Investment Rating - The report initiates coverage on Hotgen Biotech (688068 SH) with an "Overweight" rating [2] Core Views - Hotgen Biotech's IVD business is steadily growing, with its chemiluminescence business entering a rapid expansion phase The company's core business has maintained stable growth, with a CAGR of 18% for conventional business revenue from 2019 to 2023 [2] - The company has built eight technology platforms, including bio-active raw material R&D, sugar capture, magnetic particle chemiluminescence, up-conversion luminescence, colloidal gold immunochromatography, enzyme-linked immunosorbent assay, molecular diagnostics, and instrument R&D, continuously deepening its IVDT business [2] - The chemiluminescence platform has entered a rapid expansion phase, with revenue increasing by 45% in 2023 The company's employee stock ownership plan for 2024-2026 sets a revenue CAGR growth target of 20% or higher [2] Business Development - Hotgen Biotech has a strong R&D focus, with a 24 3% R&D expense ratio in 2023 Many core technical personnel come from military research institutes [3] - The company has established multi-omics diagnostic technology platforms, including protein marker sugar chain exosomes and DNA methylation, and has entered the drug R&D field through three subsidiaries: Yaojing Gene, Shunjing Pharma, and Yujing Pharma [3] - Shunjing Pharma's FIC product, SGC001, has entered dual reporting in China and the US SGC001 is a monoclonal antibody targeting S100A8/A9, indicated for acute myocardial infarction (AMI), and is the first FIC drug globally [3] Financial Projections - The company is expected to achieve revenues of 545/655/784 million yuan in 2024-2026, with net profits attributable to the parent company of 3/55/94 million yuan The corresponding PE valuations for 2024-2026 are 1444/74/43 times [4] - The company's non-COVID business is expected to grow steadily, and the innovation drug pipeline of its subsidiaries is progressing, supporting the "Overweight" rating [4] Industry and Market Analysis - Hotgen Biotech's products cover a wide range of clinical fields, including inflammation, infection, cardiovascular diseases, bone metabolism, thyroid function, diabetes, hypertension, hepatitis, liver cancer, tumors, kidney injury, and gastric function, widely used in hospitals, community health service stations, and third-party testing centers [50] - The company has a comprehensive product portfolio in the clinical reagent sector, with 13 approved cytokine detection reagents, maintaining a leading position in the cytokine detection field [54] - The company's public safety detection reagents cover biosecurity, foodborne pathogens, fungal toxins, and infectious diseases, widely used in disease control centers, public security, firefighting, military, and food safety monitoring [55] Innovation and R&D - Hotgen Biotech has established multiple advanced technology platforms, including phage display antibody preparation, sugar capture, magnetic particle chemiluminescence, and up-conversion luminescence, through years of development and collaboration with research institutions [69] - The company's GlyExo-Capture® technology, used for the extraction of glycosylated extracellular vesicles, has shown significant potential in early cancer diagnosis and screening, particularly in liver cancer [71] - The company continues to promote the "Chinese Liver Health Project," improving liver disease diagnosis and treatment levels through innovative products like the C-GALAD II liver cancer risk prediction model [77] Drug Development - Shunjing Pharma, a subsidiary of Hotgen Biotech, focuses on innovative drug R&D, with SGC001, a first-in-class drug for AMI, entering clinical trials in both China and the US [81] - SGC001 has shown promising preclinical data, significantly reducing mortality, myocardial infarction area, and improving heart function in animal models [90] - The drug has received IND approval from the US FDA and clinical trial approval from China's NMPA, with Phase II trials expected to begin in 2025 [92]

