从产业生态搭建来看，中心已形成"龙头引领、梯队培育"的良好态势，引入了微康益生菌这一行业"隐 形冠军"——其拥有亚洲最大的益生菌菌种研发智能制造基地，产品获评拜耳制药全球最佳供应商。中 心还成功孵化益一科技、康科生物、修喵修勾科技、玖明医疗等企业，覆盖医疗健康、膳食营养、宠物 健康等细分领域，有效补全鼓楼合成生物产业链条。 活动现场签约的海尔生物、德悦普惠医疗、量准科技等项目，进一步覆盖细胞库建设、创新药筛选、生 物芯片研发等关键环节，多项目协同发力，将推动产业链从"单点突破"迈向"全链协同"。 本报讯(董翔鼓轩)近日，南京市鼓楼区与南京师范大学启动共建智能生物制造创新中心。据了解，该中 心将以合成生物学底层技术为核心，打造"1+1+N"创新模式，既依托南师大科研平台攻克核心技术，又 联动企业推动成果落地，真正破解"实验室突破难转化为产业产品"的痛点。 该中心管委会主任将由中国工程院院士、南京师范大学副校长黄和亲自担任。现场，黄和院士为微康益 生菌、纽邦生物、迪必尔生物工程、北极光等企业负责人颁发智能生物制造创新中心产业顾问聘书，邀 请行业力量共促产业发展。 ...

答：上半年公司新产业保持良好增长势头，整体来看占收入比重进一步提升至47%，同比实现7.27%的 增长，其中智慧用药、血液技术、实验室解决方案三个产业分别占公司总收入比重约为11%，11%， 17%。根据国内各主要招标网公开数据和第三方招标数据统计，公司血浆采集方案市占率超过50%，自 动化用药市场份额跻身行业前三，科研仪器国内市场占有率继续突破，其中总有机碳分析仪和紫外分光 光度计分列国产品牌第一、第二，离心系列上半年份额跻身行业品牌前十，6月生物安全柜跃升至全国 第一、培养系列保持国产第一份额。未来，新产业有望随着产品系列化布局持续完善而发展提速。 问题二请公司介绍下报告期内利润端表现承压的原因以及全年的预期？ 报告期内公司盈利能力主要受到外部环境、新建产能爬坡和公司主动中长期战略投入等因素综合影响， 随着行业景气度暖和创新品类加速放量，公司整体业绩后续有望得到改善。总的来说，第二季度的收入 和盈利处于全年最低点，从目前的预测看，三、四季度的盈利能力将持续向好。具体来看，报告期内销 售毛利率稍有下降，主要由子公司新建产能爬坡导致，当然也受到规模下滑导致的固定制造费用率上升 的影响；拆分来看材料毛利率同比提 ...

海尔生物指出，上半年公司新产业（300832）保持良好增长势头，整体来看占收入比重进一步提升至 47%，同比实现7.27%的增长，其中智慧用药、血液技术、实验室解决方案三个产业分别占公司总收入 比重约为11%、11%、17%。根据国内各主要招标网公开数据和第三方招标数据统计，海尔生物血浆采 集方案市占率超过50%，自动化用药市场份额跻身行业前三，科研仪器国内市场占有率继续突破，其中 总有机碳分析仪和紫外分光光度计分列国产品牌第一、第二，离心系列上半年份额跻身行业品牌前十， 6月生物安全柜跃升至全国第一、培养系列保持国产第一份额。未来，新产业有望随着产品系列化布局 持续完善而发展提速。 日前，海尔生物(688139)召开业绩说明会，针对上半年业绩情况以及后续市场展望进行了解读。 海外业务方面，上半年海尔生物实现海外收入4.27亿元、同比增长30.17%，第二季度海外收入规模与增 速均创2023年以来单季新高。海尔生物表示，目前公司产品及解决方案已应用于全球150多个国家和地 区，并在其中17个国家建立起本地化运营体系；经初步市场调查统计，公司三大低温产品线已在其中25 个国家市场份额居首位。分区域来看，上半年欧 ...

