Group 1 - The government work report emphasizes shifting economic policies towards improving people's livelihoods and promoting consumption, aiming to boost economic circulation and upgrade industries through consumption [1] - The chairman of Shengxiang Biotechnology, Dai Lizhong, highlights the importance of personalized treatment solutions and digital empowerment in healthcare to enhance disease treatment, prevention, and health management [1][2] - The health consumption market in China is expected to experience significant growth, driven by increasing demand for health-related services and products, particularly in the context of an aging population [2] Group 2 - There is a current mismatch in the health consumption sector, with a concentration on health products and beauty services, while high-quality products and services for disease prevention and personalized healthcare are lacking [2] - Recommendations include incorporating health consumption into national consumption promotion policies, enhancing life science innovation, and improving policy and financial support systems to accelerate the growth of the life science industry [2] - The global life science industry is undergoing a technological revolution, presenting opportunities for Chinese companies to expand internationally, with a focus on "technology + service" output [3]

证券研究报告 2025 年 02 月 27 日 湘财证券研究所 公司研究 圣湘生物（688289.SH）事件点评 收购红岸基元进军血球检测，全生态产业链布局持续完善 相关研究： 核心要点： 拟以自有资金通过股权转让及增资的方式，收购红岸基元 54%的股权 2025 年 2 月 26 日，圣湘生物发布公告，公司拟与关联方湖南湘江圣湘生 物产业基金合伙企业（有限合伙）及湖南圣维星耀企业咨询合伙企业（有 限合伙）共同投资长沙市红岸基元生物科技有限公司。其中，公司以自有 资金合计投资 7,560 万元，通过受让股权及增资交易后，将持有目标公司 54%的股权。截至 2024 年 12 月 31 日，红岸基元资产总额 1,470.20 万 元，负债总额 2,176.17 万元，资产净额-705.97 万元；2024 年度实现营业 收入 3,270.18 万元，净利润-1,284.06 万元。 红岸基元专注雪球 POCT 领域，业务处于快速拓展期间 红岸基元成立于 2022 年 7 月，专注血球仪 POCT 的生产及销售。红岸基元 采用"图像法（高速相机拍照+AI 算法）"的方法学，开发了五分类血球仪 POCT 等产品。根 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company plans to acquire 54% of Hong'an Jiyuan's equity through self-funding, enhancing its blood cell detection capabilities and expanding its ecosystem [1] - Hong'an Jiyuan focuses on the production and sales of blood cell analyzers in the POCT field, with a strong growth trajectory and established supply chain [2] - The company has ample cash reserves exceeding 4.5 billion, indicating a proactive approach to external exploration and development [3] - Revenue projections for 2024-2026 are set at 1.445 billion, 1.959 billion, and 2.491 billion respectively, with net profits of 315 million, 459 million, and 626 million [4] Summary by Sections Acquisition Details - The company will invest a total of 75.6 million to acquire 54% of Hong'an Jiyuan, which had total assets of 14.702 million and a net profit of -12.8406 million for 2024 [1] Business Expansion - Hong'an Jiyuan, established in July 2022, is rapidly expanding in the blood cell analyzer market, targeting low penetration rates in community health centers and clinics [2] - The company has developed a systematic supply chain and sales team, achieving significant installations of blood cell analyzers across multiple provinces since its product launch in 2024 [2] Financial Position - As of Q3 2024, the company holds over 4.5 billion in cash and financial assets, indicating strong liquidity for future investments [3] - The company has been actively acquiring stakes in various technology platforms since 2021, including gene sequencing and chemiluminescence [3] Financial Forecast - Revenue and net profit forecasts for 2024-2026 are maintained at 1.445 billion, 1.959 billion, and 2.491 billion for revenue, and 315 million, 459 million, and 626 million for net profit respectively [4]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

Financial Performance - The total operating revenue for 2024 reached CNY 1.496 billion, representing a year-on-year increase of 48.60%[5] - The net profit attributable to the parent company was CNY 259.03 million, a decrease of 28.78% compared to the previous year[3] - The net profit attributable to the parent company after deducting non-recurring gains and losses increased by 194.13% to CNY 210.74 million[3] - The basic earnings per share decreased by 29.03% to CNY 0.44[3] - The company's total assets increased by 2.12% to CNY 8.634 billion[3] - The company reported a decrease in investment income compared to the previous year, impacting overall profit contributions[6] Product Development and Innovation - The company successfully developed a "Smart Control Platform for Infectious Diseases," integrating IoT, cloud computing, big data, and AI technologies[5] - The respiratory product revenue doubled compared to the previous year, becoming a key driver of growth[5] - The company launched dozens of innovative products across key areas such as respiratory, gene sequencing, and immunology[5] Strategic Collaborations - The company is enhancing strategic collaborations with partners like QuantuMDx and First Light to improve product matrix and commercialization efficiency[6]

证券代码：688289 证券简称：圣湘生物 公告编号：2025-013 圣湘生物科技股份有限公司 关于收购股权暨与关联方共同投资的公告 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： 圣湘生物科技股份有限公司（以下简称"公司"或"圣湘生物"）拟与关联方湖南 湘江圣湘生物产业基金合伙企业（有限合伙）（以下简称"产业基金"）及湖南圣维 星耀企业咨询合伙企业（有限合伙）（以下简称"圣维星耀"）共同投资长沙市红岸 基元生物科技有限公司（以下简称"红岸基元"或"目标公司"），其中，公司以自 有资金合计投资 7,560 万元，通过受让股权及增资交易后，将持有目标公司 54%的股 权。 本次交易系与关联方共同投资，构成关联交易，未构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 本次交易实施不存在重大法律障碍。 本次交易事项已经公司第二届董事会独立董事专门会议 2025 年第二次会议及 公司第二届董事会 2025 年第三次临时会议审议通过。本事项无需提交公司股东大会 审议。 相关风险提示：（1）本次交易相关协议 ...

