健帆生物科技集团股份有限公司（以下简称"公司"）全资子公司湖北健帆 生物科技有限公司（以下简称"湖北健帆"）于近日收到国家药品监督管理局颁 发的《医疗器械注册证》，其新产品血液透析浓缩液已取得第三类医疗器械注册 证。该新产品将微生物和内毒素限度指标提高至与超纯透析液标准一致，是公司 在血液净化治疗领域的重要布局。具体情况如下： 一、相关认证情况 1、注册人名称：湖北健帆生物科技有限公司 证券代码：300529 证券简称：健帆生物 公告编号：2024-072 债券代码：123117 债券简称：健帆转债 健帆生物科技集团股份有限公司 关于全资子公司取得新产品医疗器械注册证的公告 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。 6、型号、规格：本产品型号包括 JF-（微生物 0.1 内毒素 0.03）-A 和 JF-（微 生物 0.1 内毒素 0.03）-B。其中 JF-（微生物 0.1 内毒素 0.03）-A 包括 5L/桶、 10L/桶、12L/桶三个规格；JF-（微生物 0.1 内毒素 0.03）-B 包括 6L/桶、10L/桶、 12L/桶三个规格。 7、适 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 40.1 CNY, while the current stock price is 26.38 CNY [1][5]. Core Views - The company has shown significant growth in its financial performance, with a revenue increase of 47.77% year-on-year in the first half of 2024, reaching 1.496 billion CNY, and a net profit growth of 99.1%, amounting to 553 million CNY [2][5]. - The company is experiencing a recovery in its fundamentals, with projected revenue growth rates of 108.5%, 33.6%, and 31.9% for 2024 to 2026, respectively, and net profit growth rates of 147.2%, 32.4%, and 30.0% during the same period [5][6]. Financial Performance - In Q2 2024, the company achieved a revenue of 751 million CNY, reflecting a year-on-year growth of 70.91% and a slight quarter-on-quarter increase of approximately 1% [2]. - The gross margin for Q2 2024 was 82.37%, an increase of 1.65 percentage points year-on-year, while the net margin was 35.52%, up 17.33 percentage points year-on-year [2]. - The company’s kidney-related products saw a revenue increase of 84% in H1 2024, with specific products like the HA130 blood perfusion device experiencing a 67% revenue growth due to a 26% price reduction [3]. Market Expansion - The company has expanded its kidney product coverage to over 6,000 hospitals nationwide, and its liver disease products have reached over 2,000 hospitals, with liver-related product sales increasing by 112% in H1 2024 [4]. - The company is actively promoting its blood absorption technology in critical care settings, with significant growth in sales of its critical care products, which increased by 72% in H1 2024 [4][5]. Valuation Metrics - The projected earnings per share (EPS) for 2024 is 1.34 CNY, with a price-to-earnings (P/E) ratio of 21.8 times [6]. - The company’s net profit margin is expected to stabilize around 26.9% for the next few years, with a return on equity (ROE) projected at 21.6% for 2024 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company achieved significant growth in the first half of 2024, with total revenue reaching 1.496 billion yuan, a year-on-year increase of 47.77%. The sales revenue from blood perfusion and adsorption products was 1.401 billion yuan, up 87.35% year-on-year. The net profit attributable to shareholders was 553 million yuan, reflecting a 99.10% increase [4][5]. - Despite price reductions in its core renal products, the company still experienced high growth, with sales of the HA130 blood perfusion device increasing by 67% and sales volume rising by 127% year-on-year. New products, including the KHA series, have been adopted by over 500 hospitals, with a sales revenue increase of 180% [4]. - The company continues to invest in research and development, with R&D expenses amounting to 113 million yuan, representing 7.54% of total revenue. Recent advancements include obtaining EU MDR certification for key products and significant research outcomes presented at the APASL conference [4]. Financial Summary - For 2024, the company is projected to generate total revenue of 3.021 billion yuan, with a year-on-year growth rate of 57.1%. The net profit is expected to reach 1.119 billion yuan, reflecting a 156.4% increase [5][7]. - The gross margin for the first half of 2024 was 80.54%, with the gross margin for blood perfusion products at 84.46%. The return on equity (ROE) for the same period was 18.2% [5][7]. - The earnings per share (EPS) for 2024 is estimated at 1.39 yuan, with projected EPS for 2025 and 2026 at 1.82 yuan and 2.23 yuan, respectively [5][7].

