每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 贾运可） 2024年1至12月份，普门科技的营业收入构成为：医疗器械占比98.56%，其他业务占比1.44%。 截至发稿，普门科技市值为59亿元。 每经AI快讯，普门科技（SH 688389，收盘价：13.81元）10月28日晚间发布公告称，公司第三届第十九 次董事会会议于2025年10月27日以现场会议与通讯相结合方式召开。会议审议了《关于〈公司2025年第 三季度报告〉的议案》等文件。 ...

重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 深圳普门科技股份有限公司 2025 年第三季度报告 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 2025 年第三季度报告 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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 256,013,547.79 | -4.06 | ...

普门科技公告，第三季度营收为2.56亿元，下降4.06%；净利润为4146.48万元，下降51.52%。前三季度 营收为7.63亿元，下降10.96%；净利润为1.63亿元，下降36.66%。 ...

Market Performance - The electronic chemicals sector increased by 2.31% on October 21, with Siquan New Materials leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Gainers in Electronic Chemicals - Siquan New Materials (301489) closed at 210.38, up 6.32% with a trading volume of 98,100 shares and a transaction value of 2.022 billion [1] - Xingfu Electronics (688545) closed at 37.17, up 6.20% with a trading volume of 83,700 shares and a transaction value of 308 million [1] - Sanhu Xinke (688389) closed at 60.08, up 5.96% with a trading volume of 22,300 shares and a transaction value of 131 million [1] Fund Flow Analysis - The electronic chemicals sector saw a net inflow of 272 million from institutional investors, while retail investors experienced a net outflow of 246 million [2] - The main funds showed varying net inflows and outflows across different stocks, indicating selective investment behavior [3] Individual Stock Fund Flow - Shanghai Xinyang (300236) had a net inflow of 73.46 million from main funds, while retail investors saw a net outflow of 81.89 million [3] - Anji Technology (688019) experienced a net inflow of 35.75 million from main funds, with retail investors also showing a net outflow [3]

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2022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，并结合深圳普门科技股份有限公司（以下简称"公 司"）2025年第三季度报告的披露工作计划，现对公司2022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： | 2022年股票期权 | 首次授予股票期权 | 2025年6月30日至2026年5月8日 | | --- | --- | --- | | 计划名称 激励计划 | 行权期 第三个行权期 | 行权起止日期 | 二、本次限制行权期为2025年10月24日至2025年10月28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通过自主行权主办券商国信证券股份有限公司及时 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：2025-071 深圳普门科技股份有限公司 关于2022年股票期权激励计划限制行权期间的 提示性公告 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 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][33]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall decline of 1.20% from October 6 to October 10, 2025, ranking 25th among 31 industries in the Shenwan index, underperforming the CSI 300 index by 0.69 percentage points. Year-to-date, the sector has risen by 21.87%, ranking 12th among the 31 industries and outperforming the CSI 300 index by 4.54 percentage points [3][14]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.87 times, which is at the historical median level, with a valuation premium of 129% compared to the CSI 300 index [22][14]. - Notable stock movements include a 21.00% increase in Zhendemedical, a 12.01% rise in Wanbangde, and a 1.51% increase in the Traditional Chinese Medicine II sub-sector [27][3]. Market Performance - The pharmaceutical and biotechnology sector's performance for the week of October 6 to October 10, 2025, showed a decline of 1.20%, with Traditional Chinese Medicine II and pharmaceutical commerce sub-sectors increasing by 1.51% and 0.64%, respectively [13][3]. - Year-to-date, the sector has increased by 21.87%, with the top-performing sub-sectors being medical services (41.37%), chemical pharmaceuticals (36.28%), and biological products (16.22%) [14][3]. Industry News - On October 10, 2025, the State Council released regulations for the management of clinical research and application of new biomedical technologies, effective from May 1, 2026, establishing a clear framework for the sector's development [4][29]. - The National Medical Products Administration announced on October 9, 2025, that companies with Traditional Chinese Medicine injections approved before 2019 must accelerate post-marketing research and evaluation [4][30]. - Novo Nordisk announced on October 9, 2025, a $47 billion acquisition of Akero Therapeutics, gaining access to a potential best-in-class therapy for metabolic dysfunction-related fatty liver disease [5][30]. Investment Recommendations - The report suggests that the pharmaceutical and biotechnology sector has been underperforming recently, but the acquisition by Novo Nordisk indicates a long-term trend of multinational corporations enriching their R&D pipelines through mergers and acquisitions. The upcoming ESMO conference is anticipated to provide new data on domestic innovative drugs and potential business development opportunities [6][31]. - The report emphasizes that domestic innovative drug companies are rapidly gaining global competitiveness, and innovative drugs remain a key investment theme in the medium to long term. The innovative drug sector is expected to continue showing high revenue growth and reducing losses [6][31]. - Recommended stocks include Teabo Bio, Betta Pharmaceuticals, Kelun Pharmaceutical, KAILI Medical, Pumen Technology, and Huaxia Eye Hospital, with a watchlist including Zhongsheng Pharmaceutical, Rongchang Bio, Qianhong Pharmaceutical, Yifeng Pharmacy, Baipusais, and Lingrui Pharmaceutical [6][31].

