证券代码：002907 证券简称：华森制药 重庆华森制药股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 重庆环保基金 投资总监钟峥嵘 重庆环保基金 投资经理商思为 重庆环保基金 投资经理石思远 中金银海（香港）基金有限公司 总经理兼基金经理雍心 赢仕私募基金 董事长兼基金经理陈涛 时间 2025 年 5 月 12 日 地点 公司 3 楼会议室 上市公司接待人姓名 周智如（证券事务代表） 徐 君（证券事务专员） 投资者关系活动 主要内容介绍 一、公司在遵守信息披露制度的前提下，介绍公司经营业 绩、产品布局、市场开发和生产管理等情况，沟通内容与公司 公告内容一致。 二、采取问答方式，由周智如女士负责回答： 1.关注到公司有产品布局海外市场，请问具体的情况。 答：近几年公司通过提前布局，陆续在海外市场有了一定 的突破。2023 年 5 月公司第五期生产基地以零缺陷通过了美国 FDA 的 cGMP 现场检查，标志着公司 GMP 管理体系已达到较高水 平；2023 年 ...

证券代码：000931 证券简称：中关村 答：尊敬的投资者，您好！随着老龄人口的增加和高血压患病人群的 年轻化趋势，抗高血压药物的市场需求会持续增长。 北京中关村科技发展（控股）股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 活动参与人员 线上参与公司 2024 年度暨 2025 年第一季度业绩说明会的全体投资者 时间 2025 年 5 月 12 日 地点 价值在线（https://eseb.cn/1nQhfVk8kzm）网络互动 形式 网络文字互动方式 上市公司接待 人员姓名 董事兼总裁：侯占军 独立董事：史录文、毕克 副总裁：李斌 副总裁兼董事会秘书：黄志宇 副总裁兼财务总监：宋学武 1 一、请问侯总，围绕后续发展战略，公司未来 3 到 5 年将如何分配资 源？是否考虑剥离非核心资产？ 答：尊敬的投资者，您好！公司正秉承聚焦医药大健康主业、剥离非 医药业务的总体经营战略。公司会综合考量现有沉淀的存量资产和非医药 业务的自身发展状况、市场环境的变化趋势以及行业动态等多种因素，审 慎选择合适 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a decline in net profit, indicating challenges in the domestic market while experiencing growth overseas [1][2]. Financial Performance - 2024 total revenue reached 4.471 billion yuan, up 0.62% - Net profit attributable to shareholders was 1.194 billion yuan, down 1.89% - Net profit excluding non-recurring items was 1.099 billion yuan, down 7.30% - Q1 2025 revenue was 996 million yuan, down 8.56% - Q1 2025 net profit attributable to shareholders was 270 million yuan, down 16.76% - Q1 2025 net profit excluding non-recurring items was 257 million yuan, down 18.19% - The company plans to distribute a cash dividend of 1.26 yuan per share (before tax) [1]. Business Segment Analysis - Immunodiagnostics revenue was 2.556 billion yuan, up 2.91%, with a gross margin of 80.67%, up 0.59 percentage points - Microbiology testing revenue was 361 million yuan, up 11.48%, with a gross margin of 48.89%, up 3.81 percentage points - Biochemical testing revenue was 222 million yuan, down 11.21%, with a gross margin of 61.04%, down 2.34 percentage points - Molecular diagnostics revenue was 35 million yuan, up 101.01%, with a gross margin of 68.66%, up 9.59 percentage points - Testing instruments revenue was 354 million yuan, up 17.10%, with a gross margin of 39.39%, up 5.02 percentage points - Overall gross margin for 2024 was 65.41%, up 0.34 percentage points [2]. Geographic Performance - Domestic revenue was 4.185 billion yuan, down 1.16% - Overseas revenue was 286 million yuan, up 36.57% - Domestic business faced pressure due to price reductions from centralized procurement, DRG policy changes, and medical fee adjustments, while overseas business showed strong growth [2]. Research and Development - R&D expense ratio for 2024 was 16.37%, up 1.60 percentage points - New product launches included the AutoChem B2000 and B8000 series, enhancing the biochemical product line - The Autof T series for microbiological mass spectrometry and AutoChrom X1/Automs TQ6000 IVD System were introduced to enrich the high-end product line - The subsidiary Sikun Bio launched three gene sequencers and an automated pathogen analysis system, achieving sales in the research field [3]. Investment Outlook - Revenue projections for 2025-2027 are 4.66 billion, 5.29 billion, and 6.10 billion yuan, with year-on-year growth rates of 4.2%, 13.5%, and 15.3% - Net profit projections for 2025-2027 are 1.26 billion, 1.47 billion, and 1.73 billion yuan, with year-on-year growth rates of 5.9%, 16.3%, and 17.5% - EPS projections are 2.21, 2.57, and 3.02 yuan, with corresponding PE ratios of 18, 15, and 13 times - Based on comparable company valuations, a target price of approximately 49 yuan is set for 2025, maintaining a "recommended" rating [4].

