Core Viewpoint - The stock price of Aide Biological on August 20 closed at 24.26 yuan, reflecting a decline of 0.57% from the previous trading day [1] Company Overview - Aide Biological operates in the medical device industry, focusing on precision medicine for oncology. The company's main business includes the research, development, production, and sales of molecular diagnostic products for cancer precision medicine [1] - The product range includes tumor companion diagnostics and early screening for tumors [1] Trading Activity - On August 20, Aide Biological experienced three block trades totaling 530,000 shares, with a transaction amount of 11.8296 million yuan and an average transaction price of 22.32 yuan, which is an 8% discount compared to the closing price of the day [1] - The opening price on the same day was 24.59 yuan, with a high of 24.59 yuan and a low of 23.82 yuan. The trading volume was 97,638 hands, and the total transaction amount reached 235 million yuan [1] Capital Flow - On August 20, the net outflow of main funds was 22.0659 million yuan, accounting for 0.23% of the circulating market value. Over the past five trading days, the cumulative net outflow was 7.9031 million yuan, representing 0.08% of the circulating market value [1]

财报季，机构持股动向逐渐浮出水面，社保基金二季度末共现身90只股，其中，34股已连续持有超8个 季度。 作为风格稳健的长期机构投资者，社保基金长线持有的重仓股引人关注，据证券时报·数据宝统计，截 至8月19日，公布半年报公司中，社保基金最新出现在90家公司前十大流通股东榜，向前追溯发现，共 有48只股获社保基金连续持有4个季度以上。其中，34只社保基金持有期超过两年，常熟银行、艾德生 物等6只获社保基金连续持仓超5年。 社保基金持有期限最长的个股是常熟银行，自2018年一季度以来已累计持有30个季度，最新嘉实基金管 理有限公司-社保基金16042组合、全国社保基金四一三组合、全国社保基金一一零组合、全国社保基金 四零六组合，位列公司第四大、第六大、第七大、第九大流通股东，持股量合计为2.78亿股，占流通股 比例为8.38%，社保基金持有期限较长的还有艾德生物、三人行、鹏鼎控股等，已连续持有26、21、20 个季度。 社保基金连续持仓超2年的34只个股中，从二季度末社保基金持股量来看，常熟银行、华发股份、鹏鼎 控股等持股数量居前，社保基金分别持有2.78亿股、9043.83万股、4301.00万股。社保基金持股 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a total A-share increase of 2.04% and a decline of 0.84% in the biotechnology sector [1][30]. - The brain-computer interface (BCI) industry is rapidly developing, supported by recent government policies and successful clinical trials, indicating significant growth potential [2][11]. - The report emphasizes the importance of innovative drugs and their supporting infrastructure, highlighting the positive impact of adjustments in medical insurance and commercial health insurance on domestic innovative drug sales [3][39]. Summary by Sections Market Performance - The overall A-share market increased by 2.04%, while the biotechnology sector decreased by 0.84%, indicating a weaker performance relative to the market [1][30]. - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 38.77x, which is at the 80.28th percentile of its historical valuation over the past five years [1][35]. Brain-Computer Interface Industry - The BCI industry is characterized by a growing number of supportive policies and technological advancements, with a focus on both invasive and non-invasive methods [2][11]. - The market for non-invasive BCIs is the primary research direction, accounting for 86% of the market share [11][16]. - The potential market size for serious medical applications of BCIs is estimated between $15 billion and $85 billion, while consumer medical applications could reach $25 billion to $60 billion [16]. Key Companies and Investment Recommendations - **Mindray Medical (300760.SZ)**: Rated "Outperform" with projected net profits increasing from 116.7 billion in 2024 to 161.9 billion in 2027 [4]. - **WuXi AppTec (603259.SH)**: Rated "Outperform" with expected net profits rising from 93.5 billion in 2024 to 145.1 billion in 2027 [4]. - **Aier Eye Hospital (300633.SZ)**: Rated "Outperform" with a focus on expanding its service network and enhancing service prices [39]. - **Huitai Medical (688617.SH)**: Rated "Outperform" with a strong focus on electrophysiology and interventional medical devices [40]. - **Innovative Medical (002173.SZ)**: Rated "Outperform" with ongoing clinical trials and expected registration of medical devices [39].

