上海市锦天城律师事务所 关于厦门艾德生物医药科技股份有限公司 2024年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮政编码：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于厦门艾德生物医药科技股份有限公司 2024 年年度股东大会的 法律意见书 致：厦门艾德生物医药科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受厦门艾德生物医药科技 股份有限公司（以下简称"公司"）的委托，指派本所律师出席了公司 2024 年 年度股东大会（以下简称"本次股东会"），对本次股东会的合法合规性进行见 证，并发表法律意见。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下 简称《股东会规则》）等法律、法规和规范性文件以及《厦门艾德生物医药科技 股份有限公司章程》（以下简称《公司章程》）的规定，就本次股东会的召集、 召开程序、出席会议人员及召集人的资格、表决程序和表决结果等有关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 1.109 billion yuan in 2024, representing a year-over-year increase of 6.27%, while the net profit attributable to the parent company was 255 million yuan, down 2.53% year-over-year. In Q1 2025, the company reported a revenue of 272 million yuan, up 16.63% year-over-year, and a net profit of 90 million yuan, up 40.92% year-over-year [5][11] - The company's international market influence is gradually increasing, with overseas revenue growth exceeding 30% in 2024. Domestic revenue was 849 million yuan (up 0.20% year-over-year), while overseas revenue reached 260 million yuan (up 32.48% year-over-year), benefiting from the strong performance of products like PCR-11 and FGFR2 in international markets [12] - The company has a rich R&D pipeline, with a gross margin of 84.75% and a net margin of 22.98% in 2024. R&D expenses amounted to 216 million yuan, reflecting a year-over-year increase of 6.35%. The HRD product received recognition as an "innovative medical device," and the PCR-11 joint detection was approved for market entry in China, which is expected to further open up the domestic market [13] - The investment recommendation remains "Buy" due to anticipated revenue growth driven by changes in domestic medical policies. Projected revenues for 2025-2027 are 1.295 billion yuan, 1.570 billion yuan, and 1.868 billion yuan, representing year-over-year growth rates of 16.81%, 21.23%, and 18.93%, respectively. Net profits are expected to be 310 million yuan, 381 million yuan, and 456 million yuan, with corresponding growth rates of 21.74%, 22.75%, and 19.67% [14] Financial Data Summary - In 2024, the company reported total revenue of 1.109 billion yuan, with a growth rate of 6.27%. The net profit attributable to the parent company was 255 million yuan, with a decline of 2.53% year-over-year. The projected revenues for 2025, 2026, and 2027 are 1.295 billion yuan, 1.570 billion yuan, and 1.868 billion yuan, with respective growth rates of 16.81%, 21.23%, and 18.93% [15] - The company's gross margin for 2024 was 84.75%, while the net margin was 22.98%. The R&D expense ratio was 19.49%, and the company invested 216 million yuan in R&D, reflecting a year-over-year increase of 6.35% [13][15]

毛利率维持稳定，2025 年一季度净利率回升明显。2024 年毛利率为 84.7% （+0.8pp），销售费用率 32.4%（+0.8pp），研发费用率 19.5%（同比持平）， 管理费用率 6.5%（+0.3pp），财务费用率-2.5%（同比持平）。毛利率随着 业务结构变化略有增长，销售费用率有所回升，研发费用率和财务费用率保 持稳定。公司净利率为 23.0%（-2.1pp），公司基于谨慎性原则对一笔长期 应收款计提坏账损失，2024 年信用减值损失达 3022 万。2025 年一季度毛利 率为 83.5%，净利率回升至 33.3%，除管理费用率外的其他费用率均下降。 投资建议：考虑宏观环境和业务投入影响，下调 2025-26 年盈利预测，新增 2027 年盈利预测，预计 2025-2027 年归母净利润为 3.17/3.82/4.51 亿元 （2025-26 年原为 3.91/4.79 亿），同比增长 24.4%/20.6%/17.9%，当前股 价对应 PE 26/11/18 倍。公司是肿瘤精准诊断领域的龙头企业，构建了从靶 向治疗到免疫治疗的全方位伴随诊断产品体系，有望分享肿瘤精准治疗的时 代红利，同时 ...

证券代码：300685 证券简称：艾德生物 公告编号：2025-030 三、出席人员 出席本次业绩说明会的人员有：公司董事、总经理罗捷敏先生，财务总监、董事 会秘书陈英女士，独立董事沈哲先生。 为进一步加强与投资者的互动交流，厦门艾德生物医药科技股份有限公司（以下 简称"公司"）将召开2024年度业绩说明会暨参加由厦门证监局、厦门上市公司协会 与深圳市全景网络有限公司联合举办的"厦门辖区上市公司2024年年报业绩说明会 暨投资者网上集体接待日活动"，现将相关事项公告如下： 一、召开时间 2025年5月15日（周四）15:40-17:00 二、召开方式 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP,参与本次 互动交流。届时公司高管将在线就公司2024年度业绩、公司治理、发展战略、经营状 况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 厦门艾德生物医药科技股份有限公司 关于举行 2024 年度网上业绩说明会暨参加 厦门辖区上市公司投资者网上集体接待日活动的公告 本公司及董事会全体成员 ...

