长江商报消息●长江商报记者 徐佳 并购参股公司旗下资产，开能健康（300272.SZ）将加大对细胞产业的投资力度。 11月24日晚间，开能健康披露资产收购计划，公司全资子公司海南开能细胞拟以现金方式，作价2.04亿 元收购关联方原能集团旗下4家公司股权。 长江商报记者注意到，在"双能驱动"的发展战略下，开能健康意在净水产业的基础上，拓展公司在大健 康领域的产业布局。通过购买原能集团已孵化成熟的项目和资产，开能健康将加强在细胞产业的投资， 并计划将细胞产业打造成为公司第二增长曲线。 财报显示，2025年前三季度，开能健康实现营业收入13.56亿元，同比增长8.1%；归属于上市公司股东 的净利润（以下简称"归母净利润"）9535.32万元，同比增长13.29%。 尽管本次交易并未设置业绩承诺，但开能健康的实控人瞿建国承诺，其将尽最大努力，争取收购完成两 个会计年度内标的公司实现盈利。若2027年度标的公司仍亏损，将由原能集团补足差额，瞿建国对此提 供连带责任担保。 拟并购关联方旗下4家公司 根据交易方案，开能健康的全资子公司海南开能细胞拟以现金方式，收购原能丽水持有的原天生物、丽 水东昕100%股权及原能集团持有 ...

长江商报记者注意到，在"双能驱动"的发展战略下，开能健康意在净水产业的基础上，拓展公司在大健康领域的 产业布局。通过购买原能集团已孵化成熟的项目和资产，开能健康将加强在细胞产业的投资，并计划将细胞产业 打造成为公司第二增长曲线。 财报显示，2025年前三季度，开能健康实现营业收入13.56亿元，同比增长8.1%；归属于上市公司股东的净利润 （以下简称"归母净利润"）9535.32万元，同比增长13.29%。 尽管本次交易并未设置业绩承诺，但开能健康的实控人瞿建国承诺，其将尽最大努力，争取收购完成两个会计年 度内标的公司实现盈利。若2027年度标的公司仍亏损，将由原能集团补足差额，瞿建国对此提供连带责任担保。 拟并购关联方旗下4家公司 根据交易方案，开能健康的全资子公司海南开能细胞拟以现金方式，收购原能丽水持有的原天生物、丽水东昕 100%股权及原能集团持有的克勒猫、基元美业100%股权。 长江商报消息 ●长江商报记者 徐佳 并购参股公司旗下资产，开能健康（300272.SZ）将加大对细胞产业的投资力度。 11月24日晚间，开能健康披露资产收购计划，公司全资子公司海南开能细胞拟以现金方式，作价2.04亿元收购关 ...

证券日报网讯 开能健康（300272）11月25日在互动平台回答投资者提问时表示，公司是一家全球人居 水处理综合解决方案及产品和服务的提供商。早在2001年，公司在国内率先提出了"全屋净水"的人居用 水理念，并自设立以来一直致力于全屋净水机、全屋软水机、商用净化饮水机、RO膜反渗透净水机、 多路控制阀、复合材料压力容器、膜元件等人居水处理产品及核心部件的研发、制造、销售与服务。 ...

11月25日，开能健康在互动平台向投资者表示，公司是一家全球人居水处理综合解决方案及产品和服务 的提供商。早在2001年，公司在国内率先提出了"全屋净水"的人居用水理念，并自设立以来一直致力于 全屋净水机、全屋软水机、商用净化饮水机、RO膜反渗透净水机、多路控制阀、复合材料压力容器、 膜元件等人居水处理产品及核心部件的研发、制造、销售与服务。 2025年1至9月，开能健康实现营收 13.56亿元，同比增长8.10%；实现归母净利润0.95亿元，同比增长13.29%。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue met expectations, while profits fell short. For the first three quarters of 2025, the company achieved a revenue of 1.356 billion yuan, representing an 8% year-on-year growth. The net profit attributable to the parent company was 95 million yuan, a 13% year-on-year increase, but the third quarter saw a decline in net profit by 7% year-on-year [6][5] - The company is focusing on expanding its cell business as a second growth curve, planning to acquire related companies from Yuaneng Group to enhance its health industry ecosystem [6][5] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 1.796 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to the parent company is expected to be 118 million yuan, reflecting a 41.5% year-on-year increase [5][6] - The company’s gross margin is expected to remain stable at around 39% from 2025 to 2027, with a return on equity (ROE) projected to increase to 11.7% by 2026 [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 118 million yuan, 152 million yuan, and 162 million yuan respectively, with corresponding price-to-earnings ratios of 33, 26, and 24 times [6][5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's revenue met expectations, while profits fell short. For the first three quarters of 2025, the company achieved a revenue of 1.356 billion yuan, representing an 8% year-on-year growth. The net profit attributable to the parent company was 95 million yuan, a 13% increase year-on-year, but the third quarter saw a decline in net profit by 7% [6][5] - The company is focusing on expanding its cell business as a second growth curve, planning to acquire related companies from Yuaneng Group to enhance its health industry ecosystem [6][5] - The overseas sales system is mature, with strong demand in North America, while domestic market conditions remain less favorable. The company is implementing a new marketing strategy to enhance service standards and expand its market presence in China [6][5] Financial Summary - For 2025, the company is projected to achieve total revenue of 1.796 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to the parent company is expected to be 118 million yuan, reflecting a 41.5% increase year-on-year [5][6] - The gross profit margin is forecasted to remain stable at 39% across the next few years, with a return on equity (ROE) expected to rise to 11.7% by 2026 [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 118 million yuan, 152 million yuan, and 162 million yuan respectively, with corresponding price-to-earnings ratios of 33, 26, and 24 [6][5]

