债券代码：123064 债券简称：万孚转债 证券代码：300482 证券简称：万孚生物 广州万孚生物技术股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他： | | 参与单位名称及 | 深圳证券交易所及线上、线下参会的投资者 | | 人员姓名 | | | 时间 | 2025 年 4 月 18 日 | | 地点 | 深圳证券交易所 8 楼上市大厅 | | 上市公司接待人 | 董事长：王继华 | | 员姓名 | 董事会秘书：胡洪 | | | 一、公司基本情况及 2024 年全年经营情况介绍 | | | 公司 1992 年成立，深耕体外诊断领域 30 余年，提供快速诊断试剂及配 | | | 套仪器的研发、生产制造、营销及服务，致力于提升优质医疗的可及性、便捷 | | | 性和可负担性。目前公司依托九大技术平台形成了心脑血管疾病、炎症、肿瘤、 | | | 传染病、毒检、优生优育等检验领域丰富的产品线，拥有广州、杭州、香港、 | | ...

| 证券代码：300482 | 证券简称：万孚生物 公告编号：2025-021 | | --- | --- | | 债券代码：123064 | 债券简称：万孚转债 | 广州万孚生物技术股份有限公司 关于万孚转债预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 证券代码：300482 证券简称：万孚生物 债券代码：123064 债券简称：万孚转债 转股价格：人民币 27.00 元/股 转股时间：2021 年 3 月 8 日至 2026 年 8 月 31 日 根据《广州万孚生物技术股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）中相关约定：在本次发行的可转换公司 债券存续期间，当公司股票在任意连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 80%时，公司董事会有权提出转股价格向下修正方案并 提交公司股东大会表决。上述方案须经出席会议的股东所持表决权的三分之二以 上通过方可实施。 广州万孚生物技术股份有限公司（以下简称"公司"）股票自 2025 年 4 月 7 ...

广州万孚生物技术股份有限公司 关于公司开展外汇套期保值业务的可行性分析报告 鉴于外汇套期保值业务与公司的经营密切相关，公司董事会授权董事长及 其授权代表依据公司制度的规定具体实施外汇套期保值业务方案，签署相关协 议及文件。授权期限自董事会审议通过之日起 12 个月内有效，上述额度在期限 内可循环滚动使用。 一、公司开展外汇套期保值业务的目的 为有效防范公司及全资、控股子公司（以下简称"子公司"）开展境外业 务等所产生外币收付汇结算等过程中外币汇率大幅波动的风险，提高外汇资金 使用效率，公司及子公司拟与有关政府部门批准、具有相关业务经营资质的金 融机构开展外汇套期保值业务。公司开展的外汇套期保值业务与生产经营紧密 相关，能进一步提高应对外汇波动风险的能力，更好地规避和防范外汇汇率波 动风险，增强财务稳健性。 二、外汇套期保值业务的基本情况 （一）主要涉及币种及业务品种 公司及子公司拟开展的外汇套期保值业务只限于从事与公司实际经营业务 所使用的主要结算货币相同的币种，主要外币币种为美元。 公司拟开展的外汇套期保值业务主要为远期结售汇业务。 （二）业务规模及投入资金来源 根据实际需求情况，公司及子公司本次批准发生的 ...

证券代码：300482 证券简称：万孚生物 公告编号：2025-020 广州万孚生物技术股份有限公司 关于参加深圳证券交易所"成长新启航·民企百舸竞中 流" 2024 年度集体业绩说明会的公告 一、本次业绩说明会的安排 1、召开时间：2025 年 4 月 18 日（星期五）15:00－17:00 2、召开地点：深圳证券交易所 8 楼上市大厅 3、召开方式：视频直播与图文转播 4、公司出席人员：公司董事长王继华女士，董事会秘书胡洪女士。 二、投资者问题征集方式 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可提前登陆深交所"互动 易"平台（http://irm.cninfo.com.cn）"云访谈"栏目进入本次业绩说明会页面，或扫 描二维码（附后）进入问题征集专题页面进行提问。公司将在本次业绩说明会上 对投资者普遍关注的问题进行回答。 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。 广州万孚生物技术股份有限公司（以下简称"公司"）将于 2025 年 4 月 18 日（星期五）15:00－17: ...

