Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Views - The company's Q3 performance shows gradual improvement, with domestic market recovery and enhanced overseas profitability [4][5]. - Domestic revenue for the first three quarters of 2025 reached 1.955 billion yuan, a year-on-year decrease of 11%, primarily due to centralized procurement and the unbundling of testing packages [4]. - The overseas market demonstrated strong performance, with revenue of 1.467 billion yuan, a year-on-year increase of 21%, driven by a 37% increase in reagent sales [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.428 billion yuan, a year-on-year increase of 0.39%, and a net profit of 1.205 billion yuan, a year-on-year decrease of 12.92% [3]. - Q3 revenue was 1.243 billion yuan, up 3.28% year-on-year, with a net profit of 434 million yuan, down 9.72% year-on-year [3]. Domestic Market Insights - The domestic market is gradually bottoming out, with significant results from the large customer strategy [4]. - The company installed 1,144 units of luminous equipment in the domestic market, with large machines accounting for 78% of the total, indicating an improved installation structure compared to the same period in 2024 [4]. Overseas Market Insights - The overseas business is performing well, with reagent sales significantly increasing and gross profit margins improving to 69.49%, surpassing domestic levels [5]. - The company sold 2,631 units of luminous instruments overseas, with mid-to-large size instruments making up 76% of sales [5]. Financial Projections - Revenue projections for 2025-2027 are adjusted to 2.25 yuan, 2.75 yuan, and 3.36 yuan for EPS, reflecting a downward revision due to policy pressures [8]. - The company continues to focus on the in-vitro diagnostic field, expanding both domestic and overseas markets, which is expected to drive growth [8]. Key Financial Ratios - The company’s gross margin for Q3 was 69.24%, slightly improved from the first half of the year, primarily due to enhanced overseas margins [8]. - The sales expense ratio was 16.86%, and the R&D expense ratio was 10.86%, indicating ongoing investment in academic promotion and product development [8].

2025 年 11 月 2 日 公司研究 25Q3 营收企稳，积极拓展海外市场 ——新产业（300832.SZ）2025 年三季报点评 要点 事件： 2025 年前三季度，公司实现营业收入 34.28 亿元，同比下降 0.39%；归 母净利润 12.05 亿元，同比下降 12.92%；扣非归母净利润 11.36 亿元，同比下 降 14.68%。其中，2025 年 Q3 实现营收 12.43 亿元，同比增长 3.28%；归母净 利润 4.34 亿元，同比下降 9.72%；扣非归母净利润 4.10 亿元，同比下降 11.58%。 点评： 25Q3 营收增长利润下降，多项费用率保持稳定：2025 年 Q3 营业收入同比增长 3.28%，归母净利润和扣非归母净利润皆同比下降。销售费用率为 16.74%，同 比+1.08pct；管理费用率为 2.53%,同比-0.04pct；财务费用率为 0.04%，同比 +0.94pct。25Q3 的投资活动产生的现金流量同比少流出了 40.07%，主要系购 买的理财产品期限长短不同，导致报表截止日投资活动产生的现金流量净额差异 较大。 研发投入持续加大，产品注册持续推进：25Q3 ...

Summary of Conference Call on Solid-State Battery Industry Industry Overview - The conference focused on the solid-state battery industry, highlighting its recent developments and future potential [1][2][3][4][5]. Key Points and Arguments 1. **Market Trends**: The solid-state battery sector is entering a critical catalytic period in November, with significant industrialization progress expected [1][2]. 2. **Historical Context**: The industry has experienced several waves of interest, starting with the release of new products like the Zhiji L6 by SAIC in early 2024, which utilized semi-solid technology [2][3]. 3. **Technological Focus**: The industry is primarily focusing on the sulfide route for solid-state batteries, with significant advancements in this area compared to other routes like halide or oxide [5][6]. 4. **Investment Opportunities**: Companies involved in sulfide lithium production are highlighted as key investment targets due to their critical role in the supply chain [18][19]. 5. **Production Challenges**: The industry faces several bottlenecks, particularly in the production of sulfide lithium, interface issues, and cycle life concerns [9][10][11][14][15]. 6. **Future Projections**: By 2030, the demand for solid-state batteries is expected to reach at least 200 GWh, with significant contributions from both medium and small consumer markets [8][9]. 7. **Government Support**: The Chinese government has allocated substantial subsidies (60 billion) to support the development of solid-state batteries, which is crucial for overcoming current challenges [17][29]. Additional Important Content 1. **Key Players**: Companies like Xiamen Tungsten, Shanghai Shiba, and others are identified as leading players in the sulfide lithium market, with unique production methods and strong market positions [19][20][22][23]. 2. **Technological Innovations**: The use of advanced methods such as chemical vapor deposition (CVD) for producing high-purity sulfide lithium is emphasized as a competitive advantage [21]. 3. **Market Dynamics**: The transition from liquid to solid-state batteries is expected to be gradual, with ongoing developments in electrolyte and electrode materials [15][24]. 4. **Upcoming Milestones**: The mid-term evaluation of battery performance is scheduled for November, which will provide insights into the industry's progress and potential adjustments in subsidy allocations [16][29]. 5. **Investment Recommendations**: The report suggests focusing on companies that are addressing the bottlenecks in the production process, particularly in sulfide lithium and equipment manufacturing [18][29]. This summary encapsulates the essential insights from the conference call, providing a comprehensive overview of the solid-state battery industry's current state and future outlook.

