● 本报记者 罗京 近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进新芝生物。2022年，新 芝生物登陆北交所成为"生命科学仪器第一股"，公司总经理张思远接受中国证券报记者专访时表示，北 交所始终聚焦创新型中小企业的核心需求，不仅为企业注入资金活水，更提升了品牌影响力，助力公司 在产品研发、市场拓展与组织能力上实现全面跃升。 上市三年 全链布局 自主攻坚 逐步出海 新芝生物是国内较早专注生命科学仪器研发、生产与销售的企业之一，目前已拥有超声波细胞粉碎机、 真空冷冻干燥机、工艺流程温控系统、超声波清洗机、微生物生长曲线分析仪、全自动洗瓶机、基因导 入仪、基因枪等20多条产品线、200多个产品型号，覆盖生物样品处理、分子生物学与药物研究、实验 室自动化与通用设备三大类产品领域。 2022年登陆北交所，成为新芝生物发展的关键里程碑。张思远介绍，上市三年来，公司不仅在超声波处 理、冷冻干燥、恒温控制等传统优势产品上持续迭代，更不断拓展新产品线，推动从实验室设备供应商 向覆盖"实验—中试—量产"全流程的综合服务商转型。 例如，在传统超声领域，公司通过大功率、数字化电源及部件小型化等技术突破，开 ...

Core Viewpoint - New Zhi Bio, the first stock in life science instruments listed on the Beijing Stock Exchange, emphasizes the importance of innovation and capital support for small and medium-sized enterprises, enhancing brand influence and overall capabilities in product development and market expansion [1][6]. Company Overview - New Zhi Bio is one of the earliest companies in China focused on the research, production, and sales of life science instruments, with over 20 product lines and more than 200 product models covering three main areas: biological sample processing, molecular biology and drug research, and laboratory automation [2]. - The company has transitioned from a laboratory equipment supplier to a comprehensive service provider covering the entire process from experimentation to mass production [2]. Product Development and Market Strategy - The company continues to iterate on traditional products while expanding new product lines, with a focus on customer feedback to drive product matrix enrichment [2]. - New Zhi Bio has developed specialized models for cross-industry applications, maintaining a customized business ratio of over 20% [2]. Strategic Direction and Acquisitions - The company is leveraging capital to accelerate industry integration, exemplified by the acquisition of 55% of Ningbo Afus Constant Temperature Company to enhance its industrial temperature control solutions [3]. - The acquisition aligns with New Zhi Bio's existing channels and brand advantages, providing new growth opportunities [3]. Global Expansion and Localization - New Zhi Bio is shifting its strategic focus towards high-end instruments and global layout, with an emphasis on self-sufficiency in scientific instruments [4]. - The company plans to establish a localized service network abroad, moving from reliance on foreign distributors to a "sales-application-after-sales" service model [5]. Capital Market Insights - The Beijing Stock Exchange has played a crucial role in supporting innovative SMEs, fostering a development pattern that balances quantity and quality [6]. - The listing has not only provided financial support but also enhanced talent attraction, optimized shareholder structure, and increased brand influence [6]. - New Zhi Bio aims to become a "research supermarket" and a provider of comprehensive solutions, leveraging opportunities for collaboration with leading companies in niche markets [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 128.88 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.56%. The gross profit was 10.1 billion yuan, up 37% year-on-year, and the net profit attributable to the parent company was 3.1 billion yuan, reflecting a year-on-year growth of 51.17% [7] - The company has upgraded its strategy to a "3+N+3" smart hardware platform, focusing on three core mature businesses: smartphones, personal computers, and data center operations, while also expanding into emerging fields such as automotive electronics, software, and robotics [7] - All four major business segments achieved over 70% growth in the first three quarters of 2025, with the smart terminal business revenue reaching 45 billion yuan, up 84.4% year-on-year [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 165.49 billion yuan, with a year-on-year growth rate of 50.6%. The net profit attributable to the parent company is projected to be 4.04 billion yuan, reflecting a growth rate of 38.2% [6] - The company expects to maintain a capital expenditure of approximately 3 billion yuan annually over the next three years, primarily for production equipment investments [7] - The projected earnings per share for 2025 is 3.98 yuan, with a price-to-earnings ratio of 22 [6][7]

