Zhuhai Keyu Biological Engineering Co., Ltd. (珠海科域生物工程股份有限公司) - Leading Chinese IVD Automation Solut

Company Profile (Updated April 2026)

Zhuhai Keyu Biological Engineering Co., Ltd. (珠海科域生物工程股份有限公司) is a national high-tech enterprise dedicated to providing automated testing solutions and diagnostic products for medical laboratories. Founded on October 28, 2010 in Zhuhai, Guangdong Province, China, the company was listed on the NEEQ (National Equities Exchange and Quotations) Innovation Layer on June 29, 2017 (Stock Code: 870620).

The company specializes in the research, development, production, and sale of clinical diagnostic analyzers and supporting IVD reagents and medical consumAbles. Its core products include automated urine analyzers, fecal analyzers, and vaginal discharge (leUKorrhea) analyzers, widely used in clinical laboratories of medical institutions. After more than a decade of development, the company has established a strong R&D system, complete product lines, and extensive sales networks.

Core Mission: "Technology Serving Health" (科技服务健康). The company is committed to providing laboratories with superior performance-to-price and quality-to-price ratio products and services.

Financial Performance

2025 H1 Results (Latest Reported)

Revenue: RMB 85,600,800 (85.60 million), up 26.02% year-over-year

Net Profit Attributable to Shareholders: RMB 22,067,200 (22.07 million), up 31.50% YoY

Non-recurring Net Profit: RMB 21,860,000 (21.86 million), up 31.56% YoY

Overseas Revenue: RMB 30,786,500 (30.79 million), up 214.99% YoY

Domestic Revenue: RMB 54,814,300 (54.81 million), up 3.06% YoY

Operating Cash Flow: Net inflow of RMB 15,706,645 (15.71 million), up 2,656.99% YoY

Total Assets (H1 2025 End): RMB 146,729,202 (146.73 million), up 1.16% from year-end 2024

Net Assets Attributable to Shareholders: RMB 124,785,428 (124.79 million), up 5.64% from year-end 2024

Asset-Liability Ratio (Consolidated): 14.96%

R&D Expenses (H1 2025): RMB 7,852,574 (7.85 million), accounting for 9.17% of revenue

Average Employees (H1 2025): 344 (up from 328 in H1 2024)

2024 Full-Year Results

Revenue: RMB 135,346,331 (1.35亿元), up 16.41% YoY

Net Profit Attributable to Shareholders: RMB 33,581,927 (33.58 million), up 25.44% YoY

Non-recurring Net Profit: RMB 32,733,720 (32.73 million)

Operating Cash Flow: RMB 25,288,697 (25.29 million), down 18.88% YoY

Basic EPS: RMB 1.00, up 19.65% YoY

Weighted Average ROE: 30.75%

Total Assets (Year-End 2024): RMB 145,052,516 (1.45亿元), up 17.76% YoY

Net Assets Attributable to Shareholders: RMB 118,126,185 (1.18亿元), up 24.69% YoY

Asset-Liability Ratio: 18.56%

2024 H1 Comparative Data

- Revenue: RMB 67,928,637 (67.93 million), up 11.01% YoY

- Net Profit: RMB 16,780,593 (16.78 million), up 11.34% YoY

- Gross Margin: 71.20%

- Overseas Revenue: RMB 9,689,788 (9.69 million), up 101.56% YoY

Profit Distribution

2024 Annual Dividend:

- Cash Dividend: RMB 0.50 per share (tax inclusive), equivalent to RMB 5.00 per 10 shares

- Total Dividend Payout: RMB 16,858,000 (16.86 million)

- Basis: Total shares of 33,716,000 (after 2024 share repurchase and cancellation)

Core Products and Technology

Automated Urine Analysis Systems

- High-precision automated urine analyzers for clinical laboratory urinalysis, providing Rapid and accurate detection of urine sediment and chemistry parameters

