新常态下的投资模式与探索。 报道 I 投资界PEdaily 2 0 24年12月1 0 - 11日，由中共重庆市委金融委员会办公室指导，清科创业、投资界主 办，重庆渝富控股集团联合主办的"第二十四届中国股权投资年度大会"走进西部金融中 心重庆。作为股权投资行业晴雨表，本次大会将以"万象耕新"为主题，回顾行业风云， 重塑格局策略，探索价值发现，持续为中国股权投资行业注入力量。 会上，招银国际资本总经理周可祥带来 《新常态下的投资模式与探索》 的主题分享。 以下为演讲实录， 经投资界（ID:peda il y 2 0 1 2）编辑： 各位投资界的朋友，今天我跟大家分享的主题是：新常态下的投资模式与探索。 关于行业变化，前面大家都已经谈了很多。总体来讲，一个时代已经过去了，以前投资 机构投移动互联网、新经济、创新药，动辄获得十几倍甚至几十倍的回报，未来肯定不 会再有了；如果人民币基金没有创业板和科创板的开启，没有一年4 0 0 - 5 0 0家企业IPO的 速度，我们的基金回报会是什么样子，大家也可以想象。中国资本市场的红利随着IPO 收紧，基本上已经过去，一级市场旧的投资范式难以为继。 目前的投资行业，募投管退不 ...

上海凯赛生物技术股份有限公司 关于向特定对象发行 A 股股票申请获得 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实 施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报 告上海证券交易所并按有关规定处理。 证券代码：688065 证券简称：凯赛生物 公告编号：2024-065 中国证监会同意注册批复的公告 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、准确性和完整性依法承担法律责任。 上海凯赛生物技术股份有限公司（以下简称"公司"）于近日收到中国证券监 督管理委员会出具的《关于同意上海凯赛生物技术股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2024〕1662 号），批复文件内容如下： 一、同意你公司向特定对象发行股票的注册申请。 特此公告。 上海凯赛生物技术股份有限公司 董 事 会 2024 年 12 月 4 日 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息 ...

重要内容提示： 证券代码：688065 证券简称：凯赛生物 公告编号：2024-064 上海凯赛生物技术股份有限公司 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、准确性和完整性依法承担法律责任。 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》等相关规定，现将公司回购股份情况公告如下： 截至 2024 年 11 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式回购公司股份 33,607 股,占公司总股本 583,378,039 股的比例为 0.0058%。 回购成交的最高价为 45.30 元/股，最低价为 44.08 元/股，支付的资金总额为人 民币 1,502,599.00 元（不含印花税、交易佣金等交易费用)。 1 三、其他事项 公司将严格按照《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》等相关规定及公司回购股份方案，在回购期限内根据 市场情况择机做出回购决策并予以实施，并根据回购股份事项进展情况及时履行信 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-063 上海凯赛生物技术股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 2024 年 11 月 27 日，上海凯赛生物技术股份有限公司 (以下简称"公司"） 通过上海证券交易所交易系统以集中竞价交易方式首次回购公司股份 33,607 股, 占公司总股本 583,378,039 股的比例为 0.0058%，回购成交的最高价为 45.30 元/ 股，最低价为 44.08 元/股，支付的资金总额为人民币 1,502,599.00 元（不含印花 税、交易佣金等交易费用)。 公司将严格按照《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》等相关规定及公司回购股份方案，在回购期限内根据 市场情况择机做出回购决策并予以实施，并根据回购股份事项进展情况及时履行信 息披露义务，敬请广大投资者注意投资风险。 特此公告。 根据《上市公司股份回购规则》《上海证券交易所上市公 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-062 上海凯赛生物技术股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 25 日(星期一) 至 11 月 29 日(星期五)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 cathaybiotech_info@cathaybiotech.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。 上海凯赛生物技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 12 月 02 日下午 13:00- 14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company reported a significant improvement in its Q3 2024 performance, with revenue reaching 2.215 billion yuan, a year-on-year increase of 41.49%, and a net profit of 345 million yuan, up 9.97% year-on-year [3][4] - The increase in production capacity for dodecanedioic acid has driven revenue growth, alongside a substantial rise in R&D investment, which reached 169 million yuan in the first three quarters, a 33.52% increase year-on-year [4][5] - The collaboration with China Merchants Group is expected to enhance performance and expand application areas for the company's bio-based materials [5][8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.215 billion yuan, with a net profit of 345 million yuan, and a non-recurring net profit of 335 million yuan, reflecting year-on-year growth rates of 41.49%, 9.97%, and 25.51% respectively [3][4] - In Q3 2024 alone, revenue was 771 million yuan, a 44.06% increase year-on-year, with net profit at 98 million yuan, up 35.69% year-on-year [3][4] R&D and Production Capacity - The company has increased its R&D expenditure to 169 million yuan in the first three