Lanfan Medical receives visits from 148 institutions; expects to turn a profit by 2026

Securities Times reporter Nie Yinghao

This week (March 16—March 20), a total of 94 A-share listed companies received institutional research visits. Judging by the profitability effect, about one-fifth of the stocks researched by institutions achieved positive returns during the week, with Shengyuan Environmental Protection rising 17.95% over the week.

In terms of popular research targets, this week Bairen Medical and Hailiansun received research from more than 100 institutions. Lightr Technology, Daye Stock, Shenkeda, COFCO Technology, Haineng Technology, Xinruowei, Aditte, and others received research from more than 40 institutions.

Bairen Medical expects to

achieve additional performance this year

Bairen Medical held an investor communication meeting during the week, with 148 institutions participating in the research. In this research, Bairen Medical disclosed that the company’s glove business is entering an industry recovery cycle and benefiting from dual positives of cost optimization, with the prospect of returning to profitability in 2026; the cerebrovascular and cardiovascular business has already achieved substantive profitability, and with the scaling up of innovative products and sustained growth momentum from its global layout.

During the research, Bairen Medical said: “At the beginning of 2026, without factoring in the impact of raw material and glove price increases, based on raw material and end-market price calculations, the company’s original performance guidance for 2026 was that the glove business would turn a full-year loss into profit and clearly contribute to earnings. This guidance has comprehensively considered factors including cost optimization such as existing capacity, the consolidation of Zibo Hongda Thermal Power at the end of 2025, and the expected commissioning of Weifang Lvyuan Thermal Power in the second quarter of 2026. As domestic and overseas glove product prices have been raised one after another recently, the incremental additional performance is expected to be reflected in the statements starting from the Q2 reports.”

Bairen Medical also disclosed in the research that the company’s overseas revenue share exceeds 60%, and in 2025 overseas revenue will exceed $100 million. The reason for the company’s outstanding performance in overseas business lies in the fact that the company has localized direct-sales teams with a scale of over 100 people in both of its two major regions—Europe and emerging markets, and the Asia-Pacific market—along with a sales network covering more than 100 countries.

Bairen Medical’s 2025 performance forecast indicates a loss of RMB 650 million to RMB 850 million. When institutions asked about the reasons for the loss, the company stated that it is mainly due to operating losses in the health protection business, compounded by factors such as back payment of taxes and impairment of fixed assets. The cerebrovascular and cardiovascular business division has a good operating condition and achieved operating profit, but due to changes in the fair value of its equity investment in Tongxin Medical, the overall situation is a slight profit.

Hailiansun focuses on overseas markets

Hailiansun received research visits from 130 institutions this week. The company has been deeply engaged in industrial gas turbines for more than 60 years. Its products are widely used in fields such as oil, refining and chemical, coal chemical engineering, textiles, metallurgy, papermaking, solar thermal power generation, biomass power generation, combined heat and power, and large power station supporting applications, among others. In 2005, the company officially entered the gas turbine business area.

Institution-focused attention was on Hailiansun’s overseas market expansion. Hailiansun said that overseas markets are a key direction the company has emphasized in recent years. The company expands its market by adopting a model of cooperating with agents and opening overseas offices. The markets are mainly concentrated in Belt and Road jointly built countries such as Central Asia, Southeast Asia, the Middle East, and Africa. The business model is mainly based on providing supporting equipment by following domestic general contractors going abroad. Some projects are signed directly with overseas owners, but the proportion of such projects remains small.

According to Hailiansun, overseas markets are an important direction for the expansion of the company’s independently developed gas turbine engine business. In particular, in regions with low natural gas prices, such as the Middle East, North America, Southeast Asia, and Central Asia, the market prospects are broad. Hailiansun believes that the success of product testing, the smooth advancement of demonstration projects, and the quality assurance and technical support provided by the company will gradually strengthen customers’ confidence.

In addition, the gas turbine business is one of the core directions of Hailiansun’s strategic transformation in its “15th Five-Year Plan and 15th Five-Year Plan (2026—2030)” strategy. Currently, the company mainly focuses on commercializing 50MW models; in the future, it will continuously expand the product lineup of gas turbine engines and adapt to a wider range of application scenarios.

Lightr Technology

Semiconductor equipment business continues to break through

This week Lightr Technology received research visits from 68 institutions, including top domestic public funds such as Huaxia Fund, China Europe Fund, Bank of Communications Schroder Fund, and Xingzheng Global Fund. During the research, institutions mainly focused on the company’s layout in semiconductors and the Internet of Things, as well as its capacity planning.

Lightr Technology stated that, benefited from opportunities arising from the upward cycle of the semiconductor industry and the broad application of the company’s domestically made dicing and cutting equipment in advanced packaging, since July 2025, Lightr Technology’s domestically produced semiconductor business has developed relatively quickly; the Internet of Things business has maintained stable development over many years, supporting customers’ intelligent mine construction with higher-quality products and services.

In the field of semiconductor equipment, institutions are especially focused on R&D progress for laser dicing machines and the logic behind substitution. Lightr Technology pointed out that laser dicing machines and mechanical dicing machines are not substitute relationships; rather, they form complementary coverage across different processes and application scenarios—mechanical dicing and cutting remains the current mainstream process, while laser dicing machines are seeing rapid growth in specific scenarios due to their technical characteristics. Currently, the laser grooving machine and laser stealth cutting machine being developed by the company have entered the client verification stage. The company will accelerate the verification process to form sales orders as soon as possible.

Lightr Technology emphasized that the company’s domestically produced semiconductor mechanical dicing and cutting equipment is already comparable to benchmark models from leading international manufacturers in terms of cutting quality and efficiency, earning broad recognition and batch repurchases from domestic leading semiconductor packaging and testing enterprises, among other customers. In terms of product structure, there are more than 20 existing models of mechanical dicing and cutting equipment, and the company can provide multiple configurations based on customer needs. Among them, the 12-inch dual-axis fully automatic wafer dicing machine 8230 is the best-selling standard model; since 2025, the sales share of equipment customized for co-research models has gradually increased.

Regarding capacity planning, Lightr Technology said that Phase I of the airport industrial park project is expected to be completed and put into operation in 2026, while Phase II of the airport industrial park project is expected to be completed and put into operation in the first quarter of 2027. To ensure customer delivery requirements, the company will adopt a “build while putting into operation” model and dynamically adjust the pace of capacity increase according to changes in market demand.

(Editor: Wang Zhiqiang HF013)

     【Disclaimer】This article only represents the author’s own views and is not related to Hexun.com. Hexun’s website maintains a neutral stance toward the statements and judgments made in the text, and does not provide any explicit or implied guarantees regarding the accuracy, reliability, or completeness of the content included. Readers are requested to use this information only as a reference and bear all responsibility themselves. Email: news_center@staff.hexun.com

Report