Core Insights - The article discusses the comprehensive landscape of the stem cell medical industry in China, highlighting the complete industry chain with a mature upstream sector and a developing midstream and downstream sector [1][2]. Industry Chain Overview - The stem cell industry chain consists of three main segments: upstream (stem cell collection and storage), midstream (stem cell proliferation and drug development), and downstream (clinical applications and medical institutions) [1][2]. - Upstream businesses are primarily focused on stem cell collection and storage, ensuring the viability and functionality of stem cells [1]. - Midstream companies engage in technical research and development, including stem cell proliferation and drug development [2]. - Downstream applications involve clinical research and treatment, mainly conducted by top-tier hospitals [1][2]. Regional Distribution - The majority of stem cell medical enterprises are concentrated in Beijing and coastal regions, with significant activity also in Tianjin and Guangdong, and some presence in central regions like Sichuan [5]. Product Sales Performance - Most representative companies in the stem cell medical industry have a product sales rate below 100%, indicating inventory issues [7][8]. - In 2023, companies like Zhongyuan Xiehe and Guanhao Biological reported product sales rates around 100% and 92% respectively, affected by macroeconomic conditions and industry challenges [8]. Mergers and Acquisitions - The industry is experiencing a trend of horizontal integration, focusing on collaboration among similar companies to enhance scale and competitive advantage [9]. - Mergers and acquisitions often involve technology and capital integration, aiming to improve efficacy, reduce costs, and accelerate innovation [9].

北京市天元律师事务所 关于冠昊生物科技股份有限公司 京天股字（2025）第 237 号 致：冠昊生物科技股份有限公司 冠昊生物科技股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会 的现场会议，并根据《中华人民共和国公司法》 《中华人民共和国证券法》 以及《冠昊生物科技股份有限公司章程》（以下简称"《公司章程》"）等有关 规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资 格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《冠昊生物科技股份有限公司第六届董 事会第十三次会议决议公告》《冠昊生物科技股份有限公司第六届监事会第十次 《冠昊生物科技股份有限公司关于召开 2024 年年度股东大会的通 会议决议公告》 知》（以下简称"《召开股东大会通知》"）以及本所律师认为必要的其他文件 和资料，同时现场审查了出席会议股东的身份和资格、见证了本次股东大会的召 开、参与了本次股东大会议案表决票的监票计票工作。 本所及经 ...

证券代码：300238 证券简称：冠昊生物 公告编号：2025-034 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 冠昊生物科技股份有限公司 2024 年年度股东大会决议公告 特别提示： 1、本次股东大会无否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 1、冠昊生物科技股份有限公司（以下简称"公司"）分别于2025年4月23日发 出《关于召开2024年年度股东大会的通知》、2025年5月9日发出《关于召开2024年 年度股东大会的提示性公告》（详见中国证监会指定的创业板信息披露网站巨潮资 讯网（http://www.cninfo.com.cn））。 （1）会议召开时间：2025年5月13日下午15:00。 （2）会议召开地点：广州市黄埔区玉岩路12号公司会议室。 （3）会议召开方式：采取现场投票与网络投票相结合的方式。现场会议召开 时间：2025年5月13日下午15:00。网络投票时间：通过深圳证券交易所交易系统进 行网络投票的时间为：2025年5月1 ...

北京市天元律师事务所 关于冠昊生物科技股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 237 号 致：冠昊生物科技股份有限公司 冠昊生物科技股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 5 月 13 日在广州市黄埔区玉岩路 12 号公司会议室召开。北京市天元律 师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会 的现场会议，并根据《中华人民共和国公司法》《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 以及《冠昊生物科技股份有限公司章程》（以下简称"《公司章程》"）等有关 规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资 格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《冠昊生物科技股份有限公司第六届董 事会第十三次会议决议公告》《冠昊生物科技股份有限公司第六届监事会第十次 会议决议公告》《冠昊生物科技股份有限公司关于召开 2024 年年度股东大会的通 ...

冠昊生物科技股份有限公司是一家从事再生医学材料及再生型医用植入器械研发、生产及销售的高科技 企业。公司主要从事研究、开发、生产:Ⅱ类、Ⅲ类:6846植入材料和人工器官,6846医用卫生材料及敷 料;销售自产产品及提供服务;三类、二类:植入材料和人工器官,医用卫生材料及敷料的批发、零售。公 司的技术研究和产品开发紧跟国家发展方向，目前公司参与了两项"十三五"国家重点研发计划，均是围 绕组织修复与可再生材料进行技术创新和新产品开发。 5月12日，冠昊生物今日收盘13.39元，上涨1.36%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到127.29倍，创24天以来新低，总市值35.50亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均49.84倍，行业中值36.59倍，冠昊生物排 名第109位。 股东方面，截至2025年4月18日，冠昊生物股东户数29448户，较上次减少722户，户均持股市值35.28万 元，户均持股数量2.76万股。 最新一期业绩显示，2025年一季报，公司实现营业收入9479.71万元，同比3.67%；净利润1486.61万 元，同比3.30%，销售毛利率77.05 ...

