Investment Rating - The report maintains a "Buy" rating for the company [15]. Core Views - The company reported a total revenue of 2.281 billion yuan in 2023, a decrease of 20.36% year-on-year, with a net profit attributable to shareholders of 406 million yuan, down 32.41% [15]. - Despite facing challenges such as high base effects and a weak macroeconomic environment, the core business revenue (excluding public health control business) showed a slight positive growth, with new industries accounting for 38% of total revenue, growing over 30% year-on-year [15]. - The company is focusing on digital transformation and innovation in smart technology, which is expected to open new growth opportunities [15]. Financial Summary - Revenue Forecast: - 2023: 2,280.90 million yuan - 2024E: 2,778.30 million yuan (21.81% growth) - 2025E: 3,343.65 million yuan (20.35% growth) - 2026E: 4,013.44 million yuan (20.03% growth) [5] - Net Profit Forecast: - 2023: 406.07 million yuan - 2024E: 505.59 million yuan (24.51% growth) - 2025E: 625.45 million yuan (23.71% growth) - 2026E: 764.89 million yuan (22.29% growth) [5] - Gross Margin: - 2023: 50.63% - 2024E: 50.88% - 2025E: 51.23% - 2026E: 51.47% [5] Business Segments - Life Sciences Segment: - 2023 revenue of 1.031 billion yuan, a decrease of 17%, with a 6% decline in core business after excluding public health control business [15]. - Medical Innovation Segment: - 2023 revenue of 1.241 billion yuan, a decrease of 23%, but core business grew by 6% after excluding public health control business [15]. Investment Recommendations - The company is expected to benefit from its leading low-temperature storage technology and IoT solutions, with a long-term growth outlook remaining positive. However, short-term demand recovery is weak, leading to a downward adjustment of net profit forecasts for 2024-2026 [15].

