仪器信息网·2025-06-20 03:57Core Insights - The 2024 revenue of the domestic instrument industry shows significant differentiation, with leading companies like Antu Bio achieving counter-cyclical growth while others face challenges due to market contraction and cost pressures [2][4] Group 1: Revenue and Income Disparities - The income of executives in the instrument sector has widened significantly compared to last year, primarily driven by high dividends [4] - Antu Bio's chairman, Miao Yongjun, is the only executive with an income exceeding 100 million yuan, with 99% of his income coming from dividends [4] - The dividend payout ratio for Antu Bio is 60.28% of net profit, while Tailin Bio has an even higher ratio of 91.94%, raising concerns about sustainable development [4] Group 2: Growth Drivers and Market Challenges - The biopharmaceutical supply chain and overseas markets are identified as core growth drivers, with Antu Bio's overseas revenue increasing by 36.25% year-on-year and Wanyi Technology achieving a remarkable 447% growth [4] - Traditional sectors like environmental monitoring and industrial process analysis are under severe pressure, as evidenced by the declining income of Xuedilong's chairman, which fell from 140 million yuan in 2022 to 110 million yuan in 2023 [5] Group 3: Cost Pressures and Profitability - Cost pressures are intensifying, squeezing net profit margins across the industry, with Tailin Bio facing significant profit margin erosion due to raw material price increases and price wars [6] - Despite a 15.01% year-on-year revenue growth, Lihua Technology experienced a decline in net profit due to rising costs and increased expenses [6] - Companies like Nanwei Technology have successfully implemented quality improvement and efficiency enhancement measures, restoring growth in core business areas while controlling expenses [6] Group 4: Executive Compensation Trends - The average pre-tax salary of executives has decreased to approximately 860,000 yuan, down from 1.2 million yuan last year, reflecting cost-cutting measures amid profit pressures [9] - The compensation structure for executives in the instrument industry is evolving, emphasizing the importance of strategic transformation, industry upgrades, and cost management [9]