Core Viewpoint - The company is focused on maintaining a stable profit distribution policy while considering future dividend plans based on various factors such as business performance and regulatory requirements [1] Group 1: Company Performance and Strategy - As of October 14, 2025, the company's stock price closed at 22.31 yuan, down 1.2%, with a turnover rate of 1.57% and a trading volume of 61,100 shares, amounting to a transaction value of 137 million yuan [1] - The company has received approval for its companion diagnostic products to be used with Merck's MET inhibitors in the Chinese and Japanese markets, indicating a strategic partnership with a major pharmaceutical player [1] - The company emphasizes the importance of investor returns and is open to suggestions regarding dividend policies, which will be evaluated by the board based on the company's development stage and financial needs [1] Group 2: Industry Context and Competitive Position - The company is positioned within a growing market for high-end medical equipment, benefiting from national policies promoting domestic production and import substitution [2] - The company has developed a comprehensive sequencing technology platform, including the Salus Pro gene sequencer, which received regulatory approval as a Class III medical device in January 2025 [2] - The collaboration with SaiLu Medical aims to leverage the strengths of both companies in sequencing technology and tumor gene detection, enhancing long-term competitiveness in the industry [2] Group 3: Market Activity - On October 14, 2025, the net inflow of funds from major investors was 941,700 yuan, while retail investors experienced a net outflow of 3,077,100 yuan, indicating varied investor sentiment [3]

Core Viewpoint - The company, Aide Biotechnology (艾德生物), emphasizes its commitment to reasonable returns for investors and maintains a prudent profit distribution policy, with future dividend plans to be determined by the board based on various factors [2]. Group 1: Investor Relations - The company acknowledges the importance of investor feedback regarding dividend policies and expresses appreciation for suggestions [2]. - Future dividend proposals will be evaluated by the board considering the company's development stage, actual operating performance, future funding needs, and relevant regulatory requirements [2].

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

Summary of Key Points Core Viewpoint - On October 9, 2025, Aide Biological (300685) reported a closing price of 22.96 yuan, experiencing a slight decline of 0.17% with a turnover rate of 2.39% and a trading volume of 93,200 shares, amounting to a transaction value of 213 million yuan [1]. Trading Information - On October 9, the net outflow of main funds was 21.7194 million yuan, while retail investors saw a net inflow of 15.5404 million yuan [2]. Company Announcement - Aide Biological's fourth board meeting on October 9, 2025, approved a proposal for external investment, with a unanimous vote of 7 in favor and no opposition or abstentions. The company plans to invest 50 million yuan in Shenzhen Sailu Medical Technology Co., Ltd., acquiring a 2.3810% stake [1][2].

Core Points - The stock of Aide Biological (300685) closed at 22.96 yuan on October 9, 2025, down 0.17% from the previous trading day, with a total market capitalization of 8.99 billion yuan [1] - Aide Biological's board of directors approved an investment proposal during the eighth meeting of the fourth board session, which includes a cash investment of 50 million yuan into Shenzhen Sailu Medical Technology Co., Ltd. [1] - Following the completion of this investment, Aide Biological will hold a 2.3810% equity stake in Sailu Medical [1] Financial Performance - The stock opened at 23.2 yuan, reached a high of 23.23 yuan, and a low of 22.5 yuan on the same day, with a trading volume of 213 million yuan and a turnover rate of 2.39% [1]

Core Viewpoint - The company Aide Biological (300685.SZ) has signed a B-round capital increase agreement with Shenzhen Sailu Medical Technology Co., Ltd., investing 50 million yuan in cash, acquiring a 2.3810% stake in Sailu Medical [1] Group 1: Investment Details - Aide Biological's investment of 50 million yuan includes 55,701 yuan as registered capital for Sailu Medical, with the remainder allocated to capital reserves [1] - Following this investment, Aide Biological will hold a 2.3810% equity stake in Sailu Medical [1] Group 2: Company Profile of Sailu Medical - Sailu Medical is recognized as a national high-tech enterprise and a "specialized and innovative" small giant enterprise [1] - The company focuses on developing proprietary upstream sequencing platforms, super-resolution spatial omics platforms, and solid-phase gene chip detection platforms [1] - Sailu Medical has received several awards for its core technologies, including an excellent award at the National Disruptive Technology Innovation Competition and a gold award at the Greater Bay Area High-Value Patent Cultivation Competition [1] Group 3: Product and Technology Highlights - Sailu Medical holds over 110 authorized patents, with core products including various sequencing instruments and spatial omics solutions [1] - The SalusPro gene sequencer is set to receive its Class III medical device registration certificate in January 2025, utilizing reversible terminator sequencing technology for DNA and RNA sequencing from human samples [1]

