随着2024年底以来创新药板块逐步回暖，A股和港股市场均出现估值修复迹象。受益于监管优化、医保 支付政策稳定以及国际临床试验成果利好频出，细胞治疗、高端医疗器械等细分领域重新获得市场关 注。 三、高端医疗器械崛起，国产替代加速释放机会 在高端医疗器械方面，图湃医疗作为国产眼科设备平台型企业，依托清华工研院技术孵化，已实现眼科 OCT产品国内市占率第一，并在2024年8月完成眼科手术显微镜产品注册，步入销售加速期。图湃以 OCT为核心技术路径，正从眼科诊断设备向治疗设备拓展，并延伸至神经外科、五官科等临床场景，在 国产高端医疗器械进口替代趋势中占据稀缺优势。其在研产品如飞秒激光机器人、超乳玻切设备，以及 孵化的眼底注射机器人企业"瞳沐"，共同构成了眼科智能化手术平台的雏形。 此外，首程亦与药明康德等具备全球服务能力的CRO/CDMO平台保持合作。药明康德作为全球领先的 制药及医疗器械研发服务企业，其覆盖小分子药物发现至商业化、细胞与基因治疗全流程开发、医疗器 械测试等板块，为上游创新型药械企业提供关键研发基础设施支撑，进一步完善了首程产业投资逻辑中 的"技术—制造—应用"闭环。 四、政策与周期共振，产业型资本正 ...

2025 年 07 月 17 日 联影医疗(688271.SH) 医学影像国产龙头，向世界级医疗创新 引领者阔步迈进 公司产品技术与研发创新能力处于全球领先地位，可媲美海外 顶尖厂商，这一点为公司逐鹿全球奠定了坚实基础。 公司产品线覆盖高端医学影像诊断产品和放射治疗产品，覆盖范围与 GE 医疗、西门子医疗、飞利浦医疗等国际厂商基本一致，实现诊疗 一体化布局。公司在各核心条线技术水准均跻身国际一线：磁共振方 面，公司拥有独立设计和研发制造高场超导磁体、高性能梯度线圈、 高密度射频线圈、多通道分布式谱仪以及 MR 成像软件和高级应用的 能力，更是推出了世界上首款 5.0T 人体全身磁共振系统 uMR Jupiter 5T；CT 方面，公司掌握了探测器、球管、高压发生器和高速旋转机架 以及图像处理高级应用的研发和生产能力；分子影像方面，公司掌握 了探测器研制、电子学、重建及控制等核心技术。公司重视核心零部 件的研发与自主可控，产品线主要核心部件均实现了自研自产。 核心成长逻辑 1：医学影像行业持续增长，中国增速长期领先。 医学影像是全球医疗器械行业里体量排名前五的细分赛道，庞大且持 续增长的市场空间首先为医疗器械国 ...

将投中网设为"星标⭐"，第一时间收获最新推送 金投致源，深度研究医疗大健康领域。 来源丨 投中网 近日， 金投致源完成了对百明信康生物技术（浙江）有限公司 （ 以下简称：百明信康 ） 的投资。 本轮投资旨在扩大其全球业务，推动其聚焦特异性免疫调控，助力其打造全球领先的医疗器械业务体 系。 百明信康生物技术（浙江）有限公司成立于2018年，总部位于浙江湖州，目前有三大基地，上海负 责研发、临床试验和商业化，马德里负责研发和生产制造，圣地亚哥负责早期发现和临床试验。百明 信康专注于提供突破性的免疫治疗方案，以有效对抗过敏、自身免疫性疾病和其他严重未满足医疗需 求的疾病领域。公司正在迅速扩大其全球业务，聚焦特异性免疫调控，基于革命性技术平台开发诊疗 一体化解决方案。公司具备成熟商业化项目和持续创新产品临床开发，努力创建 Biotech+新商业模 式。 百明信康诊断业务正在围绕诊断打造全球领先的医疗器械业务体系。目前公司已围绕过敏检测领域， 构建了丰富的产品管线，诊断装备环境过敏原体内诊断及药物过敏体内诊断已在全球多国上市。 具 体诊断业务管线包括：超过 150 种的过敏点刺皮肤试剂，可覆盖全球超过 90%的常见过敏 ...

