Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

Core Viewpoint - The company has received a medical device registration certificate from the Guangdong Provincial Drug Administration for its total bilirubin assay kit, indicating a significant regulatory milestone for the product [1] Group 1 - The total bilirubin assay kit (using the diazo method) is designed for the quantitative measurement of total bilirubin (TBIL) concentration in human serum or plasma, including newborns [1] - The kit is primarily used as one of the evaluation indicators for bilirubin metabolism disorders in clinical settings [1]

证券代码：300832 证券简称：新产业 公告编号：2025-076 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 关于获得医疗器械注册证的公告 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 总胆红素 测定 | | 粤械注准 | 2025 | 年 09 | 月 | 30 | 日至 | 本试剂盒用于体外定量测定 人（含新生儿）血清或血浆 | | 试剂盒（重氮盐 | Ⅱ类 | | | | | | | 中总胆红素（TBIL）的浓度。 | | 法）注 | | 20252401336 | 2030 | 年 09 | 月 | 29 | 日 | 临床上主要作为胆红素代谢 | | | | | | | | | | 紊乱的评价指标之一。 ...

Core Insights - Jiangsu Yingwei Medical Co., Ltd. has successfully launched a 1.56MW rooftop distributed photovoltaic power generation project, showcasing the deep involvement of Suqian Wanda Power Industry Co., Ltd. in activating new momentum through a "four-chain integration" mechanism [1][3] Group 1: Project Overview - The photovoltaic project utilizes existing rooftop resources of Jiangsu Yingwei Medical, achieving efficient resource reuse without additional land occupation, with a total design capacity of 1560 kW [3] - The project operates under a "self-use and surplus electricity online" model, which meets part of Jiangsu Yingwei Medical's electricity needs, significantly reduces electricity costs, and aids in carbon emission reduction [3] Group 2: Innovation and Development - Suqian Wanda Power Industry has established a "four-chain integration" mechanism, including party building, innovation, service, and talent chains, to support new projects and enhance operational efficiency [4] - The company has successfully completed over 70 project negotiations in the first half of the year, driven by a dedicated innovation team and collaborative efforts with local government and enterprises [4] Group 3: Technological Advancements - The company has achieved significant technological breakthroughs, including a 15% increase in renewable energy consumption efficiency and a reduction in high-altitude work time from 30 minutes to 5 minutes through innovative technologies [6] - In the first half of the year, Suqian Wanda Power Industry made decisions on 25 new investment projects and undertook 27 projects, with a total contract value of 180 million yuan, achieving full coverage of new business in the county [6]

Core Viewpoint - Fujian Province is rapidly developing its strategic emerging industries during the "14th Five-Year Plan" period, focusing on high-quality development and modernization efforts [1] Group 1: Strategic Emerging Industries - Fujian Province is implementing a tailored approach to develop seven key emerging industries: new generation information technology, high-end equipment, new materials, new energy, biomedicine and new pharmaceuticals, energy conservation and environmental protection, and marine high-tech [1] - The province has issued targeted policies and development plans in specialized fields such as biomedicine, lithium battery new materials, and hydrogen energy [1] Group 2: Industry Performance - The new energy industry in Fujian maintains a leading position, with market shares in consumer batteries, power batteries, and energy storage batteries holding the global first position for 13 years, 8 years, and 4 years respectively [1] - The high-end equipment industry is advancing with the introduction of China's first integrated construction guidelines for "photovoltaic-storage-charging-inspection," with 52 demonstration stations established across the province [1] Group 3: New Materials and Biomedicine - Fujian has improved its production and application reward policies for key new materials and rare earth materials, releasing 50 new materials and products [1] - The biomedicine sector is accelerating innovation, with the implementation of high-quality development policies and the establishment of a provincial special fund of 680 million yuan and a 1 billion yuan industry guidance fund, alongside over 40 innovative drugs currently under research and review, marking a historical high [1]

Core Insights - On October 9, 2023, brokerage firms set target prices for listed companies, with notable increases for companies in the personal care, medical device, and semiconductor industries [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Steady Medical (稳健医疗) with a target price increase of 44.29%, rated "Buy" by CITIC Securities, with a target price of 56.00 yuan [2]. - Sanor Bio (三诺生物) with a target price increase of 35.27%, rated "Recommended" by Huachuang Securities, with a target price of 27.00 yuan [2]. - Tongfu Microelectronics (通富微电) with a target price increase of 24.46%, rated "Buy" by Qunyi Securities (Hong Kong), with a target price of 55.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on October 9, with BYD (比亚迪) receiving recommendations from two firms, while Qianhong Pharmaceutical (千红制药) and Mulinsen (木林森) each received one recommendation [2]. Group 3: Rating Adjustments - Northeast Securities upgraded Jiangfeng Electronics (江丰电子) from "Hold" to "Buy" on October 9 [3]. - Five companies received initial coverage ratings on the same day, including: - Dongfang Guoxin (东方国信) rated "Buy" by Xinda Securities [3]. - Sanyou Medical (三友医疗) rated "Recommended" by Ping An Securities [3]. - Yidian Tianxia (易点天下) rated "Buy" by Zhongyou Securities [3]. - Jiangfeng Electronics (江丰电子) rated "Buy" by Northeast Securities [3]. - Cambrian (寒武纪) rated "Buy" by Huaxin Securities [3].

