厦门艾德生物医药科技股份有限公司 2025 年半年度报告全文 厦门艾德生物医药科技股份有限公司 2025 年半年度报告 2025-039 2025 年 7 月 1 厦门艾德生物医药科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人 LI-MOU ZHENG、主管会计工作负责人陈英及会计机构负责 人(会计主管人员)陈英声明：保证本半年度报告中财务报告的真实、准确、完 整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来经营计划或规划等前瞻性陈述，均不构成公司对任何 投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足够的风险认 识，并且应当理解计划、预测与承诺之间的差异。 体外诊断行业具有技术更新较快、产品研发周期长、投入大、监管严等特 点。新产品研发过程中存在临床验证、注册审批等多重风险，伴随诊断产品还 要进行患者临床用药的疗效验证。如果无法及时完成新产品的研发和注册报批， 可能影响公司产品迭代 ...

Company Overview - Xiamen Aide Biological Technology Co., Ltd. specializes in tumor gene testing reagents, software, and supporting instruments, as well as providing testing services and drug clinical research services [1] - The main products include testing reagents, testing services, and drug clinical research services [1] Financial Performance - For Q1 2025, the company reported revenue of 272 million yuan, representing a year-on-year increase of 16.63% [1] - The net profit for the same period was 90.47 million yuan, showing a year-on-year growth of 40.92% [1] - The sales gross margin stood at 83.48% [1] Market Position - As of July 25, the company's stock closed at 24.13 yuan, with a 1.00% increase, and a rolling price-to-earnings (PE) ratio of 33.61, marking a new low in 95 days [1] - The total market capitalization is 9.448 billion yuan [1] - In comparison to the industry, the average PE ratio for the medical device sector is 55.41, with a median of 37.94, placing Aide Biological at the 68th position in the industry ranking [1][2] Institutional Holdings - As of Q1 2025, there are 8 institutions holding shares in Aide Biological, all of which are funds, with a total holding of 1.3993 million shares valued at 3 million yuan [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.

Core Viewpoint - The report outlines the equity change of Xiamen Ade Biological Pharmaceutical Technology Co., Ltd., indicating that Ningbo Yixiang Private Equity Investment Partnership (Limited Partnership) has reduced its shareholding to below 5% due to a series of share repurchases and dilutions [1][4][12]. Group 1: Company Information - Company Name: Xiamen Ade Biological Pharmaceutical Technology Co., Ltd. [1] - Stock Code: 300685, listed on Shenzhen Stock Exchange [1] - Address: No. 16, Cao'ejiang Road, Beilun District, Ningbo, Zhejiang Province [1][3]. Group 2: Shareholding Changes - Prior to the equity change, Ningbo Yixiang held 7,593,000 shares, representing 9.491250% of the total share capital [5][12]. - Following the changes, the shareholding decreased to 19,576,800 shares, which is 4.999998% of the total share capital [12]. - The reduction in shareholding was attributed to the company's share repurchase and dilution of shares due to new issuances [4][12]. Group 3: Future Plans - The company disclosed a reduction plan for shareholders holding more than 5% of shares, with Ningbo Yixiang planning to reduce its holdings from May 28, 2025 [4][12]. - As of the report date, there are no explicit plans for further increases or decreases in shareholding within the next 12 months, although the possibility remains [4][12]. Group 4: Legal Compliance - The report confirms compliance with relevant laws and regulations, including the Securities Law and the Management Measures for the Acquisition of Listed Companies [2][4]. - The information disclosure obligation has been fulfilled, ensuring no false records or misleading statements are present [2][15].

Core Viewpoint - The equity change by Ningbo Yixiang Investment Partnership will not affect the company's governance structure or ongoing operations, nor will it lead to changes in the controlling shareholder or actual controller [1]. Summary of Equity Changes - Since the company's initial public offering, the equity changes of Yixiang Investment are as follows: - After a cash dividend of 2.4 RMB per 10 shares and a capital reserve increase of 8 shares per 10 shares, the total share capital increased to 144 million shares, with Yixiang Investment holding 13,667,400 shares, representing 9.491250% of the total [1]. - Following various stock repurchases and capital increases, Yixiang Investment's shareholding has been diluted to 9.286117% and subsequently to 9.237133% as the total share capital fluctuated [2][3]. - After the 2019 dividend distribution, Yixiang Investment's shares increased to 20,501,100, maintaining a 9.237133% stake despite the total share capital rising to 221,942,250 shares [2]. - The shareholding was further diluted to 6.688082% after a series of share reductions and repurchases, with Yixiang Investment holding 14,834,700 shares [3]. - By the end of 2022, after a significant reduction in shares, Yixiang Investment's holding decreased to 20,026,900 shares, representing 5.074915% of the total share capital [5]. - As of November 2023, following additional share repurchases, Yixiang Investment's stake was further diluted to 5.095100% with 20,026,900 shares held [6][7]. Shareholding Situation Before and After Changes - Before the recent equity changes, Yixiang Investment held 7,593,000 shares, representing 9.491250% of the total share capital. After the changes, the holding decreased to 19,576,800 shares, which is 4.999998% of the total [7].

