Investment Rating - Buy (Maintained) [1] Core Views - The company's overseas projects are under pressure due to delays in the execution of solar vaccine solution orders, leading to a 50% decline in storage-related business [2] - Excluding the impact of the solar vaccine solution, the company's low-temperature storage business remained flat compared to the same period last year [2] - The company's non-storage revenue grew by 22.7% YoY in H1 2024, accounting for 42.6% of total revenue [2] - The company's gross margin in H1 2024 was 48.3%, but would have been 50.1% if adjusted for the new accounting standards [2] - The company's revenue and net profit in H1 2024 showed positive marginal changes, with revenue increasing by 21% QoQ and net profit increasing by 84% QoQ [3] - The company's overseas business in Europe and Asia-Pacific grew by over 30% YoY in H1 2024, excluding the impact of the solar vaccine solution [3] - The company's domestic public health and plasma station digital services are recovering, with over 400 new vaccination sites established [3] Financial Forecasts and Valuation - Revenue for 2024E, 2025E, and 2026E is forecasted to be 2,628 million, 3,127 million, and 3,674 million respectively, with YoY growth rates of 15.2%, 19.0%, and 17.5% [1] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is forecasted to be 508.83 million, 631.41 million, and 755.06 million respectively, with YoY growth rates of 25.31%, 24.09%, and 19.58% [1] - EPS for 2024E, 2025E, and 2026E is forecasted to be 1.60, 1.99, and 2.37 respectively [1] - The current P/E ratio is 17.86x for 2024E, 14.39x for 2025E, and 12.03x for 2026E [1] Business Performance - In H1 2024, the company's revenue was 1,223 million (-3.7% YoY), with net profit attributable to the parent company of 234 million (-15.8% YoY) [2] - In Q2 2024, the company's revenue was 536 million (-8.12% YoY), with net profit attributable to the parent company of 97 million (-31.4% YoY) [2] - The company's life science business revenue in H1 2024 was 610 million (+2.3% YoY), while the medical innovation business revenue was 610 million (-9.0% YoY) [2] - Domestic revenue in H1 2024 was 892 million (+6.9% YoY), while overseas revenue was 330 million (-24.2% YoY) [2] Market Data - The closing price of the company's stock is 28.58 yuan [5] - The company's market capitalization is 9,087.08 million [5] - The P/B ratio is 2.14x [5]