近日，东莞鹏佑生物科技有限公司(以下简称"鹏佑生物")宣布正式获得广东省农业农村厅颁发的《兽药GMP证书》及《兽药生产许可证》。这是东莞市颁发 的首张兽用诊断试剂GMP证书，标志着鹏佑生物在生产质量管理体系建设上迈出关键一步，为后续参与宠物医疗市场竞争提供了坚实保障。 | 編 를 | 企业名称 | 申请验收范围 | 申请验收 | 验收情况 | | | --- | --- | --- | --- | --- | --- | | | | | 类型 | | | | | | 免疫学生物诊断制品 (B 类）、分子生物学诊断制品 | 迁址重建 | 推荐为兽药GMP合 | 2 | | | | (B类) | | 格生产线 | | | 2 | 东莞鹏佑生物科技有 | 分子生物学类诊断制品（B | 新建 | 推荐为兽药GMP合 | 2 | | | 限公司 | 类) 生产线(动态) | | 格生产线 | | 此次认证由广东省农业农村厅组织专家团队评审完成，审查内容覆盖生产车间、设备设施、化验室、仓库等全链条环节，并严格依据新版《兽药GMP证 书》标准进行考核。鹏佑生物凭借规范化的管理流程、完善的硬件设施及专业化的团队操作，顺利通过 ...

Summary of BorgWarner Conference Call Company Overview - **Company**: BorgWarner - **Industry**: Automotive components, focusing on powertrain and electrification technologies Key Financial Metrics - **First Quarter Performance**: - Outgrowth of nearly 4% above industry production - Operating margin at approximately 10% - Free cash flow of about $270 million, an increase from the prior year [2][6][88] Tariff Impact and Mitigation - **Tariff Impact**: Initially projected at 1.6% of sales, but has decreased due to effective mitigation strategies and changes in executive orders [3][4] - **Customer Engagement**: Actively working with customers to recover tariff costs [4][6] Industry Production Concerns - **U.S. Market Risks**: Concerns about potential impacts of tariffs on industry production in Q3 and Q4, though current visibility remains strong for Q2 [5][9] Regional Insights - **North America**: - Market expectations adjusted from a decline of 1-3% to 2-4% due to tariff concerns, but Q2 volumes remain strong [8][10] - **Europe**: - Strong demand for e-products, with regulatory clarity on emissions potentially increasing demand for foundational products [16][17] - **China**: - Significant exposure with 20% of overall revenue; local OEMs represent 75% of revenue in China, showing strong performance [18][19] Electrification Trends - **Adoption Rates**: Vary by region, with China leading in BEV adoption, followed by Europe, while North America is expected to grow slower [22][24] - **Hybrid Vehicles**: Increasing opportunities in North America for both foundational and e-products, particularly in hybrid segments [30][31] Market Share and Competition - **Market Dynamics**: Anticipated consolidation in the market as smaller players struggle to compete, potentially increasing BorgWarner's market share [43][44] Capital Allocation Strategy - **M&A Criteria**: Focus on industrial logic, accretive assets, and fair pricing; disciplined approach to potential acquisitions [56][59] - **Capital Utilization**: Emphasis on balancing organic and inorganic investments, stock repurchases, and dividends over a five-year horizon [60] Operational Efficiency - **Margin Management**: Sustained performance with margins above 10% for the last four quarters; focus on cost structure and operational excellence [49][50] - **AI and Automation**: Exploring opportunities for increased efficiency through robotics and AI in manufacturing processes [52][55] Free Cash Flow Generation - **Cash Flow Goals**: Projected midpoint of $700 million for the year; focus on using cash flow for accretive investments or returning capital to shareholders [88][89] Conclusion - **Outlook**: Positive sentiment regarding operational strength, market growth, and the ability to generate free cash flow, with a commitment to outgrowing the industry and enhancing shareholder value [84][88]