Core Viewpoint - The company, Adebiotech, has shown a stable performance in the medical device industry, with a notable increase in net profit despite a decline in capital inflow [1][2]. Company Overview - Adebiotech's main business includes tumor gene testing reagents, software, and supporting instruments, along with testing services and drug clinical research services [1]. - The company has received multiple national and industry honors, including "National High-tech Enterprise" and "National Enterprise Technology Center," highlighting its achievements in technological innovation [1]. Financial Performance - For the first half of 2025, the company reported revenue of 579 million yuan, a year-on-year increase of 6.69%, and a net profit of 189 million yuan, reflecting a year-on-year growth of 31.41% [2]. - The company's gross profit margin stands at 84.00% [2]. Market Position - As of August 15, Adebiotech's stock closed at 23.91 yuan, with a rolling price-to-earnings (PE) ratio of 31.20 times, while the average PE ratio in the medical device industry is 56.58 times [1][2]. - The company's total market capitalization is 9.362 billion yuan [1]. Capital Flow - On August 15, the company experienced a net outflow of 19.39 million yuan in principal funds, with a total outflow of 58.36 million yuan over the past five days [1].

Core Insights - The Social Security Fund (SSF) has invested in 57 stocks by the end of Q2, with 21 stocks held for over 8 quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The SSF's longest-held stock is Changshu Bank, held for 30 quarters since Q1 2018, with a total holding of 278 million shares, representing 8.38% of the circulating shares [1][3] - Other notable long-term holdings include Aide Biology (26 quarters), Sanrenxing (21 quarters), and Pengding Holdings (20 quarters) [1][3] - By the end of Q2, the top holdings by quantity include Changshu Bank (278 million shares), Huafa Co. (9.04 million shares), and Pengding Holdings (4.3 million shares) [2] Group 2: Shareholding Changes - Among the 21 stocks held for over 2 years, 7 saw an increase in holdings, with Hai Da Group, Hongfa Co., and Huagong Technology showing significant increases of 93.26%, 76.77%, and 62.89% respectively [2][3] - Conversely, 5 stocks experienced a decrease in holdings, with Huajin Co., Aide Biology, and Gongda Electronics showing declines of 56.76%, 52.54%, and 27.27% respectively [2][4] Group 3: Industry Performance - The 21 stocks held by the SSF are concentrated in the electronics, pharmaceutical, and basic chemical industries, with 3 stocks each from electronics and pharmaceuticals, and 2 from basic chemicals [2] - In terms of performance, 16 out of the 21 stocks reported a year-on-year increase in net profit, with notable increases from Jifeng Co. (189.51%), Pengding Holdings (57.22%), and Yanjing Beer (45.45%) [3][4] - The stocks with declining net profits include Huafa Co. (down 86.41%), Huajin Co. (down 33.15%), and Xinwei Communication (down 20.18%) [3][4]

Core Viewpoint - Guosen Securities has given a "better than market" rating to Adebiotech (300685.SZ, latest price: 23.95 yuan) based on its strong performance in testing reagents and stable financial metrics [2] Group 1: Company Performance - The testing reagent business is experiencing steady growth, with both domestic and overseas operations developing simultaneously [2] - Gross profit margin remains stable, while various expense ratios have decreased [2] - The operating cash flow is of high quality and remains robust [2]

