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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with significant growth driven by the increase in the sales of sebacic acid, achieving a revenue of 2.215 billion yuan, a year-on-year increase of 41.49% [1] - The company reported a net profit attributable to shareholders of 345 million yuan, up 9.97% year-on-year, and a non-recurring net profit of 335 million yuan, which increased by 25.51% year-on-year [1] - The company is focusing on R&D, with R&D expenses increasing by 70.79% year-on-year, indicating a commitment to innovation and product development [1] - The company plans to repurchase shares worth no less than 10 million yuan, reflecting confidence in its growth prospects [1] - The establishment of a new subsidiary in the textile industry aims to enhance production capacity for bio-based polyamide spinning materials [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 771 million yuan, a year-on-year increase of 44.06%, and a net profit of 98 million yuan, up 35.69% year-on-year [1] - The projected net profits for 2024-2026 are 473 million, 655 million, and 857 million yuan respectively, with year-on-year growth rates of 29.1%, 38.4%, and 30.8% [2] - The company’s revenue is expected to reach 2.114 billion yuan in 2023, with a significant recovery projected in subsequent years [4][6] - The gross profit margin is projected to be 24.7% in 2024, with a gradual increase to 28.3% by 2026 [7] Cash Flow and Investment - The operating cash flow for 2024 is projected to be -300 million yuan, with a recovery to 442 million yuan by 2026 [5] - Capital expenditures are expected to increase significantly, indicating ongoing investment in capacity expansion [5] Balance Sheet Overview - Total assets are projected to grow from 18.833 billion yuan in 2023 to 27.878 billion yuan by 2026, reflecting the company's growth strategy [6] - The company’s total liabilities are expected to increase, indicating a potential rise in leverage as it invests in growth [6]

重要内容提示： 上海凯赛生物技术股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日 在上海证券交易所网站（www.sse.com.cn）披露了《关于以集中竞价交易方式回 购公司股份方案公告》（公告编号：2024-056）。截至 2024 年 10 月 31 日，公司 尚未进行回购交易。 一、回购股份的基本信息 2024 年 10 月 21 日，公司召开第二届第二十四次董事会会议，审议通过了 《关于以集中竞价交易方式回购公司股份的方案》，同意公司使用自有资金或自 筹资金以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 1,000.00 万元（含），不超过人民币 2,000.00 万元（含），回购价格不超过 67 元/股 （含），回购期限自董事会审议通过本次回购方案之日起 12 个月内。具体内容详 见公司于 2024 年 10 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的 《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号：2024-056）。 证券代码：688065 证券简称：凯赛生物 公告编号：2024-060 上海凯赛生物技术股份有限公司 关于以集 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][15]. Core Insights - The company reported a revenue of 2.215 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 41.49%. The net profit attributable to shareholders reached 345 million yuan, up 9.97% year-on-year, while the net profit excluding non-recurring items was 335 million yuan, reflecting a 25.51% increase [1]. - The new production capacity for sebacic acid has contributed to improved profit margins, with a gross margin of 32.20% for the first three quarters, an increase of 3.72 percentage points year-on-year [1]. - The company has increased its R&D investment, with R&D expenses amounting to 169 million yuan in the first three quarters, a 33.52% increase year-on-year, representing 7.62% of revenue [1]. - Collaborations with partners like China Merchants Group are yielding positive results, accelerating the commercialization of bio-based polyamide composite materials [1]. - The company plans to repurchase shares worth 10 to 20 million yuan, reflecting confidence in its governance structure and long-term incentive mechanisms [1]. Financial Summary - For 2024, the company is projected to achieve total revenue of 3.189 billion yuan, a growth rate of 50.9% compared to 2023. The net profit is expected to be 457 million yuan, with a growth rate of 24.8% [3]. - The earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with a price-to-earnings (P/E) ratio of 60 [3]. - The company’s total assets are projected to reach 20.057 billion yuan by 2024, with a debt-to-asset ratio of 18.23% [4].

