Summary of the Conference Call for 诺禾致源 (Nuohe Zhiyuan) Company Overview - **Company**: 诺禾致源 (Nuohe Zhiyuan) - **Period**: January to September 2025 Key Financial Metrics - **Total Revenue**: 15.81 billion CNY, up 4.05% year-on-year [2][3] - **Q3 Revenue**: 5.41 billion CNY, up 3.47% year-on-year [3] - **Overseas Revenue**: 7.92 billion CNY, up 4.1% year-on-year, accounting for 50.09% of total revenue [2][3] - **Q3 Overseas Revenue**: 2.58 billion CNY, down 0.48% year-on-year [3] - **Domestic Revenue**: 7.89 billion CNY, up 4% year-on-year [2] - **Q3 Domestic Revenue**: 2.82 billion CNY, up 7.37% year-on-year, and up 8.61% quarter-on-quarter [5] - **Gross Margin**: 41.9%, down 0.7 percentage points year-on-year [10] - **Net Profit**: 1.16 billion CNY, down 10.17% year-on-year, with a net profit margin of 7.31% [11] - **R&D Investment**: 56.1 million CNY in Q3, focusing on emerging fields [12] Revenue Breakdown by Market - **Americas**: Q3 revenue down 12% due to changes in research funding and policy impacts [4] - **EMEA**: Q3 revenue down 12%, affected by project completion and funding transitions [4] - **Europe**: Q3 revenue up 19%, indicating strong performance [4] - **Customer Segmentation**: 70% of revenue from universities and research institutions, 30% from hospitals and enterprises [6] Product and Service Performance - **Life Sciences Research Services**: Revenue of 5.52 billion CNY, up 6.21% year-on-year [7] - **Monitoring and Sequencing Platform Services**: Revenue of 7.7 billion CNY, up 3.23% year-on-year, but Q3 revenue down 3.42% [7] - **Emerging Business Contributions**: Approximately 32% of total revenue, up 4 percentage points year-on-year, with a growth of about 20% [8] R&D and Innovation - **R&D Focus Areas**: Single-cell genomics, spatial genomics, proteomics, metabolomics, epigenetics, and long-read sequencing [12][18] - **AI Integration**: Progress in AI applications, particularly in omics data analysis and virtual cell modeling [20][28] Market Challenges and Strategies - **Domestic Market Competition**: Increased competition leading to a 30% price drop; company aims to reduce competition through mergers and acquisitions [16][23] - **Geopolitical Impact**: U.S. market affected by geopolitical tensions, but the company maintains strong relationships in key regions [21] - **Cash Flow Management**: Operating cash flow was negative 87 million CNY for the first nine months, but turned positive in Q3 at 77 million CNY [14] Future Outlook - **Expansion Plans**: Continued investment in overseas markets, including new laboratories in Singapore and Europe [30] - **Focus on NGS and AI**: Anticipated growth in NGS applications and AI integration to enhance research capabilities [24][28] Additional Insights - **Customer Base Growth**: Stable customer structure with a slight increase in contributions from universities and research institutions [6] - **Cash Flow Volatility**: Short-term fluctuations in cash flow due to proactive risk management strategies [14] - **Regulatory Environment**: Ongoing adjustments to align with changing policies in the domestic and international markets [26][27]

Core Viewpoint - The company announced a provision for asset impairment totaling approximately 24.53 million yuan to reflect its financial status and operational results as of September 30, 2025 [2] Financial Assessment - The company conducted a comprehensive evaluation of its financial assets, inventory, and long-term assets to determine potential impairment losses [2] - The impairment provision was made in accordance with the "Enterprise Accounting Standards" and the company's accounting policies and estimates [2] Meeting Announcement - The fourth meeting of the fourth board of directors is scheduled for October 23, 2025, to review the asset impairment provision proposal [2]

诺禾致源公告称，公司于2025年10月23日召开会议，审议通过计提资产减值准备议案。基于谨慎性原 则，公司对截至2025年9月30日的相关资产进行评估，本期计提减值准备总额约2453.21万元，其中信用 减值损失2435.86万元、资产减值损失17.34万元。这将使公司2025年前三季度合并报表税前利润总额减 少2453.21万元，相应减少报告期末所有者权益。数据未经审计，以年度审计确认金额为准。董事会及 审计委员会均同意本次计提。 ...

证券日报网讯 8月14日晚间，诺禾致源发布2025年半年度报告摘要称，公司2025年半年度实现营业收入 为1，040，082，062.05元，同比增长4.36%；实现归属于上市公司股东的净利润为78，729，618.47 元，同比增长1.03%。 （编辑 任世碧） ...

诺禾致源近日发布股东减持股份结果公告，披露了股东北京致源禾谷投资管理中心（有限合伙）（简 称"致源禾谷"）和北京诺禾禾谷投资管理中心（有限合伙）（简称"诺禾禾谷"）的减持情况。 减持前持股情况 减持计划实施前，致源禾谷持有诺禾致源47,106,622股股份，占公司总股份的11.32%；诺禾禾谷持有 12,564,672股股份，占公司总股份的3.02%。二者合计持股59,671,294股，占比14.34%，且股份均为公司 首次公开发行并上市前取得，于2024年4月15日起上市流通。 减持计划及实施结果 2025年3月20日，诺禾致源在上海证券交易所网站披露减持计划公告，致源禾谷和诺禾禾谷计划通过集 中竞价、大宗交易方式减持合计不超过12,486,000股，占公司总股份的3%。其中，集中竞价减持不超过 4,162,000股，占比不超过1%；大宗交易减持不超过8,324,000股，占比不超过2%。 截至2025年7月15日，致源禾谷和诺禾禾谷通过集中竞价交易方式累计减持2,898,677股，占公司总股本 的0.70%；通过大宗交易方式累计减持5,179,000股。此次减持计划已完成，共减持8,077,677股，占公 ...