Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in the first half of 2024 was under pressure, but it has entered a marginal improvement inflection point. Despite the challenges, the company's rare growth potential remains intact [3] - The company reported a net profit attributable to shareholders of 0.44 million yuan, with a year-on-year increase of 9.21% [3] - The revenue from product sales was 2.93 billion yuan, a year-on-year decrease of 12.13%, while the revenue from medical consumables increased by 18.12% year-on-year [3] - The company has signed a strategic cooperation framework with Fresenius, expanding its collaboration with international medical giants [3] - The company has successfully developed and produced wafer carriers, with projects expected to ramp up sales [3] Financial Summary and Valuation Indicators - The total market value of the company is 82.96 billion yuan, with a circulating market value of 57.44 billion yuan [4] - The company's revenue for the first half of 2024 was 4.83 billion yuan, a year-on-year decrease of 5.94% [4] - The projected net profit for 2024, 2025, and 2026 is expected to be 1.21 billion yuan, 1.69 billion yuan, and 2.40 billion yuan respectively, with corresponding EPS of 0.23 yuan, 0.32 yuan, and 0.45 yuan [3][5] - The current P/E ratios for 2024, 2025, and 2026 are 68.8, 49.0, and 34.6 respectively [5]

| 证券代码: 300151 | 证券简称：昌红科技 | 公告编号：2024-049 | | --- | --- | --- | | 债券代码: 123109 | 债券简称: 昌红转债 | | 深圳市昌红科技股份有限公司 关于续聘 2024 年度审计机构的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市昌红科技股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日分 别召开了第六届董事会第十次会议和第六届监事会第十次会议，审议通过了《关 于续聘 2024 年度审计机构的议案》，拟续聘立信会计师事务所（特殊普通合伙） 为公司 2024 年度审计机构，本议案尚需提交公司股东大会审议。现将相关事宜 公告如下： 一、拟续聘会计师事务所的基本信息 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期 ...

单位：万元 | | | 占用方与上 | 上市公司核算 | 年期初 2024 | 2024 年半年 度占用累计发 | 年半年度 2024 | 年半年度 2024 | 年半年 2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | 的会计科目 | 占用资金余 | 生金额（不含 | 占用资金的利 | 偿还累计发生 | 度期末占用 | 占用形成原因 | 占用性质 | | | | 联关系 | | 额 | | 息(如有) | 金额 | 资金余额 | | | | | | | | | 利息） | | | | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | - - | - | | | | | | - | | | 前控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | | ...

