深圳华大智造科技股份有限公司监事会 关于修订 2024 年限制性股票激励计划及 2024 年员工持股计划 相关事项的核查意见 深圳华大智造科技股份有限公司（以下简称"公司"）监事会依据《中华 人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 《上市公司股权激励管理办法》（以下简称《管理办法》）、《关于上市公司 实施员工持股计划试点的指导意见》（以下简称《指导意见》）、《上海证券 交易所科创板股票上市规则》（以下简称《上市规则》）、《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》（以下简称《规范运 作》）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相 关法律、法规及规范性文件和《深圳华大智造科技股份有限公司章程》（以下 简称《公司章程》）的有关规定，对公司修订 2024 年限制性股票激励计划、 为更有效地执行公司现阶段战略计划，激励核心团队推动测序仪在非关联 方客户中的份额提升，增强市场覆盖与长期竞争力，公司对《2024 年限制性股 票激励计划（草案）》及摘要作出修订。本次修订事项符合《管理办法》《上 市规则》《科创板上市公司自律监管指南第 4 号——股 ...

嘉里建设广场第三座第 2803-04 室 邮编：518048 电话：(86-755) 2939-5288 深圳市福田区中心四路 1-1 号 传真：(86-755) 2939-5289 北京市君合（深圳）律师事务所 关于深圳华大智造科技股份有限公司 法律意见书 深圳华大智造科技股份有限公司： 北京市君合（深圳）律师事务所（以下简称"本所"）接受深圳华大智造科 技股份有限公司（以下简称"公司"）的委托，就公司 2024 年限制性股票激励计 划（以下简称"本次激励计划"）修订相关事项（以下简称"本次修订"）之事宜， 根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券 法》 （以下简称" 《证券法》"）、 《上市公司股权激励管理办法》 （以下简称" 《管理 办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 （以下简称"《监 管指南》"）等中华人民共和国（以下简称"中国"，仅为出具本法律意见书之目 的，"中国"不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省） 正式公布并实施的有关法律、法规 ...

Core Viewpoint - The company has approved the use of idle self-owned funds and raised funds for cash management, ensuring that it does not affect the implementation of fundraising projects and the normal development of its main business [2][5]. Group 1: Cash Management Account - The company has recently opened a special settlement account for cash management of raised funds, which will be used exclusively for temporarily idle raised funds [3]. - The account will be closed promptly when cash management products mature and there are no further purchase plans [3]. Group 2: Risk Control Measures - The company will strictly adhere to relevant regulations and internal policies when conducting cash management activities, with the finance department monitoring investment risks [4]. - The audit department and supervisory board have the authority to supervise and inspect the use of funds, and may hire professional institutions for auditing if necessary [4]. Group 3: Impact on the Company - The use of idle raised funds for cash management is expected to enhance fund utilization efficiency and generate investment returns, ultimately benefiting the company's performance and shareholders [5].

Core Viewpoint - The company reported a mixed performance for 2024 and Q1 2025, with revenue growth in 2024 but a decline in Q1 2025, while maintaining a positive outlook due to domestic market opportunities arising from government policies [1][5]. Group 1: Financial Performance - In 2024, the company achieved revenue of 30.13 billion yuan, with a year-on-year growth of 3.48%, while net profit attributable to shareholders was -6.01 billion yuan [1]. - Q4 2024 saw significant revenue growth of 61.6% year-on-year, reaching 11.43 billion yuan [1]. - For Q1 2025, revenue declined by 14.3% year-on-year to 4.55 billion yuan, with net profit at -1.33 billion yuan [1]. Group 2: Business Segments - The gene sequencing business generated revenue of 23.48 billion yuan in 2024, reflecting a 2.5% year-on-year increase, with instrument revenue at 9.60 billion yuan (+6.9% year-on-year) and reagent revenue at 13.73 billion yuan (+1.4% year-on-year) [2]. - The laboratory automation segment reported revenue of 2.09 billion yuan, with over 500 new installations, indicating a shift away from pandemic-related demand [2]. - New business revenue reached 4.0 billion yuan, excluding pandemic-related income, marking a 57.1% year-on-year increase, with single-cell related revenue growing by 172.0% [2]. Group 3: Market Position and Outlook - The domestic gene sequencing business performed well in 2024, with revenue of 16.07 billion yuan (+11.4% year-on-year) and a market share of 63.8% in new installations [3]. - The overseas segment faced challenges, with a revenue decline of 12.7% year-on-year to 7.41 billion yuan, but opportunities for growth exist due to competitive pricing and channel advantages [3]. Group 4: Cost Management and Profitability - The company's gross margin improved to 55.9% in 2024, with specific margins for gene sequencing, laboratory automation, and new businesses at 60.3%, 44.4%, and 35.5% respectively [4]. - R&D expenses decreased by 18.0% year-on-year to 7.46 billion yuan in 2024, while sales and management expenses increased [4]. - In Q1 2025, sales, management, and R&D expenses decreased by 10.5%, 9.2%, and 32.8% year-on-year respectively [4]. Group 5: Revenue Forecast and Valuation - Revenue projections for 2025-2027 have been adjusted to 36.65 billion yuan, 46.91 billion yuan, and 51.47 billion yuan, reflecting an 11% downward revision for 2025 and 2026 [5]. - The company is positioned as a leading domestic player in the gene sequencing equipment sector, with a target price of 88.0 yuan for 2025, based on a 10x price-to-sales ratio [5].

Core Insights - The company reported a revenue of 3.013 billion yuan for 2024, marking a year-on-year growth of 3.48% [1] - The core gene sequencing instrument business generated revenue of 2.348 billion yuan, with a year-on-year increase of 2.47% [1] - The company showed resilience in a competitive global landscape, with a nearly 34% reduction in net profit loss year-on-year in the first quarter [1] Financial Performance - The domestic gene sequencing instrument revenue reached 1.607 billion yuan, reflecting an 11.37% year-on-year growth [1] - The first quarter saw a significant reduction in sales, management, and research expenses, which collectively decreased by 19% year-on-year [1] - The company achieved a 48.59% year-on-year increase in new sales installations of gene sequencing instruments globally [1] Market Position - The company maintained its position as the leader in new installations in the domestic market for three consecutive years, with a market share of 63.8% in 2024 [1] - The global market share for new installations increased by 9.5 percentage points to 28.2% compared to 2023 [1] Technological Advancements - The company has achieved a comprehensive strategic layout for three technical pathways in gene sequencing products, becoming the first globally to have large-scale commercial production of both short-read and long-read sequencing products [2] - Revenue from cell genomics increased by 171.98% year-on-year, with a nearly threefold growth in the Asia-Pacific region [2] - The integration of AI, biotechnology, and information technology has led to the deployment of AI models in the new Alpha Cube, supporting high-throughput sequencing needs [2] Industry Outlook - The company is expected to strengthen its leading position in the industry due to accelerated support from national policies and its self-controlled technology and supply chain systems [2] - The company is penetrating emerging scenarios such as clinical applications, disease control, environmental ecology, and agricultural breeding through continuous core technology research and multi-scenario applications [2]