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。 圣湘生物科技股份有限公司（以下简称"公司"）于 2025 年 1 月 11 日披露了《圣 湘生物科技股份有限公司关于收购股权的公告》（公告编号：2025-004），并于 2025 年 1 月 13 日及 2025 年 1 月 25 日分别披露了《圣湘生物科技股份有限公司关于收购 股权的补充公告》（公告编号：2025-007、2025-009），拟收购中山未名海济生物医药 有限公司（以下简称"中山海济"）100%股权，具体内容详见前述公告。现将该收购 股权事项近期进展情况公告如下： 截至本公告披露日，中山海济已完成工商变更登记手续，并取得中山市市场监督 管理局换发的《营业执照》，变更后的工商登记基本信息如下： 证券代码：688289 证券简称：圣湘生物 公告编号：2025-012 圣湘生物科技股份有限公司 关于收购股权的阶段性进展公告 根据公司与中山海济及其原股东签订的《支付现金收购股权协议》，公司已依照 合同约定如期支付了第一期及第二期股权转让款合计 70,000 万元。 公 ...

（一）增持主体的名称：戴立忠、陕西省国际信托股份有限公司－陕国投·金玉 210 号证券投资集合资金信托计划 （二）本次增持计划披露前，戴立忠先生直接持有公司股份 190,042,348 股，占增 持计划披露时公司总股本的 32.29%。同时，其持有湖南圣维投资管理有限公司 86.96% 股权，湖南圣维投资管理有限公司持有公司 37,196,596 股；其持有湖南圣维华宁管理 咨询中心（有限合伙）7.08%出资额，湖南圣维华宁管理咨询中心（有限合伙）持有公 司 7,267,492 股；其持有湖南圣维鼎立管理咨询中心（有限合伙）3.25%出资额，湖南 圣维鼎立管理咨询中心（有限合伙）持有公司 7,567,086 股。 （三）在本次增持计划披露前 12 个月内，前述增持主体未披露过增持计划。 证券代码：688289 证券简称：圣湘生物 公告编号：2025-010 圣湘生物科技股份有限公司 关于实际控制人兼董事长及其一致行动人增持股 份结果的公告 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： 增持计划基本情况：圣 ...

湖南启元律师事务所 关于圣湘生物科技股份有限公司 实际控制人增持公司股份的 法律意见书 2025 年 1 月 致：圣湘生物科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受圣湘生物科技股份有限公司（以 下简称"公司"、"圣湘生物"）的委托，就公司实际控制人戴立忠先生（以下简 称"增持人"）增持公司股份（以下简称"本次增持"）的相关事宜，出具本法 律意见书。本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《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"《收购管理办法》"）等法律、行政法规、部门规章及其他 规范性文件的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精 神，对本次增持涉及的相关材料和问题进行了必要的法律核查和验证。 为出具本法律意见书，本所律师审查了公司和增持人提供的有关文件及其复 印件，本所在出具本法律意见书时获得了公司和增持人向本所作出的如下保证： 其所提供的所有文件及所述事实均为真实、准确和完整的，相关文件的原件在其 有效期内均未被有关政府部门撤销，且于本法律意见书出具日均由其各自的合法 持有人持有；其已提供了必须的、 ...

证券代码：688289 证券简称：圣湘生物 公告编号：2025-011 基因测序仪 SansureSeq1000 是圣湘生物在基因测序领域推出的旗舰产品，运用基 于芯片扩增的表面荧光测序技术 SURFseq，通过识别碱基光学信号，实现边合成边测 序，准确性高，通量高。该仪器特有的"滚动上机"模式，允许在一张芯片运行过程 中无缝加载第二张芯片，并开始新工作流程。两张芯片能够根据不同应用需求，产生 不同长度读取数据或相同类型测序数据，有效缩短等待时间，拓展应用范围，为用户 提供更为便捷的体验。 基于该产品，圣湘生物研发推出感染性疾病综合解决方案、遗传性疾病全基因组 测序解决方案、生殖健康解决方案等多种方案，并已在众多疾病预防控制中心得到应 用。其中，感染性疾病综合解决方案助力众多医疗机构在病原体检测、疾病诊断及治 疗方案的制定上实现精确化与高效化。借助该平台，医生可更为迅速地识别病原体、 判断感染类型，进而制定出更为有效的治疗方案，进一步提升诊疗效率、降低误诊率， 为患者带来更优质的治疗效果和就医体验。此外，圣湘生物持续优化测序技术和数据 分析算法，确保每次检测均能提供可靠、全面的数据支持。 目前，圣湘生物正积极 ...