华夏时报（www.chinatimes.net.cn）记者 于娜 北京报道 当前，生物医药行业转型升级开始加速，从药品仿制迈向源头创新，实现从"跟跑"到"并跑"乃至"领跑"的跨越， 生物医药行业已成为驱动经济增长与科技创新的重要引擎。 毕马威中国近日携手海南国际医药创新联合基金会、苏州生物医药产业园，在北京、苏州、深圳三地线上线下联 动举办了"毕马威中国第三届生物科创领航50企业榜单发布暨颁奖典礼"，对中国生物科技产业创新韧性与发展潜 力作出深度注解。 目前，中国生物医药企业国际化步伐加快，研发管线规模不断增长，跨境交易日益频繁，License—out（企业技 术、专利等通过许可输出）和Newco（一种资产交易模式）等模式助力企业提升全球化竞争力。 据业内不完全统计，2025年一季度国内创新药企的出海表现令人瞩目，达成33笔交易，已披露金额超362亿美元。 其中，第一季度中ADC为出海主力，有8笔交易，已披露金额达165.27亿美元。 而4月，双抗为出海主力，5笔交 易中有3笔为双抗。 "当下，全球产业链格局加速调整，国际经贸规则面临深刻变革，而中国生物科技行业展现出强劲的逆周期韧性， 成为全球创新版图中的重 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company achieved a revenue of 306 million yuan in 2024, reflecting a year-on-year growth of 11.03%. However, the net profit attributable to shareholders decreased by 3.35% to 113 million yuan [1][2]. - In Q1 2025, the company reported a revenue of 68.64 million yuan, down 9.47% year-on-year, with a net profit of 23.13 million yuan, a decline of 23.98% [1][2]. - The revenue growth in 2024 was primarily driven by an increase in the installation and user base of coagulation products, alongside rising demand for thrombus and hemostasis testing [2]. - The company is focusing on increasing R&D investment, which reached 19.60 million yuan in 2024, a growth of 2.23% year-on-year, and has introduced several new medical device registrations [2][3]. - The domestic market accounted for over 95% of the company's revenue in 2024, benefiting from the trend of domestic product substitution due to cost control policies in healthcare [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 306 million yuan, with a growth rate of 11.03%. The net profit attributable to shareholders was 113 million yuan, showing a decline of 3.35% [4]. - For Q1 2025, the revenue was 68.64 million yuan, down 9.47% year-on-year, and the net profit was 23.13 million yuan, a decrease of 23.98% [1][2]. R&D and Product Development - The company increased its R&D expenditure to 19.60 million yuan in 2024, marking a 2.23% increase from the previous year. New product registrations include lupus anticoagulant testing kits and quality control products [2][3]. Market Position and Strategy - The company has established a nationwide distribution network covering 29 provinces and key cities, with a strong presence in both tertiary hospitals and grassroots medical institutions [3]. - The overseas market revenue grew by 11.05% in 2024, indicating the initial success of the company's global expansion strategy [3]. Profitability and Valuation - The report projects a net profit of 126 million yuan for 2025, reflecting a growth rate of 11.71%, with a PE ratio of 20 for 2025 [4][10].

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.535 billion, a year-on-year increase of 15.41% [2] - The net profit attributable to shareholders was CNY 1.828 billion, growing by 10.57% compared to the previous year [2] - In Q1 2025, the operating revenue reached CNY 1.125 billion, reflecting a year-on-year growth of 10.12% [2] Domestic Market Insights - In 2024, the company generated CNY 2.843 billion in main business revenue domestically, marking a 9% increase [3] - A total of 1,641 automated chemiluminescence analyzers were installed in the domestic market, with large machines accounting for 75% of installations [3] - In Q1 2025, 412 automated chemiluminescence analyzers were installed, with large machines making up 76% of the total [3] International Market Performance - In 2024, the company recorded CNY 1.684 billion in main business revenue from overseas, a 28% increase [4] - The overseas reagent business revenue grew by 26% in the same year [4] - In Q1 2025, overseas main business revenue continued to grow by 27%, with reagent business revenue increasing by 40% [4] Strategic Responses to Market Changes - The company plans to embrace domestic procurement and medical insurance payment reforms actively, focusing on high-quality and cost-effective products [6] - Continuous technological innovation is emphasized to enhance product competitiveness and meet clinical demands for sensitivity and accuracy [7] - The company aims to maintain a strong presence in both domestic and international markets through a global strategy and localized marketing efforts [9] Future Outlook - The company expects to enhance its market competitiveness by leveraging its four major technology platforms and integrating instruments with reagents [8] - The overseas business is projected to maintain steady growth, with an increasing share of total revenue [10]