Core Viewpoint - Unisoc Co., Ltd. is preparing for a secondary listing on the Hong Kong Stock Exchange, driven by the increasing demand for computing power from its DeepSeek large model, positioning itself as a leading provider of digital and AI solutions in the ICT sector [1][2]. Company Overview - Unisoc is a subsidiary of Tsinghua Unigroup, originally listed on the Shenzhen Stock Exchange in November 1999, and is part of a larger group that includes multiple listed companies in both A-shares and H-shares [1]. - The company ranks third in China's digital infrastructure market and second in both the networking and computing/storage infrastructure markets, according to Frost & Sullivan [1]. Business Model and Revenue - Unisoc offers a comprehensive range of digital solutions, integrating cloud computing, big data, AI, IoT, cybersecurity, and edge computing, which supports various industries in their digital transformation [2]. - The company has four major subsidiaries, with H3C contributing the most to its revenue, recognized as a leading manufacturer of AI servers and Ethernet switches [2]. Financial Performance - Unisoc's revenue has shown steady growth, with reported revenues of approximately 737.52 billion RMB, 775.38 billion RMB, and 790.24 billion RMB for the years 2022, 2023, and 2024, respectively [3]. - The digital solutions segment has become the main revenue driver, accounting for 62.7%, 68.4%, and 70.5% of total revenue in the same years [3][4]. Profitability - The company's net profits from continuing operations were approximately 37.42 billion RMB, 36.85 billion RMB, and 19.82 billion RMB for 2022, 2023, and 2024, respectively, with a declining gross margin from 19.8% to 16.0% over the same period [5]. - Despite a drop in profit for 2024 due to increased costs and reduced margins, the company maintains a strong cash position with 73.17 billion RMB in cash and cash equivalents by the end of 2024 [5]. Market Trends - The global digital solutions market has been growing steadily, projected to increase from 1.5 trillion USD in 2020 to 2.6 trillion USD by 2024, with a compound annual growth rate (CAGR) of 14.1% [7]. - The market is expected to reach 4.8 trillion USD by 2029, with a CAGR of 12.7% from 2024 to 2029, driven by advancements in cloud computing, AI, and other technologies [7]. Competitive Landscape - The company faces increasing competition from major players like Huawei and ZTE, particularly in the telecommunications sector, and must navigate challenges from rising self-developed hardware by cloud service providers [11]. - Unisoc's IPO proceeds are intended for R&D, strategic investments, and global market expansion to strengthen its competitive position [11]. Future Outlook - The successful listing on the Hong Kong Stock Exchange is anticipated to elevate the company's market presence, with potential for strong long-term value driven by technological barriers and favorable policies [12].

Core Viewpoint - The termination of the major asset restructuring plan by Bangyan Technology has led to a significant drop in its stock price, reflecting investor concerns about the company's future prospects and its struggle to transition from a military-focused business model to a civilian market strategy [1][4][5]. Group 1: Acquisition and Business Strategy - Bangyan Technology announced the termination of its acquisition of 100% of Shenzhen Xingwang Xintong Technology Co., Ltd., which was intended to facilitate its entry into the civilian market and implement a "military + civilian" strategic layout [1][2]. - The acquisition was aimed at leveraging Xingwang Xintong's expertise in smart integrated communication to quickly penetrate the civilian market, thereby creating a second growth curve for the company [3]. - The company has been heavily reliant on military contracts, with military-related revenue accounting for 77.22% and 84.15% of total revenue in 2023 and 2024, respectively [2]. Group 2: Financial Performance - Bangyan Technology has faced continuous financial losses since its listing, with net profits of -52.25 million and -36.61 million in 2023 and 2024, respectively, following a profit of 41.12 million in 2022 [5]. - As of the end of Q1 2024, the company reported a net profit loss of 27.21 million and a significant revenue decline of over 78%, marking the lowest quarterly revenue since its IPO [5]. - The company's undistributed profits have accumulated to a loss of over 200 million, and it has not issued any dividends since its listing [5]. Group 3: Executive Compensation - Despite the ongoing financial struggles, Bangyan Technology's executives received substantial salary increases, with the chairman's salary reaching 2.14 million, marking a 40.62% increase from the previous year [6]. - The salary increases for executives have raised concerns among investors, especially given the company's failure to generate profits and distribute dividends [4][6].

