Lanfan Medical Receives Research from 148 Institutions; Performance Expected to Turn Around and Become Profitable by 2026

Securities Times Reporter Nie Yinghao

This week (March 16–20), a total of 94 A-share listed companies received institutional research. In terms of profitability, about 20% of the researched stocks achieved positive returns, with Shengyuan Environmental up 17.95% during the week.

Regarding popular research targets, this week Blue Sail Medical and Hailianxun received inquiries from over 100 institutions, while Guangli Technology, Dawei Co., Ltd., Shenkeda, COFCO Technology, Haineng Technology, Xinnuowei, and Aidi Te received research from more than 40 institutions.

Blue Sail Medical Expected to Achieve Additional Performance This Year

Blue Sail Medical held an investor communication meeting this week, with 148 institutions participating. During the research, Blue Sail Medical revealed that the company’s glove business is benefiting from an industry recovery cycle and cost optimization, with a potential turnaround by 2026; its cardiovascular business has achieved substantial profitability, with growth driven by innovative products and global expansion.

In the research, Blue Sail Medical stated: “By early 2026, before accounting for raw material and glove price increases, the company’s original performance guidance, based on raw material and end-market prices, was for the glove business to turn profitable and contribute profits throughout the year. This guidance has considered factors such as existing capacity, Zibo Hongda Thermal Power’s consolidation at the end of 2025, and Weifang Luyuan Thermal Power’s expected commissioning in Q2 2026, among others. Recently, domestic and international glove prices have been gradually rising, and additional performance growth is expected to be reflected in the Q2 reports.”

Blue Sail Medical also disclosed during research that over 60% of its revenue comes from overseas markets, with overseas revenue exceeding $100 million in 2025. The company’s strong overseas performance is attributed to its local sales teams of over 100 people in Europe and emerging markets, as well as a sales network covering more than 100 countries.

Blue Sail Medical’s 2025 performance forecast shows a loss of 650 million to 850 million yuan. When asked about the reasons for the loss, the company explained that it mainly results from operational losses in the health protection business, along with tax payments, fixed asset impairments, and other factors. Its cardiovascular division is operating well and has achieved operational profit, but overall profitability is affected by fair value changes in its investment in Tongxin Medical, resulting in a marginal profit status.

Hailianxun Focuses on Overseas Markets

Hailianxun received research from 130 institutions this week. The company has been deeply involved in industrial steam turbines for over 60 years, with products widely used in oil, refining, coal chemical industry, textiles, metallurgy, papermaking, solar thermal power, biomass power, combined heat and power, and large power station supporting fields. In 2005, the company officially entered the gas turbine business.

Institutions mainly focus on Hailianxun’s overseas expansion. The company stated that overseas markets have been a key focus in recent years. It expands through partnerships with agents and establishing overseas offices, mainly in Central Asia, Southeast Asia, the Middle East, and Africa—countries involved in the Belt and Road Initiative. The business model primarily involves supporting domestic EPC contractors’ overseas projects, with some projects directly signed with foreign clients, though these account for a small proportion.

Hailianxun noted that overseas markets are an important direction for its independent gas turbine business expansion, especially in regions with low natural gas prices such as the Middle East, North America, Southeast Asia, and Central Asia, where prospects are broad. The company believes that successful product testing, smooth demonstration projects, and quality assurance and technical support will gradually strengthen customer confidence.

Additionally, the gas turbine business is one of the core directions of Hailianxun’s “14th Five-Year” strategic transformation. Currently, the company is focusing on commercializing the 50MW model and will continue to expand its gas turbine product line to meet a wider range of application scenarios.

Guangli Technology

Semiconductor Equipment Business Continues to Break Through

Guangli Technology was researched by 68 institutions this week, including leading domestic public funds such as Huaxia Fund, China-Europe Fund, Bank of Communications Schroder Fund, and China Securities Global Fund. During the research, institutions mainly focused on the company’s layout in semiconductors and IoT, as well as capacity planning.

Guangli Technology explained that benefiting from the upward development opportunities in the semiconductor industry and the widespread application of its domestically produced dicing equipment in advanced packaging, its domestic semiconductor business has grown rapidly since July 2025. Its IoT business has maintained stable growth over the years, helping customers achieve intelligent mining.

In the semiconductor equipment field, institutions are particularly interested in the progress of laser dicing machine R&D and substitution logic. Guangli Technology pointed out that laser dicing machines are not a replacement for mechanical dicing machines but are complementary in different processes and scenarios—mechanical dicing remains the mainstream process, while laser dicing is rapidly growing in specific applications due to its technical advantages. The company’s developed laser grooving and laser invisible dicing machines are now in client validation stages, and it plans to accelerate validation to quickly generate sales orders.

Guangli Technology emphasized that its domestically produced semiconductor mechanical dicing equipment has reached comparable quality and efficiency levels with top international brands, gaining widespread recognition and repeat orders from leading domestic packaging and testing companies. The product lineup includes over twenty models, offering various configurations based on customer needs, with the 12-inch dual-axis fully automatic wafer dicing machine 8230 being the best-selling standard model. Since 2025, the proportion of sales from customized co-developed models has been gradually increasing.

Regarding capacity planning, Guangli Technology stated that the first phase of the Airport Port factory is expected to be completed and put into operation by 2026, with the second phase expected to be completed and operational in the first quarter of 2027. To meet customer delivery needs, the company will adopt a “build and operate simultaneously” approach and dynamically adjust capacity expansion based on market demand.

(Edited by: Wang Zhiqiang HF013)

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