Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 回购资金总额设定在1.5亿元至3亿元（含本数），回购价格上限起初不超过34元/股（含）。不过， 2025年6月13日公司完成2024年年度权益分派方案后，依据相关约定，回购股份价格上限调整为不超过 33.78元/股（含） 。 根据《深圳证券交易所上市公司自律监管指引第9号——回购股份》规定，公司需在回购期间每月前披 露截至上月末的回购进展。截至2025年8月31日，公司通过股份回购专用证券账户，以集中竞价交易方 式累计回购公司股份482.49万股，占公司当前总股本的0.86% 。此次回购股份的最高成交价为21.39元/ 股，最低成交价为19.41元/股，成交总金额为9991.9 ...

证券日报网讯9月2日晚间，三诺生物（300298）发布公告称，截至2025年8月31日，公司通过股份回购 专用证券账户以集中竞价交易方式累计回购公司股份4，824，900股，占公司当前总股本的比例为 0.86%。 ...

证券研究报告·公司点评报告·医疗器械 三诺生物（300298） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,059 | 4,443 | 5,035 | 5,744 | 6,618 | | 同比（%） | 2.69 | 9.47 | 13.31 | 14.09 | 15.21 | | 归母净利润（百万元） | 284.40 | 326.29 | 427.04 | 532.11 | 660.54 | | 同比（%） | (36.31) | 14.73 | 30.88 | 24.60 | 24.13 | | EPS-最新摊薄（元/股） | 0.51 | 0.58 | 0.76 | 0.95 | 1.18 | | P/E（现价&最新摊薄） | 41.29 | 35.99 | 27.50 | 22.07 | 17.78 | [Table_Tag] [Table_Summary] 投资要点 2025 年 09 月 0 ...

格隆汇9月2日丨三诺生物(300298.SZ)公布，截至2025年8月31日，公司通过股份回购专用证券账户以集 中竞价交易方式累计回购公司股份4,824,900股，占公司当前总股本的比例为0.86%，本次回购股份的最 高成交价为21.39元/股，最低成交价为19.41元/股，成交总金额为9991.92万元(不含交易费用)。 ...

三诺生物传感股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日召开 第五届董事会第十六次会议和第五届监事会第十二次会议，审议并通过《关于回 购公司部分股份方案的议案》，同意公司使用自有资金及银行回购专项贷款以集 中竞价交易的方式回购公司部分社会公众股份，用于员工持股计划、股权激励或 者用于转换上市公司发行的可转换为股票的公司债券。回购资金总额不低于人民 币 15,000 万元且不超过人民币 30,000 万元（均含本数），回购价格不超过人民币 34.00 元/股（含），实施期限为自董事会审议通过本次回购部分股份方案之日起 12 个月内。2025 年 6 月 13 日，公司实施完成 2024 年年度权益分派方案，根据 公司《关于回购公司部分股份方案暨取得金融机构股票回购专项贷款承诺函的公 告》《回购股份报告书》的相关约定，公司回购股份价格上限将由不超过人民币 34.00 元/股（含）调整为不超过人民币 33.78 元/股（含）。回购事项具体内容详 见公司分别于 2025 年 2 月 20 日、2025 年 2 月 24 日、2025 年 6 月 6 日在巨潮资 讯网（www.cninfo.com ...

证券研究报告 C 国金证券 内容 寵愛 • 医疗设备：调整期进入尾声，下半年有望拐点向上。202502单季度收入同比-5.26%，2024年受到"以旧换新" 政策实施延迟影响大部分企业202403至今业绩下滑较大，2025年上半年国内招标需求已呈现恢复趋势，预计下 半年业绩有望逐步修复。板块归母净利润同比-27.93%，板块毛利率从2024Q2的53.07%下降到2025Q2的 49.00%，同比-4.07pct，部分中低端产品在县域市场集中采购价格偏低，对行业整体利润率产生影响。 · 医疗耗材：收入端稳步增长，毛利率相对平稳。202502单季度收入同比增长1.33%，持续保持增长趋势，耗材 使用需求与国内患者诊疗需求直接相关，整体波动相对较小。板块归母净利润同比-6.28%，板块毛利率从 2024Q2的42.13%提升到2025Q2的42.24%，同比+0.11pct，大部分高值耗材产品在集采后价格逐步稳定，各企 业对研发及创新产品投入更加重视。 · 体外诊断：国内需求承压明显，长期国产化率有望提升。2025Q2单季度收入同比-16.53%，国内诊断需求由于 DRG的推行受到较大影响，同时各地逐步推出医院检 ...

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

风险 发展趋势 竞争格局恶化，费用超预期，研发失败，海外业务风险。 上半年血糖板块保持稳健增长。1H25，公司血糖监测板块收入16.59 亿元，同比+6.9%；其中母公司血 糖板块收入11.48 亿元，同比+5.9%。根据公司公告，截至1H25 公司血糖仪产品覆盖3,800 家等级医 院、超过40 万家药店、1 万多家社区医院及乡镇医院，覆盖20 多家主流电商平台；在全球公司拥有超 过2,500 万用户，业务遍布全球187 个国家和地区。我们认为公司血糖板块基本盘稳固，后续有望持续 拓展业务渠道，贡献增长。 1H25 净利润小幅低于我们预期 盈利预测与估值 公司公布1H25 业绩：收入22.64 亿元，同比+6.12%，符合我们预期；归母净利润1.81 亿元，同 比-8.53%，略低于我们预期，主要由于毛利率和费用率波动。 考虑到1H25 利润率波动，我们下调2025 年/2026 年归母净利润预测5.5%/3.6%至4.02 亿元/5.01 亿元。当 前股价对应2025 年/2026 年29.2 倍/23.4 倍P/E。考虑到公司国内血糖板块龙头地位及海外业务拓展顺 利，我们维持跑赢行业评级和目标价28 元 ...

三诺生物（300298.SZ）2025 年半年报点评 CGM 二代产品上市，持续推进全球化 2025 年 08 月 29 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 4,443 | 4,957 | 5,520 | 6,223 | | 增长率（%） | 9.5 | 11.6 | 11.4 | 12.7 | | 归属母公司股东净利润（百万元） | 326 | 436 | 519 | 623 | | 增长率（%） | 14.7 | 33.7 | 19.0 | 20.0 | | 每股收益（元） | 0.58 | 0.78 | 0.93 | 1.11 | | PE | 36 | 27 | 23 | 19 | | PB | 3.5 | 3.3 | 3.0 | 2.7 | 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 8 月 29 日收盘价） ➢ 事件：2025 年 8 月 27 日，三诺生物发布 2025 年中报业 ...