20251107-西南证券-海尔生物-688139.SH-低温存储业务企稳回升_新产业持续贡献增长动能_6页_1mb

报告摘要

Haier Biological (688139) 2025 Q3 Report Summary

Key Performance Overview

In the 2025 fiscal year third quarter report, Haier Biological achieved revenue of 17.61 billion yuan for the first nine months, a slight decrease of 1.17% year-over-year, and a net profit attributable to shareholders of 1.98 billion yuan, a significant decline of 35.83%. Excluding non-recurring items, the adjusted net profit was 1.73 billion yuan, down 37.20%. Q3 performance showed marked improvement, with revenue up 1.24% year-over-year and a more than 70% increase in net profit attributable to shareholders, while adjusted net profit saw a three-digit percentage gain due to recovered business fundamentals, offset partially by external factors, new production capacity ramp-up, and strategic investments. Research and development increased by 8.52% to 2.43 billion yuan, supporting product innovation.

Business Segment Analysis

The company's cold storage business stabilized, with net profit margin improving and a year-to-date revenue decline narrowing. By upgrading scenarios and expanding globally, Haier gained market share in ultra-low, low-temperature, and incubator products. New businesses, now accounting for about 48% of revenue, drove growth: the smart用药 sector grew at double-digits due to international expansion, the blood technology sector benefited from digital upgrades and user acquisition, reaching over 50% market share in collection materials; and laboratory solutions maintained single-digit growth despite industry softness.

Market Dynamics

Overseas markets showed strong performance, with revenues up 20.18% year-to-date, driven by local operations covering 18 countries. Domestically, revenue fell by 10.48%, but Q3 performance has largely recovered to parity with the same quarter a year earlier, signaling an improving trend.

Financial Projections

Based on assumptions of business growth and stable margins, projected net profits for 2025-2027 are 2.9 billion yuan, 3.6 billion yuan, and 4.4 billion yuan, respectively, suggesting a recovery trajectory supported by global expansion and new industries.