证券代码：603882 证券简称：金域医学 公告编号：2025-014 广州金域医学检验集团股份有限公司 关于控股股东、实际控制人部分股份质押的公告 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: ● 公司控股股东、实际控制人梁耀铭先生直接持有公司股份74,191,907股，占公司总股本的16.02%。本 次质押股份7,000,000股，占梁耀铭先生直接持有公司股份数的9.43%，占公司总股本的1.51%。 ● 本次股份质押后，公司控股股东、实际控制人梁耀铭先生及其一致行动人严婷女士、曾湛文先生以及 梁耀铭先生控制的圣域钫、鑫镘域、圣铂域及锐致累计质押38,130,000股，占其持有公司股份总数的 23.11%，占公司总股本的8.23%。 一、上市公司股份质押 广州金域医学检验集团股份有限公司（以下简称"公司"）于2025年4月3日接到公司控股股东、实际控制 人梁耀铭先生通知，获悉梁耀铭先生所持有本公司的部分股份被质押。具体事项如下： 1.本次股份质押基本情况 ■ 2025年4月4日 广州金域医学检验集团股份有 ...

证券代码：603882 证券简称：金域医学 公告编号：2025-014 广州金域医学检验集团股份有限公司 关于控股股东、实际控制人部分股份质押的公告 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: 公司控股股东、实际控制人梁耀铭先生直接持有公司股份 74,191,907 股， 占公司总股本的 16.02%。本次质押股份 7,000,000 股，占梁耀铭先生直接持有 公司股份数的 9.43%，占公司总股本的 1.51%。 本次股份质押后，公司控股股东、实际控制人梁耀铭先生及其一致行动人 严婷女士、曾湛文先生以及梁耀铭先生控制的圣域钫、鑫镘域、圣铂域及锐致 累计质押 38,130,000 股，占其持有公司股份总数的 23.11%，占公司总股本的 8.23%。 一、上市公司股份质押 广州金域医学检验集团股份有限公司（以下简称"公司"）于 2025 年 4 月 3 日接到公司控股股东、实际控制人梁耀铭先生通知，获悉梁耀铭先生所持有本公 司的部分股份被质押。具体事项如下： 2.本次质押股份不涉及被用作重大资产重组业绩补偿 ...

[Table_Page] 公司深度研究|医疗服务 证券研究报告 | [Table_Title] 金域医学（603882.SH） | | --- | 数据资产价值重估，AI 技术驱动创新应用 场景拓展 [Table_Summary] 核心观点： | 基本数据 [Table_BaseInfo] | | | --- | --- | | 总股本/流通股本（百万股） | 463.26/460.13 | | 总市值/流通市值（百万元） | 14856.69/14756.52 | | 一年内最高/最低（元） | 56.05/24.44 | | 30 日日均成交量/成交额（百万） | 13.42/479.51 | | 近 3 个月/6 个月涨跌幅（%） | 21.92/-17.83 | [Table_PicQuote] 相对市场表现 -60% -44% -28% -12% 4% 20% 04/24 05/24 07/24 09/24 11/24 01/25 03/25 金域医学 沪深300 | [分析师： Table_Author]罗佳荣 | | | --- | --- | | | SAC 执证号：S026051609000 ...