证券代码：300685 证券简称：艾德生物 公告编号：2025-029 厦门艾德生物医药科技股份有限公司 关于公司持股 5%以上股东减持计划的预披露公告 2、持公司股份20,026,900股（占公司总股本的5.10%）的股东厦门市屹祥投资合伙企业 （有限合伙）计划在本减持计划公告之日起十五个交易日后的三个月内以大宗交易和集中竞 价的方式减持公司股份，减持数量不超过11,791,800股（占公司总股本的3.00%）。 厦门艾德生物医药科技股份有限公司（以下简称"公司"或"艾德生物"） 于近日收到股东厦门市屹祥投资合伙企业（有限合伙）（以下简称"厦门屹祥"） 出具的《减持计划告知函》，现将具体情况公告如下： 一、股东的基本情况 | 股东名称 | 持有公司股份数量（股） | 占总股本比例（%） | | --- | --- | --- | | 厦门市屹祥投资合伙企业 | 20,026,900 | 5.10% | | （有限合伙） | | | 二、减持计划的主要内容 1、减持原因：自身资金需求 持股 5%以上的股东厦门市屹祥投资合伙企业（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 ...

厦门艾德生物医药科技股份有限公司 简式权益变动报告书 上市公司名称：厦门艾德生物医药科技股份有限公司 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义 务人外，没有委托或者授权其他人提供未在本报告书列载的信息和对本报告书 做出任何解释或者说明。 股票简称：艾德生物 股票代码：300685 股票上市地：深圳证券交易所 信息披露义务人：厦门科英投资合伙企业（有限合伙） 住所或通讯地址：厦门市湖里区枋湖北二路 889 号 618 单元 股份变动性质：股份减少，持股比例降至 5%以下 签署日期：2025 年 4 月 25 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》及其他相关法律法规和部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定， 本报告书已全面披露信息披露义务人在艾德生物中拥有权益的股份变 ...

证券代码：300685 证券简称：艾德生物 公告编号：2025-028 厦门艾德生物医药科技股份有限公司 关于披露简式权益变动报告书的提示性公告 股东厦门科英投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次权益变动不会影响公司治理结构和持续经营，不会导致公司控股股东、 实际控制人发生变化。 厦门艾德生物医药科技股份有限公司（以下简称"艾德生物"或"公司"） 于近日收到股东厦门科英投资合伙企业（有限合伙）（以下简称"厦门科英"） 向公司出具的《简式权益变动报告书》。现将有关情况披露如下： 三、其他相关说明 1、本次权益变动符合《中华人民共和国证券法》《上市公司收购管理办法》 《深圳证券交易所创业板股票上市规则》等有关法律法规、部门规章、业务规则 的规定，不存在侵害上市公司及中小股东利益的情形。 2、信息披露义务人厦门科英已履行权益变动报告义务，具体内容详见同日 公告的《简式权益变动报告书》。 一、本次权益变动的基本情况 公司于 2024 年 6 月 3 日在巨潮资讯网披 ...

Investment Rating - The report maintains a positive investment rating for the company, indicating a favorable outlook for its stock performance [1]. Core Views - The company is projected to experience revenue growth, with estimated revenues increasing from 1,108.95 million yuan in 2024 to 1,672.04 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.20% [6][8]. - Net profit is expected to rise significantly, from 254.86 million yuan in 2024 to 476.02 million yuan in 2027, with a notable profit growth rate of 25.58% in 2025 [6][8]. - The gross margin is projected to remain stable, with slight fluctuations, maintaining around 84% over the forecast period [6][8]. - The company's earnings per share (EPS) is anticipated to grow from 0.65 yuan in 2024 to 1.21 yuan in 2027, indicating strong profitability [6][8]. Financial Summary Income Statement - Revenue is forecasted to grow from 1,108.95 million yuan in 2024 to 1,672.04 million yuan in 2027, with a revenue growth rate of 6.27% in 2024 and peaking at 15.05% in 2025 [6][8]. - Operating profit is expected to increase from 292.98 million yuan in 2024 to 546.27 million yuan in 2027, with a significant increase in operating profit margin [8]. - Net profit margin is projected to improve from 22.98% in 2024 to 28.47% in 2027, reflecting enhanced operational efficiency [8]. Balance Sheet - Total assets are expected to grow from 2,064.80 million yuan in 2024 to 2,710.46 million yuan in 2027, indicating a healthy asset growth trajectory [7]. - The company's equity attributable to shareholders is projected to increase from 1,843.26 million yuan in 2024 to 2,470.79 million yuan in 2027, showcasing strong shareholder value creation [7]. Cash Flow Statement - Operating cash flow is forecasted to remain robust, with an expected cash flow of 341.85 million yuan in 2024, decreasing slightly to 321.89 million yuan in 2025, before rising again in subsequent years [7]. - The net increase in cash is projected to be 114.38 million yuan in 2024, growing to 189.01 million yuan by 2027, indicating strong liquidity management [7].

