Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16 yuan [2][8]. Core Views - The company's IVD (In Vitro Diagnostics) business shows steady growth, while the rehabilitation treatment business faces pressure [2][8]. - In 2024, the company reported total revenue of 1.148 billion yuan, a slight increase of 0.20% year-on-year, and a net profit attributable to shareholders of 345 million yuan, up by 5.12% [2][4]. - The company plans to distribute a cash dividend of 2.82 yuan per 10 shares to all shareholders [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Total revenue of 1,148 million yuan, net profit of 345 million yuan [4]. - 2025E: Expected revenue of 1,268 million yuan (+10.4% YoY), net profit of 391 million yuan (+13.1% YoY) [4]. - 2026E: Expected revenue of 1,450 million yuan (+14.4% YoY), net profit of 448 million yuan (+14.8% YoY) [4]. - 2027E: Expected revenue of 1,670 million yuan (+15.2% YoY), net profit of 519 million yuan (+15.7% YoY) [4]. - **Earnings Per Share (EPS)**: - 2024A: 0.81 yuan, 2025E: 0.91 yuan, 2026E: 1.05 yuan, 2027E: 1.21 yuan [4]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E is projected at 14 times, decreasing to 11 times by 2027E [4]. Business Segment Performance - **IVD Business**: - Revenue from IVD business in 2024 reached 911 million yuan (+9.96% YoY), with a significant increase in reagent revenue by 25.73% [8]. - The overall gross margin improved to 67.21% (+1.40 percentage points) due to the higher proportion of high-margin IVD reagents [8]. - **Rehabilitation Treatment Business**: - Revenue decreased to 220 million yuan (-27.68% YoY) due to a high base effect from the previous year [8]. - Clinical medical business revenue fell by 40.62%, while consumer health business grew by 36.29% [8]. Investment Outlook - The company is expected to face short-term pressure in Q1 2025 due to high revenue base effects and pricing pressures in the IVD segment [8]. - The report anticipates a gradual recovery in profitability with a projected net profit of 3.9 billion yuan in 2025, growing to 5.2 billion yuan by 2027 [8].

根据《上市公司股权激励管理办法》《深圳普门科技股份有限公司2021年股 票期权激励计划（草案）》《深圳普门科技股份有限公司2023年股票期权激励计 划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票期权自主行 权的相关规定，结合深圳普门科技股份有限公司（以下简称"公司"）2024年度 利润分配工作计划，现对公司2021年、2023年股票期权激励计划的限制行权时间 公告如下： 一、公司处于行权期的股票期权激励计划情况如下： | 计划名称 | 行权期 | 行权起止日期 | | --- | --- | --- | | 2021年股票期权 | 首次授予股票期权 | 2024年11月8日至2025年10月10日 | | 激励计划 | 第三个行权期 | | | 2023年股票期权 激励计划 | 第一个行权期 | 2024年11月8日至2025年9月11日 | 二、本次限制行权期为2025年5月12日至2025年5月23日，在此期间全部激励 对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权相关事宜。 证券代码：688389 证券简称：普门科技 公告编号：202 ...

Core Points - The annual general meeting of Shenzhen Pumen Technology Co., Ltd. was held on May 7, 2025, with no resolutions being rejected [2][4][5] - All board members, supervisors, and the board secretary attended the meeting, except for one senior management member who was absent due to work reasons [3] - The meeting was conducted in accordance with the Company Law, Securities Law, and the company's articles of association [2][10] Meeting Details - The meeting took place at the company's headquarters in Longhua District, Shenzhen [2] - Voting was conducted through a combination of on-site and online methods [2] - The meeting was chaired by the chairman of the board, Liu Xiancheng [2] Resolutions Passed - Multiple resolutions were approved, including the 2024 annual report, profit distribution plan, and the 2025 financial budget report [4][5][6] - Significant resolutions included the authorization for the board to issue shares to specific targets and the approval of the company's future three-year dividend return plan [6][7] - Resolutions related to related party transactions required certain shareholders to abstain from voting [9] Legal Compliance - The meeting was witnessed by lawyers from Zhonglun Law Firm, confirming that the procedures followed were in compliance with legal requirements [10]

证券代码：688389 证券简称：普门科技 公告编号：2025-040 深圳普门科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 7 日 （二） 股东大会召开的地点：广东省深圳市龙华区求知东路 8 号普门科技总部 大厦 22 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 211 | | --- | --- | | 普通股股东人数 | 211 | | 2、出席会议的股东所持有的表决权数量 | 253,965,289 | | 普通股股东所持有表决权数量 | 253,965,289 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 59.2704 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 59.27 ...

