北京市中伦（深圳）律师事务所 关于深圳普门科技股份有限公司 2021 年、2022 年、2023 年股票期权 激励计划相关事项的 法律意见书 二〇二四年五月 1 北京市中伦（深圳）律师事务所接受深圳普门科技股份有限公司（以下简称 "普门科技"或"公司"）的委托，担任普门科技实施 2021 年股票期权激励计划、 2022 年股票期权激励计划、2023 年股票期权激励计划相关事宜的专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以 下简称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》等有关法律、法规、规 范性文件和《深圳普门科技股份有限公司章程》（以下简称"《公司章程》"）、 《深圳普门科技股份有限公司 2021 年股票期权激励计划（草案）》（以下简称 "《2021 激励计划（草案）》"）《深圳普门科技股份有限公司 2022 年股票期 权激励计划（草案）》（以下简称"《2022 激励计划（草案）》"）《深圳普门 科技股份有限公司 20 ...

证券代码：688389 证券简称：普门科技 公告编号：2024-032 深圳普门科技股份有限公司 关于2022年股票期权激励计划首次授予股票期权 第二个行权期自主行权实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ●股票期权拟行权数量：348.00万份； ●行权股票来源：公司向激励对象定向增发的本公司A股普通股股票； ●行权安排：本次股票期权行权期限自自主行权审批手续办理完毕之日始至 2025年5月8日止（根据手续办理情况，实际可行权期限为2024年6月7日至2025 年5月8日止，行权日须为交易日）。 一、股权激励计划批准及实施情况 （一）股票期权激励计划方案及履行程序 深圳普门科技股份有限公司（以下简称"公司"）于2022年4月制定并实施 了《深圳普门科技股份有限公司2022年股票期权激励计划（草案）》（以下简称 "2022年激励计划"），合计向激励对象授予1,380.00万份股票期权。其中首次 授予部分合计向73名激励对象授予1,255.00万份股票期权，行权价格为每股20.00 元，有效期 ...

深圳普门科技股份有限公司 监事会对第三届监事会第六次会议相关事项 的核查意见 的股票期权行权价格由 19.585 元/份调整为 19.304 元/份，2023 年股票期权激励 计划的股票期权行权价格由 21.00 元/份调整为 20.719 元/份。；同意公司注销 2022 年股票期权激励计划首次授予部分股票期权合计 1,769,870 份；同意符合行权条 件的 66 名激励对象在规定的行权期内采取自主行权的方式行权。 深圳普门科技股份有限公司监事会 深圳普门科技股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《上海证 券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号——股权 激励信息披露》等相关法律、法规和规范性文件以及《公司章程》等有关规定， 对公司第三届监事会第六次会议的相关事项进行审核，发表核查意见如下： 一、董事会根据公司 2021 年第四次临时股东大会、2021 年年度股东大会、 2023 年第一次临时股东大会的授权调整公司 2021 年、2022 年、2023 年股票期 权激励计划的行权价格，审议程序合法合 ...

深圳普门科技股份有限公司 监事会对 2021 年股票期权激励计划行权相关事项 的核查意见 深圳普门科技股份有限公司（以下简称"公司"）监事会依据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《上海证 券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号——股权 激励信息披露》等相关法律、法规和规范性文件以及《公司章程》等有关规定， 对 2021 年股票期权激励计划预留授予股票期权第二个行权期行权条件成就的事 项进行审核，发表核查意见如下： 2021 年股票期权激励计划预留授予股票期权第二个行权期符合行权条件的 49 名激励对象的行权资格合法有效，各激励对象个人层面绩效考核结果合规、 真实。根据《公司 2021 年股票期权激励计划（草案）》的有关规定，公司 2021 年 股票期权激励计划预留授予的股票期权第二个行权期的行权条件已成就；本次可 行权的激励对象行权资格合法、有效，满足本次激励计划预留授予股票期权第二 个行权期的行权条件；本次行权安排（包括行权期、行权条件等事项）符合相关 法律、法规和规范性文件的有关规定。 综上所述，监事会同意符合行权条件的 49 名激励 ...

