Group 1 - The 92nd China International Medical Equipment Fair (Autumn CMEF) opened on September 26, attracting nearly 3,000 companies from around 20 countries and over 120,000 professional visitors [1] - Haier Biomedical showcased over 20 innovative products and solutions across four major industries: laboratory solutions, smart medication, blood technology, and low-temperature storage [1] - The company launched the first domestically approved ultra-low temperature storage box using deep green technology and introduced a new cloud series safety cabinet to enhance laboratory work experience [1][2] Group 2 - By the first half of 2025, new industries accounted for a significant portion of Haier Biomedical's revenue, with automation, cell culture, high-speed centrifugation, and intelligent systems achieving leading positions domestically and internationally [2] - The company presented its AI technology integration with life sciences and medical innovation, including the Edmond sample management solution for high-risk samples, enhancing safety and efficiency in high-level laboratories [2] - Haier Biomedical's overseas revenue grew by over 30% year-on-year in the first half of this year, with significant market share in 25 countries for its ultra-low temperature storage boxes, drug constant temperature boxes, and solar vaccine refrigeration boxes [3]

摘要 ： 谁想率先代理最新一代明星产品？海尔生物医疗、横河等大牌领衔，多家创新企业携颠覆性技术惊艳亮相。众多核心产品广邀渠道合作，日程已公布，速 速报名参会吧。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 我们正身处一个生命科学爆发式创新的黄金时代。 " 十四五 " 生物经济发展规划明确打造国家生物技术战略科技力量，加快突破生物经济发 展瓶颈。近年来，在基础科学突破、产业需求牵引、国家政策支持、金融资本涌入等多重因素协同作用下，伴随 AI 、自动化与多组学技术等 深度融合，生命科学仪器创新成果密集涌现，势必为生命科学发现和生物经济发展提供核心工具支撑。 创新厂商手握颠覆性技术和产品，却苦于市场认知度低、渠道网络薄弱，难以快速触达终端用户，"酒香也怕巷子深"。优秀经销商渴望代理更 具 竞 争 力 和 利 润 空 间 的 创 新 产 品 ， 但 如 何 高 效 、 精 准 找 到 代 理 标 的 ， 成 为 阻 碍 业 务 发 展 的 难 点 、 痛 点 。 为 此 ， 仪 器 信 息 网 精 心 组 织 策 划 "2025生命科学创新仪器 ...

Core Viewpoint - The medical device export sector in China is experiencing growth, with a notable increase in revenue and profit among companies listed on the STAR Market, driven by innovation, international expansion, and strategic mergers and acquisitions [1][2][4]. Group 1: Market Performance - In the first half of 2025, China's medical device exports reached $24.1 billion, marking a 5.0% year-on-year increase and accounting for over 40% of total pharmaceutical product exports [1]. - STAR Market medical device companies reported a revenue growth of 9% and a net profit growth of 3% year-on-year, with second-quarter revenue and net profit showing quarter-on-quarter growth of 22% and 30%, respectively [1]. - Nearly 30% of STAR Market medical device companies have over 30% of their business coming from overseas [1]. Group 2: Innovation and Global Strategy - STAR Market medical device companies focus on high-value consumables and medical equipment, leveraging capital market support to build extensive global marketing networks [2]. - The industry has seen the emergence of several benchmark companies, with a total of approximately 18,000 invention patents held by STAR Market medical device firms [2]. - Notable innovations include the world's first branched aortic stent graft approved for market by Shanghai MicroPort Medical, and the FDA breakthrough designation for the self-expanding intracranial drug-coated stent system by Sinno Medical [2]. Group 3: International Expansion - Shanghai United Imaging Healthcare Co., Ltd. has increased its overseas revenue share from less than 10% at the time of listing to nearly 20% in the first half of 2025 [3]. - Haier Biomedical and Chongqing Mountain Outside Mountain Blood Purification Technology Co., Ltd. reported overseas revenue growth of 30% and 41%, respectively, in the first half of 2025 [3]. - The global expansion of domestic medical device companies is evident, with Haier Biomedical's products applied in over 150 countries and regions [3]. Group 4: Mergers and Acquisitions - The medical device industry is increasingly utilizing mergers and acquisitions to expand product lines and enhance technological capabilities, supported by policies such as "Merger and Acquisition Six Articles" and "STAR Market Eight Articles" [4]. - Shanghai Sanyou Medical Devices Co., Ltd. has successfully acquired the French orthopedic company Implanet, significantly boosting its overseas revenue [5]. - Shenzhen Huatai Medical Devices Co., Ltd. has improved its market penetration and product coverage following the introduction of Mindray Medical as a controlling shareholder [5]. Group 5: Policy Support and Future Outlook - The Chinese government has introduced numerous supportive policies aimed at fostering high-end innovation and quality development in the medical device sector [6]. - The industry is expected to transition from "product export" to "technology output" and from "landing" to "local integration," positioning itself for higher value within the global value chain [6].

