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].

Core Viewpoint - The article highlights the debut of BGI Genomics' new generation of AI+robotics for laboratory automation, marking a significant advancement towards fully automated laboratory processes [1] Group 1: Product Features - The new aLab Robot features both collaborative and compound robotic systems designed specifically for laboratory environments [1] - The robots are capable of operating in confined spaces with high precision and efficiency, making them ideal for laboratory automation tasks [1] - The system is intended to meet various needs such as material transportation, flexible loading and unloading, and integration of functional islands [1]

Summary of BGI Genomics Conference Call Company Overview - **Company**: BGI Genomics (华大智造) - **Industry**: Life Sciences Automation and Genomics Key Points and Arguments 1. **Business Restructuring**: BGI Genomics has restructured its business to integrate single-machine automation, smart laboratories, and microfluidics, aiming to provide comprehensive solutions from sample storage to computational storage, aligning with global laboratory construction trends [2][3] 2. **Generative AI Application**: The company is applying generative AI in laboratory automation, collaborating with institutions like Beijing Brain Science Institute and Shanghai Jiao Tong University to offer end-to-end solutions, with plans to expand into synthetic biology and smart agriculture [2][4] 3. **Launch of Offer Two**: BGI Genomics introduced the smart integrated robot platform Offer Two, which competes with OpenAI, focusing on optimizing user experience for researchers and clinical users to customize modules and run various applications [2][6] 4. **New Semiconductor Sequencer**: A semiconductor sequencer based on image sensor self-luminescence has received Class III medical device registration from the National Medical Products Administration, with over 300 units expected to be installed by Q4 2024 [2][15] 5. **EvolvePlay Algorithm**: The company developed the EvolvePlay algorithm, combining protein large language models and reinforcement learning for directed evolution of proteins, enhancing detection efficiency, with research published in *Nature Artificial Intelligence* [2][18] 6. **High-Throughput Sequencing Innovations**: BGI Genomics aims to achieve the fastest high-throughput sequencing speed of 75 seconds per cycle by utilizing NVIDIA Orin chip framework for edge computing [4][23] 7. **Integration of Library Construction and Sequencing**: A new machine launched in January aims to integrate library construction and sequencing, allowing for simplified operations with minimal manual intervention [24] 8. **Cost Control Initiatives**: The company has made progress in cost control by increasing equipment throughput and utilization, with plans to further reduce costs for low-tier applications like virus detection [29] 9. **Future Directions**: BGI Genomics plans to deepen the application of generative AI in life sciences automation and expand into non-sequencing related fields, aiming for a market value of 100 billion [7][28] Additional Important Content 1. **Automation and Modularization Benefits**: The company emphasizes the advantages of automation and modularization in life sciences experiments, aiming to enhance management efficiency and reduce training and after-sales service costs [8] 2. **AI in Sequencing**: AI is utilized to optimize workflows, improve signal processing, and enhance the accuracy of sequencing, with potential to achieve higher quality scores [34][35] 3. **Clinical Applications**: High-throughput sequencing technology is being adapted for clinical applications, with a focus on rapid and accurate results, particularly in infection and tumor detection [39][40] 4. **Non-Clinical Applications**: The technology is also applied in synthetic biology, DNA storage, and drug screening, demonstrating versatility beyond clinical settings [40][41] This summary encapsulates the key developments and strategic directions of BGI Genomics as discussed in the conference call, highlighting their innovations in life sciences automation and genomic technologies.

证券研究报告 | 行业周报 gszqdatemark 2025 03 01 年 月 日 医药生物 【周专题&周观点】【总第 386 期】2024 快报高增长公司梳理— —前三季度高增长公司列举 一、当周（2.24-2.28）回顾与周专题： 当周（2.24-2.28）申万医药指数环比-2.72%，跑赢创业板指数，跑输沪深 300 指数。 当周周专题，我们梳理了 2024 快报高增长的医药公司，并列举了前三季度高增长公司， 供投资者寻找 2024 年业绩超预期的潜在标的。 （二）【AI 医疗应用】国际医学、九安医疗、晶泰控股、美年健康、华大智造、华大基 因、金域医学、固生堂、医脉通等。 （三）【两会政策】生育如华特达因；体检如美年健康。 （四）【其他标的】健友股份、福瑞股份、药明康德、浩欧博、哈药股份等。 2、思路二【医药产业逻辑】 2、原因分析：主要系相关标的涨幅较大且海外映射偏弱，从科技主线演绎到两会。我 们认为：（1）AI 医疗此次调整和去年短期行情不太一样，市场慢慢认识到了 AI 之于医 药医疗未来行业演变的意义，但经过一轮演绎后，医疗 AI 会快速去伪存真，第二波应 该会更聚焦，围绕【场景/入口、数据】 ...