证 券 研 究 报 告 安图生物（603658）2024 年报及 2025 年一季报点评 推荐（维持） 国内发光业务承压，海外高速增长 目标价：49 元 事项： ❖ 公司发布 24 年年报及 25 年一季报。24 年全年营收 44.71 亿元（+0.62%），归 母净利润 11.94 亿元（-1.89%），扣非归母净利润 10.99 亿元（-7.30%）。25Q1， 营收 9.96 亿元（-8.56%），归母净利润 2.70 亿元（-16.76%），扣非归母净利润 2.57 亿元（-18.19%）。公司拟每股派发现金红利 1.26 元（含税）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,471 | 4,658 | 5,287 | 6,094 | | 同比增速(%) | 0.6% | 4.2% | 13.5% | 15.3% | | 归母净利润(百万) | 1,194 | 1,264 | 1,471 | 1,727 | ...

这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 集采政策新动向：优化方案流出 近日，《进一步优化药品集采政策的方案（征求意见稿）》（以下简称《征求意见稿》）在业内流传， 引发广泛关注。 据业内流传的信息，这已是《征求意见稿》的第二稿。今年政府工作报告中明确指出，"优化药品和耗 材集采政策，强化质量评估和监管，让人民群众用药更放心。"3月26日，关于开展优化医药集采工作的 研讨在北京召开，北京、天津、上海等地的医保负责人参与会议。随后，《征求意见稿》第一稿流出。 相比于第一稿内容，第二稿强调了医用耗材的集采，并非仅仅提及药品集采。同时整合了多处内容，删 除了一些细节规定，政策灵活性更强。 21点评：近些年，药品集中采购正被快速推进。自2018年"4+7"带量采购以来，国家先后组织10批药品 集采和5批高值医用耗材集采，累计成功采购435种药品。在这一过程中，集采政策被持续优化。 5月9日，驯鹿生物称沙特阿拉伯王国食品药品监督管理局（Saudi Food and Drug Authority, SFDA）授予 其自主研发的靶向BCMA的CAR-T细胞治疗产品 ...

证券研究报告 估值底部，替代加速 ——医疗器械2024年及2025年Q1业绩综述 行业评级：看好 2025年5月11日 | 分析师 司清蕊 | | --- | | 邮箱 siqingrui@stocke.com.cn | | 电话 19901272510 | | 证书编号 S1230523080006 | | 分析师 | 司清蕊 | 分析师 | 刘明 | | --- | --- | --- | --- | | 邮箱 | siqingrui@stocke.com.cn | 邮箱 | liuming01@stocke.com.cn | | 电话 | 19901272510 | 电话 | 18500927896 | | 证书编号 | S1230523080006 | 证书编号 | S1230523080009 | 医疗器械：估值底部，替代加速 u 板块复盘：院内招标虽有恢复，但在渠道出清短期业绩预期仍波动等影响下，医疗器械板块仍处于整体估值底部。 u 2025Q1边际变化与周期判断： 高值耗材：看好国产替代空间极大、集采完成且渠道库存调整完成企业的业绩弹性。2024年应收账款周转率创2020年以来新高， 大品类集采 ...

Core Viewpoint - The company, Haohai Biological Technology (昊海生科), is facing significant challenges due to insider trading investigations involving its major shareholder, Jiang Wei, and a sharp decline in revenue growth and profitability in its core business segments, particularly in the medical aesthetics sector [1][2]. Financial Performance - In 2024, Haohai's revenue growth plummeted to 1.64%, with net profit only slightly increasing by 1.04%. In Q1 2025, both revenue and net profit further declined, with revenue decreasing by 4.25% and net profit dropping by 7.41% [1]. - The company announced a cash dividend of 231 million yuan in 2024, which accounted for 54.92% of its net profit, raising concerns about its financial sustainability amid declining performance [1][8]. Business Segments - The medical aesthetics segment, particularly the hyaluronic acid business, saw revenue of 742 million yuan in 2024, a significant slowdown from a 95.54% growth in 2023 to just 23.23% [5][6]. - The ophthalmology segment, as the second-largest supplier of artificial lenses in China, experienced a revenue decline of 7.60% in 2024, with specific product lines like artificial lenses and ophthalmic viscoelastic devices seeing drops of 14.06% and 19.53%, respectively [7][8]. Market Challenges - The hyaluronic acid market is facing intense competition, with over 400 brands and more than 50 approved Class III medical devices, leading to market saturation [5][6]. - The rise of alternative materials, such as collagen-based products, is impacting the demand for hyaluronic acid, with the retail market for collagen products projected to reach 173.8 billion yuan by 2027 [6]. - Regulatory changes have also affected the radiofrequency and laser equipment business, with new classifications requiring re-approval, leading to a 6.97% revenue decline in this segment [6]. Governance and Control - Jiang Wei and his wife, You Jie, control approximately 45.82% of the company’s shares, allowing them significant influence over corporate decisions despite Jiang not holding an official position [5][1]. - Concerns about corporate governance have been heightened due to the ongoing investigation into Jiang Wei, which may reflect deeper issues within the company's management practices [1][2].

