◎记者何漪 当国内IVD（体外诊断产品）行业陷入红海竞争时，亚辉龙已在改写发展逻辑。 2016年凭借化学发光法核心技术实现破局，2021年登陆科创板迎来跃升，当前，亚辉龙正从过去"抢市 场、快迭代"的规模竞速，转向"重研发、筑壁垒"的创新深耕，锚定"特色化、国际化、平台化、高端 化"战略，迈上高质量发展的新赛道。 "过去'争快'是为了活下去，现在'求慢'是为了走得更远。"近日，上海证券报记者走进亚辉龙，公司董 事长胡鹍辉表示：慢，是告别技术跟随的浮躁，耐住性子布局基础研究"冷板凳"；是放下国内市场的安 逸，练就稳扎稳打闯荡全球的慢功夫；是跳出单点产品的局限，构建慢病管理的新生态。 加强基础研究 近年来，在多重因素影响下，国内IVD行业价格战愈演愈烈，盈利挑战越来越大。如何破解发展困境？ 亚辉龙的选择是加强基础研究。 就IVD行业而言，创新能力弱、行业壁垒低，是行业稳健发展的阻碍所在。亚辉龙在北京、深圳、武 汉、长沙、南京、日本东京设立六大研发中心，并在湖南湘潭设立生产基地，加强从原材料开发到产品 研发、再到生产和销售服务的产业链布局。 亚辉龙不仅为基础研究搭建硬支撑，同时也在打造软实力。2023年，亚辉龙与科 ...

Core Insights - The "2025 Chengdu High-tech Zone IVD Industry Supply and Demand Seminar" was held in Chengdu, attracting over 200 participants from leading IVD companies, top academicians, and experts from major hospitals in the Sichuan-Chongqing region, aiming to create a collaborative platform for the IVD industry [1] Group 1: Event Overview - The seminar focused on the theme "Connecting Sichuan and Chongqing, Innovating the Future," aiming to integrate resources across various sectors including government, industry, academia, research, finance, and healthcare [1] - Key activities included policy interpretation, sharing of cutting-edge technologies, supply-demand matching, and project signing, all aimed at fostering high-quality development of the biomedicine industry in the Chengdu-Chongqing economic circle [1] Group 2: Industry Opportunities - Six leading IVD companies from the Sichuan-Chongqing region released an "Opportunity List," covering areas such as IVD reagent R&D, smart manufacturing equipment procurement, and clinical collaborations, with a total value exceeding 10 billion [1] - Collaborative projects were launched between institutions like the Sichuan Academy of Medical Sciences and Chengdu Medical College, focusing on technical challenges and joint talent cultivation [2] Group 3: Collaborative Agreements - Several companies signed "medical-engineering crossover" cooperation agreements, including Chengdu Danodi Medical Technology Co., Ltd. and Chengdu Medical College, focusing on IVD talent training and AI technology development [2] - The event emphasized the integration of AI in IVD, showcasing practical applications in diagnostic reagent development and clinical testing efficiency [2] Group 4: Industry Insights and Discussions - The seminar featured thematic discussions and roundtable forums, addressing topics such as integrated regulatory models for medical device reviews, IVD ecosystem construction from a medical perspective, and international opportunities and challenges [3] - Representatives from various sectors provided insights on regulatory collaboration, industry experience, clinical value, result transformation, financial support, and international pathways for the high-quality development of the Sichuan-Chongqing IVD industry [3]

Summary of the Conference Call for 亚辉龙 (Aihuilong) Company Overview - **Company**: 亚辉龙 (Aihuilong) - **Industry**: In Vitro Diagnostics (IVD) Key Financial Performance - **Revenue**: - Total revenue for the first three quarters of 2025 was 1.287 billion yuan, a year-on-year decline of 7.69% [3] - Main business revenue was 1.257 billion yuan, down 7.8% year-on-year [3] - Revenue for Q3 2025 was 478 million yuan, showing a year-on-year growth of 10.25% and a quarter-on-quarter increase of 22.44% [5] - **Gross Margin**: - Main business gross margin was 60.85%, down 2.5 percentage points year-on-year [6] - Self-operated business gross margin was 67.42%, down 3.08 percentage points year-on-year [6] Market Performance - **Domestic vs. International Revenue**: - Domestic self-operated business revenue was 866 million yuan, down 12.74% year-on-year, accounting for 80.63% of total self-operated revenue [3] - International self-operated business revenue was 208 million yuan, up 39.39% year-on-year, accounting for 19.37% of total self-operated revenue [3] Business Segments - **Chemiluminescence Business**: - Revenue for the first three quarters was 967 million yuan, down 6.66% year-on-year [7] - Q3 revenue was 364 million yuan, up 13.99% year-on-year and 26.16% quarter-on-quarter [8] - Domestic chemiluminescence revenue was 777 million yuan, down 13.89% year-on-year, while international revenue was 190 million yuan, up 41.96% [7] Installation and Market Expansion - **Instrument Installation**: - As of September 30, 2025, over 12,410 self-operated chemiluminescence instruments were installed, with 1,806 new