证券代码：688114 证券简称：华大智造 公告编号：2025-062 深圳华大智造科技股份有限公司 本议案经公司监事会审议通过后，尚需提交公司股东大会审议批准。 特此公告。 深圳华大智造科技股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监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。 深圳华大智造科技股份有限公司（以下简称"公司"）第二届监事会第十六 次会议于 2025 年 10 月 12 日以现场结合通讯方式召开。会议通知已于 2025 年 10 月 9 日通过邮件的方式送达各位监事。本次会议应出席监事 3 人，实际出席 监事 3 人。会议由监事会主席周承恕先生主持。会议召开符合有关法律、行政法 规、部门规章和《公司章程》的规定。出席会议的监事对以下议案进行了认真审 议并做出了如下决议： 一、审议通过《关于就 CoolMPS 测序技术签署授权许可协议暨受让与关联 方相关共有专利并进行授权收入分成的议案》 经审议，监事会认为：公司本次与 Swiss Rockets AG 的授权许可交易及与深 圳华大生命科学研究院的关联交 ...

证券代码：688114 证券简称：华大智造 公告编号：2025-061 深圳华大智造科技股份有限公司 第二届董事会第十七次会议决议公告 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 公司全资子公司 MGI US LLC（以下简称"MGI LLC"）及 Complete Genomics,Inc（. 以下简称"CGI"）与 Swiss Rockets AG（以下简称"Swiss Rockets"） 签署《授权许可协议》（以下简称《许可协议》），将公司的 CoolMPS 测序技 术（以下简称"CoolMPS"或"无损碱基测序技术"）及通用测序技术（含 stLFR 和 cLFR 等所涉及测序仪、芯片及建库试剂等产品所需底层技术，以下简称"通 用测序技术"）有偿授权给 Swiss Rockets。在亚太及大中华区（包括中国大陆、 香港、澳门和台湾）以外区域的全球范围内，Swiss Rockets 将获得 CoolMPS 测 序技术相关的专利、技术秘密（Know-How）及商标的独占许可，并在上述区域 内获得通 ...

Core Viewpoint - The signing of the licensing agreement between the company's wholly-owned subsidiary MGILLC, CGI, and SwissRockets is expected to have a positive impact on the company's future performance, enhancing its global commercialization and profitability [1] Group 1 - The company announced the signing of a licensing agreement with SwissRockets [1] - The agreement involves the company's wholly-owned subsidiary MGILLC and CGI as joint transferors [1] - The company anticipates that the agreement will positively influence its future performance [1]

Core Viewpoint - 华大智造's stock price has shown significant fluctuations, with a year-to-date increase of 49.35%, but recent trading indicates a decline in market performance and net outflow of funds [1][2]. Financial Performance - As of June 30, 2025, 华大智造 reported a revenue of 1.114 billion yuan, a year-on-year decrease of 7.90%, while the net profit attributable to shareholders was -104 million yuan, an increase of 65.28% compared to the previous year [2]. - The company has distributed a total of 150 million yuan in dividends since its A-share listing [3]. Stock Market Activity - 华大智造's stock price decreased by 2.01% on October 10, 2023, trading at 69.88 yuan per share with a total market capitalization of 29.106 billion yuan [1]. - The stock has appeared on the龙虎榜 twice this year, with the most recent instance on March 4, 2023, where it recorded a net buy of -44.7653 million yuan [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 7.64% to 13,500, with an average of 15,766 shares held per person, a decrease of 7.09% [2]. - Major shareholders include 华夏上证科创板50成份ETF and 易方达上证科创板50ETF, with notable changes in their holdings [3].

Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]