Equity Research Report Jafron Biomedical (300529 CH) Earnings Grew Strongly in 2024 Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Medical Devices Earnings growth continued to pace up in 2Q24; maintain BUY Jafron Biomedical (Jafron) registered 1H24 revenue/attributable net profit (NP) of RMB1,496/553mn (up 47.8/99.1% yoy) and 2Q24 revenue/attributable NP of RMB751/268mn (up 70.9/230.6% yoy), which further picked up from the growth rates in 1Q24 (revenue/attributable NP: up 30/44.9% y ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.496 billion yuan, a year-on-year growth of 47.8%, and net profit attributable to shareholders increasing by 99.1% to 550 million yuan [2]. - The company has improved its channel inventory and achieved a recovery in performance, with Q1 and Q2 revenues of 740 million yuan and 750 million yuan respectively, reflecting growth rates of 30% and 70.9% [2]. - The company has seen notable growth in its nephrology, hepatology, and critical care sectors, with the nephrology segment's revenue increasing by 84% in H1 2024 [2]. - The gross profit margin for H1 2024 was reported at 80.5%, with a net profit margin of 36.8%, indicating improved profitability [2]. Financial Performance Summary - The company forecasts net profits of 1.057 billion yuan, 1.471 billion yuan, and 1.845 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 142.34%, 39.02%, and 25.71% [3]. - The projected revenue for 2024 is 3.043 billion yuan, with a growth rate of 58.31% compared to 2023 [4]. - The company’s earnings per share (EPS) is expected to rise from 0.54 yuan in 2023 to 1.31 yuan in 2024 [4]. Business Segment Performance - The company has established a comprehensive product system in the nephrology field, with significant revenue contributions from its HA series blood purification products, which have been in clinical use for 20 years and are now available in over 6,000 hospitals [2]. - The KHA series, specifically designed for uremia, saw a revenue increase of 180% in H1 2024, covering over 500 hospitals [2]. - The hepatology segment has expanded to over 2,000 hospitals, with a revenue increase of 112% in H1 2024 [2]. - The company’s blood purification equipment, including the DX-10 blood purification machine, has been installed in nearly 4,000 units across 1,800 hospitals, achieving a market share of 21.43% in the CRRT device segment [2]. Market Outlook - The company is actively expanding its overseas market presence, with a 64% increase in revenue from international operations in H1 2024 [2]. - The company anticipates continued growth in sales volume for its blood purification products, with projected growth rates of 67%, 36%, and 22% for the years 2024 to 2026 [6].

证券代码：300529 证券简称：健帆生物 债券代码：123117 债券简称：健帆转债 1 健帆生物科技集团股份有限公司 投资者关系活动记录表 | --- | |------------| | | | 投资者关系 | | 活动类别 | | | | | | | | 参与人员 | | | | | 时间 2024 年 8 月 8 日 地点 线上沟通 上市公司接 董事长、总经理：董凡 董事、副总经理：唐先敏 待人员姓名 董事、财务总监：廖雪云 董事会秘书：黄聪 一、公司简要介绍 2024 年半年度经营情况 2024 年上半年，公司实现营业收入 14.96 亿元，较去年同期增长 47.77%； 其中各种血液灌流器、吸附器产品实现销售收入 14.01 亿元，同比增长 87.35%。 投资者关系 实现归属于上市公司股东的净利润 5.53 亿元，较去年同期增长 99.10%；实现 活动主要内 扣除非经常性损益的净利润 5.26 亿元，同比增长 99.99%。报告期内，公司整 容介绍 体毛利率为 80.54%，其中血液灌流器产品毛利率为 84.46%，具备强劲的盈利 能力和市场竞争力。经营活动产生的现金流量净额为 7.49 亿 ...

Investment Rating - The report maintains a rating of "Buy" for the company [3][8]. Core Views - The external policy environment has improved, leading to good development trends in nephrology, hepatology, and critical care business segments. The company's internationalization progress is also on track [2]. - The company achieved a revenue of 1.496 billion yuan in H1 2024, representing a year-on-year increase of 47.77%. The net profit attributable to shareholders was 553 million yuan, up 99.10% year-on-year [8]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.06 yuan, 1.35 yuan, and 1.72 yuan respectively, with a target price of 36.60 yuan, corresponding to a PE ratio of 35x for 2024 [8]. Financial Performance - In H1 2024, the company reported a gross margin of 80.54%, benefiting from cost reduction and efficiency improvements. The operating cash flow was 749 million yuan, an increase of 71.58% [8]. - The company’s revenue from the nephrology segment grew by 84% year-on-year, with significant sales increases in various product lines [8]. - The international sales revenue increased by 64% year-on-year in H1 2024, with products being used in over 2,000 hospitals across 94 countries [8]. Business Development - The nephrology field saw advancements in product positioning and disease management, with notable sales growth in blood purification products [8]. - The hepatology segment reported a 112% increase in sales revenue, driven by the promotion of a dual plasma molecular adsorption system [8]. - The critical care segment also experienced a 72% increase in sales revenue, with new products being adopted in over 100 hospitals [8].