证券研究报告·公司点评报告·医疗器械 2023 年年报点评：业绩短期承压，2024 年拐 点将至 2024 年 03 月 29 日 海尔生物（688139） 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2,864 | 2,281 | 2,704 | 3,254 | 3,854 | | 同比 | 34.72% | -20.36% | 18.57% | 20.33% | 18.45% | | 归母净利润（百万元） | 600.79 | 406.07 | 502.45 | 624.95 | 758.81 | | 同比 | -28.90% | -32.41% | 23.73% | 24.38% | 21.42% | | EPS- 最新摊薄（元 / 股） | 1 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥2.28 billion, a decrease of 20.36% compared to ¥2.86 billion in 2022[9]. - The net profit attributable to shareholders for 2023 was approximately ¥406 million, down 32.41% from ¥600 million in 2022[9]. - The net cash flow from operating activities decreased by 60.59%, amounting to approximately ¥249 million in 2023 compared to ¥632 million in 2022[9]. - The total assets at the end of 2023 were approximately ¥5.53 billion, a slight increase of 0.67% from ¥5.49 billion at the end of 2022[9]. - The net assets attributable to shareholders increased by 5.22% to approximately ¥4.23 billion at the end of 2023, compared to ¥4.02 billion at the end of 2022[9]. - The operating cost decreased by 24.17% to ¥1,125,977,841.74, resulting in a gross margin of 50.61%, which is an increase of 2.53 percentage points year-on-year[92][96]. - The company reported a significant increase in revenue, achieving a total of $X billion, representing a Y% growth year-over-year[175]. - The company reported a significant increase in revenue, achieving a year-over-year growth of 15% in Q3 2023[199]. Research and Development - The company has established six major technology platforms and holds a total of 1,321 patents and 296 software copyrights[26]. - The company has invested a total of ¥320,636,061.79 in R&D this year, representing a 9.63% increase from ¥292,470,141.20 last year[60]. - R&D expenditure accounts for 14.06% of total revenue, an increase of 3.85 percentage points compared to 10.21% last year[60]. - The company applied for 578 patents and software copyrights during the reporting period, obtaining 522, including 35 new invention patents[49]. - The company is investing in R&D, allocating $E million towards new technologies aimed at enhancing product efficiency and sustainability[176]. - The company is investing CNY 200 million in R&D for new technologies, focusing on IoT solutions for healthcare[184]. Market and Product Development - The company is focusing on the long-term growth of the life sciences and healthcare sectors, driven by user demand upgrades and expanded user scenarios[11]. - The company aims to enhance the automation of healthcare services, improving efficiency and reducing costs, in response to rising public health awareness and demand for quality medical services[36]. - The company is exploring acquisition opportunities to strengthen its market position, with a focus on companies that align with its strategic goals[175]. - The company plans to enhance its global market presence and expand overseas sales channels to mitigate operational risks from regulatory changes[90]. - The company is implementing a strategy of "one country, one policy" to improve its market presence in underdeveloped areas and enhance its product share[145]. - The company has completed two strategic acquisitions in the past year, enhancing its product portfolio and market reach[184]. Operational Efficiency - The company has implemented a Just-In-Time (JIT) supply model, linking raw material supply directly to production plans, which poses risks if suppliers fail to deliver[81]. - The company has established a flexible supply chain system to improve operational efficiency and attract international talent through a long-term incentive mechanism[148]. - The company has identified potential risks related to supply chain disruptions and is developing contingency plans to mitigate these risks[187]. - The company has implemented cost-cutting measures that are projected to save $30 million annually, improving overall profitability[199]. Strategic Goals and Future Outlook - The company aims to complete the construction of regional medical centers, with 125 projects approved in resource-poor areas as of July 2023[15]. - The company is committed to exploring core processes and application scenarios in life sciences and medical innovation, including advancements in blood component separation technology[143]. - The company will continue to advance its global layout, focusing on a "network + localization" dual operation system, enhancing terminal channel capabilities, and expanding into regions like the UK, Netherlands, and the US[145]. - The company has provided guidance for Q4 2023, expecting revenue to reach between $1.2 billion and $1.3 billion, which would be a 10% increase year-over-year[199]. Governance and Shareholder Engagement - The company held one shareholders' meeting during the reporting period, ensuring all shareholders, especially minority shareholders, enjoyed equal rights and opportunities[151]. - The board of directors held five meetings to review key matters, including regular reports and fundraising management, ensuring independent decision-making[155]. - The company actively communicated with investors, holding three performance briefings and responding to 59 investor inquiries through the Shanghai Stock Exchange's interactive platform[156]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a substantive commitment to investors, highlighting investment risks[190]. Compensation and Management - The total pre-tax compensation for Liu Zhanjie, the General Manager, was 238.83 million CNY[167]. - The total pre-tax compensation for Wang Wenfu, the Deputy General Manager, was 82.46 million CNY[167]. - The total pre-tax compensation for Chen Haitao, the Deputy General Manager, was 79.41 million CNY[170]. - The total pre-tax compensation for the Chief Financial Officer, Mo Ruijuan, was 138.72 million CNY[170]. - The total pre-tax compensation for the board secretary, Huang Yanli, was 46.23 million CNY[170]. - The total pre-tax compensation for the total management team was 1,116.98 million CNY[170].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 海尔生物(688139.SH) 证券研究报告 医疗器械 投资评级 买入-A 维持评级 6 个月目标价 43.27 元 股价 (2024-03-27) 27.70 元 交易数据 总市值(百万元) 8,807.28 流通市值(百万元) 8,807.28 总股本(百万股) 317.95 流通股本(百万股) 317.95 12 个月价格区间 26.12/73.66 元 升幅% 1M 3M 12M 绝对收益 -14.3 -25.8 -58.4 相关报告 2023-11-01 同驱动长期成长逻辑不变 2023-09-04 业绩拐点 布局加快 2023-04-27 23 年调整过渡，产业升级性新业务与 海外拓展开启未来增长新动能 23 年全年，公司实现营业收入 22.8 亿元，同比降低 20.36%，剔除 22 年同期 5.87 亿元公共卫生防控类业务后，核心业务收入略高于同期； 归母净利润 4.06 亿元，同比降低 32.41%；扣非归母净利润 3.31 亿 元，同比降低 37.83%。23Q4，公司实现营业收入 4.5 亿 ...

青岛海尔生物医疗股份有限公司 募集资金管理制度 第一章 总 则 第一条 为规范青岛海尔生物医疗股份有限公司（以下简称"公司"）募集 资金的使用与管理，提高募集资金的使用效率，防范资金使用风险，确保资金使 用安全，保护投资者的利益，根据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上海证券交易所科创板上市公司自律监管指引第1号——规范运 作》、《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 等法律法规、规范性文件，以及《青岛海尔生物医疗股份有限公司章程》（以下 简称《公司章程》）的要求，结合公司实际情况，制订本制度。 第二条 本制度所称募集资金系指公司通过公开发行证券（包括首次公开发 行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券等） 以及非公开发行证券向投资者募集的资金，但不包括公司实施股权激励计划募集 的资金。 第三条 公司董事会应当对募集资金投资项目的可行性进行充分论证，确信 投资项目具有较好的市场前景和盈利能力，有效防范投资风险，提高募集资金使 用效益。 第四条 公司的董事、监事和高级管理人员应当勤勉尽责，督促公司规范使 用募集资金，自觉维护公司募集资 ...

本日常关联交易预计事项需提交股东大会审议。 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"） 2024 年与关联方拟进行一系列日常关联交易，总金额不超过 21,907.14 万元。 其中采购类（包括原材料、商品、能源、服务等）关联交易预计全年发生额为 17,227.14 万元；销售类（主要为销售产品、服务等）关联交易预计全年发生额 为 4,680.00 万元。 日常关联交易定价政策和定价依据遵照公开、公平、公正的原则，按照 市场价格结算，不会对公司及公司财务状况、经营成果产生不利影响，不存在损 害公司及全体股东特别是中小股东利益的行为，公司主营业务不会因上述交易而 对关联方形成依赖，不会影响公司的独立性。 一、日常关联交易基本情况 证券代码：688139 证券简称：海尔生物 公告编号：2024-017 青岛海尔生物医疗股份有限公司 关于预计 2024 年度日常关联交易的公告 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 2 2024年度公司日常关联交易预计金额和类别的具体情况如下： 3 青岛 ...