冠昊生物科技股份有限公司(以下简称"公司")于 2025 年 4 月 23 日在中国 证监会指定的信息披露网站巨潮资讯网（http://www.cninfo.com.cn）上披露了《关 于召开 2024 年年度股东大会的通知》（公告编号：2025-032）。本次股东大会采 用现场投票和网络投票相结合的方式召开，现将本次股东大会的有关事宜提示如 下： 一、召开会议的基本情况 （一）股东大会届次：2024 年年度股东大会 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：经公司第六届董事会第十三次会议审议通 过，决定召开 2024 年年度股东大会，召集程序符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 证券代码：300238 证券简称：冠昊生物 公告编号：2025-033 冠昊生物科技股份有限公司 关于召开 2024 年年度股东大会的提示性公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 （四）会议召开日期和时间： 现场会议召开时间：2025 年 5 月 13 日下午 15:00 网络投票时间：通过深圳证券交易所交易系统进行网 ...

Financial Performance - The company achieved a revenue of 37,748.31 million yuan in 2024 [3] - The total profit amounted to 2,801.93 million yuan, with a net profit attributable to shareholders of 2,741.69 million yuan [3] Future Strategies - The company plans to optimize its product structure based on industry and market evaluations to ensure sustainable development [2] - Future profit growth will rely on core product technology upgrades, market share expansion, and alignment with national policy directions [4] Capital Raising and Stock Performance - The company is proceeding with a private placement at a price lower than the current stock price, adhering to regulatory policies [3] - The stock price is influenced by various market factors, and the company is committed to sustainable development and protecting investor interests [6] Industry Outlook - The biomedicine industry is undergoing significant changes, with a complex market environment in 2024 [4] - The company is focused on its main business while exploring new opportunities in line with national policies and industry trends [5] Project Updates - The clinical trial for the company's product for atopic dermatitis is actively ongoing [5] - The Zhongshan Tianhao Pharmaceutical Technology project was completed in 2024 and will gradually commence production [5]

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

4月24日，冠昊生物今日收盘12.82元，上涨1.10%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到121.88倍，创15天以来新低，总市值33.99亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均46.75倍，行业中值29.99倍，冠昊生物排 名第110位。 股东方面，截至2025年4月18日，冠昊生物股东户数29448户，较上次减少722户，户均持股市值35.28万 元，户均持股数量2.76万股。 冠昊生物科技股份有限公司是一家从事再生医学材料及再生型医用植入器械研发、生产及销售的高科技 企业。公司主要从事研究、开发、生产:Ⅱ类、Ⅲ类:6846植入材料和人工器官,6846医用卫生材料及敷 料;销售自产产品及提供服务;三类、二类:植入材料和人工器官,医用卫生材料及敷料的批发、零售。公 司的技术研究和产品开发紧跟国家发展方向，目前公司参与了两项"十三五"国家重点研发计划，均是围 绕组织修复与可再生材料进行技术创新和新产品开发。 最新一期业绩显示，2025年一季报，公司实现营业收入9479.71万元，同比3.67%；净利润1486.61万 元，同比3.30%，销售毛利率77.05 ...

Core Insights - The financial performance of Guanhao Biological in 2024 shows a decline in both revenue and profit, raising concerns about its future growth potential [1][4][6] Financial Performance - Total revenue for 2024 was 377 million yuan, a decrease of 6.60% from 404 million yuan in 2023 [1][4] - Net profit attributable to shareholders fell to 27.42 million yuan, down 11.57% from 31 million yuan in 2023 [1][4] - Non-recurring net profit dropped significantly by 35.48% to 19.71 million yuan [1][4] - Despite a rolling quarter-on-quarter growth in revenue, net profit, and non-recurring net profit of 1.10%, 56.04%, and 55.29% respectively, the overall performance remains concerning [4] R&D Investment - R&D expenditure in 2024 was 42.31 million yuan, a reduction of 14.31% compared to the previous year [4][5] - The proportion of R&D investment to total revenue decreased by 1.01 percentage points to 11.21% [4][6] - The reduction in R&D spending raises doubts about the company's future innovation capabilities, which are critical for a biotech firm [4][5] Business Segments - The company continues to advance projects in its three core business segments: biomaterials, pharmaceuticals, and cell technology, with notable progress in regenerative medicine materials and stem cell technology [5] - However, the cut in R&D funding casts a shadow over the future development of these projects [5] Asset Structure and Financial Pressure - The asset structure of Guanhao Biological changed significantly, with fixed assets increasing by 97.3%, while construction in progress decreased by 96.56% [6] - Long-term borrowings surged by 532.54%, indicating increased financial pressure amid declining revenues and profits [6] - The company generated 43.59 million yuan in cash flow from financing activities, but faced a net cash outflow of 84.99 million yuan from investing activities, highlighting substantial capital expenditure pressures [6]