Financial Performance - Revenue for the reporting period was 483.40 million yuan, a decrease of 5.94% compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was 43.60 million yuan, an increase of 2.42% compared to the same period last year[12] - Net cash flow from operating activities was 60.71 million yuan, a decrease of 36.01% compared to the same period last year[12] - Total assets at the end of the reporting period were 2.54 billion yuan, a decrease of 0.59% compared to the end of the previous year[12] - Revenue for the reporting period was RMB 483.4 million, a decrease of 5.94% year-over-year[30] - Operating costs decreased by 7.21% to RMB 345.4 million compared to the same period last year[30] - Net cash flow from operating activities decreased by 36.01% to RMB 60.7 million due to reduced sales and revenue[31] - Net cash flow from investing activities decreased by 148.95% to RMB -166.3 million, mainly due to increased investment activities[31] - Medical devices and consumables segment revenue increased by 18.12% to RMB 144.0 million, with a gross margin of 43.47%[32] - Total operating revenue for the first half of 2024 was RMB 483,404,641.80, a decrease of 5.94% compared to RMB 513,942,535.16 in the same period of 2023[134] - Operating costs for the first half of 2024 were RMB 445,716,152.59, a decrease of 6.02% compared to RMB 474,281,469.16 in the same period of 2023[135] - R&D expenses for the first half of 2024 were RMB 25,378,847.93, a decrease of 14.38% compared to RMB 29,640,689.97 in the same period of 2023[135] - Net profit for the first half of 2024 was RMB 42,701,426.81, a decrease of 7.11% compared to RMB 45,968,806.62 in the same period of 2023[135] - Net profit attributable to parent company shareholders increased to 43,601,055.31 RMB, up from 42,572,447.72 RMB in the previous period[136] - Comprehensive income attributable to parent company shareholders decreased to 32,757,465.20 RMB from 52,839,008.68 RMB[136] - Operating income for the parent company decreased to 133,848,695.24 RMB from 152,235,739.37 RMB[137] - Operating profit for the parent company increased significantly to 92,798,190.15 RMB from 40,781,849.07 RMB[138] - Net profit for the parent company rose to 93,755,929.57 RMB from 41,023,258.84 RMB[138] - Research and development expenses decreased to 7,791,021.91 RMB from 8,877,891.27 RMB[138] - Financial expenses decreased to 1,614,167.75 RMB from 2,660,599.04 RMB[138] - Other comprehensive income after tax for the parent company showed a loss of 10,843,590.11 RMB compared to a gain of 10,266,560.96 RMB in the previous period[136] - Basic and diluted earnings per share remained stable at 0.08 RMB[136] - Total comprehensive income for the parent company increased to 93,755,929.57 RMB from 41,023,258.84 RMB[139] - Sales revenue from goods and services in 2024 H1 decreased to 478.89 million yuan from 577.21 million yuan in 2023 H1, a decline of 17.03%[140] - Net cash flow from operating activities in 2024 H1 was 60.71 million yuan, down 36.01% compared to 94.88 million yuan in 2023 H1[140] - Net cash flow from investing activities in 2024 H1 was -166.29 million yuan, a significant decrease from -66.80 million yuan in 2023 H1[141] - Net cash flow from financing activities in 2024 H1 improved to -68.58 million yuan from -152.95 million yuan in 2023 H1[141] - Cash and cash equivalents at the end of 2024 H1 stood at 521.02 million yuan, compared to 372.38 million yuan at the end of 2023 H1[141] - Parent company's sales revenue from goods and services in 2024 H1 dropped to 122.07 million yuan from 206.48 million yuan in 2023 H1, a decrease of 40.88%[142] - Parent company's net cash flow from operating activities in 2024 H1 was 4.50 million yuan, a sharp decline from 58.30 million yuan in 2023 H1[142] - Parent company's net cash flow from investing activities in 2024 H1 improved to -27.54 million yuan from -44.02 million yuan in 2023 H1[143] - Parent company's net cash flow from financing activities in 2024 H1 was -48.12 million yuan, compared to -123.92 million yuan in 2023 H1[143] - Parent company's cash and cash equivalents at the end of 2024 H1 were 272.12 million yuan, up from 133.90 million yuan at the end of 2023 H1[143] Subsidiaries and Business Segments - The company's subsidiaries include Shenzhen Baimingsheng Medical Devices, Zhejiang Baimingsheng Medical Technology, and Liyin Precision Medical Products (Shanghai)[4] - The company's medical device and consumables business includes real-time glucose monitoring, insulin therapy pumps, IVF, microfluidics, and minimally invasive surgical robots[21] - The company's precision mold and OA product production business provides one-stop services from product design to assembly[22] - The company's semiconductor consumables production business is focused on providing solutions for the semiconductor industry[22] - Shenzhen Boming Sheng, a subsidiary, achieved a net profit of 28.56 million yuan with total assets of 364.7 million yuan and revenue of 134.38 million yuan[54] - Desheng Investment, another subsidiary, reported a net profit of 46.83 million yuan with total assets of 410.97 million yuan and revenue of 173.38 million yuan[54] - Zhejiang Boming Sheng, a subsidiary, incurred a net loss of 16.41 million yuan with total assets of 539.36 million yuan and revenue of 6.25 million yuan[54] - The company's subsidiary, Shenzhen Baimingsheng Medical Devices Co., Ltd., incurred rental expenses of 373.31 million yuan for factory buildings, canteens, and dormitories, reducing profits[94] - The company's subsidiary, Shenzhen Baimingsheng Medical Devices Co., Ltd., incurred rental expenses of 229.33 million yuan for factory buildings and dormitories, reducing profits[94] - The company's subsidiary, Zhejiang Boming, signed a strategic cooperation framework agreement with Fresenius Medical Care Deutschland GmbH to expand its business in hemodialysis medical consumables and medical device structural parts[102] Investments and Capital - The company's registered capital increased from 502.50 million yuan to 532.51 million yuan[11] - The company raised RMB 460 million through the issuance of convertible bonds, with RMB 462.89 million cumulatively invested in the expansion of high-end medical device and consumables production lines and working capital[42] - The company raised RMB 413.70 million through a private placement of A shares, with RMB 236.64 million cumulatively invested in the high-end medical device and consumables base in South China, the headquarters base upgrade project, and working capital[43] - The high-end medical device and consumables production line expansion project (Phase I and II) has a cumulative investment of 340.153 million yuan, achieving an investment progress of 104.66%[44] - The high-end medical device and consumables South China base construction project has a cumulative investment of 52.6098 million yuan, with an investment progress of 39.55%[44] - The headquarters base renovation and upgrade project has a cumulative investment of 85.1626 million yuan, with an investment progress of 49.52%[44] - The supplementary working capital project has a cumulative investment of 98.8701 million yuan, achieving an investment progress of 100.24%[44] - The total investment in committed projects is 699.5332 million yuan, with a total investment progress of 82.15%[44] - The company has unused raised funds of 171.9725 million yuan, of which 170.8311 million yuan is used for cash management[49] - The company's entrusted financial management amount is 446.8243 million yuan, with an outstanding balance of 400.1348 million yuan[51] - The company's total investment in the reporting period was RMB 141.06 million, a 27.22% increase compared to the same period last year[39] - The company's credit rating remains AA- with a stable outlook, as per the latest credit rating report[124] - The company's