作为科创板公司的海尔生物（688139），过去更多投资者可能仅仅把它当作一家"医疗器械"类的生产制 造企业。这是因为公司带有"海尔"标签，加上其主要产品为低温存储设备，所以容易被简单化认为是医 疗领域的"冰箱制造"。 如果海尔生物仅仅如此的话，那显然与其科创板公司的身份是不相符的。实际 上，海尔生物对自身的定义是"生命科学与医疗创新数字化场景方案服务商"，其产品也早已突破单一业 务边界，成为覆盖低温存储、智慧用药、血液技术、实验室解决方案等领域的医疗创新企业。从定位 看，海尔生物是海尔大健康产业盈康一生在生命科学领域的重要布局，其核心竞争优势的构成，不止是 一脉相承的先进制造能力，更有强大的产品研发能力、综合方案设计能力。 那么，市场是否低估了这家公司的含"科"量？我们可以结合公司2025年中报披露出来的细节，以及公司 近期一系列的新营销传播，来作出一些分析判断。 低温存储：不止 "冷" 这么简单 细节里藏着行业代际差 近期，上证指数创出十年高点，其中科技类股票表现尤为突出，甚至有人把这轮牛市称为"科技牛"。科 创板首当其冲，成为市场普遍关注和题材挖掘的重要阵地，投资者希望从中发掘出具备未来投资价值的 优质公 ...

Core Viewpoint - Haier Group is rapidly expanding in the health industry, having acquired three A-share companies: Shanghai Laishi, Haier Bio, and Yinkang Life, creating a diverse portfolio in blood products, medical devices, and healthcare services [1][3]. Financial Performance - Shanghai Laishi reported a revenue of approximately 3.952 billion yuan, a year-on-year decrease of 7.06%, and a net profit of about 1.03 billion yuan, down 17% [3]. - Haier Bio's revenue was around 1.196 billion yuan, a decline of 2.27%, with a net profit of 143 million yuan, down 39.09% [4]. - Yinkang Life was the only company to show net profit growth, achieving a revenue of 843 million yuan, up 2.4%, and a net profit of 61.83 million yuan, up 12.82% [4]. Goodwill Concerns - All three companies have significant goodwill on their balance sheets, with Shanghai Laishi's goodwill reaching 8.308 billion yuan, an increase from 5.073 billion yuan the previous year [6]. - Yinkang Life's goodwill increased to 1.012 billion yuan from 693 million yuan, while Haier Bio's goodwill stood at 759 million yuan [7]. - The high goodwill poses a risk of impairment, which could adversely affect net profits if the acquired companies underperform [7]. Industry Challenges - Shanghai Laishi faces intense competition in the blood products sector, with pricing pressures due to market consolidation [9]. - Haier Bio is experiencing a downturn in the low-temperature storage equipment market and is diversifying into new sectors to mitigate this decline [9]. - Yinkang Life is focused on building a comprehensive healthcare ecosystem, emphasizing original technology and clinical value [10]. Strategic Direction - Haier's strategy involves a combination of acquisitions and organic growth to establish a full-chain layout in the health sector, leveraging its strengths in manufacturing and supply chain management [10][11]. - The company aims to balance capital expansion with stable operations, emphasizing meticulous management and long-term strategies to address short-term challenges [11].

[Table_Reportdate] 2025年09月02日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250902 重点推荐 财经要闻 ➢ 1.习近平主持上海合作组织成员国元首理事会第二十五次会议并发表重要讲话 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.康泰生物（300601）：收入端增长良好，研发快速推进——公司简评报告 ➢ 2.2025H1化工整体业绩同比修复，关注"反内卷"带来的供给弹性及科技新趋势下的国产 化需求——基础化工行业周报（2025/8/25-2025/8/31） ➢ 3.国茂股份（603915）：关注工业减速机下游复苏进程，精密减速器布局可期——公司简 评报告 ➢ 4.无人叉车进入加速渗透 ...

