证券研究报告 | 半年报点评 gszqdatemark 2025 09 07 年 月 日 新产业（300832.SZ） 国内短期承压，海外延续高增，期待 25Q3 国内业绩修复 股价走势 新产业发布 2025 年半年度报告。2025H1 公司实现营业收入 21.85 亿元，同 比下滑 1.18%；归母净利润 7.71 亿元，同比下滑 14.62%；扣非后归母净利 润 7.26 亿元，同比下滑 16.33%。分季度看，2025Q2 实现营业收入 10.60 亿 元，同比下滑 10.88%；归母净利润 3.34 亿元，同比下滑 30.06%；扣非后归 母净利润 3.09 亿元，同比下滑 34.00%。 观点：政策扰动导致收入端短期承压，利润端增速不及收入端主要系毛利率下 降及期间费用率抬升所致，预计 2025Q3 国内试剂迎来量、价双重修复，有 望看到业绩拐点。海外市场增长靓丽，海外本土化布局持续深化，收入与利润 有望迎来双击。中高端仪器装机进展顺利，带动高端客户群突破，奠定试剂销 售根基。 政策扰动导致业绩短期承压，利润端增速不及收入端主要系毛利率下降及期 间费用率提升所致，期待 25Q3 迎来业绩拐点。受带量 ...

据了解，为贯彻落实省、市关于促进高校毕业生高质量充分就业的决策部署，切实提升高校毕业生 在人工智能、智能制造、集成电路、生物医药、数字科技等领域的就业能力，今年暑假期间，南京市劳 动就业服务管理中心已先后组织赴紫金山实验室、菲尼克斯、华天科技、正大天晴等知名企业开展四 场"宁聚服务行 乐业金陵"创新产业参访活动，吸引南京大学、东南大学、南京理工大学等近20所在宁 高校的200余名在校大学生参与。 在专题分享环节，企业人力资源管理中心研发BP部汪经理及来自南京市就业指导专家团的周老 师，围绕"医药行业当前形势和就业指导""在智能世界中发掘你的职业可能"等主题进行分享，深入剖析 了当前的就业形势及应对策略，阐述了科技创新是企业发展的灵魂，传授了如何在面试中脱颖而出的方 法，台下同学们认真记录，不时回应。 接下来，市人社部门还将继续组织青年大学生走进南京炫佳网络科技、江苏原力数字科技等行业标 杆企业，让学子们进一步沉浸式体验职场生态、拓展职业视野、校准就业坐标，为未来求职竞争力的提 升打下坚实基础。 9月2日，在南京正大天晴制药有限公司的精益生产车间内，机械臂精准运转、自动化流水线有序 作业，来自在宁高校的同学们驻 ...

◎记者 时娜 随着2873家深交所上市公司如期披露2025年半年度报告，深市整体业绩情况及各行业经营底色和景气程 度全盘呈现。 上半年，深市公司营收、净利实现"双增长"，业绩稳中向好态势明显。战略性新兴产业公司增势强劲， 电子、计算机、通信等与发展新质生产力高度相关的行业，以及家用电器、农林牧渔等与国计民生相关 的行业业绩表现亮眼，一批实力强、技术硬的优质企业正在崛起。 近八成上市公司实现盈利 数据显示，深市已披露业绩的2873家公司2025年上半年合计实现营业收入10.24万亿元，同比增长 3.64%；合计实现归属于上市公司股东的净利润（下称"净利润"）5954.56亿元，同比增长8.88%。近八 成公司实现盈利，超过五成公司实现净利润同比增长，超过两成的公司盈利同比增长超50%。 其中，深市主板作为市场化蓝筹和细分行业冠军的聚集地，整体经营业绩保持稳定增长态势。 已披露半年报的1489家深市主板公司合计实现营业收入8.19万亿元，平均实现营业收入54.99亿元。其 中，共有801家公司营业收入同比增长，占比53.76%；822家公司净利润同比增长，占比55.17%。 上半年，深市"链主"企业普遍交出亮眼成 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 新产业(300832) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 大型机占比持续提升，收入展现增长 韧性 海外业务稳健增长，大型机装机持续 推进 大型机占比持续提升，助力业绩稳健 增长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 海外业务稳步增长，国内市场短期承压 [Table_ReportDate] 2025 年 09 月 03 日 [Table_S 事件：公司发布 ...

