经中国证券监督管理委员会《关于同意深圳华大智造科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕1638 号）同意，公司向社会公 开发行人民币普通股（A 股）41,319,475 股，并于 2022 年 9 月 9 日在上海证券 交易所科创板挂牌上市。公司首次公开发行 A 股前总股本为 371,790,525 股，首 次公开发行 A 股后总股本为 413,110,000 股，其中有限售条件流通股 381,217,890 股，无限售条件流通股 31,892,110 股。具体情况详见公司于 2022 年 9 月 8 日在 上海证券交易所网站（www.sse.com.cn）披露的《华大智造首次公开发行股票科 创板上市公告书》。 本次上市流通的限售股为公司首次公开发行前股东持有的部分限售股，涉及 限售股股东数量为 4 名，限售期限为自公司股票上市之日起 36 个月，该部分限 售股股东对应的股份数量为 200,177,511 股，占公司股本总数的 48.06%。现锁定 期即将届满，将于 2025 年 9 月 9 日起上市流通。本次解除限售后，相关股东将 履行其自愿承诺并实行自律管理。 二、本次上市流通 ...

Core Viewpoint - A groundbreaking achievement in organ transplantation has been made by Chinese scientists, marking the world's first successful transplantation of gene-edited pig lungs into a brain-dead patient, which functioned effectively for over 10 days [1] Group 1: Breakthrough in Organ Transplantation - The successful transplantation represents a significant advancement in xenotransplantation, a concept that has been pursued for over a century [4] - Pigs are considered ideal organ donors due to their organ size and function being similar to humans, but the human immune system poses a major challenge [4][5] - The use of gene editing technology has allowed for modifications in the pig's genome, effectively creating a "pass" for the pig organs to be accepted by the human body [5] Group 2: Role of BGI Genomics - BGI Genomics, based in Shenzhen, played a crucial role in ensuring the safety of the transplantation by utilizing its high-throughput sequencing technology [8] - The DNBSEQ sequencing platform conducted comprehensive genomic screening of the pig lung, identifying any potential pathogens that could pose risks to human health [8] - The sequencing process provided a detailed "health report" confirming the absence of known pathogens, which was essential for the success of the surgery [8] Group 3: Implications for Future Transplantation - The surgery was successful, with the transplanted pig lung performing normal respiratory functions without signs of acute rejection [9] - This historic step indicates the feasibility of xenogeneic lung transplantation, offering hope to countless patients awaiting suitable organ donors [9] - The advancements in gene editing and reliable domestic sequencing platforms highlight the potential for future breakthroughs in organ transplantation [9]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but showed significant improvement in net profit, indicating resilience in its long-term growth despite short-term challenges [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.114 billion yuan, a year-over-year decrease of 7.90%, and a net profit of -104 million yuan, an increase of 65.28% year-over-year [1]. - In Q2 2025, the company reported revenue of 659 million yuan, a year-over-year decrease of 2.93%, and a net profit of 30 million yuan, an increase of 130.62% year-over-year [1]. Group 2: Business Segments and Market Dynamics - In H1 2025, the sequencing business generated revenue of 894 million yuan, down 12%, with instrument sales at 298 million yuan, down 23%, and reagent sales at 555 million yuan, down 6% due to geopolitical tensions and increased competition [2]. - The company sold over 700 sequencing instruments in H1 2025, marking a 60% increase, with significant growth in both research and clinical fields [2]. - Domestic market sales of sequencing instruments exceeded 600 units, an increase of 82%, despite revenue pressure from competition [3]. Group 3: R&D and Product Development - The company invested 320 million yuan in R&D in H1 2025, accounting for 29% of revenue, focusing on product upgrades and new product launches [3]. - New products include the T1+ desktop sequencer capable of producing Tb-level data in 24 hours and the AI-enabled G10-FR sequencer [3]. Group 4: Future Projections - Revenue projections for 2025-2027 are 3.585 billion yuan, 4.184 billion yuan, and 4.936 billion yuan, with year-over-year growth rates of 19.01%, 16.69%, and 17.98% respectively [4]. - Expected net profits for the same period are 29 million yuan, 104 million yuan, and 219 million yuan, with significant growth rates of 104.79%, 262.33%, and 110.26% respectively [4].

