Summary of the Conference Call for Pumen Technology Company Overview - **Company**: Pumen Technology - **Industry**: Medical Diagnostics and Healthcare Key Points and Arguments Financial Performance - In Q1 2025, the company reported a revenue of 215 million yuan, a year-on-year decrease of 30% [3] - The net profit attributable to shareholders was 53.68 million yuan, down 50% year-on-year [3] - Domestic revenue accounted for 73% of total revenue at 156 million yuan, down 31% year-on-year; international revenue was 59 million yuan, down 24% year-on-year [3] - The decline in domestic revenue was attributed to high base effects from respiratory diseases in Q1 2024, DRGs restrictions, and a 50% price reduction in certain testing projects [3] Revenue Breakdown - In Q1 2025, in vitro diagnostics revenue was 157 million yuan, accounting for 73% of total revenue, down 35% year-on-year [5] - Rehabilitation treatment revenue was 54 million yuan, accounting for 25% of total revenue, down 10% year-on-year, primarily due to a decline in the domestic aesthetic medicine business [5] R&D Investment - R&D expenses increased by 14.7% year-on-year to 43 million yuan, representing 20% of total revenue [6] - The company focused on developing new products and upgrading existing platforms in electrochemistry, liquid chromatography, and immunoturbidimetry [6] Profitability Metrics - Gross margin decreased by 3 percentage points to 65%, while net margin fell by 10 percentage points to 25% [7] - The decline in profitability was mainly due to reduced sales volume and increased R&D investment [7] Market Strategy - The company plans to increase market investment, focusing on high-end hospital promotions and collaborations [9] - The installation of the high-end immunoassay analysis line in high-end hospitals grew by 88% year-on-year [9] Future Outlook - The company expects to achieve double-digit growth for the full year 2025, with a gross margin target of around 65% and a net profit margin target of 25%-30% [4][10] - The company anticipates a recovery in the second quarter, aiming to match last year's performance [10] Product Performance - The high-end glycosylated hemoglobin models saw a significant increase in demand, with the H100 and H100 plus series growing by 277% year-on-year [12] - The company is also focusing on the development of mid-speed immunoassay devices aimed at small and medium hospitals [13] International Market Dynamics - The company has seen growth in the Russian-speaking market, benefiting from the exit of Western brands due to geopolitical tensions [17] - The company is expanding its presence in Kazakhstan and Uzbekistan, with expectations of steady growth in the Russian-speaking region [17] Challenges and Risks - The company faces challenges from DRGs policies affecting inpatient testing packages, which restrict the number of tests that can be ordered simultaneously [24] - The impact of tariffs and international trade uncertainties continues to pose risks to international operations [18][20] Consumer Health Segment - The consumer health segment reported revenue of 8 million yuan in Q1 2025, with a focus on online platforms and potential overseas markets [26] Medical Aesthetics Strategy - The company is preparing for a direct sales strategy targeting reputable medical aesthetic groups while also increasing investment in public dermatology departments [21][22] Conclusion - The company remains optimistic about its long-term growth prospects despite current challenges, emphasizing a commitment to sustainable development and strategic investments [14][30]

Core Viewpoint - The company has approved the implementation of foreign exchange derivative trading to mitigate risks associated with currency fluctuations and enhance financial stability [18][21][42] Financial Data Summary - The company will conduct foreign exchange derivative trading with a limit not exceeding 200 million RMB or equivalent foreign currency for the year 2025, with the ability to roll over this limit within the specified period [20][23] - The maximum contract value held on any trading day is expected to not exceed the aforementioned limit, with a maximum margin and premium of 50 million RMB [20][23] Board Meeting Summary - The third board meeting was held on April 24, 2025, where the board unanimously approved the first quarter report for 2025, confirming its compliance with relevant regulations [10][11][41] - The board also approved the proposal for foreign exchange derivative trading, emphasizing its necessity for financial stability and risk management [13][21][42] Risk Management Measures - The company has established a management system for foreign exchange derivative trading to control risks, including market, liquidity, performance, and operational risks [29][30] - The trading will be conducted with qualified financial institutions, ensuring compliance with legal and regulatory standards [26][30] Investor Communication - The company plans to hold an earnings presentation on May 15, 2025, to discuss the first quarter results and address investor inquiries [34][36]

