2025年12月31日，迈瑞医疗披露接待调研公告，公司于10月31日至12月31日接待淡水泉（北京）投资管 理有限公司、MY．Alpha Management HK Advisors Limited、Neuberger Berman、Nine Masts Capital Limited、Nordea Investment Management、OLP Capital Management Ltd．等205家机构调研。 调研情况显示，迈瑞医疗表示国内市场受多重因素影响暂时承压，但IVD市场存在进口替代历史性机 遇，计划三年内化学发光、生化、凝血领域市占率翻倍，数智化解决方案可提升赢单率并避免低价竞 争；长期看，微创外科、微创介入等新兴业务市场容量大于IVD，随手术量和渗透率增长潜力显著，预 计2026年国内业务实现正增长，2027年后增速有望提速并维持盈利稳定。 针对超声市场竞争，迈瑞医疗指出该行业具有高专业壁垒和细分特点，公司凭借近30年积累，已建立全 面领先的产品线与专科解决方案、深刻的临床洞察与智能化融合生态、全球化平台与品牌效应三大核心 优势，将持续技术创新巩固领先地位；启元系大模型已在浙大一院、仁济医 ...

（文章来源：证券日报） 证券日报网讯 12月2日，亚辉龙在互动平台回答投资者提问时表示，上市公司股价受宏观经济环境、行 业政策及市场情绪等多重因素影响，短期的市场表现并不能完全反映上市公司的真实价值和发展潜力。 董高减持系基于其个人资金需求，不会导致公司控制权发生变化，亦不会对公司治理结构及持续经营产 生影响。公司坚持创新引领，推出一个又一个创新产品，致力于满足临床痛点需求。从公司核心业务增 长情况来看，自2021年至2024年度，公司非新冠自产发光业务收入复合增速超35%，这一数据也充分体 现了公司核心业务的强劲增长动力和良好发展态势。虽然受政策等因素影响，行业短期整体承压，但长 期看，化学发光赛道依然长坡厚雪。公司将一如既往地扎实做好主业经营，努力夯实公司基本面，为股 价提供坚实的业绩支撑；同时，公司将继续通过公司治理、信息披露、投资者关系管理等举措进一步完 善市值管理工作，增进投资者对公司价值的理解与认同。 ...

Core Viewpoint - The IVD industry is experiencing rapid growth in domestic product registration and is increasingly focusing on international markets as a second growth curve, driven by domestic replacement and overseas expansion opportunities [13][17][27]. Market Review - The CITIC medical index fell by 2.60%, underperforming the CSI 300 index by 0.37 percentage points, ranking 14th among 30 primary industries [7]. - The top-performing stocks included Asia-Pacific Pharmaceutical, Duorui Pharmaceutical, and Guangsheng Tang, while the worst performers were Beida Pharmaceutical and Hualan Biological [7][11]. Industry and Stock Events - The IVD market is projected to grow significantly, with the global market expected to reach $128.2 billion by 2028, while China's IVD market is anticipated to grow to $8 billion [15][16]. - The registration of IVD products in China has shown robust growth, with a CAGR of 18.6% from 2021 to 2024, particularly in domestic products, which are expected to account for 80.5% of registrations by 2024 [14][17]. Overall Industry Perspective - The current valuation of the pharmaceutical sector is low, with public funds underweighting the sector. The industry is expected to benefit from macroeconomic factors and a recovery in demand for large-scale products [11]. - The domestic innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and internationalization [11]. - The medical device sector is witnessing a recovery in bidding volumes for imaging equipment and is expected to benefit from ongoing updates and overseas expansion [11]. IVD Industry Focus - The domestic IVD market is seeing accelerated replacement of imported products, with significant growth in the chemical luminescence segment, which is projected to grow at a CAGR of 15-20% from 2021 to 2025 [35]. - Companies like Mindray and New Industries are making significant strides in overseas markets, focusing on localization and expanding their product lines [32][35]. Company-Specific Developments - Mindray has strengthened its IVD capabilities through strategic acquisitions, enhancing its competitive edge in the international market [32]. - New Industries has successfully established a local operational model in India, which is now being replicated in other key markets, contributing to its overseas revenue growth [32][27]. - Ji'an Medical has rapidly expanded its brand presence in the U.S. market, leveraging its COVID-19 testing products to drive growth [33].

