证券代码：688389 证券简称：普门科技 公告编号：2025-036 深圳普门科技股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 深圳普门科技股份有限公司（以下简称"公司"）于2025年4月24日以现场 会议与通讯相结合方式召开了第三届监事会第十五次会议。会议通知已于2025 年4月18日以电话、邮件等方式送达全体监事。本次会议由监事会主席刘敏女士 召集并主持，会议应出席监事3人，实际出席监事3人，董事会秘书路曼女士列席 本次会议。会议的召集和召开程序符合《中华人民共和国公司法》和《公司章程》 等相关规定。 二、监事会会议审议情况 经全体监事表决，形成决议如下： （一）审议通过《关于〈公司 2025 年第一季度报告〉的议案》 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《深圳普门科技股份有限公司关于2025年度开展外汇衍生品交易业务的公告》 （公告编号：2025-037）。 表决结果：同意3票、反对0票、弃权0票 ...

证券代码：688389 证券简称：普门科技 公告编号：2025-035 深圳普门科技股份有限公司 第三届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 深圳普门科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日以 现场会议与通讯相结合方式召开了第三届董事会第十六次会议。本次会议通知 已于 2025 年 4 月 18 日以电话、邮件等形式送达公司全体董事。本次会议由董 事长刘先成先生主持，会议应参加董事 9 人，实际参加董事 9 人。公司监事、 高级管理人员列席本次会议。本次会议的召集、召开程序符合有关法律法规和 《公司章程》的相关规定。 二、董事会会议审议情况 经全体董事表决，形成决议如下： （一）审议通过《关于〈公司 2025 年第一季度报告〉的议案》 董事会认为：《公司 2025 年第一季度报告》的编制和审议程序符合相关法 律法规及《公司章程》等有关规定；《公司 2025 年第一季度报 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥214,951,948.16, a decrease of 29.69% compared to ¥305,741,862.07 in the same period last year[4] - Net profit attributable to shareholders was ¥53,684,704.39, down 49.93% from ¥107,218,856.40 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥49,959,816.26, reflecting a decline of 51.63% compared to ¥103,288,918.11 in the previous year[4] - Basic and diluted earnings per share were both ¥0.13, down 48.00% from ¥0.25 year-on-year[4] - Net profit for Q1 2025 was ¥53,408,157.34, a decline of 50% from ¥106,902,452.36 in Q1 2024[18] - Earnings per share for Q1 2025 was ¥0.13, compared to ¥0.25 in Q1 2024[18] Cash Flow - The net cash flow from operating activities was -¥902,970.58, a significant decrease of 103.46% from ¥26,082,118.62 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was negative at -¥902,970.58, contrasting with a positive cash flow of ¥26,082,118.62 in Q1 2024[19] - The total cash inflow from operating activities was ¥262,783,252.55 in Q1 2025, down from ¥296,134,418.05 in Q1 2024, a decrease of approximately 11.3%[19] - The company reported a net cash flow from financing activities of CNY -48,108,055.56, indicating a cash outflow in this segment[20] - The cash flow from tax refunds decreased to CNY 2,142,643.51 from CNY 5,594,721.78 in the previous year, a decline of 61.7%[28] Research and Development - Total R&D investment amounted to ¥43,248,165.84, an increase of 14.70% compared to ¥37,706,670.36 in the same period last year[4] - R&D investment as a percentage of operating revenue was 20.12%, an increase of 7.79 percentage points from the previous year[5] - Research and development expenses for Q1 2025 were ¥43,248,165.84, an increase of 14.0% from ¥37,706,670.36 in Q1 2024[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,848,895,332.04, a decrease of 1.58% from ¥2,894,535,872.50 at the end of the previous year[5] - Total liabilities decreased to ¥744,481,608.38 in 2025 from ¥845,129,215.50 in 2024, reflecting a reduction of approximately 11.9%[15] - The company reported a total non-current asset value of ¥807,982,811.56, an increase from ¥711,898,094.41[14] - The company's total liabilities rose to CNY 1,221,984,119.69, up from CNY 1,013,004,629.18 at the end of 2024[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,289[10] - The largest shareholder, Liu Xiancheng, holds 125,900,933 shares, representing 29.38% of total shares[10] - Shareholders' equity attributable to shareholders increased by 2.70% to ¥2,106,248,206.87 from ¥2,050,964,593.16 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥2,106,248,206.87 in 2025 from ¥2,050,964,593.16 in 2024, marking a growth of about 2.5%[15] Inventory and Receivables - Accounts receivable decreased to ¥170,265,931.87 from ¥185,147,843.80, indicating a decline of approximately 8.01%[13] - Inventory increased to ¥184,920,493.80 from ¥172,768,433.20, reflecting a growth of about 7.03%[13] - Accounts receivable increased to CNY 509,679,554.51 as of March 31, 2025, compared to CNY 329,588,275.66 at the end of 2024, reflecting a 54.7% increase[22] - The company's inventory decreased slightly to CNY 18,486,107.69 from CNY 19,467,699.13 at the end of 2024[22]

普门科技公告，2025年第一季度营收为2.15亿元，同比下降29.69%；净利润为5368.47万元，同比下降 49.93%。 ...

