Core Insights - AI technology has the potential to transform traditional gene testing diagnostic processes [1] - The collaboration between KingMed Diagnostics, Tencent, and Guangzhou Medical University aims to develop a multi-modal AI model for accurate and accessible gene mutation predictions for cancer patients [2][5] Group 1: Traditional Gene Testing Challenges - Traditional tumor gene testing is expensive, with costs ranging from 15,000 to 20,000 yuan, making it unaffordable for many patients [4] - The waiting time for traditional gene testing can take 7 to 14 days, during which patients' conditions may deteriorate, delaying treatment and reducing survival rates [4] - There is a lack of gene testing capabilities in most hospitals outside of top-tier institutions, limiting access for patients [4] Group 2: AI Model Development and Validation - The AI model "DeepGEM" has been developed to predict lung cancer gene mutations using routine tissue pathology images, achieving a prediction accuracy of 78% to 99% within one minute [5] - A larger-scale validation of the DeepGEM model is planned for 2025 in collaboration with KingMed Diagnostics [5] - The partnership aims to expand the model's application in lung cancer gene identification and explore its capabilities in other cancer types [5] Group 3: Future Directions and Goals - KingMed Diagnostics emphasizes the importance of AI in transforming traditional diagnostic processes, providing timely guidance for urgent cases and affordable diagnostic pathways for patients without access to expensive testing [6] - The collaboration aims to create a new paradigm in smart medical testing, with aspirations to extend beyond cancer diagnostics to rare and complex diseases [6]

Core Insights - The collaboration between Kingmed Medical, Tencent, and Guangzhou Medical University First Affiliated Hospital aims to develop the AI model DeepGEM for predicting gene mutations in cancer patients using routine pathological images [1][5][6] - DeepGEM has demonstrated a high accuracy rate of 78% to 99% in predicting common lung cancer driver gene mutations, significantly improving the efficiency and accessibility of genetic diagnostics [2][4] Group 1: Development and Technology - DeepGEM is developed by a collaboration between Guangzhou Medical University First Affiliated Hospital, Guangzhou Respiratory Health Research Institute, and Tencent, marking a significant advancement from traditional pathology to genetic insights [1][3] - The model utilizes innovative techniques such as Multiple Instance Learning (MIL) and an end-to-end architecture that enhances prediction accuracy without the need for manual tumor region annotation [3][4] Group 2: Clinical Application and Validation - Kingmed Medical is providing a large-scale dataset for validating DeepGEM, with over 15,000 NGS tests conducted annually and a sample size of 4,260 lung cancer patients across various medical institutions [4][5] - The model has reached clinical auxiliary diagnostic levels for identifying mutations in genes like EGFR, KRAS, and ALK, showcasing its robustness and compatibility for clinical use [4][6] Group 3: Future Prospects and Expansion - The partnership aims to expand the application of DeepGEM beyond lung cancer to other cancer types, integrating various omics data for a comprehensive diagnostic approach [5][6] - The collaboration is seen as a milestone in the exploration of AI-driven pathology-genetics models, with aspirations to enhance the efficiency of clinical research and diagnostics in both cancer and rare diseases [6]

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [2][24]. Core Viewpoints - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, declining by 0.23% from September 26, 2025, to October 9, 2025, lagging behind the index by approximately 2.76 percentage points [9][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors showing gains of 1.99% and 0.55%, respectively, while the raw materials and chemical preparations sectors fell by 2.23% and 1.73% [10][24]. - Approximately 54% of stocks in the industry achieved positive returns, with the top performer, Zhendemedical, increasing by 21.43%, while the largest decline was seen in Guangshentang, which fell by 21.86% [11][14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.04 times as of October 9, 2025, indicating a decrease in industry valuation [15][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.23% from September 26, 2025, to October 9, 2025 [9]. - Most sub-sectors recorded negative returns, with medical research outsourcing and in vitro diagnostics performing better than others [10]. - About 54% of stocks in the industry recorded positive returns, with significant variations in individual stock performance [11]. 2. Industry News - The 11th batch of national procurement will begin accepting applications on October 21, 2025, with 55 major varieties included [22]. - The National Medical Products Administration issued guidelines for the quality management of medical device online sales [20][21]. 3. Company Announcements - Zhejiang Haizheng Pharmaceutical announced that its product achieved Self-GRAS certification in the U.S., allowing it to enter the U.S. market [23]. 4. Weekly Industry Perspective - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and pharmaceutical commerce [24][26].

