Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The report highlights significant stock performance in the sector, with the pharmaceutical and biotechnology sector (SW) rising by 2.71%, outperforming the CSI 300 index, and all sub-sectors showing positive growth, particularly in medical services [3][4]. - In the U.S., Tempus AI, a representative company in medical AI, saw a weekly increase of approximately 30% and over 160% year-to-date, driving the momentum of the medical AI concept. In China, companies like KingMed Diagnostics and Dian Diagnostics announced collaborations with DeepSeek, indicating a shift towards the commercialization of AI applications in healthcare [4][3]. - The report emphasizes investment opportunities in sub-sectors such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI Genomics, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% in the week of February 10-14, ranking 5th among 31 Shenwan primary industries. The CSI 300 index increased by 1.19% during the same period [5][6]. - All sub-sectors experienced growth, with medical services leading at +6.51%, followed by medical devices at +4.81%, and pharmaceutical commerce at +4.18% [5][6]. - Notable individual stock performances included Dian Diagnostics (+46.29%), Mian Health (+31.58%), and United Imaging (+27.33%) [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - The retail terminal drug sales scale in China is projected to reach 574 billion yuan in 2024, with a growth rate of 3.7%, indicating a slowdown in growth due to demographic and economic factors [8]. - The report also notes significant collaborations, such as Baiyang Pharmaceutical's agreement with Roche for the exclusive marketing rights of a targeted cancer drug in mainland China [9][11]. Industry Data Tracking - The report tracks various industry metrics, including the basic medical insurance fund income, which reached 28,507.29 billion yuan in 2024, showing a year-on-year growth of 5% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of 25,298.50 billion yuan in 2024, with profit totals declining by 1.1% year-on-year [17].

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry [3][33]. Core Insights - The "AI + Healthcare/Pharmaceutical" theme continues to gain traction, with short-term momentum expected to persist. The domestic and international markets are witnessing significant developments in AI applications within healthcare, particularly with companies like Tempus AI showing substantial stock price increases [3][4]. - The report highlights investment opportunities in specific segments such as "AI + Medical Imaging," "AI + Diagnostic Services," and "AI + Drug Development," recommending key companies including United Imaging, Mindray, BGI, and WuXi AppTec [3][4]. Industry Performance Tracking - The pharmaceutical and biotechnology sector (SW) rose by 2.71% last week, outperforming the CSI 300 index, which increased by 1.19%. All sub-sectors within the industry experienced growth, with medical services leading at +6.51% [5][6]. - Notable individual stock performances included Dean Diagnostics (+46.29%) and Meinian Health (+31.58%), while stocks like Betta Pharmaceuticals saw declines of -11.36% [6]. Industry Dynamics and Key Company Tracking - The National Healthcare Security Administration released a list of key tasks for 2025, focusing on efficient medical insurance processes and direct settlements for collected drugs and consumables [7]. - Recent collaborations include Baiyang Pharmaceutical signing a commercialization agreement with Roche for the drug Rituximab, and Sanofi Biologics partnering with Baili Tianheng to explore new treatment potentials in oncology [11][12]. Industry Data Tracking - The retail terminal drug sales in China are projected to reach CNY 574 billion in 2024, with a growth rate of 3.7%, indicating a slowdown compared to previous years [8]. - The medical insurance fund's income for 2024 is reported at CNY 28,507.29 billion, reflecting a year-on-year growth of 5.00% [15][16]. - The domestic pharmaceutical manufacturing industry achieved a total revenue of CNY 25,298.50 billion in 2024, remaining stable compared to the previous year [17].

Group 1: AI Technology Applications - The company has successfully applied AI technology in genetic testing, particularly in the area of hereditary disease diagnosis, enhancing throughput and efficiency in clinical production [2] - AI technology is being developed for applications in infectious disease detection (PMseq) and tumor companion diagnostics, showcasing significant effectiveness in matching pathogenic variants [3] - The use of AI has significantly accelerated the database construction process for hereditary disease diagnosis, reducing costs and improving analysis efficiency [3][4] Group 2: Cost and Resource Management - The computational cost for a complete whole genome sequencing (WGS) analysis is approximately 1000 CPU core hours, with actual costs varying based on equipment and solutions [4] - The company has established long-term partnerships for computational resource deployment, ensuring capacity for large-scale training and daily research needs [4] Group 3: Customer Engagement and Service - ChatBGI primarily serves customer inquiry needs, with future goals to handle more complex data analysis questions [5] - The integration of AI with the company's extensive knowledge base enhances the ability to provide professional and efficient services [5] Group 4: Market Growth and Trends - The market for high-throughput sequencing is expected to continue growing rapidly due to decreasing sequencing costs and increasing penetration in applications such as fertility, oncology, and consumer genetic testing [6] - AI applications in detection processes and report analysis are anticipated to further reduce data output and analysis costs, meeting the rising demand [6] Group 5: Risk Considerations - The impact of AI technology on the company's future performance is uncertain and depends on product development and industry application progress [7] - Investors are advised to be cautious regarding the rapid development of frontier technologies and potential stock price volatility [7]