Core Insights - The company reported a revenue of 1.114 billion yuan for the first half of 2025, a year-on-year decline of 7.90%, with a net profit attributable to shareholders of -104 million yuan and a non-recurring net profit of -203 million yuan, indicating a reduction in losses [1] - The company has strategically upgraded its three main business segments to align with advancements in life sciences and AI, resulting in a revenue of 894 million yuan from the full-length sequencing segment, a decline of 12.15%, while the smart automation segment saw a slight increase of 0.39% to 112 million yuan, and the multi-omics segment grew by 40.01% to 85 million yuan [1] Business Performance - The sequencing business faced short-term pressure due to geopolitical factors, macroeconomic conditions, clinical transformation cycles, and price competition, with instrument revenue down 23.18% to 297.66 million yuan and reagent revenue down 6.30% to 554.56 million yuan [2] - Despite these challenges, the company achieved a historical high in sales of over 700 full-length sequencers, a year-on-year increase of 60.35%, with cumulative global sales exceeding 5,300 units in the first half of 2025 [2] Market Expansion - The company has expanded its overseas market presence by introducing 12 new distributors and establishing 30 DCS Lab laboratories, serving over 3,560 users [3] - In the domestic market, sequencer sales increased by 82.47% to over 600 units, with reaction counts exceeding 35,000, a growth of over 200% [3] - The Asia-Pacific region saw the addition of 22 new gene sequencing customers, while in Europe and Africa, 15 new CE certifications were obtained, and 22 new customers were added across several countries [3] Future Outlook - The company is expected to benefit from a global interest rate decline, increased research funding, and the release of demand for self-built sequencing platforms in hospitals, which may drive the industry back to double-digit growth [2] - The company maintains a strong competitive position as a leading domestic supplier of gene sequencers, with a positive outlook for overseas business growth [3]

Core Viewpoint - BGI Genomics reported a revenue of 1.114 billion yuan for the first half of 2025, a year-on-year decrease of 7.9%, while net loss narrowed to 104 million yuan, indicating a significant improvement in financial performance due to cost reduction and efficiency enhancement strategies [2][3]. Financial Performance - Revenue for the first half of 2025 was 1.114 billion yuan, down 7.9% year-on-year [3]. - Net loss was 104 million yuan, with a significant reduction in losses of 65.28% and 37.55% for net profit attributable to shareholders and net profit excluding non-recurring items, respectively [3]. - Operating expenses (excluding financial costs) decreased by 17.04% year-on-year, optimizing the input-output ratio [3]. Business Segment Performance - The long-read sequencing business segment generated revenue of 894 million yuan, down 12.15% year-on-year [4]. - Instrument sales revenue was 298 million yuan, down 23.18%, while reagent sales were 555 million yuan, down 6.30% [4]. - The intelligent automation business segment achieved revenue of 112 million yuan, with adjusted revenue growth of 0.39% [4]. - The multi-omics business segment saw revenue of 85 million yuan, with adjusted revenue growth of 40.01% [4]. Strategic Developments - 2025 is a pivotal year for BGI Genomics' "All Long Read" strategy, with significant upgrades to its business segments, focusing on long-read sequencing (SEQ ALL), intelligent automation (GLI), and multi-omics (OMICS) [5]. - The long-read sequencing business performed exceptionally well, with over 700 sequencing instruments sold, marking a historical high and a year-on-year increase of 60.35% [5]. - R&D investment reached 324 million yuan, accounting for 29.14% of revenue, with notable product innovations including a desktop sequencer capable of producing terabyte-level data in 24 hours and an AI-integrated rapid sequencing device [5]. Market Expansion - BGI Genomics operates in over 110 countries and regions across six continents, with 13 customer experience centers and over 3,560 users served [7]. - Despite a slight revenue decline in the Americas due to geopolitical factors, revenue in Europe and Africa grew by 2.82%, and progress was made in Asia-Pacific regions with large population genomic projects [7]. - The company has established a strong presence in the domestic market, covering 1,219 hospitals, with its DNBSEQ technology accounting for 59% of clinical gene sequencing instruments approved by NMPA [7]. Future Outlook - BGI Genomics plans to continue focusing on its "All Long Read" strategy, enhancing the integration of AI and life sciences, and accelerating the clinical transformation of new products and overseas market expansion [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in equipment sales and has optimized expenses, leading to improved profitability [5] - The company's sequencing business is showing strong performance with a significant increase in installed equipment and a potential recovery in reagent sales [7] - The overall market conditions and strategic adjustments are expected to support future revenue growth [7] Financial Performance Summary - For 2025, the company reported a revenue of 11.14 billion yuan in the first half, a year-on-year decrease of 7.90%, with a net loss of 1.04 billion yuan [7] - The second quarter of 2025 saw revenues of 6.59 billion yuan, down 2.93% year-on-year, with a net profit of 0.30 billion yuan [7] - The total sales of sequencing instruments exceeded 700 units in the first half of 2025, marking a year-on-year increase of 60.35% [7] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 35.60 billion yuan, 43.15 billion yuan, and 53.26 billion yuan, with year-on-year growth rates of 18.17%, 21.20%, and 23.45% respectively [6][7] - Expected net profits for the same period are -1.82 billion yuan, 0.97 billion yuan, and 1.80 billion yuan [6][7] - The current stock price corresponds to price-to-sales ratios of 8x, 7x, and 6x for the years 2025, 2026, and 2027 respectively [7]

