Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown strong performance in Q4 2024, with a significant increase in revenue and a positive outlook for domestic market opportunities due to the accelerated domestic substitution in the gene sequencing industry [2][3] - The company is expected to benefit from the inclusion of Illumina in the entity list, which provides an opportunity to capture market share [2] - The company has made substantial progress in its overseas localization strategy, enhancing its global production and service capabilities [3] Financial Performance - In 2024, the company achieved revenue of 3.21 billion yuan, a year-on-year increase of 10.28%, and a net profit attributable to shareholders of -599 million yuan, a year-on-year increase of 1.38% [1] - For Q4 2024, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 89.61% and a quarter-on-quarter increase of 103.28% [1] - The company has a strong order backlog of 820 million yuan as of Q3 2024, with 520 million yuan from the domestic market and 300 million yuan from overseas [4] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 3.21 billion yuan, 3.70 billion yuan, and 4.23 billion yuan, representing year-on-year growth rates of 10.3%, 15.2%, and 14.4% respectively [4] - Net profit forecasts for the same period are -599 million yuan, -196 million yuan, and -73 million yuan, with year-on-year growth rates of 1.4%, 67.2%, and 63.0% respectively [4] Market Position and Strategy - The company has established 23 domestic subsidiaries and 24 overseas subsidiaries, along with 9 R&D centers and 7 production bases globally [3] - The company has enhanced its marketing and channel expansion efforts, leading to a significant increase in the installation of gene sequencers [2][3]

文 ｜ 陈竹 宋硕 曾令鹏 张斌斌 李文涛 顾资然 根据2 0 2 5年3月4日商务部官网，依据不可靠实体清单工作机制，禁止因美纳公司（Ill umi n a , I n c .）向中国出口基因测序仪，基因测序仪类比生命科学上游的"光刻机"，我国生命科学产业发展 迎来了重大转折时刻，开启全面自主可控，加速国产替代新阶段。 ▍ 中国生命科学产业发展迎来了重大转折时刻。 根据商务部官网，依据《不可靠实体清单规定》有关规定，不可靠实体清单工作机制决定于2 0 2 5 年2月4日将美国因美纳公司（Ill umi n a , I n c .）列入不可靠实体清单。2 0 2 5年3月4日，明确决定 对因美纳公司（Ill umi n a , I n c .）采取"禁止其向中国出口基因测序仪"措施。我们认为中国生命科 学产业发展迎来了重大转折时刻，国产公司全力对于已经和Ill umi n a建立长期合作关系的终端而 言，可能潜在面临试剂短缺、设备维修保养困难等问题，在转向新的检测平台之前，原有的检测 业务可能直接面临停摆风险。 ▍ 基因测序仪行业增速快、壁垒高、前景好，国产替代加速。 根据JPM c o n f e r e ...

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].

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 domestic and international markets are witnessing significant developments in AI applications within healthcare, particularly with companies like Tempus AI showing substantial stock price increases [3][4]. - The report highlights investment opportunities in specific segments such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% last week, outperforming the CSI 300 index, which increased by 1.19%. All sub-sectors within the industry experienced growth, with medical services leading at +6.51% [5][6]. - Notable individual stock performances included Dean Diagnostics (+46.29%) and Meinian Health (+31.58%), while stocks like Betta Pharmaceuticals saw declines of -11.36% [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]. - Recent collaborations include Baiyang Pharmaceutical signing a commercialization agreement with Roche for the drug Rituximab, and Sanofi Biologics partnering with Baili Tianheng to explore new treatment potentials in oncology [11][12]. Industry Data Tracking - The retail terminal drug sales in China are projected to reach CNY 574 billion in 2024, with a growth rate of 3.7%, indicating a slowdown compared to previous years [8]. - The medical insurance fund's income for 2024 is reported at CNY 28,507.29 billion, reflecting a year-on-year growth of 5.00% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of CNY 25,298.50 billion in 2024, remaining stable compared to the previous 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.

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical industry [7] Core Views - The report highlights the performance of the Shenwan Pharmaceutical Index, which decreased by 2.72% during the week of February 24-28, 2024, outperforming the ChiNext Index but underperforming the CSI 300 Index. It emphasizes the identification of high-growth pharmaceutical companies for potential investment opportunities in 2024 [12][19] Summary by Sections Recent Review - The market showed stability in the first half of the week, with a significant drop on Friday. The technology sector faced adjustments, while the steel and food & beverage sectors performed well. The report notes that innovative drugs and companies with strong performance metrics are favorable, while AI medical applications experienced some adjustments [2][13] Future Outlook - The report suggests focusing on two main areas: market mapping related to AI applications in healthcare and policy expectations from the Two Sessions, such as fertility policies. It also emphasizes the ongoing innovation in the pharmaceutical sector, including international expansion and commercialization of early-stage innovative products [3][14] Strategy Configuration - The report outlines two strategic approaches: 1. **Pharmaceutical Style Rhythm**: Focus on innovative drugs such as BeiGene, Kelun-Biotech, and others, as well as AI medical applications like International Medical and Meinian Health [4][15] 2. **Pharmaceutical Industry Logic**: Emphasizes the commercialization of innovative drugs, new technologies, and internationalization strategies, including companies like Innovent Biologics and Hengrui Medicine [6][16] High-Growth Company Analysis - The report lists several high-growth pharmaceutical companies based on their 2024 performance forecasts, including BeiGene and BGI Genomics, noting that companies with strong quarterly performance are likely to maintain high growth throughout the year [19][22]

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 ...