转自：证券时报 人民财讯8月28日电，博拓生物(688767)8月28日晚间披露半年报，2025年上半年，公司实现营业收入 2.03亿元，同比下降23.91%；归属于上市公司股东的净利润1240.24万元，同比下降82.82%；基本每股 收益0.07元。报告期内，公司对美业务受关税影响及政府采购减缓导致对美营业收入减少；受周期性波 动影响，国内呼吸道检测产品需求减少以及拉美地区登革热等蚊媒类产品需求减少导致营业收入减少； 注册费用、员工持股计划产生的股份支付费用增加，汇兑收益及利息收入等财务性收益同比减少。 ...

Core Insights - The article discusses the career journey of a former investment professional who transitioned from a large investment firm to a full-time financial advisor (FA) after experiencing challenges in the investment landscape [1][2][3]. Group 1: Career Transition - The individual has over ten years of experience in various roles, including research and development, marketing, and investment, which culminated in a shift to a full-time FA role due to a lack of suitable opportunities in traditional investment firms [2][4]. - The decision to become an FA was influenced by the current contraction in the investment sector, making it difficult to find appropriate positions that matched the individual's experience and expectations [3][4]. Group 2: Investment Philosophy - The individual expresses a strong preference for engaging with founders and leveraging industry knowledge to support startups, emphasizing the importance of meaningful work over mere financial gain [5][6]. - Despite the challenges faced in the investment market, the individual believes that opportunities still exist, and the key is to be prepared to seize them when they arise [6][11]. Group 3: Current Activities and Success - In the current FA role, the individual has successfully completed one project and anticipates two more deals by the end of the year, indicating a positive start in this new phase of their career [8]. - The individual has built a proprietary database of information from industry contacts, which aids in identifying investment opportunities that align with current market demands [9][10]. Group 4: Advice for Industry Peers - The individual advises others in the investment sector to maintain a broader perspective and continuously seek knowledge and insights, as the market operates in cycles and opportunities will eventually present themselves [11].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%, with a net profit of 562 million yuan, up 15.18% year-on-year [1] - The overseas business is rapidly developing, with a 43% increase in foreign revenue driven by localized operations in developing countries and FDA EUA authorization for respiratory products in North America [2] - The company's diversified business lines show strong growth resilience, with significant contributions from chronic disease management and infectious disease testing [2] - Profitability is steadily improving due to optimized revenue structure and cost control, with a gross margin of 64.15% in 2024, up 1.54 percentage points year-on-year [2] - The company is expected to achieve revenues of 3.476 billion, 3.980 billion, and 4.554 billion yuan from 2025 to 2027, with corresponding net profits of 642 million, 746 million, and 877 million yuan, reflecting growth rates of 14.3%, 16.3%, and 17.5% respectively [2] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.065 billion yuan, a 10.85% increase from the previous year, and a net profit of 562 million yuan, marking a 15.18% increase [3] - The gross margin for 2024 was 64.15%, an increase of 1.54 percentage points year-on-year, while the overall net profit margin reached 18.44%, up 0.81 percentage points [2][3] Revenue Breakdown - Domestic revenue was 1.962 billion yuan, down 1.65% year-on-year, while overseas revenue reached 1.103 billion yuan, up 43.23% year-on-year [2] - The chronic disease management testing business generated 1.369 billion yuan, a 22.38% increase, while the infectious disease testing business brought in 1.042 billion yuan, up 9.50% [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 3.476 billion, 3.980 billion, and 4.554 billion yuan, with year-on-year growth rates of 13.4%, 14.5%, and 14.4% respectively [2][3] - Expected net profits for the same years are 642 million, 746 million, and 877 million yuan, with growth rates of 14.3%, 16.3%, and 17.5% [2][3]