Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 53 yuan [2][8]. Core Insights - The company's revenue for the first three quarters of 2025 was 3.127 billion yuan, a decrease of 7.48% year-on-year, with a net profit attributable to shareholders of 860 million yuan, down 10.11% [2][8]. - The third quarter of 2025 saw a revenue of 1.067 billion yuan, a decline of 9.04% year-on-year, and a net profit of 289 million yuan, down 14.30% [2][8]. - The decline in revenue and profit is attributed to factors such as domestic market procurement and price reductions in testing projects [8]. - The company has been enhancing its IVD product system, with multiple new products approved since Q3 2025, expanding its offerings to over 300 testing projects [8]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 4.471 billion, 4.235 billion, 4.675 billion, and 5.386 billion yuan respectively, with year-on-year growth rates of 0.6%, -5.3%, 10.4%, and 15.2% [4][9]. - Net profit attributable to shareholders is projected to be 1.194 billion, 1.177 billion, 1.370 billion, and 1.590 billion yuan for the same years, with growth rates of -1.9%, -1.5%, 16.4%, and 16.1% [4][9]. - The earnings per share (EPS) are expected to be 2.09, 2.06, 2.40, and 2.78 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4][9]. Product Development and Market Position - The company has been actively improving its IVD product lineup, with significant product approvals enhancing its market position [8]. - By the end of 2025, the number of immunobiochemical product line reagents is expected to reach 338 [8].

Meeting Overview - The second extraordinary general meeting of shareholders was held on November 14, 2025, at the company's conference room [2] - The meeting was convened by the board of directors and chaired by Chairman Miao Yongjun, utilizing a combination of on-site and online voting [2] Attendance - Out of 11 current directors, 9 attended the meeting, with 2 participating via communication means and 2 absent due to work commitments [3] - All 3 current supervisors attended the meeting, along with the board secretary and some senior management personnel [3] Resolutions Passed - The proposal to amend the Articles of Association and abolish the supervisory board while establishing a worker representative director was approved [4] - Various internal governance rules were reviewed and passed, including: - Shareholders' meeting rules [5] - Board meeting rules [5] - Independent director work system [5] - Related party transaction management system [5] - External guarantee management system [5] - Major investment and transaction decision-making system [5] - Fundraising management measures [5] - Implementation details of cumulative voting system [5] Voting Details - The proposals required separate counting for minority investors, with special resolutions needing over two-thirds approval from attending shareholders [6] - Ordinary resolutions required more than half of the voting rights from present shareholders [6] Legal Verification - The meeting was witnessed by Shanghai Jintiancheng Law Firm, confirming that the convening, procedures, attendance, and voting were in compliance with relevant laws and regulations [7] Election of Worker Representative Director - The company held a worker representative meeting on November 14, 2025, electing Liu Wei as the worker representative director for a term of three years [10] - Liu Wei has a background in various roles within the company and holds a senior economist title [11]

Group 1 - The company announced that it will hold a workers' representative meeting on November 14, 2025 [2] - Liu Wei has been elected as the employee representative director for the company's fifth board of directors [2]

证券代码：603658 证券简称：安图生物 公告编号：2025-077 郑州安图生物工程股份有限公司 公司于2025年11月14日召开职工代表大会，经职工代表现场表决，同意选举 刘微女士为公司第五届董事会职工代表董事，任期为自2025年第二次临时股东大 会决议生效之日起三年，与公司第五届董事会任期一致，并将按照《公司法》及 修订后的《公司章程》等有关规定行使职权。 特此公告。 附：职工代表董事简历。 郑州安图生物工程股份有限公司董事会 2025年11月14日 刘微女士，汉族，中国国籍，无境外居留权，1976年出生，本科学历，高级经济师。 1998年至2000年任天津渤海职业高等专科学校教师；2000年至2003年就职河南思达配网技术 有限公司，历任职员、综合办主任；2003年至2006年就职河南思达电力技术有限公司，历任 市场部副经理、总工助理；2006年至今就职于公司，历任管理行政部经理、行政中心总监、 职工代表监事。现任公司行政中心总监、职工代表董事，北京安图监事。 附： 关于选举第五届董事会职工代表董事的公告 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 ...

