Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [8][9]. Core Views - The IVD market is undergoing a transformative period characterized by complexity and uncertainty, influenced by post-pandemic adjustments and ongoing healthcare reforms. Despite short-term pressures from cost control measures and centralized procurement, the long-term outlook for the IVD industry remains positive, with expectations of a turning point as centralized procurement becomes established [6][9]. - The collaboration between Samsung and Grail in the multi-cancer early detection field is expected to enhance the development of cancer screening technologies, improving accuracy and efficiency, thereby increasing patient survival rates [5][52]. Summary by Sections Industry Performance - The pharmaceutical and biological sector fell by 2.48%, ranking 16th among 31 primary industries, while the IVD sector specifically decreased by 0.43% [2][11]. - The IVD sector's current PE ratio is 36.21X, with a one-year maximum of 39.25X and a minimum of 20.96X. The current PB ratio is 1.82X, with a one-year maximum of 2.01X and a minimum of 1.53X [4][32]. Company Performance - Notable performers in the medical services sector include Tuo Jing Life (+22.9%), Rejing Bio (+12.5%), and Hao Ou Bo (+7.2%). Conversely, companies like Botuo Bio (-6.8%) and Pumen Technology (-6.8%) underperformed [3][27]. Investment Recommendations - The report suggests focusing on the growth potential within the IVD sector, particularly in immunodiagnostics, molecular diagnostics (PCR), and continuous glucose monitoring (CGM). Companies such as San Nu Biotech, Shengxiang Bio, and Yahui Long are highlighted as key areas of interest [9][53].

Core Viewpoint - The company held a half-year performance briefing on October 16, 2025, to communicate with investors and address their inquiries regarding business strategies and performance challenges [1][8]. Group 1: Performance Briefing Details - The performance briefing was attended by key executives including the Chairman, General Manager, and independent directors, facilitating interactive communication with investors [1]. - The briefing was conducted online, allowing for pre-submitted questions from investors to be addressed during the session [1]. Group 2: Investor Questions and Company Responses - The company is focused on introducing globally unique products in mainland China while also considering local production options, such as the "Maitaiwei" platform [2]. - The "Maitaiwei" platform has received positive feedback from clients, demonstrating its effectiveness in providing digital medical solutions and facilitating remote guidance for complex surgeries [2]. - The decline in revenue is attributed to national procurement price reduction policies, impacting sales and profits, with the company implementing strategies to mitigate these effects [3]. - The company has consistently returned value to shareholders through cash dividends, exceeding 200 million RMB over four years, and aims to enhance operational efficiency and core competitiveness [4]. - The company is exploring various strategies to strengthen existing customer relationships and market share, including leveraging AI technology and enhancing collaboration with medical experts [5]. - The uncertainty of US-China trade tariffs has affected the broader market environment, but the company's operations and employee confidence remain stable [6].

Core Viewpoint - Zhijiang Bio plans to repurchase shares through centralized bidding, with a total amount between 60 million and 120 million yuan, and a maximum repurchase price of 37.99 yuan per share, which is 69.60% higher than the current price of 22.40 yuan [1] Group 1: Share Repurchase Details - The repurchase period is set for 12 months, and the funding will come from self-owned and self-raised funds [1] - This marks the third share repurchase announcement by the company this year, with the previous repurchase occurring on April 30, 2025, at a maximum price of 25.05 yuan per share [1] - Since the last announcement, the company has repurchased 5.8295 million shares, totaling approximately 110 million yuan, with a price increase of 38.02% during that period [1] Group 2: Company Overview - Zhijiang Bio, established on April 18, 2005, and listed on January 18, 2021, specializes in the research, production, and sales of molecular diagnostic reagents and equipment [2] - The company's main revenue sources are 86.47% from nucleic acid testing kits, 11.99% from other products, and 1.54% from molecular diagnostic instruments [2] - As of June 30, 2025, the company had 15,600 shareholders, a decrease of 1.17%, with an average of 12,281 circulating shares per person, an increase of 1.19% [2] Group 3: Financial Performance - For the first half of 2025, Zhijiang Bio reported a revenue of 59.6831 million yuan, a year-on-year decrease of 36.91%, and a net profit attributable to shareholders of -9.851 million yuan, a decrease of 137.88% [2] - The company has distributed a total of 829 million yuan in dividends since its A-share listing, with 251 million yuan distributed over the past three years [3] Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Guangfa Value Core Mixed A, holding 4.8172 million shares, and Rongtong Health Industry Flexible Allocation Mixed A/B, holding 1.5 million shares, both unchanged from the previous period [3]

