Summary of the Conference Call for Aihua Long (亚辉龙) Company Overview - **Company**: Aihua Long (亚辉龙) - **Date of Report**: April 22, 2024 Key Financial Metrics - **Non-COVID Revenue**: 342 million CNY, up 43.33% year-on-year [1] - **Agent Business Revenue**: 8 million CNY, up 1% year-on-year [1] - **COVID-related Revenue**: -470,000 CNY, down 100.14% year-on-year [1] - **Gross Margin**: - Overall gross margin for 2023: 56.57%, up 2.22 percentage points year-on-year [2] - Non-COVID business gross margin: 70%, up 1.23 percentage points year-on-year [2] - Q1 2024 gross margin: 61.77%, up 17.884 percentage points year-on-year [2] - **Net Profit**: - Total net profit for 2023: 355 million CNY, with traditional business profit of 363 million CNY, up 38% year-on-year [5] - Q1 2024 net profit: 66 million CNY, with traditional business profit of 98 million CNY, up approximately 36% year-on-year [6] Business Segments Performance - **Luminescence Business**: - Total revenue for 2023: 1.168 billion CNY, up 50% year-on-year [7] - Domestic luminescence revenue: 1.035 billion CNY, up 51.14% year-on-year [7] - Overseas luminescence revenue: 133 million CNY, up 42% year-on-year [7] - **Testing Projects Revenue**: - Routine testing projects: 436 million CNY, up 48% year-on-year [8] - Respiratory testing projects: 177 million CNY, up 110% year-on-year [10] R&D and Market Expansion - **R&D Investment**: - Total R&D expenses for 2023: 317 million CNY, up 32% year-on-year [3] - Q1 2024 R&D expenses: 84 million CNY, up 40% year-on-year [4] - **Installed Equipment**: - Total installed luminescence machines: 8,709 units as of March 31, 2024, with 418 new installations in Q1 2024 [13] - Domestic installations: 271 units, up 8% year-on-year [13] - **Market Coverage**: - Coverage of over 5,444 medical institutions in China, including over 1,188 tertiary hospitals [15] Strategic Initiatives - **Collaborations**: - Partnerships with leading hospitals for clinical research in reproductive health and diabetes [17][18] - **International Expansion**: - Participation in global conferences and successful entry into 110 countries [56] - Focus on Southeast Asia and developed markets like Japan and Europe for future growth [59] Regulatory and Compliance - **Anti-Corruption Measures**: - Ongoing anti-corruption efforts are seen as beneficial for industry compliance and operational focus [34][35] - **Pricing Strategy**: - New round of pricing negotiations initiated, with expectations of minimal impact on gross margins [50] Future Outlook - **Net Profit Margin Goals**: - Short-term (1-2 years): Targeting a net profit margin of around 25% [72] - Long-term (3-5 years): Aiming for a net profit margin exceeding 30% [72] - **Market Potential**: - The smart diagnosis market is projected to grow significantly, with a potential market size of 80 billion CNY in China [66] Shareholder Returns - **Dividend Distribution**: - Proposed cash dividend of 2.73 CNY per ten shares, totaling approximately 155 million CNY, representing 43.7% of net profit [25][26] Conclusion - Aihua Long has demonstrated strong growth in non-COVID related revenues and continues to invest heavily in R&D and market expansion. The company is strategically positioned to leverage its partnerships and compliance initiatives to enhance its market presence both domestically and internationally.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.50 yuan, based on a 30x PE for 2024 [2][12]. Core Insights - The company's luminous business has shown remarkable performance, with a revenue increase of 50.04% year-on-year in 2023, contributing significantly to overall revenue despite a decline in COVID-19 testing demand [1][2]. - The company has increased its research and development investment, with a R&D expense ratio of 15.44% in 2023, which is expected to enhance its innovative capabilities [2][11]. - Revenue projections for 2024-2026 are adjusted to 21.82 billion yuan, 28.24 billion yuan, and 35.97 billion yuan, with corresponding year-on-year growth rates of 6.26%, 29.43%, and 27.37% [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 20.53 billion yuan, a decrease of 48.42% year-on-year, while the net profit attributable to shareholders was 3.55 billion yuan, down 64.92% [1][3]. - The gross margin for 2023 was 56.81%, an increase of 2.84 percentage points, driven by the higher proportion of non-COVID related business [2][3]. - The company installed 2,080 new luminous instruments in 2023, marking a 28.96% increase year-on-year, with a total of over 9,240 installations to date [1][2]. Revenue and Profit Forecast - The forecasted net profit for 2024-2026 is 5.02 billion yuan, 6.83 billion yuan, and 9.00 billion yuan, with year-on-year growth rates of 41.39%, 35.99%, and 31.78% respectively [2][3]. - The company’s EBITDA for 2023 was 535 million yuan, with projections of 755 million yuan, 949 million yuan, and 1.17 billion yuan for 2024, 2025, and 2026 respectively [3][7]. Market Position and Competitive Advantage - The company is recognized as a leading domestic player in the luminous sector, with rapid installation of luminous instruments expected to drive reagent volume growth [2][10]. - The report highlights the company's innovative capabilities and its commitment to expanding its testing product menu, with 16 new testing reagent products certified in 2023 [2][11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for stock price appreciation relative to the benchmark [1]. Core Insights - The company achieved a revenue of 2.053 billion yuan in 2023, a year-over-year decline of 48%, primarily due to the significant drop in COVID-related revenue. However, excluding COVID-related revenue, the non-COVID business saw a 36% year-over-year increase, reaching 1.711 billion yuan [1]. - The self-produced chemiluminescence business showed remarkable growth, with revenue increasing by 50% to 1.168 billion yuan in 2023. The company's strategy of "specialized hospital entry and regular volume increase" has proven effective, as evidenced by the addition of 2,080 new installations, a 29% increase year-over-year [1]. - The international expansion continues, with the company covering over 110 countries and regions. In 2023, the company added four overseas service points and strengthened its collaboration with MBL for the Japanese market [1]. Financial Summary - The company forecasts revenues of 2.232 billion yuan, 2.901 billion yuan, and 3.707 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 8.7%, 30.0%, and 27.8% [1]. - The projected net profits for the same years are 456 million yuan, 621 million yuan, and 856 million yuan, reflecting year-over-year growth rates of 28.4%, 36.2%, and 37.9% [1]. - The report indicates that the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 26, 19, and 14 times, respectively [1].

