证券代码：603658 证券简称：安图生物 公告编号：2025-063 投资者可于 2025 年 9 月 15 日（星期一）至 9 月 19 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 autobio@autobio.com.cn 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 郑州安图生物工程股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上半年度经营成果、财务状况，公司计划于 2025 年 9 月 22 日上午 9:00-10:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年上半年度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 郑州安图生物工程股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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 ...

Core Viewpoint - Antu Biology (603658) is facing market pressures due to the implementation of centralized procurement and DRG policies, impacting the sales and pricing of its chemical luminescence products while showing potential growth in installed capacity for 2024 [1][6]. Company Performance - As of September 5, 2025, Antu Biology's stock closed at 40.55 yuan, a slight decrease of 0.05% from the previous week, with a total market capitalization of 23.171 billion yuan, ranking 8th in the medical device sector [1]. - The company's chemical luminescence installed capacity is expected to reach a historical high in 2024, contributing to a certain level of sales growth [6]. Market Environment - The implementation of centralized procurement in Anhui and the comprehensive execution of DRG policies are anticipated to exert pressure on the market environment in the second half of the year [1][6]. - The overall testing volume in the market has decreased due to these policies, affecting different testing projects variably, with tumor marker projects being significantly impacted [2][6]. Product Development - The liquid chromatography-tandem mass spectrometry detection system has received certification, with supporting reagents expected to be certified gradually [1][6]. - The sequencing instrument is anticipated to receive certification soon, but its current contribution to performance is limited as it primarily targets the non-clinical market [2][6]. Financial Impact - The company has recognized asset impairment losses primarily due to slow progress in molecular detection instrument projects, reflecting a cautious approach [3][6]. - The biochemical business continues to be affected by price reductions from centralized procurement in Jiangxi, alongside the overall impact of DRG policies, leading to a decline in annual sales [7].

Core Viewpoint - AnTu Technology (安图生物) has shown marginal improvement in its financial performance for Q2 2025, despite ongoing industry pressures, leading to a "Buy" rating from Huazhong Securities [1][4]. Financial Performance - In H1 2025, the company reported revenue of 2.06 billion yuan, a year-over-year decrease of 6.65%, and a net profit attributable to shareholders of 571 million yuan, down 7.83% year-over-year [1]. - For Q2 2025, revenue reached 1.064 billion yuan, a year-over-year decline of 4.79%, while net profit increased by 1.97% year-over-year to 301 million yuan [1][2]. - Operating cash flow for Q2 2025 was 244 million yuan, reflecting a significant year-over-year increase of 45.9% [1]. Industry Factors - The industry continues to face challenges such as reduced testing volumes at hospitals and the comprehensive implementation of IVD centralized procurement [2]. - Despite these challenges, Q2 2025 saw a quarter-over-quarter revenue increase of 6.9% and a net profit growth of 11.7% [2]. Cost Management - The company has improved its expense ratios, with sales, management, and R&D expense ratios at 18.21%, 4.11%, and 11.25%, respectively, showing a decrease of 1.40, 1.77, and 1.86 percentage points quarter-over-quarter [2]. Regional Performance - In H1 2025, domestic revenue was 1.904 billion yuan, down 8.32% year-over-year, primarily due to domestic policy impacts, while international revenue was 157 million yuan, up 19.78% year-over-year, attributed to global market expansion [2]. R&D Investment - The company maintains high R&D investment levels, with projected expenditures of 571.69 million yuan, 656.13 million yuan, and 731.93 million yuan from 2022 to 2024, representing 12.87%, 14.77%, and 16.37% of revenue, respectively [3]. - In H1 2025, the company obtained 88 new reagent certificates covering various diagnostic methods and diseases [3]. Future Projections - Revenue forecasts for 2025-2027 are 4.501 billion yuan, 4.975 billion yuan, and 5.531 billion yuan, with year-over-year growth rates of approximately 0.7%, 10.5%, and 11.2% [4]. - Net profit projections for the same period are 1.220 billion yuan, 1.403 billion yuan, and 1.617 billion yuan, with growth rates of about 2.2%, 14.9%, and 15.3% [4].