Investment Rating - The report maintains a positive outlook on the IVD industry, highlighting the acceleration of domestic substitution and the potential for overseas expansion as key growth drivers [13][16]. Core Insights - The IVD market in China is experiencing rapid growth, with a significant increase in the registration of domestic products, indicating a strong trend towards domestic substitution [15][28]. - The global IVD market is projected to grow from $106.3 billion in 2023 to $128.2 billion by 2028, while China's IVD market is expected to grow from $5.9 billion to $8.0 billion in the same period, reflecting a higher growth rate compared to the global market [16][17]. - Chinese IVD companies are increasingly focusing on overseas markets, with strategies evolving from low-cost products to high-end offerings and local operational models [25][20]. Market Overview - The report notes that the IVD product registration in China has surged from 335 in 2021 to 662 in 2024, with a compound annual growth rate (CAGR) of 18.6%, and domestic products accounting for a growing share of the market [15][14]. - The domestic IVD market's substitution rate is accelerating, with significant representation from companies like Mindray and Wondfo in various diagnostic segments [15][13]. Regional Market Dynamics - The North American market represents the largest share of the global IVD market at 44.6%, followed by Europe at 31.4%, indicating substantial opportunities for Chinese companies to expand their presence [19][20]. - Emerging markets in Asia-Pacific are seen as critical entry points for Chinese IVD companies, with lower registration barriers and growing healthcare needs [20][22]. Company Strategies - Companies like Mindray and New Industries are actively pursuing overseas expansion through acquisitions and establishing local subsidiaries to enhance their market presence and operational capabilities [30][32]. - The report highlights the importance of localizing operations and adapting to regional market conditions as key strategies for successful international expansion [25][20]. Performance Metrics - In the first half of 2025, Chinese IVD companies reported higher growth rates in overseas revenues compared to domestic revenues, indicating a shift in focus towards international markets [28][27]. - Specific companies such as Mingde Biological and Nuo Wei Zhan have shown remarkable overseas revenue growth, with increases of 185.82% and 74.21% respectively [27][28].

Core Insights - Antu Biotech held a performance briefing for the first half of 2025, highlighting significant growth in overseas markets [1] Overseas Business Performance - The company has successfully sold products to over 100 countries and regions globally, with a focus on Asia, Europe, the Middle East, Africa, and Latin America [1] - Key products for international promotion include chemiluminescence, mass spectrometry, and immunoassay systems, with rapid growth observed in Asia (India, Southeast Asia), Latin America, and Europe [1] - The Asia-Pacific region primarily drives sales through chemiluminescence products, while Europe focuses on mass spectrometry products [1] Market Contribution - Overseas sales from the Asian market contribute over 40% to the company's revenue and continue to grow rapidly [1] - The contribution from emerging markets in Latin America is increasing year by year [1] - In Europe, the high-end market is gradually increasing its market share using mass spectrometry as an entry point [1]

Core Viewpoint - Antu Biology (603658) is facing market pressures due to the implementation of centralized procurement and DRG policies, impacting the sales and pricing of its chemical luminescence products while showing potential growth in installed capacity for 2024 [1][6]. Company Performance - As of September 5, 2025, Antu Biology's stock closed at 40.55 yuan, a slight decrease of 0.05% from the previous week, with a total market capitalization of 23.171 billion yuan, ranking 8th in the medical device sector [1]. - The company's chemical luminescence installed capacity is expected to reach a historical high in 2024, contributing to a certain level of sales growth [6]. Market Environment - The implementation of centralized procurement in Anhui and the comprehensive execution of DRG policies are anticipated to exert pressure on the market environment in the second half of the year [1][6]. - The overall testing volume in the market has decreased due to these policies, affecting different testing projects variably, with tumor marker projects being significantly impacted [2][6]. Product Development - The liquid chromatography-tandem mass spectrometry detection system has received certification, with supporting reagents expected to be certified gradually [1][6]. - The sequencing instrument is anticipated to receive certification soon, but its current contribution to performance is limited as it primarily targets the non-clinical market [2][6]. Financial Impact - The company has recognized asset impairment losses primarily due to slow progress in molecular detection instrument projects, reflecting a cautious approach [3][6]. - The biochemical business continues to be affected by price reductions from centralized procurement in Jiangxi, alongside the overall impact of DRG policies, leading to a decline in annual sales [7].

