Haier Bio (688139.SH) released its 2024 annual performance report. The company achieved a total operating income of 2.284 billion yuan for the whole year, and resumed positive growth. After the growth rate of operating income turned positive year-on-year in the third quarter, the growth rate in the fourth quarter further increased to 10.40%, and the business recovery trend was significant. It is worth noting that in 2024, the company's new industry performed well, with an annual growth rate of 21.25%, and the proportion of main operating income further increased to 45.47%, an increase of 7.93 percentage points year-on-year. The results of the strategic transformation have been fully verified, and the company's "second growth curve" has gradually emerged.

Data shows that Haier Bio's ability to rely on technological innovation and AI deep empowerment to continuously iterate digital scene solutions has entered the period of achievement transformation. From the perspective of business structure, the company's non-storage new industries will maintain high growth in 2024, becoming the key support for its crossing of industrial cycles and achieving sustainable growth. The traditional strong industries achieved positive year-on-year growth in the fourth quarter, sending a positive signal. At the same time, the company focused on reducing costs and improving efficiency throughout the entire process driven by digitalization, and continued to strengthen working capital management, achieving a gross profit margin of 47.99%, a year-on-year decrease of 2.43% in three period expenses, and a year-on-year increase of 17.01% in net cash flow from operating activities.

The three major industries are laid out in stages, and the entire industry is advancing and expanding to create a new growth pole

Since anchoring the life science and medical innovation strategy, Haier Bio has taken independent innovation as its foundation and achieved rapid expansion from low-temperature storage to multi-category non-storage new industries through "endogenous + exogenous". On the one hand, it has built a core equipment matrix covering all scenes of the laboratory. The market share of carbon dioxide incubators has entered the top three in the country with its precise temperature control technology. Water-jacketed incubators, animal experiment cages and other products have completed the coverage of key scenes. The acquisition of Shanghai Yuanxi has strengthened the spectral analysis technology, forming a complete technology chain from basic equipment to high-end instruments. On the other hand, relying on the EPS differentiation model, its scenario-based solutions have shown strong explosive power. The hospital medication automation solution has extended from a single device to a scenario solution through innovative products such as tumor liquid preparation robots and desktop liquid preparation robots, and the business growth has nearly doubled. The core product technology barriers and scenario service capabilities have driven domestic revenue of 1.559 billion yuan, a year-on-year increase of 4.75%, of which the revenue of scenario solution business has exceeded 1/3, the growth rate has exceeded 50%, and the value of a single user has increased by more than 50%.

Its traditional low-temperature storage products, which have always had advantages, have achieved counter-cyclical growth under the background of industry pressure. The market share of ultra-low temperature products, deep cryogenic liquid nitrogen tanks, and constant temperature medical refrigerators has remained the first in China, and the full range of ultra-low temperature, low temperature, and constant temperature products has maintained double-digit growth in overseas markets. On the basis of continuing to lead the technological frontier, the company reconstructs the industrial logic with digital intelligence technologies such as AI and big data, drives the upgrade of digital intelligence scenarios through AI+, and continuously improves user experience. In 2024, the company launched the world's first fourth-generation biological sample library "Life Ark" equipped with three AI core technologies such as the Kuidou AI self-decision model, realizing the full process of intelligent sample processing, storage, quality control, etc., and has been implemented in Beijing, Dalian and other places; the AI vaccine storage and distribution system has built a smart vaccination network in Hefei, Shenzhen, Fuzhou and other places, and the smart vaccination program has been newly implemented in more than 1,200 vaccination sites.

In addition, Haier Bio is also actively laying out future industries and tapping the company's long-term growth value. For the blood industry, Haier Bio, based on the first-mover advantage of smart blood, has achieved a revenue growth rate of 1.3 times the industry growth rate of plasma collection solutions, and with the empowerment of the "Haiyihui" platform, it has joined hands with the Institute of Hematology of the Chinese Academy of Medical Sciences to expand blood treatment and blood testing scenarios. In the cell therapy industry, the company's panoramic solution for smart cell management has also made breakthrough progress. The automated cell culture workstation has been implemented in institutions such as Jimreson and Lizcar, which is expected to further explore more possibilities in the CGT field.

The steady improvement of performance is inseparable from Haier Bio's technological leadership. This year, the company's R&D investment reached 306 million yuan, accounting for 13.41% of revenue. Through the continuously upgraded UADV open R&D system and the differentiated R&D model of self-research, co-research, mergers and acquisitions, and incubation, the company has achieved the improvement of R&D efficiency and the rapid industrialization of technological achievements. The timeliness of new product launches has increased by 9%, and the rate of new product project approval has increased by 5%. It has also obtained 1,595 patents and 392 software copyrights, and 32 international leading achievements. In addition to endogenous motivation, Haier Bio is also actively expanding its external expansion, integrating and optimizing targets through the "concentric circle" model, achieving synergy and complementary advantages among various industries, further expanding the company's business boundaries, and forming a strong market competitive advantage.

Globalization strategy accelerates overseas expansion, and the localization layout of "one country, one policy" has achieved remarkable results

Based on an international perspective, Haier Bio continues to deepen the global market system facing users directly and improve the interaction, customization and delivery capabilities of scenario solutions. In 2024, the company focused on "de-disturbance + improving capabilities", and the impact of special factors such as solar vaccine solutions was gradually eliminated. After excluding the influencing factors, the overseas market achieved double-digit revenue growth, and the business resumed positive year-on-year growth in the fourth quarter; on the other hand, the company continued to promote the "one country, one policy" localization strategy, build regional delivery capabilities and local technical response mechanisms, achieve rapid insight and response to local user needs, and achieve transformation and upgrading from low-temperature storage products to multi-category advancement. In 2024, the company added 56 product models to obtain overseas localization certification, and accumulated more than 400 overseas product certifications.

Relying on the market advantages of technological leadership and localized layout, new product categories such as centrifuges, incubators, and laboratory consumables have rapidly increased in volume and achieved rapid growth. Among them, incubators, centrifuges and other laboratory equipment have entered universities such as the Royal Institute of Technology in the UK and the National University of Singapore, and the freezing solutions have achieved a large-scale breakthrough in the European pharmaceutical channels; the entire series of ultra-low temperature, low temperature, constant temperature and other products have maintained double-digit growth, liquid nitrogen storage solutions have entered the Oxford University laboratory, and smart blood use solutions have entered more than 10 countries including Italy, Brazil, Tanzania, and Morocco, indicating that the company has achieved comprehensive expansion of new and traditional industries based on global R&D and local innovation.

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