Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][9]. Core Views - The company achieved a revenue of 340 million yuan in H1 2024, representing a year-on-year increase of 15.1%, primarily driven by the release of new domestic production capacity and expansion in overseas markets [1][5]. - The net profit attributable to the parent company was 76 million yuan, a decrease of 1.6% year-on-year, while the net profit excluding non-recurring items was 55 million yuan, an increase of 10.7% year-on-year [1][5]. - The overseas market revenue grew by 45% year-on-year, contributing to 18.3% of total revenue, with over 200 overseas clients served [1][8]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 157 million yuan (up 12.0% year-on-year) and in Q2 2024, revenue was 183 million yuan (up 17.8% year-on-year) [1][5]. - The company expects net profits for 2024, 2025, and 2026 to be 204 million, 259 million, and 297 million yuan respectively, with corresponding P/E ratios of 22, 17, and 15 times [1][9]. Market Expansion - The domestic market generated 278 million yuan in H1 2024, a 10.0% increase year-on-year, with nearly 2000 domestic clients served [1][8]. - The company has successfully expanded into high-potential cities such as Beijing, Tianjin, Wuhan, Changsha, and Zhengzhou, enhancing its market penetration [1][8]. Capacity Utilization - New facilities in Beijing, Shanghai, and Guangdong have been operational since the second half of 2023, with a total capacity of approximately 80,000 cages, leading to improved capacity utilization in H1 2024 [1][8]. - The first overseas facility in San Diego, USA, has been operational since Q1 2024, enhancing service capabilities for overseas clients [1][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in Q2 performance, with a significant increase in overseas expansion opportunities that are expected to drive future growth [4] - The company maintains a dual-driven business model of "products + services" and is actively developing new fields such as non-tumor models and wild-type mice, with rapid growth in overseas business [4][5] - The company is optimistic about its long-term development and maintains profit forecasts for 2024-2026, expecting net profits of 204 million, 251 million, and 319 million yuan respectively, with corresponding EPS of 0.50, 0.61, and 0.78 yuan [4] Financial Performance Summary - In H1 2024, the company achieved operating revenue of 340 million yuan, a year-on-year increase of 15.05%, and a net profit attributable to the parent company of 76.34 million yuan, a year-on-year decrease of 1.59% [4] - For Q2 alone, the company reported operating revenue of 183 million yuan, a year-on-year increase of 17.83% and a quarter-on-quarter increase of 16.68% [4] - The company’s net profit for Q2 was 46.86 million yuan, a year-on-year increase of 0.73% and a quarter-on-quarter increase of 58.95% [4] - The company’s revenue is expected to grow steadily, with projected revenues of 761 million, 953 million, and 1.197 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 22.3%, 25.2%, and 25.6% [7] Business Development - The company has proactively expanded its BD team, with nearly 100 members as of June 2024, serving around 2000 clients and adding nearly 400 new clients in H1 2024 [6] - The overseas market has shown significant growth, with revenue reaching 62.14 million yuan in 2023, a year-on-year increase of 44.91% [6] - The company has launched over 200 new high-value mouse strains in H1 2024 and is rapidly advancing its wild-type mouse project [5]