Core Insights - The company experienced a sequential recovery in Q3 2025, but profitability remains under pressure due to various factors [1] - The EU's anti-dumping investigation is expected to benefit the company's overseas production capacity [2] - The company has established a robust overseas market presence with a comprehensive sales system [3] - Profit forecasts have been adjusted downward due to the impact of tariffs and new factory ramp-up [4] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 6.438 billion yuan, a year-on-year increase of 1.54%, while net profit attributable to shareholders was 1.015 billion yuan, a decrease of 41.17% [1] - In Q3 2025, the company reported operating revenue of 2.318 billion yuan, a year-on-year increase of 3.94% and a sequential increase of 12.35% [1] - The company's Q3 2025 net profit attributable to shareholders was 343 million yuan, a year-on-year decrease of 47.03% but a sequential increase of 10.56% [1] Group 2: Market Expansion and Strategy - The company has a global production capacity with 16 million semi-steel tires and 2 million all-steel tires in Thailand, and 12 million semi-steel tires in Morocco, positioning it well for global competition [2] - The company has successfully supplied winter tire products to major automotive manufacturers, enhancing its brand influence in the global market [2] - As of H1 2025, overseas sales accounted for 90.87% of total revenue, with a strong presence in over 150 countries and regions [3] Group 3: Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting operating revenues of 8.458 billion yuan, 11.273 billion yuan, and 11.946 billion yuan respectively [4] - The projected net profits for the same period are 1.401 billion yuan, 1.913 billion yuan, and 2.088 billion yuan, with corresponding EPS of 1.35 yuan, 1.85 yuan, and 2.02 yuan [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company's performance has shown a quarter-on-quarter improvement, with expectations for increased production capacity in Morocco [1] - The company has faced short-term profit pressures due to tariffs and the ramp-up of new factories, but its global layout enhances competitiveness [4][5] - The company is benefiting from the EU's anti-dumping investigation, which is expected to positively impact its overseas production capacity [4] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 6.438 billion yuan, a year-on-year increase of 1.54%, while net profit attributable to shareholders was 1.015 billion yuan, a year-on-year decrease of 41.17% [4] - In Q3 2025, the company reported revenue of 2.318 billion yuan, a year-on-year increase of 3.94% and a quarter-on-quarter increase of 12.35% [4] - The company's gross margin for the quarter was 23.03%, down 3.42 percentage points from the previous quarter [4] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 8.458 billion yuan, 11.273 billion yuan, and 11.946 billion yuan, respectively [5] - Net profit forecasts for the same period are 1.401 billion yuan, 1.913 billion yuan, and 2.088 billion yuan, respectively [5] - Corresponding EPS for 2025-2027 are expected to be 1.35 yuan, 1.85 yuan, and 2.02 yuan, with P/E ratios of 14.38, 10.53, and 9.64 [5] Market Position and Strategy - The company has established a strong presence in the global market, with 90.87% of sales revenue coming from overseas [4] - It has successfully supplied products to major automotive manufacturers, enhancing its brand influence and market share [4] - The company is expanding its market reach by developing relationships with large retail chains in addition to traditional wholesalers [4]

Group 1 - Polestar Automotive, controlled by Geely Holding Group's chairman Li Shufu, has seen its stock price plummet, dropping 16.25% on November 12 and an additional 5.97% on November 13, reaching a new low of $0.6264 since its SPAC listing in June 2022 [1] - Since its listing, Polestar's stock has declined by 94.4% over the past three and a half years, with disappointing sales performance in the rapidly expanding electric vehicle market, particularly in China [2] - Polestar's global sales figures from 2021 to 2024 show a decline, with only 163 vehicles sold in China in the first ten months of this year, leading to the closure of its last direct store in the country [2] Group 2 - The company's financial struggles are evident, with cumulative losses of nearly $6 billion (approximately 42.4 billion RMB) from 2021 to the first half of this year, and total liabilities exceeding total assets [2] - Volvo has been reducing its stake in Polestar since last year, while Geely has increased its investment, becoming the largest shareholder [3] - Geely's recent $200 million investment in Polestar, controlled by Li Shufu, has resulted in a paper loss of over 40% within five months due to the declining stock price [4] Group 3 - Despite a 51% year-over-year increase in global sales in the first half of this year, Polestar's sales remain low, and the company is far from reaching profitability [4] - Geely's ongoing financial support for Polestar raises questions about the sustainability of this strategy until the company can achieve self-sufficiency [4] - Polestar faces a delisting risk due to its stock price being below $1 for an extended period, needing to meet compliance by April 29, 2026 [4]

