Investment Rating - The investment rating for the company is "Buy" [6][12] Core Views - The company is a leading player in the in vitro diagnostics sector, with a diversified business layout that continues to grow [6][12] - In 2024, the company is expected to achieve revenue of 4.471 billion yuan, representing a growth of 0.62%, while the net profit attributable to the parent company is projected to be 1.194 billion yuan, a decrease of 1.89% [6][12] - The company's main business operations are stable, with notable performance in molecular diagnostics and overseas markets [2][6] Financial Performance Summary - For 2024, the company's revenue is projected to be 44.71 billion yuan, with a slight increase of 0.62%, and the net profit is expected to be 11.94 billion yuan, down by 1.89% [2][4] - In Q1 2025, the company reported revenue of 9.96 billion yuan, a decrease of 8.56%, and a net profit of 2.70 billion yuan, down by 16.76% [2][4] - The revenue from the reagent segment in 2024 is expected to be 37.97 billion yuan, with immunodiagnostic products contributing 25.56 billion yuan, an increase of 2.91% [2][4] - The company achieved domestic revenue of 41.05 billion yuan in 2024, a decrease of 1.30%, while overseas revenue reached 2.84 billion yuan, an increase of 36.25% [2][4] Research and Development Summary - The company increased its R&D investment to 7.32 billion yuan in 2024, a year-on-year increase of 11.55% [2][4] - In 2024, the company registered 144 new reagent product certificates, covering advanced technology fields such as chemiluminescence and molecular diagnostics [2][4] - The launch of the AutoChem B2000/B800 series of fully automated biochemical analyzers marks a significant development in the biochemical product field [2][4] Profitability and Financial Ratios - The company's gross margin for 2024 is projected to be 65.41%, reflecting a stable performance [2][4] - The sales, management, and R&D expense ratios for 2024 are expected to be 17.17%, 4.72%, and 16.37%, respectively [2][4] - The projected EPS for 2025, 2026, and 2027 are 2.24 yuan, 2.66 yuan, and 3.08 yuan, respectively [2][4]

Core Points - The company announced a cash dividend of 1.26 yuan per share for its A shares [1] - The total cash dividend distribution amounts to approximately 720 million yuan based on the total share capital of 571,424,768 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 8, 2025 [1] Dividend Distribution Details - The record date for the dividend is May 23, 2025, with the last trading date and ex-dividend date both set for May 26, 2025 [1] - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch [1][2] - For individual shareholders and securities investment funds, the actual cash dividend after tax will be 1.26 yuan per share, with specific tax implications based on holding periods [3][4] Tax Implications - Individual shareholders holding shares for less than or equal to one month will incur a tax rate of 20% on the dividend [3] - Shareholders holding shares for more than one month but less than or equal to one year will have a reduced tax rate of 10% [3] - Shareholders holding shares for over one year will be exempt from personal income tax on the dividend [3] QFII and Other Investors - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in an actual cash dividend of 1.134 yuan per share [4][5] - Hong Kong market investors will also face a 10% withholding tax, leading to the same net dividend of 1.134 yuan per share [5] - Other institutional investors are responsible for their own tax payments, receiving the gross dividend of 1.26 yuan per share [5]

证券代码：603658 证券简称：安图生物 公告编号：2025-035 郑州安图生物工程股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利1.26元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/23 | － | 2025/5/26 | 2025/5/26 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东大会审议通过。 本次利润分配以方案实施前的公司总股本571,424,768股为基数，每股派发现金红利1.26 元（含税），共计派发现金红利719,995,207.68元。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the medical device industry [2]. Core Insights - The report emphasizes that AI in healthcare is restructuring diagnostic and treatment processes, creating investment opportunities driven by efficiency and market growth. The global healthcare sector faces challenges such as aging populations and uneven distribution of medical resources, which AI can address by optimizing the healthcare value chain and promoting equitable access to medical resources [5][6]. Summary by Sections 1. AI Healthcare Development Environment - The domestic AI healthcare development environment is mature, supported by data resources and services that enhance algorithm accuracy and generalization [11]. - AI technology is breaking the uneven distribution of medical resources, addressing the growing demand for healthcare services due to an aging population [18][19]. 2. AI Medical Imaging - AI medical imaging is the most mature application of AI in healthcare, with a complete ecosystem covering various imaging modalities such as CT, MRI, and X-ray. The market for AI medical imaging in China is projected to reach 6.17 billion yuan by 2025 [5][39]. - Companies like Mindray and United Imaging are leveraging hardware advantages to build "device + AI" ecosystems, while pure AI companies focus on lesion recognition and cross-disease generalization capabilities [5][39]. 3. AI In Vitro Diagnostics - The AI in vitro diagnostics market is rapidly growing, with applications in hematology, microbiology, and pathology. Companies like BGI and Anbiping are innovating with AI-driven solutions to enhance diagnostic efficiency [5][6]. 4. AI Wearable Devices - AI wearable devices are transforming health management by providing real-time monitoring and data analysis, becoming essential for chronic disease management. The market for smart wearable devices in China is expected to exceed 15 billion yuan in 2023 and reach 33 billion yuan by 2026, with a compound annual growth rate of 18.1% [6]. 5. Investment Recommendations - The report suggests that the industry is poised for multidimensional development, transitioning from scale expansion to higher-level growth. It highlights long-term investment opportunities in leading companies like Mindray, United Imaging, Yuyue Medical, and Kefu Medical, which are early adopters of AI healthcare solutions [6].

