行业评级：看好（维持） 证券研究报告|行业专题报告 医药生物 2025年11月20日 --结直肠癌早筛龙头，更多大单品即将兑现 证券分析师 姓名：刘闯 资格编号：S1350524030002 邮箱：liuchuang@huayuanstock.com 联系人 姓名：梁裕 邮箱：liangyu@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 报告要点 ◼ 结直肠癌早筛龙头，向肿瘤筛查平台转型。精密科学为美国结直肠癌早筛龙头，公司成立初期便致力于开发结直肠癌早筛产品，旗下拥有首个在美国实现商业化的 mt-sDNA结直肠癌筛查产品Cologuard。目前收入主要由筛查业务（以Cologuard为核心）、精准肿瘤检测（以Oncotype Dx系列为核心）两部分构成，2025Q1-3实现 收入20.5亿美元，同比增长16%。目前暂未实现净利润层面盈利，但FCF已处于持续转正态势，2025Q1-3调整后EBITDA利润率为14%，并有望在2027年超过20%，利润 有望加速兑现。 ◼ 结直肠癌早筛：公司基本盘，保持稳健增长，血检有望贡献弹性 1 • 结直肠早筛行业：结直肠疾病进展期长，早期发 ...

Group 1 - The core viewpoint of the news highlights the successful early detection of colorectal cancer through the non-invasive Hua Chang Kang testing product by BGI Genomics, demonstrating its significant value in early diagnosis [1] - A shareholder, Mr. Han, participated in the company's annual shareholder reward activity and received the Hua Chang Kang intestinal health testing product, which led to the early detection of his colorectal cancer [1] - The testing revealed three positive gene methylation results, prompting further examination that confirmed the presence of a tumor, which was successfully surgically removed [1] Group 2 - According to the National Cancer Center's 2024 data, colorectal cancer is the second most common cancer in China, with a rising incidence in urban areas and a concerning trend of younger patients [2] - The "Guidelines for Colorectal Cancer Screening and Early Diagnosis and Treatment (2020)" recommend early screening for high-risk groups, including those with a family history of colorectal cancer, previous polyps, or chronic intestinal diseases [2] - BGI Genomics' Hua Chang Kang product utilizes fecal DNA methylation testing to analyze specific gene changes, providing a sensitive and specific method for detecting precancerous lesions or early cancer signals [2]

Core Viewpoint - The importance of early screening for colorectal cancer is emphasized, as early-stage detection significantly increases survival rates, while late-stage diagnosis drastically reduces them [1][4]. Group 1: Colorectal Cancer Statistics - In 2022, China reported 517,100 new cases of colorectal cancer and 240,000 deaths, ranking second in incidence and fourth in mortality among all cancers [1]. - The five-year survival rate for early-stage colorectal cancer (limited to the mucosal layer) can exceed 90%, while for advanced-stage cancer, the survival rate drops to below 30% [1][4]. Group 2: Screening Recommendations - Early-stage colorectal cancer and precancerous conditions like polyps can be asymptomatic, leading to misconceptions about cancer risk based on the absence of symptoms [2][4]. - It is recommended that men begin screening with colonoscopy at age 40 and women at age 45, with those having a family history starting 10 to 20 years earlier [4]. Group 3: Follow-up and Monitoring - The frequency of follow-up examinations after detecting polyps depends on the number, location, and severity of the polyps, with low-risk individuals recommended to undergo follow-up every 3 to 5 years [5]. - For high-risk individuals, such as those with advanced polyps, follow-up should occur every 1 to 2 years [5].

Core Insights - The article emphasizes the importance of early screening for colorectal cancer, which has a high incidence rate in China, with over 550,000 new cases annually and more than 240,000 deaths expected in 2024 due to the disease [1][2]. Group 1: Importance of Early Screening - Colorectal cancer often develops silently, with early stages showing no symptoms, leading to missed intervention opportunities [1][2]. - Early screening can significantly reduce the incidence of colorectal cancer, with a five-year survival rate exceeding 90% for early-stage cases, compared to less than 30% for advanced cases [2][3]. Group 2: Recommendations for Screening - It is recommended that men begin their first colonoscopy at age 40, while women should start at 45, with earlier screening for those with family history or risk factors [3][4]. - The frequency of follow-up screenings varies based on individual risk factors, with low-risk individuals over 50 advised to undergo screening every five years [4]. Group 3: Misconceptions and Awareness - There are prevalent misconceptions about the necessity of colonoscopy, with many individuals waiting for symptoms like abdominal pain or bleeding before seeking medical attention [5][6]. - Increased public awareness and education about the importance of early screening and the advancements in colonoscopy technology are crucial for improving screening rates [6][7]. Group 4: Technological Advancements - Recent advancements in domestic endoscopy technology and AI-assisted diagnostics have improved the detection of subtle lesions, reducing the likelihood of missed diagnoses by inexperienced doctors [2][5]. - The cost of early screening is significantly lower than that of treating advanced cancer, with early detection through colonoscopy costing less than 1,000 yuan compared to over 100,000 yuan for advanced treatment [2][3].