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |------------------------|-----------------------------------| | 行业 | 医药 | | 公司网址 | www.gempharmatech.com | | 大股东 / 持股 | 南京老岩创业投资合伙企业 ( 有限合 | | | 伙 )/49.22% | | 实际控制人 | 高翔 | | 总股本 ( 百万股 ) | 410 | | 流通 A 股 ( 百万股 ) | 204 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 40 | | 流通 A 股市值 ( 亿元 ) | 20 | | 每股净资产 ( 元 ) | 5.15 | | 资产负债率 (%) | 19.2 | | 行情走势图 | | 药康生物(688046.SH) 上半年实现稳健增长，海外开拓提供额外增长动力 股价:9.84元 相关研究报告 【平安证券】药康生物（688046.SH）*年报点评*业 绩符合预期，2024增长可期*推荐20240428 证券分析师 倪亦道 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a 25% year-over-year growth[14]. - The company's operating revenue for the first half of 2024 was ¥340,382,982.48, representing a 15.05% increase compared to ¥295,864,533.76 in the same period last year[18]. - The net profit attributable to shareholders decreased by 1.59% to ¥76,337,717.64 from ¥77,568,471.00 year-on-year, while the net profit after deducting non-recurring gains and losses increased by 10.73% to ¥54,837,072.83[20]. - The company's total assets increased by 1.42% to ¥2,614,186,813.63 from ¥2,577,589,878.58 at the end of the previous year[18]. - The company achieved a total revenue of CNY 340.38 million in the first half of 2024, representing a year-on-year growth of 15.05%[82]. - The net profit attributable to shareholders decreased by 1.59% to 76.34 million yuan, while the net profit excluding non-recurring gains and losses increased by 10.73% to 54.84 million yuan[112]. Dividend and Share Capital - The company plans to distribute a cash dividend of 0.30 RMB per 10 shares, totaling approximately 12,254,340.75 RMB, which represents 16.05% of the net profit attributable to shareholders for the first half of 2024[4]. - As of June 30, 2024, the total share capital of the company is 410,000,000 shares, with 1,521,975 shares held in the repurchase account[4]. - The company has not disclosed any significant changes in share capital or shareholder structure during the reporting period[8]. Research and Development - The company is currently in a business expansion phase, focusing on increasing overseas market development and production personnel recruitment, which has temporarily pressured profits[20]. - The R&D expenditure as a percentage of operating revenue decreased by 2.76 percentage points to 14.29% from 17.05% year-on-year[19]. - The company has developed advanced gene editing technologies, including ACCUEDIT and MEGAEDIT, which enhance the efficiency and cost-effectiveness of creating gene-engineered mouse models[50]. - The company has established a one-stop microbiome research service platform, enhancing its capabilities in microbiological experiments and bioinformatics analysis[62]. - The company has developed over 20,000 strains of spotted mice, with more than 200 new strains added in the first half of 2024, and completed over 40 phenotype verifications for rare genetic disease models[74]. Market Expansion and Strategy - The company is expanding its market presence in Europe, targeting a 15% market share by the end of 2025[14]. - The company is actively expanding its overseas market presence, although potential macroeconomic risks could impact future operations[110]. - The company has established a partnership with a leading research institution to accelerate the development of gene editing technologies[14]. - The company is expanding its international business, with a U.S. subsidiary and a European office, and is gaining recognition in the industrial and research markets[49]. Risk Management - The company has outlined various risks in its operations and has provided corresponding countermeasures in the report[3]. - The report includes a forward-looking statement risk declaration, cautioning investors about potential risks in future plans and strategies[5]. - The company is facing risks related to technology upgrades and the potential loss of core technical personnel, which could impact its R&D and operational capabilities[91][94]. Corporate Governance - The board of directors and senior management have confirmed the authenticity and completeness of the financial report, which has not been audited[2]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - There are no special arrangements for corporate governance mentioned in the report[7]. - The company has established measures to avoid competition with its own subsidiaries and affiliates, ensuring a clear operational focus[172]. Environmental Responsibility - The company has implemented a management system for hazardous waste, maintaining detailed records of hazardous waste handling[133]. - The company has invested 1.385 million RMB in environmental protection during the reporting period[132]. - The company has established a mechanism for environmental protection and has a good compliance record without any penalties for environmental violations[133]. Shareholder Commitments - The actual controller and shareholders have committed to a 36-month lock-up period since the company's listing[137]. - The company will adhere to relevant laws and regulations regarding share transfers and lock-up periods, adapting to any changes in regulations[143]. - The company has committed to ensuring that major shareholders and executives fulfill their public commitments, with measures in place for accountability if these commitments are not met[170]. Financial Management - The company has implemented a robust internal control system, but faces challenges as its operational scale and complexity grow[100]. - The company has recognized government subsidies of CNY 16.09 million during the reporting period, which may be affected by future policy changes[107]. - The company has not provided any guarantees to shareholders, actual controllers, or their related parties, with the amount being 0.00 RMB[183].

证券代码：688046 证券简称：药康生物 公告编号：2024-042 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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例：每 10 股派发现金红利人民币 0.30 元（含税），本次利润 分配不进行资本公积转增股本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中股份为基数，具体日期将在权益分派实施公告中明确。 江苏集萃药康生物科技股份有限公司 关于公司 2024 年半年度利润分配预案的公告 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持每 股分配金额不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 根据公司2024年半年度财务报告（未经审计），公司2024年半年度实现归属 于上市公司股东的净利润为76,337,717.64元，母公司净利润为64,011,652.06元。 截至2024年6月30日，母公司可供分配利润为355,393,425.13元。公司2024 ...