证券代码：688389 证券简称：普门科技 公告编号：2025-070 深圳普门科技股份有限公司 关于股票期权激励计划2025年第三季度 自主行权结果的公告 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： ●本次行权数量： 1、深圳普门科技股份有限公司（以下简称"公司"）2021年股票期权激励 计划（以下简称"2021年激励计划"）首次授予股票期权第三个行权期可行权数 量为4,198,000份，行权有效期为2024年11月8日至2025年10月10日。2025年7月1 日至2025年9月30日期间，累计行权并完成股份过户登记数量为0股。 2、公司2022年股票期权激励计划（以下简称"2022年激励计划"）首次授 予股票期权第三个行权期可行权数量为3,164,800份，行权有效期为2025年6月30 日至2026年5月8日。2025年7月1日至2025年9月30日期间，累计行权并完成股份 过户登记数量为0股。 3、公司2023年股票期权激励计划（以下简称"2023年激励计划"）第一个 行权期可行权数量为1,9 ...

Group 1 - The core viewpoint of the article highlights significant target price increases for certain companies, with Dongcai Technology, Hongya CNC, and Pumen Technology leading the rankings with target price increases of 51.19%, 35.21%, and 32.28% respectively, across the plastic, specialized equipment, and medical device industries [1] - On September 24, a total of 14 target price adjustments were made by brokerages for listed companies, indicating active market analysis and adjustments [1] - Additionally, there was a downgrade in the rating of one company, specifically Citic Securities lowered the rating of Kuncai Technology from "Buy" to "Hold" [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.40 CNY based on a 23x PE for 2025 [4][7]. Core Insights - The company experienced a revenue decline of 14.1% year-on-year in H1 2025, with a net profit decrease of 29.3% [11]. - Domestic business faced challenges due to regulatory changes and pricing adjustments, but there was a trend improvement starting Q2 2025 [11]. - International business showed robust growth, with a 9.0% increase in revenue, driven by new product launches and market penetration [11]. - The company is increasing its R&D efforts, with a 22.3% R&D expense ratio in H1 2025, indicating a focus on expanding its product portfolio [11]. Financial Summary - Revenue projections for 2025-2027 are 1,294 million CNY, 1,465 million CNY, and 1,650 million CNY, respectively, with growth rates of 12.8%, 13.2%, and 12.6% [6]. - The gross margin is expected to be 63.9% in 2025, with net profit margins of 26.3% [6][11]. - EPS estimates for 2025-2027 are 0.80 CNY, 0.92 CNY, and 1.05 CNY, respectively [4][6].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 19 yuan [2][8]. Core Insights - The company reported a revenue of 507 million yuan for H1 2025, a decrease of 14.08% year-on-year, and a net profit attributable to shareholders of 122 million yuan, down 29.27% [2][8]. - In Q2 2025, the company achieved a revenue of 292 million yuan, reflecting a growth of 2.71% compared to the previous quarter, and a net profit of 68 million yuan, up 5.00% [2][8]. - The international business showed robust growth, with international revenue reaching 175 million yuan, an increase of 9.01%, and accounting for 34.6% of total revenue [2][8]. - The IVD (in vitro diagnostics) business faced short-term pressure, with revenue of 386 million yuan, down 17.60%, while the treatment and rehabilitation business remained relatively stable with revenue of 111 million yuan, down 2.37% [2][8]. - The overall gross margin decreased to 64.7%, with IVD gross margin at 67.15% and treatment and rehabilitation gross margin at 60.32% [2][8]. - The company significantly improved its performance in Q2 2025, with a 35.8% increase in revenue and a 26.46% increase in net profit compared to Q1 2025 [2][8]. - The forecast for net profit attributable to shareholders for 2025-2027 is 290 million, 340 million, and 390 million yuan, respectively, with corresponding PE ratios of 21, 18, and 16 [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,148 million, 1,174 million, 1,342 million, and 1,546 million yuan, respectively, with year-on-year growth rates of 0.2%, 2.3%, 14.3%, and 15.2% [4][8]. - The net profit attributable to shareholders for the same years is projected at 345 million, 292 million, 337 million, and 390 million yuan, with growth rates of 5.1%, -15.4%, 15.6%, and 15.5% [4][8]. - The company’s total market capitalization is 6.05 billion yuan, with a total share capital of approximately 428.49 million shares [5][8].