Financial Performance - In the first half of 2025, the company's operating revenue was 1.11 billion yuan, a decrease of 7.90% year-on-year [1] - The net profit attributable to shareholders was -103.54 million yuan, an improvement of 65.28% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -202.58 million yuan, a year-on-year increase of 37.55% [1] - The basic earnings per share were -0.25 yuan [1] Profitability Metrics - The gross profit margin for the first half of 2025 was 52.85%, down by 10.31 percentage points year-on-year [2] - The net profit margin was -9.39%, an increase of 15.52 percentage points compared to the same period last year [2] Expense Management - The company's period expenses amounted to 732 million yuan, a reduction of 296 million yuan from the previous year [2] - The period expense ratio was 65.72%, down by 19.28 percentage points year-on-year [2] - Sales expenses decreased by 18.05%, management expenses decreased by 9.62%, R&D expenses decreased by 26.98%, and financial expenses decreased significantly by 3438.97% [2] Company Overview - The company, Shenzhen Huada Zhizao Technology Co., Ltd., was established on April 13, 2016, and listed on September 9, 2022 [5] - The main business focuses on life sciences and biotechnology, including the research, production, and sales of instruments, equipment, and related consumables [5]

Core Viewpoint - The Shenzhen BGI Genomics Co., Ltd. is holding its third extraordinary general meeting of shareholders in 2025 to discuss and vote on several key proposals, including amendments to the 2024 restricted stock incentive plan and the employee stock ownership plan, aimed at enhancing employee motivation and aligning interests with shareholders [5][22]. Group 1: Meeting Procedures - The meeting will ensure the legal rights of all shareholders and maintain order and efficiency, following relevant laws and regulations [1][2]. - Attendees must register and confirm their participation before the meeting starts, as latecomers will not be allowed to vote [2][3]. - The meeting will follow a predetermined agenda, allowing shareholders to exercise their rights to speak, inquire, and vote [2][3][4]. Group 2: Proposals and Amendments - Proposal One involves the revision of the 2024 restricted stock incentive plan, which aims to enhance performance assessment indicators at the company level [7][9]. - The revision is driven by the need to adapt to external market changes and to focus on increasing market share in the gene sequencing equipment sector, which is crucial for future revenue growth [9][10]. - Proposal Two addresses the amendments to the 2024 employee stock ownership plan, which also includes new performance assessment indicators to improve governance and employee engagement [16][17]. Group 3: Performance Assessment Criteria - The performance assessment for the incentive plans will be based on revenue growth rates, excluding impacts from public health events, with specific targets set for 2024 and 2025 [9][19]. - The revised criteria will include metrics related to gene sequencing equipment sales, emphasizing the importance of capturing market share to secure long-term customer value [10][18]. - The company aims to ensure that the revised performance targets remain challenging yet achievable, fostering a sustainable growth environment [20][21].

深圳华大智造科技股份有限公司 2025 年第三次临时股东大会会议资料 深圳华大智造科技股份有限公司 2025 年第三次临时股东大会 会议资料 2025 年 9 月 1 深圳华大智造科技股份有限公司 2025 年第三次临时股东大会会议资料 目录 | 2025 | 年第三次临时股东大会会议须知 3 | | --- | --- | | 2025 | 年第三次临时股东大会会议议程 5 | | 2025 | 年第三次临时股东大会会议议案 7 | | 《关于公司〈2024 | 年限制性股票激励计划（草案修订稿）〉及摘要的议案》 7 | | 《关于公司〈2024 | 年限制性股票激励计划实施考核管理办法（修订稿）〉的议案》 11 | | 《关于公司〈2024 | 年员工持股计划（草案修订稿）〉及摘要的议案》 12 | | 《关于公司〈2024 | 年员工持股计划管理办法（修订稿）〉的议案》 15 | 2 深圳华大智造科技股份有限公司 2025 年第三次临时股东大会会议资料 深圳华大智造科技股份有限公司 2025 年第三次临时股东大会会议须知 为保障深圳华大智造科技股份有限公司（以下简称"公司"）全体股东的合 法权益，维护股 ...

2025 年 8 月 27 日 公司研究 25Q2 营收微降，降本增效提振净利 ——华大智造（688114.SH）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告，25H1 实现营业收入 11.14 亿元，同比下 降 7.90%；归母净利润-1.04 亿元，同比大幅减亏 65.28%；扣非归母净利润-2.03 亿元，同比减亏 37.55%。其中，2025 年 Q2 实现营收 6.59 亿元，同比下降 2.93%； 归母净利润 0.3 亿元，同比扭亏为盈；扣非归母净利润-0.58 亿元，同比亏损幅 度减小。 点评： 25Q2 业绩承压，降本增效稳盈利：2025 年 Q2 营业收入同比下降 2.93%，归母 净利润同比扭亏为盈，主要系公司降本增效持续推动，费用成本有所下降所致。 2025Q2 公司毛利率为 51.57%，同比下降 10.3pct；销售费用率为 25.71%，同 比下降 4.7pct；管理费用率为 16.39%,同比下降 1.29pct。 研发费用下降，新产品不断推出：25Q2 公司研发费用 1.35 亿元，同比下降 20.05%，占营业收入的 20.57%。25Q2 持续推进产 ...