Core Viewpoint - 华大智造's stock price has shown significant growth this year, with a 50.82% increase, indicating strong market interest and potential investment opportunities [2]. Financial Performance - As of June 30, 2025, 华大智造 reported a revenue of 1.114 billion yuan, a year-on-year decrease of 7.90%, while the net profit attributable to shareholders was -104 million yuan, reflecting a 65.28% increase compared to the previous year [2]. - The company has distributed a total of 150 million yuan in dividends since its A-share listing [3]. Stock Market Activity - 华大智造's stock price increased by 2.02% on October 9, 2023, reaching 70.57 yuan per share, with a trading volume of 161 million yuan and a turnover rate of 0.56% [1]. - The stock has appeared on the龙虎榜 twice this year, with the most recent appearance on March 4, 2023, where it recorded a net buy of -44.7653 million yuan [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 7.64% to 13,500, with an average of 15,766 circulating shares per person, a decrease of 7.09% [2]. - Major institutional shareholders include 华夏上证科创板50成份ETF and 易方达上证科创板50ETF, with changes in their holdings noted [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a year-on-year revenue decline of 7.90% for the first half of 2025, with total revenue of 1.114 billion yuan and a net loss attributable to shareholders of 104 million yuan. However, the second quarter of 2025 showed improvement with revenue of 659 million yuan, a year-on-year decline of only 2.93%, and a net profit of approximately 29.77 million yuan, marking a year-on-year increase of 130.62% [5][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 455 million yuan (yoy -14.26%), while Q2 2025 saw revenue of 659 million yuan (yoy -2.93%). The net profits for Q1 and Q2 were -133 million yuan and 29.77 million yuan respectively, indicating a return to profitability in Q2 2025 [6] - The company’s expense ratios significantly decreased in Q2 2025, with sales, management, and R&D expense ratios at 25.71%, 16.39%, and 20.57% respectively, showing substantial reductions both year-on-year and quarter-on-quarter [6] Product and Market Development - The company’s full-length sequencing business generated revenue of 894 million yuan in H1 2025, a year-on-year decline of 12.15%. Instrument revenue was 298 million yuan (yoy -23.18%), while reagent revenue was 555 million yuan (yoy -6.30%). This decline was attributed to intensified industry competition and strategic price adjustments [7] - The global sales of the company’s sequencing instruments exceeded 700 units in H1 2025, a year-on-year increase of 60.35%, marking a historical high for the same period. The company has also entered the mass production phase for nanopore sequencers, adding nearly 50 new installations [7] - As of August 15, 2025, the company had approximately 900 million yuan in orders on hand, with 700 million yuan specifically for the full-length sequencing business, indicating a robust order backlog [7] International Business Performance - In H1 2025, the company’s sequencing instrument revenue in the Asia-Pacific region was 80 million yuan, a year-on-year decline of 29%, primarily due to geopolitical conflicts affecting procurement processes. Conversely, revenue in the Europe and Africa region was 140 million yuan, a year-on-year increase of 3%, driven by local operational acceleration and project collaborations [8] - Revenue in the Americas region was 80 million yuan, a year-on-year decline of 3%, influenced by significant cuts in research funding and regional instability [8] Future Projections - The company is expected to achieve revenues of 2.824 billion yuan, 3.341 billion yuan, and 3.943 billion yuan for the years 2025 to 2027, with year-on-year growth rates of -6.3%, 18.3%, and 18.0% respectively. The net profit attributable to shareholders is projected to be -98 million yuan, 50 million yuan, and 162 million yuan for the same period, with significant year-on-year growth anticipated [9]

Summary of the Conference Call for 华大智造 Company Overview - 华大智造 is a leading domestic gene sequencing instrument company listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, controlled by the founder of 华大集团, 汪建 [2][3] - The company operates in three main business segments: gene sequencing instruments, laboratory automation, and emerging businesses [4][5] Financial Performance - The company's revenue was significantly impacted by the pandemic but has returned to normal levels post-2023, with a decline in revenue in the first half of 2025 due to price competition, although profitability has improved with a significant reduction in losses [2][6] - The company achieved breakeven in the first half of 2025, with expectations for revenue improvement in the second half [6][8] Market Dynamics - The global gene sequencing market is projected to grow rapidly, reaching over $60 billion by 2030, with the upstream sequencing instruments and consumables market estimated at around $14 billion [2][7] - Approximately 70% of the company's revenue comes from the domestic market, with overseas markets seen as future growth points, despite potential short-term geopolitical disruptions [2][8] Industry Trends - The gene sequencing industry is significantly affected by geopolitical factors, which have hindered project development and international trade, resulting in slower-than-expected growth rates [9] - The second-generation sequencing technology remains the mainstream, with 华大智造's DMBSEQ technology providing a competitive edge [10][13] Competitive Landscape - The company has maintained a leading market share in domestic new installations for three consecutive years, outperforming Illumina [4][11] - The inclusion of Illumina in China's unreliable entity list has created opportunities for domestic companies, although it has also sparked price wars among local manufacturers [12][14] Future Growth Potential - The company is focusing on expanding its laboratory automation and emerging business segments, which are expected to maintain double-digit growth rates [15][16] - The overall growth of the company is primarily driven by its gene sequencing business, with a projected market value range of 32 to 35.5 billion yuan, and a reasonable stock price range of 77 to 82 yuan, indicating significant upside potential [17] Conclusion - 华大智造 is positioned well within the gene sequencing industry, with strong domestic performance and potential for international expansion, despite facing challenges from geopolitical factors and competition. The company's innovative technology and strategic focus on emerging markets and automation present promising growth opportunities moving forward [2][9][15]