Investment Rating - The investment rating for the aviation industry is "Overweight" [2]. Core Insights - The domestic aviation market has shown strong performance during the National Day holiday, with passenger transport volume averaging approximately 2.15 million people per day, a year-on-year increase of 31% compared to 2019 and 4% compared to 2024 [1]. - The average ticket price (including fuel) has increased by 7% compared to 2019 and 3% compared to 2024, indicating a positive trend in pricing despite some regional weather disruptions [1]. - The industry is expected to enter a "golden era" over the next 5-10 years, driven by supply chain improvements and increasing demand, with major airlines likely to continue reporting strong earnings [1]. Summary by Sections Passenger Transport Data - Daily average domestic passenger transport volume: 2.15 million, +31% YoY vs. 2019, +4% YoY vs. 2024 [1]. - Daily average domestic flight volume: 14,500 flights, +19% YoY vs. 2019, +2% YoY vs. 2024 [1]. - International passenger transport volume: 380,000, -13% YoY vs. 2019, +11% YoY vs. 2024 [1]. Market Perception - There are misconceptions regarding the recovery of Boeing and Airbus production capacity, which may not reverse the aging trend of aircraft [1]. - Current low domestic ticket prices do not necessarily correlate with poor airline profitability, as many airlines have seen international market recovery exceeding pre-pandemic levels [1]. Future Outlook - The aviation industry is expected to experience significant improvements in profitability, with a shift from losses to profitability anticipated in the coming years [1]. - The supply chain issues leading to aircraft shortages are projected to persist for 5-10 years, creating a favorable environment for airlines [1]. Investment Recommendations - Continued focus on the aviation sector is recommended, with specific attention to airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines, among others [1][2].

Group 1 - The core point of the news is that Kingmed Diagnostics has experienced a significant decline in stock price, dropping 5.02% on September 23, with a total market value of 13.32 billion yuan and a cumulative decline of 7.15% over six consecutive days [1] - Kingmed Diagnostics, established on May 26, 2006, and listed on September 8, 2017, provides a wide range of medical testing services to over 23,000 medical institutions across China, including nearly 80 types of testing technologies and approximately 3,200 testing projects [1] - The company's main business revenue composition includes: medical diagnostic services at 91.20%, sales of diagnostics at 6.45%, other services at 1.47%, cold chain logistics at 0.62%, and health check-up services at 0.27% [1] Group 2 - From the perspective of fund holdings, one fund under Chuangjin Hexin has a significant position in Kingmed Diagnostics, with 311,000 shares held, accounting for 4.5% of the fund's net value, ranking as the eighth largest holding [2] - The fund has incurred a floating loss of approximately 472,700 yuan today and a total floating loss of 724,600 yuan during the six-day decline [2] - The Chuangjin Hexin Medical Consumption Stock A fund, established on December 3, 2020, has a current scale of 173 million yuan, with a year-to-date return of 3.63% and a one-year return of 17.93% [2]

Core Viewpoint - Kingmed Diagnostics has experienced a continuous decline in stock price, with a total drop of 7.11% over the past six days, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Company Overview - Kingmed Diagnostics, established on May 26, 2006, and listed on September 8, 2017, is located in Guangzhou, Guangdong Province. The company provides a wide range of diagnostic services to over 23,000 medical institutions across China, offering nearly 80 types of testing technologies and approximately 3,200 testing projects [1]. - The main revenue composition of Kingmed Diagnostics includes: 91.20% from medical diagnostic services, 6.45% from sales of diagnostics, 1.47% from other services, 0.62% from cold chain logistics, and 0.27% from health check-up services [1]. Shareholder Insights - Among the top shareholders of Kingmed Diagnostics, Huabao Fund's Huabao CSI Medical ETF (512170) reduced its holdings by 84,000 shares in the second quarter, now holding 9.13 million shares, which accounts for 1.98% of the circulating shares. The estimated floating loss today is approximately 3.74 million yuan, with a total floating loss of 21.18 million yuan during the six-day decline [2]. - The Huabao CSI Medical ETF was established on May 20, 2019, with a current scale of 26.15 billion yuan. Year-to-date returns are 18.89%, ranking 2640 out of 4222 in its category, while the one-year return is 42.38%, ranking 2435 out of 3813 [2].