证券代码：300676 证券简称：华大基因 公告编号：2025-014 深圳华大基因股份有限公司 关于控股股东部分股份质押的公告 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。 （二）控股股东及其一致行动人股份累计质押情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | | | 本次质押前 | 本次再质 | 占其所 | 占公司 | 已质押 | | 未质押 | | | | 持股数量 | 持股比 | | 押后的质 | | | 股份限 | | | | | 股东名称 | | | 的质押股份 | | 持股份 | 总股本 | | 占已质 | 股份限 | 占未质 | | | （股） | 例 | | 押股份数 | | | 售和冻 | | | | | | | | 数量（股） | | 比例 | ...

Group 1: AI Applications and Business Model - BGI has introduced the "Generative Bio-Intelligent" (GBI ALL) paradigm to enhance gene testing and health management through AI technology [2] - The company is developing AI models like GeneT for genetic analysis and ChatGeneT for public genomic consultation [2] - Future profitability will stem from collaborations with hospitals and diverse product forms, including personalized health assessments [2] Group 2: Customer Structure and Product Offerings - BGI's primary customer base is B-end (business and institutional clients), including medical institutions and research organizations [3] - C-end (individual consumers) business has been growing, focusing on consumer genetic testing products like hereditary cancer screening [3] Group 3: Revenue Structure and Growth Strategy - BGI aims to enhance collaboration between B-end and C-end services to drive growth [4] - The company plans to leverage its "Fire Eye" laboratory network to increase C-end market penetration through online and offline integration [4] Group 4: Financial Performance and Market Trends - BGI's gross margin has declined due to increased industry competition and healthcare payment reforms, but remains at a relatively high level [4] - The market for high-throughput sequencing is expected to grow rapidly as sequencing costs decrease and applications mature [5] Group 5: Risk Factors - The impact of AI technology on future performance is uncertain and depends on product development and industry application progress [5]

Group 1: Data Processing and AI Utilization - The company utilizes AI to process large amounts of accumulated data, with each clinical whole genome sequencing data set reaching approximately 120G per individual [1] - The integration of new AI algorithms significantly enhances the accuracy and efficiency of data analysis while reducing overall processing costs [1] - The diversity of data sources ensures stronger generalization capabilities of models, particularly in handling rare diseases and complex cases [1] Group 2: Impact of Large-Scale Data - The vast medical testing market will generate substantial data, serving as a crucial source for testing and expanding models [3] - The company's high-throughput sequencing devices can process dozens of samples daily, necessitating advanced bioinformatics and interpretation capabilities [3] - The emergence of large models allows for efficient data handling and improved generalization across various scenarios [3] Group 3: Model Generalization and Application - The company's data models benefit from diverse data sources, enhancing their generalization ability compared to hospital-specific data [4] - Continuous collection of multi-dimensional health data, including medical imaging and wearable device data, will facilitate personalized health management [5] - The challenge of validating model effectiveness, especially in rare disease contexts, requires sufficient real-case samples for verification [6] Group 4: Product Development and Business Models - The integration of large models with hospitals will lead to diverse product forms and innovative business models, such as personalized health assessments through apps [7] - Embedding large models into existing devices will improve usability and efficiency in hospitals, enhancing user experience [7] - Achieving data diversity and enhancing model adaptability relies on extensive collaboration with hospitals to overcome data silos [7] Group 5: Risk Considerations - The impact of AI technology on the company's future performance is uncertain and depends on product development and industry application progress [8] - Investors are advised to remain rational regarding the rapid development of frontier technologies and be aware of stock price volatility risks in the secondary market [8]