Group 1 - The company, Zhijiang Biology, announced a share repurchase plan with a total funding amount between RMB 60 million and RMB 120 million, aimed at employee stock ownership plans or equity incentives [1][1][1] - The maximum repurchase price is set at RMB 37.99 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][1][1] - The repurchase period is within 12 months from the board's approval date [1][1][1] Group 2 - In 2024, Zhijiang Biology's revenue composition is projected to be 98.25% from the in vitro diagnostic industry and 1.75% from other businesses [1][1][1] - As of the report date, the market capitalization of Zhijiang Biology is RMB 4.3 billion [1][1][1]

Core Viewpoint - The stock of Beijing Hotgen Biotech Co., Ltd. increased by 5.13% on October 16, reaching a price of 179.55 CNY per share, with a trading volume of 320 million CNY and a turnover rate of 1.95%, resulting in a total market capitalization of 16.646 billion CNY [1] Company Overview - Beijing Hotgen Biotech Co., Ltd. was established on June 23, 2005, and went public on September 30, 2019. The company is located in the Daxing Biomedical Industry Base of Zhongguancun Science Park, Beijing [1] - The main business activities include the research, development, production, and sales of in vitro diagnostic reagents and instruments. The revenue composition is as follows: testing reagents 70.87%, testing instruments 19.79%, others 8.17%, and biological raw materials 1.17% [1] Fund Holdings - According to data, one fund under Zheshang Securities Asset Management has a significant holding in Hotgen Biotech. The Zheshang Huijin Quantitative Selected Mixed Fund (006449) held 36,600 shares in the second quarter, accounting for 4.96% of the fund's net value, making it the fourth-largest holding [2] - The fund has a current scale of 104 million CNY and has achieved a return of 55.66% year-to-date, ranking 536 out of 8161 in its category. Over the past year, the return was 49.56%, ranking 1203 out of 8021, and since inception, the return is 51.94% [2] Fund Manager Information - The fund manager of Zheshang Huijin Quantitative Selected Mixed Fund (006449) is Pang Yaqing, who has been in the position for 1 year and 262 days. The total asset size of the fund is 104 million CNY, with the best return during the tenure being 60.13% and the worst return being -11.71% [3]

IVD（体外诊断）的退市潮悄然来袭。 把时间轴拉回到"注销潮"之前，行业其实经历过一轮轰轰烈烈的"拿证竞赛"。湖南药监局数据显示， 2020—2023年短短四年，全省二类IVD注册证存量由3066张飙升至8889张，年均复合增长率高达 30.49%。 近日，浙江省药监局发布一纸公告，宣布注销浙江聚康生物工程有限公司（以下简称 "聚康生物"）5个 荧光免疫检测产品的医疗器械注册证。这是继7月浙江省一次性清理82张生化试剂证照后，年内该省 IVD领域第二次"批量退市"。 短短三个月，同一省份两度"挥刀"，且注销数量从"两位数"跃升到"三位数"在即，信号意义远超事件本 身。集采压价、监管趋严、创新门槛抬高等因素正加速改写行业格局——中国体外诊断产业从"证照红 利"时代迈入"精耕细作"时代。 相关行业分析师向21世纪经济报道记者表示，从长远来看，削减一定数量的注册数量对行业发展来说有 利之处更大，可以促使企业集中在核心产品竞争力上。 "退市潮"起 集中注销的远非聚康生物一家。2024年以来，安徽、江西、广东、湖南等地早已相继开出"注销清单"， IVD领域的"注销潮"势不可挡。 5月27日，广东省药监局发布公告，同意注 ...

21世纪经济报道记者唐唯珂报道 IVD(体外诊断)的退市潮悄然来袭。 近日，浙江省药监局发布一纸公告，宣布注销浙江聚康生物工程有限公司(以下简称"聚康生物")5个荧 光免疫检测产品的医疗器械注册证。这是继7月浙江省一次性清理82张生化试剂证照后，年内该省IVD 领域第二次"批量退市"。 短短三个月，同一省份两度"挥刀"，且注销数量从"两位数"跃升到"三位数"在即，信号意义远超事件本 身。集采压价、监管趋严、创新门槛抬高等因素正加速改写行业格局——中国体外诊断产业从"证照红 利"时代迈入"精耕细作"时代。 6月13日，湖南省药监局发布公告，8家企业申请注销99个产品的医疗器械注册证。其中德荣生物注销了 83个IVD注册证，自此已将其持有的全部IVD产品注册证"清空"。 7月22日，浙江省发布公告，一次性注销浙江凯成生物科技有限公司共82个试剂产品的医疗器械注册 证。 9月28日，安徽省药监局发布公告，应企业申请同意注销复星诊断科技(合肥)有限公司医疗器械注册 证。 把时间轴拉回到"注销潮"之前，行业其实经历过一轮轰轰烈烈的"拿证竞赛"。湖南药监局数据显示， 2020—2023年短短四年，全省二类IVD注册证存量 ...