Core Insights - The company reported steady growth in its performance for the first three quarters of 2025, with a total revenue of 1.356 billion yuan, representing a year-on-year increase of 8.10% [1] - The net profit attributable to shareholders reached 95.3532 million yuan, up 13.29% year-on-year, indicating enhanced profitability [1] - In Q3 alone, the company achieved a revenue of 466 million yuan, a 9.80% increase compared to the same period last year, with a net profit of 25.2074 million yuan, showcasing ongoing business expansion capabilities [1] Business Overview - The company operates as a global provider of comprehensive water treatment solutions, with its main business covering the research, manufacturing, and sales of whole-house water purifiers, whole-house softeners, and commercial drinking water purification machines [1] - During the reporting period, the company experienced robust growth across its terminal business and services, smart manufacturing, and core components, which significantly supported overall performance [1] Strategic Initiatives - The company plans to acquire certain subsidiaries of Yuaneng Group to strengthen its investment and layout in the cell industry, aiming to establish this as a second growth curve [1] - This strategic move not only expands the company's business boundaries but also opens new pathways for future profit growth [1] - The company intends to continue focusing on its core water treatment business while simultaneously advancing its cell industry strategy through ongoing technological innovation and market expansion, enhancing its overall competitiveness [1] - With the support of national health industry policies and the rapid development of the industry, the company is expected to encounter broader development opportunities [1]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company is establishing a wholly-owned subsidiary in the cell industry, aiming to create a second growth curve alongside its existing business [6] - The company has seen growth in its export business, particularly in North America, while domestic sales are being enhanced through a new marketing service model [6] - The gross margin has improved due to increased production scale and digital management [6] - Profit forecasts for 2025 to 2027 indicate significant growth in net profit, with expected increases of 68%, 21%, and 7% respectively [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,689 million in 2024 to 2,104 million by 2027, with a compound annual growth rate of approximately 8.2% [5][8] - The net profit attributable to the parent company is expected to rise from 140 million in 2025 to 183 million in 2027, reflecting a strong growth trajectory [5][8] - The company's gross margin is forecasted to stabilize around 39% from 2025 to 2027, indicating consistent profitability [5]

Group 1 - The core viewpoint of the report is that Kaineng Health (300272) achieved a revenue of 889 million yuan in the first half of 2025, representing a year-on-year growth of 7.23%, and a net profit attributable to shareholders of 70.15 million yuan, up 22.99% year-on-year [1] - The increase in production volume was the main driver for the company's performance, leading to effective cost dilution and a gross profit margin of 41.12%, an increase of 0.62 percentage points compared to the same period last year [1] - Kaineng Health is a global provider of comprehensive solutions and products for water treatment, having pioneered the "whole-house water purification" concept in China since its establishment in 2001, with a product range covering 8 major categories and over 1,700 specifications [1] Group 2 - From a business segment perspective, the terminal and service business generated a revenue of 545 million yuan, a year-on-year increase of 9.90%, while the smart manufacturing and core components business achieved a revenue of 331 million yuan, up 3.32% year-on-year [2] - Kaineng Health holds a 43.6956% stake in Yuanneng Group, which focuses on third-party cell storage and has made significant breakthroughs in various business areas, including the establishment of regional cell banks across major cities in China [2] - Yuanneng Group's subsidiary, Shanghai Laisen Original Life Science Co., Ltd., provides comprehensive animal experiment solutions and has served over 15 clients, with a cage usage exceeding 3,000, expanding its services in tumor modeling and behavioral studies [3]

Core Insights - The main driver of performance for the company in the first half of 2025 was an increase in production, which effectively diluted costs and led to a growth in gross profit margin to 41.12%, an increase of 0.62 percentage points compared to the same period last year [1][3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of approximately 889 million yuan, representing a year-on-year growth of 7.23% [3]. - The net profit attributable to shareholders of the listed company was approximately 70.15 million yuan, reflecting a year-on-year increase of 22.99% [3]. - Basic earnings per share were 0.1241 yuan, up 23.48% year-on-year [3]. Business Segments - The company's terminal business and services segment generated operating revenue of 545 million yuan, a year-on-year increase of 9.90% [1]. - The intelligent manufacturing and core components segment achieved operating revenue of 331 million yuan, growing by 3.32% year-on-year [1]. Global Market Presence - The company has successfully implemented a "going global" product strategy, with its water treatment products entering over 100 countries and regions worldwide [1]. - The Canadian subsidiary, Canature N.A. Inc., reported a net profit of approximately 23.97 million yuan during the reporting period [1].