Core Viewpoint - The emergence of new productive forces driven by technological breakthroughs is essential for promoting high-quality green development, emphasizing the harmony between humans and nature [1][2]. Group 1: Green Technological Innovation - New productive forces are characterized by a focus on green production, integrating advanced technologies like IoT, big data, cloud computing, and blockchain to enhance ecological value and drive green technological innovation [2][3]. - The development of new productive forces supports the establishment of a green innovation chain, facilitating the transformation of low-carbon and zero-carbon technologies [2][3]. - Emphasis on digital empowerment and ecological information systems is crucial for promoting green low-carbon technologies and improving environmental monitoring [2][3]. Group 2: Green Low-Carbon Transformation of Production Methods - New productive forces prioritize ecological value, asserting that protecting the environment equates to protecting productivity, and improving the environment contributes to productivity growth [4][5]. - The transition from traditional non-renewable energy to clean renewable energy is essential, requiring the development of a clean, low-carbon, and efficient energy system [4][5]. - The integration of digitalization and green practices is necessary for upgrading traditional production methods and enhancing energy efficiency [5][6]. Group 3: Building a Green Industrial System - The transformation of traditional industries towards green low-carbon practices is facilitated by advancements in digital and low-carbon technologies, which help eliminate outdated capacities [6][7]. - The cultivation of emerging green industries is supported by cutting-edge technologies focused on energy conservation and emission reduction, promoting sectors like new materials, renewable energy, and high-end manufacturing [6][7]. - A strategic layout for green industrial chains is essential, ensuring resilience and security in the supply chain while promoting the greenization of the entire product lifecycle [7].

Core Viewpoint - The company, established in 1995 and listed in 2020, is a leading player in the domestic chemiluminescence immunodiagnostic field, focusing on the development, production, and sales of fully automated chemiluminescence immunoassay instruments and related reagents [1] Group 1: Business Performance - In Q3 2025, the company's revenue reached 3.428 billion yuan, ranking first among 39 companies in the industry, with the second-ranked company, Antu Biology, at 3.127 billion yuan [2] - The net profit for Q3 2025 was 1.205 billion yuan, placing the company second in the industry, with the top company, Jiuan Medical, at 1.588 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 8.69%, an increase from 8.12% year-on-year, but still below the industry average of 18.29% [3] - The gross profit margin for Q3 2025 was 68.73%, down from 72.34% year-on-year, yet higher than the industry average of 56.20% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 15.87% to 13,100, while the average number of circulating A-shares held per shareholder increased by 18.87% to 52,000 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fourth with 26.4824 million shares, an increase of 4.2383 million shares from the previous period [5] Group 4: Management Compensation - The chairman, Rao Wei, received a salary of 4.4712 million yuan in 2024, a decrease of 120,800 yuan from 2023 [4] Group 5: Market Outlook - According to Huazhang Securities, the company faced overall performance pressure in the first three quarters of 2025, but Q3 showed a significant recovery trend, with overseas main business revenue growing by 21.07% year-on-year [6] - The company is expected to achieve revenues of 4.567 billion, 5.211 billion, and 5.873 billion yuan from 2025 to 2027, with net profits of 1.761 billion, 2.001 billion, and 2.397 billion yuan respectively [6]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 34.28 billion yuan, a slight increase of 0.39% year-on-year [2] - The net profit attributable to shareholders was 12.05 billion yuan, down from 12.92 billion yuan, reflecting a decline [2] - In Q3 2025, operating revenue was 12.43 billion yuan, representing a year-on-year growth of 3.28%, while net profit was 4.34 billion yuan, down 9.72% [2] Group 2: Market Dynamics - Domestic market revenue for the first three quarters was 19.55 billion yuan, a decrease of 11% due to centralized procurement and unbundling of testing packages [3] - Despite industry-wide pressure, the company managed to increase its market share, achieving growth in testing volume [3] - In the overseas market, revenue reached 14.67 billion yuan, a 21% increase year-on-year, with reagent business growing by 37% [3] Group 3: Product and Technology Advancements - The company installed 1,144 automated chemiluminescence analyzers, with 78% being large-scale machines, optimizing the installation structure compared to 2024 [3] - The new product SATLARS T8 has seen 143 installations, significantly surpassing the total for 2024 [3] - The small molecule sandwich method has shown a 74% increase in reagent revenue, indicating rapid market acceptance [9] Group 4: Future Outlook - The company expects overseas gross margins to remain higher than domestic margins, supported by increasing reagent sales and a shift to higher-margin products [4] - The domestic market is anticipated to stabilize in 2026, with a gradual recovery in testing volumes and reagent prices [7] - The company plans to focus on expanding large machines and production lines in high-end global markets, which will be crucial for long-term growth [6]