current ratio decreased by 2.95% from 4.40 to 4.27[126] - The company's quick ratio decreased by 5.95% from 3.70 to 3.48[126] - The company's asset-liability ratio decreased slightly by 0.49% from 33.84% to 33.35%[126] - The company's monetary funds decreased from 700,179,360.58 yuan to 521,017,505.29 yuan[128] - The company's accounts receivable increased from 216,395,752.63 yuan to 252,910,071.06 yuan[128] - The company's inventory increased from 144,623,057.31 yuan to 151,696,080.10 yuan[128] - The company's total assets decreased from 2,555,436,436.76 yuan to 2,540,319,473.80 yuan[130] - The company's total liabilities decreased from 864,728,944.63 yuan to 847,229,163.10 yuan[130] - The company's equity attributable to the parent company increased from 1,641,669,572.59 yuan to 1,652,730,736.06 yuan[130] - The company's retained earnings increased from 389,070,760.96 yuan to 396,670,791.76 yuan[130] - Total assets as of June 30, 2024, were RMB 1,971,793,213.20, an increase of 3.61% compared to RMB 1,903,135,714.13 at the end of 2023[132] - Total liabilities as of June 30, 2024, were RMB 616,673,626.36, a slight decrease of 0.15% compared to RMB 617,580,711.41 at the end of 2023[133] - Accounts receivable as of June 30, 2024, were RMB 114,749,322.45, an increase of 33.33% compared to RMB 86,064,501.81 at the end of 2023[132] - Prepayments as of June 30, 2024, were RMB 2,957,795.73, an increase of 292.56% compared to RMB 753,556.76 at the end of 2023[132] - Contract liabilities as of June 30, 2024, were RMB 10,710,234.86, an increase of 148.75% compared to RMB 4,306,088.48 at the end of 2023[133] - Total equity as of June 30, 2024, was RMB 1,355,119,586.84, an increase of 5.41% compared to RMB 1,285,555,002.72 at the end of 2023[133] - Share capital increased by 493.00 million yuan, reaching 532,508,138.00 yuan[144] - Other equity instruments decreased by 2.57 million yuan, totaling 89,091,700.60 yuan[144] - Capital reserve increased by 4.93 million yuan, reaching 532,377,119.10 yuan[144] - Comprehensive income decreased by 10.8 million yuan, totaling 43,590,101.10 yuan[145] - Owner's equity increased by 11.0 million yuan, reaching 1,649,572.59 million yuan[144] - Minority shareholder equity decreased by 8.67 million yuan, totaling 49,037,919.50 million yuan[144] - Total owner's equity increased by 2.38 million yuan, reaching 1,690,707,492.13 million yuan[144] - Profit distribution to owners decreased by 26,625,431.55 million yuan[145] - General risk provision remained unchanged at 0 yuan[145] - Special reserve remained unchanged at 0 yuan[146] - The company's total owner's equity at the beginning of the period was 1,349,175,853.90, with a decrease of 43,837,869.80 during the period[147] - The comprehensive income for the period was 52,839,008.68, contributing to the owner's equity[147] - The company allocated 100,501,591.00 for profit distribution to owners (or shareholders)[148] - The total owner's equity at the end of the period was 1,305,337,984.10[149] - The parent company's owner's equity at the beginning of the period was 1,285,555,002.72, with an increase of 69,564,584.12 during the period[150] - The parent company's comprehensive income for the period was 93,755,929.57[150] - The parent company's owner's equity at the end of the period was 1,355,119,586.84[150] - The company's total owner's equity at the end of the period was RMB 1,355,119,586.84[151] - The company's comprehensive income for the period was RMB 41,023,258.84[153] - The company's total profit distribution to owners (or shareholders) was RMB -100,501,591.00[153] - The company's registered capital is RMB 532,508,027.00[155] - The company's total owner's equity at the beginning of the period was RMB 956,406,731.15[153] - The company's total owner's equity at the end of the period was RMB 909,574,969.83[154] - The company's total capital reserve at the end of the period was RMB 89,091,458,650.28[154] - The company's total undistributed profit at the end of the period was RMB 56,908,644.19[154] - The company's total special reserve at the end of the period was RMB 53,541,163.48[154] - The company's total other comprehensive income at the end of the period was RMB 61,659,844.81[154] Corporate Governance and Shareholder Information - The company's stock is listed on the Shenzhen Stock Exchange under the ticker symbol 300151[6] - The company's registered and office addresses remain unchanged during the reporting period[8] - The company conducted multiple investor relations activities, including online exchanges and on-site visits, to discuss performance and future outlook[61] - The company held its 2024 first extraordinary general meeting with a 42.49% investor participation rate, passing resolutions on revising the Articles of Association and corporate governance systems[63] - The 2023 annual general meeting saw a 47.74% investor participation rate, approving the 2023 annual report, financial statements, and profit distribution plan[63] - The company proposed a cash dividend of 0.6 yuan per 10 shares for the first half of 2024, totaling 31,950,517.86 yuan, representing 100% of the profit distribution[65][66] - The employee stock ownership plan covers 131 employees, including directors, supervisors, and key staff, holding 3,545,400 shares, accounting for 0.67% of the total share capital[67] - Chairman and General Manager Li Huanchang holds 200,400 shares, representing 0.04% of the total share capital[68] - The company's total share capital is 532,508,631 shares, with distributable profits of 85,746,382.08 yuan[65] - The employee stock ownership plan was revised in June 2022, with funds sourced from employee salaries, self-raised funds, and other legal means[67] - The company maintains a robust corporate governance structure, ensuring fair treatment of all shareholders and timely information disclosure[72] - No environmental penalties were incurred during the reporting period, as the company strictly adheres to environmental protection laws and regulations[71] - The company places high importance on employee training and career development, providing various training programs to enhance employee skills and align personal career goals with corporate development[74] - The company has established long-term strategic partnerships with global clients and suppliers, focusing on resource sharing and collaborative supply chain mechanisms[75] - The company is committed to environmental protection and sustainable development, strictly adhering to environmental regulations and standards for waste management[76] - The company's controlling shareholders and related parties have made commitments regarding share lock-up periods, with specific restrictions on share transfers during and after their tenure[77] - The company's major shareholders have committed to avoiding any form of competition with the company and will not engage in any business that competes with the company[77] - The company's controlling shareholders have pledged to cover any potential tax liabilities related to pre-IPO tax benefits if required by tax authorities[78] - The company's controlling shareholders have committed to covering any potential social security and housing fund liabilities from the pre-IPO period if required by relevant authorities[78] - The company's controlling shareholders and directors have committed to increasing their shareholdings by a total of at least 150.568 million yuan, with specific amounts allocated to each individual[78] - The company's controlling shareholder has committed to reducing related-party transactions and ensuring fair business practices[78] - The company's controlling shareholder, Li Huanchang, has committed to avoiding and reducing related-party transactions with Changhong Technology, ensuring fairness and transparency in any unavoidable transactions[79] - Li Huanchang has also pledged to avoid any

