Core Viewpoint - In the first half of 2025, Antu Bio achieved operating revenue of 2.06 billion yuan, a year-on-year decrease of 6.65%, and a net profit attributable to shareholders of 571 million yuan, down 7.83% year-on-year [2][4]. Financial Performance - Total assets at the end of the reporting period were approximately 11.65 billion yuan, a decrease of 1.93% compared to the end of the previous year [4]. - Net assets attributable to shareholders were approximately 8.46 billion yuan, down 1.84% year-on-year [4]. - The total profit for the period was approximately 639 million yuan, a decrease of 7.03% compared to the same period last year [4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 546 million yuan, down 8.79% year-on-year [4]. - The net cash flow from operating activities was approximately 410 million yuan, a decrease of 17.22% compared to the previous year [4]. - The weighted average return on net assets was 6.51%, down 0.55 percentage points from the previous year [4]. - Basic and diluted earnings per share were both 1.02 yuan, a decrease of 6.42% [4]. Revenue Breakdown - Revenue from reagents was approximately 1.785 billion yuan, while revenue from instruments was approximately 226 million yuan [4][6]. - Domestic revenue accounted for approximately 1.904 billion yuan, while overseas revenue was approximately 157 million yuan [4][6]. Research and Development - In the first half of 2025, Antu Bio invested approximately 350 million yuan in R&D, accounting for 16.99% of operating revenue [6]. - As of June 30, 2025, the company held 1,823 patents, including 51 international patents [6]. Product Development - Antu Bio successfully developed multiple new reagent products, obtaining 88 new reagent product registration certificates covering various testing methods [7]. - The company launched a series of liquid chromatography-tandem mass spectrometry products, including the Automs TQ6000 detection system and fully automated sample preprocessing equipment [7]. - The company introduced the Automs Q600, a domestic first liquid chromatography-tandem mass spectrometry production line, providing comprehensive testing solutions [7]. - New products such as the Autof T series microbial mass spectrometry detection system and the AutoLumo S900 fully automated chemiluminescence immunoassay analyzer have been certified and launched [7].

研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 2025 年 Q2 利润同比回升，研发投入不断加强 最近一年走势 事件: 2025 年 8 月 22 日安图生物发布 2025 年半年度报告：2025 年上半年 公司营业收入 20.60 亿元（yoy-6.65%），归母净利润 5.71 亿元 （yoy-7.83%），扣非归母净利润 5.46 亿元（yoy-8.79%)。 投资要点: 2025 年 08 月 25 日 公司研究 评级：买入(维持) ——安图生物（603658）2025 年半年报点评 2025 年 Q2 归母净利润同比增长。 2025 年上半年公司营业收入 20.60 亿元（yoy-6.65%），归母净利润 5.71 亿元（yoy-7.83%）， 扣非归母净利润 5.46 亿元（yoy-8.79%)。2025 年 Q2 公司营业收入 10.64 亿元（yoy-4.79%），归母净利润 3.01 亿元（yoy+1.97%）， 扣非母净利润 2.89 亿元（yoy+1.58%）。 2025年Q2净利润率同比提升。 2025年 ...

Core Viewpoint - The article highlights the significant advancements in mass spectrometry technology in the first half of 2025, showcasing a series of groundbreaking new products that cater to diverse needs from basic analysis to high-end research [1][2]. Product Overview - A variety of new mass spectrometry products were launched in the first half of 2025, with notable entries from major companies such as Thermo Fisher, Bruker, Waters, and SCIEX, reflecting the ongoing innovation in the field [5][6]. - Key products include: - Thermo Scientific IM Orbitrap IM Zoom and Orbitrap Excedion Pro, which enhance sensitivity and throughput for complex biological molecule analysis [6][7]. - Bruker's timsOmni, timsUltra AIP, and timsMetabo, which focus on protein and metabolomics with advanced ion mobility techniques [6][8]. - SCIEX's ZenoTOF 8600, which integrates advanced detection technologies for research and precision medicine applications [7][8]. - Waters' Xevo TQ Absolute XR, designed for ultra-sensitive detection in PFAS and drug quantification [7][8]. Trends in Innovation - The new products emphasize higher sensitivity and throughput, smarter data acquisition and analysis, stronger multi-omics integration capabilities, and broader application coverage [9]. - Domestic mass spectrometry companies have achieved a near "50-50" balance with imported products in terms of new product launches, indicating significant progress in local technology and innovation [11][12]. Domestic Product Highlights - Domestic companies like Anhui Wanyi Technology and Shandong Yingsheng Biotech have introduced several new products, including the TQ9200 series and fully automated systems, showcasing advancements in automation and miniaturization [12][13]. - The GBI LINE-MS2600 from BGI highlights improvements in hardware design and intelligence, while Zhengzhou Antu Bio has launched multiple liquid chromatography tandem mass spectrometry systems [14][15]. Regulatory Progress - In the first half of 2025, three domestic medical mass spectrometry products received registration certificates, with a 55% year-on-year increase in approved mass spectrometry reagent kits and standards, indicating a growing trend in the medical application of mass spectrometry [16][17]. Market Dynamics - The article concludes that both imported and domestic manufacturers are focusing on integrating mass spectrometry technology into clinical diagnostics, drug analysis, and environmental monitoring, reshaping the landscape of the scientific instrument industry [18].