价13.15元；2025年9月24日收盘价20.03元（前复权18.18元）；一年涨跌幅（复权）-27.7%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB11.41 to RMB21.07.
52周区间（前复权）11.41元至21.07元。 - In the last 12 months 1 trading days closed 9% or more above or below the day before (all days, not only this year). The 1 most recent of them: 14 Jan 2026 +16.6%.
近12个月共有1个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近1个：2026年1月14日 +16.6%。 - Market capitalisation RMB4.82bn; P/E TTM 88.9; price to book 2.25x.
总市值48.24亿元；市盈率（TTM）88.9；市净率2.25倍。 - Revenue 2025 RMB542.8m; 2024 RMB453.6m; change +19.7%.
营业收入2025年5.43亿元；2024年4.54亿元；同比+19.7%。 - Attributable net profit 2025 RMB63.1m; 2024 RMB11.5m; change +450.2%.
归属于母公司股东的净利润2025年6,310.0万元；2024年1,146.9万元；同比+450.2%。 - Net profit excluding non-recurring items, 2025 change +1,379.0%.
2025年扣除非经常性损益后的净利润同比+1,379.0%。 - Basic EPS 2025 RMB0.19; 2024 RMB0.04.
基本每股收益2025年0.19元；2024年0.04元。 - Operating cash flow per share 2025 RMB0.20; 2024 RMB0.04; operating cash flow to net profit 1.51x.
每股经营现金流2025年0.20元；2024年0.04元；经营现金流与净利润之比1.51倍。 - 2025 gross margin 74.9%; net margin 8.3%; ROE 3.1%.
2025年毛利率74.9%；净利率8.3%；净资产收益率3.1%。 - At 30 Jun 2026: liabilities to assets 9.7%; current ratio 5.53; quick ratio 4.11; receivable days 66; inventory days 768.
截至2026年6月30日：资产负债率9.7%；流动比率5.53；速动比率4.11；应收账款周转天数66；存货周转天数768。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB274.0m, change +9.7%; attributable net profit RMB27.8m, change -24.2%; operating cash flow per share RMB0.02.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入2.74亿元，同比+9.7%；归母净利润2,775.2万元，同比-24.2%；每股经营现金流0.02元。 - Ownership: actual controller 徐农,Michael Mingyan Liu(刘明岩),David Fan(范湘龙); largest holder at 21 Jul 2026: QM5 LIMITED, 12.74%.
股权：实际控制人：徐农,Michael Mingyan Liu(刘明岩),David Fan(范湘龙)；2026年7月21日第一大股东：QM5 LIMITED，持股12.74%。 - Latest distribution: ex-date 11 Jun 2026, cash RMB0.02 per share and 1 new shares for every 10 held.
最近一次分配：除权除息日2026年6月11日，每股现金0.02元，每10股送转1股。 - Aurelian Grade D, score 48.4 of 100, graded within a peer group of 140 companies in its industry; no rank among peers is given.
金源评级D，得分48.4（满分100），于行业同业140家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。