Core Viewpoint - The company reported its 2025 semi-annual results, showing a decline in revenue and net profit year-on-year, but a positive trend in Q2 performance, indicating operational stability despite industry challenges [1] Financial Performance - In the first half of 2025, the company achieved revenue of 2.06 billion yuan, a year-on-year decrease of 6.65%, and a net profit attributable to shareholders of 571 million yuan, down 7.83% year-on-year [1] - For Q2 2025, the company reported revenue of 1.064 billion yuan, a year-on-year decrease of 4.79%, but a net profit of 301 million yuan, reflecting a year-on-year increase of 1.97% [1] - The operating cash flow for Q2 2025 was 244 million yuan, showing a significant year-on-year increase of 45.9% [1] Industry Context - The company anticipates continued pressure from industry factors such as testing volume constraints and the comprehensive implementation of IVD centralized procurement in the coming quarters [1] - In H1 2025, domestic revenue was 1.904 billion yuan, down 8.32% year-on-year, primarily due to domestic policy impacts, while overseas revenue reached 157 million yuan, up 19.78% year-on-year, benefiting from global market expansion efforts [1] Research and Development - The company maintains high R&D investment levels, with expenditures of 571.69 million yuan, 656.13 million yuan, and 731.93 million yuan from 2022 to 2024, representing 12.87%, 14.77%, and 16.37% of revenue, respectively [1] - The full subsidiary, Sikun Biology, has completed the product layout for the Sikun series, launching four gene sequencers and an automated pathogen analysis system, successfully entering the NGS platform market [1] Investment Outlook - The company projects revenues of 4.501 billion yuan, 4.975 billion yuan, and 5.531 billion yuan for 2025 to 2027, with year-on-year growth rates of approximately 0.7%, 10.5%, and 11.2%, respectively [1] - Net profit attributable to shareholders is expected to reach 1.22 billion yuan, 1.403 billion yuan, and 1.620 billion yuan for the same period [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.06 billion yuan in the first half of 2025, a year-over-year decrease of 6.65%, with a net profit attributable to shareholders of 571 million yuan, down 7.83% year-over-year [4] - In Q2 2025, the company achieved a revenue of 1.064 billion yuan, a year-over-year decrease of 4.79%, but the net profit attributable to shareholders increased by 1.97% year-over-year to 301 million yuan [5] - The company has seen a marginal improvement in performance, with a significant reduction in expense ratios, leading to a recovery in profitability [5] Summary by Sections Financial Performance - In Q2 2025, the company reported a quarter-on-quarter revenue increase of 6.9% and a year-over-year net profit growth of 1.97% [5] - The operating cash flow for Q2 2025 was 244 million yuan, reflecting a year-over-year increase of 45.9% [4] - The company’s revenue from domestic operations in H1 2025 was 1.904 billion yuan, down 8.32% year-over-year, while overseas revenue was 157 million yuan, up 19.78% year-over-year [5] Research and Development - The company maintained high R&D investments, with expenditures of 571.69 million yuan, 656.13 million yuan, and 731.93 million yuan from 2022 to 2024, representing 12.87%, 14.77%, and 16.37% of revenue respectively [6] - In H1 2025, the company obtained 88 new reagent certificates covering various diagnostic methods [6] Future Projections - Revenue projections for 2025 to 2027 are 4.501 billion yuan, 4.975 billion yuan, and 5.531 billion yuan, with year-over-year growth rates of approximately 0.7%, 10.5%, and 11.2% respectively [8] - Net profit attributable to shareholders is expected to reach 1.22 billion yuan, 1.403 billion yuan, and 1.617 billion yuan for the same period, with growth rates of 2.2%, 14.9%, and 15.3% respectively [8]

Group 1: Company Insights - Joyful Home is focusing on high-quality canned products, introducing new portable and diverse packaging options, and has seen over a 30% year-on-year increase in coconut raw material procurement prices due to rising demand and quality requirements [1] - Jingwang Electronics achieved a revenue of 7.095 billion yuan in the first half of 2025, a year-on-year increase of 20.93%, while net profit decreased by 1.06% to 650 million yuan [2] - Lens Technology has partnered with leading companies in the 3D printing industry for joint research and development, with some products expected to be mass-produced next year [3] - Yingtan Technology's smart vending control system product line saw a significant year-on-year growth of 442.94%, primarily due to the large-scale delivery of smart opening cabinet products [4] - Antu Bio's chemical luminescence product prices have decreased due to centralized procurement and DRG policy implementation, leading to reduced testing volumes, although the installed capacity is expected to reach a new high in 2024 [5] Group 2: Market Trends and Developments - The demand for high-end PCB production is increasing, with Jingwang Electronics investing 5 billion yuan in the Zhuhai Jinwan base for capacity expansion [2] - The smart grid product line of Yingtan Technology is expected to improve in the second half of the year after a decline in the first half due to slowed bidding processes [4] - Antu Bio anticipates that the impact of policies will clear by the end of 2024 or 2025, leading to stable growth in the luminescence business over the next 3-5 years [5]