证券代码：300482 证券简称：万孚生物 债券代码：123064 债券简称：万孚转债 广州万孚生物技术股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他：电话会议，投资者线上交流会 | | 参与单位名称及 | 华泰证券股份有限公司、中信建投证券股份有限公司、中信证券股份有限公 | | 人员姓名 | 司、国盛证券股份有限公司、信达证券股份有限公司、中国银河证券股份有 | | | 限公司、天风证券股份有限公司、太平洋证券股份有限公司、开源证券股份 | | | 有限公司、西南证券股份有限公司、国信证券股份有限公司、国联民生证券 | | | 股份有限公司、国泰海通证券股份有限公司、华创证券有限责任公司、中邮 | | | 证券有限责任公司、中泰证券股份有限公司、兴业证券股份有限公司等机构 | | 时间 | 2025 年 4 月 10 日 | | 地点 | 电话会议 | | 上市公司接待人 | 董事长：王继华 | | 员姓名 | 董事 ...

Core Viewpoint - Wanfu Biotech has achieved initial success in its operational breakthrough, with significant revenue and profit growth in 2024, driven by favorable industry conditions and continuous product innovation [1][2]. Financial Performance - In 2024, the company reported total revenue of 3.065 billion yuan, a year-on-year increase of 10.85%, and a net profit of 562 million yuan, up 15.18% [2]. - The company's non-recurring net profit reached 497 million yuan, reflecting a growth of 19.9% [2]. - Total assets at the end of 2024 amounted to 7.155 billion yuan, increasing by 23.96%, while net assets grew by 22.99% to 5.554 billion yuan [2]. Business Segments - The chronic disease management testing segment showed the strongest performance, generating revenue of 1.369 billion yuan, a growth of 22.38% [1][2]. - Other business segments also experienced growth: infectious disease testing revenue was 1.042 billion yuan (up 9.50%), prenatal testing revenue was 294 million yuan (up 9.97%), and drug abuse testing revenue was 286 million yuan [2]. - International revenue reached 1.103 billion yuan, a significant increase of 43.23%, accounting for 55.42% of total revenue [2]. R&D Investment - Wanfu Biotech has invested heavily in R&D, with cumulative R&D expenditure reaching 2.346 billion yuan from 2019 to 2024 [3][4]. - In 2024, R&D investment was 438 million yuan, representing 14.30% of total revenue [4]. - The company holds a total of 642 product registration certificates, with 344 in China and 298 overseas, including 74 from the US FDA and 207 from the EU CE [3]. Innovation and Technology - The company has established multiple technology platforms, including immunochromatography, immunofluorescence, and molecular diagnostics, contributing to a diverse product line [3]. - In 2024, Wanfu Biotech obtained 55 new patents, including 39 invention patents, enhancing its competitive edge [4]. - The company employs over 700 R&D personnel and maintains a leading position in R&D intensity and team strength within the industry [4].

