证 券 研 究 报 告 普门科技（688389）2025 年中报点评 推荐（维持） 海外业务稳健拓展，Q2 重回增长轨道 目标价：19 元 事项： ❖ 公司发布 25 年中报，25H1 营收 5.07 亿元（-14.08%），归母净利润 1.22 亿元 （-29.27%），扣非归母净利润 1.11 亿元（-32.02%）。单 25Q2，营收 2.92 亿元 （+2.71%），归母净利润 0.68 亿元（+5.00%），扣非归母净利润 0.61 亿元 （+1.76%）。 评论： [ReportFinancialIndex] 主要财务指标 医疗器械 2025 年 09 月 16 日 | | | 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S0360520110002 证券分析师：李婵娟 邮箱：lichanjuan@hcyjs.com 执业编号：S0360520110004 联系人：张良龙 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,148 | 1 ...

事项： 公司发布25 年中报，25H1 营收5.07 亿元（-14.08%），归母净利润1.22 亿元（-29.27%），扣非归母净 利润1.11 亿元（-32.02%）。单25Q2，营收2.92 亿元（+2.71%），归母净利润0.68 亿元（+5.00%），扣 非归母净利润0.61 亿元（+1.76%）。 评论： 国际业务逆势增长，收入占比提升。2025H1，公司实现国际收入1.75 亿元（+9.01%），其中国际IVD 收入1.61 亿元（+7.96%），国际治疗与康复收入0.14 亿元（+22.85%）；国内收入3.32 亿元，同比下降 22.74%。国际业务在复杂外部环境下实现稳健增长，其收入占比提升至34.6%。国内业务主要是行业政 策影响导致产品价格有所下调，以及部分产品短期国内市场需求减少所致。 IVD 业务短期承压，治疗与康复业务相对稳健。分业务看，体外诊断（IVD）业务实现收入3.86 亿元 （-17.60%），占总收入76.1%，预计主要因国内市场IVD 相关政策影响，以及24Q1 呼吸道疾病高发导 致CRP 等项目基数较高。 治疗与康复业务实现收入1.11 亿元（-2.37%）。临床医 ...

Group 1 - The core viewpoint emphasizes the importance of technology transfer in driving high-quality development in the healthcare industry, highlighting the collaboration between research institutions and pharmaceutical companies as a key factor in medical innovation [1][2][3] - The "Hundred Enterprises and Hundred Hospitals Guangdong Medical Tour" event aims to facilitate the integration of medical and engineering sectors, ensuring precise alignment between clinical needs and research efforts, thereby accelerating the commercialization of scientific achievements [2][8] - The first batch of 133 biomedicine technology transfer achievements was released, showcasing the need for improved conversion rates in the biomedicine sector, which currently faces challenges such as insufficient innovation and immature supply chains [3][4] Group 2 - Guangdong province leads the nation in the number of pharmaceutical and medical device production enterprises, with a total of 8,983 companies and over 1.76 million registered products as of June 2023 [4] - The biomedicine industry in Dongguan has matured over the past decade, with over 500 biopharmaceutical companies established, including notable leaders in various sub-sectors [9][10] - Dongguan's "Songhu Pharmaceutical Port" is positioned as a central hub for biopharmaceutical innovation, aiming to create a comprehensive ecosystem for research, incubation, and industrialization [10][11]

● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年9月10日（星期三）至9月16日（星期二）16:00前登录 上证路演中心网站首页点击"提问预征集"栏目或通过深圳普门科技股份有限公 司（以下简称"公司"）邮箱bod@lifotronic.com进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 证券代码：688389 证券简称：普门科技 公告编号：2025-069 深圳普门科技股份有限公司 关于参加2025年半年度科创板医疗器械及医疗设备 行业集体业绩说明会的公告 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： ● 会议召开时间：2025年9月17日（星期三）下午15:00-17:00 公司已于2025年8月29日披露《公司2025年半年度报告》，为便于广大投资 者更全面深入地了解公司2025年半年度经营成果、财务状况，公司 ...

Core Viewpoint - The company is positioned to expand its market presence in both domestic and international healthcare sectors through the introduction of new products and compliance with regulatory changes. Group 1: Product Developments - The eCL8600 and eCL8800 series of mid-speed chemiluminescence products have recently obtained domestic medical device registration, which is expected to enhance the company's competitiveness in secondary hospitals and meet the testing needs of township hospitals [1][4] - The company has launched the fully automated electrochemical luminescence immunoassay system LifoLas 8000 and the fully automated laboratory workflow LifoLas 9000, which are part of the "Puhui Smart Testing" solution aimed at empowering hospitals' information technology infrastructure [2] Group 2: Market Trends - The gradual implementation of policies promoting the widespread use of glycosylated hemoglobin testing among the elderly is anticipated to increase testing volumes, benefiting the company's high-end glycosylated products H100 and H100Plus [2][4] - Recent regulatory changes from health authorities are expected to temporarily reduce the testing volume for tumor markers, but in the long term, this will favor high clinical value projects such as inflammation and myocardial testing [3][4] Group 3: Strategic Initiatives - The company plans to integrate its luminescence, glycosylation, and specific protein product lines into comprehensive solutions, responding to national policies aimed at improving healthcare quality and advancing business development [3]