证券代码：688575 证券简称：亚辉龙 公告编号：2024-018 深圳市亚辉龙生物科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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、准确性和完整性承担个别及连带责任。 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开第三届董事会第二十一次会议、第三届监事会第二十次会议，审议通过了《关 于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不超过人民币 8,000 万元（含本数）的部分暂时闲置募集资金进行现金管理，用于投资安全性高、 流动性好、低风险或保本型的理财产品或存款类产品（包括但不限于协定性存款、 结构性存款、定期存款、大额存单、通知存款等）。投资产品不得用于质押，产品 专用结算账户（如适用）不得存放非募集资金或用作其他用途。使用期限自公司董 事会审议通过之日起不超过 12 个月。在上述额度及有效期内，资金可以循环滚动使 用，上述额度是指现金管理单日最高余额不超过人民币 8,000 万元（含本数）。同时 提请授权公司管理层办理暂时闲置募 ...

一、聚焦经营主业，提升核心竞争力 亚辉龙于 2008 年成立，系一家国内领先的体外诊断产品提供商，主营业务 为以化学发光免疫分析法为主的体外诊断仪器及配套试剂的研发、生产和销售， 及部分非自产医疗器械产品的代理销售业务。公司秉持"专注生命健康事业，努 力让科技造福人类"的使命，始终如一、追求卓越、不断为人类生命健康事业提 供卓越的产品及服务，努力成为免疫及生化诊断领域龙头企业，全球体外诊断领 先企业。 2024 年，公司将重点从以下方面着手，进一步提升核心竞争力： 研发方面，公司将聚焦重点领域，加大研发投入，持续提升原材料及高端仪 器自研自产能力。公司已建立武汉、长沙、日本等研发中心，将依据多地研发人 才，在包括抗原、抗体及磁珠等上游原材料，以及在包括高速生化诊断仪器、全 自动流水线系统等高端仪器方面加大研发投入，不断提升上游原材料的自产率， 以及在高端仪器方面实现自产，以提供公司持续竞争能力。 深圳市亚辉龙生物科技股份有限公司 2024 年度"提质增效重回报"行动方案 为推动深圳市亚辉龙生物科技股份有限公司（以下简称"亚辉龙"或"公司"） 持续优化经营、规范治理和积极回报投资者，大力提高公司质量，助力信心提 ...