Financial Performance - The company achieved total revenue of 1.742 billion yuan in 2024, a decrease of 7.61% year-on-year, primarily due to a decline in agency product and testing service income [3] - Self-produced products generated revenue of 837 million yuan, remaining stable compared to the previous year [3] - Net profit attributable to shareholders was 258 million yuan, a year-on-year increase of 0.56% [3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 220 million yuan, an increase of 12.67% year-on-year [3] Strategic Focus - The company will continue to implement a strategy centered on in vitro diagnostic instruments and products, aiming for collaborative development between diagnostic products and services [3] - Plans to enhance product variety and quality through continuous technological innovation and product research and development [3] Market Challenges - The in vitro diagnostic industry is facing pressure due to national medical insurance cost control and centralized procurement, impacting short-term performance [9][19] - The company aims to strengthen refined management, implement large-scale production, and optimize the supply chain to improve operational efficiency and market share [10][19] International Expansion - In 2024, the company participated in major overseas exhibitions, expanding its business to six new countries and regions [12] - Plans to accelerate product international market registration and certification, establishing an "International Trade Center" in Shenzhen to enhance international sales capabilities [13] Technological Development - The company is focusing on automation, precision medicine, and personalized diagnostics as key trends in the in vitro diagnostic industry [11][15] - Ongoing investment in R&D to enhance product performance and develop new products in the fields of biochemistry, mass spectrometry, and precision lipid testing [15][16] Future Outlook - The company anticipates that the aging population and increasing life expectancy in China will continue to drive growth in the in vitro diagnostic industry [11] - The company is committed to adapting to industry changes and enhancing its competitive position through strategic adjustments and technological advancements [19]

Core Viewpoint - The company reported a steady recovery in its business operations during the first quarter of 2025, with a year-on-year revenue growth of 0.54% and a quarter-on-quarter growth of 12.37% despite external pressures [3]. Financial Performance - The company achieved operating revenue of 0.92 billion yuan in the first quarter of 2025, reflecting a year-on-year increase of 0.54% and a quarter-on-quarter increase of 12.37% [3]. - The overseas market showed significant growth, with overseas revenue increasing by 69.00% year-on-year due to prior product certifications and strategic deployment [3]. - The net profit declined due to price pressures from centralized procurement in the in vitro diagnostics industry, a VAT adjustment on self-produced testing reagents to 13%, and a reduction in government subsidies [3]. Asset Impairment - The company conducted impairment testing on its assets as of March 31, 2025, and recognized a total impairment provision of 59.06 thousand yuan, which included 18.64 thousand yuan for expected credit losses and 40.42 thousand yuan for inventory write-downs [13][14]. - The impairment provisions are expected to increase the company's profit before tax by 318.29 thousand yuan for the first quarter of 2025 [14]. Governance and Compliance - The board of directors and the supervisory board confirmed the accuracy and completeness of the quarterly report, ensuring compliance with relevant laws and regulations [2][8]. - The supervisory board reviewed and approved the first quarter report, affirming that it reflects the company's financial status and operational results accurately [8][9].

Core Viewpoint - The company, Burning Stone Medical (BNR), is experiencing a decline in revenue while showing significant improvement in net profit, indicating a potential shift in operational efficiency and cost management [1][2]. Financial Performance - As of September 30, 2024, Burning Stone Medical reported total revenue of 390 million RMB, a year-over-year decrease of 6.38% [1]. - The company recorded a net profit attributable to shareholders of -265 million RMB, which represents a year-over-year increase of 46.01% [1]. Company Overview - Burning Stone Medical was established in 2014 and focuses on providing clinically valuable next-generation sequencing (NGS) for precision oncology [2]. - The company holds a leading market share in tumor patient detection in China and collaborates with global anti-tumor pharmaceutical companies on biomarkers and companion diagnostics [2]. - The company received the first NGS testing kit approval from the National Medical Products Administration (NMPA) in July 2018, marking a significant milestone in the in vitro diagnostic field [2]. - The laboratories in Guangzhou, China, and California, USA, have obtained CLIA and CAP laboratory quality system certifications, ensuring high standards in testing [2].

