上海市锦天城律师事务所 关于迈克生物股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于迈克生物股份有限公司 2024 年年度股东大会的 法律意见书 致：迈克生物股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受迈克生物股份有限公司 （以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《迈 克生物股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律 意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出 ...

Group 1 - The core viewpoint of the news is that Maike Biological's stock performance and financial metrics indicate a significant decline in revenue and profit, alongside a high price-to-earnings (PE) ratio compared to industry averages [1][2][3] Group 2 - As of May 16, Maike Biological's stock closed at 12.07 yuan, with a PE ratio of 243.63, marking a new low in 28 days and a total market capitalization of 7.393 billion yuan [1] - The average PE ratio in the medical device industry is 49.40, with a median of 36.13, placing Maike Biological at the 117th position in the industry ranking [1][3] - For the first quarter of 2025, the company reported a revenue of 510 million yuan, a year-on-year decrease of 17.22%, and a net profit of 23.98 million yuan, down 80.09% year-on-year, with a gross margin of 56.76% [2]

Investment Rating - The investment rating for Maccura Biotechnology is maintained as BUY with a target price of RMB13.54, indicating a potential upside of 14% from the closing price of RMB11.90 as of May 15, 2025 [6][7]. Core Insights - Maccura's 2024 revenue and attributable net profit were RMB2,549 million and RMB127 million, respectively, reflecting declines of 12.0% and 59.4% year-on-year, primarily due to short-term policy headwinds and adjustments in the agency business [1][6]. - The proprietary business revenue showed resilience, increasing by 1.8% year-on-year to RMB1,913 million, suggesting robust growth in the main business segment [1]. - For the first quarter of 2025, revenue and attributable net profit fell by 17.2% and 80.1% year-on-year, attributed to ongoing transformation efforts and increased marketing spending [1]. Revenue Growth and Market Share - Maccura's CL reagents revenue in 2024 grew by 8% year-on-year to RMB1,029 million, supported by enhanced market recognition and the installation of 224 bioassay automation lines and 1,352 immunoassay analyzers [2]. - The company is expected to ship nearly 2,000 new CL analyzers in 2025, which will likely drive in-hospital reagent consumption and contribute to steady revenue growth and market share gains [2]. Segment Performance - The biochemistry segment experienced a revenue decline of 13.5% year-on-year in 2024, totaling RMB499 million, mainly due to price adjustments following inter-provincial VBP [3]. - Clinical testing revenue increased by 21.8% year-on-year to RMB214 million, with expectations for rapid growth in 2025 due to successful market penetration of clinical testing equipment [3]. - The agency business saw a significant revenue drop of 37.6% year-on-year to RMB612 million, indicating ongoing challenges in this segment [3]. Earnings Forecasts and Valuation - Earnings per share (EPS) estimates for 2025, 2026, and 2027 have been lowered by 44%, 46%, and 0% to RMB0.49, RMB0.58, and RMB0.70, respectively, due to short-term disruptions and increased marketing and R&D spending [4]. - The valuation of the IVD business is set at 28x 2025E PE, while the agency business is valued at 24x 2025E PE, compared to peers' averages of 29x and 24x [4].

证券代码：300463 证券简称：迈克生物 公告编号：2025-038 迈克生物股份有限公司 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成员保证公告内容的真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 经迈克生物股份有限公司（以下简称"公司"）第六届董事会第三次会议审议通过了 《关于召开2024年年度股东大会的议案》，公司定于2025年5月19日（星期一）14:00召开 2024年年度股东大会，本次股东大会将采取现场投票和网络投票相结合的方式。会议召开 通知已于2025年4月29日披露在巨潮资讯网（http://www.cninfo.com.cn），公告编号：2025- 034。现将有关事项提示如下： 一、本次会议的基本情况 1、股东大会届次：2024年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合规性：本次股东大会的召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的有关规定，公司第六届董事会第三次会议已经审议通过召开本 次股东大会的议案。 4、会议召开的日期、时间： （1）现场会议召开时间为：2025年5月19日（星期一）14:00 （2）网络投票 ...

Group 1 - The core viewpoint of the article highlights that Maike Biological has a high rolling price-to-earnings (PE) ratio of 238.79, significantly above the industry average of 49.84 and median of 36.59, indicating a potentially overvalued stock in the medical device sector [1][2] - As of the first quarter of 2025, four institutions hold shares in Maike Biological, with a total of 25.43 million shares valued at 331 million yuan [1] - The company specializes in the research, production, sales, and service of in vitro diagnostic products, being one of the first domestic IVD companies to establish a traceability system for measurement values [1] Group 2 - The latest financial results for the first quarter of 2025 show that Maike Biological achieved a revenue of 510 million yuan, representing a year-on-year decrease of 17.22%, and a net profit of 23.98 million yuan, down 80.09% from the previous year, with a gross profit margin of 56.76% [1] - In terms of market capitalization, Maike Biological is valued at 7.246 billion yuan, ranking 117th in the industry based on PE ratio [2] - The average PE ratio for the medical device industry is 49.84, with a median of 36.59, indicating that Maike Biological's valuation is significantly higher than its peers [2]