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 2025年第二次临时股东大会的 法律意见书 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 2025 年第二次临时股东大会的 法律意见书 致：郑州安图生物工程股份有限公司 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 2025 年第二 次临时股东大会（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》）、《上市公司股东大会规则》（以 下简称《股东大会规则》）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书承担相 ...

证券代码：603658 证券简称：安图生物 公告编号：2025-076 郑州安图生物工程股份有限公司 2025年第二次临时股东大会决议公告 本次股东大会由公司董事会召集，公司董事长苗拥军先生主持，会议采取现 场投票和网络投票相结合的方式进行表决。本次会议的召集、召开和表决符合《公 司法》及本公司《公司章程》等有关规定。 (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 | 243 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 412,527,582 | | 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（%） | 72.1928 | (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。 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 11 月 14 日 (二)股东大会召开的地点：公司会议室 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。 ...

Core Points - The Shanghai Composite Index closed at 3993.35 points, remaining above the six-month moving average, with a slight decline of 0.24% [1] - The total trading volume of A-shares reached 1,270.245 billion yuan [1] - A total of 49 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks with high deviation rates include: - Qudongli (驱动力) with a deviation rate of 5.91% and a daily increase of 7.05% [1] - Lubridge Information (路桥信息) with a deviation rate of 5.60% and a daily increase of 13.08% [1] - Beiyikang (倍益康) with a deviation rate of 4.75% and a daily increase of 7.60% [1] - Other stocks that just crossed the six-month moving average include: - Qianyuan Pharmaceutical (仟源医药) and *ST Jinke (*ST金科) with smaller deviation rates [1] Trading Activity - The trading turnover rate for Qudongli was 3.59%, while Lubridge Information had a turnover rate of 6.91% [1] - The stock with the highest turnover rate was Aipeng Medical (爱朋医疗) at 19.33% with a daily increase of 10.57% [1] Market Trends - The overall market shows a mix of stocks performing well above the six-month moving average, indicating potential bullish sentiment in certain sectors [1]

Core Viewpoint - Antu Biology's net profit attributable to shareholders for the first three quarters of 2025 is 860 million yuan, a year-on-year decrease of 10.11% [1] - The company continues to deepen its multi-field layout despite short-term performance pressure [1] Financial Performance - The net profit for the third quarter is 289 million yuan, reflecting a year-on-year decline of 14.30% [1] - The company's gross margin has slightly decreased, while the expense ratio remains stable [1] Product Development - The company has launched three products in the bacterial triad detection category, with the nucleic acid test for "Onion Burkholderia" being the first in China to obtain registration [1] - These products can be integrated with fully automated nucleic acid purification and real-time fluorescence PCR analysis systems, enhancing the molecular respiratory product line [1] Instrumentation and Technology - Antu Biology has successfully introduced a series of liquid chromatography-tandem mass spectrometry products, including the AutomS TQ6000 detection system and fully automated sample pretreatment equipment [1] - The wholly-owned 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 non-clinical market [1] - The fully automated gene sequencing library preparation instrument, AISPre3200, has entered the trial production stage [1] Investment Rating - The company maintains a "Buy" rating despite the current performance challenges [1]

