Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][24]. Core Insights - The company achieved a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year [2][4]. - For Q1 2025, the company reported a revenue of 800 million yuan, a decrease of 7.06% compared to the previous year, with a net profit of 189 million yuan, down 13.37% [2][4]. - The company is expected to see continued growth in revenue and net profit, with projections of 3.525 billion yuan in revenue for 2025, a 15% increase, and a net profit of 647 million yuan, also a 15.2% increase [4]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,065 million yuan - Net profit: 562 million yuan - Earnings per share: 1.17 yuan - Price-to-earnings ratio: 19 times [4][5] - **2025 Projections**: - Expected revenue: 3,525 million yuan - Expected net profit: 647 million yuan - Expected earnings per share: 1.34 yuan - Projected price-to-earnings ratio: 16 times [4][5] Business Segment Performance - **Chronic Disease Management Testing**: Revenue reached 1.369 billion yuan, growing by 22.38% year-on-year, driven by market share gains in domestic emergency departments and international expansion [9]. - **Infectious Disease Testing**: Revenue was 1.042 billion yuan, up 9.5%, with increased market share in respiratory disease testing during peak seasons [9]. - **Prenatal and Genetic Testing**: Revenue of 294 million yuan, a 9.97% increase, supported by a dual-driven strategy focusing on market share and product innovation [9]. - **Drug Abuse Testing**: Revenue declined to 286 million yuan, down 13.39%, due to intensified competition in the North American market, although small client orders increased [9]. Valuation and Price Target - The report estimates a total valuation of 13.6 billion yuan for the company, leading to a target price of 28 yuan per share, based on discounted cash flow (DCF) analysis [9].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [5][24]. Core Insights - The company reported a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year. For Q1 2025, the revenue was 800 million yuan, down 7.06% year-on-year, with a net profit of 189 million yuan, down 13.37% year-on-year [2][4]. Financial Performance Summary - **2024 Financial Performance**: - Total revenue: 3.065 billion yuan (+10.85%) - Net profit: 562 million yuan (+15.18%) - Non-recurring net profit: 497 million yuan (+19.90%) [2][4] - **2025 Q1 Financial Performance**: - Total revenue: 800 million yuan (-7.06%) - Net profit: 189 million yuan (-13.37%) - Non-recurring net profit: 172 million yuan (-17.57%) [2][4] Financial Projections - **Revenue Forecast**: - 2025E: 3.525 billion yuan (+15.0%) - 2026E: 4.024 billion yuan (+14.2%) - 2027E: 4.637 billion yuan (+15.2%) [4][10] - **Net Profit Forecast**: - 2025E: 647 million yuan (+15.2%) - 2026E: 745 million yuan (+15.1%) - 2027E: 861 million yuan (+15.7%) [4][10] - **Earnings Per Share (EPS)**: - 2025E: 1.34 yuan - 2026E: 1.55 yuan - 2027E: 1.79 yuan [4][10] Valuation - The report estimates a total valuation of 136 billion yuan for the company, leading to a target price of 28 yuan per share based on the DCF model [9][10]. Business Segment Performance - **Chronic Disease Management Testing**: Revenue of 1.369 billion yuan (+22.38%) in 2024, with significant market share gains in domestic and overseas markets [9]. - **Infectious Disease Testing**: Revenue of 1.042 billion yuan (+9.50%) in 2024, with growth in both domestic and international markets [9]. - **Prenatal and Newborn Screening**: Revenue of 294 million yuan (+9.97%) in 2024, driven by market share consolidation and product innovation [9]. - **Drug Abuse Testing**: Revenue of 286 million yuan (-13.39%) in 2024, facing increased competition but achieving growth in small client orders [9].

| 证券代码：300482 | 证券简称：万孚生物 公告编号：2025-027 | | --- | --- | | 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 2024年年度权益分派实施公告 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： 1．广州万孚生物技术股份有限公司（以下简称"公司"）将根据2024年度 股东大会审议通过的2024年度权益分派预案，以公司实施2024年度利润分配方 案时股权登记日的总股本481,424,391股向全体股东每10股派发现金股利4元 （含税），合计派发现金红利192,569,756.40元，不送红股，不以资本公积金 转增股本，剩余未分配利润结转下一年度。 2．本次权益分派实施后计算除权除息价格时，每股现金红利（含税）为0.40 元。本次权益分派实施后除权除息参考价=除权除息日前一交易日收盘价-每股现 金红利=除权除息日前一交易日收盘价-0.40元/股。 3.本次权益分派期间，"万孚转债"不停止转股。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持 股1个月（含1 ...