Summary of Wanfu Biological Conference Call Company Overview - **Company**: Wanfu Biological - **Fiscal Year**: 2024 - **Revenue**: 3.065 billion CNY, up 10.85% YoY - **Net Profit**: 562 million CNY, up 15.18% YoY - **Key Business Segments**: - Infectious Disease Testing: 1.042 billion CNY, up 9.5% YoY - Chronic Disease Management: 1.369 billion CNY, up 22.38% YoY - Prenatal and Neonatal Testing: 294 million CNY, up 9.97% YoY - Drug Abuse Testing: 286 million CNY Core Insights and Arguments - **Market Positioning**: - Increased market share in domestic influenza testing and strategic breakthroughs in respiratory testing in the U.S. [2][3] - Focus on industrial markets for infectious disease testing internationally [4] - **R&D Investment**: - R&D expenditure reached approximately 440 million CNY, accounting for 14% of revenue, with 82 new products launched [2][8] - New product categories include high-speed testing equipment and upgraded chemiluminescence and fluorescence platforms [2][8] - **International Expansion**: - Rapid growth in overseas revenue, with the international department growing approximately 30% YoY [2][9] - Differentiated competitive advantages established in Belt and Road countries, targeting medium-sized third-party laboratories and emergency departments [2][9] - **Product Development**: - Investment in AI-assisted diagnostic software for cervical cancer, achieving the first Class III medical device registration in China [2][11][15] - Development of a digital pathology model integrating AI, enhancing diagnostic efficiency [11][16] Additional Important Points - **Gross Margin Improvement**: - Gross margin increased by about 1 percentage point in 2024 due to improved product line margins and cost control measures [5][17] - **Response to Tariffs**: - Company has implemented strategies to mitigate the impact of U.S. tariffs, including local production and inventory management [5][14] - The U.S. market accounts for approximately 10% of total business, with manageable tariff impacts [14] - **Future Growth Projections**: - Focus on key product lines such as respiratory disease testing and blood-borne infectious disease detection for 2025 [19] - Plans to enhance hospital efficiency with more instruments and launch upgraded fluorescence platforms [19][20] - **Local Production Initiatives**: - Successful establishment of local production facilities in Uganda, with plans for further localization in other countries [20][21] - **Regulatory Adaptation**: - Quick adjustments to pricing strategies in response to regulatory changes in the domestic market, leading to increased sales [21] - **Market Strategy**: - Emphasis on academic marketing and distributor engagement to drive market expansion in 2025 [22] - **Product Line Expansion**: - Introduction of new products in drug testing and respiratory markets, with ongoing negotiations for partnerships in the U.S. [24][25] - **Sales Channels**: - Significant contributions from online sales platforms, with a focus on maintaining customer base and market share in the U.S. [25][26] This summary encapsulates the key points from the conference call, highlighting Wanfu Biological's performance, strategic initiatives, and future outlook in the healthcare diagnostics industry.

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]

证券研究报告 万孚生物 (300482 CH) 国际部领衔增长，毛利率稳中有升 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 10 日│中国内地 | 生物医药 | 公司 24 年实现收入/归母净利 30.65/5.62 亿元（yoy+10.9%/+15.2%），低 于 Wind 一致预期（预期收入/归母净利 32.16/6.46 亿元），主因国内行业政 策调整叠加北美毒检市场竞争短期加剧影响相关业务开展节奏。我们推测母 公司核心业务 24 年收入同增约 15%，整体保持稳健增长。公司 24 年毛利 率为 64.2%（yoy+1.5pct），我们推测主因产品收入结构优化调整。公司 24 年经营性现金流量净额 3.62 亿元（yoy+10.1%），现金流水平持续向好。展 望 25 全年，考虑公司产品布局丰富且国内外市场竞争力稳步提升，看好公 司全年实现稳健发展。维持"买入"。 国际部业务领衔增长，全球化布局成效明显 1）国际部业务：我们推测 24 年收入同增约 30%。考虑公司国际部免疫荧 光和单人份发光业务积极放量，叠加海外专业化推 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 万孚生物(300482) | 上次评级 | 买入 | | --- | --- | | 投资评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 夯实产品竞争力，业务实现高质量增长 盈利能力持续增强，多元化布局助力高 质量增长 新冠基数已消化，国际市场渐入收获期 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 境外业务快速发展，盈利能力稳中有升 [Table_ReportDate] 2025 年 04 月 10 日 [Table_S 事件：ummar 公司发布y] 2024 年年报，2024 年实现 ...