Revenue and Profit Performance - Revenue for the third quarter reached 770.79 million yuan, a year-on-year increase of 44.06%[2] - Net profit attributable to shareholders of the listed company for the first three quarters was 345.18 million yuan, up 9.97% year-on-year[2] - Total revenue for the first three quarters of 2024 reached 2,215,083,356.30 RMB, a significant increase from 1,565,490,018.66 RMB in the same period of 2023[18] - Net profit for the first three quarters of 2024 was 338,433,720.91 RMB, slightly lower than 353,343,925.28 RMB in the same period of 2023[20] - Net profit attributable to shareholders of the parent company was 345,177,417.97 RMB in the first three quarters of 2024, up from 313,885,180.71 RMB in the same period of 2023[20] - Basic earnings per share for the third quarter were 0.17 yuan, a year-on-year increase of 30.77%[2] - Basic earnings per share (EPS) for the first three quarters of 2024 was 0.59 RMB, up from 0.54 RMB in the same period of 2023[22] - Operating profit for the first three quarters of 2024 was 389,098,019.40 RMB, slightly lower than 398,542,878.66 RMB in the same period of 2023[20] R&D Investment and Expenses - R&D investment in the third quarter was 68.74 million yuan, a year-on-year increase of 70.79%[3] - The proportion of R&D investment to revenue in the third quarter was 8.92%, an increase of 1.40 percentage points year-on-year[3] - R&D expenses increased to 168,791,848.77 RMB in the first three quarters of 2024, up from 126,413,295.65 RMB in the same period of 2023[20] Asset and Liability Changes - Total assets at the end of the reporting period were 18.33 billion yuan, a decrease of 2.67% compared to the end of the previous year[3] - Total assets decreased to RMB 18.33 billion as of September 30, 2024, compared to RMB 18.83 billion at the end of 2023[14][15][16] - Total assets decreased to 18,330,036,002.73 RMB in 2024 from 18,833,372,759.88 RMB in 2023[17] - Total liabilities decreased to 3,340,851,752.58 RMB in 2024 from 4,060,262,557.16 RMB in 2023[17] - Total equity increased to 14,989,184,250.15 RMB in 2024 from 14,773,110,202.72 RMB in 2023[17] - Total current liabilities decreased to RMB 2.37 billion as of September 30, 2024, from RMB 3.41 billion at the end of 2023[16] - Long-term loans increased to RMB 572.02 million as of September 30, 2024, compared to RMB 245.33 million at the end of 2023[16] Cash Flow and Financial Activities - The company's operating cash flow for the first three quarters was 676.02 million yuan, a year-on-year increase of 27.48%[2] - Net cash flow from operating activities rose to 676,015,957.73 RMB, compared to 530,271,694.96 RMB in the previous year[24] - Cash received from tax refunds decreased to 42,425,287.33 RMB, down from 95,705,496.59 RMB in the same period last year[24] - Cash paid for the purchase of goods and services increased to 1,282,268,131.64 RMB, up from 968,513,946.30 RMB in the previous year[24] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets decreased to 643,949,366.30 RMB, down from 1,341,120,412.58 RMB in the same period last year[25] - Net cash flow from investing activities improved to -613,903,167.30 RMB, compared to -1,312,692,233.28 RMB in the previous year[25] - Cash received from borrowings increased significantly to 1,098,740,567.50 RMB, up from 502,839,650.00 RMB in the same period last year[25] - Net cash flow from financing activities turned negative at -413,678,998.91 RMB, compared to a positive 79,658,974.76 RMB in the previous year[25] - The net increase in cash and cash equivalents was -379,710,265.84 RMB, an improvement from -650,310,172.28 RMB in the same period last year[25] - The ending balance of cash and cash equivalents stood at 4,634,069,297.08 RMB, down from 5,574,767,071.27 RMB at the end of the previous year[25] Shareholder and Equity Information - Cathay Industrial Biotech Ltd. remains the largest shareholder with a 28.32% stake[8] - Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 Index ETF held 13.67 million shares, representing 2.34% of total shares[10][11][13] - China Merchants Bank - ChinaAMC SSE STAR Market 50 Index ETF held 22.54 million shares, representing 3.86% of total shares[11] Product and Sales Performance - The company's new product, sebacic acid, saw a significant increase in production and sales, driving overall revenue growth[7] - Sales expenses increased to 40,539,936.22 RMB in the first three quarters of 2024, up from 27,422,692.70 RMB in the same period of 2023[20] - Sales revenue from goods and services received in cash increased to 2,118,997,117.68 RMB, up from 1,600,842,376.31 RMB in the same period last year[24] Financial Ratios and Metrics - Weighted average return on equity for the third quarter was 0.85%, an increase of 0.20 percentage points year-on-year[3] - Monetary funds decreased to RMB 4.64 billion as of September 30, 2024, from RMB 5.39 billion at the end of 2023[14] - Accounts receivable increased to RMB 313.53 million as of September 30, 2024, up from RMB 243.26 million at the end of 2023[15] - Inventory decreased to RMB 1.27 billion as of September 30, 2024, compared to RMB 1.47 billion at the end of 2023[15] - Fixed assets increased slightly to RMB 3.95 billion as of September 30, 2024, from RMB 3.93 billion at the end of 2023[15] - Construction in progress increased to RMB 5.78 billion as of September 30, 2024, up from RMB 5.44 billion at the end of 2023[15]

