Core Viewpoint - The diagnostic reagent industry in China is experiencing fluctuations in market size due to the impact of COVID-19, with a projected recovery and growth expected by 2025, reaching a market size of 140 billion yuan, an 8% increase year-on-year [6][7]. Industry Overview - Diagnostic reagents are essential tools in medicine and biology for detecting diseases, infections, and other medical conditions through interactions with biological samples [4][6]. - The market is primarily dominated by in vitro diagnostic reagents, while in vivo diagnostics remain relatively small [6]. Market Size and Trends - The market for in vitro diagnostic reagents in China has shown an upward trend since 2015, with rapid growth from 2020 to 2022 due to the pandemic, but a 14% decline in 2023 due to reduced demand for COVID-19 diagnostic reagents [6][7]. - The market is expected to recover in 2024, with projections indicating a market size of 140 billion yuan by 2025, reflecting an 8% year-on-year growth [6][7]. Competitive Landscape - The diagnostic reagent market includes both domestic companies like Mindray Medical, Antu Bio, and Wanfu Bio, and international firms such as Roche Diagnostics and Abbott, all competing for market share [8]. - Domestic companies are noted for their strong R&D capabilities and significant market presence [8]. Industry Development Stages - The diagnostic reagent industry in China has progressed through four stages: nascent, initial, extensive development, and rapid growth, with significant advancements in technology and regulatory improvements since the 21st century [5]. Industry Chain - The industry chain consists of upstream raw materials (diagnostic enzymes, antigens, antibodies, etc.), the midstream diagnostic reagent production, and downstream applications in medical institutions and third-party diagnostic organizations [6]. Market Segmentation - The in vitro diagnostic reagent market is segmented, with immunodiagnostic reagents holding a 32% market share, followed by molecular diagnostic reagents at 19%, and biochemical diagnostic reagents at 18% [7]. Future Trends - The industry is expected to focus on high-end product upgrades, with companies increasing R&D investments to enhance product value amidst price pressures from centralized procurement [9]. - There is a trend towards market penetration in lower-tier cities and global expansion, with domestic products entering emerging markets in Southeast Asia and Africa [10]. - The industry is evolving towards a model centered on clinical value and personalized medicine, integrating diagnostic solutions with treatment recommendations [11].

证券代码：688289 证券简称：圣湘生物 公告编号：2026-001 圣湘生物科技股份有限公司 关于与专业机构共同投资设立基金暨关联交 易的进展公告 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： | 投资标的名称 | 湖南金芙蓉圣湘生物股权投资基金合伙企业（有限合伙） | | | | | --- | --- | --- | --- | --- | | 投资金额（万元） | 37,000 | | | | | 投资进展阶段 | 完成 | 终止 | 交易要素变更 | 进展 | | | 募集失败 | | | | | | 未能完成备案登记 | | | | | | 提前终止 | | | | | | 发生重大变更 | | | | | 特别风险提示 | 其他：由于投资基金属于长期股权投资，具有投资周 | | | | | | 期长，流动性较低的特点，本次投资将面临较长的投资 | | | | | | 回收期，且存在因受宏观政策、经济环境、行业周期、 | | | | | | 投资标的经营管理、交易方案等多种 ...

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 截至2026年2月11日收盘，圣湘生物股价报19.81元，当日下跌0.95%，近5日累计下跌0.90%；2月10日主 力资金净流出622.99万元，占成交额8.22%。最新资金流向显示，2月11日主力资金净流出约2435万元， 散户资金净流入，换手率0.74%。同期，医疗器械板块整体下跌0.48%，大盘指数表现分化。 经济观察网2026年2月11日，圣湘生物新增一起对外投资，被投资公司为湖南金芙蓉圣湘生物股权投资 基金合伙企业(有限合伙)，出资额8.2亿元，投资占比45.12%，从事股权投资等资本市场服务。同日，公 司通过董秘问答重申，自2021年以来已实施3轮回购方案，累计回购资金5.8亿余元，并于2024年及2025 年注销股份907万余股，以提升每股收益和股东回报。此外，公司于2026年2月6日回应国际业务进展， 强调在欧洲市场通过"平台一体化"和本地化子公司模式拓展业务。 ...