Core Viewpoint - Polestar Automotive, controlled by Geely Holding Group's chairman Li Shufu, has seen a significant decline in stock price, dropping 16.25% on November 12 and 5.97% on November 13, reaching a new low since its SPAC listing in June 2022 [2][3]. Group 1: Stock Performance - Since its listing, Polestar's stock has decreased by 94.4% over the past three and a half years [3]. - The stock price reached a low of $0.6264 on November 13, 2023, marking a significant decline [2]. Group 2: Sales Performance - Polestar's global sales from 2021 to 2024 were 29,000, 51,500, 54,626, and 44,851 vehicles, respectively, while sales in China were 2,048, 1,717, 1,100, and 1,864 vehicles [3]. - Since 2025, Polestar's domestic operations have nearly ceased, with only 163 vehicles sold in the first ten months of this year, and the last direct store in China has been closed [3]. Group 3: Financial Health - Polestar has incurred a cumulative net loss of nearly $6 billion (approximately 42.4 billion RMB) from 2021 to the first half of this year, with losses continuing to expand [3]. - As of mid-2023, Polestar's total assets were $3.643 billion, while total liabilities reached $7.909 billion, indicating insolvency [3]. Group 4: Investment and Strategy - Volvo has been reducing its stake in Polestar since last year, while Geely has increased its investment, becoming the largest shareholder [4]. - In June 2023, Polestar secured a $200 million equity investment from PSD Investment Limited, controlled by Li Shufu, with a purchase of 19 million A-class American Depositary Shares (ADS) at $1.05 each [4]. - Despite a 51% year-on-year increase in global sales in the first half of this year, Polestar's sales volume remains low, and the path to profitability is uncertain [6]. Group 5: Compliance and Risks - Polestar faces a delisting risk due to its stock price being below $1 for an extended period, needing to maintain a price above $1 for at least ten consecutive trading days by April 29, 2026, to regain compliance with NASDAQ [6].

Core Viewpoint - Polestar Automotive, controlled by Geely Holding Group's chairman Li Shufu, has seen a significant decline in stock price, dropping 16.25% on November 12 and 5.97% on November 13, reaching a new low since its SPAC listing in June 2022 [3][4]. Group 1: Stock Performance and Market Position - Since its listing, Polestar's stock has decreased by 94.4% over the past three and a half years [4]. - Polestar, which originated from Volvo's high-performance division, has struggled in the rapidly expanding electric vehicle market, particularly in China, where it has faced significant sales challenges [4]. - Sales figures from 2021 to 2024 show global sales of 29,000, 51,500, 54,626, and 44,851 vehicles, respectively, with China sales plummeting from 2,048 to just 1,864 vehicles in the same period [4]. Group 2: Financial Health - Polestar has reported cumulative losses of nearly $6 billion (approximately 42.4 billion RMB) from 2021 to the first half of this year, with losses continuing to widen [4]. - As of the first half of this year, Polestar's total assets were $3.643 billion, while total liabilities reached $7.909 billion, indicating a state of insolvency [4]. Group 3: Investment and Strategic Moves - Volvo has been reducing its stake in Polestar since last year, while Geely has increased its investment, becoming the largest shareholder [5]. - In June, Polestar secured a $200 million equity investment from PSD Investment Limited, controlled by Li Shufu, who acquired 19 million A-class American Depositary Shares (ADS) at $1.05 each [5][6]. - Despite the investment, Li Shufu has experienced a paper loss of over 40% within five months due to the declining stock price [6]. Group 4: Future Challenges - Polestar's global sales exceeded 30,000 units in the first half of this year, a 51% year-on-year increase, but still far from breakeven [7]. - Geely's ongoing financial support for Polestar raises questions about its sustainability until Polestar can achieve self-sufficiency [7]. - Polestar faces a delisting risk due to its stock price remaining below $1, needing to meet compliance by April 29, 2026, with a closing price of at least $1 for ten consecutive trading days [8].