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]

证券代码：603658 证券简称：安图生物 公告编号：2025-033 （一） 会议召开时间：2025 年 05 月 19 日（星期一） 15:00-17:00 郑州安图生物工程股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： 郑州安图生物工程股份有限公司（以下简称"公司"）已于 2025 年 04 月 18 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面 深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 19 日下午 15:00-17:00 举行 2024 年度暨 2025 年第一季度业绩说明 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视频结合网络互动召开，公司将针对 2024 年度及 2025 年第一季度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 ...

证券代码：603658 证券简称：安图生物 公告编号：2025-032 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 8 日 (二)股东大会召开的地点：公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 520 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 424,827,808 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.3453 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 郑州安图生物工程股份有限公司 2024年年度股东大会决议公告 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： 审议结果：通过 本次股东大会由公司董事会召集，由于董事长苗拥军先生、副董事长张亚循 先生不便主持会议，半数以上董事共同推举董事兼总经理杨增利先生主持本次会 议。会议采取现场投 ...

上海市锦天城律师事务所 关于郑州安图生物工程股份有限公司 2024年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮政编码：200120 上海市锦天城律师事务所（以下简称"本所"）接受郑州安图生物工程股份 有限公司（以下简称"公司"）的委托，指派本所律师出席了公司 2024 年年度 股东大会（以下简称"本次股东会"），对本次股东会的合法合规性进行见证， 并发表法律意见。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下 简称《股东会规则》）等法律、法规和规范性文件以及《郑州安图生物工程股份 有限公司章程》（以下简称《公司章程》）的规定，就本次股东会的召集、召开 程序、出席会议人员及召集人的资格、表决程序和表决结果等有关事宜出具本 法律意见书。 本法律意见书仅供公司本次股东会相关事宜的合法性之目的使用，不得用 作任何其他目的，本所律师同意将本法律意见书随公司本次股东会决议一同予 以公告，并依法对本法律意见 ...

证券代码：603658 证券简称：安图生物 公告编号：2025-031 郑州安图生物工程股份有限公司 关于全资子公司完成医疗器械生产许可证变更登记 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。 郑州安图生物工程股份有限公司（以下简称"公司"）全资子公司安图实验 仪器（郑州）有限公司（以下简称"安图仪器"）于近日取得河南省药品监督管 理局换发的《医疗器械生产许可证》，本次主要涉及法定代表人、企业负责人的 变更，变更后具体如下： 一、具体情况 住 所：郑州经济技术开发区经开第十五大街199号 生产地址：郑州经济技术开发区经开第十五大街199号 生产范围：原分类目录：Ⅱ类：6840临床检验分析仪器；6870软件Ⅲ类：6840 临床检验分析仪器；新分类目录：Ⅱ类：21-05：体外诊断类软件；22-04：免疫 分析设备；22-06：微生物分析设备；22-09：尿液及其他样本分析设备；22-15： 检验及其他辅助设备；22-02：生化分析设备；22-10：其他医用分析设备；22-01： 血液学分析设备；Ⅲ类：22-05：分子生物 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share based on a 21x PE valuation for 2025 [4] Core Insights - The company is a leading player in the domestic in vitro diagnostic industry, primarily focusing on immunodiagnostic products, and is expected to benefit from the ongoing procurement policies and the introduction of high-speed analyzers [2][32] - The company has successfully won bids in the collective procurement process across 28 provinces, which is anticipated to accelerate the domestic market share growth [52][56] - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3] Summary by Sections Investment Logic - The collective procurement is driving industry transformation, and the promotion of high-speed analyzers is expected to enhance market share [2] - The company is diversifying its business model by integrating automation in laboratories, molecular diagnostics, and microbial mass spectrometry [2] International Market Expansion - The global in vitro diagnostic market exceeds 100 billion USD, and the company is gradually entering various regions including the Middle East, Asia, and Europe [3] Profit Forecast and Investment Recommendations - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, with growth rates of 9%, 20%, and 20% respectively [4] - The company is expected to maintain a stable growth trend despite short-term impacts from price adjustments due to collective procurement [14] Company Overview - The company has established a strong presence in the immunodiagnostic sector, with a focus on technological innovation and high-quality manufacturing [14][28] - The revenue from reagent products is projected to be 3.797 billion RMB in 2024, accounting for 84.9% of total revenue [15]