证券代码：300832 证券简称：新产业 公告编号：2025-075 深圳市新产业生物医学工程股份有限公司 关于公司获得发明专利证书的公告 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。 深圳市新产业生物医学工程股份有限公司（以下简称"公司"）于近日收到 国家知识产权局颁发的2项《发明专利证书》，现将本次取得的发明专利具体情 况公告如下： 1、 发明名称：18-OHF抗体或其抗原结合片段 中国专利号：ZL202510814214.0 上述专利保护技术为公司自主研发，应用于公司免疫检测项目18-羟基皮质醇 （18-OHF），18-OHF为公司重要的小分子夹心法项目，是原发性醛固酮增多症 （原醛症）分型诊断的关键标志物之一，进一步助力高血压早诊早筛。本发明提 供了一种针对18-OHF的高亲和力、高特异性抗体，能够显著提升检测的准确性 与灵敏度。 2、 发明名称：18-OHB抗体或其抗原结合片段 中国专利号：ZL202510922849.2 专利权人：深圳市新产业生物医学工程股份有限公司 发明人：高莉、戚永跃、刘坤、郑慧广、李志川、杜凯、何海华、李婷华、饶微 专利申 ...

Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 82 yuan [2][6]. Core Insights - The company's domestic business is experiencing temporary pressure, while overseas growth remains robust. In H1 2025, the company reported a revenue of 2.185 billion yuan, a decrease of 1.18% year-on-year, and a net profit attributable to shareholders of 771 million yuan, down 14.62% year-on-year [2][6]. - The overseas business saw a significant increase, with revenue reaching 952 million yuan in H1 2025, representing a year-on-year growth of 19.57% [6]. - The company is enhancing its high-end product matrix, with the flagship model MAGLUMIX10 achieving domestic product registration and a testing speed of 1,000 tests per hour, improving its competitive edge in the market [6]. Financial Performance Summary - **Revenue Forecasts**: - Total revenue is projected to grow from 4.535 billion yuan in 2024 to 6.633 billion yuan in 2027, with year-on-year growth rates of 15.4%, 7.4%, 15.9%, and 17.5% respectively [2][7]. - **Net Profit Forecasts**: - Net profit attributable to shareholders is expected to increase from 1.828 billion yuan in 2024 to 2.585 billion yuan in 2027, with growth rates of 10.6%, 1.5%, 16.5%, and 19.6% respectively [2][7]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 2.33 yuan in 2024 to 3.29 yuan in 2027 [2][7]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 29 times in 2024 to 21 times in 2027, while the price-to-book (P/B) ratio is expected to decline from 6.3 times to 4.5 times over the same period [2][7]. Market Position and Strategy - The company has successfully expanded its customer base, with 1,835 tertiary hospitals served by the end of H1 2025, achieving a coverage rate of 47.60% [6]. - The sales of high-end models in overseas markets have increased, with 1,971 units of the chemical luminescence immunoassay analyzer sold in H1 2025, and the proportion of mid-to-high-end models reaching 77.02% [6].

Core Insights - The article highlights the transformation of 桃江 from a traditional bamboo-producing region to a manufacturing hub, driven by new industrial projects and investments from businesses [1][2]. Group 1: Company Developments - Hunan Fude Electric Co., Ltd. has received orders from a computing power center that are scheduled until next year, indicating strong demand for its products [1]. - The company has established a postdoctoral research workstation, the first of its kind in 桃江, to foster talent development in the region [1]. - Hunan Yixin Technology Co., Ltd. has relocated its focus from Shenzhen to 桃江, establishing a new optical film coating production base that achieved large-scale production in August 2023 [2]. Group 2: Industry Growth - 桃江's industrial landscape is diversifying with new projects in electric motor components, smart home manufacturing, and hospitality, enhancing the region's industrial structure [2]. - The bamboo industry in 桃江 is expanding into various sectors, including carbon-based materials, new building materials, consumer goods, and bio-extraction, with plans for a full industry chain extension [2]. - The introduction of a green low-carbon bamboo intelligent recycling industrial park aims to utilize bamboo resources for producing high-value products while promoting sustainability [2].