证券代码：300832 证券简称：新产业 公告编号：2025-071 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1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： 发明名称：18-OXOF抗体或其抗原结合片段 专利申请日：2025年06月18日 授权公告日：2025年09月09日 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-氧皮质醇 （18-OXOF），18-OXOF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 明提供了一种的抗体，该抗体对18-OXOF具有较好的亲和力和特异性，利用该抗 体检测18-OXOF，可以显著提高检测结果的准确性和灵敏度。 本次取得的发明专利不会对公司目前的经营状况产生重大影响，但有利于完 善公司知识产权体系，进一步提升公司软实力。 特此公告。 深圳市新产业生物医学工程股 ...

Overall Industry Summary - In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [1] - In the first half of 2025, revenue is expected to be 1.22 trillion yuan, a decrease of 2.5%, with a net profit of 102 billion yuan, down 2.1% [1] Innovative Drugs - In the first half of 2025, innovative drug companies achieved revenue of 26.964 billion yuan, a year-on-year increase of 11.78%, indicating strong momentum [1] - Domestic innovative drug companies are transitioning from R&D to commercialization, marking a turning point towards profitability [1] - Outbound licensing has become a second growth curve for biotech companies, providing sustainable funding for R&D through high upfront payments [1] Chemical Drugs - In the first half of 2025, chemical drug companies reported revenue of 198.057 billion yuan, a decline of 3.83%, with a net profit of 22.139 billion yuan, down 0.11% [1] - Traditional generic-to-innovative drug companies performed well, with notable examples including Hengrui Medicine and Haizheng [1] - The chemical drug sector is expected to further differentiate, with innovative companies likely to benefit in the medium to long term [1] Medical Devices - In the first half of 2025, medical device companies achieved revenue of 106.82 billion yuan, down 5.32%, and a net profit of 17.58 billion yuan, down 18.07% [2] - The performance of high-value consumables is driven by factors such as inventory levels and policy impacts, suggesting potential turning points and innovation opportunities [2] Biological Products - Blood products in 2024 generated revenue of 24.18 billion yuan, down 1.4%, with a net profit of 6.23 billion yuan, up 14.47% [2] - Vaccine companies faced significant declines, with 2024 revenue of 40.77 billion yuan, down 45.3%, and a net profit of 3.2 billion yuan, down 72% [2] Traditional Chinese Medicine - In the first half of 2025, traditional Chinese medicine companies reported revenue of 174.376 billion yuan, down 4.57%, with a net profit of 22.479 billion yuan, up 0.70% [3] - The sector is under pressure due to stricter regulations and weak consumer demand, but there are opportunities for leading OTC brands and innovative companies [3] Raw Materials - In the first half of 2025, raw material drug companies achieved revenue of 47.86 billion yuan, down 2.90%, with a net profit of 8.1 billion yuan, up 20.61% [3] - High-performing segments include peptides and vitamin E/A, with companies like Nuotai Bio and New Hecheng showing strong results [3] Pharmaceutical Commerce - In the first half of 2025, pharmaceutical commerce companies reported revenue of 517.86 billion yuan, flat year-on-year, with a net profit of 12.09 billion yuan, up 7.6% [4] - Offline pharmacies achieved revenue of 57.77 billion yuan, up 0.1%, and a net profit of 2.55 billion yuan, up 0.9% [4] Medical Services - In the first half of 2025, medical service companies reported revenue of 36.36 billion yuan, down 4.93%, with a net profit of 2.352 billion yuan, down 11.17% [5] - The performance of eye care companies showed growth, with revenue of 16.102 billion yuan, up 6.75% [5] CXO & Research Services - In the first half of 2025, the CXO and research services sector achieved revenue of 50.64 billion yuan, up 13.05%, with a net profit of 11.91 billion yuan, up 60.6% [6] - The sector continues to show improvement, with leading CXO companies demonstrating strong resilience and growth [6]

Group 1 - The pharmaceutical sector showed volatility with the Medical Innovation ETF (516820.SH) initially dropping but later rising over 2.7%, narrowing its decline to 0.97% [1] - Among the constituent stocks, Haikang (002653) led with a gain of 2.42%, while Hengrui Medicine (600276) experienced the largest decline at 3.30% [1] - According to Founder Securities, the strong mainline attribute of innovative drugs remains unchanged, with September potentially marking a new wave for innovative drugs due to several factors including the clearing of mid-year reports and upcoming key academic conferences [1] Group 2 - The Medical Innovation ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 12.87 million yuan, totaling 25.11 million yuan [1] - Leverage funds are actively positioning themselves, with the latest financing buy amounting to 5.53 million yuan and a financing balance of 45.45 million yuan [1] - Institutions remain confident in quality innovation and the innovation industry chain, viewing any external disturbances as buying opportunities [2]

