May 9, 2025 05:51 AM GMT Shenzhen New Industries | Asia Pacific China BEST Conference 2025 Feedback Key Takeaways Targeting single-digit China growth for 2025, with faster analyzer than reagent growth: For analyzer installations, SNIBE continues to target 2,000 units (¾ being high throughput models) and 200 TLAs in 2025. Reagent ASP should have bottomed in 2Q25 (~5% QoQ decline from 1Q25) hence the YoY price impacts will be largely digested by 4Q25. As for volume, mgmt expects sequentially improving volume ...

Core Viewpoint - The article highlights the experiences of Joseph, an engineer in the Chinese electric vehicle (EV) industry, emphasizing the rapid technological advancements and the international collaboration within the sector [2][3][4]. Group 1: Industry Development - The Chinese electric vehicle industry has witnessed rapid technological changes, allowing professionals like Joseph to continuously learn and adapt to new technologies [2][4]. - Joseph's contributions to optimizing the NVH testing standards for NIO's 800V fourth-generation electric drive system resulted in a 13% increase in testing efficiency, saving the company over one million yuan in equipment investments and accelerating product launch timelines [3]. - The article notes that China has transitioned from being the "world's factory" to becoming a global innovation engine, with a complete EV industry chain and many of the latest technologies emerging from the country [6]. Group 2: Company Insights - Joseph's role at NIO involves leading the optimization of electric drive systems, showcasing the company's commitment to innovation and efficiency [3][6]. - The establishment of an automated testing line with over 80% automation rate, capable of testing an electric drive system every 53 seconds, reflects NIO's focus on advanced manufacturing processes [6]. - NIO's culture encourages creativity and challenges, allowing engineers like Joseph to implement their ideas without rigid constraints [6]. Group 3: Personal Experience and Cultural Integration - Joseph's journey in China began 13 years ago, initially working in market analysis for the nascent EV sector, which has since evolved significantly [4]. - The article describes Joseph's adaptation to Chinese culture, highlighting the warmth and hospitality he experienced from colleagues and the local community [4]. - Joseph's personal life in China, including his marriage to a Chinese woman and his enjoyment of local cuisine, illustrates the deep integration he has achieved within Chinese society [6].

Core Viewpoint - Shenzhen has officially proposed the establishment of an "Industrial Financial Center" in its government work report, with the release of the "Action Plan" outlining 20 measures to achieve this goal by 2026 [1][2]. Group 1: Action Plan Objectives - The main goal of the Action Plan is to fully implement the capital market's role in supporting high-quality economic development by 2026, focusing on creating a high-quality capital market that meets innovative capital aggregation needs [2]. Group 2: Capital Formation Mechanism - The Action Plan emphasizes the need to embrace new productive forces and establish a first-class innovative capital formation mechanism, encouraging state-owned and government investment funds to act as long-term, patient, and bold capital [3]. - Shenzhen is the first in the country to propose "bold capital," allowing for a maximum loss of 100% for qualifying projects to ease the assessment of state-owned funds [3]. Group 3: Bond Market Development - The Action Plan includes improving the bond financing service system, supporting high-tech and innovative enterprises in bond financing, and promoting the issuance of technology innovation bonds [3]. - Two Shenzhen companies are among the first to issue technology innovation bonds, with a total of 20 million yuan planned [3]. Group 4: Attracting Long-term Capital - The Action Plan aims to attract long-term capital into the market by promoting insurance funds to invest in private equity and venture capital funds [4]. - Shenzhen has introduced significant funds, including a 5.1 billion yuan special fund for technology innovation [4]. Group 5: Enhancing Listing Quality - To improve the quality of listed companies, the Action Plan proposes measures such as enhancing regulatory mechanisms and ensuring strict oversight of major shareholders and executives [6]. - Shenzhen currently has 584 listed companies with a total market capitalization of approximately 8.61 trillion yuan [6]. Group 6: Mergers and Acquisitions - The Action Plan encourages listed companies to engage in mergers and acquisitions to strengthen industry integration and create leading enterprises [7]. - Shenzhen has previously introduced supportive measures for mergers and acquisitions, with a resource pool of 425 potential acquisition targets [7]. Group 7: Capital Market Ecosystem - The Action Plan aims to build a multi-tiered capital market ecosystem, enhancing the service capabilities of Shenzhen's stock exchange and regional equity markets [8]. - The "Specialized, Refined, Characteristic, and Innovative" board has been established, with 301 companies listed, 80.73% of which are small and medium-sized enterprises [8]. Group 8: Cross-border Financial Cooperation - The Action Plan emphasizes deepening cross-border financial cooperation, including enhancing connectivity between Shenzhen and Hong Kong stock exchanges [8]. - Since the launch of the "Cross-border Wealth Management Connect" 2.0, Shenzhen has seen significant growth in personal investors and cross-border transactions [9].

