Innovation Medical(SZ:002173) Sou Hu Cai Jing·2025-09-04 03:36Core Viewpoint - The AI Fund, Agricultural Bank of China Innovation Medical Mixed Fund (008293), reported a profit of 97.71 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.132 yuan. The fund's net value growth rate was 17.47%, and its scale reached 643 million yuan by the end of the first half of the year [3][33]. Fund Performance - As of September 3, the fund's unit net value was 1.085 yuan. Over the past year, the fund's return rates were 47.66% for the Agricultural Bank of China Healthcare Stock Fund and 46.06% for the Agricultural Bank of China Innovation Medical Mixed Fund [3][6]. - The fund's performance over different time frames includes a 19.88% return over the last three months, 38.88% over the last six months, and 4.89% over the last three years, ranking it 87/138, 74/138, and 72/108 among comparable funds respectively [6][28]. Market Outlook - The fund management indicated that China's economic growth is expected to stabilize around 5%, facing challenges from U.S. tariff policies and domestic structural adjustments. The management believes that the current wave of innovative drugs from China is not over and will continue to lead global technological upgrades in emerging segments [3]. Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 89.46 times, lower than the industry average of 120.96 times. The weighted average price-to-book (P/B) ratio was about 4.27 times, slightly above the industry average of 4.07 times [11][18]. Shareholder Composition - By June 30, 2025, the fund had 37,900 holders, with a total of 722 million shares held. Individual investors accounted for 99.68% of the holdings, while management and institutional investors held 0.07% and 0.32% respectively [36]. Top Holdings - The top ten holdings of the fund included companies such as Heng Rui Pharmaceutical, Zai Lab, and Xin Li Tai, indicating a strong focus on the pharmaceutical and biotechnology sectors [42]. Trading Activity - The fund's turnover rate for the last six months was approximately 190.99%, which is consistently lower than the industry average [39].