Core Viewpoint - The company, Shenzhen New Industry Biomedical Engineering Co., Ltd., has shown a mixed performance in stock price and financial results, with a recent increase in stock price but a decline in revenue and net profit year-on-year [1][2]. Financial Performance - As of June 30, 2025, the company reported a revenue of 2.185 billion yuan, a year-on-year decrease of 1.18% [2]. - The net profit attributable to shareholders was 771 million yuan, reflecting a year-on-year decrease of 14.62% [2]. - The company has distributed a total of 3.860 billion yuan in dividends since its A-share listing, with 2.357 billion yuan distributed in the last three years [3]. Stock Market Activity - On September 11, the stock price increased by 2.05%, reaching 69.19 yuan per share, with a trading volume of 120 million yuan and a turnover rate of 0.26% [1]. - The total market capitalization of the company is 54.364 billion yuan [1]. - Year-to-date, the stock price has decreased by 0.52%, but it has increased by 6.73% over the last five trading days and by 20.75% over the last 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 19.09% to 15,600, while the average number of tradable shares per person increased by 23.59% to 43,743 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the fifth largest shareholder, increasing its holdings by 11.0924 million shares [3].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - ANGPTL3 has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the diverse drug forms targeting ANGPTL3, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively investing in this area, indicating a potential for multi-target and multi-drug combinations in the future [3][16]. Summary by Sections Market Performance - The overall A-share market fell by 1.17%, with the Shanghai and Shenzhen 300 index down by 0.81%. The biotechnology sector, however, rose by 1.40%, indicating strong performance relative to the broader market [1][32]. - Specific segments within the pharmaceutical sector showed varied performance, with chemical pharmaceuticals up by 3.92% and medical services up by 1.69%, while medical devices and traditional Chinese medicine saw declines [1][32]. ANGPTL3 Developments - A collaboration between Argo Biopharma and Novartis was announced, focusing on RNA drugs for cardiovascular diseases, with a total potential payment of $5.2 billion, including a $160 million upfront payment [2][11]. - ANGPTL3's mechanism allows for significant reductions in LDL-C levels in patients with HoFH, outperforming traditional treatments like PCSK9 inhibitors [3][31]. Company Earnings Forecasts and Ratings - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, have been rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion yuan [4][41]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for the sector as a whole [4][41]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 40.75x, significantly higher than the overall A-share market's 19.80x [37][38]. - Sub-sectors such as chemical pharmaceuticals and biological products have even higher valuations, indicating strong investor interest and growth potential [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical for its strong market position and international expansion, WuXi AppTec for its comprehensive drug development services, and Aier Eye Hospital for its leading position in the eye care sector [41][42].

Group 1 - The core viewpoint of the news is that New Industry has experienced a significant stock price increase, with a rise of 5.11% on September 8, reaching a price of 68.30 yuan per share, and a total market capitalization of 53.665 billion yuan [1] - New Industry's stock has seen a cumulative increase of 4.34% over the past three days, indicating positive market sentiment [1] - The company, Shenzhen New Industry Biomedical Engineering Co., Ltd., specializes in the research, development, production, and sales of fully automated chemiluminescence immunoassay instruments and related reagents, with reagent sales accounting for 69.62% of its revenue [1] Group 2 - From the perspective of fund holdings, Huian Fund has a significant position in New Industry, with its Huian Asset Rotation Mixed A Fund (005360) being the fourth largest holding, representing 3.98% of the fund's net value [2] - The fund reduced its holdings by 19,100 shares in the second quarter, now holding 10,800 shares, and has realized a floating profit of approximately 35,900 yuan as of the latest report [2] - The fund has shown a year-to-date return of 11.91% and a one-year return of 21.82%, indicating strong performance relative to its peers [2]