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2025-028 | | --- | --- | --- | | 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 关于调整可转换公司债券转股价格的公告 一、关于"万孚转债"转股价格调整的依据 经中国证券监督管理委员会"证监许可[2020]1830 号"文同意注册的批复， 公司于 2020 年 9 月 1 日向不特定对象发行了 600 万张可转换公司债券，每张面 值 100 元，发行总额 6.00 亿元。经深交所同意，公司 6.00 亿元可转换公司债券 于 2020 年 9 月 23 日起在深交所挂牌交易，债券简称"万孚转债"，债券代码 "123064"。 根据广州万孚生物技术股份有限公司（以下简称"公司"）《向不特定对象发 行可转换公司债券募集说明书》，在公司可转换公司债券发行之后，当公司因送 红股、转增股本、增发新股或配股、派息等情况（不包括因可转换公司债券转股 增加的股本）使公司股份发生变化时，将相应进行转股价格的调整。具体调整办 法如下： 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 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Guangzhou Wanfang Biological Technology Co., Ltd., indicating a recent stock price increase and a low rolling PE ratio compared to the industry average [1][2] - As of May 12, the company's stock closed at 21.7 yuan, up 3.33%, with a rolling PE ratio of 19.62, marking a 24-day low, and a total market capitalization of 10.447 billion yuan [1] - The medical device industry has an average PE ratio of 49.84, with a median of 36.59, positioning Wanfang Biological at the 45th rank within the industry [1][2] Group 2 - For Q1 2025, the company reported revenue of 800 million yuan, a year-on-year decrease of 7.06%, and a net profit of 189 million yuan, down 13.37%, with a gross profit margin of 66.67% [2] - The company specializes in the research, production, and marketing of rapid diagnostic reagents and related instruments, focusing on infectious disease testing, chronic disease testing, pregnancy and reproductive health testing, and drug abuse testing [1] - Wanfang Biological has received numerous accolades, including being recognized as a national high-tech enterprise and a national-level "green factory" as of January 2025 [1]

| 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2025-025 | | --- | --- | --- | | 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 1、本次股东大会无增加、变更提案的情况。 2、本次股东大会以现场投票和网络投票相结合的表决方式。 3、本次股东大会未涉及变更前次股东大会决议的情形。 4、中小投资者是指除上市公司董事、监事、高级管理人员以及单独或者合 计持有公司 5%以上股份的股东以外的其他股东。 2024 年度股东大会会议决议公告 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： 一、股东大会的召开和出席情况 广州万孚生物技术股份有限公司（以下简称"公司"）2024 年度股东大会于 2025 年 5 月 9 日 14:00 在公司 D 座三楼会议室召开。会议通知已于 2025 年 4 月 9 日在中国证监会指定的信息披露网站公告。本次股东大会由公司董事会召 集，董事长王继华女士主持，公司全体董事、监事、高级管理人员、公司聘请 的见证律师等相关人士出席、列席了本次会议。 ...

北京市君合（广州）律师事务所 关于 广州万孚生物技术股份有限公司 2024 年年度股东大会的 法律意见书 二零二五年五月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 | 西安分所 | 电话: (86-29) 8550-9666 | | 青岛分所 | 电话: (86-532) 6869-5000 | | | 传真: (86-571) 2689-8199 ...

本次回购注销部分限制性股票实施完毕后，公司注册资本将相应减少。根据 《中华人民共和国公司法》和《公司章程》的相关规定，公司特此通知债权人， 债权人自本公告披露之日起 45 日内，有权要求公司清偿债务或者提供相应担保。 公司债权人如要求公司清偿债务或提供相应担保的，应根据《中华人民共和 国公司法》等相关法律法规的规定，向公司提出书面要求，并附随有关证明文件。 | 证券代码：300482 | 证券简称：万孚生物 | 公告编号：2025-025 | | --- | --- | --- | | 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 关于注销回购股份减少注册资本暨通知债权人的公告 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。 2025 年 5 月 9 日，广州万孚生物技术股份有限公司（以下简称"公司"） 召开 2024 年度股东大会，审议通过了《关于调整 2024 年限制性股票激励计划 的回购价格及回购注销部分限制性股票的议案》，鉴于公司 2024 年限制性股票 激励计划部分激励对象已离职不满足激励对象资格，本激励计划首 ...

Group 1 - Company closed at 20.93 yuan on May 6, with a 1.65% increase and a rolling PE ratio of 18.92 times, resulting in a total market value of 10.076 billion yuan [1] - The average PE ratio for the medical device industry is 48.90 times, with a median of 36.41 times, placing the company at the 44th position in the industry ranking [1] - The company experienced a net outflow of 3.0741 million yuan in main funds on May 6, with a total outflow of 3.2506 million yuan over the past five days [1] Group 2 - For Q1 2025, the company reported an operating income of 800 million yuan, a year-on-year decrease of 7.06%, and a net profit of 189 million yuan, down 13.37% year-on-year, with a gross profit margin of 66.67% [2] - The company is recognized as a key high-tech enterprise under the National Torch Program and has received various certifications, including being one of the first domestic in vitro diagnostic reagent companies to pass FDA on-site audits [1] - The company specializes in the research, production, and marketing of rapid diagnostic reagents and related instruments, focusing on infectious disease testing, chronic disease testing, pregnancy and prenatal testing, and drug abuse testing [1]

| 证券代码：300482 | 证券简称：万孚生物 公告编号：2025-025 | | --- | --- | | 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 关于公司向银行申请综合授信并为经销商融资提供担保的公告 本公司及其董事会全体成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。 广州万孚生物技术股份有限公司（以下简称"公司"或"万孚生物"）因开 展日常经营业务所需，提出了《关于公司向银行申请综合授信并为经销商融资 提供担保的议案》，该议案已经公司第五届董事会第九次会议和第五届监事会第 七次会议审议通过。公司于2025年4月9日在巨潮资讯网（www.cninfo.com.cn） 披露了《关于公司向银行申请综合授信并为经销商融资提供担保的公告》 （2025-012），现对上述公告中"参股公司其他股东担保情况"内容信息进行补 充,补充后具体内容如下（补充部分见楷体加粗字体）： 一、本次申请综合授信并为经销商融资提供担保的情况： 广州万孚生物技术股份有限公司（以下简称"公司"或"万孚生物"）因开 展日常经营业务所需，向中国工商银行股份有限公司 ...