特此公告。 证券代码：603658 证券简称：安图生物 公告编号：2025-034 郑州安图生物工程股份有限公司董事会 2025 年 5 月 14 日 郑州安图生物工程股份有限公司 关于参加河南辖区上市公司 2025 年投资者网上集体 接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，郑州安图生物工程股份有限公司（以下 简称"公司"）定于 2025年5月22日（周四）15:25-16:55 参加在全景网举办的 河南辖区上市公司2025年投资者网上集体接待日活动，本次活动将采用网络远程 的方式举行，投资者可登录 "全景 • 路演天下"（http://rs.p5w.net）参与本次 互动交流。 出席本次网上集体接待日活动的人员为公司副总经理兼董事会秘书房瑞宽 先生（如有特殊情况，参会人员将可能进行调整），届时将通过网络在线问答互 动的形式，与投资者就其关注的问题进行交流。欢迎广大投资者积极参与。 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight revenue increase but a decline in net profit, with significant growth in overseas revenue indicating improved international competitiveness [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.471 billion yuan, a year-over-year increase of 0.62%, while the net profit attributable to shareholders was 1.194 billion yuan, a decrease of 1.89% [1]. - For Q1 2025, the company reported revenue of 996 million yuan, a year-over-year decline of 8.56%, with a net profit of 270 million yuan, down 16.76% year-over-year [1]. - Domestic business revenue was 4.105 billion yuan, a decrease of 1.30%, primarily due to policy impacts, while overseas revenue reached 284 million yuan, reflecting a growth of 36.25% [1]. Group 2: Research and Development - The company maintained a strong focus on R&D, with R&D expenses amounting to 732 million yuan, representing 16.37% of total revenue, indicating a commitment to innovation [2]. - The gross profit margin for 2024 was 65.41%, an increase of 0.34 percentage points, while the net profit margin was 26.82%, a decrease of 0.73 percentage points due to rising R&D costs [2]. - The company plans to continue focusing on cutting-edge technologies in molecular diagnostics, immunodiagnostics, and POCT to drive innovation and product upgrades [2]. Group 3: Future Outlook - The company is expected to achieve revenues of 4.773 billion yuan, 5.811 billion yuan, and 6.972 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 6.75%, 21.75%, and 19.97% [3]. - Projected net profits for the same years are 1.280 billion yuan, 1.560 billion yuan, and 1.876 billion yuan, with growth rates of 7.20%, 21.80%, and 20.28% [3]. - The company is rated as a strong player in the in vitro diagnostics sector, maintaining a "buy" rating [3].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 49 yuan [2][8]. Core Views - The company's revenue for 2024 is projected at 4.471 billion yuan, reflecting a slight increase of 0.62% year-on-year, while the net profit attributable to shareholders is expected to be 1.194 billion yuan, down 1.89% [2][4]. - The first quarter of 2025 shows a revenue of 996 million yuan, a decrease of 8.56%, and a net profit of 270 million yuan, down 16.76% [2][4]. - The company plans to distribute a cash dividend of 1.26 yuan per share (before tax) [2]. Financial Summary - **Revenue Growth**: The company anticipates revenues of 4.658 billion yuan in 2025, 5.287 billion yuan in 2026, and 6.094 billion yuan in 2027, with year-on-year growth rates of 4.2%, 13.5%, and 15.3% respectively [4][9]. - **Net Profit**: Expected net profits are 1.264 billion yuan in 2025, 1.471 billion yuan in 2026, and 1.727 billion yuan in 2027, with growth rates of 5.9%, 16.3%, and 17.5% respectively [4][9]. - **Earnings Per Share (EPS)**: EPS is projected to be 2.21 yuan in 2025, 2.57 yuan in 2026, and 3.02 yuan in 2027 [4][9]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to be 18 in 2025, 15 in 2026, and 13 in 2027 [4][9]. Business Performance - **Product Segmentation**: The company's revenue from immunodiagnostics (mainly chemiluminescence) is 2.556 billion yuan in 2024, up 2.91%, while microbiological testing revenue is 361 million yuan, up 11.48% [8]. - **Geographical Performance**: Domestic revenue is 4.185 billion yuan, down 1.16%, while overseas revenue is 286 million yuan, up 36.57% [8]. - **R&D Investment**: The R&D expense ratio is 16.37%, with new product launches enhancing the company's high-end product line [8].