Group 1: Core Development Plan - The "China Health Bay" three-year action plan (2025-2027) aims to accelerate the development of the biomedicine and medical device sectors in Qingdao High-tech Zone, which has gathered one-third of the city's market entities in these fields [1] - Qingdao High-tech Zone is focusing on niche markets and enhancing policy and industry collaboration to establish a new industrial city characterized by health and wellness [1] Group 2: Technological Innovations - The KD9 lower limb exoskeleton gait training system developed by Kangdao Medical Technology Co., Ltd. is a notable innovation, priced at only 25% to 33% of similar imported products, and has been exported to over 20 countries [2] - Kanglitai Biomedicine's new drug, Interleukin-12, is in phase II clinical trials and is expected to provide a new treatment pathway for cancer with minimal side effects and lower costs compared to existing therapies [2] Group 3: Leading Enterprises and Ecosystem - Qingdao Haier Biomedical Co., Ltd. has evolved from producing ultra-low temperature freezers to creating a comprehensive smart sample management system, fostering a collaborative innovation ecosystem in the high-tech zone [3] - The high-tech zone currently hosts 628 high-tech enterprises, 126 municipal-level innovation centers, and 67 key laboratories in the biomedicine and medical device sectors [3] Group 4: Cluster Development - The Qingdao Blue Biological Medicine Industrial Park has created a supportive environment for enterprises, facilitating a "plug-and-play" setup for companies in the medical device and testing sectors [4] - The high-tech zone has implemented policies to promote the clustering of the medical and pharmaceutical industries, focusing on five key areas, and has attracted over 1,000 related enterprises [4] Group 5: Financial Support Initiatives - The introduction of "High-tech Loan 2.0" has increased credit limits for tech enterprises to a maximum of 20 million yuan, significantly reducing financing costs for over 230 companies [5] Group 6: Academic and Industry Collaboration - The collaboration between Qingdao High-tech Zone and Rehabilitation University aims to enhance talent acquisition and industry-academia integration, establishing key laboratories and innovation alliances [7] - The integration of research and market needs is creating a closed loop of basic research, applied research, and industrialization, positioning the high-tech zone as a hub for rehabilitation industry innovation [8]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Haier Biomedical, Sanlian Hongpu, and Laofengxiang, showing increases of 32.81%, 32.56%, and 30.70% respectively, across the medical device, professional engineering, and jewelry sectors [1] - On September 17, a total of 67 listed companies received broker recommendations, with Longbai Group, Sanhua Intelligent Control, and Hengsheng Silicon Industry each receiving 2 recommendations [1] - There were 3 instances of rating upgrades on September 17, including Huazhang Securities upgrading Dinglong Co., Ltd. from "Hold" to "Buy", Bohai Securities upgrading Hengrui Medicine from "Hold" to "Buy", and Huatai Financial Holdings (Hong Kong) upgrading Dongwei Semiconductor from "Hold" to "Buy" [1] Group 2 - On September 17, brokers initiated coverage on 7 companies for the first time, with Zhongfu Industrial and COFCO Sugar both receiving "Hold" ratings from Zhongyuan Securities, Shanshui Technology receiving a "Buy" rating from Northeast Securities, Hengrui Medicine receiving a "Buy" rating from Bohai Securities, and Kaipu Cloud receiving a "Buy" rating from Zheshang Securities [1]

