燃石医学 20251121 摘要 燃石医学 2025 年前三季度营收 4.13 亿元，同比增长 6%，海外业务显 著增长，占比提升至 19.1%，反映全球化战略成效，与 94 家三甲医院 及 140 家药企合作，完成 11.6 万人份检测，为后续增长奠定基础。 公司收入结构显著变化，院内检测占比达 60%，药企合作收入占比提升 至 30%，经营效率和现金流持续改善，2024 年 Q4 首次现金流转正， 2025 年 Q3 再次实现，表明盈利能力增强。 燃石医学深化全球布局，以中国为基础服务全球市场，加强与药企合作， 拓展院内检测和伴随诊断业务，通过更多管线注册和海外市场扩展提升 现金流和经营状况，实现可持续发展。 公司肺癌多基因血检伴随诊断预计 2026 上半年获批，将领先市场 2-3 年；乳腺癌多基因组织伴随诊断中日同步申报，日本已获证；多癌种早 检项目进入药监局创新审评通道，均为未来增长提供动力。 燃石医学在 NGS 平台 CDX 项目数量领先，占据 80%市场份额，实现 NGS 平台伴随诊断出海认证，为药企提供全球化解决方案，覆盖欧盟、 日本和中国市场，增强全球竞争力。 Q&A 燃石医学在过去三年中经历 ...

Core Viewpoint - The company, Aide Biology, reported significant growth in net profit for the first half of 2025, driven by its focus on tumor gene testing and drug companion diagnostics [1] Financial Performance - In the first half of 2025, Aide Biology achieved an operating revenue of 579 million yuan, representing a year-on-year increase of 6.69% [1] - The net profit attributable to shareholders reached 189 million yuan, marking a year-on-year growth of 31.41% [1] - The net profit after deducting non-recurring items was 185 million yuan, reflecting a year-on-year increase of 39.97% [1] - For the year 2024, the operating revenue was 1.109 billion yuan, with a year-on-year growth of 6.27% [3] - The net profit attributable to shareholders for 2024 was 255 million yuan, showing a decrease of 2.53% year-on-year [3] - The net profit after deducting non-recurring items for 2024 was 233 million yuan, down 2.45% year-on-year [3] Business Strategy - The company focuses on tumor gene testing and drug companion diagnostics, utilizing strong bioinformatics algorithms to develop reagents, software, and supporting instruments [1] - Aide Biology has developed a comprehensive solution for tumor precision testing, covering upstream sample processing and nucleic acid extraction to downstream automated reporting and data management systems [1] - The company has independently developed and received domestic approval for 32 types of tumor gene testing products, positioning itself as a leading enterprise with a complete range of products in the industry [1] Leadership - The chairman of Aide Biology is Li-Mou Zheng, who holds a Ph.D. and has a distinguished academic and professional background [3] - Zheng has held various prestigious positions, including postdoctoral researcher at Rockefeller University and chief researcher at Pfizer [3] - His compensation from 2020 to 2024 has varied, with the highest being 960,900 yuan in 2020 and the lowest at 490,300 yuan in 2021 [3]