广州金域医学检验集团股份有限公司2025 年第一季度报告 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 证券代码：603882 证券简称：金域医学 广州金域医学检验集团股份有限公司 2025 年第一季度报告 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。 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年 | | --- | --- | --- | --- | | | | | 同期增减变动幅 | 1 / 19 广州金域医学检验集团股份有限公司2025 年第一季度报告 | | | | 度(%) | | --- | --- | --- | --- | | 营业收入 | 1,466,504,70 ...

Product Innovation and Development - In 2024, the company achieved significant results in product innovation and service enhancement, focusing on high-sensitivity testing products and integrated solutions for complex diseases [3]. - The company launched the first large model in the medical testing industry, "Yujian Yiyan," and successfully integrated it with DEEPSEEK, showcasing advancements in AI technology application [4]. - The company launched several innovative products, including a high-sensitivity detection product for colorectal cancer and a PNH clone detection scheme with a sensitivity of 99.9% [47]. - The company developed a cost-effective early screening project for Alzheimer's disease, targeting a larger elderly population [47]. - The company has developed over 90 types of medical testing and AI technologies, enhancing the sensitivity of autoimmune brain antibody detection from 78% to 95% [84]. - The company achieved a 2.94% year-on-year increase in specimen testing volume, maintaining a leading market share [75]. - The company has established a product system covering "full lifecycle, all disease areas, and all diagnosis and treatment processes" [85]. Financial Performance - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth [22]. - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in the last quarter [20]. - The company achieved a revenue of ¥7,189,544,739.91, a decrease of 15.81% year-on-year, and a net profit attributable to shareholders of -¥381,241,138.69, a decrease of 159.26% year-on-year [91]. - The company provided a future outlook with a revenue guidance of 1.5 billion RMB for the next quarter, representing a 25% increase [20]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users [142]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of 20% to 1.8 billion yuan [140]. Market Expansion and Strategy - The company is expanding its market presence with plans to open 10 new laboratories across major cities in China by the end of the year [20]. - Market expansion plans include entering three new countries by the end of the fiscal year, targeting a 15% increase in international sales [23]. - The company is actively pursuing digital transformation to build a "Medical Testing 4.0" system, focusing on data-driven new productivity [61]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million earmarked for potential deals [137]. - The company is exploring new business models through data monetization and predictive disease modeling, aiming to create new value points in the industry [117]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 15% through efficiency improvements in logistics and supply chain management [20]. - The company achieved a gross margin of 60%, an increase from 55% in the previous quarter, indicating improved operational efficiency [22]. - The company is focused on enhancing its governance framework, as shown by the revisions to its articles of association and meeting rules [132]. - The company plans to enhance operational efficiency through a centralized management system and advanced tools, aiming for automated and intelligent production [120]. - The company has set a goal to improve operational efficiency, targeting a 10% reduction in costs by the end of the fiscal year [137]. Customer Engagement and Satisfaction - The registered users of the one-stop customer service platform KMC exceeded 570,000, indicating strong user engagement and service adoption [4]. - Customer satisfaction ratings improved to 90%, reflecting the effectiveness of new service strategies implemented [21]. - The company upgraded its customer service system, focusing on standardization, differentiation, and intelligent capabilities to enhance service efficiency and quality [49]. Research and Development - Investment in R&D increased by 30%, focusing on innovative testing technologies and services [21]. - The company is investing $50 million in R&D for new technologies aimed at enhancing diagnostic capabilities [22]. - The company has a data platform managing over 23 PB of medical big data, with a growth rate of 1 PB per year, providing a competitive advantage in data service [87]. - The company has established a high-quality talent pool through various training programs, adding 1,190 new courses in 2024, including 1,005 online courses [90]. Corporate Governance and Shareholder Engagement - The company held three shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority investors [128]. - The board of directors convened nine meetings to review major company matters, enhancing governance and decision-making processes [128]. - The company approved several resolutions in its annual general meeting, including financial reports and profit distribution plans for 2023 [131]. - The company has undergone changes in its board and management structure, with new appointments effective from September 27, 2024, indicating a strategic refresh [135]. Social Responsibility and Public Welfare - The company has engaged in public welfare activities across over 20 provinces, benefiting approximately 10,000 individuals through cancer early screening initiatives [5]. - The company invested a total of CNY 28.72 million in social responsibility projects, including CNY 20.64 million in cash donations and CNY 8.07 million in material support [193]. - The company constructed 182 medical laboratories across 140 poverty-stricken counties, investing 11.6681 million yuan to enhance local medical testing and pathology services [195]. - The company actively participated in initiatives like "Thousand Enterprises Helping Thousand Towns" and "Guangzhou Private Enterprises Supporting Rural Revitalization" in key areas of Guizhou Province [196].

证券代码：603882 证券简称：金域医学公告编号：2025-016 广州金域医学检验集团股份有限公司 二、董事会会议审议情况 广州金域医学检验集团股份有限公司董事会 出席本次会议的全体董事对本次会议的议案进行了认真审议，并以记名投票表决方式通过以下决议： （一）审议通过《广州金域医学检验集团股份有限公司市值管理制度》 经审议，为加强公司市值管理工作，进一步规范公司市值管理行为，维护公司、投资者及其他利益相关 者的合法权益，董事会同意公司依据《中华人民共和国公司法》、《中华人民共和国证券法》、《上海 证券交易所股票上市规则》、《上市公司监管指引第10号一一市值管理》及其他法律、法规及规范性文 件的规定，制定《广州金域医学检验集团股份有限公司市值管理制度》。 表决结果：9 票同意，占公司全体董事人数的100%，0票反对，0票弃权。 特此公告。 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 广州金域医学检验集团股份有限公司（以下简称"公司"）第四届董事会第五次会议于2025 ...

证券代码：603882 证券简称：金域医学 公告编号：2025-016 （一）审议通过《广州金域医学检验集团股份有限公司市值管理制度》 经审议，为加强公司市值管理工作，进一步规范公司市值管理行为，维护公 司、投资者及其他利益相关者的合法权益，董事会同意公司依据《中华人民共和 国公司法》、《中华人民共和国证券法》、《上海证券交易所股票上市规则》、《上市 公司监管指引第 10 号——市值管理》及其他法律、法规及规范性文件的规定， 制定《广州金域医学检验集团股份有限公司市值管理制度》。 表决结果：9 票同意，占公司全体董事人数的 100%，0 票反对，0 票弃权。 广州金域医学检验集团股份有限公司 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 广州金域医学检验集团股份有限公司（以下简称"公司"）第四届董事会第 五次会议于 2025 年 4 月 17 日以通讯方式召开，会议通知已于 2025 年 4 月 10 日以电子形式发出。会议由董事长梁耀铭先生主持，本次会议应出席董事 9 ...

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%。本次解除质押股份 6,550,000 股，占梁耀铭先生 直接持有公司股份数的 8.83%，占公司总股本的 1.41%。 本次股份解除质押后，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 31,580,000 股，占其持有公司股份总数的 19.14%，占公司总股本 的 6.82%。 一、上市公司股份解除质押 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 8 日接到公司控股股东、实际控制人梁耀铭先生通知，获悉其质押给中信证券股份 有限公司的部分公司股份已办理解除质押手续，具体事项如下： | 股东名称 | 梁耀铭 | | --- | --- | | 本次解除质押股份（股） | 6,550,000 | | 占其所持股份比例 | 8.83% | | 占公司总股本比例 | 1.41% | | 解除质押时间 | 2025 年 4 月 7 日 | | 持股数量（股） | 74,191,90 ...

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 ...

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].