中信证券股份有限公司关于深圳市昌红科技股份有限公司 使用部分暂时闲置募集资金及闲置自有资金 | 项目名称 | 投资总额 | 调整前拟投入募集资 | 调整后拟投入募集 | | --- | --- | --- | --- | | | | 金金额 | 资金金额 | | 高端医疗器械及耗材华南 | 26,500.00 | 26,300.00 | 13,302.23 | 1 | 基地建设项目 | | | | | --- | --- | --- | --- | | 总部基地改造升级项目 | 34,000.00 | 34,000.00 | 17,196.80 | | 补充流动资金 | 19,500.00 | 19,500.00 | 9,862.87 | | 合计 | 80,000.00 | 79,800.00 | 40,361.90 | 目前，募集资金投资项目正在稳步推进，由于募集资金投资项目建设需要一定周期， 根据募集资金投资项目建设进度，现阶段募集资金在短期内预计会出现部分闲置的情况。 在确保不影响正常运营和募集资金投资项目建设的情况下，公司将合理利用闲置募集资 金进行现金管理，提高募集资金使用效率。 二、本次使用闲置 ...

| 证券代码: 300151 | 证券简称：昌红科技 | 公告编号：2024-044 | | --- | --- | --- | | 债券代码: 123109 | 债券简称：昌红转债 | | 深圳市昌红科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、本次会议召开情况 第六届董事会第十次会议决议公告 1、深圳市昌红科技股份有限公司（以下简称"公司"）第六届董事会第十次 会议（以下简称"本次会议"）于 2024 年 8 月 12 日上午在公司 1 号会议室以现场 结合通讯表决方式召开。 根据《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》等 有关规定的相关要求，公司编制了《2024 年半年度报告》及《2024 年半年度报 告摘要》。 具体内容详见公司同日刊载在巨潮资讯网（www.cninfo.com.cn）的《2024 年半年度报告》及《2024 年半年度报告摘要》（公告编号：2024-042）；《2024 年半年度报告摘要》、《2024 年半年度报告披露提示性公告》（公告编号：2024-043） 3、本次会议应出席董事 7 名， ...

