海尔生物的前世今生：谭丽霞掌舵下，医疗器械营收占比近99%，海外扩张正当时

Core Viewpoint - Haier Biomedical is a leading enterprise in the global biomedical low-temperature storage sector, focusing on the research, production, and sales of biomedical low-temperature storage equipment, with a full industry chain and technological barriers as its competitive advantages [1] Financial Performance - For Q3 2025, Haier Biomedical reported revenue of 1.761 billion yuan, ranking 9th out of 42 in the industry, with the top competitor, Mindray Medical, generating 25.834 billion yuan [2] - The net profit for the same period was 202 million yuan, placing the company 8th in the industry, while the industry leader, Mindray Medical, achieved a net profit of 7.814 billion yuan [2] Financial Ratios - As of Q3 2025, Haier Biomedical's debt-to-asset ratio was 18.85%, lower than the industry average of 27.21%, indicating strong solvency [3] - The gross profit margin was 46.51%, down from 48.51% year-on-year and below the industry average of 48.67%, suggesting a need for improvement in profitability [3] Management and Shareholder Structure - The chairman, Tan Lixia, has a rich background, while the general manager, Liu Zhanjie, saw a salary decrease from 2.3883 million yuan in 2023 to 2.295 million yuan in 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 3.39% to 13,200, with an average holding of 24,000 circulating A-shares, a decrease of 3.28% [5] Business Highlights and Future Outlook - The company is expected to see improved performance as the industry recovers, with new industries contributing to growth, a market share of over 50% in plasma collection solutions, and strong overseas performance in 17 countries [5] - Forecasts for net profit from 2025 to 2027 are 420 million, 510 million, and 590 million yuan, with corresponding P/E ratios of 25, 21, and 18 [5] - The company is also focusing on low-temperature storage business recovery, laboratory solutions, and innovative medical solutions, indicating a positive outlook for H2 2025 [6]