Group 1: Company Overview and Market Position - Mike Biotech Co., Ltd. is committed to enhancing investor value and strictly adheres to market value management regulations [2][3]. - The company has established a comprehensive market presence with 11 subsidiary channels and 23 offices, covering over 9,100 medical institutions [18]. Group 2: Financial Performance - In 2024, the company reported a revenue of CNY 2.549 billion and a net profit of CNY 127 million; for Q1 2025, revenue was CNY 510 million with a net profit of CNY 24 million [11][14]. - Cumulative cash dividends since listing amount to CNY 1.214 billion, with a proposed dividend of CNY 63 million for 2024, increasing the payout ratio to 50% of net profit [4]. Group 3: Value Management and Investor Relations - The company has implemented a value management system since March 2024, focusing on compliance and maximizing shareholder interests [3][4]. - From 2024 to Q1 2025, the company conducted over 200 investor interactions and issued four investor relations activity records [5][6]. Group 4: Challenges and Strategic Responses - The company faced a decline in performance due to goodwill impairment losses of CNY 94 million and market adjustments related to procurement policies [14][23]. - The IVD industry is experiencing significant pressure from policy changes, with over 70% of companies reporting revenue declines in 2024 [24]. Group 5: Future Outlook and Growth Strategies - The company aims to increase its overseas market share to 30% by 2030, with a projected overseas sales revenue of CNY 160 million in 2024, a 60% increase year-on-year [19][21]. - R&D investment for 2024 was CNY 419 million, representing 21.91% of revenue from self-developed products, focusing on automation and systematization [24].

| 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 对外投资、风险投资、委托理财、 | 无 | 不适用 | | 财务资助、套期保值等） | | | | 10．发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 招商证券股份有限公司 关于迈克生物股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：迈克生物 | | --- | --- | | ...

迈克生物股份有限公司 持续督导保荐总结报告书 招商证券股份有限公司 关于迈克生物股份有限公司 向特定对象发行股票持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"）作为迈克生物股份有限公司 （以下简称"迈克生物"、"公司"）向特定对象发行股票的保荐机构，持续督导期 限截至 2024 年 12 月 31 日。目前，持续督导期已经届满，招商证券根据《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》及《深圳证券 交易所上市公司自律监管指引第 13 号—保荐业务》等有关规定，出具本保荐总 结报告书。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施 。 二、保荐机构基本情况 | 项目 | 内容 | | --- | --- | | 保荐机构名称 | 招商证券股份有限公司 | | 注册地址 | 深圳市福田区福田街道福华一路 号 111 | | 主要办公地址 | 深圳市福田区福田街道福 ...

Group 1: Financial Performance - In 2024, the company achieved revenue of CNY 2.549 billion, with a net profit of CNY 127 million, representing a decline of 11.98% and 59.44% year-on-year respectively [5] - In Q1 2025, the company reported revenue of CNY 510 million and a net profit of CNY 24 million, down 17.22% and 80.09% year-on-year [5] - The revenue from agency products in 2024 was CNY 612 million, while revenue from self-developed products was CNY 1.913 billion, with a growth of 1.75% in self-developed product sales [5] Group 2: Product Performance - In 2024, self-developed immunological reagents generated CNY 1.029 billion in revenue, an increase of 8.04% year-on-year; biochemical reagents generated CNY 499 million, a decrease of 12.53%; and clinical testing reagents generated CNY 214 million, an increase of 21.70% [5] - In Q1 2025, self-developed product sales revenue was CNY 407 million, down 3.23% year-on-year, with immunological reagents at CNY 210 million (down 4.20%), biochemical reagents at CNY 95 million (down 26%), and clinical testing reagents at CNY 49 million (stable) [6] Group 3: Profitability and Cost Management - The overall gross margin for 2024 was approximately 55%, with a decline of about 1 percentage point in Q1 2025 compared to Q1 2024 [7] - The gross margin for self-developed products decreased by 4.76 percentage points, while the average gross margin for self-developed reagents remained stable at around 80% [9] - In 2024, operational expenses were effectively controlled, with sales expenses down about 1%, management expenses down about 10%, and financial expenses down about 30% [10] Group 4: Business Strategy and Market Trends - The company is focusing on the separation of agency business and enhancing self-developed products, with a strategic shift towards automated laboratory solutions [5] - The impact of national policies such as medical insurance reform and centralized procurement is expected to gradually manifest, with an estimated 20%-30% impact on overall testing volumes in the terminal market [14] - The company plans to limit the proportion of agency products to below 10% in the future, as the revenue from agency products has significantly decreased [20] Group 5: International Business and Future Outlook - In 2024, overseas sales revenue reached CNY 160 million, a year-on-year increase of nearly 60%, with Q1 2025 overseas sales revenue close to CNY 50 million, up 90% [15] - The company is optimistic about future overseas sales and plans to establish a new overseas sales subsidiary in 2025 [15] - The company anticipates that the next two to three years will be critical for industry development, with a focus on enhancing market share in both domestic and international markets [21]

迈克生物股份有限公司主要从事体外诊断产品研发、生产、销售和服务。公司主营产品包括自产和代理 诊断试剂及诊断仪器。公司产品具备国际一流的品质，是国内IVD企业最早建立量值溯源系统的公司， 也是国际医学量值溯源体系国际检验医学溯源联合委员会(JCTLM)中首家中国企业代表。 最新一期业绩显示，2025年一季报，公司实现营业收入5.10亿元，同比-17.22%；净利润2397.96万元， 同比-80.09%，销售毛利率56.76%。 5月6日，迈克生物今日收盘11.54元，上涨1.50%，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232.94倍，总市值70.68亿元。 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48.90倍，行业中值36.41倍，迈克生物排 名第117位。 截至2025年一季报，共有4家机构持仓迈克生物，其中其他2家、QFII1家、基金1家，合计持股数 2542.85万股，持股市值3.31亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)117迈克生物232.9455.741.1170.68亿行业平均 48.9047.004.53103.78亿行业中值36. ...