Core Viewpoint - The enzyme-linked immunosorbent assay (ELISA) industry in China is experiencing rapid growth, driven by government support, advancements in optical technology, and the application of nanomaterials, leading to increased sensitivity and precision in testing [1][6]. Industry Overview - ELISA is a specialized instrument for enzyme-linked immunosorbent assays, widely used in medical diagnostics, drug development, and food safety monitoring due to its efficiency, accuracy, and ease of use [3][6]. - The market for ELISA in China saw a significant increase in the first quarter of 2025, with a total of 285 units awarded, amounting to over 60 million yuan, representing a year-on-year increase of 721.9% in quantity and 519.6% in value compared to the first quarter of 2024 [1][6]. Industry Chain - The upstream of the ELISA industry includes raw materials such as metals, plastics, optical components, and electronic components, which directly affect the quality and stability of the instruments [4][5]. - The midstream involves manufacturers integrating raw materials and technology to produce ELISA products that meet market demands [4]. - The downstream applications span biochemistry, biomedicine, and environmental monitoring, with ELISA playing a crucial role in disease diagnosis and environmental pollution assessment [5]. Market Trends - The demand for ELISA is shifting towards lower-tier markets, driven by policy support and the upgrading of grassroots medical services, which is expected to become a core growth engine for the industry [12]. - Technological advancements are enhancing the performance of ELISA instruments, with a focus on increasing sensitivity, speed, and automation, including the emergence of smart ELISA devices utilizing AI and big data [13]. - Miniaturization and portability of ELISA instruments are anticipated to be significant trends, facilitating use in remote areas and field testing [14]. - Globalization and regionalization are both influencing the ELISA market, with companies expanding into international markets while also customizing products to meet local demands [15]. Competitive Landscape - The Chinese ELISA market is characterized by a fragmented competitive landscape, with numerous domestic and international manufacturers competing on quality, price, and service [6]. - Key players in the industry include Mindray Medical (300760), Antu Bio (603658), and others, which are enhancing their market share through continuous innovation and product development [1][6].

Investment Rating - The report gives a "Recommended" rating for the innovative drug sector, highlighting the potential for value reassessment as companies transition from generic to innovative products [45]. Core Insights - The innovative drug industry is expected to shift from quantity logic to quality logic, emphasizing the importance of differentiated products and internationalization of pipelines [10]. - The medical device market is experiencing a recovery in bidding volumes, particularly in imaging equipment, and is benefiting from government subsidies for home medical devices [10][50]. - The report indicates a significant decline in the retail scale of physical pharmacies, with a cumulative scale of 395.2 billion yuan from January to August 2025, down 2.2% year-on-year [16]. Market Analysis Innovative Drugs - The number of innovative products in the pipeline has increased significantly, with expectations of launching five new innovative products annually over the next three years [45]. - The revenue share from innovative products is projected to exceed 50% by 2025, indicating a successful transition to a more innovative product structure [45]. Medical Devices - The imaging equipment market is recovering, with a notable increase in procurement activities expected in late 2024 [50]. - Home medical devices are benefiting from government subsidies, which are expected to drive growth in this segment [50]. Retail Pharmacy - The retail scale of physical pharmacies has been under pressure due to policy constraints and increased competition, leading to a decline in profitability [16]. - The cumulative scale of retail pharmacies in July and August 2025 was 991 billion yuan, reflecting a 2.5% year-on-year decline [16]. Product Categories - All product categories in the pharmacy sector showed negative growth from January to August 2025, with the largest decline seen in health products, which dropped over 17% [20]. - The pharmaceutical market saw a cumulative scale of 321.7 billion yuan, down 1.2% year-on-year, with specific declines attributed to reduced demand for respiratory medications [24]. Traditional Chinese Medicine - The market for traditional Chinese medicine is experiencing a decline, with a cumulative scale of 302 billion yuan, down 4.7% year-on-year [25]. - The retail scale of traditional Chinese medicine showed signs of stabilization in August, with a slight month-on-month increase [25]. Health Products - The health product market saw a cumulative scale of 149 billion yuan, down 17.7% year-on-year, although there was a slight recovery in August [33]. Chemical Drugs - The top 20 chemical drug categories accounted for 78.0% of sales in July, with notable growth in categories such as hemostatic drugs and immunosuppressants [37][40]. - The market share for chemical drugs in August increased to 78.5%, with several categories showing positive year-on-year growth [38][40].