北京市中伦（深圳）律师事务所 关于深圳普门科技股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 法律意见书 致：深圳普门科技股份有限公司 北京市中伦（深圳）律师事务所（下称"本所"）接受深圳普门科技股份有限公 司（下称"公司"）的委托，指派律师出席公司 2024 年年度股东大会（下称"本次 股东大会"），并根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股 东会规则》（下称"《股东会规则》"）等法律、法规和规范性文件及公司现行章程（下 称"《公司章程》"）的有关规定，就本次股东大会的召集和召开程序、召集人资格、 出席和列席会议人员资格、表决程序及表决结果等事宜发表法律意见。 一、本次股东大会的召集和召开程序 北京市中伦（深圳）律师事务所 关于深圳普门科技股份有限公司 2024 年年度股东大会的 为召开本次股东大会，公司董事会于 2025 年 4 月 11 日在《公司章程》规定及 中国证券监督管理委员会指定的信息披露媒体上公告了会议通知。该通知载明了会 议的召开方式、召开时间和召开地点，对会议议题的内容进行了充分披露，说明了 股东有权出席并可委托代理人出席和行使表决权，明确了会 ...

最新一期业绩显示，2025年一季报，公司实现营业收入2.15亿元，同比-29.69%；净利润5368.47万元， 同比-49.93%，销售毛利率64.97%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)45普门科技19.1616.192.6555.92亿行业平均 48.9047.004.53103.78亿行业中值36.4137.242.4046.92亿1天益医疗-1685.63-2887.291.8021.48亿2澳华内 镜-613.48307.694.9164.65亿3诺唯赞-417.99-494.372.2989.45亿4博晖创新-329.61523.043.5248.36亿5爱朋 医疗-325.82247.533.9226.73亿6硕世生物-125.93-1840.221.1336.84亿7奥精医疗-117.01-171.501.5421.72亿 8睿昂基因-98.61-80.961.4012.76亿9康泰医学-84.98-71.803.0355.93亿10中红医疗-67.51-53.850.8546.92亿 11华大智造-63.30-56.174.36337.46亿 来源：金融界 截至20 ...

Core Viewpoint - The company, Pumen Technology, experienced a significant decline in its first-quarter performance, with a nearly 50% drop compared to the previous year, raising concerns among investors about its future prospects and the actions of major shareholders [2]. Group 1: Company Performance - As of April 30, 2025, Pumen Technology's stock closed at 12.92 yuan, reflecting a 2.13% increase with a trading volume of 52,300 shares and a transaction value of 67.0357 million yuan [1]. - The company's first-quarter performance was adversely affected by a high revenue base from specific protein business and related luminescent reagent income in the same period last year, attributed to the spread of respiratory diseases in the first quarter of 2024 [2]. Group 2: Shareholder Actions - The company faced scrutiny regarding the complete sell-off of shares by social security funds in the first quarter, leading to speculation about potential undisclosed issues within the company [2]. - The company emphasized that shareholder actions were based on individual investment decisions and not indicative of any internal problems [2]. Group 3: Market Activity - On April 30, 2025, the net inflow of main funds into Pumen Technology was 8.2632 million yuan, accounting for 12.33% of the total transaction value [3][4]. - Retail investors showed a net outflow of 2.6472 million yuan, representing 3.95% of the total transaction value, while speculative funds experienced a net outflow of 5.616 million yuan, or 8.38% of the total [4].