证券代码：688139 证券简称：海尔生物 公告编号：2024-062 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、募集资金基本情况 （一）实际募集资金金额、资金到账时间 青岛海尔生物医疗股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 1 | 项目 | | | | | | 金额（人民币元） | | --- | --- | --- | --- | --- | --- | --- | | 2019 月 22 | 年 10 | | | | 日实际到账的募集资金 | 1,161,576,074.14 | | 减：支付的其他发行费用 | | | | | | 4,670,375.54 | | 减：募投项目支出金额 | | | | | | 894,181,404.49 | | 减：永久补充流动资金 | | | | | | 77,550,000.00 | | 减：期末用于现金管理的暂时闲置募集资 金金额 | | | | | | 230,000,000.00 | | 加：募集资金现金管理产品累计收益金额 | | | ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,223,284,970.75, a decrease of 3.71% compared to CNY 1,270,455,870.90 in the same period last year [14]. - The net profit attributable to shareholders of the listed company was CNY 234,342,835.01, down 15.84% from CNY 278,462,841.61 in the previous year [14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 211,750,860.17, a decrease of 7.52% compared to CNY 228,979,648.23 last year [14]. - The net cash flow from operating activities was CNY 59,276,033.76, a significant decline of 47.81% from CNY 113,580,161.42 in the same period last year [14]. - Basic earnings per share for the reporting period (January to June) decreased to 0.74 CNY, down 15.91% from 0.88 CNY in the same period last year [15]. - The weighted average return on equity fell to 5.49%, a decrease of 1.30 percentage points compared to 6.79% in the previous year [15]. - The company's gross profit margin for the first half of 2024 was 48.27%, with a restored margin of 50.11% when adjusted for accounting policy changes [57]. - The net profit attributable to shareholders decreased year-on-year but increased by 84% compared to the second half of last year, with a net profit margin of 19.16% [57]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,586,721,674.79, reflecting a growth of 1.10% compared to CNY 5,525,682,568.67 at the end of the previous year [14]. - The net assets attributable to shareholders at the end of the reporting period were CNY 4,254,327,364.48, an increase of 0.56% from CNY 4,230,710,929.50 at the end of the previous year [14]. - The company's total liabilities were CNY 1,089,154,649.51, slightly up from CNY 1,085,719,569.95 [118]. - Shareholders' equity increased to CNY 4,497,567,025.28 from CNY 4,439,962,998.72, reflecting a growth of about 1.3% [118]. - Accounts receivable increased by 108.73% to CNY 391,743,373, representing 7.01% of total assets, attributed to increased revenue from new medical infrastructure projects [79]. - The company's financial assets decreased by 38.19% to CNY 402,494,537, accounting for 7.20% of total assets [79]. Research and Development - Research and development expenditure accounted for 11.73% of operating revenue, down 0.67 percentage points from 12.40% in the same period last year [15]. - The total R&D investment amounted to ¥143,448,942.59, a decrease of 8.96% compared to ¥157,574,507.09 in the same period last year, representing 11.73% of operating revenue [45]. - The company has developed six major technology platforms and holds a total of 1,541 patents, indicating a strong focus on innovation and technology leadership [20]. - The company has applied for 142 new patents and software copyrights during the reporting period, obtaining 212, including 24 new invention patents, bringing the total to 1,541 patents and 348 software copyrights [42]. Market and Industry Trends - The global life science tools market is projected to reach $161.57 billion in 2023 and $330.69 billion by 2030, with a compound annual growth rate (CAGR) of 10.8% [25]. - The life sciences and medical innovation sectors are experiencing significant growth due to increased demand for comprehensive solutions in biological experiments, drug development, and medical services [24]. - The demand for medical equipment replacement is estimated to be around CNY 130 to 150 billion, with a market growth rate expected to exceed 6% due to policy-driven demand [28]. - The penetration rate of smart laboratories in China's life sciences sector is currently below 20%, indicating significant growth potential [31]. Corporate Governance and Compliance - The report was not audited, and the management has confirmed the accuracy and completeness of the financial statements [4]. - The company has outlined various risks and countermeasures in the report, which can be found in the "Management Discussion and Analysis" section [3]. - There were no significant non-operating fund occupations by controlling shareholders or related parties [4]. - The company has not faced any administrative penalties due to environmental issues during the reporting period [87]. Environmental and Social Responsibility - The company has integrated green and innovative development concepts into product design, achieving multiple national energy-saving and environmental certifications [88]. - The company has been recognized as a "National Green Factory" and a "Low-Carbon Demonstration Enterprise" in Qingdao [88]. - The company reduced carbon dioxide equivalent emissions by 60 tons through measures such as using clean energy [89]. - The company actively participates in biodiversity protection and the construction of a global ecological community [88]. Future Outlook and Strategic Initiatives - The company is focusing on digital scene solutions in life sciences and medical innovation, improving efficiency and safety in laboratory and medical settings [54]. - The company is developing a new automated drug management system, with a focus on smart management solutions for hospitals and laboratories [49]. - The company has initiated new strategies for market expansion, although specific details were not disclosed in the report [136]. - The company is actively expanding its overseas sales channels to mitigate risks associated with regulatory changes in the medical device industry [76].

证券代码：688139 证券简称：海尔生物 公告编号：2024-061 青岛海尔生物医疗股份有限公司 关于执行新会计准则导致会计政策变更的公告 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。 重要内容提示： 一、会计政策变更情况概述 （一）变更原因 财政部于 2024 年 3 月发布《企业会计准则应用指南汇编 2024》，规定保证 类质保费用应计入营业成本。据《企业会计准则应用指南汇编 2024》的规定,公 司需对原采用的相关会计政策进行相应调整。 （二）变更的日期 公司自 2024 年 1 月 1 日起执行上述会计准则，对相关的会计政策进行变更。 （三）变更前后采用的会计政策 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》 1 本次会计政策变更为青岛海尔生物医疗股份有限公司（以下简称"公司"） 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 准则应用指南汇编 2024》而进行的相应变更，无需提交公司董事会、监 事会和股东大会审议。 本次变更不会对公司的财务状况、经营成果和现金流量产 ...

证券代码：688139 证券简称：海尔生物 公告编号：2024-063 青岛海尔生物医疗股份有限公司 第三届监事会第二次会议决议公告 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。 一、监事会会议召开情况 青岛海尔生物医疗股份有限公司（以下简称"公司"、"本公司"或"海尔 生物"）第三届监事会第二次会议于 2024 年 8 月 22 日下午 14:00 以现场结合通 讯方式召开，现场会议在青岛市高新区丰源路 280 号海尔生物医疗新兴产业园办 公楼 101 会议室举行。本次会议的通知于 2024 年 8 月 9 日以电子邮件方式送达 全体监事。本次会议应出席监事 3 人，实际出席监事 3 人，会议由江兰主持。会 议的召集和召开程序符合有关法律法规、规范性文件和公司章程的规定，会议决 议合法、有效。 二、监事会会议审议情况 本次会议由江兰主持，经全体监事认真审议并表决，本次会议通过了如下议 案： （一） 审议通过《关于审议公司 2024 年半年度报告及摘要的议案》 表决结果：3 票赞成，0 票弃权，0 票反对。 （二）审议 ...