Core Viewpoint The Guangdong Jiaying Pharmaceutical Co., Ltd. is preparing for its 2024 Annual General Meeting, focusing on various proposals including financial reports, profit distribution plans, and corporate governance matters. Group 1: Meeting Details - The meeting is scheduled for May 16, 2025, at 14:30 in Meizhou, Guangdong Province [5] - Attendees will include shareholders, company directors, supervisors, senior management, and invited guests [5] Group 2: Proposals for Review - Proposal 1: Review of the 2024 Annual Report and its summary [6] - Proposal 2: Review of the 2024 Financial Settlement Report, audited by Zhonghua Accounting Firm [7] - Proposal 3: Profit distribution plan for 2024, which proposes no cash dividends or stock bonuses [9][11] - Proposal 4: Review of the 2024 Board of Directors' Work Report, highlighting operational achievements and challenges [14] - Proposal 5: Review of the 2024 Supervisory Board's Work Report, detailing compliance and oversight activities [32] - Proposal 6: Confirmation of 2024 director remuneration and proposal for 2025 remuneration [36] - Proposal 7: Request for a comprehensive credit limit of up to RMB 200 million from banks for operational needs [37] - Proposal 8: Review of daily related party transactions for 2024 and projections for 2025 [40] Group 3: Financial Performance and Strategy - The company reported a net profit of RMB 16,346,842.23 for 2024, with no cash dividends proposed due to financial constraints and strategic investments [9][11] - The company aims to enhance its product portfolio and reduce reliance on a single product line, particularly in response to market fluctuations affecting its main products [11][12] - The company plans to invest in research and development to diversify its offerings and improve market competitiveness [29][30] Group 4: Corporate Governance and Compliance - The company has established a robust internal control system to ensure compliance with laws and regulations, maintaining transparency and protecting shareholder interests [33][35] - The Supervisory Board has actively monitored the company's operations, ensuring adherence to legal and regulatory standards [32][34]

Core Viewpoint - The recent adjustments in the Hong Kong Stock Connect have significantly impacted the stock performance of 瑞尔集团, leading to a notable decline in its share price and a shift in investor focus towards its future stock price movements after the selling pressure has been released [1][4]. Group 1: Stock Performance and Market Reaction - Following the removal from the Hong Kong Stock Connect on March 10, 瑞尔集团's stock price dropped by 19.85%, stabilizing around 2 HKD for the next two months [1]. - The proportion of shares held through the Hong Kong Stock Connect decreased from 11.48% to 10.24% shortly after the removal, but the rate of reduction slowed significantly, with only a 0.1% decrease from April 16 to May 8 [1]. - The company's recent "small step fast run" repurchase strategy has provided some stabilization to the stock price, with a monthly increase of 3.14% in April and 6.09% in May, contrasting with a 31.79% drop in March [8]. Group 2: Business Strategy and Financial Performance - 瑞尔集团's business strategy has shifted towards expansion, with a total of 123 locations across 15 cities in China as of September 30, 2024, although the pace of new openings has slowed [9]. - The company reported a net profit of nearly 4 million in the first half of 2024, indicating a return to positive growth despite the challenges faced [10]. - The dental industry is undergoing a transformation, with a significant decline in average profit margins from 28% in 2019 to 9% in 2024, leading to an increase in the number of closures among smaller clinics [11]. Group 3: Industry Trends and Regulatory Environment - The dental service industry is experiencing a downturn in investment, with a 37.6% decrease in financing transactions in 2024 compared to 2023, reflecting the challenges faced by the mid-to-lower end of the industry [11]. - Recent regulatory changes, including the introduction of the "Guidelines for the Establishment of Dental Medical Service Price Projects," aim to standardize pricing and reduce competition issues within the industry [12]. - The dental market in China is projected to grow significantly, with a compound annual growth rate of 9.7% from 2019 to 2023, indicating substantial growth potential despite current challenges [13].

影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 作者：杨波 来源：深蓝财经 超级医药大牛股、生长激素龙头长春高新，交出了一份令市场错愕 以下文章来源于深蓝财经 ，作者深蓝财经 深蓝财经 . 的成绩单！ 财报显示，2024年 公司 营业收入134.66亿元，同比下降7.55%；归母净利润25.83亿元，同 比下跌43.01%。受此消息影响，当日股价放量下跌5.27%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 13, 465, 627, 318. 38 | 14, 566, 039, 611. 98 | -7.55% | 12,627, 188, 966. 71 | | 归属于上市公司股东 | 2, 583, 058, 408. 54 | 4.532.483.532.14 | -43.01% | 4,140,523,803. 40 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 2,830,448,069.60 | ...