Financial Performance - The company's revenue for Q1 2025 was ¥72,543,474.19, a decrease of 28.51% compared to ¥101,468,637.22 in the same period last year[3] - The net profit attributable to shareholders was -¥11,064,498.81, representing a decline of 238.49% from ¥7,989,313.63 in the previous year[3] - The basic earnings per share were -¥0.12, a decline of 233.33% from ¥0.09 in the same period last year[3] - The diluted earnings per share were also -¥0.12, down 250.00% from ¥0.08 in the previous year[4] - Net profit for Q1 2025 was a loss of ¥12,249,821.81, compared to a profit of ¥3,781,976.65 in Q1 2024[15] - The net profit attributable to shareholders of the parent company for Q1 2025 was a loss of ¥11,064,498.81, compared to a profit of ¥7,989,313.63 in Q1 2024[17] Cash Flow - The net cash flow from operating activities improved to ¥3,888,748.24, a significant increase of 115.89% compared to -¥24,475,755.67 in the same period last year[3] - Cash inflow from operating activities in Q1 2025 was ¥106,136,985.63, slightly up from ¥105,904,561.62 in Q1 2024[18] - Cash outflow from operating activities in Q1 2025 was ¥102,248,237.39, down from ¥130,380,317.29 in Q1 2024[18] - The net cash flow from operating activities was $3,888,748.24, a decrease of $24,475,755.67 compared to the previous period[19] - The net cash flow from financing activities was -$5,601,723.19, compared to -$20,374,537.97 in the previous period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,329,718,266.26, a decrease of 2.42% from ¥1,362,730,307.94 at the end of the previous year[4] - The company's current assets totaled RMB 652,395,028.10, down from RMB 692,252,007.28, indicating a decrease of about 5.8%[12] - Cash and cash equivalents decreased significantly from RMB 95,146,930.50 to RMB 48,058,624.00, representing a decline of approximately 49.5%[11] - The company's total liabilities decreased from RMB 130,988,198.25 to RMB 109,729,311.26, a decline of about 16.2%[13] - The company's equity remained stable with total equity at RMB 1,219,988,955.00 as of March 31, 2025[13] Research and Development - Research and development expenses totaled ¥10,765,339.05, accounting for 14.84% of revenue, an increase of 3.78 percentage points from 11.06% in the previous year[4] - Research and development expenses for Q1 2025 were ¥9,284,399.55, an increase of 6.2% from ¥8,740,663.97 in Q1 2024[14] Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,309[8] - The company has not reported any significant changes in shareholder structure or participation in margin trading activities during the reporting period[10] Other Financial Metrics - The weighted average return on equity was -0.88%, a decrease of 1.51 percentage points from 0.63% in the previous year[4] - The company reported non-recurring gains and losses totaling ¥1,903,245.37 for the period[5] - The company experienced a credit impairment loss of ¥1,143,895.30 in Q1 2025, compared to a gain of ¥1,881,551.59 in Q1 2024[15] - The company reported a significant increase in sales expenses, totaling ¥37,379,708.06 in Q1 2025, compared to ¥43,232,342.70 in Q1 2024[14] Investment Activities - The total cash inflow from investment activities was $111,653,702.20, up from $55,249,254.58 in the prior period[19] - The net cash outflow from investment activities was $43,628,071.03, a significant decline from a net inflow of $25,539,718.26 previously[19] Accounting Standards - The company will not apply new accounting standards starting from 2025[20]

民生证券股份有限公司关于 广州安必平医药科技股份有限公司 2022 年限制性股票激励计划 作废部分已授予但尚未归属的限制性股票 之 独立财务顾问报告 二〇二五年四月 1 目录 | 一、释义 … | | --- | | 二、声明 . | | 三、基本假设 … | | 四、独立财务顾问意见 … | | (一 ) 本次限制性股票激励计划已履行的审批程序 | | (二 ) 本次作废限制性股票的具体情况 . | | (三) 结论性意见 . | | 五、备查文件及咨询方式 | | (一) 备查文件 | | (二) 咨询方式… | 2 一、释义 在本独立财务顾问报告中，除非另有所指，下列词语具有如下含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 安必平、本公司、公 | 指 | 广州安必平医药科技股份有限公司 | | 司、上市公司 | | | | 民生证券、独立财务顾 | 指 | 民生证券股份有限公司 | | 问、本独立财务顾问 | | | | 限制性股票激励计划、 | 指 | 《广州安必平医药科技股份有限公司 2022 年限制性股 | | 本激励计划、本计划 | | 票激励计划(草案) ...