外汇衍生品交易业务管理制度 第一章 总则 第一条 为规范深圳普门科技股份有限公司（以下简称"公司"）的外汇衍生品 交易业务及相关信息披露工作，加强对外汇衍生品交易业务的管理，防范投资风险， 健全和完善公司外汇衍生品交易业务管理机制，确保公司资产安全，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第1号 ——规范运作》《上海证券交易所上市公司自律监管指引第5号——交易与关联交易》 等法律法规以及《公司章程》等有关规定，结合公司实际情况，特制订本制度。 第二条 本制度所称外汇衍生品交易业务是指根据公司国际业务的外币收付情 况，在金融机构办理的规避和防范汇率或利率风险的外汇衍生品交易业务，包括远 期结售汇、外汇掉期、外汇期权、利率互换、利率掉期、利率期权等产品或上述产 品的组合。 深圳普门科技股份有限公司 外汇衍生品交易业务管理制度 深圳普门科技股份有限公司 第三条 本制度适用于公司及全资或控股子公司。 第四条 公司外汇衍生品交易业务除遵守国家相关法律、法规及规范行为文件 外，须严格遵守本制度的相关规定，履 ...

证券代码：688389 证券简称：普门科技 公告编号：2025-038 深圳普门科技股份有限公司 关于召开2025年第一季度业绩说明会的公告 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： （ 二 ） 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/） 1 / 2 ● 会议召开时间：2025年5月15日（星期四）上午10:00-11:00 ● 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5月8日（星期四）至5月14日（星期三）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 ...

证券代码：688389 证券简称：普门科技 公告编号：2025-037 深圳普门科技股份有限公司 关于2025年度开展外汇衍生品交易业务的公告 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： 随着深圳普门科技股份有限公司（以下简称"公司"）国际业务的不断拓 展，外汇收支规模逐渐增长，为防范汇率波动带来的系统性风险，降低汇率大幅 波动可能对公司经营业绩带来的影响，提高外汇资金使用效率，2025 年度公司及 子公司拟开展额度不超过 2 亿元人民币或等值外币的外汇衍生品交易业务，上述 额度在期限内可循环滚动使用，开展期限内任一时点的交易金额（含前述交易的 收益进行再交易的相关金额）不超过前述额度。预计 2025 年度任一交易日持有的 最高合约价值不超过前述额度，预计动用的交易保证金和权利金上限（包括为交 易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的保 证金等）为 0.5 亿元人民币。交易品种包括但不限于远期结售汇、外汇远期、外汇 掉期、外汇期权、利率互换、利率掉期、利率期权等外汇衍生产品或 ...

证券代码：688389 证券简称：普门科技 公告编号：2025-036 深圳普门科技股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 深圳普门科技股份有限公司（以下简称"公司"）于2025年4月24日以现场 会议与通讯相结合方式召开了第三届监事会第十五次会议。会议通知已于2025 年4月18日以电话、邮件等方式送达全体监事。本次会议由监事会主席刘敏女士 召集并主持，会议应出席监事3人，实际出席监事3人，董事会秘书路曼女士列席 本次会议。会议的召集和召开程序符合《中华人民共和国公司法》和《公司章程》 等相关规定。 二、监事会会议审议情况 经全体监事表决，形成决议如下： （一）审议通过《关于〈公司 2025 年第一季度报告〉的议案》 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《深圳普门科技股份有限公司关于2025年度开展外汇衍生品交易业务的公告》 （公告编号：2025-037）。 表决结果：同意3票、反对0票、弃权0票 ...