证券代码：300832 证券简称：新产业 公告编号：2025-039 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 19 日（星期一）下午 14:30。 （2）网络投票时间：2025 年 5 月 19 日（星期一）。 深圳市新产业生物医学工程股份有限公司 关于召开 2024 年年度股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市新产业生物医学工程股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第五届董事会第三次会议审议通过了《关于提请召开深圳市新产 业生物医学工程股份有限公司 2024 年年度股东会的议案》，决定于 2025 年 5 月 19 日（星期一）下午 14:30 以现场投票结合网络投票的方式召开公司 2024 年年 度股东会（以下简称"本次股东会"）。公司已于 2025 年 4 月 26 日在巨潮资讯 网（www.cninfo.com.cn）上披露了《关于召开 2024 年年度股东会的通知》（公 告编号：2025-037），现就本次股东会的相关事宜再次提示公告如下： 一、召开 ...

关于获得医疗器械注册证的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，深圳市新产业生物医学工程股份有限公司（以下简称"公司"）收到 了广东省药品监督管理局颁发的 1 项《医疗器械注册证》。具体情况如下： | 产品名称 | 注册 分类 | 注册证编号 | | | 注册证有效期 | | | 适用范围 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | C 反应蛋白测定试 剂盒（胶乳免疫比 | Ⅱ类 | 粤械注准 | 2025 | 年 | 05 | 月 06 | 日至 | 本试剂盒用于体外定量 测定人血清或血浆中 C 反应蛋白的含量。临床 | | | | 20252400665 | 2030 | 年 | 05 | 月 05 | 日 | | | 浊法）注 | | | | | | | | 上用于非特异性炎症的 | | | | | | | | | | 辅助诊断。 | 证券代码：300832 证券简称：新产业 公告编号：2025-040 深圳市新产业生物医学工程股份有限公司 特此公告。 深圳市 ...

Core Viewpoint - The IVD industry is experiencing a significant downturn in revenue and profits, with over 70% of companies reporting a year-on-year decline in revenue and more than half facing losses or drastically reduced profits [2][5]. Revenue and Profit Trends - In Q1 2025, major IVD companies such as Mindray Medical, Dian Diagnostics, and RunDa Medical reported substantial declines in both revenue and net profit, with Mindray's revenue at 8.237 billion yuan (down 12.12%) and net profit at 2.629 billion yuan (down 16.81%) [2][4]. - Among 60 IVD companies analyzed, 16 reported revenue growth, with 8 achieving both revenue and net profit growth [2]. Market Challenges - The IVD sector is facing multiple challenges, including a slowdown in the conventional medical testing market, stricter cost control policies in healthcare, and the impact of centralized procurement policies [5][6]. - The anticipated centralized procurement in 28 provinces is expected to further pressure IVD companies, particularly in the high-volume chemical luminescence market [6]. Company Strategies and Innovations - Some companies are adapting by focusing on niche markets and innovative product offerings, such as New Industry and Sansure Bio, which reported revenue growth of 10.12% and 21.62% respectively in Q1 2025 [9]. - Companies are also exploring international markets, with Mindray's overseas revenue reaching 16.43 billion yuan in 2024, accounting for 44.75% of total revenue [9][10]. Technological Advancements - The IVD industry is witnessing a shift towards digitalization and AI integration, with partnerships like that of BGI and Dian Diagnostics aiming to enhance diagnostic efficiency and precision [10][11]. - The emergence of AI technologies is reshaping the IVD landscape, although challenges remain in data integration and commercialization [11].

