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 ...

机构简介： 2）安必平 （上海呈瑞投资参与公司分析师会议） 个股亮点：公司布局AI病理诊断，开发智能病理分析系统，提升诊断精准度。；公司与腾讯ALab共同 开发的宫强细胞学人工智能铺助诊断系统完成了多中心科研评价研究 3）铂科新材 （上海呈瑞投资管理有限公司参与公司特定对象调研&分析师会议&路演活动） 个股亮点：公司目前已经推出了多个芯片电感系列料号，取得了多家知名芯片厂商的验证和认可，并已 实现小批量生产和交付，正在加快批量交付。；公司的磁粉芯产品主要用于光伏发电、新能源汽车及充 电桩、数据中心（UPS、服务器电源）、储能、通讯电源、变频空调、电能质量整治（有源电力滤波器 APF）、轨道交通等领域 根据市场公开信息及4月24日披露的机构调研信息，知名私募呈瑞投资近期对3家上市公司进行了调研， 相关名单如下： 1）紫光国微 （上海呈瑞投资参与公司业绩说明会） 调研纪要：紫光国微在控股股东变更后积极打造第二增长曲线，未来3-5年将在特种集成电路、智能安 全芯片和石英晶体频率器件业务继续深耕，并导入AI技术和开拓汽车电子芯片市场。2024年公司收购 两家公司强化汽车控制器芯片、智能安全芯片业务，新设公司扩大石英晶 ...

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 ...

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 ...