Group 1: Industry Developments - The National Development and Reform Commission and other departments plan to establish a mandatory insurance system for unmanned aerial vehicles by 2027, enhancing low-altitude insurance products to meet various application needs [1] - Shenzhen's action plan aims to strengthen the semiconductor industry by leveraging AI technology in key areas such as chip design and software optimization, targeting high-performance AI chips for various applications [2] - The internet regulatory authority is intensifying efforts to combat the spread of false information generated by AI without proper labeling, having already addressed over 13421 accounts and 543,000 pieces of illegal information [3] Group 2: Company Updates - Semiconductor company Huahong Semiconductor reported a record fourth-quarter revenue of $659.9 million, a year-on-year increase of 22.4%, with a gross margin of 13.0% [6] - Semiconductor manufacturer SMIC anticipates continued growth driven by domestic product replacements and strong demand for AI-related storage, despite challenges in the low-end market [4] - Aerospace company Hangya Technology plans to raise up to 600 million yuan through convertible bonds to fund various projects, including an intelligent manufacturing base in Malaysia [8] - Hezhong Instrument may face delisting risk due to projected net losses of approximately 89 million yuan for 2025, with revenue expected to be around 97 million yuan [5]

证券代码：688622 证券简称：禾信仪器 公告编号：2026-003 广州禾信仪器股份有限公司 关于公司股票可能被实施退市风险警示暨股票交易的 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： 广州禾信仪器股份有限公司（以下简称"公司"）于 2026 年 1 月 31 日在上海 证券交易所网站(www.sse.com.cn)披露了《2025 年年度业绩预亏公告》，自披露日至 2026 年 2 月 12 日，连续 9 个交易日内公司股票收盘价格累计涨幅超过 50%，累计涨幅 与公司基本面、同期上证指数、所处的仪器仪表制造业上市公司平均涨幅存在较大偏 离，存在市场情绪过热及非理性炒作的情形，不排除股价有大幅下跌的可能性。公司 强烈提醒广大投资者理性判断，注意投资风险和交易风险，避免产生较大投资损失。 公司正在实施发行股份及支付现金购买资产并募集配套资金暨关联交易事项 (以下简称"本次交易")，本次交易事项尚需经上海证券交易所审核，并获得中国证 监会同意注册后方可实施，能否审核通过、完成注册，以及最终取得审核通过 ...

禾信仪器公告，公司预计2025年年度实现归属于母公司所有者的净利润为-8900万元左右，同比下降 93.52%左右；预计实现归属于母公司所有者扣除非经常性损益后的净利润为-9300万元左右，同比下降 47.39%左右；预计实现营业收入9700万元左右，同比下降52.10%左右。扣除与主营业务无关的业务收 入和不具备商业实质的收入后的营业收入预计为9000万元左右，低于1亿元。若公司经审计的扣除非经 常性损益前后的净利润孰低者为负值，且营业收入低于1亿元，公司股票将在2025年年度报告披露后可 能被实施退市风险警示。 ...

Summary of Key Points from the Conference Call Industry Focus - The discussion centers around the **quantum computing industry**, highlighting its potential for investment opportunities in the near future [1]. Core Insights and Arguments - The company emphasizes that **quantum technology** is a promising investment theme, suggesting a phased approach to investment in this sector [1]. - It is anticipated that by **2026**, multiple provinces will likely initiate tenders for **hyper-converged computing** systems, which is expected to benefit leading companies such as **Guodun Quantum** [1]. - In terms of applications, **Guoxin Technology** has recently developed quantum chips for **L4 safety in intelligent driving**, marking a significant step towards practical applications of quantum technology in this field [1]. Individual Stock Insights - The company highlights **Hexin** as a stock to watch, indicating that it is expected to see developments soon, and suggests that the negative impacts from ST (Special Treatment) have largely been absorbed [1]. Investment Recommendations - The company recommends investing in the following stocks: - **Guodun Quantum** - **Hexin Instruments** - **Guoxin Technology** [1].