Automated Fecal Analysis Systems

- KU-F40 Fully Automated Fecal Analyzer: Awarded Guangdong Province Famous and High-Tech Product in 2022 (valid for three years)

- Advanced fecal occult blood, pathogen, and parasitic detection capabilities

Automated Vaginal Discharge (Leukorrhea) Analysis Systems

- Automated白带分析仪 for rapid screening and diagnosis of vaginal infections

Supporting Reagents and Consumables

- Full range of IVD reagents and medical consumables matched to the company's analyzer systems

Technology and R&D

The company has built core technology platforms covering microscopic examination, dry chemistry, AI deep learning for image analysis, automated sample processing, and integrated hardware-software systems.

Intellectual Property: As of 2025, the company holds 61 valid intellectual property rights, including 13 invention patents, along with multiple software copyrights.

R&D Investment: Over RMB 47.45 million invested in R&D in the past three years, with an R&D team of more than 70 personnel.

Certifications and Quality Standards

- ISO 13485: Medical device quality management system certification

- CE Marking: European conformity certification for product export

- RoHS: Restriction of hazardous substances compliance

- High-Tech Enterprise: Certified by Guangdong Provincial Science and Technology Department, Finance Department, and Tax Bureau (renewed in 2023, valid for three years)

- Guangdong "Specialized, Refined, Distinctive, and Innovative" SME: Certified in January 2023 (valid for three years)

- National Technology-Based SME: Certified by Guangdong Provincial Science and Technology Department in May 2023

- Innovative SME: Certified by Guangdong Provincial Industry and Information Technology Department in December 2022

- Unicorn Seed Enterprise: Recognized by Zhuhai Science and Technology Innovation Bureau in March 2021

- Mayor's Quality Award: 4th Zhuhai Jinwan District Mayor's Quality Award Encouragement Prize (2025)

2025-2026 Latest Developments

Corporate Governance (September 2025)

The company completed board and management reappointment in September 2025:

- Chairman and General Manager: Sun Youping (孙又平)

- Deputy General Manager: Sun Liping (孙立平)

- Financial Officer: Huang Limin (黄利民)

- Board Secretary: Liang Jianyang (梁健炀)

- Chairman of Board of Supervisors: Wang Zenan (王泽南)

Strategic Expansion

- Overseas Strategy: The company actively participates in international exhibitions (Arab Health, Medlab Middle East, Turkey International Medical Exhibition, CACLP, etc.) to expand brand influence and build core distribution networks

- Domestic Network: The company continues to improve its domestic distribution system and enhance dealer professional service capabilities

BSE Listing Preparation

- November 2023: The company initiated辅导 for listing on the Beijing Stock Exchange (BSE), with Kaiyuan Securities as the sponsoring broker

- The company continues to advance toward meeting BSE listing requirements

Industry Recognition

- 2025: Awarded the 4th Zhuhai Jinwan District Mayor's Quality Award Encouragement Prize, recognizing the company's excellence in quality management and product innovation

- December 2025: Participated in the CACLP (china Association of Clinical Laboratory Practice Expo) to showcase latest products and technologies

Company Basic Information

Corporate Overview

Company Full Name: Zhuhai Keyu Biological Engineering Co., Ltd. (珠海科域生物工程股份有限公司)

Stock Code: 870620 (NEEQ Innovation Layer)

Founded: October 28, 2010

Listed: June 29, 2017

Registered Address: No. 605 Yuge Road, Sanzao Town, Jinwan District, Zhuhai, Guangdong, China

Office Address: No. 605 Yuge Road, Sanzao Town, Jinwan District, Zhuhai, Guangdong, China

Postal Code: 519040

Legal Representative / Chairman / General Manager / Controlling Shareholder / Actual Controller: Sun Youping (孙又平)

Deputy General Manager: Sun Liping (孙立平)

Board Secretary: Liang Jianyang (梁健炀)

Financial Officer: Huang Limin (黄利民)