本次电话会议仅服务于星业证券客户会议音频及文字记录的内容版权为星业证券所有内容必须经星业证券审核后方可留存未经允许和授权专载转发此次会议内容均属侵权星业证券将保留追究其法律责任的权利 电话会议所有参会人员不能泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的深夜证券不保障其发言内容的准确性与完整性深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任 市场有风险,投资需谨慎,提醒投资者注意投资风险,审慎参考会议内容好的,尊敬的各位投资者早上好,我是心愿医药研究员龚雨晴今天的早间深度会由我给大家分享海尔生物的这篇公司的报告 那首先海尔生物的话可能大家的印象还会比如说联想到整个海尔集团对他印象可能是一个可能偏生物医疗低温存储或者说医用冰箱这样的一个公司但实际上公司在过去几年一直在做它的这个产品布局和商业模式的一个就是扩展和这个升级包括去借一个物联网转型去做这种在物联网 的一些生物低温存储产品慢慢的把这些产品品的扩展到非存储产品形成这样一个综合解决方案那其实公司是不断的就是生化还有客户需求去把这个客户的这种需求去做深做宽然后去挖掘这样的用户价值那整体公司就是由一个这种生物低温存储冰箱 ...

证券代码：688139 证券简称：海尔生物 公告编号：2024-060 青岛海尔生物医疗股份有限公司 股东询价转让结果报告书 暨持股 5%以上股东权益变动超过 5%且 持有权益比例降至 5%以下的权益变动提示性公告 宁波梅山保税港区奇君股权投资合伙企业（有限合伙）保证向青岛海尔生物医 疗股份有限公司提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其真实性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次询价转让的价格为 30.09 元/股，转让的股票数量为 6,359,050 股。 青岛海尔生物医疗股份有限公司（以下简称"公司"）控股股东、实际控制 人、董事、监事及高级管理人员未参与本次询价转让。 本次询价转让不会导致公司控股股东、实际控制人发生变化。 本次询价转让完成后，宁波梅山保税港区奇君股权投资合伙企业（有限合伙） （以下简称"奇君投资"或"转让方"）持有公司 13,333,648 股股份，占公司总股 本的比例由前次权益变动后的 10.08%减少至 4.19%，累计权益变动比例超过 5%且 持有公司权益比例已降至 ...

中信证券股份有限公司 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担任宁波 梅山保税港区奇君股权投资合伙企业（有限合伙）（以下简称"转让方"）以向特定机构 投资者询价转让（以下简称"询价转让"）方式减持所持有的青岛海尔生物医疗股份有 限公司（以下简称"公司"或"海尔生物"）首次公开发行前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称"《询价转让和配售指 引》"）要求，本次询价转让的询价、转让过程与结果是否公平、公正，是否符合《询价 转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 关于青岛海尔生物医疗股份有限公司 股东向特定机构投资者询价转让股份的核查报告 截至 2024 年 7 月 2 日转让方所持公司首发前股份的数量及占公司总股本比例情况 如下： 上海证券交易所： | 转让股东名称 | 转让股份数量（股） | 占总股本比例 | 占所持股份比例 | 转让股份来源 | | --- | --- | --- | --- | --- | | 宁 ...

青岛海尔生物医疗股份有限公司 简式权益变动报告书 签署日期：2024年8月13日 上市公司名称： 青岛海尔生物医疗股份有限公司 股票上市地点： 上海证券交易所 股票简称： 海尔生物 股票代码： 688139.SH 信息披露义务人： 宁波梅山保税港区奇君股权投资合伙企业（有限合伙） 主要经营场所： 浙江省宁波市北仑区梅山七星路88号1幢401 室B区 M0679 股份变动性质： 股份减少及被动稀释 信息披露义务人声明 一、本信息披露义务人根据《中华人民共和国证券法》（以下简称"《证券 法》"）《上市公司收购管理办法》（以下简称"《收购办法》"）《公开发行证券公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则 15 号》"）等相关的法律、法规及规范性文件编写本报告书。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《准则 15 号》规定，本报告书已全面覆盖 信息披露义务人在青岛海尔生物医疗股份有限公司（以下简称"海尔生物"或"公 司"）中拥有权益的股份变动情况。 截至本报告书签署日， ...

证券代码：688139 证券简称：海尔生物 公告编号：2024-058 青岛海尔生物医疗股份有限公司 股东询价转让计划书 宁波梅山保税港区奇君股权投资合伙企业（有限合伙）（以下简称"出让方 "）保证向青岛海尔生物医疗股份有限公司（以下简称"海尔生物"或"公司" ）提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实 性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与海尔生物首发前股东询价转让的股东为宁波梅山保税港区奇君股 权投资合伙企业（有限合伙）； 出让方拟转让股份的总数为 6,359,050 股，占公司总股本的比例为 2.00%； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级 市场减持。受让方通过询价转让受让的股份，在受让后 6 个月内不得转让； 本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资 者。 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次询 价转让。截至 2024 年 7 月 2 日， ...