募集资金存放与使用情况鉴证报告 大华核字[2024]0011010474 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants (Special General Partnership ) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） c.mof.gov.cn) 报告编码 : 京24KC 深圳市亚辉龙生物科技股份有限公司 募集资金存放与使用情况鉴证报告 深圳市亚辉龙生物科技股份有限公司 | ﺍ | 募集资金存放与使用情况鉴证报告 | 1-2 | | --- | --- | --- | | 1 1 | 深圳市亚辉龙生物科技股份有限公司 2023 年 | 1-8 | | | 度募集资金存放与实际使用情况的专项报告 | | 大華食計師事務時 十代会计师事务所 (特殊普通合伙 北京市海淀区西四环中路 16 号院 7 号楼 12 层 话:86(10) 5835 0011 传真:86 (10) 5835 0006 www dahua- 募 集 资 金 存 放 与 使 用 情 况 鉴 证 报 告 大华核字[20 ...

（一）独立董事人员情况 公司董事会由 7 名董事组成，其中独立董事 3 人，占董事会人数三分之一， 且至少 1 人为会计专业人士，符合相关法律法规及公司制度的规定。报告期内， 公司独立董事成员包括章顺文先生（已离任）、刘登明先生、李学金先生、石春 茂先生（新任）。其中，章顺文先生、石春茂先生为会计专业人士。 （二）个人工作履历、专业背景及兼职情况 深圳市亚辉龙生物科技股份有限公司 2023 年度独立董事述职报告 作为深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）的独立董事， 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》《公司章程》 《公司独立董事工作细则》等有关规定，本人认真行使法规所赋予的权利，及时 了解公司的经营管理信息，全面关注公司的发展状况，积极出席公司召开的相关 会议，对董事会审议事项进行了审核，积极发挥独立董事的独立作用，维护公司 及全体股东的利益。现将 2023 年度工作情况报告如下： 一、独立董事的基本情况 本人刘登明，1975 年生，中国国籍，无境外永久居留权，获得湘潭大学法 学专业学士学位、湘 ...

深圳市亚辉龙生物科技股份有限公司 董事会关于独立董事独立性情况的专项意见 根据证监会《上市公司独立董事管理办法》、上海证券交易所《上海证券交 易所科创板股票上市规则》《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》等要求，深圳市亚辉龙生物科技股份有限公司（以下简称"公 司"）董事会，就公司在任独立董事石春茂先生、李学金先生、刘登明先生的独 立性情况进行评估并出具如下专项意见： 经核查独立董事石春茂先生、李学金先生、刘登明先生的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公 司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他 可能妨碍其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立 董事管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》中对独立董事独立性的相关要 求。 深圳市亚辉龙生物科技股份有限公司董事会 2024 年 4 月 18 日 ...