证券代码：688068 证券简称：热景生物 公告编号：2024-078 北京热景生物技术股份有限公司 关于公司及子公司近期获得资质情况的自愿披露 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、准确性和完整性依法承担法律责任。 序号 产品名称 注册证号 类别 发证日期 有效期至 发证机构 1 25-羟基维生素 D 测定试 剂盒（磁微粒化学发光免 疫分析法） 京械注准 20242400630 II 2024/11/11 2029/11/10 北京市药品监督 管理局 2 细胞外囊泡分离提取仪 京兴械备 20240338 I 2024/11/14 长期 北京市大兴区市场 监督管理局 （二）获得境外认证情况 | | 疟疾 Pf/Pv 抗原检测 | Teste Rápido de | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 3 | | Antígeno PF/PV | 81285200018 | IV 类 | 2024/11/11 | 2034/11/11 | 巴西 | | | ...

Group 1 - The closing price of Hotgen Biotech (688068) on November 20 was 50.74 yuan, reaching the daily limit up with a trading volume of 7.14 billion yuan and a turnover rate of 16.44% [1] - The stock was listed on the trading board due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction of 2.39 billion yuan, with a net buying amount of 6.78 million yuan [2] Group 2 - The buying transaction amounted to 123 million yuan, while the selling transaction was 116 million yuan [2] - The stock experienced a price fluctuation of 20.24% throughout the trading day [1]

证券代码：688068 证券简称：热景生物 公告编号：2024-077 北京热景生物技术股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 北京热景生物技术股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日召开了第三届董事会第二十四次会议，审议通过了《关于以集中竞价交易方式 回购股份方案的公告》。具体内容详见公司于 2024 年 11 月 15 日在上海证券交 易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份方案的 公告》（公告编号：2024-073）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相 关规定，现将公司董事会公告回购股份决议的前一个交易日（即 2024 年 11 月 14 日）登记在册的前十名股东和前十名无限售条件股东的名称、持股数量和持 股比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 占总股本比例（%） | | --- | --- | --- | --- | | 1 | 林长青 | 21,682,487 | 23.45 | | 2 | 周锌 | 6,806,629 | 7. ...

证券代码：688068 证券简称：热景生物 公告编号：2024-076 北京热景生物技术股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 相关股东是否存在减持计划：截至本公告披露日，公司控股股东、实际控制人、 董事、监事、高级管理人员、持股 5%以上股东在本回购方案实施期间暂不存在减 持公司股票的计划。未来若有股份减持计划，公司将严格遵守相关法律法规，履行 信息披露义务。 ● 相关风险提示： 1、本次回购股份存在回购期限内公司股票价格持续超出回购方案披露的价格 上限，导致回购方案无法顺利实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影响， 致使本次回购股份所需资金未能筹措到位，可能存在回购方案无法实施或者部分 实施的风险； 3、若发生对公司股票交易价格产生重大影响的重大事项，或公司生产经营、 ● 回购股份金额：回购资金总额不低于人民币 5,800 万元（含），不超过人民币 10,000 万元（含）。 ● 回购股份资金 ...

证券代码：688068 证券简称：热景生物 公告编号：2024-075 北京热景生物技术股份有限公司 股票交易异常波动公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 北京热景生物技术股份有限公司（以下简称"公司"）股票于 2024 年 11 月 15 日、2024 年 11 月 18 日、2024 年 11 月 19 日连续三个交易日内日收盘价格 涨幅偏离值累计超过 30%，根据《上海证券交易所交易规则》《上海证券交易所 科创板股票异常交易实时监控细则》（以下简称"《实时监控细则》"）的有关规定， 属于股票交易异常波动情形。 经公司自查并书面询证公司控股股东及实际控制人，截至本公告披露日， 公司不存在应披露而未披露的重大事项。 公司特别提醒广大投资者，注意投资风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2024 年 11 月 15 日、2024 年 11 月 18 日、2024 年 11 月 19 日连 续三个交易日内日收盘价格涨幅偏离值累计超过 30%。根据《上海证券交易 ...