Market Performance - On September 5, the electronic chemicals sector rose by 4.76%, with Laird Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Laird Technology (688683) closed at 36.50, up 11.21% with a trading volume of 47,100 shares and a turnover of 164 million yuan [1] - Fivotech (688371) closed at 25.21, up 10.23% with a trading volume of 54,400 shares and a turnover of 132 million yuan [1] - Tiantong Co. (600330) closed at 12.10, up 10.00% with a trading volume of 3.1078 million shares and a turnover of 3.563 billion yuan [1] - Other notable performers include Guanghua Technology (002741) up 9.99%, Jingrui Electric Materials (300655) up 7.76%, and Jianghuai Micro (603078) up 5.45% [1] Capital Flow Analysis - The electronic chemicals sector saw a net inflow of 447 million yuan from institutional investors, while retail investors contributed a net inflow of 185 million yuan [1] - Notably, the sector experienced a net outflow of 632 million yuan from speculative funds [1] Detailed Capital Flow for Selected Stocks - Tiantong Co. (600330) had a net inflow of 191 million yuan from institutional investors, but a net outflow of 82.38 million yuan from speculative funds [2] - Guanghua Technology (002741) saw a net inflow of 188 million yuan from institutional investors, with a significant net outflow of 110 million yuan from speculative funds [2] - Jingrui Electric Materials (300655) had a net inflow of 137 million yuan from institutional investors, while experiencing a net outflow of 42.11 million yuan from speculative funds [2]

Group 1 - Huida Sanitary Ware plans to publicly transfer 100% equity and debt of Guangxi Xingaosheng, with debt amounts of 132 million and 138 million yuan as of June 30, 2025 [1] - Sainuo Medical received administrative regulatory measures from Tianjin Securities Regulatory Bureau due to inaccurate information disclosure in quarterly reports [2][3] - Jiangling Motors reported August vehicle sales of 30,003 units, a year-on-year increase of 8.92% [6] Group 2 - Jimin Health's controlling shareholder plans to reduce its stake by up to 3%, totaling 15.75 million shares [7] - Satellite Chemical announced routine maintenance of polyethylene and ethylene glycol facilities, expected to last 45 days [8] - Hubei Yihua's 200,000-ton caustic soda project has been successfully put into production [10] Group 3 - Shanghai Pharmaceuticals' Dihydroxypropyl Theophylline Injection has passed the consistency evaluation for generic drugs [13] - Ningbo Construction's subsidiaries won construction projects worth 1.117 billion yuan [16] - Wens Foodstuff reported August sales revenue of 4.825 billion yuan from live pigs, with a year-on-year decrease in revenue and price [28] Group 4 - Long-term Logistics announced the resignation of its deputy general manager due to personal reasons [44] - Huaming Equipment proposed a cash dividend of 2 yuan per 10 shares, totaling 179 million yuan [46] - Transsion Holdings plans to distribute a cash dividend of 0.8 yuan per share [49]

截至本公告披露日，公司及控股子公司在国内市场已取得 103 个电化学发光 配套检测试剂注册证及 3 项电化学发光免疫分析仪注册证。上述产品注册证的取 得，进一步补充公司电化学发光系列产品矩阵，实现低、中、高速及流水线的全 系列产品布局，可以满足不同终端医院、实验室的多样化检测场景需求，有利于 证券代码：688389 证券简称：普门科技 公告编号：2025-068 深圳普门科技股份有限公司 关于自愿披露取得医疗器械注册证的公告 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。 深圳普门科技股份有限公司（以下简称"公司"）于近期收到了1个广东省 药品监督管理局颁发的《中华人民共和国医疗器械注册证》，具体情况如下： 注：上述取得注册证产品的型号、规格为 eCL8600、eCL8600i、eCL8600p、eCL8800、 eCL8800i、eCL8800p、JZ6000。 二、对公司的影响 本次取得注册证的全自动化学发光免疫分析仪 eCL8600 系列、eCL8800 系 列是公司基于三联吡啶钌的电化学发光免疫分析技术路线推出的新 ...

Core Viewpoint - Pumen Technology (688389.SH) has recently received a medical device registration certificate from the Guangdong Provincial Drug Administration for its fully automated chemiluminescence immunoassay analyzer, enhancing its product portfolio and market competitiveness [1] Product Details - The newly registered eCL8600 and eCL8800 series analyzers utilize a tridentate ruthenium-based electrochemical luminescence immunoassay technology [1] - The analyzers have testing speeds of 200 tests/hour and 260 tests/hour respectively, supporting batch testing and intelligent scheduling [1] - The devices can provide initial results in as fast as 9 minutes and allow for continuous operation with non-stop consumable replacement [1] - The analyzers employ biomimetic mixing technology to improve mixing efficiency, which is expected to enhance testing efficiency and convenience for end hospitals [1]

Group 1 - The company, Pumen Technology (688389), received a medical device registration certificate from the Guangdong Provincial Drug Administration for its fully automated chemiluminescence immunoassay analyzer [1] - The product is intended for qualitative or quantitative detection of analytes in human serum and plasma samples when used with corresponding testing reagents [1]