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

Reporter Nie Yinghao, Securities Times

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

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

Blue Sail Medical expects

to achieve additional performance this year

Blue Sail Medical held an investor communication meeting during the week, with 148 institutions participating. During the survey, 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; the cardiovascular business has already achieved substantial profitability, with growth driven by innovative products and global expansion.

In the survey, 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-product prices, was for the glove business to turn profitable and contribute profits throughout the year. This guidance has considered factors such as existing capacity, the consolidation of Zibo Hongda Thermal Power by the end of 2025, and the expected commissioning of Weifang Luyuan Thermal Power in Q2 2026, among others. Recently, domestic and international glove prices have gradually increased, and additional performance growth is expected to be reflected in the Q2 reports.”

Blue Sail Medical also disclosed during the survey that over 60% of its revenue comes from overseas, with overseas revenue exceeding $100 million in 2025. The company’s strong overseas performance is attributed to its local sales teams in Europe, emerging markets, and Asia-Pacific, each with over 100 members, 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 factors such as tax payments, and impairment of fixed assets. The cardiovascular division is performing well and has achieved operational profit, but due to fair value changes in its investment in Tongxin Medical, the overall result remains marginally profitable.

Hailianxun focuses on expanding overseas markets

This week, Hailianxun was surveyed by 130 institutions. 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 support. 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 adopts a model of cooperation with agents and establishing overseas offices to expand markets, 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 in going abroad, with some projects directly signed with overseas owners, though these account for a small proportion.

According to Hailianxun, overseas markets are an important direction for the company’s independent gas turbine 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 the quality assurance and technical support it provides 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 the commercialization of 50MW models and will continue to expand its gas turbine product line to suit a wider range of application scenarios.

Guangli Technology

Semiconductor equipment business continues to break through

Guangli Technology was surveyed 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 survey, 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 of the semiconductor industry and the widespread application of its domestically produced die-cutting equipment in advanced packaging, its domestic semiconductor business has grown rapidly since July 2025; its IoT business has maintained stable development over the years, helping customers achieve intelligent mining.

In the field of semiconductor equipment, 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. Currently, the company’s R&D of laser grooving machines and laser invisible dicing machines has entered client validation stages, and it plans to accelerate validation to quickly generate sales orders.

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

Regarding capacity planning, Guangli Technology stated that the first phase of the Hanggang factory project is expected to be completed and put into operation by 2026, with the second phase expected to be completed in Q1 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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