摘要 ： 2025年上半年，安图生物实现营业收入20.60亿元，实现归属于上市公司股东的净利润5.71亿元。其中，试剂收入17.85亿元，仪器收入2.26亿元。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2025年 8月21日，郑州安图生物工程股份有限公司（简称：安图生物）发布2025年半年度报告，公司实现营业收入20.60亿元，同比减少 6.65%；实现归属于上市公司股东的净利润5.71亿元，同比下降7.83%。 | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增减(%) | | 总资产 | 11.645.383.960.45 | 11.875.065.943.97 | -1.93 | | 归属于上市公司股 | 8.458.066.259.73 | 8.616.530,318.04 | -1.84 | | 东的净资产 | | | | | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | | | | 减(%) | | 营业收入 | 2.06 ...

Group 1 - The stock price of Antu Bio on August 26 closed at 42.16 yuan, down 0.30 yuan, a decrease of 0.71% from the previous trading day [1] - The trading volume on that day was 31,091 hands, with a transaction amount of 1.31 billion yuan, and a turnover rate of 0.54% [1] - Antu Bio is in the medical device industry, focusing on the research, production, and sales of in vitro diagnostic reagents and instruments, covering areas such as immunodiagnostics, microbiological testing, and molecular diagnostics [1] Group 2 - On August 26, the net outflow of main funds for Antu Bio was 12.4246 million yuan, accounting for 0.05% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 81.5687 million yuan, representing 0.34% of the circulating market value [1]

Investment Rating - The investment rating for Antu Biology (603658) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market positioning [1][2]. Core Views - The report highlights that Antu Biology's revenue trend is improving, driven by overseas expansion, with a total revenue of 2.06 billion yuan in the first half of 2025, reflecting a year-over-year decrease of 6.65% [1][2]. - The company's profitability remains stable, with a gross margin of 64.43% in the first half of 2025, despite a slight decline due to policy impacts [2]. - The report projects revenue growth for 2025-2027, estimating revenues of 4.46 billion, 5.12 billion, and 5.91 billion yuan, with corresponding net profits of 1.22 billion, 1.40 billion, and 1.65 billion yuan [2][3]. Summary by Sections Revenue Trends - In the first half of 2025, Antu Biology achieved a revenue of 2.06 billion yuan, with Q1 and Q2 revenues of 996 million yuan and 1.06 billion yuan respectively, showing a narrowing decline [2]. - Domestic revenue was 1.90 billion yuan, down 8.32% year-over-year, primarily due to policy impacts such as DRGS and centralized procurement [2]. - International revenue reached 157 million yuan, up 19.78% year-over-year, attributed to the company's global market expansion efforts [2]. Profitability Analysis - The gross margin for the first half of 2025 was 64.43%, with a decline in reagent business margin to 68.44% due to centralized procurement policies [2]. - The selling expense ratio increased to 18.88%, while the R&D expense ratio decreased to 12.15%, indicating a strategic focus on capitalizing R&D expenses [2]. Financial Projections - Revenue projections for 2025-2027 are 4.46 billion, 5.12 billion, and 5.91 billion yuan, with year-over-year growth rates of -0.3%, 14.9%, and 15.3% respectively [2][3]. - Net profit estimates for the same period are 1.22 billion, 1.40 billion, and 1.65 billion yuan, with growth rates of 2.6%, 14.6%, and 17.5% [2][3].

研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 2025 年 Q2 利润同比回升，研发投入不断加强 最近一年走势 事件: 2025 年 8 月 22 日安图生物发布 2025 年半年度报告：2025 年上半年 公司营业收入 20.60 亿元（yoy-6.65%），归母净利润 5.71 亿元 （yoy-7.83%），扣非归母净利润 5.46 亿元（yoy-8.79%)。 投资要点: 2025 年 08 月 25 日 公司研究 评级：买入(维持) ——安图生物（603658）2025 年半年报点评 2025 年 Q2 归母净利润同比增长。 2025 年上半年公司营业收入 20.60 亿元（yoy-6.65%），归母净利润 5.71 亿元（yoy-7.83%）， 扣非归母净利润 5.46 亿元（yoy-8.79%)。2025 年 Q2 公司营业收入 10.64 亿元（yoy-4.79%），归母净利润 3.01 亿元（yoy+1.97%）， 扣非母净利润 2.89 亿元（yoy+1.58%）。 2025年Q2净利润率同比提升。 2025年 ...