Group 1: Company Highlights - Changchun High New has made significant progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product designed by the model that has entered 5000-liter scale production [1] - Oko Yi achieved operating revenue of 603.48 million yuan in the first half of 2025, a year-on-year increase of 4.17%, but net profit decreased by 98.71% due to low capacity utilization, increased depreciation, rising material costs, and higher expense ratios [2] - Jingwang Electronics reported operating revenue of 7.095 billion yuan in the first half of 2025, a year-on-year increase of 20.93%, with net profit of 650 million yuan, a slight decrease of 1.06% [3] - Lens Technology has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [4] - Ximai Food's revenue for the first half of the year was over 30 million yuan, a year-on-year increase of approximately 10%, with profitability starting in the second quarter [5] - Antu Bio experienced a decrease in testing volume due to price reductions in chemiluminescence products, but anticipates a record high in installed capacity in 2024 [6] Group 2: Industry Insights - The manufacturing recovery is driving demand for tools in the automotive, aerospace, and consumer electronics sectors, with significant potential for domestic replacements in high-end fields [2] - The industry is in a golden development phase, with substantial room for domestic substitution and significant overseas market potential [2] - The automotive electronics sector is experiencing rapid growth, with increased shipments of AI servers and 800G optical modules [3] - The biopharmaceutical sector is facing pressure from the implementation of centralized procurement and DRG policies, impacting sales and pricing strategies [5][6]

Investment Rating - The report suggests a positive outlook for the medical device industry, indicating that the adjustment period is nearing its end and a recovery is expected in the second half of 2025 [2][4]. Core Insights - The medical device sector is experiencing a recovery trend, with domestic bidding demand showing signs of restoration in the second half of 2025 after a significant decline due to policy delays [2]. - The medical consumables segment is steadily growing, with a slight increase in gross margin, indicating resilience in demand related to patient treatment needs [2]. - The in-vitro diagnostics sector is under pressure, but there is potential for increased domestic market share for local manufacturers in the long term [2]. - Leading medical device companies are accelerating their overseas market expansion, with many reporting higher growth rates in international markets compared to domestic ones [2]. Summary by Sections Medical Equipment - Revenue for Q2 2025 showed a year-on-year decline of 5.26%, with net profit down 27.93% and gross margin decreasing from 53.07% in Q2 2024 to 49.00% in Q2 2025 [16]. - The industry is expected to reach a turning point as domestic bidding demand recovers [2][18]. Medical Consumables - Q2 2025 revenue increased by 1.33% year-on-year, with net profit down 6.28% and a slight improvement in gross margin from 42.13% to 42.24% [23]. - The segment is characterized by stable growth, with companies focusing more on R&D and innovative products [2]. In-Vitro Diagnostics - Revenue for Q2 2025 decreased by 16.53% year-on-year, with net profit down 37.58% and gross margin declining from 62.43% to 59.66% [29]. - The sector faces short-term demand pressure but may benefit from increased domestic production rates in the long run [2]. Investment Recommendations - The report recommends focusing on three key areas: companies leading in international market product and channel expansion, domestic medical device industry leaders, and high-value consumables firms with strong innovation capabilities [34]. - Specific companies to watch include Nanwei Medical, Mindray Medical, Sanofi, and Xinjiang Technology [34].

9月1日，安图生物盘中上涨2.02%，截至14:02，报41.39元/股，成交1.30亿元，换手率0.56%，总市值 236.51亿元。 资金流向方面，主力资金净流入331.24万元，特大单买入123.00万元，占比0.94%，卖出0.00元，占比 0.00%；大单买入2652.69万元，占比20.34%，卖出2444.44万元，占比18.75%。 安图生物今年以来股价跌2.34%，近5个交易日跌2.52%，近20日涨2.35%，近60日涨5.75%。 资料显示，郑州安图生物工程股份有限公司位于河南省郑州经济技术开发区经开第十五大街199号，成 立日期1999年9月15日，上市日期2016年9月1日，公司主营业务涉及体外诊断试剂及仪器的研发、生产 和销售。主营业务收入构成为：试剂86.63%，仪器10.99%，其他1.40%，维保收入0.98%。 安图生物所属申万行业为：医药生物-医疗器械-体外诊断。所属概念板块包括：抗原检测、体外诊断、 猴痘概念、医疗器械、中盘等。 截至6月30日，安图生物股东户数3.42万，较上期增加0.04%；人均流通股16719股，较上期减少0.04%。 2025年1月-6月，安图生 ...

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。 郑州安图生物工程股份有限公司（以下简称"公司"或"安图生物"）及二 级子公司郑州标源生物科技有限公司（以下简称"郑州标源"）于近日收到国家 药品监督管理局颁发的医疗器械注册证，具体如下： | 编号 | 产品名称 | 注册证编号 | 注册证 | 预期用途 | 所属 | | --- | --- | --- | --- | --- | --- | | | | | 有效期 | | 公司 | | | EB 病毒早期抗原 IgG | 国械注准 | | 本产品用于体外定性检测人血清或血 | | | 1 | 抗体检测试剂盒（磁 | 20253401573 | 年 5 | 浆中 病毒早期抗原 抗体（EBV EB IgG | | | | 微粒化学发光法） | | | EA-IgG）。 | | | | 病毒早期抗原 EB IgA | | | 用于体外定性检测人血清或血浆中EB | | | 2 | 抗体检测试剂盒（磁 | 国械注准 | 5 年 | 病 毒 早 期 抗 原 IgA 抗 体 （ EBV | ...