证券代码：688068 证券简称：热景生物 公告编号：2024-073 北京热景生物技术股份有限公司 关于以集中竞价交易方式回购股份方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 1、本次回购股份存在回购期限内公司股票价格持续超出回购方案披露的价格 上限，导致回购方案无法顺利实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影响， 致使本次回购股份所需公司自有资金和/或股票回购专项贷款未能筹措到位，可能 存在回购方案无法实施或者部分实施的风险； 3、若发生对公司股票交易价格产生重大影响的重大事项，或公司生产经营、 财务情况、外部客观情况发生重大变化，或其他导致董事会终止本次回购方案的事 项发生，则存在回购方案无法顺利实施或者根据相关规定变更或终止本次回购方 案的风险； 4、本次回购拟用于维护公司价值及股东权益的股份，将在披露回购实施结果 暨股份变动公告 12 个月后采用集中竞价交易方式出售，并在披露回购实施结果暨 股份变动公告后 3 年内完成出售，公司如未能在规定期限 ...

北京热景生物技术股份有限公司 第三届董事会第二十四次会议决议公告 证券代码：688068 证券简称：热景生物 公告编号：2024-074 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 北京热景生物技术股份有限公司（以下简称"公司"）第三届董事会第二十 四次会议于 2024 年 11 月 14 日以现场和通讯相结合的方式在公司三层会议室召 开。本次会议由董事长林长青先生主持，会议应到董事 7 人，实到董事 7 人，公 司监事及高级管理人员列席本次董事会会议。本次会议的召集和召开符合《中华 人民共和国公司法》《上海证券交易所科创板股票上市规则》等相关法律法规、 规范性文件及《北京热景生物技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 二、董事会会议审议情况 1、审议通过《关于以集中竞价交易方式回购股份方案的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《北 京热景生物技术股份有限公司关于以集中竞价交易方式回购股份方案的公告》 （公告编号：202 ...

Group 1: Company Overview and Mission - The company focuses on developing biotechnology to benefit human health, with a mission centered around innovative biological technology for early disease screening, diagnosis, and treatment solutions [1] - The main products include in vitro diagnostic reagents and instruments, with a strategic emphasis on biopharmaceuticals through incubation and equity participation [1] Group 2: Financial Performance - In the third quarter, the company achieved a revenue of CNY 282.92 million, representing a year-on-year growth of 37.48% [1] - The net profit attributable to shareholders for the same period was CNY 1.37 million, showing a significant increase of 109.31% compared to the previous year [1] Group 3: Product Applications - The company's products are widely used in the detection of diseases such as hepatitis, liver cancer, cardiovascular diseases, diabetes, and tumors, with successful promotion in primary healthcare markets [1] - The innovative products, including AFP-L3% and DCP, have been applied in major hospitals across the country [1] Group 4: Shareholder Engagement and Value Management - The company has implemented a share repurchase plan for 2024, utilizing its own funds to buy back A-shares, with a total expenditure of CNY 258 million for repurchasing 575.45 million shares, accounting for 6.22% of total shares [3] - The company emphasizes value investment and aims to enhance its intrinsic investment value while improving communication with investors [3] Group 5: Technological Advancements - The company has developed an automated detection platform for exosome miRNA, which combines innovative capture technology and precise detection methods for early disease diagnosis [4] - This dual-technology approach has shown significant potential in early screening for various cancers and neurodegenerative diseases [4] Group 6: Competitive Advantages - The company has 19 years of experience in in vitro diagnostics, with leading products in hepatitis and liver cancer diagnosis, as well as Alzheimer's and neurodegenerative diseases [4] - It offers a comprehensive range of diagnostic instruments suitable for various clinical settings, from small to high-throughput automated systems [4]

证券代码：688068 证券简称：热景生物 公告编号：2024-072 北京热景生物技术股份有限公司 关于召开 2024 年第三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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 07 日(星期四) 至 11 月 13 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hotgen@hotgen.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 北京热景生物技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 11 月 14 日下午 14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 二、 说明会 ...