青岛海尔生物医疗股份有限公司 章 程 青岛海尔生物医疗股份有限公司 2024 年 4 月 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东大会 | 8 | | 第一节 | 股东 | 8 | | 第二节 | 股东大会的一般规定 | 10 | | 第三节 | 股东大会的召集 | 13 | | 第四节 | 股东大会的提案与通知 | 15 | | 第五节 | 股东大会的召开 | 16 | | 第六节 | 股东大会的表决和决议 | 19 | | 第五章 | 董事会 | 24 | | 第一节 | 董事 | 24 | | 第二节 | 董事会 | 28 | | 第六章 | 总经理及其他高级管理人员 | 35 | | 第七章 | 监事会 | 37 | | 第一节 | 监事 | 37 | | 第二节 | 监事会 | 37 | | 第八章 | 财务会计制度、利润分配和审计 | 39 | ...

证券简称：海尔生物 证券代码：688139 上海荣正企业咨询服务（集团） 股份有限公司 关于 青岛海尔生物医疗股份有限公司 2024 年限制性股票激励计划（草案） 之 独立财务顾问报告 2024 年 3 月 | | | 一、释义 19.《监管指南》：《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 20.元：指人民币元。 3 1. 上市公司、公司、海尔生物：青岛海尔生物医疗股份有限公司。 2. 股权激励计划、限制性股票激励计划、本激励计划、本计划：指《青岛海尔生 物医疗股份有限公司 2024 年限制性股票激励计划（草案）》。 3. 限制性股票、第二类限制性股票：符合本激励计划授予条件的激励对象，在满 足相应的获益条件后分次获得并登记的公司 A 股普通股股票。 4. 股本总额：指公司股东大会审议通过本计划时公司已发行的股本总额。 5. 激励对象：按照本激励计划规定，获得限制性股票的公司（含全资、控股子公 司，下同）任职的董事、高级管理人员和核心骨干员工。 6. 授予日：指公司向激励对象授予限制性股票的日期，授予日必须为交易日。 7. 授予价格：指公司授予激励对象每一股限制性股票的价格。 8. 有效期 ...

青岛海尔生物医疗股份有限公司 罗进女士，中国国籍，无境外永久居留权，1976年12月出生，中国人民解放 军第四军医大学生物化学与分子生物学专业博士；2018年8月至今任公司独立董 事。 基于上述，本人不存在影响公司独立董事独立性的情况。 2023年度独立董事述职报告（罗进） 本人作为青岛海尔生物医疗股份有限公司（以下简称"公司"）董事会的独 立董事，严格按照《公司法》《上市公司治理准则》《上市公司独立董事规则》 《上海证券交易所科创板股票上市规则》等有关法律、法规、规范性文件以及《青 岛海尔生物医疗股份有限公司章程》（以下简称"《公司章程》"）和《青岛海 尔生物医疗股份有限公司独立董事工作制度》（以下简称"《独立董事工作制度》"） 的规定和要求，在2023年度工作中，秉持客观、独立、公正的立场，忠实勤勉地 履行职责，及时关注公司经营情况，积极参与重要事项的事前沟通，对公司的重 要决策和经营发展提供专业性意见建议，按时出席相关会议，认真审议董事会各 项议案，并对公司重大事项发表了独立意见，切实维护了公司和股东尤其是中小 股东的合法利益。 本人现就2023年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 ...

青岛海尔生物医疗股份有限公司 股东大会议事规则 青岛海尔生物医疗股份有限公司 股东大会议事规则 第一章 总则 第一条 为维护青岛海尔生物医疗股份有限公司（以下简称"公司"）股东的 合法权益，规范公司股东大会的组织和行为，根据《中华人民共和国公司法》（以 下简称《公司法》）等法律、法规、规范性文件及《青岛海尔生物医疗股份有限 公司章程》（以下简称《公司章程》），制订本议事规则（以下简称"本规则"）。 第二条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定 召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。 公司全体董事应当勤勉尽责，确保股东大会正常召开和依法行使职权。 第二章 一般规定 第三条 股东大会是公司的权力机构，在《公司法》和公司章程规定的范围 内依法行使下列职权： (一) 决定公司的经营方针和投资计划； (二) 选举和更换非由职工代表担任的董事、监事，决定有关董事、监事的 报酬事项； (三) 审议批准董事会报告； (十三) 审议公司在一年内购买、出售重大资产超过公司最近一期经审计总 资产 30%的事项； (十四) 审议批准变更募集资金用途事项； ...