quarters, representing 7.62% of revenue, with Q3 R&D spending at 69 million yuan, accounting for 8.92% of revenue [4] - The production capacity for dodecanedioic acid has been ramped up, contributing to a significant rise in sales volume and revenue from long-chain dicarboxylic acids [4] Strategic Partnerships - The company has received approval for a targeted stock issuance to raise up to 6.6 billion yuan, aimed at enhancing collaboration with China Merchants Group to accelerate the industrialization of synthetic biology [5] - The partnership has led to tangible progress in various downstream applications, including textiles, new energy equipment, and construction materials [5] Market Position and Future Outlook - The company is positioned as a leader in the bio-based materials sector, showcasing innovations at major industry exhibitions and focusing on sustainable development through advanced biotechnologies [6][7] - Forecasts indicate that the company's net profit will grow to 498 million yuan in 2024, 624 million yuan in 2025, and 723 million yuan in 2026, with corresponding growth rates of 36.00%, 25.26%, and 15.73% [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's production capacity for sebacic acid is ramping up, leading to a significant year-on-year increase in profits for Q3 2024 [3][4] - In the first three quarters of 2024, the company achieved operating revenue of 2.215 billion yuan, a year-on-year increase of 41.49%, and a net profit attributable to shareholders of 345 million yuan, up 9.97% year-on-year [3] - The company is focusing on expanding its production capacity and enhancing its position in the polyamide industry chain [5][6] Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 771 million yuan, a year-on-year increase of 44.06%, and a net profit attributable to shareholders of 98 million yuan, up 35.69% year-on-year [4] - The gross profit margin for Q3 2024 was 34.03%, an increase of 7.97 percentage points year-on-year [4] - The net cash flow from operating activities for the first three quarters was 676 million yuan, a year-on-year increase of 27.48% [3] Production Capacity and Strategy - The company currently has an annual production capacity of 115,000 tons for long-chain dicarboxylic acids and 100,000 tons for bio-based polyamides [5] - Ongoing projects include a 500,000-ton bio-based pentamethylenediamine project and a 900,000-ton bio-based polyamide project [5] - The company is recognized as a global leader in the large-scale production of new materials using biological manufacturing [5] Future Projections - The report adjusts the profit forecast for the company, estimating operating revenues of 3.107 billion yuan, 4.901 billion yuan, and 6.937 billion yuan for 2024, 2025, and 2026 respectively [8] - The net profit attributable to shareholders is projected to be 505 million yuan, 707 million yuan, and 915 million yuan for the same years [8]

证券代码：688065 证券简称：凯赛生物 公告编号：2024-061 上海凯赛生物技术股份有限公司 关于向特定对象发行 A 股股票申请 获得上海证券交易所审核通过的公告 上海凯赛生物技术股份有限公司（以下简称"公司"）于 2024 年 11 月 8 日收 到上海证券交易所（以下简称"上交所"）出具的《关于上海凯赛生物技术股份有 限公司向特定对象发行股票审核意见的通知》。具体意见如下： 上海凯赛生物技术股份有限公司向特定对象发行股票申请符合发行条件、上 市条件和信息披露要求。本所将在履行相关程序并收到你公司申请文件后提交中 国证监会注册。 1 公司本次向特定对象发行 A 股股票事项尚需获得中国证券监督管理委员会 （以下简称"中国证监会"）作出同意注册的决定后方可实施，最终能否获得中 国证监会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情 况及时履行信息披露义务，敬请广大投资者注意投资风险。 董 事 会 2024 年 11 月 9 日 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。 特此公告。 