股票简称：艾德生物 股票代码：300685 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 股票上市地：深圳证券交易所 信息披露义务人：宁波屹祥自有资金投资合伙企业（有限合伙）1 住所或通讯地址：浙江省宁波市北仑区大碶街道曹娥江路 16 号 1 幢 3 楼 328 室 股份变动性质：持股比例降至 5%以下 签署日期：2025 年 7 月 24 日 1 宁波屹祥自有资金投资合伙企业（有限合伙）原名"厦门市屹祥投资合伙企业（有限合伙）"，于 2025 年 7 月经工商登记机关核准完成名称变更。 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 ...

证券代码：300685 证券简称：艾德生物 公告编号：2025-037 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 股东宁波屹祥自有资金投资合伙企业（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"） 于近日收到股东宁波屹祥自有资金投资合伙企业（有限合伙）1（以下简称"屹 祥投资"）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： 一、本次权益变动的基本情况 自公司首次公开发行股票以来，屹祥投资权益变动的情况如下： 1、2018 年 6 月 20 日，公司披露《2017 年度权益分派实施的公告》，公司 2017 年度权益分派方案为：以公司现有总股本 80,000,000 股为基数，向全体股 东每 10 股派 2.4 元人民币现金（含税），同时，以资本公积金向全体股东每 10 股转增 8 股。实施 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector underperformed the overall market this week, with the healthcare services sector leading the gains. The overall A-share market rose by 1.50%, while the biopharmaceutical sector increased by 1.82%, outperforming the market [1][33] - Merck announced a $10 billion acquisition of Verona Pharma to obtain the COPD drug Ohtuvayre, which is expected to be a significant product in the respiratory disease treatment market [2][10] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, with revenues expected to reach 20.799 billion yuan, reflecting a growth of 20.64% [3] Summary by Sections Market Performance - The biopharmaceutical sector's price-to-earnings ratio (TTM) stands at 35.79x, which is at the 77.7 percentile of its historical valuation over the past five years [1][38] - The overall A-share market and various sub-sectors showed positive performance, with healthcare services up by 6.46% [1][33] Key Company Updates - Merck's acquisition of Verona Pharma will provide access to Ohtuvayre, a dual-target PDE3/4 inhibitor approved for COPD maintenance therapy, marking a significant advancement in treatment options [2][10] - Ohtuvayre's sales reached $71 million in Q1 2025, indicating strong market uptake and potential for expansion into other indications [22][24] Company Earnings Forecasts - WuXi AppTec's net profit for H1 2025 is expected to be 8.561 billion yuan, a 101.92% increase, driven by strong operational performance [3] - The report includes earnings forecasts for several companies, with WuXi AppTec and Mindray Medical both rated as "Outperform" [4][42] Investment Recommendations - Mindray Medical is highlighted as a leading domestic medical device company benefiting from new healthcare infrastructure and product upgrades [42] - WuXi AppTec is recognized for its comprehensive service capabilities in the new drug development outsourcing market [42] - Other recommended companies include New Industries, Huatai Medical, and Aibo Medical, each with strong market positions and growth potential [42][43][44]

Group 1 - The core viewpoint of the news is that Aide Biological has shown a significant increase in stock price and performance metrics, despite being ranked lower in the industry PE ratio [1] - As of July 8, Aide Biological's closing stock price was 22.84 yuan, up 5.50%, with a rolling PE ratio of 31.81, marking a new low in 64 days and a total market capitalization of 8.943 billion yuan [1] - The company is ranked 68th in the medical device industry, which has an average PE ratio of 51.58 and a median of 37.46 [1] Group 2 - As of the first quarter of 2025, 27 institutions held shares in Aide Biological, including 20 funds, 6 other entities, and 1 social security fund, with a total holding of 197.0434 million shares valued at 4.414 billion yuan [1] - Aide Biological specializes in tumor gene testing reagents, software, and supporting instruments, as well as providing testing services and drug clinical research services [1] - The latest performance report for the first quarter of 2025 shows that the company achieved an operating income of 272 million yuan, a year-on-year increase of 16.63%, and a net profit of 90.4718 million yuan, a year-on-year increase of 40.92%, with a sales gross margin of 83.48% [1]

Company Overview - Xiamen Aide Biological Technology Co., Ltd. specializes in tumor gene testing reagents, software, and supporting instruments, as well as providing testing services and drug clinical research services [1] - The main products include testing reagents, testing services, and drug clinical research services [1] Financial Performance - For Q1 2025, the company reported revenue of 272 million yuan, a year-on-year increase of 16.63% [1] - The net profit for the same period was 90.47 million yuan, reflecting a year-on-year growth of 40.92% [1] - The sales gross margin stood at 83.48% [1] Market Position - As of July 2, the company's stock closed at 21.28 yuan, down 1.48%, with a rolling PE ratio of 29.64 times [1] - The total market capitalization is 8.332 billion yuan [1] - In comparison to the medical device industry, which has an average PE ratio of 51.29 times and a median of 37.02 times, Aide Biological ranks 67th [1][2] Capital Flow - On July 2, the net outflow of main funds for Aide Biological was 11.87 million yuan, with a total outflow of 19.57 million yuan over the past five days [1]