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a recent increase, reflecting a mixed performance over different time frames [1][2]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services rose by 0.39% to 13,367.74 points, with a trading volume of 14.635 billion yuan [1]. - Over the past month, the index has increased by 5.82%, while it has decreased by 2.05% over the last three months and by 2.72% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, selected from the broader China Securities Index to reflect the overall performance of healthcare-related securities [1]. - The top ten weighted companies in the index include: Mindray Medical (9.57%), Aier Eye Hospital (8.34%), United Imaging (7.63%), Aimeike (3.55%), Huatai Medical (3.28%), Yuyue Medical (2.88%), New Industry (2.81%), Meinian Onehealth (2.35%), Lepu Medical (2.07%), and Jiuan Medical (2.03%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.66%) and the Shanghai Stock Exchange (39.34%) [1]. - In terms of industry composition, medical devices account for 34.34%, medical consumables for 27.26%, in vitro diagnostics for 21.50%, and medical services for 16.90% [2]. Group 4: Fund Tracking - Several public funds track the China Securities Index for Healthcare Equipment and Services, including Southern China Securities Index Healthcare Equipment and Services Link A, C, and I, Tianhong China Securities Index Healthcare Equipment and Services ETF, and others [2].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 新产业（300832.SZ） Q1 海外市场延续高增，高端机型持续突破 新产业发布 2024 年度报告。2024 年公司实现营业收入 45.35 亿元，同比增长 15.41%；归母净利润 18.28 亿元，同比增长 10.57%；扣非后归母净利润 17.20 亿元，同比增长 11.19%。分季度看，2024Q4 实现营业收入 11.21 亿元，同比增 长 9.75%；归母净利润 4.45 亿元，同比下滑 4.73%；扣非后归母净利润 3.90 亿 元，同比下滑 12.58%。 新产业发布 2025 年度一季报。2025Q1 公司实现营业收入 11.25 亿元，同比增长 10.12%；归母净利润 4.38 亿元，同比增长 2.65%；扣非后归母净利润 4.17 亿元， 同比增长 4.39%。 观点：2024 年海外市场表现靓丽，国内市场在集采压力下依旧实现稳健增长。 2025Q1 海外市场延续高增态势，利润端增速不及收入端，主要系集采压力下毛 利率波动影响。海内外高端机型装机进展顺利，三级医院覆盖率持续提升，海外 本土化 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown strong performance in overseas markets, with a revenue increase of 27.67% in 2024, while domestic revenue grew by 9.32% despite pricing pressures from procurement policies [2][3] - The company is expanding its high-end product offerings and increasing its market share in both domestic and international markets, with significant progress in the installation of high-end models [4] - Profit growth is lagging behind revenue growth due to fluctuations in gross margins influenced by procurement pressures [3] Financial Performance Summary - In 2024, the company achieved a total revenue of 45.35 billion yuan, a year-on-year increase of 15.41%, and a net profit of 18.28 billion yuan, up 10.57% [1] - The gross margin for 2024 was 72.07%, slightly down by 0.89 percentage points from the previous year, with a notable increase in the proportion of lower-margin equipment sales [2] - For Q1 2025, the company reported a revenue of 11.25 billion yuan, a 10.12% increase year-on-year, while net profit grew by 2.65% [1][3] Market Expansion and Product Development - The company has successfully increased its coverage in tier-three hospitals, reaching a coverage rate of 44.93% in the domestic market [4] - In 2024, the company installed 4,017 units in overseas markets, with high-end models accounting for 67.16% of installations [4] - The company is actively establishing subsidiaries in key international markets, including Indonesia, Malaysia, and Thailand, to enhance its global presence [4] Future Projections - Revenue projections for 2025-2027 are estimated at 51.58 billion yuan, 60.07 billion yuan, and 70.75 billion yuan, respectively, with expected growth rates of 13.7%, 16.5%, and 17.8% [4] - Net profit forecasts for the same period are 20.63 billion yuan, 24.27 billion yuan, and 28.74 billion yuan, with growth rates of 12.8%, 17.6%, and 18.4% [4]

新产业发布2024 年度报告。2024 年公司实现营业收入45.35 亿元，同比增长15.41%；归母净利润18.28 亿元，同比增长10.57%；扣非后归母净利润17.20亿元，同比增长11.19%。分季度看，2024Q4 实现营业 收入11.21 亿元，同比增长9.75%；归母净利润4.45 亿元，同比下滑4.73%；扣非后归母净利润3.90 亿 元，同比下滑12.58%。 新产业发布2025 年度一季报。2025Q1 公司实现营业收入11.25 亿元，同比增长10.12%；归母净利润 4.38 亿元，同比增长2.65%；扣非后归母净利润4.17 亿元，同比增长4.39%。 海外市场：延续高增态势，收入同比增长27.03%。大型设备装机同比加速，海内外MAGLUMI X8 实现 装机303 台，SATLARS T8 流水线装机39 条。2025Q1 利润端增速不及收入端，主要系集采导致毛利率 波动影响。2025Q1 公司毛利率68.01%（同比-5.83pp），销售费用率14.21%（（同比-1.39pp），管理费 用率2.52%（（同比-0.35pp），研发费用率9.06%（同比-0.87pp）。 国内 ...