上海凯赛生物技 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company's performance in Q3 2024 shows significant year-on-year improvement, driven by the ramp-up of new production capacity for sebacic acid, leading to enhanced profitability [2][4]. - The overall sales gross margin for the first three quarters of 2024 was 32.20%, an increase of 3.72 percentage points compared to the same period in 2023 [2]. - The company is expanding its biomanufacturing capabilities, with a focus on new bio-based materials, positioning itself as a global leader in the production of long-chain dicarboxylic acids [4][6]. Financial Summary - For the first three quarters of 2024, the company reported operating revenue of 2.215 billion yuan, a year-on-year increase of 41.49%, and a net profit attributable to shareholders of 345 million yuan, up 9.97% year-on-year [1]. - The revenue for Q3 2024 was 771 million yuan, reflecting a year-on-year growth of 44.06% [1]. - The net profit for Q3 2024 was 98 million yuan, showing a year-on-year increase of 35.69% [1]. - The company’s cash flow from operating activities for the first three quarters of 2024 was 676 million yuan, a year-on-year increase of 27.48% [3]. - The company’s total assets amounted to 17.827 billion yuan as of 2022, with a total liability of 2.789 billion yuan [9]. Production Capacity and Market Position - The company has a production capacity of 115,000 tons per year for its series of biotechnological long-chain dicarboxylic acids, with significant production of sebacic acid contributing to revenue growth [4]. - The company is collaborating with China Merchants Group to develop projects for the production of bio-based materials, which is expected to enhance its market share and profitability [6][7]. Future Projections - The company is projected to achieve operating revenues of 3.126 billion yuan, 5.265 billion yuan, and 7.130 billion yuan for the years 2024, 2025, and 2026, respectively [7]. - The expected net profits for the same years are 483 million yuan, 698 million yuan, and 914 million yuan, respectively [7].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company reported a revenue of 2.215 billion yuan for Q3 2024, representing a year-over-year increase of 41% and a quarter-over-quarter increase of 1% [5] - The net profit attributable to shareholders for Q3 2024 was 0.98 billion yuan, a year-over-year increase of 36% but a quarter-over-quarter decrease of 31% [5] - The company is experiencing a recovery in demand for its long-chain dicarboxylic acid products, which is expected to drive future growth [5] - The company is actively expanding its market share in the dodecanedioic acid segment and is working on the commercialization of bio-based materials [5] Financial Summary - For Q3 2024, the company achieved a gross margin of 34.03%, with year-over-year and quarter-over-quarter changes of +7.97 percentage points and +0.52 percentage points, respectively [5] - The net profit margin for Q3 2024 was 12.24%, with year-over-year and quarter-over-quarter changes of -4.37 percentage points and -5.82 percentage points, respectively [5] - The company’s total revenue is projected to reach 3.108 billion yuan in 2024, with a year-over-year growth rate of 47% [6] - The net profit for 2024 is estimated at 488 million yuan, reflecting a year-over-year growth rate of 33.1% [6] Business Development - The company is collaborating with industry partners to build a bio-based materials ecosystem and has announced plans to raise up to 6.6 billion yuan for strategic initiatives [5] - The company has signed a strategic cooperation agreement with Hefei City Government and other partners to develop a synthetic bio-materials industry cluster [5] - The company is also investing in AI protein design platforms to enhance its technological capabilities [5]