本次活动将采取网络的方式举行，投资者可以登录"上证路演中心"网站 （https://roadshow.sseinfo.com）或关注微信公众号上证路演中心参与互动交 流，活动时间为 2024 年 11 月 13 日（周三）15:00 至 16:30。 届时公司高管将通过网络在线交流形式与投资者就公司治理、发展战略、经 营状况、融资计划、股权激励和可持续发展等投资者关注的问题进行沟通。欢迎 广大投资者积极参与。 特此公告。 上海凯赛生物技术股份有限公司 2024 年 10 月 31 日 证券代码：688065 证券简称：凯赛生物 公告编号：2024-059 上海凯赛生物技术股份有限公司 关于参加 2024 年上海辖区上市公司三季报 集体业绩说明会的公告 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。 为进一步加强与投资者的互动交流，上海凯赛生物技术股份有限公司（以下 简称"公司"）将参加"2024 年上海辖区上市公司三季报集体业绩说明会"活动， 现将有关事项公告如下： ...

| | 数证券投资基金 | | | | --- | --- | --- | --- | | 9 | 杭州延福股权投资基金管理有限公司 －无锡迪维投资合伙企业（有限合 | 12,810,870 | 2.20 | | | 伙） | | | | 10 | 招银国际资本管理（深圳）有限公司 －深圳市招银朗曜成长股权投资基金 | 12,400,455 | 2.13 | | | 合伙企业（有限合伙） | | | 证券代码：688065 证券简称：凯赛生物 公告编号：2024-057 | 序号 | 持有人名称 | 总持有数量（股） | 持有比例（%） | | --- | --- | --- | --- | | 1 | Cathay Industrial Biotech Ltd. | 165,199,321 | 28.32 | | 2 | 山西潞安矿业（集团）有限责任公司 | 52,007,550 | 8.91 | | 3 | 山西科技创新城投资开发有限公司 | 40,139,958 | 6.88 | | 4 | HBM Healthcare Investments （Cayman）Ltd. | 35,621,436 | 6 ...

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。 证券代码：688065 证券简称：凯赛生物 公告编号：2024-058 关于以集中竞价交易方式回购股份的回购报告书 上海凯赛生物技术股份有限公司 重要内容提示： 上海凯赛生物技术股份有限公司（以下简称"公司"）本次以集中竞价 交易方式回购公司股份方案的主要内容如下： 1、拟回购股份的用途：回购的股份将在未来适宜时机用于员工持股计划或 股权激励，并在股份回购实施结果暨股份变动公告后三年内予以转让；若公司未 能在股份回购实施结果暨股份变动公告日后三年内使用完毕已回购股份，尚未使 用的已回购股份将予以注销。如国家对相关政策作调整，则本回购方案按调整后 的政策实行； 2、回购规模：不低于人民币 1,000.00 万元（含），不超过人民币 2,000.00 万元（含）； 3、回购价格：不超过人民币 67 元/股（含），该价格不高于公司董事会通 过回购决议前 30 个交易日公司股票交易均价的 150%； 4、回购期限：自董事会审议通过本次回购方案之日起 12 个月内； 5、回购资金来源： ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-056 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股份方案公告 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： 上海凯赛生物技术股份有限公司（以下简称"公司"）本次以集中竞价 交易方式回购公司股份方案的主要内容如下： 1、拟回购股份的用途：回购的股份将在未来适宜时机用于员工持股计划或 股权激励，并在股份回购实施结果暨股份变动公告后三年内予以转让；若公司未能 在股份回购实施结果暨股份变动公告日后三年内使用完毕已回购股份，尚未使用 的已回购股份将予以注销。如国家对相关政策作调整，则本回购方案按调整后的 政策实行； 2、回购规模：不低于人民币 1,000.00 万元（含），不超过人民币 2,000.00 万元（含）； 3、回购价格：不超过人民币 67 元/股（含），该价格不高于公司董事会通 过回购决议前30个交易日公司股票交易均价的150%； 4、回购期限：自董事会审议通过本次回购方案之日起 12 个月内； 5、回购资金来源：自有资金或 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-055 上海凯赛生物技术股份有限公司 第二届董事会第二十四次会议决议公告 同意公司以自有资金或自筹资金以集中竞价交易方式回购公司已发行的部分人 民币普通股（A 股）股票。回购资金总额不低于人民币 1,000.00 万元（含），不超 过人民币 2,000.00 万元（含），同时授权公司管理层全权办理本次回购股份的相关 事宜。根据《公司章程》的规定，本次回购股份方案无需提交公司股东大会审议。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所 网站（www.sse.com.cn）披露的 《关于以集中竞价交易方式回购公司股份方案公告》（公告编号：2024-056）。 特此公告。 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。 一、董事会会议召开情况 上海凯赛生物技术股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日在 公司会议室召开第二届董事会第二十四次会议。本次董事会会议通知已于 2024 年 10 月 ...