法律意见书 关于广州安必平医药科技股份有限公司 2022 年限制性股票激励计划 部分限制性股票作废相关事项的 法律意见书 中国广东深圳市福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 电话（Tel）：（0755）88265288 传真（Fax）：（0755）88265537 ធ 信達律師事務所 G SUNDIAL LAW FIRM l 法律意见书 释 义 在本法律意见书内，除非文义另有所指，下列简称和词语具有以下含义： | 公司 | 指 | 广州安必平医药科技股份有限公司 | | --- | --- | --- | | 本次激励计划 | 指 | 2022 公司 年限制性股票激励计划 | | 限制性股票 | 指 | 符合本次激励计划授予条件的激励对象，在满足相应归 | | | | 属条件后分次获得并登记的公司股票，为第二类限制性 | | | | 股票 | | 激励对象 | 指 | 根据本次激励计划的相关规定获得限制性股票的公司 （含控股子公司）董事、高级管理人员、核心技术（业 务）人员以及董事会认为需要激励的其他人员（不包括 | | | | 独立董事、监事、单独或合计持有公司 5%以 ...

Group 1: Company Insights - Ziguang Guowei is actively building a second growth curve after the change of its controlling shareholder, focusing on special integrated circuits, intelligent security chips, and quartz crystal frequency devices over the next 3-5 years [1] - The company plans to acquire two firms in 2024 to strengthen its automotive controller chip and intelligent security chip businesses, while also establishing a new company to expand quartz crystal frequency device production [1] - Ziguang Guowei is transferring and deregistering some subsidiaries to concentrate on its core business, with a forecasted significant change in orders for special integrated circuits in 2025, potentially leading to a decrease in gross margin [1] - The company is increasing R&D investment in high-reliability markets and plans to launch more products such as FPGA and memory [1] - Ziguang Guowei intends to repurchase 100-200 million yuan worth of shares for equity incentives or employee stock ownership plans [1] Group 2: AI and Technology Developments - Anbiping is focusing on AI pathology diagnosis, developing an intelligent pathology analysis system to enhance diagnostic accuracy, and has completed multi-center research evaluations for its AI-assisted diagnostic system in collaboration with Tencent ALab [2] - Placo New Materials has launched multiple chip inductor series, gaining validation from several well-known chip manufacturers and is accelerating its mass production and delivery [2] - The company's magnetic powder core products are primarily used in photovoltaic power generation, new energy vehicles, charging piles, data centers, energy storage, communication power supplies, variable frequency air conditioning, power quality rectification, and rail transit [2] Group 3: Institutional Overview - Shanghai Chengrui Investment Management Co., Ltd. was established in May 2010 with a registered capital of 110 million yuan and became a private fund manager in April 2014 [2] - The company focuses on secondary markets and covers major asset allocation strategies, including macro hedging, high-frequency alpha, and CTA strategies, all developed in-house [2] - Chengrui has received multiple industry awards and recognitions, including being ranked among the top private equity firms in China and winning various prestigious awards for its performance [2]

证券研究报告 公司研究 [Table_S 事件：公司发布 ummary]2024 年年报，2024 年实现营业收入 4.71 亿元（yoy-5.33%）， 归母净利润 0.21 亿元（yoy-46.85%），扣非归母净利润 0.14 亿元（yoy- 59.64%），经营活动产生的现金流量净额 0.04 亿元（yoy-79.30%）。其中 2024Q4 实现营业收入 1.18 亿元（yoy-17.28%），归母净利润-0.08 亿元 （yoy-438.62%）。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 安必平(688393) 投资评级 相关研究 上次评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com [Table_Title] AI 加速病理数智化发展，未来增长潜力可期 曹佳琳 医药行业分析师 执业编号：S15005 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on future growth potential [1]. Core Viewpoints - The company reported a slight decline in revenue for 2024, with total revenue of 471 million yuan, down 5.33% year-over-year, and a net profit of 21 million yuan, down 46.85% year-over-year. However, the revenue structure has been optimized, with significant growth in self-produced products, pathology co-construction, and digital products [1][3]. - The company is focusing on enhancing its research and development efforts, particularly in AI and digital pathology, which is expected to improve operational efficiency and diagnostic accuracy. The product matrix is continuously expanding, indicating strong future growth potential [3][4]. - Revenue forecasts for 2025-2027 are optimistic, with expected revenues of 528 million, 610 million, and 710 million yuan, representing year-over-year growth rates of 12.2%, 15.5%, and 16.4%, respectively. Net profit is projected to increase significantly during this period [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 471 million yuan, a decrease of 5.33% from the previous year. The net profit was 21 million yuan, down 46.85% year-over-year. The gross profit margin for 2024 was 67.23%, a slight decline of 1.26 percentage points [1][4]. - The company’s revenue structure has improved, with notable growth in immunohistochemistry (IHC) and fluorescence in situ hybridization (FISH) businesses, which grew by 21.48% and 20.83% year-over-year, respectively. Digital products saw an impressive growth of 80% [3][4]. Research and Development - The company is heavily investing in R&D, focusing on a comprehensive digital pathology diagnostic layout that includes reagents, equipment, and AI. The liquid-based cytology platform has achieved full automation, and the AI-assisted diagnostic products are nearing clinical trial completion [3][4]. Future Projections - The company anticipates revenue growth from 528 million yuan in 2025 to 710 million yuan in 2027, with corresponding net profits expected to rise from 39 million yuan to 65 million yuan during the same period [4].