Group 1 - The core point of the news is that New Industry executed two block trades on September 9, with a total trading volume of 171,400 shares and a total transaction value of 11.9397 million yuan, at a price of 69.66 yuan per share [1][2] - In the last three months, New Industry has recorded a total of six block trades, amounting to 269 million yuan [2] - The closing price of New Industry on the reporting day was 69.66 yuan, reflecting an increase of 2.16%, with a daily turnover rate of 0.93% and a total trading volume of 434 million yuan [2] Group 2 - The net outflow of main funds for New Industry on the reporting day was 14.1008 million yuan, while the stock has seen a cumulative increase of 11.85% over the past five days, with a total net inflow of 149 million yuan [2] - The latest margin financing balance for New Industry is 823 million yuan, which has decreased by 7.6995 million yuan over the past five days, representing a decline of 0.93% [2] - The details of the block trades on September 9 show that both transactions involved institutional proprietary seats as both buyers and sellers, with no premium or discount relative to the closing price [1][2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, impacted by domestic market conditions and pricing pressures from centralized procurement policies [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.185 billion yuan, a year-on-year decrease of 1.18% [1]. - The net profit attributable to shareholders was 771 million yuan, down 14.62% year-on-year, while the net profit excluding non-recurring items was 726 million yuan, a decline of 16.33% [1]. - For Q2 2025, the company reported operating revenue of 1.060 billion yuan, a decrease of 10.88% year-on-year, with net profit of 334 million yuan, down 30.06% [1]. Group 2: Domestic Market Dynamics - Domestic revenue from reagent products decreased by 19%, while instrument revenue increased by 18%, leading to a total main business income of 1.229 billion yuan, down 13% year-on-year [1]. - The company installed 774 units of fully automated chemiluminescence immunoassay analyzers in domestic markets, with large machines accounting for 75% of installations [1]. - The number of tertiary hospitals served reached 1,835, with a coverage rate of 63.51% for top-tier hospitals [1]. Group 3: International Market Performance - The company achieved main business revenue of 952 million yuan in overseas markets, a year-on-year increase of 20%, with reagent business revenue growing by 37% [2]. - A total of 1,971 units of fully automated chemiluminescence immunoassay analyzers were sold in overseas markets, with mid-to-large size instrument sales accounting for 77%, an increase of 12 percentage points year-on-year [2]. - The company is focusing on promoting high-speed machines X8 and X6 in large terminals, which is expected to provide a solid foundation for long-term growth [2]. Group 4: Market Recovery and Future Outlook - Domestic market conditions are expected to improve, with a recovery in both volume and price factors anticipated by Q3 2025 [3]. - The company is positioned to benefit from the gradual recovery of key testing projects starting from July 2025, which will support diagnostic decision-making [3]. Group 5: Profitability and Cost Management - The overall gross margin for the first half of 2025 decreased by 4.17 percentage points to 68.44%, primarily due to product price reductions [4]. - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 16.93%, 2.71%, 10.86%, and -1.33%, with respective year-on-year changes of +1.82 percentage points, +0.11 percentage points, +1.62 percentage points, and -0.76 percentage points [4]. - In Q2 2025, the gross margin was 68.89%, with a net profit margin of 31.47%, reflecting a decrease of 8.62 percentage points year-on-year [4]. Group 6: Revenue and Profit Forecast - Revenue projections for 2025-2027 are 4.898 billion yuan, 5.672 billion yuan, and 6.358 billion yuan, with year-on-year growth rates of 7.99%, 15.80%, and 12.09% respectively [5]. - Net profit forecasts for the same period are 1.840 billion yuan, 2.209 billion yuan, and 2.529 billion yuan, with growth rates of 0.62%, 20.05%, and 14.52% respectively [5]. - The expected EPS for 2025-2027 are 2.34 yuan, 2.81 yuan, and 3.22 yuan, with corresponding PE ratios of 28, 23, and 20 times [5].