| 证券代码: 300151 | 证券简称：昌红科技 | 公告编号：2024-052 | | --- | --- | --- | | 债券代码: 123109 | 债券简称：昌红转债 | | 深圳市昌红科技股份有限公司 关于新增 2024 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）公司已预计的 2024 年日常关联交易预计情况 2024 年 4 月 25 日，深圳市昌红科技股份有限公司（以下简称"公司"或"昌红 科技"）第六届董事会第八次会议和第六届监事会第八次会议审议通过了《关于 2024 年度日常关联交易预计的议案》，公司及子公司因经营发展及业务运行需要， 预计 2024 年度公司及子公司与关联方发生日常关联交易总金额不超过 2,300.00 万元，主要系向关联方采购商品及接受劳务、销售商品及提供劳务。 具体内容详见公司披露于巨潮资讯网的《关于 2024 年度日常关联交易预计 的公告》（公告编号 2024-022）。 （二）本次增加日常关联交易预计情况 1、因公司及子公司经营发展及业务运行需 ...

| 证券代码: 300151 | 证券简称：昌红科技 | 公告编号：2024-047 | | --- | --- | --- | | 债券代码: 123109 | 债券简称: 昌红转债 | | 深圳市昌红科技股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》的相关规定，深圳市昌红科技股份有限公司（以下简称"昌红科技"或"公 司"）就 2024 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）募集资金金额及资金到账时间 1、向不特定对象发行可转换公司债券 经中国证券监督管理委员会《关于同意深圳市昌红科技股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2021〕609 号）同意注册， 公司于 2021 年 4 月 1 日向不特定对象发行了 460.00 万张可转换公司债券，每张 面值 100.00 ...

中信证券股份有限公司 关于深圳市昌红科技股份有限公司 新增 2024 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳市昌红科 技股份有限公司（以下简称"昌红科技"或"公司"）向不特定对象发行可转换公司债 券持续督导阶段的保荐人以及 2022 年度向特定对象发行 A 股股票的保荐人，根据《证 券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关法律法规规 定，对公司本次拟新增 2024 年度日常关联交易预计的事项进行了核查，具体情况如下： 一、日常关联交易基本情况 2024 年 4 月 25 日，深圳市昌红科技股份有限公司（（以下简称（"公司"或（"昌红科 技"）第六届董事会第八次会议和第六届监事会第八次会议审议通过了《关于 2024 年 度日常关联交易预计的议案》，公司及子公司因经营发展及业务运行需要，预计 2024 年度公司及子公司与关联方发生日常关联交易总金额不超过 2,300.00 万元，主要系向关 联方采购商品及接受劳务、销售商品及提供劳务。 具体内容详见公司 ...

| 证券代码: 300151 | 证券简称：昌红科技 | 公告编号：2024-051 | | --- | --- | --- | | 债券代码: 123109 | 债券简称：昌红转债 | | 深圳市昌红科技股份有限公司 关于控股子公司部分厂房、宿舍出租的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、出租事项概述 （一）出租事项的基本情况 为提高公司资产的使用效率，在保证公司正常经营的前提下，同意深圳市昌 红科技股份有限公司（以下简称"昌红科技"或"公司"）控股子公司浙江柏明胜医 疗科技有限公司（以下简称"浙江柏明胜"）将位于浙江省绍兴市上虞区杭州湾经 济技术开发区康阳大道 26 号内的部分暂时闲置自有厂房、宿舍出租给公司全资 /控股子公司，出租厂房（含研发办公区）总建筑面积不超过 30,000.00 平方米， 宿舍出租总间数不超过 80 间，年租金不超过 750.00 万元。 （二）审批程序 2024 年 8 月 12 日，公司第六届董事会第十次会议、第六届监事会第十次会 议，审议通过了《关于控股子公司部分厂房、宿舍出租的议案》。关联董事李焕 昌、 ...