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 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-054 上海凯赛生物技术股份有限公司 关于公司控股股东提议公司回购股份的公告 二、提议人提议回购股份的原因和目的 公司控股股东基于对公司未来发展前景的信心和对公司价值的高度认可，为 增强投资者对公司的信心、维护广大投资者的利益，并结合公司经营情况、主营 业务发展前景、公司财务状况以及未来的盈利能力等基础上，向公司董事会提议 以自有资金回购公司股份，并在未来适宜时机将回购股份用于员工持股计划或股 权激励，以此进一步完善公司治理结构，构建创新的管理、技术、业务骨干团队 持股的长期激励与约束机制，确保公司长期经营目标的实现，推动全体股东的利 益一致与收益共享，提升公司整体价值。 三、提议人的提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：在未来适宜时机用于员工持股计划或股权激励。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。 3、回购股份的方式：通过上海证券交易所交易系统以集中竞价交易方式回购。 ...

重要内容提示： 上海凯赛生物技术股份有限公司（以下简称"凯赛生物"或"公司"）授权公 司非全资控股子公司在其他非全资控股子公司申请信贷业务及日常经营需要时，为 其提供担保。在授权期内，上述担保发生余额合计不超过人民币150,000万元。实际 担保金额以最终签署并执行的担保合同或金融机构批复为准。 ● 拟担保人/拟被担保人：公司合并报表内非全资控股子公司且股权架构一致。 ● 截至本公告披露之日，公司及控股子公司对外担保总额为89,515.32万元，均 为公司全资子公司之间的担保，公司及控股子公司对合并报表内非全资控股子公司 担保余额0万元。除此之外，公司及控股子公司无其他对外担保，被担保人未提供反 担保，无逾期担保，无涉及诉讼的担保。 证券代码：688065 证券简称：凯赛生物 公告编号：2024-053 上海凯赛生物技术股份有限公司 关于非全资控股子公司之间提供担保额度的公告 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。 ● 拟担保人/拟被担保人均为公司合并报表范围内的非全资控股子公司且股权架 构一致，担保风险总体可控， ...

证券代码：688065 证券简称：凯赛生物 公告编号：2024-052 上海凯赛生物技术股份有限公司 关于参加上海辖区上市公司 2024 年投资者 网上集体接待日暨中报业绩说明会的公告 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"）将参加由上海上市公司协会与深圳市全景网络有限公司联合举办 的"2024 年上海辖区上市公司投资者集体接待日暨中报业绩说明会"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net/html/143790.shtml），或关注微信公众号：全景财经， 或下载全景路演 APP,参与本次互动交流，活动直播时间为 2024 年 9 月 13 日（周 五） 14:00-16:30。届时公司高管将在线就公司 2024 年度中报业绩、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心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃 ...

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 [12]. Core Views - The company has shown significant revenue growth in the first half of 2024, with a 40.16% year-on-year increase in revenue, reaching 1.444 billion yuan [1][2]. - The net profit for the same period was 247 million yuan, reflecting a slight increase of 2.31% year-on-year, while the net profit excluding non-recurring items was 240 million yuan, up 11.34% year-on-year [1][2]. - The company is expanding its biomanufacturing capacity, which is expected to enhance its market share and profitability [5]. Financial Performance Summary - Revenue for 2024 is projected to be 3.087 billion yuan, with a year-on-year growth rate of 46.0% [1]. - The net profit for 2024 is estimated at 549 million yuan, representing a 49.8% increase compared to 2023 [1]. - The company's gross margin for the first half of 2024 was 31.22%, an increase of 1.49 percentage points from the same period in 2023 [2]. - The company’s operating cash flow for the first half of 2024 increased by 34.33% year-on-year, amounting to 435 million yuan [2]. Production Capacity and Market Position - The company has a total production capacity of 115,000 tons for its biomanufactured products, including long-chain dicarboxylic acids and bio-based polyamides [1][5]. - In the first half of 2024, revenue from long-chain dicarboxylic acids reached 1.314 billion yuan, accounting for 91.01% of total revenue, with a year-on-year increase of 39.94% [5]. - The company is recognized as a global leader in the supply of biomanufactured long-chain dicarboxylic acids, leveraging its technological advantages to expand its market presence [5].