Group 1: Company Insights - Huangma Technology's export sales growth exceeded 30% in Q1 2025, with minimal impact from US tariff policies. The increase in gross margin is attributed to higher production and sales volumes, along with a decrease in epoxy propane prices. The company plans to expand production capacity and has a stable dividend policy, committing to cash dividends exceeding 30% of net profit for 2024 [1] - Lianchuang Optoelectronics reported significant revenue growth in Q1 2025 due to the gradual release of large orders. The company expects a substantial reduction in losses for the year, driven by cost control and digital transformation efforts. The development of high-power lightweight pump sources and laser technology is underway, with a focus on optimizing asset quality in the backlight source industry [2] - GeKong Microelectronics achieved a revenue of 6.383 billion yuan in 2024, a year-on-year increase of 35.9%, with net profit rising by 287.2%. The company is confident in the mainstream adoption of high-pixel single-chip technology and is expanding its product lines in non-mobile sectors [3] - Pumen Technology experienced negative revenue growth in domestic business due to respiratory disease outbreaks and payment reform impacts. However, international business remains stable, and the company is focusing on product development and cost control [4] - Xiangpiaopiao faced challenges in its milk tea business in Q4 2024 and Q1 2025 due to external conditions and internal strategy adjustments. The company is launching new products and optimizing its marketing strategies to enhance brand visibility and sales [5] Group 2: Market Trends and Strategies - The market for Huangma Technology is perceived to have significant growth potential, with no apparent ceiling in sight. The company is leveraging AI technology in R&D and production processes [1] - Lianchuang Optoelectronics is focusing on optimizing its product structure and enhancing cost management to improve profitability in the backlight source sector [2] - GeKong Microelectronics is actively seeking non-US solutions to mitigate trade war impacts and is confident in the growth of its high-pixel product lines [3] - Pumen Technology is enhancing its international marketing structure and focusing on localizing operations to strengthen its global presence [4] - Xiangpiaopiao is exploring new product categories and channels to adapt to market demands and improve sales performance [5]

证券代码：688389 证券简称：普门科技 深圳普门科技股份有限公司 2024 年年度股东大会 东代理人的发言。在股东大会进行表决时，股东及股东代理人不再进行发言。 股东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 八. 主持人可安排公司董事、监事、高级管理人员回答股东所提问题。对于可能 将泄露公司商业秘密或内幕信息，损害公司、股东共同利益的提问，主持人 或其指定的有关人员有权拒绝回答。 九. 本次股东大会采取现场投票与网络投票相结合的方式表决。出席股东大会的 股东及股东代理人，应当对提交表决的议案发表如下意见之一：同意、反对 或弃权。现场出席的股东请务必在表决票上签署股东名称或姓名。未填、错 填、字迹无法辨认的表决票、未投的表决票均视为投票人放弃表决权利，其 所持股份的表决结果计为"弃权"。请股东及股东代理人按表决票要求填写 表决票，填毕由大会工作人员统一收票。 十. 股东大会对提案进行表决前，将推举两名股东代表参加计票和监票；股东大 会对提案进行表决时，由见证律师、股东代表与监事代表共同负责计票、监 票；本次股东大会采取现场投票和网络投票相结合的方式表决，结合现场投 票和网络投票的表决结果发布 ...

深圳普门科技股份有限公司 证券代码：688389 证券简称：普门科技 公告编号：2025-039 上述注册证的取得仅代表公司相关产品获得国内市场准入资格，产品上市后的实际销售 情况取决于未来市场的推广效果，目前尚无法预测上述产品对公司未来业绩的具体影响。 1 / 2 序号 产品名称 注册 分类 注册证 编号 注册证 有效期至 预期用途 1 血清淀粉样蛋白 A （SAA）测定试剂 盒（免疫散射比浊 法） Ⅱ类 粤械注准 20252400608 2030 年 04 月 23 日 用于体外定量测定人血清、血 浆、全血样本中血清淀粉样蛋白 A（SAA）含量，临床上用于非 特异性炎症的辅助诊断。 一、医疗器械注册证的具体情况 敬请投资者理性投资，注意投资风险。 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（体外诊断试剂）》，具体情况如下： 二、对公司的影响 血清淀粉样蛋白 A ...