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The report highlights significant stock performance in the sector, with the pharmaceutical and biotechnology sector (SW) rising by 2.71%, outperforming the CSI 300 index, and all sub-sectors showing positive growth, particularly in medical services [3][4]. - In the U.S., Tempus AI, a representative company in medical AI, saw a weekly increase of approximately 30% and over 160% year-to-date, driving the momentum of the medical AI concept. In China, companies like KingMed Diagnostics and Dian Diagnostics announced collaborations with DeepSeek, indicating a shift towards the commercialization of AI applications in healthcare [4][3]. - The report emphasizes investment opportunities in sub-sectors such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI Genomics, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% in the week of February 10-14, ranking 5th among 31 Shenwan primary industries. The CSI 300 index increased by 1.19% during the same period [5][6]. - All sub-sectors experienced growth, with medical services leading at +6.51%, followed by medical devices at +4.81%, and pharmaceutical commerce at +4.18% [5][6]. - Notable individual stock performances included Dian Diagnostics (+46.29%), Mian Health (+31.58%), and United Imaging (+27.33%) [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - The retail terminal drug sales scale in China is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, indicating a slowdown in growth due to demographic and economic factors [8]. - The report also notes significant collaborations, such as Baiyang Pharmaceutical's agreement with Roche for the exclusive marketing rights of a targeted cancer drug in mainland China [9][11]. Industry Data Tracking - The report tracks various industry metrics, including the basic medical insurance fund income, which reached 28,507.29 billion yuan in 2024, showing a year-on-year growth of 5% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of 25,298.50 billion yuan in 2024, with profit totals declining by 1.1% year-on-year [17].

Summary of Conference Call Records Company and Industry - The conference call discusses **International Medicine**, a leading company in the **ICL (Independent Clinical Laboratory)** industry in China, focusing on its business performance, AI digital transformation, and recovery trends post-public health events [1][2][3]. Core Points and Arguments 1. **Market Concerns Addressed**: Recent market concerns regarding the company have been largely alleviated, with improvements observed in both technical and industry aspects, which are expected to empower future growth [2]. 2. **Business Recovery**: The company is experiencing a recovery in its conventional business revenue, driven by stable hospital environments and increased demand for medical testing due to seasonal illnesses [3][4]. 3. **Accounts Receivable Management**: The company is effectively recovering its accounts receivable, with an expected reduction in impairment losses for the year 2024 to between **650 million to 720 million** [4][17]. 4. **AI and Digital Transformation**: The company has launched an AI model and related smart applications, enhancing its data capabilities and product offerings, with over **1.5 billion** samples processed annually [4][18]. 5. **Industry Dynamics**: The ICL industry is undergoing consolidation, with a decrease in the number of smaller players, which is expected to strengthen the company's market position [5][16]. 6. **Revenue Growth Projections**: The company anticipates revenue growth in its medical diagnostic services, with projected revenues of **7.11 billion**, **7.39 billion**, and **7.61 billion** for 2024 to 2026, respectively [26]. 7. **Cost Management**: The company is focusing on cost control and efficiency improvements, with a projected decline in expense ratios over the next few years [28][29]. 8. **Regulatory Environment**: The ICL industry is benefiting from regulatory changes that promote the use of laboratory-developed tests, which could further accelerate growth [12][30]. Other Important but Possibly Overlooked Content 1. **Market Size and Growth Potential**: The clinical testing market in China is projected to grow from approximately **500 billion** in 2021 to nearly **900 billion** by 2026, indicating significant growth potential for the ICL sector [10]. 2. **Technological Advancements**: The company is leveraging AI to enhance diagnostic efficiency and quality, which is expected to improve patient outcomes and reduce the burden on healthcare providers [18][19]. 3. **Cold Chain Logistics**: The company has established a comprehensive cold chain logistics network, enhancing its service delivery capabilities across the country [27]. 4. **Competitive Landscape**: The competitive landscape is shifting towards larger, more efficient players, with a notable decrease in the number of ICL institutions, indicating a trend towards consolidation in the industry [16][29]. 5. **Risks**: Potential risks include policy changes, intensified competition, quality control issues, and asset loss risks, which could impact the company's operations and financial performance [30]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market dynamics, and future growth prospects.

