中证报中证网讯（记者 李梦扬）近日，开能健康（300272）公告称，公司全资子公司海南开能细胞拟 以现金2.04亿元收购原能细胞科技集团（简称"原能集团"）体系内原天生物、基元美业、丽水东昕及克 勒猫4家细胞产业公司100%股权。 "本次收购将细胞业务注入开能健康，可以借助上市公司平台推动产业规模化发展，同时打造细胞产业 为公司的第二增长曲线。"开能健康董事长瞿建国在接受中国证券报记者采访时表示，早在2014年，开 能健康便前瞻性地参与创办原能集团，开启了在细胞产业领域的探索之路。完成此次收购后，开能健康 将正式进入干细胞产业，这有利于实现公司大健康行业布局规划，进一步提高公司综合竞争力和可持续 发展能力。 推动"双能驱动"战略落地 开能健康成立于2001年，自设立以来一直致力于全屋净水机、全屋软水机、商用净化饮水机等人居水处 理产品及核心部件的研发、制造、销售与服务。值得关注的是，开能健康始终坚持"双能驱动"发展战 略，在净水产业的基础上，拓宽公司在大健康领域的产业布局，完善公司在健康产业生态圈的投资结 构，支持原能集团的创业发展。 回顾过往，"十年前，大家对细胞产业都还比较陌生，行业也处于萌芽阶段。"瞿建 ...

Core Viewpoint - Kaineng Health (300272.SZ) is increasing its investment in the cell industry by acquiring assets from its affiliated companies, aiming to establish a second growth curve in the health sector while leveraging its existing water purification business [1][5]. Acquisition Details - Kaineng Health's wholly-owned subsidiary, Hainan Kaineng Cell, plans to acquire 100% equity of four companies under the Yuaneng Group for a cash consideration of 204 million yuan [2][3]. - The target companies include Yuan Tian Biological, Lishui Dongxin, Kele Cat, and Jiyuan Meiyu, all of which are under the same control as Yuaneng Group, ensuring a consistent control relationship post-acquisition [2][3]. Financial Performance - For the first three quarters of 2025, Kaineng Health reported a revenue of 1.356 billion yuan, an increase of 8.1% year-on-year, and a net profit attributable to shareholders of 95.3532 million yuan, up 13.29% [1][5]. - The acquisition is expected to enhance Kaineng Health's investment in the cell industry, which is projected to contribute to the company's growth in the health sector [5][6]. Business Strategy - The company aims to strengthen its cell industry investment and create a diversified product and technology portfolio in the health management sector [5][6]. - Kaineng Health has established a dedicated cell industry company in Hainan to support the acquired businesses and plans to increase funding and resources for their development [5][6]. Performance of Target Companies - The target companies have not yet achieved profitability, with projected revenues of 36.6269 million yuan and 28.1566 million yuan for 2024 and the first nine months of 2025, respectively, alongside net losses of 21.2025 million yuan and 21.8584 million yuan [6]. - Yuaneng Group has committed to covering any losses exceeding the previous year's impact on Kaineng Health's financial statements if the target companies remain unprofitable by 2027 [6].

Core Viewpoint - The company, Kaineng Health, is increasing its investment in the cell industry by acquiring assets from its affiliated companies for 204 million yuan, aiming to establish a second growth curve in the health sector [2][6]. Group 1: Acquisition Details - Kaineng Health's wholly-owned subsidiary, Hainan Kaineng Cell, plans to acquire 100% equity of four companies under the Yuaneng Group, including Yuan Tian Biological and Lishui Dongxin, for a total of 204 million yuan [3][5]. - The acquisition involves companies that are all under the same control of Yuaneng Group, ensuring that the control relationship remains unchanged post-acquisition [3]. - The acquisition is classified as a related party transaction due to Kaineng Health's significant shareholding (43.70%) in Yuaneng Group and shared leadership [3][4]. Group 2: Financial Performance - For the first three quarters of 2025, Kaineng Health reported a revenue of 1.356 billion yuan, an increase of 8.1% year-on-year, and a net profit attributable to shareholders of 95.35 million yuan, up 13.29% [2][6]. - The target companies have reported losses, with revenues of 36.63 million yuan and 28.16 million yuan for 2024 and the first nine months of 2025, respectively, and net losses of 21.20 million yuan and 21.86 million yuan [7][8]. Group 3: Strategic Intent - The acquisition is part of Kaineng Health's strategy to strengthen its position in the health industry, leveraging its existing water purification business to enhance its cell industry investments [6][8]. - The company aims to support the acquired entities with resources and funding to foster growth and innovation in health-related products and technologies [6][8].

Core Viewpoint - The company, Kenen Health, is a global provider of comprehensive solutions, products, and services for residential water treatment, emphasizing its pioneering role in the "whole-house water purification" concept since 2001 [1] Group 1: Company Overview - Kenen Health was established with a focus on developing, manufacturing, selling, and servicing various water treatment products and core components [1] - The company offers a range of products including whole-house water purifiers, whole-house water softeners, commercial drinking water purifiers, RO membrane reverse osmosis water purifiers, multi-way control valves, composite pressure vessels, and membrane elements [1]

Core Insights - The company, Kaineng Health, is a global provider of comprehensive solutions and products for water treatment in residential settings [1] - Kaineng Health pioneered the concept of "whole-house water purification" in China in 2001 and has focused on the research, manufacturing, sales, and service of various water treatment products and core components [1] Financial Performance - For the period from January to September 2025, Kaineng Health achieved a revenue of 1.356 billion yuan, representing a year-on-year growth of 8.10% [1] - The company reported a net profit attributable to the parent company of 95 million yuan, which is a year-on-year increase of 13.29% [1]

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]

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].

Core Viewpoint - The company, Kaineng Health, reported a revenue increase of 7.23% and a net profit increase of 22.99% for the first half of 2025, driven by increased production and cost dilution [1][2] Financial Performance - The company achieved an operating income of 889 million yuan and a net profit attributable to shareholders of 70.15 million yuan in the first half of 2025 [1] - The basic earnings per share were reported at 0.1241 yuan [1] - The comprehensive gross profit margin for the period was 41.12%, an increase of 0.62 percentage points compared to the same period last year [1] Product Structure - Revenue from terminal business and services was 545 million yuan, an increase of 9.90% year-on-year [1] - Revenue from intelligent manufacturing and core components was 331 million yuan, up 3.32% year-on-year [1] - Revenue from other ecological products and businesses was 12.83 million yuan, reflecting a growth of 1.65% year-on-year [1] Market Position - Kaineng Health has maintained a market share of over 35% in the Shanghai region for its whole-house water purification and softening machines for three consecutive years, ranking first [1] - The company has a comprehensive range of water treatment products, covering 8 major categories, 83 series, and over 1,700 specifications [1] Global Expansion Strategy - The company has successfully entered over 100 countries and regions with its water treatment products [2] - Kaineng Health has established a presence in the mature water treatment markets of North America through its subsidiary, Canature N.A. Inc. [2] - The company has a global network of distributors and partners, enhancing its overseas business development [2]