Group 1 - The core viewpoint of the article highlights the significant target price increases for certain listed companies, with Haier Biomedical, Sanlian Hongpu, and Laofengxiang leading the rankings with target price increases of 32.81%, 32.56%, and 30.70% respectively, indicating strong bullish sentiment in the medical device, professional engineering, and jewelry sectors [1] - On September 17, a total of 29 target price adjustments were made by brokerages, reflecting active market engagement and potential investment opportunities [1] - Seven companies received initial coverage from brokerages on the same day, with Zhongfu Industrial and COFCO Sugar both rated "Buy" by Zhongyuan Securities, indicating positive outlooks for these firms [1] Group 2 - Shanshui Technology received a "Buy" rating from Dongbei Securities, suggesting confidence in its growth potential [1] - Heng Rui Pharmaceutical was rated "Buy" by Bohai Securities, reflecting optimism in the pharmaceutical sector [1] - Kaipu Cloud was also rated "Buy" by Zheshang Securities, indicating a favorable view on its market prospects [1]

Investment Rating - The report maintains a "Recommended" rating for Haier Biomedical (688139) [1] Core Views - The company reported a 2.27% decline in revenue for H1 2025, totaling 1.196 billion yuan, and a 39.09% drop in net profit to 143 million yuan, primarily due to external factors and strategic investments [1][5] - New industries are showing growth, with their revenue share increasing to 47%, reflecting a 7.27% year-on-year growth, particularly in laboratory solutions and smart medication [5] - The overseas business is performing strongly, with a 30.17% increase in overseas revenue to 427 million yuan in H1 2025, while domestic revenue fell by 14.64% to 761 million yuan [5] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,284 million, 2,630 million, 3,061 million, and 3,464 million yuan respectively, with expected growth rates of 0.1%, 15.2%, 16.4%, and 13.2% [1][6] - Net profit projections for the same years are 367 million, 423 million, 508 million, and 585 million yuan, with growth rates of -9.7%, 15.4%, 20.1%, and 15.1% [1][6] - The company’s earnings per share (EPS) is projected to increase from 1.15 yuan in 2024A to 1.84 yuan in 2027E [6]

Core Insights - The second County Health Key Specialty Construction Conference was held in Chengdu, focusing on practical experiences and future development paths for county-level specialty construction [1] - Haier Biomedical showcased its innovations in smart medication and received the "County Key Specialty Construction Ecological Partner Contribution Award" for its contributions to the digital transformation of grassroots pharmaceutical services [1][3] Industry Overview - China's county-level healthcare system is entering a phase of high-quality development, with a focus on enhancing the service capabilities of county hospitals as part of national medical reform [3] - Pharmaceutical services are critical for medical quality and safety, particularly at the grassroots level, facing challenges such as reliance on manual processes, inefficiencies, and difficulties in drug traceability [3] Company Innovations - Haier Biomedical launched a fully digital closed-loop solution for hospital drug "storage, transfer, and distribution," integrating IoT, automation, and AI to reconstruct traditional pharmaceutical service models [3] - This solution has been implemented in over 400 medical institutions nationwide, improving drug management efficiency and medication safety, providing a replicable and scalable path for county hospital pharmaceutical specialty construction [3] Strategic Developments - During the conference, Haier Biomedical's market director delivered a speech on the exploration and practice of precise pharmaceutical services in county areas, emphasizing the need for a comprehensive upgrade rather than just adding smart devices [4] - The company is expanding its product matrix and full-scene solutions, including smart intravenous preparation centers and smart outpatient pharmacies, while focusing on AI integration and new product development [6] International Expansion - Haier Biomedical's innovations are moving towards international markets, with a recent strategic partnership with RAM Medical Group in Thailand, marking its entry into the Southeast Asian healthcare market [6] - The company aims to drive the construction of a new digital ecosystem for pharmaceutical services globally, supporting the "Healthy China" strategy and the establishment of a global health community [6]

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 ...