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 43.13 RMB based on a 2025 PS of 2.5X [3]. Core Viewpoints - The company is expected to continue its digital transformation, with improving cash collection rhythms and a positive long-term growth outlook [2][3]. - The industry has significant room for penetration growth, with the leading companies likely to maintain their competitive edge [1][3]. Summary by Sections Industry Overview - The Independent Clinical Laboratory (ICL) industry in China has a penetration rate of less than 10%, significantly lower than developed countries like Japan, which has a 60% penetration rate, indicating substantial growth potential [7][19]. - The industry is currently in an accelerated development phase, with a trend towards consolidation as smaller players exit the market due to declining demand for specific tests [38][41]. Policy Environment - The implementation of hierarchical diagnosis and treatment, along with medical insurance payment reforms, is driving the growth of the ICL industry [20][23]. - The LDT (Laboratory Developed Tests) pilot programs are being rolled out, allowing for innovation in testing methods and expanding the market for ICL services [26][29]. Company Overview - The company, established in 2003, focuses on third-party medical testing and has a nationwide laboratory network covering 90% of the population [30]. - The company operates 49 self-built laboratories and over 750 cooperative laboratories, making it a market leader in terms of scale and service coverage [30][31]. Financial Performance - The company’s revenue for 2024-2026 is projected to be 76.72 billion, 79.87 billion, and 82.39 billion RMB, respectively, with expected net profits of -3.52 billion, 1.47 billion, and 5.14 billion RMB [3][6]. - The company has experienced a compound annual growth rate (CAGR) of 32.1% in revenue and 54.6% in net profit from 2012 to 2021, although it anticipates a loss in 2024 due to high fixed costs and extended receivables collection periods [31][32]. Digital Transformation - The company is advancing its digital transformation to reduce operational costs, enhance service efficiency, and improve customer experience [48][50]. - The introduction of AI models and digital platforms aims to streamline processes and provide better support for healthcare professionals [49][50].

Summary of Jin Domain Medical Conference Call Company Overview - Jin Domain Medical is a pioneer in China's third-party medical testing industry, established for 30 years, focusing on both core medical testing and the accumulation of professional data from frontline operations [2][4]. Key Achievements and Developments - **Digital Transformation**: Initiated in 2020 due to the COVID-19 pandemic, focusing on technology and data infrastructure, business digitization, and the development of digital business [2]. - **Data Management**: Successfully standardized and structured data management from 23,000 hospitals, laying the groundwork for future AI applications and data products [2]. - **AI Integration**: Since 2014, the company has invested in AI-assisted diagnosis, notably collaborating with Huawei to launch an AI-assisted cervical cancer screening application, improving pathologist efficiency by four times [2][4]. - **Large Model Technology**: Began research in 2019, developing the "Red Leaf Model" and its application "Encounter One Yuan," with a service platform for clinical doctors registering 520,000 users [2][6]. - **Data Volume**: Holds over 24PB of data, with an annual increase of approximately 1PB, covering a wide population and over 4,000 testing items, ensuring high medical value [2][7]. Industry Position and Recognition - **Regulatory Approval**: The only company in the third-party medical testing field to receive algorithm registration from the Central Cyberspace Administration of China, demonstrating algorithm capability and data quality [2][9]. - **Competition and Market Penetration**: Current market penetration is about 10%, significantly lower than in Europe and the US, indicating substantial growth potential [15]. Future Directions - **Continued AI Development**: Plans to deepen research in large model technology, integrating advanced reasoning capabilities like GPT-4 to enhance medical reasoning in complex scenarios [11]. - **Digital Solutions**: Aiming to launch a new generation of digital empowerment solutions for medical communities in 2025, furthering digital transformation efforts [15]. - **Data Trading**: The company has launched data products in a data exchange, targeting pharmaceutical companies, insurance firms, and public health institutions, with a projected market size in the hundreds of billions [22]. Challenges and Responses - **Data Completeness Concerns**: The company assures that its data quality and completeness are among the best in the industry, addressing concerns about training data integrity and clinical decision-making support [10][24]. - **AI Assistant Demand**: Recognizes high demand for AI assistants among grassroots clinical doctors, focusing on developing intelligent solutions tailored to their needs [18]. Revenue Generation - **AI and Digital Tools**: Revenue streams include cost reduction and efficiency improvements, direct sales from COVID-19 screening systems, and empowering upstream and downstream manufacturers with AI capabilities [15][21]. Conclusion - Jin Domain Medical is positioned as a leader in the third-party medical testing industry, leveraging advanced technology and data management to enhance medical services and efficiency, while actively pursuing growth opportunities in AI and digital solutions.