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

盈利预测与投资评级：考虑到上半年短期承压，公司业绩有望逐步复苏，我们将公司2025-2027 年归母 净利润由20.91/24.82/28.96 亿元下调为18.49/22.52/27.57 亿元，对应当前市值的PE 分别为22/18/15 倍， 考虑到公司海外发展顺利，维持"买入"评级。 风险提示：地缘政治风险，新产品市场推广或不及预期的风险，医药行业政策风险等。 国内市场覆盖度逐步提升：2025H1，国内实现收入12.29 亿元（-12.81%），其中，国内试剂类业务收 入同比下降18.96%，国内仪器类收入同比增长18.18%；公司延续大客户营销策略，通过高速化学发光 免疫分析仪MAGLUMI X8、MAGLUMI X6 及流水线产品SATLARS T8 的推广，持续拓展国内大型医疗 终端。2025H1，国内市场完成化学发光免疫分析仪装机774 台，大型机装机占比达到74.81%。截止 2025H1，公司产品服务的三级医院数量达到1,835 家，三级医院覆盖率为47.60%，其中三甲医院的覆盖 率达63.51%（依据2024 年8 月国家卫健委发布的《2023 年我国卫生健康事业发展统计公报》数据计 算 ...

证券研究报告·公司点评报告·医疗器械 新产业（300832） 2025 年中报点评：海外推进顺利，期待逐季 改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,930 | 4,535 | 4,897 | 5,707 | 6,619 | | 同比（%） | 28.97 | 15.41 | 7.98 | 16.53 | 15.98 | | 归母净利润（百万元） | 1,654 | 1,828 | 1,849 | 2,252 | 2,757 | | 同比（%） | 24.53 | 10.57 | 1.13 | 21.78 | 22.46 | | EPS-最新摊薄（元/股） | 2.10 | 2.33 | 2.35 | 2.87 | 3.51 | | P/E（现价&最新摊薄） | 24.90 | 22.52 | 22.27 | 18.29 | 14.93 | [Table_Tag] [Table_Summary] ...

证券日报网讯 9月1日晚间，新产业发布公告称，公司于近日收到公司控股股东西藏新产业的函告，获 悉其所持有的公司1，206万股股份办理了质押手续；另，西藏新产业已质押给华泰证券股份有限公司的 其所持有的公司1，050万股股份办理了解除质押手续。 （文章来源：证券日报） ...

Core Viewpoint - The expansion of the Guotai Junan Lingang Innovation Industrial Park REIT marks a significant milestone as the first public REIT expansion project by a state-owned enterprise in Shanghai, showcasing strong market recognition and investor interest [2]. Group 1: REIT Performance and Expansion - The Guotai Junan Lingang Innovation Industrial Park REIT has maintained a rental rate above 94% since its initial public offering, demonstrating operational resilience and providing stable returns to investors, with cumulative dividends reaching 72.84 million yuan [1]. - The recent expansion involves acquiring the Caohejing Technology Oasis Kangqiao Park, which has shown strong operational performance with an average rental rate of 95% or higher over the past three years [1][2]. - The expansion project raised approximately 1.723 billion yuan by issuing around 389 million fund shares, indicating robust investor demand and confidence in the REIT's value [2]. Group 2: Strategic Implications for the Company - The Lingang Group is shifting its focus from real estate development to enhancing its industrial and technological attributes, utilizing public REITs as a financial tool to optimize asset structure and activate existing assets [2]. - The dual strategy of "listed companies + public REITs" aims to inject mature R&D assets into the REIT, thereby expanding market size and improving liquidity, which is crucial for the Lingang Group's asset operation [2]. - Guotai Haitong aims to deepen its engagement in the public REITs sector, supporting national strategies related to urban renewal and technological innovation by revitalizing quality existing assets and broadening financing channels for enterprises [3].

证券研究报告 C 国金证券 内容 寵愛 • 医疗设备：调整期进入尾声，下半年有望拐点向上。202502单季度收入同比-5.26%，2024年受到"以旧换新" 政策实施延迟影响大部分企业202403至今业绩下滑较大，2025年上半年国内招标需求已呈现恢复趋势，预计下 半年业绩有望逐步修复。板块归母净利润同比-27.93%，板块毛利率从2024Q2的53.07%下降到2025Q2的 49.00%，同比-4.07pct，部分中低端产品在县域市场集中采购价格偏低，对行业整体利润率产生影响。 · 医疗耗材：收入端稳步增长，毛利率相对平稳。202502单季度收入同比增长1.33%，持续保持增长趋势，耗材 使用需求与国内患者诊疗需求直接相关，整体波动相对较小。板块归母净利润同比-6.28%，板块毛利率从 2024Q2的42.13%提升到2025Q2的42.24%，同比+0.11pct，大部分高值耗材产品在集采后价格逐步稳定，各企 业对研发及创新产品投入更加重视。 · 体外诊断：国内需求承压明显，长期国产化率有望提升。2025Q2单季度收入同比-16.53%，国内诊断需求由于 DRG的推行受到较大影响，同时各地逐步推出医院检 ...