Summary of Key Points from the HSBC China Healthcare Conference Industry Overview - The industrial supply chain for innovative drugs in China is benefiting from domestic policy support and strong business development demand from global multinationals [4][5] - Leading pharmaceutical companies are well-positioned with diversified pipelines and abundant clinical trial resources in China [4] - Medtech companies faced challenges in the first half of 2025 but are expected to recover due to improved domestic demand and readiness for global supply-chain changes [4] - CXOs (pharma outsourcing services) are showing signs of recovery with higher utilization rates and solid backlogs, indicating that the worst is behind them [4] - Hospitals and pharmacies are still facing challenges due to domestic demand fluctuations and changing consumer behavior [4] Key Takeaways from the Conference - China has made significant advancements in healthcare over the past 10-15 years, particularly in innovative drug development and participation in global clinical trials [5] - Large pharmaceutical companies are focusing on internal R&D and business development as strategies to capitalize on opportunities in the Chinese market [5] - Despite uncertainties related to US drug pricing and regulatory changes, there is a trend towards developing best-in-class drugs at lower costs, with Chinese companies positioned to benefit global patients [5] - The innovative drug sector is expected to be a new chapter in China's pharmaceutical story, integrating more into the global healthcare ecosystem [5] Investor Sentiment and Market Trends - Investor sentiment towards China healthcare is positive, with a focus on drug innovation, although concerns remain regarding geopolitical impacts on CXOs [6] - Leading pharmaceutical and biotech companies are favored by investors due to new inflows from ETFs and increasing healthcare positioning [6] - Medtech is anticipated to be a strong sector in 2026 as signs of growth recovery in the domestic market are awaited [6] Stock Recommendations - Preferred stocks include Hansoh Pharma (3692 HK), Wuxi XDC (2268 HK), and Snibe (300832 CH), all rated as Buy [6][8] - Hansoh Pharma has a target price of HKD 47.00, implying a 26% upside from its current price of HKD 37.18 [15] - Wuxi XDC has a target price of HKD 75.00, indicating an 11.9% upside from its current price of HKD 67.00 [15] - Snibe has a target price of RMB 76.00, suggesting a 17.2% upside from its current price of RMB 64.82 [15] Financial Performance Insights - Global healthcare funding has shown recovery, with 1H25 growth at 18% year-over-year [10] - CXOs and biopharmaceuticals have led A-share performance in the past three months, while pharmacies and medical services have lagged [10][12] - The performance of various healthcare subsectors indicates a strong recovery in CXOs and biopharma, contrasting with the struggles of hospitals and distributors [11][12] Risks and Challenges - Potential risks include slower-than-expected sales ramp-up of new drugs, R&D progress delays, and impacts from anti-graft policies [15] - Biotech funding volatility and global competition could affect Wuxi XDC's growth [15] - Snibe faces risks from reduced IVD testing volumes and potential price cuts due to regulatory changes [15] This summary encapsulates the key insights and recommendations from the HSBC China Healthcare Conference, highlighting the positive outlook for the innovative drug sector while acknowledging the challenges and risks that remain.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced short-term pressure on domestic performance due to policy disruptions, but expects a recovery in both volume and price in Q3 2025, leading to a potential inflection point in performance [2][3] - The overseas market continues to show strong growth, with local operations deepening, which is expected to result in a dual boost in revenue and profit [2][3] - The company has made significant progress in the installation of mid-to-high-end instruments, establishing a solid foundation for reagent sales [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 2.185 billion yuan, a year-on-year decline of 1.18%, and a net profit of 771 million yuan, down 14.62% year-on-year [1] - Q2 2025 saw revenue of 1.060 billion yuan, a decrease of 10.88% year-on-year, and a net profit of 334 million yuan, down 30.06% year-on-year [1] - The gross margin in Q2 2025 was 68.89%, a decrease of 2.68 percentage points year-on-year, primarily due to a decline in the gross margin of instrument products [2] Domestic Market Insights - Domestic revenue in H1 2025 was 1.229 billion yuan, down 12.81% year-on-year, with reagent revenue declining by 18.96% while instrument revenue increased by 18.18% [2] - The report anticipates a recovery in domestic reagent revenue in Q3 2025 as the market adjusts to previous policy changes [2] Overseas Market Insights - The company achieved overseas revenue of 952 million yuan in H1 2025, an increase of 19.57% year-on-year, with overseas reagent business revenue growing by 36.86% [2] - The company has established 14 overseas branches and its products are sold in 161 countries and regions, indicating a strong international presence [2] Instrument Installation Progress - In H1 2025, the company installed 774 chemiluminescence instruments in the domestic market, with large machines accounting for 74.81% of installations [3] - The overseas market saw 1,971 installations, with large and medium-sized high-end models making up 77.02% of the total [3] Profit Forecast and Investment Recommendations - Revenue projections for 2025-2027 are 4.811 billion, 5.625 billion, and 6.624 billion yuan, with year-on-year growth rates of 6.1%, 16.9%, and 17.8% respectively [3] - Net profit forecasts for the same period are 1.887 billion, 2.243 billion, and 2.645 billion yuan, with year-on-year growth rates of 3.2%, 18.9%, and 17.9% respectively [3]