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5]. Core Viewpoints - The company experienced revenue pressure in Q2 2025, with a year-on-year revenue decrease of 6.65% to 2.06 billion yuan, while net profit decreased by 7.83% to 571 million yuan. However, the second quarter showed a slight improvement in net profit, which increased by 1.97% to 301 million yuan [1][2]. - The company is focusing on innovation through increased R&D investment, which reached 350 million yuan in the first half of 2025, accounting for 16.99% of revenue. The introduction of new products is expected to drive revenue growth [2][3]. - The company has upgraded its AI-assisted clinical decision-making system, enhancing disease risk assessment capabilities and integrating with laboratory information systems for improved service delivery [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2.06 billion yuan, down 6.65% year-on-year, and a net profit of 571 million yuan, down 7.83%. In Q2 2025, revenue was 1.06 billion yuan, a decrease of 4.79%, while net profit increased by 1.97% to 301 million yuan [1][2]. - The company’s R&D expenses decreased by 34.22% to 120 million yuan, contributing to profit improvement through cost reduction [2]. Product Development - The company has launched several innovative products, including the AutomsTQ6000 liquid chromatography-tandem mass spectrometry system and the Autof T series of microbial mass spectrometry detection systems. These new products are expected to enhance revenue growth [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is maintained at 1.26 billion yuan, 1.47 billion yuan, and 1.72 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 times [3][4].

平安观点： 公司收入短期承压，盈利能力稳定。上半年面对国内集采和DRG等医改深入的环境，公司积极进取， 专注经营主业，不断提升核心竞争优势，收入略降，具备经营韧性。单Q2毛利率63.83%，环比同比均 有降低，预计主要受集采降价和产品结构影响；单Q2来看，利润增长环比改善显著，主要由于从 2025.1.1起研发支出有部分进行了资本化处理，研发费用端确认减少了近1亿元，加回后公司研发费用绝 对额仍有所上涨，研发和销售费用保持稳态增长投入，管理费用相对稳定，整体盈利能力良好。 保持高研发投入，不断提升综合竞争能力。公司2025H1不断加强研发投入，积极开拓新领域与开发新 产品，25H1研发投入3.5亿元，保障长期发展。具体研发成果方面，公司继续在试剂研发领域深耕细 作，成功开发了多项新系列产品，新获试剂产品注册（备案）证书88项，涵盖磁微粒化学发光法、液相 色谱-串联质谱法、干化学酶法、分子诊断等，检测项目覆盖血栓疾病、骨代谢、肿瘤、高血压、呼吸 道相关疾病、传染病、优生优育等。仪器方面，公司成功推出液相色谱串联质谱系列产品，并通过前处 理与串联质谱的整合，公司推出了国内首创的液相色谱串联质谱流水线AutomsQ ...

据证券之星公开数据整理，近期安图生物（603658）发布2025年中报。截至本报告期末，公司营业总收 入20.6亿元，同比下降6.65%，归母净利润5.71亿元，同比下降7.83%。按单季度数据看，第二季度营业 总收入10.64亿元，同比下降4.79%，第二季度归母净利润3.01亿元，同比上升1.97%。本报告期安图生 物公司应收账款体量较大，当期应收账款占最新年报归母净利润比达100.54%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率64.43%，同比减1.17%，净利率28.06%， 同比减1.24%，销售费用、管理费用、财务费用总计4.96亿元，三费占营收比24.05%，同比增15.43%， 每股净资产14.8元，同比增4.72%，每股经营性现金流0.72元，同比减15.07%，每股收益1.02元，同比减 6.42% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 22.07亿 | 20.6亿 | -6.65% | | 归母净利润（元） | 6.2亿 | 5.71 Z | -7.83% | | ...

Group 1 - The core viewpoint of the report is that Guotai Junan Securities has given Antu Biology (603658.SH) a "buy" rating based on its market performance and growth potential [2] - The report highlights that the domestic market is currently under pressure, but Antu Biology is expected to consolidate and increase its market share [2] - Continuous high investment in research and development is anticipated to contribute to long-term growth as the company explores new fields [2]

Core Insights - Antu Bio reported a 6.65% decline in revenue to 2.06 billion yuan and a 7.83% decrease in net profit to 571 million yuan for the first half of 2025 [1] - The company increased its R&D investment to 350 million yuan, representing 16.99% of its revenue, as it seeks to explore new fields and develop new products [1] Industry Analysis - The global in vitro diagnostics (IVD) market is experiencing a "polarization" trend driven by technological iterations, with top IVD companies dominating the market [1] - Major players like Roche, Abbott, Danaher, and Siemens collectively hold 57.3% of the market share, with projected revenues for 2024 being $17 billion, $9.9 billion, $16 billion, and $4.5 billion respectively [1] - Emerging companies are leveraging disruptive technologies such as microfluidic chips and CRISPR gene editing, with the molecular diagnostics segment leading the industry at a growth rate of 13.4% [2] - In China, the IVD market shows a coexistence of domestic and international companies, with foreign giants dominating the high-end market while domestic firms are gaining ground in the mid-to-low end [2] - In the immunodiagnostics segment, foreign companies hold over half of the market share, with Roche at 25.4% and Abbott at 13.5%, indicating significant room for domestic alternatives [2]