Core Viewpoint - The article analyzes the 2025 performance forecasts of 22 domestic listed instrument companies, highlighting the divergence in performance and the impact of various market factors on the industry [2]. Group 1: Industry Overview - The overall operating conditions of the domestic instrument industry are gradually becoming clearer as companies disclose their 2025 performance forecasts [2]. - Among the 22 companies, 11 reported profits while 11 incurred losses; 8 of the profitable companies experienced year-on-year growth, while 3 saw stable or slightly fluctuating profits [2]. - The performance divergence is attributed to factors such as fluctuations in downstream demand, intensified industry competition, policy changes, and global supply chain instability [2]. Group 2: Performance Statistics - The net profit statistics for the listed instrument companies indicate significant growth for several firms, with some achieving over 190% year-on-year increases [3][8]. - Notable performers include: - Aiko Optoelectronics: Net profit of 0.57-0.7 billion, up 262.52-345.20% from 0.1572 billion [3]. - Haineng Technology: Net profit of 0.41-0.44 billion, up 213.65-236.61% from 0.1307 billion [3]. - Wan Yi Technology: Net profit of 0.42-0.62 billion, up 191.52-330.34% from 0.1441 billion [3]. Group 3: Industry Trends - The industry is witnessing increased performance divergence, with a trend towards higher concentration as companies with core technologies and strategic layouts capture more market share [5]. - The ongoing domestic substitution is deepening, with high-end instruments becoming a key growth driver, supported by policy incentives for high-end scientific instruments and equipment upgrades [5]. - Companies focusing on high-end sectors, such as high-end industrial imaging and clinical diagnostics, are expected to benefit from these trends [5]. Group 4: Operational Strategies - Companies facing operational pressures are likely to improve performance by divesting loss-making businesses, optimizing asset structures, and enhancing management of receivables and inventory [6]. - Profit-making companies will continue to pursue refined management practices to consolidate their advantages and enhance risk resilience [6]. Group 5: Performance Categories - Companies achieving profit growth or turning losses into profits are primarily benefiting from asset impairment improvements and business structure optimizations [18]. - The companies in this category include: - Gaode Infrared: Successfully turned around from a loss to a profit [18]. - Xianhe Environmental: Achieved profitability through structural optimization [21]. - Zhengye Technology: Also turned from loss to profit due to similar improvements [22]. Group 6: Challenges Faced - Companies experiencing expanded losses or transitioning from profit to loss share common challenges, including reliance on single business lines and significant asset impairment pressures [30]. - The need for transformation is evident, as some companies are in the process of adjusting their business models, which may not yet yield sufficient revenue to offset declines in traditional business areas [30].

Core Viewpoint - The company, Guangzhou Hexin Instrument Co., Ltd., is expected to report significant losses for the fiscal year 2025, with a projected net profit loss of approximately 89 million yuan, representing a 93.52% decrease compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be around -89 million yuan, a decrease of approximately 43.01 million yuan from the previous year [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be around -93 million yuan, reflecting a decrease of about 29.90 million yuan, or 47.39% year-on-year [1] - The estimated operating revenue for 2025 is around 97 million yuan, which is a decrease of approximately 105.51 million yuan, or 52.10% compared to the previous year [1] Risk of Delisting - If the audited net profit (before and after deducting non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million yuan, the company may face delisting risk warnings, indicated by the "*ST" prefix on its stock name [2] Shareholder Information - As of September 30, 2025, the eighth largest shareholder is Huatai Securities Co., Ltd., holding a 1.22% stake [2] Initial Public Offering (IPO) Details - The company raised a total of 310 million yuan from its IPO, with a net amount of 273 million yuan after deducting issuance costs [4] - The planned fundraising amount was 326 million yuan, intended for projects including the expansion of the mass spectrometry industrialization base and the construction of a research and development center [4] Previous Financial Results - In 2024, the company reported an operating revenue of 203 million yuan, a year-on-year decrease of 44.70%, and a net profit attributable to shareholders of -45.99 million yuan [4] - The company also reported a net profit of -63.33 million yuan in 2022, indicating ongoing financial challenges [5]