企查查APP显示，近日，湖南金芙蓉圣湘生物股权投资基金合伙企业（有限合伙）成立，出资额8.2亿元，经营范围包含：以私募基金从事股权投资、投资 管理、资产管理等活动。企查查股权穿透显示，该企业由圣湘生物（688289）等共同出资。 | 序号 | | 合伙人名称 | 出资比例 ⇒ | | --- | --- | --- | --- | | 1 | + | 圣湘生物科技股份有限公司 | 45.1220% | | | | 圣湘生物 (688289.SH) ญ | | | 2 | + | 湖南省金美蓉产业引导基金合伙企业(有限合伙) | 26.8293% | | | | 部 国有企业 私募基金 | | | 3 | + | 湖南湘江新区引导四号股权投资合伙企业（有限合伙） 락 물 | 18.2927% | | | | 四号 国有企业 私募基金 | | | ব | | 长沙市科技成果转化天使投资引导基金合伙企业(有限合伙) | 8.5366% | | | | 国有企业 私募基金 | | 长沙圣维荣泉创业投资有限公司 圣维 5 + 执行事务合伙人 私募基金管理人 荣泉 1.2195% | IL a c Qcc.com 全国企 ...

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [7]. Core Views - The recent policy from the National Healthcare Security Administration aims to transform the role of healthcare insurance from a payer to an innovator, significantly impacting the IVD industry by promoting solutions that integrate "testing + AI + services" [5][51]. - The domestic IVD industry is currently in a bottoming phase, with a strong focus on the growth potential of immunodiagnostics, particularly in chemiluminescence and molecular diagnostics such as PCR [5][51]. - The report highlights that the biochemical diagnostics sector in China has largely completed its localization process, reducing reliance on foreign technologies [5]. Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 0.14%, ranking 15th among 31 primary industries, while the IVD sector fell by 1.28% [2][10]. - The IVD sector's current PE (ttm) is 39.37X, with a PB (lf) of 1.80X, showing a slight decrease from the previous week [4][31]. Company Performance - Notable performers in the medical services sector include SAIKOSHI (+14.5%), Ruiang Gene (+3.1%), and Rendu Bio (+2.6%), while underperformers include Cap Bio (-6.8%) and Hotgen Bio (-6.4%) [3][26]. - The report suggests focusing on companies like YHLO Biotech and Shengxiang Bio in the immunodiagnostics and molecular diagnostics fields due to their growth potential [5][51]. Market Trends - The report indicates that the IVD industry is experiencing a shift towards integrating new technologies and payment methods, driven by recent policy changes [5][51]. - The overall IVD market is expected to continue its steady growth, with significant opportunities arising from the integration of AI and innovative products [5][51].

证券日报网讯 2月6日，圣湘生物在互动平台回答投资者提问时表示，公司在国际市场突破传统"产品输 出"模式，以"平台一体化、诊疗一体化"为核心引擎，深度链接全球产业链伙伴、当地医疗体系与公共 卫生机构，构建起"技术共享-能力共建-价值共生"的全球健康生态，推动国际业务从"单点合作"向"生态 协同"升级。例如，针对欧洲市场的高标准化、高专业化需求，以"平台一体化"为战略锚点，以"生态本 地化"为合作路径，构建起适配欧洲医疗体系的"高端诊断+定制服务+伙伴协同"生态模式，不断扩大法 国、意大利等国私立医院市场渗透率。公司的销售模式以经销为主、直销为辅，并依托法国、英国等当 地子公司平台，深耕本土化团队、区域服务网络搭建、标杆项目落地、文化价值传递等核心基业，不断 拓展国际化生态建设布局。 （文章来源：证券日报） ...

证券日报网讯 2月6日，圣湘生物在互动平台回答投资者提问时表示，公司以"平台一体化、诊疗一体 化"为核心引擎，深度链接全球产业链伙伴、当地医疗体系与公共卫生机构，构建起"技术共享-能力共 建-价值共生"的全球健康生态，推动国际业务从"单点合作"向"生态协同"升级。2025年，公司海外深耕 取得长足发展，业务版图稳步拓展，全球资源配置效率有效提升。公司于今年1月对德国inno- trainDiagnostikGmbH的收购，是公司国际化战略的又一项重要战略布局，进一步强化了公司在高端血液 分子诊断领域的全球布局，为构建全链条诊疗一体化生态注入关键动能。公司高度重视资产减值与商誉 评估，年度报告财务数据均严格遵循会计准则并经过审计，具体内容可详见公司披露的财务报表及其附 注。 （文章来源：证券日报） ...