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the home appliance industry in China, particularly the trends and strategies leading up to 2026 [1][3][5]. Core Insights and Arguments - **Market Demand Trends**: The domestic demand for home appliances is expected to bottom out in 2026, with traditional white goods companies showing low valuations and stable growth, indicating defensive value [1][3]. - **Innovation and Smart Upgrades**: Companies that focus on product innovation and smart upgrades are favored, particularly in emerging fields like robotics and AI computing [1][3][4]. - **Globalization Strategy**: Chinese home appliance companies are expanding globally through acquisitions and local manufacturing to mitigate tariff impacts, transitioning from a focus on volume to structural upgrades and globalization [1][5][6]. - **Smart Home Ecosystem**: The industry is evolving from single product offerings to a multi-scenario integration of smart home ecosystems, driven by AI computing, energy management, and robotics [1][7][8]. - **Investment Strategy for 2026**: Key investment focuses include core assets (e.g., Midea, Haier, Gree), innovative smart home companies (e.g., Ugreen, Anker Innovations, Ecovacs), and emerging business opportunities in sectors like environmental technology and LED supply chains [1][10]. Additional Important Insights - **Performance Disparities**: The home appliance sector is experiencing internal disparities, with traditional companies facing challenges due to subsidy reductions and competition, while smart home companies are rapidly growing [2][3]. - **Long-term Transformations**: The industry is undergoing significant changes, including a shift from quantity to quality and from export-driven growth to global restructuring [6][11]. - **Short-term Market Dynamics**: The market is expected to show cyclical recovery, with domestic sales gradually improving despite fluctuations in demand due to policy changes and competition [11][12]. - **Global Export Challenges**: The global home appliance export market is facing challenges due to high tariffs and weakening demand in North America and Europe, although long-term growth is anticipated as companies adapt [17][19]. - **Technological Differentiation**: Traditional companies are focusing on building comprehensive smart ecosystems, while emerging companies leverage technological innovations for rapid market entry [21][23]. Conclusion - The home appliance industry in China is poised for a transformative period leading up to 2026, characterized by a focus on smart technology, globalization, and structural upgrades, with varying performance across different segments and companies. The strategic emphasis on innovation and adaptation to market conditions will be crucial for future growth and investment opportunities [1][10][25].

Core Insights - The company reported a revenue of 5.682 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.72%, with a net loss attributable to shareholders of 419 million yuan [1] - In Q3 2025, the company achieved a revenue of 2.018 billion yuan, representing a year-on-year growth of 10.42% and a quarter-on-quarter increase of 12.86%, with a net loss of 155 million yuan [1] Financial Performance - In Q3 2025, the company’s battery shipment volume is expected to increase quarter-on-quarter due to strong overseas demand [2] - The gross profit margin improved to 0.67% in Q3 2025, turning positive due to increased operating rates and price hikes in the supply chain, with a reduction in unit loss for batteries anticipated [2] - The company recorded non-operating income primarily from electricity subsidies, amounting to around 100 million yuan in Q3, showing little change [2] - The company’s debt ratio decreased to 74.14% following the completion of H-share fundraising, with cash and trading financial assets totaling approximately 5.4 billion yuan, providing a strong financial buffer [2] - A minor asset impairment loss of 9 million yuan was recognized in Q3 2025, having a negligible impact on the financial statements [2] Strategic Developments - The company is advancing its globalization strategy, with overseas sales accounting for over 50% of total sales, benefiting from a price premium compared to domestic markets [3] - A strategic cooperation agreement was signed with local component customers in Turkey, focusing on the construction of high-efficiency battery projects to meet the urgent demand for high-performance solar batteries in Turkey and other global markets [3] - The successful issuance of H-shares supports the company’s global expansion and exploration of new business opportunities, with a positive outlook on its global layout capabilities and N-type high-efficiency battery technology [3]