Core Insights - The company reported its Q3 2025 results, showing a slight increase in revenue but a decline in net profit compared to the previous year [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.428 billion yuan, a year-on-year increase of 0.39%, while the net profit attributable to shareholders was 1.205 billion yuan, down 12.92% year-on-year [1] - In Q3 2025, the company recorded a revenue of 1.243 billion yuan, representing a year-on-year increase of 3.28% and a quarter-on-quarter increase of 17.24%. The net profit attributable to shareholders was 434 million yuan, down 9.72% year-on-year but up 30.03% quarter-on-quarter [1] Group 2: Domestic Business Analysis - The domestic business showed marginal improvement in Q3, with steady growth in reagent testing volumes and accelerated installation of large machines and production lines. Revenue from domestic operations for the first three quarters was 1.955 billion yuan, a year-on-year decline of 11% due to centralized procurement and the unbundling of testing packages [2] - The company continued to push for the installation of high-end equipment, achieving the installation of 1,144 light machines, with large machines accounting for 78% of this total, further optimizing the structure compared to the previous year [2] Group 3: International Business Performance - The overseas business performed well, with main business revenue reaching 1.467 billion yuan, a year-on-year increase of 21%. Reagent revenue grew by 37%, driving the overseas gross profit margin up to 69.49%, surpassing domestic levels [3] - The company made significant progress in overseas installations, particularly with high-speed machines and production lines, completing the installation of 2,631 light machines in the first three quarters, with medium and large machines accounting for 76% of this total [3] Group 4: Future Outlook - Revenue forecasts for 2025-2027 are projected at 4.727 billion yuan, 5.394 billion yuan, and 6.203 billion yuan, with year-on-year growth rates of 4.23%, 14.11%, and 14.99% respectively. Net profit attributable to shareholders is expected to be 1.795 billion yuan, 2.118 billion yuan, and 2.530 billion yuan, with growth rates of -1.81%, 17.99%, and 19.43% respectively [3]

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 79 yuan, which corresponds to a dynamic price-to-earnings ratio of 35 times for 2025 [4][6]. Core Insights - The company demonstrated stable performance in Q3 2025, achieving revenue of 1.243 billion yuan (up 3.28% year-on-year) and a net profit of 434 million yuan (down 9.72% year-on-year) [1]. - The overseas business significantly contributed to overall growth, with a 21.07% year-on-year increase in overseas main business revenue, and a 37.23% increase in overseas reagent business driven by instrument installations [2]. - The sales of the high-speed immunoassay analyzer X8 continued to rise, and the X10 model was launched in Q3 2025, with cumulative sales of X8 reaching 4,545 units by the end of Q3 2025. The self-developed T8 assembly line, launched in June 2024, achieved cumulative sales of 245 units, with 158 units installed in the first three quarters of 2025 [3]. Financial Performance Summary - The company expects revenue growth rates of 3.4%, 15.2%, and 13.8% for 2025, 2026, and 2027 respectively, while net profit growth rates are projected at -2.4%, 16%, and 17.7% for the same periods [4][5]. - For 2025, the company anticipates a revenue of 4.69 billion yuan and a net profit of 1.784 billion yuan, with an earnings per share (EPS) of 2.27 yuan [5][9]. - The financial metrics indicate a net profit margin of 38.0% for 2025, with a return on equity (ROE) of 18.9% [5][9].