Company Type: Public Listed Company (NEEQ)

Industry: Medical Devices - In Vitro Diagnostics (IVD), C3581 Medical Diagnosis, Monitoring and Treatment Equipment Manufacturing

Employees: Approximately 344 (as of H1 2025)

Registered Capital: RMB 33,716,000

Total Shares: 33,716,000 shares

Unified Social Credit Code: 91440400562649645A

Official Website: www.keyubio.com

Email: liangjianyang@keyubio.com

Telephone: +86-0756-6821168

Fax: +86-0756-6808070

Information Disclosure Platform: www.neeq.com.cn

Sponsoring Broker: Kaiyuan Securities Co., Ltd. (开源证券)

Shareholder Structure (Top 10 as of 2024 Year-End)

- Sun Youping: 22,600,646 shares (66.43%), Chairman and General Manager

- Sun Liping: 6,064,515 shares (17.83%), Deputy General Manager

- Zhuhai Gongchuang Investment Partnership: 1,221,774 shares (3.59%)

- Zhuhai Kerong Investment Partnership: 733,065 shares (2.15%)

- Wei Jun: 500,000 shares (1.47%)

- Zhang Fengyan: 480,000 shares (1.41%)

- Kaiyuan Securities: 400,000 shares (1.18%)

Relationship: Sun Youping and Sun Liping are brothers. Zhuhai Gongchuang and Zhuhai Kerong investment partnerships are both controlled by Sun Youping (80%) and Sun Liping (20%).

Subsidiaries

- Zhuhai Hengrui Animal Diagnostic Technology Co., Ltd. (控股子公司) — Engaged in animal IVD instruments and reagents

2026 Outlook and Strategic Priorities

Strategic Focus Areas

- Overseas Expansion: Continue building international sales and after-sales teams, and expand distribution networks in the Middle East, Asia, Europe, the Americas, and Africa

- BSE Listing: Advance辅导 work toward Beijing Stock Exchange listing to enhance financing capabilities and brand visibility

- Product Innovation: Maintain R&D investment in automated urine, fecal, and vaginal discharge analysis systems, leveraging AI deep learning and core technology platforms

- Quality Excellence: Build on the Mayor's Quality Award recognition to further strengthen quality management and customer satisfaction

- Market Penetration: Deepen relationships with high-level hospitals and accredited laboratories while expanding coverage in secondary and primary healthcare institutions

Competitive Advantages

- Specialized Focus: One of the few domestic companies specializing in automated urine, fecal, and vaginal discharge analysis with integrated reagent and consumable solutions

- High Growth: Consistent revenue and profit growth (2024: +16.41% revenue, +25.44% profit; 2025 H1: +26.02% revenue, +31.50% profit)

- Overseas Momentum: Exceptional international growth (2024 H1: +101.56%; 2025 H1: +214.99%)

- Strong R&D: 61 intellectual property rights including 13 invention patents, with sustained investment in AI and automation technologies

- Low Leverage: Conservative financial structure with asset-liability ratio below 15%

Risk Factors

- Policy Pressure: IVD centralized procurement, DRG/DIP payment reforms, and testing fee adjustments may impact pricing and profitability

- Market Concentration: High dependence on domestic market (though overseas growth is accelerating)

- Competition: Intense competition from both domestic peers and international giants in the IVD market

- Key Person Risk: High ownership concentration with Sun Youping and Sun Liping controlling over 84% of shares

Contact Information

Headquarters

Address: No. 605 Yuge Road, Sanzao Town, Jinwan District, Zhuhai, Guangdong, China
   Postal Code: 519040
   Tel: +86-0756-6821168
   Fax: +86-0756-6808070
   Email: liangjianyang@keyubio.com
   Website: www.keyubio.com

Investor Relations

Stock Exchange: National Equities Exchange and Quotations (NEEQ)
   Stock Code: 870620
   Information Disclosure: www.neeq.com.cn

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