Group 1: Company Insights - Joyful Home is focusing on high-quality canned products, introducing new portable and diverse packaging options, and has seen over a 30% year-on-year increase in coconut raw material procurement prices due to rising demand and quality requirements [1] - Jingwang Electronics achieved a revenue of 7.095 billion yuan in the first half of 2025, a year-on-year increase of 20.93%, while net profit decreased by 1.06% to 650 million yuan [2] - Lens Technology has partnered with leading companies in the 3D printing industry for joint research and development, with some products expected to be mass-produced next year [3] - Yingtan Technology's smart vending control system product line saw a significant year-on-year growth of 442.94%, primarily due to the large-scale delivery of smart opening cabinet products [4] - Antu Bio's chemical luminescence product prices have decreased due to centralized procurement and DRG policy implementation, leading to reduced testing volumes, although the installed capacity is expected to reach a new high in 2024 [5] Group 2: Market Trends and Developments - The demand for high-end PCB production is increasing, with Jingwang Electronics investing 5 billion yuan in the Zhuhai Jinwan base for capacity expansion [2] - The smart grid product line of Yingtan Technology is expected to improve in the second half of the year after a decline in the first half due to slowed bidding processes [4] - Antu Bio anticipates that the impact of policies will clear by the end of 2024 or 2025, leading to stable growth in the luminescence business over the next 3-5 years [5]

Group 1: Company Highlights - Changchun High New has made significant progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product designed by the model that has entered 5000-liter scale production [1] - Oko Yi achieved operating revenue of 603.48 million yuan in the first half of 2025, a year-on-year increase of 4.17%, but net profit decreased by 98.71% due to low capacity utilization, increased depreciation, rising material costs, and higher expense ratios [2] - Jingwang Electronics reported operating revenue of 7.095 billion yuan in the first half of 2025, a year-on-year increase of 20.93%, with net profit of 650 million yuan, a slight decrease of 1.06% [3] - Lens Technology has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [4] - Ximai Food's revenue for the first half of the year was over 30 million yuan, a year-on-year increase of approximately 10%, with profitability starting in the second quarter [5] - Antu Bio experienced a decrease in testing volume due to price reductions in chemiluminescence products, but anticipates a record high in installed capacity in 2024 [6] Group 2: Industry Insights - The manufacturing recovery is driving demand for tools in the automotive, aerospace, and consumer electronics sectors, with significant potential for domestic replacements in high-end fields [2] - The industry is in a golden development phase, with substantial room for domestic substitution and significant overseas market potential [2] - The automotive electronics sector is experiencing rapid growth, with increased shipments of AI servers and 800G optical modules [3] - The biopharmaceutical sector is facing pressure from the implementation of centralized procurement and DRG policies, impacting sales and pricing strategies [5][6]

Core Viewpoint - The company, Wanfu Biology, has significantly advanced its global layout, with products sold in over 150 countries and regions, and aims to increase its overseas revenue to approximately 40% by the end of 2024 [1] Group 1: Global Expansion - The company has established a global presence, with products reaching over 150 countries and regions [1] - The effectiveness of the global layout has been notable in recent years, contributing to the company's growth [1] - The company plans to continue its international development strategy to further enhance business growth [1] Group 2: Product Development - The company focuses on chemiluminescence as a primary development platform, offering a full range of high, medium, and low throughput products [1] - The growth of the luminescence business is primarily driven by specialized projects such as the Thrombosis Six Items [1]

Core Insights - Company is addressing investor concerns regarding its competitive gaps in the chemiluminescence sector compared to overseas giants and strategies to close these gaps [1] - The company has gained recognition in the domestic market for its infectious disease and tumor marker packages, and plans to launch a new generation of hormone packages by 2025 [1] - The company is enhancing its localization capabilities overseas, particularly after acquiring DiaSys, which has improved brand recognition and customer trust in Europe [1] Group 1 - The company's in vitro diagnostic segment is performing exceptionally well, with a projected revenue growth of 10.8% year-on-year in 2024, surpassing its life information and support business for the first time [2] - The international in vitro diagnostic business has seen over 30% year-on-year growth, with the domestic chemiluminescence business ranking third in the market for the first time [2] - The company has successfully penetrated 115 overseas third-party laboratory chains and installed two MT8000 full laboratory automation lines, with expectations for further growth in 2025 [2] Group 2 - The company is committed to establishing local operations and teams in Europe and developing countries to strengthen its overseas presence [1] - The heart marker and hormone package projects have received widespread recognition from European and American experts, indicating potential for clinical academic collaborations [1] - The company aims to catch up with imported brands in five core chemiluminescence packages and achieve superior performance in certain projects [1]