证券代码：688114 证券简称：华大智造 公告编号：2025-013 深圳华大智造科技股份有限公司 关于变更会计政策的公告 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他 相关规定。 （三）变更后采用的会计政策 1 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。 特别提示： 本次会计政策变更系根据中华人民共和国财政部（以下简称"财政部"）发 布的《企业会计准则解释第 17 号》及《企业会计准则解释第 18 号》的相关规定 进行的相应变更，无需提交公司董事会和股东大会审议，不会对公司财务状况、 经营成果和现金流量产生重大影响。 一、 本次会计政策变更概述 （一）会计政策变更的主要内容 2023 年 10 月，财政部发布《企业会计准则解释第 17 号》（财会〔2023〕21 号），规定了"关于流动负债与非流动负债的划分""关于供应商融资安排的披露" "关于售后租回交易的会计处理"的相关内容，该解释规定自 2024 年 1 月 1 日 起 ...

Financial Performance - The company achieved total operating revenue of 321,038.73 million CNY, a year-on-year increase of 10.28%[6] - The net profit attributable to the parent company was -59,912.23 million CNY, a decrease in loss of 1.38% compared to the previous year[6] - The basic earnings per share were -1.45 CNY, slightly improved from -1.46 CNY in the previous year[4] - The weighted average return on net assets was -7.30%, a decrease of 0.62 percentage points compared to the previous year[4] Assets and Equity - The total assets at the end of the reporting period were 1,033,502.08 million CNY, a year-on-year decrease of 2.10%[6] - The equity attributable to the parent company was 798,344.44 million CNY, a year-on-year decrease of 7.54%[6] Expenses and Losses - Sales expenses increased by approximately 13 percentage points due to adjustments in marketing strategies and increased application promotion[7] - The company experienced an increase in foreign exchange losses due to fluctuations in the exchange rates of currencies such as the US dollar and euro[7] Reporting and Auditing - The company did not report any financial data with a change of 30% or more during the reporting period[8] - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the annual report[9]

证券代码：688114 证券简称：华大智造 公告编号：2025-011 深圳华大智造科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 2 月 26 日 （二） 股东大会召开的地点：深圳市盐田区梅沙街道云华路 9 号华大时空 中心 C 区国际会议中心 419 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股 东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 120 | | --- | --- | | 普通股股东人数 | 120 | | 2、出席会议的股东所持有的表决权数量 | 32,862,618 | | 普通股股东所持有表决权数量 | 32,862,618 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 7.9662 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比 ...

北京市嘉源律师事务所 关于深圳华大智造科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源: - YUAN LAW OFFICES 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等资料均属真实、准确、完整及有效,有关复印件与原 件一致、副本与正本一致。 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的 真实性及准确性发表意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具目以前已经 发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚 ...

Core Viewpoint - The company BGI Genomics has launched the T1+ desktop sequencer, which is capable of producing Tb-level data within 24 hours, marking a significant advancement in genome sequencing technology [1] Group 1: Product Launch - BGI Genomics officially released the T1+ desktop sequencer at the AGBT conference on February 24 [1] - The T1+ can complete PE150 sequencing tasks in 24 hours and SE50 sequencing in a maximum of 7 hours [1] - It is the world's first desktop sequencer that can output Tb-level data within 24 hours [1]

证券代码：688114 证券简称：华大智造 公告编号：2025-010 深圳华大智造科技股份有限公司 关于注销部分募集资金现金管理专用结算账户的公告 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。 一、募集资金现金管理情况 二、募集资金现金管理专用结算账户的注销情况 截至本公告披露日，公司在珠海华润银行股份有限公司深圳福田支行（银行 账号：222256121282600001）购买的理财产品均已全部到期赎回，且不再使用该 账户。根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》及《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 及公司《募集资金管理制度》的相关规定，公司已于近日办理完毕该账户的注销 手续。 特此公告。 深圳华大智造科技股份有限公司 深圳华大智造科技股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第二届董事会第五次会议、第二届监事会第五次会议，审议通过了《关于 使用部分暂时闲置自有资金及募集资金进行现金管理的议案》，同意公司在确保 不影响公司募 ...