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 ...

Core Insights - Anbiping's annual report for 2024 highlights a strategic focus on optimizing revenue structure and enhancing R&D innovation despite facing industry policy adjustments and intensified market competition [1] Group 1: Financial Performance - The company achieved a revenue of 471 million yuan, reflecting a slight year-on-year decline of 5.33%, but with a significant optimization in business structure [1] - Revenue from purchased products decreased by 31.28%, while the proportion of self-produced products continued to rise, strengthening the core business moat [1] - The immunohistochemistry (IHC) and fluorescence in situ hybridization (FISH) platforms showed impressive performance, with revenue growth exceeding 20%, becoming new engines for performance growth [1] Group 2: R&D and Product Development - The company invested 60.06 million yuan in R&D, accounting for 12.76% of revenue, focusing on pathology digitization and tumor companion diagnostics [2] - Multiple industry "firsts" were achieved, including the approval of the first domestic FISH platform ALK gene rearrangement detection kit for crizotinib companion diagnostics [2] - The IHC platform developed a complete solution for breast cancer detection, with three types of antibody kits successfully launched, enhancing clinical personalized treatment decisions [2] Group 3: Market Expansion and Strategic Initiatives - The company engaged in a three-in-one model of "remote pathology + digital products + medical testing institutions" to deepen participation in the sinking of medical resources [3] - Revenue from co-construction business increased by 90% year-on-year, with partnerships established with 60 hospitals and agreements with 23 medical alliances [3] - The company completed a comprehensive upgrade of its digital slice scanning system, addressing differentiated needs from grassroots to top-tier hospitals [3] Group 4: International Market Development - The company accelerated its expansion into Japan, Southeast Asia, and the Middle East, obtaining 8 product certificates in Vietnam and 8 CE certificates during the reporting period [4] - Participation in international exhibitions and collaboration with local medical institutions for technology promotion are helping to establish a global access system [4] - The company's integrated solution of "reagents + automated equipment + AI interpretation" is gaining recognition in emerging markets, contributing innovative pathways to address the uneven distribution of pathology resources in developing countries [4]

广州安必平医药科技股份有限公司 2024 年度独立董事述职报告 本人吴翔作为广州安必平医药科技股份有限公司（以下简称"公司"）的独 立董事，在 2024 年度，本人按照《公司法》《证券法》《上市公司治理准则》《上 市公司独立董事管理办法《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《广州安必平医药科技股份有限公司章程》（以下简称"《公 司章程》"）和《广州安必平医药科技股份有限公司独立董事工作制度》（以下 简称"《独立董事工作制度》"）等相关规定，忠实履行职责，在董事会日常工 作及重要决策中尽职尽责，认真审议董事会各项议案，从公司整体利益出发，发 挥了独立董事的应有作用，维护了公司和全体股东特别是中小股东的合法权益。 现将本人 2024 年度履行独立董事职责工作情况汇报如下： 一、 独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 吴翔先生，1963 年出生，中国国籍，无境外永久居留权，硕士研究生学历。 1991 年毕业于中国政法大学法学专业。1991 年 1 月至 1996 年 7 月曾担任江西财 经大学经济法教师。1996 年 8 月至 2004 年 1 月曾先后任职于广 ...

广州安必平医药科技股份有限公司 2024 年度独立董事述职报告 本人彭文平作为广州安必平医药科技股份有限公司（以下简称"公司"）的 独立董事，在 2024 年度，本人按照《公司法》《证券法》《上市公司治理准则》 《上市公司独立董事管理办法《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《广州安必平医药科技股份有限公司章程》（以下简称 "《公司章程》"）和《广州安必平医药科技股份有限公司独立董事工作制度》 （以下简称"《独立董事工作制度》"）等相关规定，忠实履行职责，在董事会 日常工作及重要决策中尽职尽责，认真审议董事会各项议案，从公司整体利益出 发，发挥了独立董事的应有作用，维护了公司和全体股东特别是中小股东的合法 权益。现将本人 2024 年度履行独立董事职责工作情况汇报如下： 一、 独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 彭文平先生，1972 年出生，中国国籍，无境外永久居留权，博士研究生学 历，会计专业教授。2003 年毕业于上海财经大学西方经济学专业。2003 年 9 月 至今在华南师范大学经管学院任职，历任助教、副教授、教授/系主任，现任华 南师范大学经管学 ...