证券代码：688389 证券简称：普门科技 公告编号：2025-035 深圳普门科技股份有限公司 第三届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 深圳普门科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日以 现场会议与通讯相结合方式召开了第三届董事会第十六次会议。本次会议通知 已于 2025 年 4 月 18 日以电话、邮件等形式送达公司全体董事。本次会议由董 事长刘先成先生主持，会议应参加董事 9 人，实际参加董事 9 人。公司监事、 高级管理人员列席本次会议。本次会议的召集、召开程序符合有关法律法规和 《公司章程》的相关规定。 二、董事会会议审议情况 经全体董事表决，形成决议如下： （一）审议通过《关于〈公司 2025 年第一季度报告〉的议案》 董事会认为：《公司 2025 年第一季度报告》的编制和审议程序符合相关法 律法规及《公司章程》等有关规定；《公司 2025 年第一季度报 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥214,951,948.16, a decrease of 29.69% compared to ¥305,741,862.07 in the same period last year[4] - Net profit attributable to shareholders was ¥53,684,704.39, down 49.93% from ¥107,218,856.40 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥49,959,816.26, reflecting a decline of 51.63% compared to ¥103,288,918.11 in the previous year[4] - Basic and diluted earnings per share were both ¥0.13, down 48.00% from ¥0.25 year-on-year[4] - Net profit for Q1 2025 was ¥53,408,157.34, a decline of 50% from ¥106,902,452.36 in Q1 2024[18] - Earnings per share for Q1 2025 was ¥0.13, compared to ¥0.25 in Q1 2024[18] Cash Flow - The net cash flow from operating activities was -¥902,970.58, a significant decrease of 103.46% from ¥26,082,118.62 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was negative at -¥902,970.58, contrasting with a positive cash flow of ¥26,082,118.62 in Q1 2024[19] - The total cash inflow from operating activities was ¥262,783,252.55 in Q1 2025, down from ¥296,134,418.05 in Q1 2024, a decrease of approximately 11.3%[19] - The company reported a net cash flow from financing activities of CNY -48,108,055.56, indicating a cash outflow in this segment[20] - The cash flow from tax refunds decreased to CNY 2,142,643.51 from CNY 5,594,721.78 in the previous year, a decline of 61.7%[28] Research and Development - Total R&D investment amounted to ¥43,248,165.84, an increase of 14.70% compared to ¥37,706,670.36 in the same period last year[4] - R&D investment as a percentage of operating revenue was 20.12%, an increase of 7.79 percentage points from the previous year[5] - Research and development expenses for Q1 2025 were ¥43,248,165.84, an increase of 14.0% from ¥37,706,670.36 in Q1 2024[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,848,895,332.04, a decrease of 1.58% from ¥2,894,535,872.50 at the end of the previous year[5] - Total liabilities decreased to ¥744,481,608.38 in 2025 from ¥845,129,215.50 in 2024, reflecting a reduction of approximately 11.9%[15] - The company reported a total non-current asset value of ¥807,982,811.56, an increase from ¥711,898,094.41[14] - The company's total liabilities rose to CNY 1,221,984,119.69, up from CNY 1,013,004,629.18 at the end of 2024[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,289[10] - The largest shareholder, Liu Xiancheng, holds 125,900,933 shares, representing 29.38% of total shares[10] - Shareholders' equity attributable to shareholders increased by 2.70% to ¥2,106,248,206.87 from ¥2,050,964,593.16 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥2,106,248,206.87 in 2025 from ¥2,050,964,593.16 in 2024, marking a growth of about 2.5%[15] Inventory and Receivables - Accounts receivable decreased to ¥170,265,931.87 from ¥185,147,843.80, indicating a decline of approximately 8.01%[13] - Inventory increased to ¥184,920,493.80 from ¥172,768,433.20, reflecting a growth of about 7.03%[13] - Accounts receivable increased to CNY 509,679,554.51 as of March 31, 2025, compared to CNY 329,588,275.66 at the end of 2024, reflecting a 54.7% increase[22] - The company's inventory decreased slightly to CNY 18,486,107.69 from CNY 19,467,699.13 at the end of 2024[22]

普门科技公告，2025年第一季度营收为2.15亿元，同比下降29.69%；净利润为5368.47万元，同比下降 49.93%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [21]. Core Insights - The company reported a revenue of 1.15 billion in 2024, a slight increase of 0.20% year-on-year, with a net profit of 350 million, reflecting a growth of 5.1% year-on-year [3]. - The proportion of reagents in the company's revenue has increased, contributing to a gross margin rise to 67%, up by 1.4 percentage points [3]. - The international market has shown robust growth, with international revenue reaching 370 million, a year-on-year increase of 14.9% [3]. Financial Performance Summary - In 2024, the in vitro diagnostics segment generated 910 million in revenue, a 10% increase year-on-year, while the rehabilitation segment saw a decline in revenue to 220 million, down by 28% [3]. - The company has increased its R&D expenditure to 17.6% of revenue, up by 2.7 percentage points, focusing on innovative technologies and AI integration [4]. - The company expects revenue growth of 11%, 16%, and 17% for 2025, 2026, and 2027, respectively, with net profits projected to grow by 12%, 15%, and 16% in the same years [4][5]. Market Expansion and Product Development - The company plans to continue launching new products, including the LifoLas8000 and LifoLas9000 systems, which are expected to drive reagent sales [4]. - The international market expansion strategy includes enhancing sales and service capabilities across six regions: Russian-speaking countries, Europe, the Americas, the Middle East and Africa, and Asia-Pacific [4]. Valuation Metrics - The report provides a financial forecast with expected revenues of 1.27 billion, 1.47 billion, and 1.73 billion for 2025, 2026, and 2027, respectively, alongside net profits of 390 million, 440 million, and 510 million for the same years [5][12]. - The projected earnings per share (EPS) are 0.90, 1.03, and 1.20 for 2025, 2026, and 2027, respectively, with a decreasing price-to-earnings (P/E) ratio from 15.2 in 2025 to 11.4 in 2027 [5][12].