核查意见 华泰联合证券有限责任公司 关于江苏集萃药康生物科技股份有限公司 差异化分红事项的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为江苏集萃药康生物科技股份有限公司（以下简称"药康生物"、"公司"或"发 行人"）首次公开发行股票并在科创板上市持续督导阶段的保荐机构，根据《中 华人民共和国公司法》《中华人民共和国证券法》及《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》等法律法规的规定，对药康生物 2023 年度 利润分配所涉及的差异化分红（以下简称"本次差异化分红"）事项进行了核查， 核查情况如下： 截止目前，公司已累计回购股份 1,521,975 股，根据《上市公司股份回购规 则》的相关规定，上市公司回购的股份自过户至上市公司回购专用账户之日起即 失去其权利，不享有股东大会表决权、利润分配、公积金转增股本、认购新股和 可转换公司债券等权利，不得质押和出借。上市公司在计算相关指标时，应当从 总股本中扣减已回购的股份数量。因此，公司 2023 年度权益分派实施差异化分 红。 二、本次差异化分红方案 公司于 2024 年 6 月 13 日召开 2023 年年度 ...

证券代码：688046 证券简称：药康生物 公告编号：2024-038 江苏集萃药康生物科技股份有限公司 2023 年年度 权益分派实施公告 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/8/6 | 2024/8/7 | 2024/8/7 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 13 日的 2023 年年度股东大会审议通 过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的有关规定，上市公司回购专用账户中的股份，不享有股东大会 是否涉及差异化分红送转：是 每股分配比例 每股现金红利 0.16 元 相关日期 表决权、利润分配、公积金转增股本、认购新股和可转换公司债券等权利。故公司 回购专用证券账户持有股份不应参与本次利润分配。 3. 差异化 ...

重要内容提示： 证券代码：688046 证券简称：药康生物 公告编号：2024-039 江苏集萃药康生物科技股份有限公司 | 回购方案首次披露日 | | | | 2023/12/12，由公司董事长、实际控制人提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 | 12 | 月 25 | 日~2024 | 年 | 12 | 月 | 24 | 日 | | 预计回购金额 | 20,000,000 | | | 元~40,000,000 | 元 | | | | | | 回购用途 | | | 用于员工持股计划或股权激励 | | | | | | | | 累计已回购股数 | 1,521,975 | 股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.3712% | | | | | | | | | | 累计已回购金额 | 23,862,462.57 | | 元 | | | | | | | | 实际回购价格区间 | 11.89 | 元/股~19.17 | | 元/股 ...

本次权益变动前，公司股东青岛国药大创投资合伙企业（有限合伙）（以 下简称"青岛国药"或"信息披露义务人"）持有公司股份数量为25,848,950股， 占公司总股本的6.3046%。本次权益变动后，青岛国药持有公司股份数量为 21,388,190股，持有公司股份比例减少至5.2166%。该信息披露义务人不存在一致 行动人。 证券代码：688046 证券简称：药康生物 公告编号：2024-040 江苏集萃药康生物科技股份有限公司 关于持股 5%以上股东权益变动超过 1%的提示性公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： 本次权益变动为江苏集萃药康生物科技股份有限公司（以下简称"公司"） 持股5%以上非第一大股东减持。本次权益变动属于通过大宗交易及履行已披露 的集中竞价减持股份计划进行股份减持，不触及要约收购，不会使公司控股股东 及实际控制人发生变化。 一、本次权益变动基本情况 公司于 2024 年 7 月 31 日收到持股 5%以上股东青岛国药发来的《股份减持 的告知函》，青岛国药于 2023 ...

证券代码：688046 证券简称：药康生物 公告编号：2024-037 二、其他说明 公司董事会认为上述提议符合法律法规和《公司章程》的有关规定，符合公 司的实际情况及未来发展的需要。公司拟根据《上市公司监管指引第 3 号——上 市公司现金分红》《上海证券交易所科创板股票上市规则》《公司章程》的相关 规定及 2024 年度"提质增效重回报"行动方案，结合实际情况将上述提议形成具 体议案并提交董事会、监事会和股东大会审议。上述提议需经公司股东大会审议 1 通过后方可实施，尚存在不确定性，公司将及时履行相应的审议程序和信息披露 义务，敬请广大投资者注意投资风险。 特此公告。 江苏集萃药康生物科技股份有限公司 关于公司董事长、实际控制人提议中期分红暨落实 公司 2024 年年度"提质增效重回报"行动方案的公告 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。 江苏集萃药康生物科技股份有限公司（以下简称"公司"）于近日收到公司 董事长、实际控制人高翔先生出具的《关于提议中期分红暨落实公司 2024 年年度 "提质增效重回报"行动方案的 ...