installations in the first three quarters [9] - Domestic installations accounted for 44.55% of new installations, while international installations grew by 15.16% [9] - **Market Coverage**: - Products covered over 6,200 medical institutions in China, with a 70% coverage rate in top-tier hospitals [10] Research and Development - **Innovation**: - Collaborated with the National University of Singapore on cardiovascular research, leading to the commercialization of a patented test kit [4] - The ANA intelligent interpretation system has achieved a 95% accuracy rate, with a target of 98% [12] - The pancreatic function platform is expected to be approved in 2026, with a business model that includes direct software sales and clinical education [13][14] Industry Dynamics - **Market Trends**: - The IVD industry is undergoing structural changes, with domestic brands gaining market share against imports [16][17] - The number of IVD companies has significantly decreased, with expectations of a market recovery in 2026 [25][24] - **Policy Impact**: - The implementation of centralized procurement policies has positively impacted the company's market share and testing volume [26][24] Future Outlook - **Strategic Plans**: - Focus on enhancing existing specialty projects and expanding market share [18] - Plans to enter the Japanese market with 12 projects submitted for approval, expecting significant revenue contributions starting in 2027 [31] - Continued investment in AI and IVD applications to enhance technological capabilities and market competitiveness [15] Conclusion - **Long-term Vision**: The company aims to become a leading player in the domestic IVD market within five years and a global leader in specific diagnostic fields within ten years [34]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company's domestic performance is under short-term pressure due to factors such as medical insurance cost control and intensified market competition, while its overseas business continues to grow significantly [2][4] - The company has seen a decline in its main business revenue domestically, with a 21.08% decrease to 5.42 billion yuan, while overseas revenue increased by 26.00% to 1.29 billion yuan [2] - The company is advancing its self-produced instruments and assembly lines steadily, with a total of 546 new installations domestically and 544 installations overseas in the first half of 2025 [3] - The company has launched innovative digital business initiatives, including a diabetes management platform and an intelligent clinical laboratory software system, enhancing its AI+IVD strategy [4] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 808 million yuan, a decrease of 15.79% year-on-year, and a net profit attributable to the parent company of 26.27 million yuan, down 84.82% year-on-year [1] - The company’s R&D expense ratio increased to 17.41%, reflecting a focus on innovation despite the revenue decline [3] - The financial forecast estimates operating revenues of 2.19 billion yuan, 2.58 billion yuan, and 3.05 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 564 million yuan, 580 million yuan, and 583 million yuan for the same years [4][10]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 808 million yuan, down 15.79% year-on-year, and a net profit of 26 million yuan, down 84.82% year-on-year [1] Group 1: Domestic and Overseas Performance - Domestic performance is under pressure due to factors such as medical insurance cost control, price reductions from centralized procurement, and intensified market competition, leading to a total revenue of 671 million yuan from domestic operations, a decrease of 14.98% [2] - Overseas self-operated revenue showed strong growth, reaching 129 million yuan, an increase of 26% [2] - The demand for terminal testing of domestic luminescent reagents is beginning to recover, which, along with continued overseas growth, is expected to drive performance recovery in the second half of the year [2] Group 2: Equipment Installation and Market Expansion - The company accelerated the installation of self-produced luminescent instruments, with 1,090 new installations in the first half of 2025, including 546 in the domestic market and 544 overseas [3] - The company has also installed 57 new production lines, representing a year-on-year growth of 54.05% [3] - The integration of AI technology with the production line is expected to enhance detection