证券代码：603882 证券简称：金域医学 公告编号：2025-013 广州金域医学检验集团股份有限公司 2024 年前三季度 权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.88 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/2/20 | － | 2025/2/21 | 2025/2/21 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利润分配方案经广州金域医学检验集团股份有限公司（以下简称"公司"） 2025 年 2 月 7 日的 2025 年第一次临时股东会审议通过。 二、分配方案 1.发放年度：2024 年前三季度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： ...

Summary of Jin Domain Medical Conference Call Company Overview - **Company**: Jin Domain Medical - **Industry**: Medical Diagnostics and AI Integration Key Points and Arguments AI Development and Applications - Jin Domain Medical began exploring AI in 2014 with the "Xiao Jin" model for pathology diagnosis, and in 2023, established a large model project team to enhance AI capabilities [3][4] - The company launched the industry large model "Yujian Yiyan" and the smart application "Xiao Yuyi" in 2024, achieving full-scene intelligence in medical testing services, including experience sharing, report interpretation, project recommendations, and clinical decision support [3][4] - Jin Domain Medical has accumulated 24 petabytes (P) of medical testing data, adding 1P annually, covering 90% of China's population and serving 23,000 hospitals with over 4,000 testing projects, providing a robust data foundation for AI product development [3][5] Data and Compliance - The company received a license from the Guangdong Provincial Department of Science and Technology for an "Open Innovation Platform for AI in Medical Testing and Pathology Diagnosis," allowing for data resource accumulation and ecosystem expansion [6] - Jin Domain Medical emphasizes high-quality data characterized by large volume, wide coverage, and high standardization, adhering strictly to national personal information protection regulations [12] Model Performance and Validation - The integration of the DeepSeek model has significantly improved capabilities in complex scenarios, enhancing logical clarity and interpretability of reasoning processes, although issues with information completeness and hallucination remain [10][24] - The company has validated the model's performance through functional facilities and scenario testing, showing improvements in accuracy and reasoning capabilities [10] Economic Impact and Business Model - Jin Domain Medical's economic returns stem from three main paths: enhancing laboratory efficiency through AI, providing policy services to doctors, and direct monetization of digital products [21] - AI cervical cancer detection has doubled the efficiency of pathologists, increasing sample processing from 10 million to 20 million, while overall efficiency improved fourfold [21] Future Directions and Challenges - The company aims to develop high-quality early screening products by analyzing the relationship between genes and diseases, leveraging AI to enhance the clinical relevance of genetic testing results [26][27] - Jin Domain Medical anticipates the emergence of significant new products that will transform existing diagnostic methods, driven by technological advancements and big data applications [28] Data Utilization and Market Position - Jin Domain Medical's data is not publicly available but is used within alliances of doctors, ensuring compliance and security in data handling [16][17] - The company differentiates itself from other medical software providers by owning the data generated through its testing services, allowing for unique data processing capabilities [17] Conclusion - Jin Domain Medical is at the forefront of integrating AI into medical diagnostics, with a strong focus on data quality, compliance, and innovative applications that enhance efficiency and clinical decision-making, positioning itself for future growth in the evolving healthcare landscape.

股票交易风险提示性公告 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: 公司股票交易连续于 2025 年 2 月 5 日、2 月 6 日、2 月 7 日三个交易日 内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关 规定，属于股票交易异常波动情形。公司已于 2025 年 2 月 8 日披露了《广州金 域医学检验集团股份有限公司股票交易异常波动公告》（公告编号：2025-011）。 2025 年 2 月 10 日，公司股票再次涨停，近期公司股票价格波动较大。 经财务部门初步测算，预计公司 2024 年度利润将出现亏损。 公司目前生产经营情况正常，主营业务未发生重大变化，市场环境或行 业政策没有发生重大调整。 敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 广州金域医学检验集团股份有限公司（以下简称"公司"）股票交易于2025 年2月5日、2月6日、2月7日连续三个交易日内收盘价格涨幅偏离值累计超过20%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形，公 司 ...