证券代码：300676 证券简称：华大基因 公告编号：2025-013 深圳华大基因股份有限公司 2025 年第一次临时股东会决议公告 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。 重要提示： 1、本次股东会召开期间不存在增加、否决或变更议案情形； 2、本次股东会未涉及变更前次股东会决议的情形。 一、会议召开情况 1、会议召开的日期、时间： （1）现场会议召开时间：2025年2月11日（星期二）14:30 （2）网络投票时间： ① 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年2月11 日9:15—9:25，9:30—11:30和13:00—15:00； ② 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为：2025 年2月11日9:15至2025年2月11日15:00期间的任意时间。 2、会议召开地点：广东省深圳市盐田区梅沙街道云华路9号华大时空中心 C 区国际会议中心419会议室 二、会议出席情况 1、股东出席的总体情况 通过现场和网络出席的股东515人，代表股份192,748,845股，占上市公司有 表决权股份总数的46.353 ...

国浩律师（深圳）事务所 关于 深圳华大基因股份有限公司 二〇二五年第一次临时股东会 之 法律意见书 广东省深圳市福田区深南大道 6008 号特区报业大厦 42、41、31DE、2403、2405，邮编：518034 42、41、31DE、2403、2405, Tequbaoye Building 6008 Shennan Avenue Shenzhen 518034, China 电话/Tel: +86 755 83515666 传真/Fax: +86 755 83515333 网址/Website: http://www.grandall.com.cn 二〇二五年二月 1 深圳华大基因股份有限公司 2025 年第一次临时股东会法律意见书 国浩律师（深圳）事务所 关于深圳华大基因股份有限公司 根据相关法律法规的要求，按照律师行业公认的业务标准、道德规范和勤勉 2 深圳华大基因股份有限公司 2025 年第一次临时股东会法律意见书 二〇二五年第一次临时股东会之 法律意见书 编号：GLG/SZ/A2626/FY/2025-118 号 致：深圳华大基因股份有限公司 国浩律师（深圳）事务所（以下简称本所）接受深圳华大基 ...

Group 1: Business Overview and Strategic Goals - In 2024, BGI achieved significant results in international cooperation, model innovation, and public health projects despite complex global circumstances [1] - The company plans to shift its business model from production-oriented services to intelligent services in 2025, focusing on automation and intelligence in sample processing [2] Group 2: AI Technology and Applications - BGI introduced the "Generative Bio-Intelligent" (GBI ALL) paradigm in September 2024, aiming to leverage AI for precise insights and efficient application of life data [3] - The GeneT model utilizes over a million high-quality data points to accurately interpret genomic data, demonstrating high accuracy in clinical sample testing [6] Group 3: Competitive Advantages - BGI's competitive edge lies in its nationwide gene data generation capability and its substantial data accumulation and analysis experience over the past two decades [4] - The company maintains a unique competitive advantage through its extensive training dataset of millions of cases, ensuring high-quality data for clinical applications [8] Group 4: Market Trends and Future Directions - The reduction in sequencing costs and advancements in technology are expected to broaden the application of high-depth whole-genome data in medicine [9] - BGI is exploring diverse business models tailored to local characteristics, supported by large-scale clinical validation to ensure data accuracy [9] Group 5: Risk Factors - The impact of AI technology on future business performance is uncertain and depends on the progress of product development and industry application [15]

证券代码：300676 证券简称：华大基因 公告编号：2025-012 深圳华大基因股份有限公司 关于召开 2025 年第一次临时股东会的提示性公告 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。 根据《中华人民共和国公司法》和《深圳华大基因股份有限公司章程》（以 下简称《公司章程》）的有关规定，经深圳华大基因股份有限公司（以下简称公 司）第四届董事会第四次会议审议通过，公司董事会决定于2025年2月11日（星 期二）召开公司2025年第一次临时股东会。《关于召开2025年第一次临时股东会 的 通 知 》（ 公 告 编 号 ： 2025-010 ）已于 2025 年 1 月 24 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn，下同）进行了公告。本次会议将采取现场表决与网 络投票相结合的方式召开，根据相关规定，现就本次会议有关事项提示如下： 6、会议的股权登记日：2025年2月5日（星期三） 一、召开会议的基本情况 1、股东会届次：深圳华大基因股份有限公司2025年第一次临时股东会 2、股东会召集人：公司董事会 3、会议召开的合 ...