证券代码：688389 证券简称：普门科技 公告编号：2024-031 深圳普门科技股份有限公司 关于2021年股票期权激励计划预留授予股票期权 第二个行权期自主行权实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 ●股票期权拟行权数量：68.25万份； ●行权股票来源：公司向激励对象定向增发的本公司A股普通股股票； ●行权安排：本次股票期权行权期限自自主行权审批手续办理完毕之日始至 2025年1月20日止（根据手续办理情况，实际可行权期限为2024年6月7日至2025 年1月20日止，行权日须为交易日）。 一、股权激励计划批准及实施情况 （一）股票期权激励计划方案及履行程序 深圳普门科技股份有限公司（以下简称"公司"）于2021年9月制定并实施 了《深圳普门科技股份有限公司2021年股票期权激励计划（草案）》，合计向激 励对象授予1,600.00万份股票期权。其中首次授予部分合计向334名激励对象授予 1,438.00万份股票期权，行权价格为每股21.00元，有效期为自股票期权授予之日 起至激励对象获授的股票期权 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company has established a platform-based layout in the fields of clinical rehabilitation, IVD (in vitro diagnostics), and medical aesthetics, achieving high growth in revenue and net profit over the years. From 2019 to 2023, the compound annual growth rate (CAGR) for revenue and net profit reached 28% and 34%, respectively [1][18]. - The dual drivers of IVD and rehabilitation aesthetics are expected to continue to provide strong momentum for growth, with significant market opportunities both domestically and internationally [1][18]. - The company has successfully broken the monopoly of imported technologies in the electrochemical luminescence sector, positioning itself as a leader in domestic IVD [1][18]. Summary by Sections 1. IVD and Rehabilitation Aesthetics Dual-Drive - The company has developed a comprehensive solution in rehabilitation equipment, with a market size in the hundreds of billions. The photon therapy device has a clear first-mover advantage, and the treatment and rehabilitation business achieved revenue of 300 million yuan in 2023, a year-on-year increase of 34% [1][22]. - The IVD segment, particularly in electrochemical luminescence, has shown significant growth potential, with the company’s products gaining recognition in international markets [1][18]. 2. IVD Business: Leader in Electrochemical Luminescence - The company launched its electrochemical luminescence product in 2017, becoming the first domestic company to break the foreign monopoly. The market for chemical luminescence diagnostics in China reached 471 billion yuan in 2023, with a year-on-year growth rate of 20% [1][49]. - The company’s innovative approach and competitive pricing have positioned it favorably against international competitors [1][49]. 3. Rehabilitation Equipment Market - The rehabilitation equipment market is projected to be worth hundreds of billions, with the company offering a complete range of solutions to meet diverse patient needs. The acquisition of Zhixin Bio in 2022 further enhances its product line [1][22]. 4. Medical Aesthetics Market - The medical aesthetics market in China has been rapidly expanding, with the market size expected to grow from 47.5 billion yuan in 2016 to 153.3 billion yuan by 2025. The company has quickly established a presence in this sector through strategic acquisitions and product launches [1][24]. 5. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are projected at 1.44 billion, 1.85 billion, and 2.36 billion yuan, with corresponding year-on-year growth rates of 26%, 28%, and 28%. Net profit is expected to reach 420 million, 540 million, and 690 million yuan during the same period [1][18]. - The report employs a comparable company valuation method, selecting peers from the IVD, rehabilitation, and medical aesthetics sectors, and assigns a price-to-earnings (P/E) ratio of 25.1 for 2024 [1][18].

Financial Performance - In Q1 2024, the company achieved operating revenue of ¥305,741,862.07, representing a year-on-year growth of 10.06% [2] - The net profit attributable to shareholders was ¥107,218,856.40, with a year-on-year increase of 21.69% [2] - The net profit after deducting non-recurring gains and losses was ¥103,288,918.11, reflecting a growth of 24.60% [2] - Operating cash flow for the period was ¥26,082,118.62, up by 12.51% year-on-year [2] Business Segments - The main revenue sources in Q1 2024 were from the in vitro diagnostics and treatment & rehabilitation sectors, with total revenue of ¥306 million and net profit of ¥107 million [3] - In vitro diagnostics generated revenue of ¥242 million, while treatment & rehabilitation contributed ¥60 million [3] Product Development and Market Position - The company offers three main categories of skin aesthetic products: basic photonic products, specialty energy products, and aesthetic consumables [3] - The company aims to enhance existing products and develop new technologies to maintain a competitive edge in the domestic skin aesthetic market [3] - The aesthetic market remains vibrant, with positive client feedback on the company's products [3] Investor Relations - The investor relations activity involved 26 institutions and 30 participants, held via phone conference and at the company headquarters [2] - The meetings took place on May 23, 24, 27, and 28, 2024 [2]