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a decline in net profit, indicating challenges in the domestic market while experiencing growth overseas [1][2]. Financial Performance - 2024 total revenue reached 4.471 billion yuan, up 0.62% - Net profit attributable to shareholders was 1.194 billion yuan, down 1.89% - Net profit excluding non-recurring items was 1.099 billion yuan, down 7.30% - Q1 2025 revenue was 996 million yuan, down 8.56% - Q1 2025 net profit attributable to shareholders was 270 million yuan, down 16.76% - Q1 2025 net profit excluding non-recurring items was 257 million yuan, down 18.19% - The company plans to distribute a cash dividend of 1.26 yuan per share (before tax) [1]. Business Segment Analysis - Immunodiagnostics revenue was 2.556 billion yuan, up 2.91%, with a gross margin of 80.67%, up 0.59 percentage points - Microbiology testing revenue was 361 million yuan, up 11.48%, with a gross margin of 48.89%, up 3.81 percentage points - Biochemical testing revenue was 222 million yuan, down 11.21%, with a gross margin of 61.04%, down 2.34 percentage points - Molecular diagnostics revenue was 35 million yuan, up 101.01%, with a gross margin of 68.66%, up 9.59 percentage points - Testing instruments revenue was 354 million yuan, up 17.10%, with a gross margin of 39.39%, up 5.02 percentage points - Overall gross margin for 2024 was 65.41%, up 0.34 percentage points [2]. Geographic Performance - Domestic revenue was 4.185 billion yuan, down 1.16% - Overseas revenue was 286 million yuan, up 36.57% - Domestic business faced pressure due to price reductions from centralized procurement, DRG policy changes, and medical fee adjustments, while overseas business showed strong growth [2]. Research and Development - R&D expense ratio for 2024 was 16.37%, up 1.60 percentage points - New product launches included the AutoChem B2000 and B8000 series, enhancing the biochemical product line - The Autof T series for microbiological mass spectrometry and AutoChrom X1/Automs TQ6000 IVD System were introduced to enrich the high-end product line - The subsidiary Sikun Bio launched three gene sequencers and an automated pathogen analysis system, achieving sales in the research field [3]. Investment Outlook - Revenue projections for 2025-2027 are 4.66 billion, 5.29 billion, and 6.10 billion yuan, with year-on-year growth rates of 4.2%, 13.5%, and 15.3% - Net profit projections for 2025-2027 are 1.26 billion, 1.47 billion, and 1.73 billion yuan, with year-on-year growth rates of 5.9%, 16.3%, and 17.5% - EPS projections are 2.21, 2.57, and 3.02 yuan, with corresponding PE ratios of 18, 15, and 13 times - Based on comparable company valuations, a target price of approximately 49 yuan is set for 2025, maintaining a "recommended" rating [4].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 49 yuan [2][8]. Core Views - The company's revenue for 2024 is projected at 4.471 billion yuan, reflecting a slight increase of 0.62% year-on-year, while the net profit attributable to shareholders is expected to be 1.194 billion yuan, down 1.89% [2][4]. - The first quarter of 2025 shows a revenue of 996 million yuan, a decrease of 8.56%, and a net profit of 270 million yuan, down 16.76% [2][4]. - The company plans to distribute a cash dividend of 1.26 yuan per share (before tax) [2]. Financial Summary - The total revenue for 2024 is 4,471 million yuan, with a projected growth of 4.2% in 2025, reaching 4,658 million yuan [4]. - The net profit for 2024 is 1,194 million yuan, with an expected increase to 1,264 million yuan in 2025, representing a growth of 5.9% [4]. - Earnings per share (EPS) are forecasted to be 2.09 yuan for 2024, increasing to 2.21 yuan in 2025 [4]. - The company’s overall gross margin for 2024 is 65.41%, showing a slight increase of 0.34 percentage points [8]. Business Performance - Domestic revenue is under pressure, with a slight decline of 1.16% to 4.185 billion yuan, while overseas revenue is growing rapidly at 36.57%, reaching 286 million yuan [8]. - The company emphasizes the importance of research and development, with a research expense ratio of 16.37% in 2024, up 1.60 percentage points [8]. - The report highlights the launch of new products, including the AutoChem B2000 and B8000 series, and advancements in genetic sequencing technology [8].

Group 1 - The company, Zhengzhou Antu Bioengineering Co., Ltd., announced an investor briefing to discuss its 2024 annual report and Q1 2025 report, aiming to provide a comprehensive understanding of its operational results and financial status [1][2] - The investor briefing will be held on May 19, 2025, from 15:00 to 17:00, utilizing a video and online interactive format [1][3] - Key participants in the briefing will include the company's chairman, financial director, board secretary, and an independent director [1] Group 2 - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center online on the scheduled date [2] - A pre-collection of questions from investors will be available from May 12 to May 16, 2025, allowing them to submit inquiries via the Roadshow Center or the company's email [2] - After the briefing, the main content and proceedings will be accessible on the Shanghai Stock Exchange Roadshow Center [2][3]