[Table_Reportdate] 2025年04月18日 [证券分析师： Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250418 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.贵州茅台（600519）：2024年圆满收官，2025年扎实前行—公司简评报告 ➢ 2.普门科技（688389）：试剂业务快速增长，业绩总体稳健——公司简评报告 ➢ 1.中国人民银行联合其他五部门印发《促进和规范金融业数据跨境流动合规指南》 ➢ 2.财政部联合商务部发布《关于开展2025年现代商贸流通体系试点城市申报工作的通知》 ➢ 3.国家统计局发布3月失业率 ➢ 4.欧洲央行如期下调三大政策利率25 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [21]. Core Insights - The company reported a revenue of 1.15 billion in 2024, a slight increase of 0.20% year-on-year, with a net profit of 350 million, reflecting a growth of 5.1% year-on-year [3]. - The proportion of reagents in the company's revenue has increased, contributing to a gross margin rise to 67%, up by 1.4 percentage points [3]. - The international market has shown robust growth, with international revenue reaching 370 million, a year-on-year increase of 14.9% [3]. Financial Performance Summary - In 2024, the in vitro diagnostics segment generated 910 million in revenue, a 10% increase year-on-year, while the rehabilitation segment saw a decline in revenue to 220 million, down by 28% [3]. - The company has increased its R&D expenditure to 17.6% of revenue, up by 2.7 percentage points, focusing on innovative technologies and AI integration [4]. - The company expects revenue growth of 11%, 16%, and 17% for 2025, 2026, and 2027, respectively, with net profits projected to grow by 12%, 15%, and 16% in the same years [4][5]. Market Expansion and Product Development - The company plans to continue launching new products, including the LifoLas8000 and LifoLas9000 systems, which are expected to drive reagent sales [4]. - The international market expansion strategy includes enhancing sales and service capabilities across six regions: Russian-speaking countries, Europe, the Americas, the Middle East and Africa, and Asia-Pacific [4]. Valuation Metrics - The report provides a financial forecast with expected revenues of 1.27 billion, 1.47 billion, and 1.73 billion for 2025, 2026, and 2027, respectively, alongside net profits of 390 million, 440 million, and 510 million for the same years [5][12]. - The projected earnings per share (EPS) are 0.90, 1.03, and 1.20 for 2025, 2026, and 2027, respectively, with a decreasing price-to-earnings (P/E) ratio from 15.2 in 2025 to 11.4 in 2027 [5][12].

调研纪要：普门科技在IVD领域具备进口替代能力，强调技术创新和差异化能力，持续投入研发，掌握 核心技术，形成产品技术、品质差异化。公司中速发光产品预计2025年下半年上市，面向县二级医院及 国际市场。皮肤医美业务将拓展公立医院市场，消费者健康业务面向院外市场，增长可观。公司在多地 布局研发和制造基地，多个项目正在推进中。公司管理层及核心员工对公司未来发展充满信心，股权激 励行权情况受多种因素影响。2024年度公司综合毛利率为67.21%，净利润同比增长5.12%。公司业务布 局包括体外诊断、临床医疗、皮肤医美、消费者健康四大产品线，市场拓展空间大。全球关税大战对公 司影响很小。医疗器械行业保持高速增长，中国市场份额扩大，正朝着国际化、高端化方向迈进。公司 重视研发投入，国际化发展，持续现金分红，并加强与投资者沟通。 调研纪要：公司环保装备销售订单交货周期一般在1-2年，2024年收入约1.08亿元，同比增长131.28%， 主要为以前年度签订、2024年完成验收的订单。公司项目的质量较好，项目所在地财政情况普遍不错， 应收账款周期基本控制在1年以内，截至2024年末，一年以内的应收账款占比约74.6%。公司在 ...

