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 2024 年度持续督导工作现场检查报告 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）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"或"公司"）首 次公开发行股票并在科创板上市项目的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所科创板股票上市规则》等相关规定履行持续督导职责，于 2025 年 4 月 25 日对江苏集萃药康生物科技股份有限公司 2024 年度有关情况进 行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 华泰联合证券针对药康生物实际情况制订了 2024 年度现场检查工作计划。 为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，华泰联 合证券以邮件方式将现场检查事宜通知公司，并要求公司提前准备现场检查工作 所需的相关文件和资料。 2025 年 4 月 25 日，华泰联合证券保荐代表人季李华、洪捷超及持续督导专 员薛杰通过走访公司生产经营场所、现场查阅公司书面资料、访谈公司主要人 ...

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 2024 年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：江苏集萃药康生物科技股 | | --- | --- | | | 份有限公司 | | 保荐代表人姓名：季李华 | 联系电话：010-56839300 | | 保荐代表人姓名：洪捷超 | 联系电话：010-56839300 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐人"）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"）首次公开发行股票的保荐 人，对药康生物进行持续督导，并出具本 2024 年度（以下简称"报告期"）持 续督导跟踪报告： 一、保荐人和保荐代表人发现的问题及整改情况 保荐人核查发现，由于受内外部因素影响，报告期内公司募集资金投资项目 实施进度存在晚于预期情形。 公司已于2022年年度报告、2023年半年度报告、2023年年度报告、2024年半 年度报告、2024年年度报告披露相关事 ...

2024 年年度股东大会会议资料 公司代码：688046 公司简称：药康生物 江苏集萃药康生物科技股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 1 | | | 2024 年年度股东大会会议资料 2024 年年度股东大会参会须知 尊敬的各位股东： 为维护投资者的合法权益，确保江苏集萃药康生物科技股份有限公司（以下 简称"公司"）2024 年年度股东大会的顺利召开，依据中国证券监督管理委员 会《上市公司股东会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《公司章程》及《股东大会议事规则》的 规定，认真履行法定职责，维护股东合法权益，做好召开股东大会的各项工作。 二、为保证股东大会的顺利召开，切实维护公司股东的合法权益，除出席会 议的股东，公司董事、监事、高级管理人员，公司聘请的律师及董事会邀请的人 员外，公司有权依法拒绝其他人员进入会场。 2024 年年度股东大会会议资料 九、为保证会场秩序，进入会场内请将手机等通讯工具关闭或置于静音状态， 场内请勿吸烟、大声喧哗。对于干扰股东大会秩序、寻衅滋事和侵犯其他股东合 法权益的行为，公司有权采取必要措施予以制止并报告有关部门查处 ...

? 会议召开方式：上证路演中心网络互动 证券代码：688046 证券简称：药康生物 公告编号：2025-035 江苏集萃药康生物科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 05 月 29 日 （星期四） 15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 投资者可于 2025 年 05 月 22 日 （星期四） 至 05 月 28 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gempharmatech.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 江苏集萃药康生物科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2024 年度报告及 2025 年一季度报告，为便于广大投资者更全 面深入 ...

证券代码：688046 证券简称：药康生物 公告编号：2025-035 江苏集萃药康生物科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 江苏集萃药康生物科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日发布公司 2024 年度报告及 2025 年一季度报告，为便于广大投资者更全 面深入地了解公司 2024 年度及 2025 年一季度经营成果、财务状况，公司计划于 2025 年 05 月 29 日（星期四）15:00-16:00 举行 2024 年度暨 2025 年第一季度业 绩暨现金分红说明会，就投资者关心的问题进行交流。 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。 一、 说明会类型 重要内容提示： 会议召开时间：2025 年 05 月 29 日 （星期四） 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [8][29]. Core Insights - The industry is experiencing a return to normal growth, with a notable performance in chemical pharmaceuticals, while the overall revenue growth for 2024 is projected to decline by 0.6% year-on-year, marking the first decline in recent years [12][14]. - The report highlights a significant disparity among sectors, with chemical pharmaceuticals showing a remarkable net profit growth of 97.7%, while biological products face substantial short-term performance pressure [17][18]. - The current low allocation and valuation levels present a high cost-performance ratio for investments in the pharmaceutical sector, suggesting it is an excellent time to allocate resources [19][28]. Summary by Sections 1. Innovation in the Pharmaceutical Chain - The report notes that the impact of national procurement and anti-corruption measures is gradually diminishing, leading to a normal release of rigid demand in hospitals [11]. - The overall revenue growth for the industry in 2024 is projected at -0.6%, with net profit and non-recurring net profit declining by 8.1% and 5.9% respectively [12][13]. 2. Investment Recommendations - The report suggests focusing on the innovation drug supply chain (Biotech + CXO + upstream) and certain overseas medical devices, recommending companies such as Aosaikang, Yifang Bio, and WuXi AppTec for investment [29]. - For in-hospital products (traditional Chinese medicine, chemical pharmaceuticals, and medical devices), companies like Hengrui Medicine and Mindray Medical are highlighted as having more certain growth prospects [29]. 3. Market Positioning - The report indicates that the allocation of public fund products in pharmaceutical stocks has decreased from 11.2% in Q1 2024 to 8.7% in Q4 2024, with a slight recovery to 9.1% by Q1 2025 [19][21]. - The pharmaceutical sector's price-to-earnings ratio is at a 10-year low, suggesting potential for growth as innovative products continue to emerge [22][24].