Core Viewpoint - The company, Guangzhou Hexin Instrument Co., Ltd., is expected to report significant losses for the fiscal year 2025, with a projected net profit loss of approximately 89 million yuan, representing a year-on-year decline of about 93.52% [1] Financial Performance - The estimated net profit attributable to the parent company for 2025 is projected to be around -89 million yuan, a decrease of approximately 43.01 million yuan compared to the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be around -93 million yuan, reflecting a year-on-year decline of about 47.39% [1] - The anticipated operating revenue for 2025 is around 97 million yuan, which is a decrease of approximately 105.51 million yuan, or 52.10%, compared to the previous year [1] Risk of Delisting - If the audited net profit (before and after deducting non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million yuan, the company may face a delisting risk warning, indicated by the "*ST" prefix on its stock name [2] Shareholder Information - As of September 30, 2025, the eighth largest shareholder is Huatai Securities Co., Ltd., holding a 1.22% stake [3] Initial Public Offering (IPO) Details - The company raised a total of 310 million yuan from its initial public offering, with a net amount of 273 million yuan after deducting issuance costs [5] - The planned fundraising amount was 326 million yuan, intended for projects including the expansion of the mass spectrometry industrialization base and the establishment of a research and development center [5]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Core Viewpoint - HeXin Instruments (688622.SH) announced a significant expected loss for the fiscal year 2025, with a projected net profit attributable to shareholders of approximately -89 million yuan, representing a substantial year-on-year decline of 93.52% [1] Financial Performance Summary - The expected net profit after deducting non-recurring gains and losses is approximately -93 million yuan, a year-on-year decrease of 47.39% [1] - The anticipated operating revenue is 97 million yuan, a decline of over 50% year-on-year, with core business revenue expected to be around 90 million yuan, falling below 100 million yuan [1] Factors Influencing Performance - The significant decline in performance is attributed to three main factors: 1. The core product market for environmental online monitoring mass spectrometers is undergoing a deep adjustment due to government procurement cycle impacts, and new product revenues have not compensated for the decline in traditional business. Additionally, the company has voluntarily abandoned some high-risk orders, leading to revenue contraction [1] 2. Asset impairment, with the company recognizing impairment provisions for inventory and certain long-term assets [1] 3. A reduction in government subsidies and the reversal of deferred tax assets, which have negatively impacted profits [1] Regulatory Implications - Due to the preliminary assessment indicating that the lower of the two net profit figures (before and after deductions) is negative, and the operating revenue excluding non-core income is below 100 million yuan, the company has triggered a delisting risk warning as per the Shanghai Stock Exchange's regulations. This may lead to a *ST designation following the disclosure of the 2025 annual report [1]

Core Viewpoint - Guangzhou Hexin Instrument Co., Ltd. is expected to report a significant net loss for the year 2025, with a projected net profit of approximately -89 million yuan, representing a year-on-year decrease of about 93.52% compared to the previous year [2][5][19]. Financial Performance Summary - The company anticipates a total profit of approximately -75 million yuan for 2025, a decrease of about 34.44% from the previous year [5]. - The expected net profit attributable to the parent company is projected to be around -89 million yuan, down by approximately 4.3 million yuan from the previous year [2][5]. - The net profit after deducting non-recurring gains and losses is expected to be around -93 million yuan, a decrease of about 2.99 million yuan year-on-year [2][5]. - The anticipated operating revenue for 2025 is approximately 97 million yuan, which is a decline of about 52.10% compared to the previous year [2][5]. Reasons for Performance Changes - The primary reason for the expected loss is the impact on the core business, which is heavily concentrated in the environmental online monitoring mass spectrometer sector. This market is currently undergoing a deep adjustment due to government procurement cycles, and the company is experiencing transitional pains as it shifts to new application areas [9]. - The company has implemented quality control measures, strategically selecting and abandoning orders with high credit risk and long payment terms, leading to a reduction in orders and revenue [9]. - The company has made provisions for asset impairment due to long-held inventory and market price fluctuations, which have resulted in a lower net realizable value than cost [10]. - A decrease in government subsidies recognized during the period has also contributed to the reduced profit total [11]. - The company has reassessed its deferred tax assets based on updated internal operational plans and external environment predictions, leading to a reversal of some previously recognized deferred tax assets [12]. Risk of Delisting - If the audited net profit (after deducting non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million yuan, the company may face delisting risk warnings according to the Shanghai Stock Exchange rules [3][20]. - The company’s stock may be marked with "*ST" if these conditions are met following the disclosure of the 2025 annual report [3][20].