Group 1 - The core viewpoint of the news is that Lidman Biochemical Co., Ltd. is experiencing a decline in revenue and profit, with a significant drop in stock price and market performance [1] - As of April 29, Lidman closed at 4.6 yuan, up 2.00%, with a latest price-to-book ratio of 1.51, marking a new low in 18 days, and a total market value of 2.502 billion yuan [1] - In terms of capital flow, on April 29, Lidman saw a net outflow of 2.7495 million yuan, with a total outflow of 1.6919 million yuan over the past five days [1] Group 2 - The main business of Lidman includes research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1] - The company's key products consist of biochemical diagnostic reagents, immunodiagnostic reagents, and automated chemiluminescence immunoassay analyzers [1] - Recent performance data shows that in Q1 2025, the company achieved operating revenue of 78.9087 million yuan, a year-on-year decrease of 16.61%, and a net profit of -1,251,725.54 yuan, a year-on-year decline of 53.73%, with a gross profit margin of 53.56% [1] Group 3 - Lidman has received several accolades, including "National High-tech Enterprise," "Zhongguancun High-tech Enterprise," and recognition as a leading enterprise in the "G20 Project" for the Beijing biopharmaceutical industry [1] - The company was also recognized as a "Benchmark Enterprise in Intelligent Manufacturing" in Beijing for 2018 and received certification for "Digital Workshop" in 2022 [1] Group 4 - In comparison to industry averages, Lidman's PE (TTM) is -33.98, and its price-to-book ratio is 1.51, while the industry average PE is 47.74 and the average price-to-book ratio is 4.40 [2] - The industry median PE is 36.15, with a median price-to-book ratio of 2.28, indicating that Lidman is underperforming relative to its peers [2]

Group 1 - The core viewpoint of the article highlights the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board Medical Index, which has seen a decline of 6.84% in the past month, 2.25% in the past three months, and 3.82% year-to-date [1] - The index consists of no more than 30 listed companies in the medical field selected from the Sci-Tech Innovation Board, reflecting the overall performance of medical listed companies [1] - The index was established with a base date of December 30, 2022, and a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the index include: Huatai Medical (12.68%), United Imaging (10.07%), Aibo Medical (7.84%), Yirui Technology (6.54%), Shengxiang Biology (4.89%), Nanwei Medical (4.79%), Xinmai Medical (4.59%), Haier Biomedical (4.41%), Yahui Long (3.61%), and Bairen Medical (3.46%) [1] - The index's holdings are entirely composed of companies listed on the Shanghai Stock Exchange, with a 100% market share [1] - In terms of industry composition, medical consumables account for 47.05%, medical devices for 31.91%, and in vitro diagnostics for 21.04% [1] Group 3 - The index sample is adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which occur at the same time as the sample adjustments [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

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Core Insights - The company achieved a revenue of 4.535 billion yuan in 2024, representing a year-on-year increase of 15.41%, and a net profit attributable to shareholders of 1.828 billion yuan, up 10.57% year-on-year [1] - The company plans to distribute a cash dividend of 13 yuan per 10 shares (tax included) to all shareholders [1] Domestic Market Performance - In 2024, the domestic market generated a revenue of 2.843 billion yuan, reflecting a year-on-year growth of 9.32% [2] - The company continued its large customer marketing strategy, promoting high-throughput chemiluminescence immunoassay analyzers MAGLUMI X8 and MAGLUMI X6, and the automated line product SATLARS T8 [2] - The company installed 1,641 chemiluminescence immunoassay analyzers in domestic markets, with large machine installations accounting for 74.65% [2] - By the end of 2024, the company’s products served 1,732 tertiary hospitals, achieving a coverage rate of 44.93% [2] - Domestic reagent business revenue grew by 9.87% year-on-year despite price pressures from inter-provincial alliance procurement [2] - In Q1 2025, domestic market revenue showed a slight increase of 0.11% year-on-year due to the impact of procurement policies [2] International Market Performance - In 2024, the overseas market achieved a revenue of 1.684 billion yuan, marking a year-on-year increase of 27.67% [3] - The reagent business grew by 26.47% year-on-year, driven by increased instrument installations [3] - The company has established a significant overseas brand advantage through localized operations and has set up subsidiaries in Indonesia, Malaysia, Thailand, and a representative office in Vietnam [3] - By early 2025, the company successfully established a subsidiary in South Korea, and has operational systems in 14 core countries [3] - The sales revenue in the Indian market surpassed 200 million yuan in 2024, indicating a shift from regional expansion to in-depth management [3] - In Q1 2025, overseas business continued to grow steadily, with a year-on-year revenue increase of 27.03% [3] Product Development and Innovation - The flagship model MAGLUMI X8 continues to lead the market, with annual sales/installations of 1,048 units in 2024, bringing the total installations to 3,701 units [4] - The company launched the higher throughput MAGLUMI X10 in February 2024, enhancing user experience for medical terminals [4] - The company offers 224 types of chemiluminescence immunoassay reagents globally, with 198 having EU market access [4] - The SATLARS T8 fully automated laboratory line was successfully launched in June 2024, achieving 87 installations in its first year [4] - The company has made significant breakthroughs in small molecule testing, launching 12 new dual-antibody sandwich method reagents [4] Future Outlook - The company maintains a "recommended" rating, focusing on the in vitro diagnostic field and expanding both domestic and international markets [5] - Despite pressures from procurement policies, the company expects EPS for 2025-2027 to be 2.69, 3.32, and 4.10 yuan respectively [5] - The company anticipates that strong installation numbers and an increasing share of mid-to-large machines will drive reagent volume growth [5]