Group 1: Financial Performance - In 2024, the company achieved total revenue of 11.09 billion CNY, a year-on-year increase of 6.27% [2] - The net profit attributable to shareholders was 2.55 billion CNY, impacted by an asset impairment provision of 38.37 million CNY [2] - In Q1 2025, the company reported total revenue of 2.72 billion CNY, a year-on-year growth of 16.63%, with a net profit of 90.47 million CNY, up 40.92% [2][3] Group 2: R&D and Innovation - The R&D team expanded to 523 members with an investment of 216 million CNY, representing 19.49% of total revenue, and achieved a 6.35% increase in R&D spending [4] - The company received approvals for several innovative products, including the PCR-11 gene product and multiple medical devices, leading to a total of 32 Class III medical device registrations [4][5] Group 3: Domestic Market Performance - Domestic sales in 2024 generated revenue of 777 million CNY, a decrease of 1.08%, but Q1 2025 showed signs of recovery [6] - The company has a specialized service team of nearly 400 people, providing high-quality products to over 500 hospitals [6][7] Group 4: International Market Growth - International sales and pharmaceutical business achieved revenue of 332 million CNY in 2024, a year-on-year increase of 28.61% [8] - The company established a global operational network with subsidiaries in Singapore, Hong Kong, and Canada, and a logistics center in the Netherlands [8] Group 5: Strategic Partnerships - The company has expanded its partnerships with pharmaceutical companies, providing comprehensive diagnostic solutions across multiple platforms [9] - Collaborations with major pharmaceutical firms have led to the development of diagnostic products for various cancer treatments, enhancing the company's market position [9] Group 6: Industry Trends and Regulatory Environment - The oncology treatment field is entering a "precision medicine" era, with increasing demand for genetic testing driven by rising cancer incidence and advancements in targeted therapies [11] - Regulatory policies are tightening, emphasizing compliance in genetic testing and requiring approvals for diagnostic tools, which may benefit compliant leading enterprises [12] Group 7: Product Coverage and Market Penetration - The company's products are not yet included in the national medical insurance, but genetic testing projects have been incorporated into local insurance schemes in several provinces [13] - The company focuses on managing key raw material suppliers to mitigate risks associated with international trade [14]

Summary of Key Points from the Conference Call Company Overview - **Company**:艾德生物 (Adicon) - **Industry**: In Vitro Diagnostics (IVD) Financial Performance - **Q1 2025 Revenue**: 272 million CNY, a year-on-year increase of 16.63% [1] - **2024 Revenue**: 1.109 billion CNY, a year-on-year increase of 6.27% [2] - **Domestic Sales Recovery**: Q1 2025 domestic sales grew over 20% year-on-year, recovering from a 1% decline in 2024 [1][2] - **Net Profit Growth**: Q1 2025 net profit and non-recurring net profit both exceeded 40% year-on-year growth despite VAT increase [2] Research and Development - **R&D Investment**: 216 million CNY in 2024, accounting for 19.49% of revenue [1][4] - **Patents and Innovations**: 5 new invention patents authorized; HRD product entered special review for innovative medical devices [1][4] - **R&D Centers**: Established dual R&D centers in Xiamen and Shanghai, recognized as a national enterprise technology center [3] Domestic Market Insights - **Domestic Revenue**: 777 million CNY in 2024, with a 1% decline, but Q1 2025 showed a strong recovery [5] - **Organizational Adjustments**: Structural optimization has laid the foundation for future growth [5] - **Service Team**: Approximately 400 professionals serving over 500 leading hospitals [5] International Market Performance - **International Revenue**: 332 million CNY in 2024, a year-on-year increase of 28.61% [2][6] - **Global Operations**: Established subsidiaries in Singapore, Hong Kong, and Canada, and a logistics center in the Netherlands [6] - **Product Approvals**: New products like FGFR companion diagnostics approved in Japan [6] Collaborations with Pharmaceutical Companies - **Strategic Partnerships**: Collaborations with major pharmaceutical companies for companion diagnostics on PCR and NGS platforms [8] - **Product Applications**: Companion diagnostics for various cancer drugs developed in partnership with companies like Merck and AstraZeneca [9] Market Challenges and Opportunities - **IVD Market Challenges**: Price pressures from hospitals and competition from domestic second-generation sequencing manufacturers [12][10] - **Growth Projections**: Expected overall revenue growth of over 15% in 2025, with net profit growth of at least 20% [3][25] Regulatory and Compliance - **VAT Impact**: Increase from 3% to 13% affects revenue recognition, with an estimated impact of about 8.58 percentage points [30] - **Compliance Upgrades**: Ongoing upgrades to ensure compliance with EU regulations [7] Future Outlook - **Market Expansion**: Plans to expand into endocrine and breast cancer markets as growth highlights for 2025 [25][26] - **Focus on Early Screening**: Despite challenges, the company is developing early screening products, particularly for urinary tract cancers [22] - **Long-term Strategy**: Aiming for a 15% revenue increase and a 20% net profit increase through product line expansion and technological innovation [35]