就在回购提议发出的前一天(即5月25日)，邦彦技术发布公告，由于交易相关方未能就最终合作方案达 成一致意见，经审慎研究，公司决定终止以发行股份及支付现金方式购买深圳星网信通科技股份有限公 司(下称"星网信通")100%股份并募集配套资金事项，并承诺至少1个月内不再筹划重大资产重组。 虽然邦彦技术表态前述事项终止不会对现有生产经营活动和战略发展造成重大不利影响，但仍然引发了 二级市场震荡。5月26日，公司股价大幅低开，随后一直保持低位运行，截至收盘下跌14.68%，最新报 收18.19元/股，市值28亿元。 根据此前发布的交易预案，星网信通主营ICT产品解决方案、融合通信解决方案、运维服务等业务，应 用于融合指挥、智能客服、企业统一通信和ICT产品解决方案等智慧融合通信领域。公司认为，若完成 对星网信通的收购，短期将直接改善上市公司利润结构，中长期将有助于公司快速切入民品市场，开辟 第二增长曲线。 按照计划，邦彦技术将于5月27日盘后以网络文字互动形式召开投资者说明会，就本次终止重大资产重 组事项的相关情况与投资者进行沟通和交流。 重大资产重组事项终止后，邦彦技术(688132)股价在5月26日大幅下跌，公司实 ...

本报讯 （记者何文英）"公司将继续狠抓重点项目研发，深度挖掘AI人工智能潜力，持续丰富公司产品 矩阵。同时持续推进技术创新机制的建立和优化，提升科技创新能力。"5月23日下午，爱威科技股份有 限公司（以下简称"爱威科技"）董事长丁建文在2024年度股东大会上表示。 当天的股东大会审议通过了2024年度利润分配预案、2025年中期分红安排等9项议案。在交流环节，公 司在AI医疗领域的技术积累与应用状况收获了与会投资者大量提问。 截至2024年末，爱威科技检验仪器已累计在全国6000家以上医院实现了终端装机，在用仪器台数近8000 台。同时，公司高度重视消费与基层市场，推出了多款POCT产品。 近几年，爱威科技依托大量真实标本图片持续推动深度学习算法模型的迭代训练，并引入一系列先进目 标检测算法，公司产品的性能与市场竞争力持续领跑行业。 "数据库是我们最大的优势。"丁建文表示，爱威科技在20余年的经营中积累了海量基于真实标本图片的 脱敏数据，这是国内外同业企业难以复制的核心资源，也是公司持续迭代AI技术并维持产品性能优势 的基础。 经营层面，2024年爱威科技在医疗器械行业普遍承压的环境下，实现了营收、净利双增长 ...

Core Viewpoint - The company, Jiadu Technology, is divesting part of its investment assets to secure investment returns and improve its financial position [1][2][3]. Group 1: Asset Disposal - Jiadu Technology announced the disposal of 17.3935 million shares of CloudWalk Technology Group, with a transaction amount of 228 million yuan (excluding transaction taxes) [2][3]. - The total tax-adjusted investment return from this disposal is 17.372 million yuan, which represents 15.12% of the company's audited net profit attributable to shareholders for the year 2024 [2][3]. - In 2025, the company disposed of 11.6801 million shares of CloudWalk Technology for 178 million yuan, impacting the company's net profit by 30.8635 million yuan, accounting for 26.87% of the 2024 net profit [2]. Group 2: Financial Performance - In the first quarter of 2025, Jiadu Technology reported a revenue of 2.254 billion yuan, a year-on-year increase of 106.26%, and a net profit of 120 million yuan, up 165.87% [1][6]. - For the year 2024, the company achieved a revenue of 7.949 billion yuan, a growth of 27.64%, but reported a net loss of 115 million yuan [5]. - The company’s non-recurring net profit for 2024 was 23.5125 million yuan, a turnaround from a loss of 33.5583 million yuan in the previous year [5]. Group 3: Business Operations - Jiadu Technology continues to maintain stable business expansion and delivery of orders, with significant contributions from intelligent transportation projects in cities like Guangzhou and Dongguan [5][6]. - The company successfully delivered key projects such as the Guangzhou Metro Line 11 and Shenzhen Metro Line 13, enhancing its market presence [6]. - The revenue from the industry intelligent solutions business reached 2.458 billion yuan in 2024, reflecting a year-on-year growth of 5.24% [5][6].