Core Insights - The company achieved steady revenue growth in the first half of 2024, with revenue of 579 million (+6.7%) and net profit attributable to shareholders of 189 million (+31.4%) [1] - The company maintains a comprehensive companion diagnostic product system, supporting both targeted and immunotherapy [1][3] - The company is a leader in the field of tumor precision diagnosis and is expected to benefit from the growth in precision treatment for tumors [3] Revenue and Profit Analysis - In Q2 2024, the company reported revenue of 307 million (-0.8%), but a quarter-on-quarter growth of 13% [1] - The net profit for Q2 was 99 million (+23.7%), with a quarter-on-quarter increase of 9% [1] - The adjusted net profit for Q2 was 98 million (+16.7%), indicating strong year-on-year profit growth [1] Business Segment Performance - Revenue from diagnostic reagents in the first half of 2024 was 483 million (+7.9%), with a gross margin of 90.7% [1] - The testing services segment generated revenue of 33 million (+0.9%), with a gross margin of 48.7% [1] - The drug clinical research services segment saw revenue of 57 million (-5%), with a gross margin of 53.1% [2] Cost and Margin Analysis - The overall gross margin for the first half of 2024 was 84.0% (-1.1 percentage points) [3] - Sales expense ratio decreased to 25.7% (-3.8 percentage points), and R&D expense ratio decreased to 15.6% (-3.9 percentage points) [3] - The net profit margin increased significantly, with a net profit margin of 32.6%, up 6.1 percentage points year-on-year [3] Cash Flow and Future Outlook - The operating cash flow net amount for the first half of 2024 was 171 million (+22.6%), maintaining a healthy ratio of operating cash flow to net profit [3] - The company maintains profit forecasts for 2025-2027, with expected net profits of 317 million, 382 million, and 451 million, representing year-on-year growth of 24.4%, 20.5%, and 18.1% respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20]. Core Views - The company has demonstrated robust performance with a 40% year-on-year growth in non-recurring net profit for the first half of 2024, highlighting effective cost reduction and efficiency improvements [1][3]. - The company is a leader in the field of tumor precision diagnosis, having established a comprehensive suite of companion diagnostic products from targeted therapy to immunotherapy, positioning itself to benefit from the growth in tumor precision treatment [3][20]. - The company has successfully expanded its international market presence, which is expected to accelerate its growth in the medium to long term [3][20]. Financial Performance - In the first half of 2024, the company achieved revenue of 579 million (up 6.7%) and a net profit attributable to shareholders of 189 million (up 31.4%), with a non-recurring net profit of 185 million (up 40.0%) [1][9]. - The second quarter of 2024 saw revenue of 307 million (down 0.8% year-on-year) but a 13% increase quarter-on-quarter, with a net profit of 99 million (up 23.7%) and a non-recurring net profit of 98 million (up 16.7%) [1][9]. - The gross margin for the first half of 2025 was 84.0% (down 1.1 percentage points), with significant reductions in various expense ratios, leading to a substantial increase in net profit margin to 32.6%, up 6.1 percentage points year-on-year [3][18]. Business Segments - The revenue from testing reagents in the first half of 2025 was 483 million (up 7.9%), with a gross margin of 90.7% (down 0.2 percentage points) [2][10]. - The testing services segment generated 33 million (up 0.9%) with a gross margin of 48.7% (down 2.8 percentage points), while the drug clinical research services segment saw revenue of 57 million (down 5%) with a gross margin of 53.1% (down 9.8 percentage points) [2][10]. - Domestic sales accounted for 442 million (up 7.1%), while international sales and pharmaceutical business development revenue reached 137 million (up 5.4%) in the first half of 2025 [2][10]. Cash Flow and Financial Health - The operating cash flow for the first half of 2025 was 171 million (up 22.6%), with a ratio of operating cash flow to net profit of 90.2%, indicating a healthy financial state [3][18]. - The company maintained a cash balance of 984 million as of the half-year report [18].

8月12日，艾德生物大宗交易成交50万股，成交额1094万元，占当日总成交额的4.87%，成交价21.88元，较市场收盘价23.95 元折价8.64%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-12 | 300682 | 艾德生物 | 21.88 | 50.00 | 1,094.00 机构专用 | | | | | | | | | | | 中国中金财富证券 | | | | | | | | | 有限公司厦门分公 | | | | | | | | | 리 | ...

进一步统计，近3个月内该股累计发生31笔大宗交易，合计成交金额为1.47亿元。 | 15.00 | 322.50 | 21.50 | -9.59 | 华泰证券股份有限公司南京大光 | 中国中金财富证券有 | | --- | --- | --- | --- | --- | --- | | | | | | 路证券营业部 | 限公司厦门分公司 | | 14.00 | 301.00 | 21.50 | -9.59 | 华泰证券股份有限公司南京分公 | 中国中金财富证券有 | | | | | | 司 | 限公司厦门分公司 | | 13.00 | 279.50 | 21.50 | -9.59 | 华泰证券股份有限公司南京文澜 | 中国中金财富证券有 | | | | | | 路证券营业部 | 限公司厦门分公司 | | 13.00 | 279.50 | 21.50 | -9.59 | 招商证券股份有限公司西安北大 | 中国中金财富证券有 | | | | | | 街证券营业部 | 限公司厦门分公司 | | 12.00 | 258.00 | 21.50 | -9.59 | 中国银河证券股份有限公司南京 | 中国中金财富证券有 | ...