Core Viewpoint - The company will hold an online performance briefing on September 19, 2025, to discuss its half-year results and address investor questions [2][3][4]. Group 1: Meeting Details - The performance briefing is scheduled for September 19, 2025, from 15:30 to 17:00 [4]. - The meeting will take place on the "Panorama Roadshow" website [4]. - The format of the meeting will be an interactive text-based online session [3][5]. Group 2: Participation Information - Investors can participate in the interactive session on the "Panorama Roadshow" website during the specified time [5]. - Questions can be submitted via email to the company's securities affairs department by September 18, 2025, at 12:00 [5][6]. - The company will provide unified responses to commonly asked questions during the performance briefing [2][5]. Group 3: Contact Information - The contact department for inquiries is the Securities Affairs Department [6]. - The contact phone number is 020-29196326 [6]. - The email for question submissions is sid@kingmed.com.cn [7].

证券代码：603882 证券简称：金域医学 公告编号：2025-040 本次业绩说明会以网络文字互动方式召开，公司将针对 2025 年半年度经营 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进行回答。 1 会议召开时间：2025 年 9 月 19 日（星期五）15:30-17:00 会议召开地点："全景路演"网站（http://rs.p5w.net） 会议召开方式：网络文字互动 广州金域医学检验集团股份有限公司 关于参加 2025 年广东辖区上市公司投资者网上集体 接待日暨召开 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： 问题征集方式：投资者可于 2025 年 9 月 18 日中午 12:00 前将相关问题 通过电子邮件的形式发送至公司证券事务部邮箱：sid@kingmed.com.cn。本 公司将在业绩说明会上对投资者普遍关注的问题进行统一回答。 广州金域医学检验集团股份有限公司（以下简称"公司"）已于 2025 年 ...

Group 1 - The "Data Element ×" competition in Guangdong focuses on the innovative application of data in financial services and healthcare, with 63 projects competing in the finals [1][2] - The healthcare track featured 33 teams presenting solutions to address issues such as the uneven distribution of quality medical resources, enhancing service convenience, health monitoring, and personalized treatment [1][3] - The competition aims to explore the integration of data and healthcare, promoting digital transformation and high-quality development in the industry [1][6] Group 2 - The Guangdong Provincial Government and various health committees are guiding and hosting the competition, emphasizing the importance of data application in healthcare [2][5] - Notable projects include a comprehensive data platform for elderly care by Guangdong Provincial People's Hospital and a chest pain treatment system by Guangzhou Development Zone Hospital, showcasing innovative data-driven solutions [3][4] - The competition reflects Guangzhou's strong foundation in healthcare and data innovation, with plans to develop a 300 billion industry cluster in biomedicine and health over the next five years [7][8] Group 3 - The event is designed not only as a competition but also as a sustainable ecosystem for long-term development in the healthcare sector [8] - The Science City Digital Technology Group is facilitating the competition, aiming to enhance the value of data in healthcare through expert guidance and investment in AI infrastructure [8] - Guangzhou's market reforms in data elements are seen as a model for reducing compliance costs and stimulating innovation in the healthcare industry [7][8]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - ANGPTL3 has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the diverse drug forms targeting ANGPTL3, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively investing in this area, indicating a potential for multi-target and multi-drug combinations in the future [3][16]. Summary by Sections Market Performance - The overall A-share market fell by 1.17%, with the Shanghai and Shenzhen 300 index down by 0.81%. The biotechnology sector, however, rose by 1.40%, indicating strong performance relative to the broader market [1][32]. - Specific segments within the pharmaceutical sector showed varied performance, with chemical pharmaceuticals up by 3.92% and medical services up by 1.69%, while medical devices and traditional Chinese medicine saw declines [1][32]. ANGPTL3 Developments - A collaboration between Argo Biopharma and Novartis was announced, focusing on RNA drugs for cardiovascular diseases, with a total potential payment of $5.2 billion, including a $160 million upfront payment [2][11]. - ANGPTL3's mechanism allows for significant reductions in LDL-C levels in patients with HoFH, outperforming traditional treatments like PCSK9 inhibitors [3][31]. Company Earnings Forecasts and Ratings - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, have been rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion yuan [4][41]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for the sector as a whole [4][41]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 40.75x, significantly higher than the overall A-share market's 19.80x [37][38]. - Sub-sectors such as chemical pharmaceuticals and biological products have even higher valuations, indicating strong investor interest and growth potential [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical for its strong market position and international expansion, WuXi AppTec for its comprehensive drug development services, and Aier Eye Hospital for its leading position in the eye care sector [41][42].