Investment Rating - The report maintains an "Overweight" rating for the medical device sector [6] Core Insights - The medical device sector is entering a turning point, driven by innovation and international expansion as key growth drivers [12][29] - The overall revenue for medical device companies in the first three quarters of 2025 was 183.45 billion yuan, a year-on-year decrease of 3.90%, while the net profit excluding non-recurring items was 22.70 billion yuan, down 17.70% [8][15] - Different sub-sectors show significant divergence in performance, with high-value consumables showing a growth of 5.12%, while in vitro diagnostics faced a decline of 13.94% [8][15] Summary by Sections Medical Device Sector Overview - The medical device sector is experiencing a recovery with improved bidding processes and a gradual clearing of high-cost consumables [8][15] - The revenue growth rate for the medical device sector in Q3 2025 was 9.99%, with a net profit growth of 4.87% [9][16] High-Value Consumables - High-value consumables saw a revenue increase of 5.12% in the first three quarters of 2025, with a net profit growth of 1.18% [29] - The sector is stabilizing as it enters the post-collection phase, with significant growth driven by innovation and international expansion [29] Medical Equipment - The medical equipment sector's revenue decreased by 1.02% in the first three quarters of 2025, but showed a positive trend in Q3 with a revenue increase of 9.99% [9][16] - The sector is expected to experience structural differentiation in demand as bidding processes improve [9] Low-Value Consumables - Low-value consumables experienced a revenue decline of 0.75% in the first three quarters of 2025, with a significant drop in net profit by 21.68% [9][16] - The sector's performance is heavily influenced by international market conditions, but there is potential for recovery in Q4 2025 [9] In Vitro Diagnostics - The in vitro diagnostics sector faced a revenue decline of 13.94% in the first three quarters of 2025, with net profit down 32.20% [9][16] - The sector is expected to stabilize by the end of 2025 as negative impacts from policies begin to clear [9]

Economic Performance - Nanshan District's GDP for the first three quarters of 2025 reached 742.81 billion yuan, with a year-on-year growth of 5.8%, surpassing Shenzhen's average growth rate of 5.5% [1] - The primary industry saw a decrease of 13.7%, while the secondary industry grew by 5.6% and the tertiary industry by 5.9%, indicating a robust "dual-engine" growth model [1] Industrial Structure - Nanshan's industrial structure is characterized by a strong secondary industry and a competitive tertiary industry, with the secondary industry's growth rate significantly exceeding Shenzhen's average of 3.5% [1] - Strategic emerging industries account for over half of the GDP, reflecting a shift towards knowledge, technology, and innovation as the main drivers of economic growth [3] Strategic Focus - The district is focusing on 14 strategic emerging industry clusters, including robotics, semiconductors, and smart terminals, with robotics accounting for about 30% of the city's total industrial output [3][4] - Nanshan is developing a 10-kilometer industrial belt in the northern area to integrate R&D and high-end manufacturing, enhancing industrial chain collaboration [4][5] Innovation Ecosystem - Nanshan has established a comprehensive innovation ecosystem that includes policies for talent attraction, support for startups, and funding initiatives, aiming to create a favorable environment for innovation [7][8] - The district's R&D investment as a percentage of GDP is projected to reach 7.66% by 2025, nearly three times the national average, ensuring sustained innovation [5] Consumer Market - The social retail sales in Nanshan reached 95.96 billion yuan in the first half of 2025, with a year-on-year growth of 13.1%, leading the city [11] - The district is transforming shopping areas into lifestyle destinations, with significant new commercial developments enhancing the regional commercial ecosystem [13][14] Future Development - Nanshan aims to achieve a GDP exceeding 1 trillion yuan by 2025, positioning itself as a model for high-quality development in Shenzhen [14] - The district's approach combines government guidance with market-driven initiatives, fostering a dynamic environment for innovation and economic growth [14]

Core Viewpoint - New Industry's stock price has shown fluctuations, with a recent increase of 2.00% and a total market capitalization of 48.887 billion yuan, despite a year-to-date decline of 10.54% [1] Financial Performance - For the period from January to September 2025, New Industry achieved a revenue of 3.428 billion yuan, reflecting a year-on-year growth of 0.39%, while the net profit attributable to shareholders decreased by 12.92% to 1.205 billion yuan [2] - Cumulative cash dividends since the A-share listing amount to 3.860 billion yuan, with 2.357 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 15.87% to 13,100, with an average of 51,997 circulating shares per person, an increase of 18.87% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.2383 million shares, and new shareholder E Fund Blue Chip Select Mixed Fund, holding 1.10001 million shares [3] Stock Performance - The stock has experienced a 1.73% increase over the last five trading days, an 8.93% decline over the last 20 days, and a 14.69% increase over the last 60 days [1] Business Overview - New Industry, established on December 15, 1995, specializes in the research, development, production, and sales of fully automated chemiluminescence immunoassay instruments and related reagents, with reagent sales contributing 69.62% to revenue [1] - The company operates within the pharmaceutical and biomedical industry, specifically in the medical device and in vitro diagnostics sectors [1]

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]