Core Viewpoint - The company, EasyReel Bio, is undergoing significant changes due to frequent shareholder reductions and a strategic shift away from its in vitro diagnostic business, which has seen a drastic decline in demand, particularly for respiratory infectious disease testing products [2][7]. Shareholder Reduction - EasyReel Bio's controlling shareholder, EasyReel (Hainan) Venture Capital Co., Ltd., plans to reduce its holdings by up to 11,521,758 shares, representing 2.84% of the total share capital [3] - Other shareholders, EasyDarui and EasyKairui, also plan to reduce their holdings by 288,500 shares (0.07%) and 341,800 shares (0.08%), respectively [3] - If the maximum reduction occurs, the total cash outflow for the shareholders could reach approximately 1.23 million yuan based on the closing price of 10.12 yuan per share on October 13 [3] Business Performance and Strategy Shift - EasyReel Bio's revenue has significantly declined in 2023, with total revenue of 253 million yuan, a year-on-year decrease of 63.01%, and a net loss of 185 million yuan [7] - The in vitro diagnostic business, which once contributed up to 70% of revenue, has seen a drastic reduction in income, dropping to 47.7 million yuan in 2023, a 90.45% decline [7][8] - The company has shifted its focus back to food safety rapid testing and animal diagnostics, with food safety revenue showing a slight increase of 5.29% in 2024 [8] Historical Financial Performance - From 2020 to 2022, EasyReel Bio's revenue grew significantly due to the COVID-19 pandemic, with total revenues of 259 million yuan, 598 million yuan, and 687 million yuan, respectively [6] - The in vitro diagnostic business revenue during this period surged, reaching 499 million yuan in 2022, accounting for 72.71% of total revenue [6] Future Outlook - The company plans to completely phase out its in vitro diagnostic products by 2025, focusing solely on food safety and animal diagnostics [7][8] - Despite a strategic pivot, the company has faced challenges, with non-recurring net profits remaining negative for two and a half years [8][9]

Group 1 - The core point of the news is that Sely Medical's stock price increased by 5.55% to 26.42 CNY per share, with a trading volume of 246 million CNY and a turnover rate of 4.62%, resulting in a total market capitalization of 5.553 billion CNY [1] - Sely Medical Technology Group Co., Ltd. is based in Wuhan, Hubei Province, and was established on February 23, 2004, with its listing date on October 31, 2016. The company's main business involves centralized marketing and service for medical testing, as well as the agency and independent research, production, and sales of in vitro diagnostic products [1] - The revenue composition of Sely Medical includes IVD business at 39.91%, SPD business at 38.01%, and pure sales at 22.08% [1] Group 2 - From the perspective of the top ten circulating shareholders, the Caitong Fund has one fund among the top shareholders of Sely Medical. The Caitong Advantage Industry Rotation Mixed A Fund (011201) entered the top ten circulating shareholders in the second quarter, holding 643,400 shares, which accounts for 0.34% of the circulating shares. The estimated floating profit today is approximately 894,300 CNY [2] - The Caitong Advantage Industry Rotation Mixed A Fund (011201) was established on February 9, 2021, with a latest scale of 536 million CNY. Year-to-date returns are 17.35%, ranking 4543 out of 8161 in its category; the one-year return is 8.66%, ranking 5742 out of 8015; and since inception, it has a loss of 28.59% [2]

Core Viewpoint - Lidman has shown a significant stock price increase of 54.29% year-to-date, with recent fluctuations indicating a mixed performance in the short term [2]. Group 1: Stock Performance - As of October 15, Lidman’s stock price rose by 2.02% to 7.56 CNY per share, with a total market capitalization of 4.113 billion CNY [1]. - The stock has experienced a slight increase of 0.13% over the last five trading days, a decline of 4.91% over the last 20 days, and a substantial increase of 40.78% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Lidman reported a revenue of 160 million CNY, reflecting a year-on-year decrease of 14.80%, and a net profit attributable to shareholders of -4.2452 million CNY, a significant decline of 800.43% [3]. - The company has distributed a total of 143 million CNY in dividends since its A-share listing, with 5.4401 million CNY distributed over the last three years [4]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Lidman was 32,900, a decrease of 1.79% from the previous period, while the average circulating shares per person increased by 1.82% to 16,487 shares [3]. - Among the top ten circulating shareholders, Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund increased its holdings by 424,900 shares, while Hua Xia Zhong Zheng 500 Index Enhanced A became a new shareholder with 2,200,700 shares [4]. Group 4: Business Overview - Lidman, established on November 5, 1997, and listed on February 16, 2012, specializes in in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials, with the majority of revenue (67.84%) coming from in vitro diagnostic reagents [3]. - The company operates within the pharmaceutical and biological industry, specifically in the medical device and in vitro diagnostic sectors, and is involved in various concept sectors including gene sequencing and cold chain logistics [3].