Core Viewpoint - 华大智造's stock has experienced fluctuations, with a year-to-date increase of 47.04%, but recent declines in the short term [1][2] Financial Performance - For the first half of 2025, 华大智造 reported revenue of 1.114 billion yuan, a year-on-year decrease of 7.90%, while the net profit attributable to shareholders was -104 million yuan, an increase of 65.28% compared to the previous year [2] Stock Market Activity - As of September 16, 华大智造's stock price was 68.80 yuan per share, with a market capitalization of 28.656 billion yuan. The stock saw a net outflow of 10.2198 million yuan in principal funds [1] - The company has appeared on the龙虎榜 twice this year, with the most recent appearance on March 4, where it recorded a net buy of -44.7653 million yuan [1] Shareholder Information - As of June 30, 2025, 华大智造 had 13,500 shareholders, an increase of 7.64% from the previous period, with an average of 15,766 circulating shares per shareholder, a decrease of 7.09% [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3]

Core Viewpoint - The report outlines the ongoing supervision and assessment of Shenzhen Huada Intelligent Manufacturing Co., Ltd. (华大智造) by CITIC Securities during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing compliance with regulatory requirements and the absence of significant issues during the review period [1][3][32]. Group 1: Continuous Supervision Overview - CITIC Securities has established a continuous supervision work system and a corresponding work plan, clarifying the requirements for on-site inspections [1]. - The sponsor has signed a sponsorship agreement with the company, which specifies the rights and obligations of both parties during the supervision period [1]. Group 2: Findings and Issues - During the supervision period, no significant issues were identified by the sponsor or the representative [3]. - The company faces risks related to significant performance declines or losses due to high R&D investments and market expansion costs, particularly if international relations worsen or macroeconomic conditions deteriorate [4]. Group 3: Core Competitiveness Risks - The company operates in a technology-intensive life sciences sector, facing risks related to product upgrades and technological updates, which require substantial R&D investments [5][6]. - Risks include the potential loss of core technical talent and the leakage of core technologies, which could adversely affect the company's long-term development [6]. - The company is also exposed to intellectual property litigation risks, particularly from competitors like Illumina, which could limit its market expansion in affected regions [7]. Group 4: Operational Risks - The global gene sequencing industry is rapidly evolving with increasing competition, particularly from established players like Illumina and Thermo Fisher [8]. - The company has developed a diverse product matrix but faces challenges due to economic downturns and regulatory pressures affecting market growth [9]. - New business and customer expansion efforts are critical, as the company must adapt to market demands and regulatory environments [10]. Group 5: Financial Risks - The company has adjusted its pricing strategy in response to competitive pressures, which has led to fluctuations in gross margins [12]. - There is a risk of bad debts from accounts receivable, despite measures taken to manage credit risk [13]. - Inventory levels are high, and potential declines in market demand could lead to significant write-downs [14]. Group 6: Macro Environment Risks - Geopolitical tensions and international trade protectionism pose risks to the company's product sales and market access [15]. - The company relies on overseas suppliers for some raw materials, making it vulnerable to supply chain disruptions due to trade conflicts [16]. Group 7: Financial Performance Indicators - The company's net profit attributable to shareholders has shown a significant reduction in losses, with a decrease of 65.28% year-on-year [16]. - The basic earnings per share also reflect a similar trend, indicating improved financial management and cost reduction efforts [16]. Group 8: Core Competitiveness - The company has developed a comprehensive product matrix in gene sequencing, leveraging its proprietary DNBSEQ technology to enhance its market position [18][19]. - The focus on intelligent automation and AI-driven solutions is expected to drive innovation and operational efficiency in laboratory settings [21][23]. Group 9: Research and Development - R&D expenditures have increased, with a higher proportion of costs being capitalized compared to the previous year [30]. - The company is actively pursuing various R&D projects to enhance its technological capabilities and product offerings [30]. Group 10: Compliance and Governance - The company has established a robust system for managing and utilizing raised funds, ensuring compliance with regulatory requirements [32]. - There are no significant changes in the shareholding status of major stakeholders during the supervision period [34].