Market Overview - The global in vitro diagnostics market is expected to exceed $106 billion in 2023, with China's market size surpassing 170 billion RMB in 2022, reflecting a year-on-year growth of over 30%[22]. - The market for in vitro diagnostics is expected to continue its rapid growth, driven by increasing health awareness and demand for diagnostic services among the population[22]. - The domestic market is transitioning from traditional enzyme-linked immunoassay to chemiluminescence immunoassay, indicating a significant growth opportunity in secondary and primary healthcare institutions[11]. - The domestic market for chemical luminescence diagnostics is expanding as local companies improve product quality to compete with international leaders like Roche and Abbott, who currently dominate the market[69]. - The potential patient population for autoimmune diseases in China is significant, with only about 20 million confirmed cases compared to an estimated 14.7 to 23.5 million in the United States, indicating a large market opportunity[71]. Company Positioning and Strategy - The company specializes in in vitro diagnostic products, primarily focusing on chemiluminescence immunoassay technology, which has become the dominant method in major hospitals[11]. - The company adopts a sales model primarily based on distribution, with direct sales to key clients in specific regions, enhancing market penetration[21]. - The company is positioned in the medical manufacturing sector, specifically in the manufacturing of medical instruments and devices, classified under the pharmaceutical manufacturing industry[21]. - The company emphasizes the importance of technological innovation and product development capabilities to maintain competitiveness in the rapidly evolving diagnostics market[22]. - The company is focusing on the development of high-quality, cost-effective diagnostic products suitable for primary healthcare institutions, which lack specialized testing facilities[81]. Product Development and Innovation - Chemiluminescence immunoassay technology offers advantages such as high sensitivity, stable results, and ease of use, driving its adoption in clinical settings[11]. - The company has developed a fully automated immunoassay system based on magnetic microparticle acridinium ester chemiluminescence technology, breaking the foreign monopoly in this field[26]. - The company launched 16 new testing reagent products during the reporting period, with 14 chemiluminescence detection projects and 1 immunoblotting detection project receiving domestic registration certificates[28]. - The company has developed a high-throughput fully automated biochemical immuno-integrated machine and other intelligent product solutions to meet diverse needs of medical institutions[55]. - The company is actively developing new instruments and reagents, including a microfluidic in vitro diagnostic technology platform and a molecular diagnostic technology platform, to enhance its product line and innovation capabilities[88]. Financial Performance - The company achieved a gross margin of 56.57% for its main business, an increase of 2.92 percentage points from the previous year, with a non-COVID self-operated business gross margin of 70.00%[39]. - The company's annual revenue for 2023 decreased by 48.42% compared to the previous year, primarily due to a significant decline in revenue from COVID-related business[129]. - The net profit attributable to shareholders was 355.01 million CNY, a decrease of 64.92% year-on-year[55]. - The company's total revenue for 2023 was CNY 2,053.10 million, a decrease of 48.42% year-on-year, primarily due to a 87.46% decline in COVID-related business revenue[154]. - Non-COVID business revenue reached CNY 1,711.25 million, an increase of 36.30% year-on-year, with domestic non-COVID self-operated business revenue growing by 47.80% to CNY 1,174.16 million[154]. Research and Development - R&D investment amounted to 325.35 million yuan, a year-on-year increase of 30.04%, with 125.31 million yuan allocated to microfluidics, sequencing, and other advanced technologies[39]. - The company achieved a total R&D investment of approximately ¥325.35 million in the reporting period, representing a 30.04% increase compared to the previous year, with R&D expenses accounting for 15.85% of operating revenue, an increase of 9.57 percentage points[93]. - The company has completed the acceptance of 80 self-developed antigen/antibody raw materials during the reporting period, which are key materials for in vitro diagnostic reagents[96]. - The company is in the process of developing various projects, including a gene sequencing project with a total investment of ¥20 million, which has seen an investment of ¥5.54 million so far[96]. - The company is committed to continuous research and development, having established a strong foundation in various diagnostic technologies over the past decade[73]. Market Expansion and Collaborations - The company has established a service network in India and Nepal, and is preparing to set up networks in the CIS and Latin America regions[43]. - The company signed a strategic cooperation agreement with MBL to enhance collaboration in immunology, cardiology, and diabetes diagnostics for the Japanese market[43]. - The company is actively expanding its product line by developing more high-quality reagents based on market demand and technological resources[100]. - The company is exploring strategic acquisitions to enhance its product portfolio, with a budget of 500 million allocated for potential deals[197]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[197]. Regulatory and Certification Achievements - The company has received 89 IVDR CE certifications during the reporting period, bringing the total to 174 certifications[28]. - The company obtained 92 new domestic medical device product registrations and 89 new EU CE certifications during the reporting period, including 62 IVDR class B and 27 IVDR class C certifications[90]. - The company has achieved recognition as a national "specialized and innovative" small giant enterprise, enhancing its credibility in the industry[74]. - The company has 193 domestic and 21 foreign authorized patents, including 89 invention patents and 52 software copyrights[105]. - The company has developed 163 chemical luminescence diagnostic projects and 80 biochemical diagnostic projects that have received domestic and international registration certificates, including 53 projects for chemical luminescence autoimmune diagnostics[74]. Operational Efficiency and Governance - The company implemented 12 automated devices in 2023, significantly improving production efficiency and reducing reagent manufacturing costs[175]. - The board of directors unanimously approved all proposals related to independent director nominations, ensuring strong governance[196]. - The audit committee reported no significant risks identified during the review period, indicating a stable financial position[198]. - The company has no significant risks that could materially affect its operations during the reporting period[113]. - The company plans to implement a new compensation structure aimed at improving employee retention and performance, with a focus on aligning incentives with long-term growth[197].

证券代码：688575 证券简称：亚辉龙 公告编号：2024-027 深圳市亚辉龙生物科技股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 召开日期时间：2024 年 5 月 24 日 14 点 00 分 召开地点：广东省深圳市龙岗区宝龙街道宝龙二路亚辉龙生物科技厂区 1 栋 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 24 日 至 2024 年 5 月 24 日 股东大会召开日期：2024年5月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...