Group 1: Xianglou New Materials - Xianglou New Materials reported that the profit margin for bearing materials at their Anhui factory is slightly higher than that of automotive materials, with prices potentially exceeding 10,000 yuan per ton, and expected profits higher than the automotive business [1] - The company is focusing on the development of sheet materials to replace rod materials in automotive, bearing, and robotics sectors, leveraging successful case studies to drive technological collaboration [1] - The company has a stable profit margin with 50% of clients on a monthly pricing adjustment and the other 50% on a locked pricing model, indicating resilience in pricing strategies [1] - The automotive sector is expected to see growth from both existing and new clients, particularly in passive safety systems [1] - The Anhui factory will allocate some production capacity for bearing materials in the second half of the year, with equipment upgrades similar to automotive materials [1] - Schaeffler is projected to become the company's largest client in 2024, with growth trends continuing into 2025 [1] - The company is increasing R&D expenses in the coming years due to new projects in bearings and robotics being developed in Anhui [1] - The company is exploring applications in high-speed rail and aviation, although current development is limited by the size of the R&D team [1] - The core competitive advantage lies in long-term material R&D experience, a strong customer base, and extensive project experience, creating a difficult-to-replicate competitive barrier [1] Group 2: Pumen Technology - Pumen Technology possesses import substitution capabilities in the IVD field, emphasizing technological innovation and differentiation, with ongoing R&D investments to master core technologies [2] - The company plans to launch mid-speed luminescent products in the second half of 2025, targeting secondary hospitals and international markets [2] - The skin medical beauty business aims to expand into public hospitals, while the consumer health business targets the outpatient market, showing significant growth potential [2] - The company is establishing R&D and manufacturing bases in multiple locations, with several projects currently underway [2] - The management team expresses confidence in the company's future development, although stock incentive exercise is influenced by various factors [2] - For 2024, the company anticipates a comprehensive gross profit margin of 67.21% and a net profit growth of 5.12% year-on-year [2] - The business layout includes four major product lines: in vitro diagnostics, clinical medicine, skin medical beauty, and consumer health, indicating substantial market expansion opportunities [2] - The global tariff war has minimal impact on the company, which is experiencing rapid growth in the medical device industry and expanding its market share in China [2] - The company prioritizes R&D investment, international development, continuous cash dividends, and enhanced communication with investors [2]

Core Insights - Yong'an Guofu recently conducted research on a listed company, Pumen Technology, highlighting its capabilities in the IVD field and its focus on technological innovation and differentiation [1] Company Overview - Pumen Technology emphasizes its ability for import substitution in the IVD sector, with ongoing investments in R&D to master core technologies and create product differentiation [1] - The company plans to launch its medium-speed luminescent products in the second half of 2025, targeting secondary hospitals and international markets [1] - Pumen Technology is expanding its skin medical aesthetics business into public hospitals and its consumer health business into outpatient markets, indicating significant growth potential [1] Financial Performance - For the fiscal year 2024, Pumen Technology is projected to achieve a comprehensive gross margin of 67.21% and a net profit growth of 5.12% year-on-year [1] Business Segments - The company's business layout includes four major product lines: in vitro diagnostics, clinical medicine, skin medical aesthetics, and consumer health, with substantial market expansion opportunities [1] - The global tariff war has minimal impact on the company, which is experiencing rapid growth in the medical device industry and expanding its market share in China while moving towards internationalization and high-end development [1] Strategic Focus - Pumen Technology places a strong emphasis on R&D investment, international development, continuous cash dividends, and enhanced communication with investors [1]

Core Viewpoint - The report highlights the robust growth of Pumen Technology's reagent business and overall stable performance, leading to a "buy" rating for the company [1] Financial Performance - In 2024, the company achieved a revenue of 1.148 billion yuan (YoY +0.20%), with domestic revenue at 759 million yuan (YoY -6.16%) and international revenue at 372 million yuan (YoY +14.87%). The net profit attributable to shareholders was 345 million yuan (YoY +5.12%) [2] - The fourth quarter saw a revenue of 291 million yuan (YoY -13.47%) and a net profit of 88 million yuan (YoY -28.66%). The overall gross margin was 67.21% (YoY +1.40 percentage points) and net margin was 29.87% (+1.29 percentage points) [2] Business Segments - The in vitro diagnostic segment reported a revenue of 911 million yuan (YoY +9.96%) with a gross margin of 69.68% (YoY +5.71 percentage points). Revenue from testing equipment and reagents was 286 million yuan and 652 million yuan, respectively, with changes of -16.36% and +25.73% [3] - The treatment and rehabilitation segment experienced a revenue decline to 220 million yuan (YoY -27.68%) with a gross margin of 65.29% (YoY -2.33 percentage points). Medical and home products generated revenues of 198 million yuan and 22 million yuan, reflecting declines of -31.35% and growth of +36.29% respectively [4] Growth Prospects - The in vitro diagnostic business is expected to maintain good growth due to the release of new products and ongoing technological advancements. The treatment and rehabilitation segment is anticipated to recover as the product lineup improves and marketing efforts intensify [5] Investment Recommendations - The company is projected to achieve net profits of 407 million yuan, 472 million yuan, and 537 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.10, and 1.25 yuan. The PE ratios are expected to be 14.41, 12.42, and 10.91 times [5]