主持人您好 您这边可以发言了 能听到吗?能听到,我已经上线了大哥您开始吧 好的,各位投资者,大家下午好,我是华泰证券的一二首席戴文,欢迎大家参加电凡生物的2024年的中贸易与交流会。本次会议由我们华泰证券与中金箭头证券、国信证券、西南证券、国金证券以及国投证券六家券商 现在呢昨天发布了24年的半年报我们看到了整体上半年实现了非常亮眼的业绩啊二季度不管是收入还是利润的增长都有了进一步的提速我们本次的会议呢也是特别荣幸的请到了公司的豪华高管团队进行解读包括了董事长兼总经理董丹先生然后副总经理唐芊怡女士工作董事及财务总监廖云雪女士以及公司的董事会秘书 黄冲黄总那么我就先介绍这么多下面先进入会议的第二个环节有请公司的董事长董总开场发言然后有请黄总介绍上半年的经营亮点下面我们就把时间交给管理层董总跟黄总有请大家好我是剑凡生物的董凡非常高兴跟各位在线上做一个交流 首先要感谢今天组织交流会的六家券商的朋友华泰证券中信箭头西南证券国金证券国信证券国投证券感谢你们对我们公司长期以来的关心然后也非常感谢今天上线的线上我们交流的各位投资机构的朋友们 希望通过今天这个线上的交流能够大家对我们剑藩生物多一些了解据我们自己的看法现在剑藩 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has demonstrated significant revenue growth, with a 48% year-on-year increase in revenue for the first half of 2024, reaching 1.496 billion RMB, and a 99% increase in net profit attributable to shareholders, amounting to 553 million RMB [1]. - The sales of blood perfusion products in the renal field grew by 84% year-on-year, with the HA130 blood perfusion device sales increasing by 67% and sales volume up by 127% [1]. - The company maintains a high level of R&D investment, amounting to 113 million RMB, which is 7.54% of its revenue, and has received 16 new patent authorizations [1]. - The company has achieved EU MDR certification for its main products, which is expected to accelerate overseas market expansion [1]. - New product iterations and expansion into new application areas are anticipated to contribute to long-term growth [1]. Summary by Sections Performance Overview - In the first half of 2024, the company achieved revenue of 1.496 billion RMB, a 48% increase year-on-year; net profit attributable to shareholders was 553 million RMB, up 99%; and the net profit excluding non-recurring items was 526 million RMB, also up 100% [1][3]. Business Analysis - The sales of blood perfusion products in various fields are growing rapidly, with significant increases in both revenue and sales volume across renal and liver products [1]. - The company’s overseas sales revenue increased by 64%, indicating a positive external environment and strategic development trends [1]. R&D and Product Development - The company invested 113 million RMB in R&D, representing 7.54% of its revenue, and has a total of 359 authorized patents [1]. - The HA series blood perfusion devices and BS series plasma bilirubin adsorbers have received EU MDR certification, marking a significant achievement in compliance with new regulations [1]. Profit Forecast and Valuation - The company is expected to achieve revenues of 3.347 billion RMB, 4.444 billion RMB, and 5.630 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 74%, 33%, and 27% [1]. - The forecasted net profit attributable to shareholders for the same period is 985 million RMB, 1.330 billion RMB, and 1.714 billion RMB, with growth rates of 126%, 35%, and 29% [1].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of RMB 500 million, representing a growth of 25% year-over-year[6]. - The company's operating revenue for the reporting period was ¥1,495,624,529.80, representing a 47.77% increase compared to ¥1,012,143,747.49 in the same period last year[12]. - The net profit attributable to shareholders was ¥552,505,833.05, a 99.10% increase from ¥277,508,333.27 year-on-year[12]. - The net cash flow from operating activities reached ¥749,267,980.24, up 71.58% from ¥436,698,486.81 in the previous year[12]. - Basic earnings per share increased to ¥0.69, a 97.14% rise compared to ¥0.35 in the same period last year[12]. - The overall gross margin for the reporting period was 80.54%, with blood purification products achieving a gross margin of 84.46%[41]. - The company reported a significant increase in income tax expenses, totaling ¥109,496,807.52, a 103.29% rise compared to the previous year[52]. - The company achieved a net cash flow from operating activities of ¥749,267,980.24, a 71.58% increase year-on-year[52]. - The company reported a total comprehensive income of ¥569,582,116.03 for the first half of 2024, compared to ¥272,005,374.12 in the previous year, showing a growth of about 109%[147]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[6]. - A strategic acquisition of a local competitor is anticipated to enhance the company's product offerings and increase market penetration[6]. - The company has established collaborations with over 80 major hospitals for clinical application research, enhancing its market position[34]. - The company has launched a dedicated continuous blood purification circuit for the DX-10, receiving Class III medical device registration in August 2023, with sales initiated in March 2024[46]. - The company established 28 medical alliances as part of the "Navigation Plan 3.0," which includes 28 demonstration center hospitals and 500 new practice centers[42]. - The company’s marketing efforts in the nephrology sector have expanded to over 6,000 hospitals, enhancing patient management and treatment options[41]. Research and Development - Research and development expenses have increased by 30% to RMB 50 million, reflecting the company's commitment to innovation[6]. - The company invested 113 million yuan in R&D, accounting for 7.54% of total revenue, and holds 27 medical device registration certificates, with 24 being Class III[34]. - The company is actively involved in research and development of new technologies and products to enhance treatment options for critical conditions such as organophosphate poisoning and severe liver diseases[19]. - The company employs a combined research and development model, focusing on both independent and collaborative R&D efforts to enhance technological capabilities[22]. - The company has developed core technologies for blood perfusion devices, including carrier preparation, coating, ligand, and medical-grade purification processes, achieving industry-leading purification levels[35]. Product Development and Innovation - New product launches are expected to contribute an additional RMB 100 million in revenue, with a focus on innovative blood purification technologies[6]. - The company has developed a range of innovative blood purification products, including disposable blood perfusion devices and plasma bilirubin adsorbers, targeting various medical conditions[19]. - The DX-10 blood purification machine is recognized as one of the "Fifth Batch of Excellent Domestic Medical Equipment Products"[21]. - The Future F20 blood purification device supports multiple blood adsorption treatment modes and received EU CE certification in 2021[21]. - The company has reported non-recurring gains totaling ¥26,621,349.95, primarily from government subsidies and asset disposals[17]. Financial Management and Investments - The company plans to invest RMB 200 million in new manufacturing facilities to boost production capacity by 40%[6]. - The company has ongoing significant non-equity investments, with a cumulative actual investment amount of ¥152,920,596.98[63]. - The company has a total of 203,000 in various financial investments, with expected returns ranging from 2.60% to 3.10%[69]. - The company has a total of ¥30,000,000 in entrusted management with CITIC Bank Zhuhai Branch, yielding an expected annual return rate of 3.50%[67]. - The company has not engaged in derivative investments for hedging or speculative purposes during the reporting period[70]. Risk Management - The company has identified potential risks related to regulatory changes and market competition, with strategies in place to mitigate these risks[1]. - The company is closely monitoring regulatory changes in the medical device industry to adapt its business strategies accordingly, minimizing risks associated with policy shifts[79]. - The company emphasizes the importance of R&D investment to keep pace with industry advancements and to avoid obsolescence of existing products[77]. Corporate Governance and Social Responsibility - The board has decided not to distribute cash dividends for this fiscal year, opting to reinvest profits into growth initiatives[1]. - The company made cash donations of ¥15.8 million for public welfare projects in the first half of 2024[53]. - The company has received several awards for its contributions to charity and social responsibility, including the "China Red Cross Contribution Medal" and the "Outstanding Contribution Award" from the Zhuhai Federation of Industry and Commerce[91]. - The company has not faced any significant environmental penalties or issues during the reporting period, as it is not classified as a key pollutant discharge unit[90]. Shareholder Information - The company has implemented employee stock ownership plans, with 5,642,150 shares held by key personnel, representing 0.70% of total equity[87]. - The company completed a share repurchase plan, acquiring 24,242,904 shares at a total cost of approximately RMB 499.997 million, with a maximum price of RMB 24.93 per share and a minimum price of RMB 15.89 per share[111]. - The total number of shares outstanding is 807,555,312, with 35.44% being restricted shares and 64.56% being unrestricted shares[110]. - The largest shareholder, Dong Fan, holds 43.98% of the shares, amounting to 355,131,867 shares[116]. - The company has not issued any new shares or made any changes to the shareholding structure during the reporting period[113].