Core Viewpoint - The company Aide Biological (300685.SZ) plans to increase its investment in Shenzhen Sailu Medical Technology Co., Ltd. by 50 million yuan, acquiring a 2.3810% stake in the company [1] Group 1: Investment Details - Aide Biological signed a B-round capital increase agreement with Sailu Medical and its existing shareholders [1] - The investment consists of 50 million yuan in cash, with 55,701 yuan allocated as registered capital and the remainder added to Sailu Medical's capital reserve [1] Group 2: Company Profile - Sailu Medical is recognized as a national high-tech enterprise and a "specialized and innovative" small giant enterprise [1] - The company focuses on developing proprietary upstream sequencing platforms, super-resolution spatial omics platforms, and solid-phase gene chip detection platforms [1] - Sailu Medical has received several awards for its core technologies, including an excellent award at the National Disruptive Technology Innovation Competition and a gold award at the Greater Bay Area High-Value Patent Cultivation and Layout Competition [1] Group 3: Product and Technology - Sailu Medical holds over 110 authorized patents, with core products including various sequencing instruments and solutions for spatial omics and solid-phase chips [1] - The SalusPro gene sequencer is set to receive a Class III medical device registration certificate in January 2025, utilizing reversible terminator sequencing technology for DNA and RNA sequencing from human samples [1]

格隆汇10月9日｜艾德生物公告，10月9日，厦门艾德生物医药科技股份有限公司与深圳赛陆医疗科技有 限公司及其现有股东签署了《B轮增资协议》。艾德生物以现金方式向赛陆医疗增资5,000万元，其中 5.5701万元作为赛陆医疗新增注册资本，其余部分计入赛陆医疗资本公积金，本次增资后艾德生物持有 赛陆医疗2.3810%的股权。公司于2025年10月9日召开第四届董事会第八次会议，审议通过了《关于公 司对外投资的议案》。 ...

Core Viewpoint - The investment in Sailu Medical by Aide Biological is a strategic move to strengthen its position in the gene testing industry and enhance collaboration within the supply chain [1][2] Group 1: Investment Details - Aide Biological signed a B-round capital increase agreement with Sailu Medical, investing 50 million yuan, with 55,701 yuan allocated to the registered capital and the remainder to capital reserves [1] - Following this investment, Aide Biological holds a 2.3810% stake in Sailu Medical [1] Group 2: Industry Context - Sailu Medical operates in a technology-intensive sector with significant R&D barriers and has developed a self-controlled sequencing technology platform [1] - The company has full R&D and production capabilities for gene sequencing instruments and related consumables, with its SalusPro gene sequencer receiving national Class III medical device registration in January 2025 [1] - The national push for high-end medical equipment to be self-controlled and for import substitution presents strategic growth opportunities for domestic sequencing platform companies with core technologies [1] Group 3: Strategic Implications - The investment is a key strategic deployment for Aide Biological, aligning with the trends in the gene testing industry and enhancing supply chain collaboration [2] - The partnership will leverage Sailu Medical's core advantages in sequencing platforms and Aide Biological's expertise in tumor gene testing, creating a strong complementary effect [2] - This collaboration aims to improve the overall competitiveness of the company in the industry and promote resource integration, fostering a more self-controlled and collaborative industrial ecosystem [2] - The initiative is expected to accelerate innovation and clinical translation of cutting-edge technologies, providing more precise and accessible gene testing solutions for patients [2] - It will further solidify the company's leading position in the field of tumor precision medicine [2]

Core Viewpoint - The investment by the company in Sailu Medical is a strategic move to strengthen its position in the gene testing industry and enhance collaboration within the supply chain [1][2] Group 1: Investment Details - The company has signed a B-round capital increase agreement with Sailu Medical, investing 50 million yuan, of which 55,701 yuan will be added to the registered capital, and the remainder will be included in the capital reserve [1] - Following this investment, the company will hold a 2.3810% stake in Sailu Medical [1] Group 2: Industry Context - Sailu Medical operates in the upstream of the gene sequencing industry, characterized by high technical intensity and significant R&D barriers [1] - The company has developed a self-controlled sequencing technology platform and has complete R&D and production capabilities for gene sequencing instruments and related consumables [1] - The SalusPro gene sequencer received approval as a Class III medical device in January 2025 [1] Group 3: Strategic Implications - The investment aligns with the accelerating trend of domestic substitution in gene sequencing, leveraging Sailu Medical's core advantages in sequencing platforms [2] - This collaboration is expected to enhance the company's competitiveness in the industry and promote the integration of upstream and downstream resources [2] - The initiative aims to accelerate innovation and clinical transformation of cutting-edge technologies, providing more precise and accessible gene testing solutions for patients [2] - It will further solidify the company's leading position in the field of precision medicine for tumors [2]