Core Viewpoint - Anbiping's 2024 annual report indicates a slight decline in revenue but significant improvements in business quality and structure, with a focus on digital pathology solutions integrating AI technology [1][2]. Group 1: Financial Performance - In 2023, Anbiping achieved a revenue of 471 million yuan, a year-on-year decrease of 5.33%, primarily due to a 31.28% drop in sales from externally sourced products [1]. - The revenue from self-developed products continues to increase, indicating a shift in the company's revenue structure [1]. Group 2: Business Development - Anbiping has established four main business areas: tumor screening, tumor diagnosis, digital pathology, and pathology services, with a strong emphasis on tumor screening and precision diagnosis [2]. - The company reported over 20% year-on-year growth in revenue from immunohistochemistry (IHC) and fluorescence in situ hybridization (FISH) products, with digital pathology product revenue increasing by 80% [2]. Group 3: Research and Innovation - Anbiping invested 60.06 million yuan in R&D, accounting for 12.76% of its revenue, focusing on digital pathology and tumor companion diagnostic reagent development [2]. - The company has upgraded its digital slice scanning system to meet diverse needs from primary to tertiary hospitals, and is advancing the registration of AI-assisted cervical cancer screening products [2]. Group 4: Market Strategy - In 2024, Anbiping's digital technology has been commercialized at the grassroots medical level, with a 90% year-on-year increase in co-construction business revenue and partnerships with 60 hospitals [3]. - The company aims to address the shortage of pathologists in grassroots settings by transforming the diagnostic model from external to internal, enhancing clinical diagnostic capabilities [3]. Group 5: AI and Future Prospects - The AI pathology sector is expected to grow significantly, particularly in cancer diagnosis, driven by advancements in digital imaging and AI algorithms [4]. - Anbiping has attracted attention from 264 institutions for its AI and overseas business strategies, focusing on enhancing internal processes and product capabilities through AI [4].

核心业务承压，HPV产品线受挫 4月21日，安必平（688393）发布2024年年报，公司全年实现营业收入4.71亿元，同比下降5.33%；归属 净利润为2129.13万元，同比大幅下降46.85%；扣非净利润更是暴跌59.64%至1425.38万元。尽管公司在 病理诊断数智化领域取得显著进展，但HPV产品线受集采政策影响，收入同比下降26.95%，成为拖累 业绩的主要因素。 公司开发的宫颈细胞学AI辅助诊断产品在多中心临床研究中表现优异，初级细胞学医生在AI辅助下的 诊断灵敏度由53.1%提升至81.6%，工作量减少37.5%。这一技术不仅提升了诊断效率，还为基层医疗机 构提供了强有力的支持，进一步巩固了安必平在AI医疗领域的领先地位。 此外，病理科共建业务进入高速发展期，收入增速超过90%。公司通过与全国60家基层医院病理科完成 共建项目，以及与23家医联体、专科联盟签订共建协议，进一步扩大了市场渗透率。尽管新增共建点前 期投入较大，但这一业务模式为公司未来的可持续发展奠定了坚实基础。 海外市场布局加速，国际化战略初见成效 安必平在2024年加速了海外市场的布局，选定日本、东南亚和中东地区作为初步目标。报 ...

(原标题：营收结构优化安必平病理诊断AI方案积蓄增长势能) 4月21日晚间，安必平(688393)2024年年度报告发布,尽管面临行业政策调整与市场竞争加剧的双重挑 战，安必平以"试剂+设备+数字化+人工智能"的全链条病理诊断数智化解决方案为核心，通过优化收入 结构、深化研发创新、拓展新兴市场，在业务质量提升与长期竞争力构建上取得突破性进展，为未来可 持续发展奠定基础。 为响应国家分级诊疗政策，公司以病理科共建业务为支点，深度参与医疗资源下沉。通过"远程病理 +数智化产品+医学检验所"的三位一体模式，公司将基层医院传统的外送检测转化为高效的院内诊断， 全年共建业务收入同比增长90%，合作医院达60家，并与23家医联体及专科联盟达成协议。这一模式不 仅解决基层病理医生短缺痛点，更通过区域病理中心、宫颈癌筛查中心等多样化服务组合，形成差异化 竞争优势。尽管前期投入导致短期利润承压，但其带来的客户黏性与数据积累，将成为未来业绩放量的 关键基石。 在病理数智化领域，公司完成数字切片扫描系统产品线全面升级，覆盖从基层到三甲医院的差异化需 求。宫颈细胞学AI辅助诊断产品的多中心临床研究数据发表于国际权威期刊《Modern ...