Group 1 - The core point of the news is the significant block trade of New Industry on October 31, with a transaction volume of 1.3 million shares and a transaction value of 73.749 million yuan, executed at a discount of 7% compared to the closing price [2][3] - The stock closed at 61.00 yuan, showing an increase of 0.81%, with a daily turnover rate of 0.55% and a total trading volume of 230 million yuan, indicating a net inflow of 7.0214 million yuan in main funds for the day [2] - Over the past five days, the stock has experienced a cumulative decline of 1.47%, with a total net outflow of funds amounting to 27.5821 million yuan [2] Group 2 - The latest margin financing balance for the stock is 842 million yuan, reflecting an increase of 17.1834 million yuan over the past five days, which is a growth rate of 2.08% [3] - Two institutions have provided ratings for the stock in the past five days, with Huatai Securities setting the highest target price at 74.63 yuan as of October 29 [3] - Shenzhen New Industry Biomedical Engineering Co., Ltd. was established on December 15, 1995, with a registered capital of 785.718785 million yuan [3]

Core Points - A new investment company, Yixing Science and Technology Innovation Industry Investment Co., Ltd., has been established with a registered capital of 3 billion yuan [1] - The company is fully owned by the Yixing Municipal Government's State-owned Assets Supervision and Administration Office [1] - The business scope includes investment activities, equity investment, and venture capital using its own funds [1]

Group 1 - The core point of the news is that on October 31, a block trade of 1.3 million shares of New Industry was executed at a price of 56.73 yuan, which is a 7% discount compared to the market closing price of 61 yuan [1][2] - The total transaction amount for this block trade was 73.749 million yuan, accounting for 24.3% of the total trading volume on that day [1][2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.428 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.39%, while the net profit attributable to the parent company was 1.205 billion yuan, a decrease of 12.92% year-on-year [5] - The overseas business has shown significant growth, with a 21.07% year-on-year increase in overseas revenue, driven by a 37.23% increase in reagent business due to instrument installations [6] - The company has successfully launched high-end products, with stable sales growth of the MAGLUMI X8 and the introduction of the MAGLUMI X10 in Q3 2025, solidifying its leading position in the high-end chemiluminescence field [7] - The company expects revenue growth from 4.567 billion yuan in 2025 to 5.873 billion yuan in 2027, with net profit projected to grow from 1.761 billion yuan in 2025 to 2.397 billion yuan in 2027 [8] Financial Summary - For the first three quarters of 2025, the company achieved a gross profit margin of 69.24%, showing a continuous improvement over two consecutive quarters [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.24 yuan, 2.55 yuan, and 3.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 27, 24, and 20 [8][12] - The company anticipates a net profit margin of 40.3% in 2024, decreasing slightly to 38.6% in 2025, and then stabilizing around 40.8% by 2027 [12]