证券代码：688046 证券简称：药康生物 公告编号：2025-034 江苏集萃药康生物科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/10/31 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 29 10 | 10 | 日~2025 | 年 | 月 | 28 | 日 | | 预计回购金额 | 2,200万元~4,000万元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 1,067,387股 | | | | | | | | 累计已回购股数占总股本比例 | 0.2169% | ...

Core Insights - The company reported a revenue of 687 million yuan for 2024, representing a year-over-year increase of 10.39%, but the net profit attributable to shareholders decreased by 30.89% to 110 million yuan [1] - For Q1 2025, the company achieved a revenue of 171 million yuan, up 8.76% year-over-year, with a net profit of 30 million yuan, reflecting a slight increase of 1.7% [1] Revenue Breakdown - The revenue from the commercialization of mouse models was 400 million yuan, up 9.0% year-over-year; functional efficacy revenue was 150 million yuan, up 14.6%; custom breeding revenue was 85 million yuan, up 8.0%; and model customization revenue was 34 million yuan, down 3.4% [2] - The overall gross margin for the main business in 2024 was 62.0%, a decrease of 5.6 percentage points from 2023 [2] Regional Performance - Domestic revenue reached 572 million yuan in 2024, with a gross margin of 59.4%, reflecting an 8.3% year-over-year increase [3] - The company expanded its overseas market, generating 114 million yuan in revenue, a 22.5% year-over-year increase, with a gross margin of 75.3%, outperforming domestic business [3] - The overall sales expense ratio increased by 2.39 percentage points to 15.60%, impacting net profit, although the sales net profit margin improved in Q1 2025 to 17.55%, up 1.56 percentage points from 2024 [3] Global Capacity Planning - By the end of 2024, the company had seven major bases in China with a total capacity of approximately 280,000 cages, achieving full coverage [4] - New production capacity of 80,000 cages in Shanghai, Beijing, and Guangdong was nearly fully utilized [4] - The company plans to enhance its overseas presence by seeking suitable areas in Europe for animal facility leasing, in addition to its existing facility in San Diego, USA [4] - The company has established sales in over 20 countries and collaborated with eight of the top ten global pharmaceutical companies, while also adding over 200 research users and 600 industrial clients domestically, and 80 research users and 90 industrial clients overseas [4] Profit Forecast and Valuation - Due to weak global biopharmaceutical R&D investment and increased overseas expenditures, the EPS forecasts for 2025 and 2026 have been revised down to 0.34 yuan and 0.40 yuan, respectively, representing reductions of 48% and 50% [4] - An additional EPS forecast for 2027 is set at 0.47 yuan, with corresponding PE ratios of 33, 28, and 24 for 2025-2027 [4] - Given the significant stock price correction and the current low valuation, along with steady progress in overseas business, the company maintains a "buy" rating [4]

| 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-04-30 | | | [Table_BaseData] 收盘价（元） | | 11.38 | | 近 12 个月最高/最低（元） | | 17.70/9.08 | | 总股本（百万股） | 410 | | | 流通股本（百万股） | | 410 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 47 | | 流通市值（亿元） | | 47 | [公司价格与沪深 Table_Chart] 300 走势比较 -38% -18% 3% 24% 44% 4/24 7/24 10/24 1/25 4/25 药康生物 沪深300 [Table_Author] 分析师：谭国超 药康生物（ [Table_StockNameRptType] 688046） 公司点评 利润短期承压，加速推进海外布局 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 执业证书号：S0010524080001 邮箱：yangfuyuan@h ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term profit pressure, but its overseas business continues to maintain high growth [7] - Revenue for 2024 is projected at 6.87 billion yuan, reflecting a year-on-year growth of 10.39%, while net profit is expected to decline by 30.89% to 1.10 billion yuan [7] - The company has a strong growth potential due to its comprehensive mouse model offerings and successful overseas market expansion [7] Financial Summary - Total revenue forecast for 2023A is 622.19 million yuan, with a projected increase to 686.84 million yuan in 2024A and 814.88 million yuan in 2025E, representing growth rates of 20.45%, 10.39%, and 18.64% respectively [1] - The net profit for 2023A is 158.91 million yuan, expected to decrease to 109.82 million yuan in 2024A, but is projected to recover to 132.74 million yuan in 2025E [1] - The latest diluted EPS is forecasted to be 0.39 yuan for 2023A, decreasing to 0.27 yuan in 2024A, and then gradually increasing to 0.48 yuan by 2027E [1] Business Performance - The company achieved a revenue of 4.0 billion yuan from commercialized mouse models in FY24, with a growth of 9.0%, and 1.5 billion yuan from functional efficacy, growing by 14.6% [7] - Overseas revenue reached 1.14 billion yuan, marking a 22.5% increase, while domestic revenue was 5.72 billion yuan, up by 8.3% [7] - The gross profit margin for 2024 is reported at 61.99%, a decrease of 5.62 percentage points compared to the previous year [7] Growth Drivers - The company has completed its domestic facility layout with approximately 280,000 cages, which is expected to enhance profitability as it transitions to gene-edited mouse business [7] - The overseas market is anticipated to continue its high growth trajectory, supported by a skilled engineering workforce and newly established production capacity [7] - The company is actively expanding its product offerings, including wild-type mice and humanized antibody transgenic models, to capture additional market demand [7]