Group 1 - The Nipah virus outbreak in West Bengal, India has led to confirmed cases and significant market reactions, particularly in vaccine and diagnostic sectors, with several stocks experiencing price surges [1][2] - The Nipah virus, first identified in 1998, has a high fatality rate exceeding 40% and lacks effective treatments, which raises public health concerns and market volatility [2][3] - Despite initial market enthusiasm, the lack of confirmed cases in China and the limited geographical impact of the outbreak have resulted in a significant stock price correction for related companies [1][4] Group 2 - Companies like Capbio, Zhijiang Bio, and others have developed Nipah virus testing products, but the overall demand for testing has not increased significantly due to the outbreak, leading to continued financial pressure on these firms [4][10] - The medical testing industry, previously buoyed by COVID-19 testing, is now facing declining revenues as demand decreases, with many companies reporting substantial losses [9][10] - The vaccine sector is also under pressure, with companies like Zhifei and Watson facing intense competition and declining sales, leading to significant financial challenges [15][20] Group 3 - The overall performance of companies in the vaccine and diagnostic sectors is expected to remain under pressure due to economic cycles, increased competition, and regulatory changes affecting pricing and profitability [12][20] - The Nipah virus outbreak has not translated into increased orders for testing products from domestic companies, indicating a lack of substantial market opportunity arising from the situation [12][22] - Investors are advised to be cautious, as the Nipah virus may not provide the expected boost to the performance of the medical testing and vaccine industries, which are already struggling with profitability [22]

Group 1: Nipah Virus Outbreak in India - The recent Nipah virus outbreak in West Bengal, India, has led to 5 confirmed cases, including healthcare workers [1] - Nipah virus is a zoonotic virus that can be transmitted from infected animals to humans, with symptoms including acute respiratory infection and fatal encephalitis [1] Group 2: Company Responses and Developments - Wanfu Bio has launched various Nipah virus nucleic acid test kits, adaptable to their U-CardDx 200 platform and other PCR systems, to meet screening and detection needs [1] - Shengxiang Bio has developed a Nipah virus nucleic acid test kit based on fluorescence PCR technology, with CE certification and a focus on rapid response to public health events [2] - Capbio emphasizes the importance of their Nipah virus test kit for global quarantine and disease control efforts, highlighting its precise detection capabilities [2] - Zhijiang Bio's Nipah virus PCR test kit offers higher sensitivity and accuracy, aiming to shorten the diagnosis window [2] - Da'an Gene has created a Nipah virus nucleic acid test kit with a sensitivity of 200 copies/mL, reducing the risk of false negatives [2] Group 3: Research on Treatment - Research teams from the Wuhan Institute of Virology and Shanghai Institute of Materia Medica have confirmed that the oral nucleoside drug VV116 shows significant antiviral activity against Nipah virus [3] Group 4: Clarifications from Companies - Hualan Biological has clarified that it does not have any products related to Nipah virus, focusing instead on human vaccine manufacturing for influenza [4] - Companies such as Jindike, Yirui Bio, and Renhe Pharmaceutical have publicly stated they do not have any Nipah virus-related products [4]

Group 1 - The "Implementation Plan for Strengthening the Foundation in Disease Prevention and Control" aims to enhance the grassroots disease control system by addressing issues such as resource imbalance, outdated equipment, and weak digital capabilities [1][2] - The plan sets two key targets: by the end of 2027, a basic grassroots disease control network will be established, and by 2030, the system will be optimized for efficiency and digital empowerment [1][2] Group 2 - Companies in the industry are actively aligning their strategies with the policy requirements, focusing on technology development, product offerings, and practical applications [3] - Shengxiang Biotechnology Co., Ltd. is developing integrated solutions that include rapid testing reagents, devices, and digital systems to meet the core needs outlined in the policy [3] - Retail pharmacies, such as Lao Baixing Pharmacy Chain Co., Ltd., play a crucial role in disease control by providing essential services and medication supply, thus enhancing public health service capabilities [4] - Kefu Medical Technology Co., Ltd. is focusing on smart upgrades of its products to provide efficient diagnostic and health management tools for grassroots healthcare facilities [4]