efficiency and accuracy, strengthening the company's competitive edge and aiding market expansion, particularly in top-tier hospitals [3] Group 3: Profit Forecast - The company forecasts total revenue for 2025-2027 to be 1.996 billion yuan, 2.290 billion yuan, and 2.632 billion yuan, with year-on-year growth rates of -0.75%, 14.70%, and 14.94% respectively [4] - The projected net profit for the same period is 126 million yuan, 297 million yuan, and 403 million yuan, with year-on-year growth rates of -58.20%, 135.64%, and 35.60% respectively [4]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to domestic market pressures and increased competition, while overseas business showed growth potential [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 808 million yuan, a year-on-year decrease of 15.79%, and a net profit of 26 million yuan, down 84.82% year-on-year [1]. - In Q2 2025, revenue was 391 million yuan, reflecting a 26.12% year-on-year decline, with net profit at 16 million yuan, down 84.93% year-on-year [1]. - The company's main business revenue was 671 million yuan, a decrease of 14.98% year-on-year, with domestic revenue at 542 million yuan, down 21.08%, while overseas revenue grew by 26.00% to 129 million yuan [2]. Business Segments - The self-produced chemiluminescence business generated 603 million yuan in revenue, down 15.87% year-on-year, with a gross margin of 61.58% [2]. - The company installed 1,090 self-produced chemiluminescence instruments in H1 2025, with 546 units in the domestic market and 544 units overseas [3]. - The pipeline business saw a remarkable growth of 54.05%, with 57 new installations, including 11 new contracts for the self-developed iTLA Max pipeline [3]. Strategic Initiatives - The company is advancing its "AI + IVD" strategy, focusing on product transformation and upgrades based on clinical needs [4]. - In the diabetes sector, the company launched the PIFI digital platform for standardized assessment of pancreatic function, utilizing large-scale clinical data and machine learning [4]. - The company has developed an intelligent interpretation system for autoimmune diseases, achieving a recognition accuracy of 91.3% and deployed it in over 30 top-tier hospitals [4]. Investment Outlook - The company maintains a "buy" rating, with projected revenues of 1.851 billion yuan, 2.167 billion yuan, and 2.542 billion yuan for 2025-2027, reflecting a year-on-year growth of -8.0%, 17.1%, and 17.3% respectively [5]. - Expected net profits for the same period are 114 million yuan, 300 million yuan, and 415 million yuan, with corresponding EPS of 0.20, 0.53, and 0.73 yuan [5].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company's revenue for the first half of 2025 was 808 million yuan, a year-on-year decrease of 15.79%, with a net profit attributable to the parent company of 26 million yuan, down 84.82% year-on-year [2] - Domestic business is under short-term pressure due to medical insurance cost control policies, while overseas business continues to grow significantly, with overseas revenue increasing by 26.00% to 129 million yuan [3] - The company's "AI + IVD" strategy is being implemented, enhancing product lines in diabetes and autoimmune disease diagnostics [5] Financial Performance - In the first half of 2025, the company's gross profit margin was 61.58%, with the chemical luminescence reagent business gross margin at 80.15% [3] - The company expects revenues of 1.85 billion yuan in 2025, with a projected net profit of 114 million yuan, reflecting a year-on-year decline of 62.1% [11] - The earnings per share (EPS) is projected to be 0.20 yuan in 2025, with a price-to-earnings (P/E) ratio of 77x [9][11] Business Segments - The company installed 1,090 chemical luminescence instruments in the first half of 2025, with a notable increase in the number of production lines, which grew by 54.05% year-on-year [4] - The company has deepened its customer coverage, with over 6,210 domestic medical institutions, including more than 1,260 top-tier hospitals [4] Strategic Initiatives - The company has launched the PIFI digital platform for diabetes, enhancing clinical diagnosis through machine learning [5] - The development of an intelligent interpretation system for autoimmune diseases has improved accuracy to 91.3% [5] - The integration of AI technology in laboratory automation is being explored to enhance operational efficiency [8]