Company and Industry Overview * **Company**: Pumeng Technology * **Industry**: In Vitro Diagnostics (IVD) and Rehabilitation Medical Equipment Key Points Financial Performance * **Q1 2024 Revenue**: 306 million RMB, up 10.06% * **Q1 2024 Net Profit**: 107 million RMB, up 21.69% * **Q1 2024 Non-Operating Net Profit**: 103 million RMB, up 24.6% * **Operating Cash Flow**: 26 million RMB, up 12.51% * **Overall Gross Margin**: 69.99%, up 4% YoY * **Overall Net Margin**: 34.96%, up 3.3% YoY Business Segments * **IVD**: 242.2 million RMB, up 34% YoY, accounting for 79% of total revenue * **Treatment and Rehabilitation**: 60 million RMB, up 20% YoY, accounting for 20% of total revenue * **Consumer Health**: Small, with products like phototherapy masks, hyaluronic acid essence, and air wave machines Product Development * **IVD**: Focus on immunocoupled, high-throughput analyzers, and medium-speed chemiluminescence products * **Treatment and Rehabilitation**: Focus on respiratory and critical care, wound treatment, and pain rehabilitation * **Skin Aesthetics**: Focus on anti-aging, whitening, skin treatment, hair removal, hair growth, and intimate treatments * **Consumer Health**: Expand to dermal fillers, collagen, and tranexamic acid Market Segmentation * **Domestic**: 229 million RMB, up 3.67% YoY, accounting for 75% of total revenue * **International**: 77 million RMB, up 34.73% YoY, accounting for 25% of total revenue Growth Drivers * **International Market**: Strong growth in international markets, particularly in the IVD segment * **Sugar Testing**: High growth rate of sugar testing due to the increasing prevalence of diabetes * **Skin Aesthetics**: High growth rate of skin aesthetics due to the increasing demand for beauty and anti-aging treatments * **Consumer Health**: High growth rate of consumer health due to the increasing demand for health and wellness products Challenges * **Competition**: Intense competition in the IVD market, particularly in the chemiluminescence segment * **Regulatory Approval**: Long approval process for new products in the international market * **Cost Control**: Need to control costs while maintaining high levels of research and development Future Outlook * **Continue to focus on R&D and product innovation** * **Expand international market share** * **Develop consumer health business** * **Maintain strong financial performance**

Summary of the Conference Call Company and Industry Involved - The conference call involved Huazhong Pharmaceutical, focusing on the pharmaceutical industry and its strategies for the summer season [1]. Core Points and Arguments - The call was hosted by the Huazhong Pharmaceutical team, including key figures such as the host and the chief analyst [1]. Other Important but Possibly Overlooked Content - The event was structured as a summer online strategy meeting, indicating a focus on upcoming strategies and market positioning for the pharmaceutical sector [1].

证券分析师 S1350524030002 市场表现： 2024 年 05 月 22 日 普门科技 (688389.SH) 买入（首次覆盖） —— IVD 与治疗康复齐飞，器械平台型公司启程 ➢ 体外诊断产品差异化竞争，收入稳健增长可期。2023 年公司 IVD 业务收入达到 8.29 亿元， 同比增长 10.73%，收入占比维持在 70%以上，核心业务相对稳定，公司 eCL 系列电化学发 光产品，底层技术媲美进口头部品牌，定位头部医疗机构临床科室、基层检验科，错位竞争优 势明显，在政策支持下装机稳步提升。公司糖化血红蛋白产品技术路线与国际主流一致，核心 层析介质的自主化，使得公司产品综合竞争力处于全球领先水平。 ➢ 盈利预测与估值：我们预计公司 2024-2026 年归母净利润分别为 4.28、5.45 和 6.92 亿元， 增速分别为 30.40%、27.19%、27.02%。当前股价对应的 PE 分别为 20、16、12 倍。选取 迈瑞医疗、新产业作为 IVD 可比公司，翔宇医疗作为治疗与康复可比公司，可比公司 2024 年 平均 PE 为 26 倍，基于公司在 IVD 具有错位竞争优势，治疗与康复业务处 ...