Core Insights - The company experienced a decline in performance in the first half of 2025, with revenue of 1.196 billion yuan (down 2.27% year-on-year) and a net profit of 143 million yuan (down 39.09% year-on-year) due to various factors including global market volatility and strategic investments [1] - The domestic market faced short-term pressure, while the overseas market showed strong performance with revenue of 427 million yuan (up 30.17% year-on-year) [1] - The life sciences segment generated revenue of 599 million yuan, with low-temperature storage business showing signs of recovery and laboratory solutions gaining market share [2] - The medical innovation segment achieved revenue of 589 million yuan, with significant growth in smart medication and blood technology, contributing to 47% of total revenue [3] Financial Performance - In H1 2025, the company's gross margin was 46.28% (down 1.99 percentage points year-on-year) and net margin was 12.31% (down 7.24 percentage points year-on-year) [1] - The company anticipates a recovery in profitability in H2 2025, supported by a 38% increase in the domestic market project pipeline and substantial growth in medical channels [1] Business Segments - The low-temperature storage business declined by 9.9% year-on-year but showed a recovery trend with a 16.73% increase compared to H2 2024 [2] - The smart medication segment grew by approximately 6% year-on-year, with expectations for high double-digit growth for the full year [3] - Blood technology revenue increased by 19% year-on-year, significantly outperforming the industry average [3] Strategic Outlook - The company is transitioning from a low-temperature storage equipment provider to a life sciences and medical innovation platform, with rapid growth in new industries [4] - Profit forecasts for 2025-2027 are maintained at 408 million, 481 million, and 562 million yuan respectively, with corresponding EPS of 1.28, 1.51, and 1.77 yuan [4]

（文章来源：证券日报） 证券日报网讯 9月1日晚间，海尔生物发布公告称，截至2025年8月31日，公司通过上海证券交易所交易 系统以集中竞价交易方式累计回购公司股份2，376，245股，占公司总股本317，952，508股的比例为 0.7474%。 ...

每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ （记者 王晓波） 2024年1至12月份，海尔生物的营业收入构成为：医疗器械占比99.57%，其他业务占比0.43%。 截至发稿，海尔生物市值为105亿元。 每经AI快讯，海尔生物（SH 688139，收盘价：32.98元）9月1日晚间发布公告称，截至2025年8月31 日，公司通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份约238万股，占公司总股 本约3.18亿股的比例为0.7474%，回购成交的最高价为34.69元/股，最低价为29.86元/股支付的资金总额 为人民币约7712万元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [1][9]. Core Insights - The company's performance is under short-term pressure, but overseas markets are showing strong growth. In H1 2025, the company achieved revenue of 1.196 billion yuan, a year-on-year decrease of 2.27%, and a net profit attributable to shareholders of 143 million yuan, down 39.09% year-on-year. The decline in performance is attributed to various factors, including complex global conditions, high base comparisons, ramp-up of new capacity, and strategic long-term investments [2]. - The gross margin for the reporting period was 46.28%, a decrease of 1.99 percentage points year-on-year, primarily due to disruptions in manufacturing costs from new factory ramp-ups. The net profit margin was 12.31%, down 7.24 percentage points year-on-year [2]. - Regionally, the domestic market faced short-term challenges with revenue of 761 million yuan, down 14.64% year-on-year, while the overseas market performed strongly with revenue of 427 million yuan, up 30.17% year-on-year, marking a record high for Q2 2025 [2]. - The company is transitioning from a single low-temperature storage equipment provider to a life sciences and medical innovation platform, with rapid growth in new industries such as smart medication and blood technology [6]. Summary by Sections Financial Performance - In H1 2025, the life sciences segment generated revenue of 599 million yuan, with low-temperature storage business showing signs of recovery, despite a year-on-year decline of 9.9%. The segment has seen a 16.73% growth compared to H2 2024 [6]. - The laboratory solutions segment grew approximately 2% year-on-year, with expectations for accelerated growth in the second half of the year. The company has increased its market share in various laboratory instruments, achieving first and second positions in specific categories [6]. Medical Innovation Segment - The medical innovation segment generated revenue of 589 million yuan in H1 2025, with new industries contributing to 47% of total revenue and achieving a year-on-year growth of 7.27%. The smart medication segment is expected to achieve high double-digit growth for the full year [6]. - The blood technology segment grew by 19% year-on-year, significantly outperforming the industry average of 4.9%. The company has received regulatory approval for a new disposable blood bag, enhancing its product offerings [6]. Profit Forecast and Valuation - The company is expected to stabilize its performance, with projected net profits of 408 million yuan, 481 million yuan, and 562 million yuan for 2025, 2026, and 2027, respectively. Corresponding EPS estimates are 1.28 yuan, 1.51 yuan, and 1.77 yuan, with PE ratios of 25.71, 21.82, and 18.67 [7][8].