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1] Core Views - The company is expected to benefit from the increasing production of dodecanedioic acid, which is driving revenue growth. The collaboration in bio-based nylon is progressing smoothly [1][3] - The company has achieved significant sales in bio-based polyamide, with a current capacity of 100,000 tons and an additional 900,000 tons under construction [1] - The company reported a revenue of 14.44 billion yuan for the first half of 2024, a year-on-year increase of 40.16%, and a net profit of 2.47 billion yuan, up 2.31% year-on-year [2] Financial Performance Summary - The company forecasts revenues of 29.96 billion yuan, 48.25 billion yuan, and 76.49 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 41.73%, 61.01%, and 58.54% [1] - The projected net profit for the same years is 5.14 billion yuan, 7.08 billion yuan, and 8.59 billion yuan, with corresponding year-on-year growth rates of 40.27%, 37.67%, and 21.33% [1] - The earnings per share (EPS) are expected to be 0.88 yuan, 1.21 yuan, and 1.47 yuan for 2024, 2025, and 2026, with price-to-earnings (PE) ratios of 40.84, 29.66, and 24.45 respectively [1] Market and Product Insights - The bio-based polyamide has applications in textiles, clothing, and engineering plastics, with a focus on energy-saving and emission-reduction advantages [1][3] - The company has established strategic partnerships to promote the use of bio-based materials in photovoltaic applications, aiming to replace aluminum frames with new materials [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has significantly improved quarter-on-quarter, with the demand for dicarboxylic acid continuing to recover [1] - In Q2 2024, the company reported operating revenue of 760 million yuan, a year-on-year increase of 44.72% and a quarter-on-quarter increase of 10.99% [1] - The net profit attributable to the parent company was 142 million yuan, a year-on-year decrease of 22.90% but a quarter-on-quarter increase of 35.08% [1] - The gross profit margin has rebounded, reaching 33.51% in Q2 2024, up 4.83 percentage points from the previous quarter [1] - The company is actively developing bio-based polyamide composite materials for applications in new energy equipment, modern logistics, and green construction [1] Financial Performance Summary - The company expects net profits attributable to the parent company for 2024, 2025, and 2026 to be 527 million, 712 million, and 925 million yuan respectively, with year-on-year growth rates of 43.8%, 35.1%, and 29.9% [2] - The projected P/E ratios for the same years are 40, 30, and 23 times [2] - The operating revenue for 2024 is estimated at 4.34 billion yuan, with a year-on-year growth of 105.2% [4] - The gross profit margin is expected to be 26.1% in 2024, with a gradual increase in subsequent years [4][6] - The company has increased its R&D expenditure by 16.12% year-on-year in the first half of 2024, focusing on the development of green bio-based long-chain dicarboxylic acid products [5]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company has shown a significant recovery in Q2 performance, with a quarter-on-quarter revenue increase of 11% and a year-on-year increase of 45%, reaching 760 million yuan [7] - The demand for long-chain dicarboxylic acids has rebounded, and the company is actively expanding its market share in the dodecanedioic acid segment [8] - The company is strategically collaborating with industry partners to build a bio-based materials ecosystem, enhancing its long-term growth prospects [8] Summary by Sections Market Data - Closing price: 35.99 yuan - Year-to-date high/low: 63.98/35.61 yuan - Price-to-book ratio: 1.9 - Dividend yield: 0.53% - Circulating A-share market value: 20,996 million yuan [2] Financial Performance - For the first half of 2024, the company achieved revenue of 1.444 billion yuan, a year-on-year increase of 40%, and a net profit of 247 million yuan, a year-on-year increase of 2% [9] - The company’s gross margin for Q2 was 33.51%, with a year-on-year increase of 7.91 percentage points [7] Revenue Breakdown - Revenue from long-chain dicarboxylic acids (including dodecanedioic acid) was 1.314 billion yuan, with a gross margin of 39.32% [8] - Domestic revenue reached 960 million yuan, a year-on-year increase of 43%, while overseas revenue was 481 million yuan, a year-on-year increase of 35% [8] Future Projections - The company forecasts net profits of 525 million yuan, 709 million yuan, and 973 million yuan for 2024, 2025, and 2026, respectively [9] - The current market capitalization corresponds to price-to-earnings ratios of 40, 30, and 22 for the years 2024, 2025, and 2026 [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 46.50 CNY, compared to the current price of 35.99 CNY [2][3]. Core Insights - The company reported a revenue of 1.444 billion CNY for the first half of 2024, representing a year-on-year increase of 40.16%. The net profit attributable to shareholders was 247 million CNY, up 2.31% year-on-year [2]. - In Q2 2024, the company achieved a revenue of 760 million CNY, with year-on-year and quarter-on-quarter growth of 44.72% and 10.99%, respectively [2]. - The company is progressing steadily in its collaboration with China Merchants Group, focusing on the application of bio-based polyamide composite materials in various industries [2]. Financial Performance Summary - For H1 2024, the company's long-chain dicarboxylic acid series and bio-based polyamide series generated revenues of 1.314 billion CNY and 78.55 million CNY, respectively, with year-on-year growth rates of 39.9% and 12.6% [2]. - The gross margin for the long-chain dicarboxylic acid segment was 39.3%, while the bio-based polyamide segment had a negative gross margin of 18.8% [2]. - The company’s domestic and international revenues for H1 2024 were 960 million CNY and 481 million CNY, respectively, with gross margins of 25.5% and 42.4% [2]. Capacity and R&D - The company has a current production capacity of 115,000 tons for bio-based long-chain dicarboxylic acids, with a significant increase in the utilization rate of its bio-based caprylic acid production [2]. - R&D expenses for H1 2024 were 100 million CNY, reflecting a year-on-year increase of 16.12%, with an R&D expense ratio of 6.9% [2]. - The company employs 308 R&D personnel, accounting for 17.8% of its total workforce, with approximately 49% holding master's degrees or higher [2]. Strategic Partnerships - The collaboration with China Merchants Group is advancing, with plans for capital and business cooperation, including the development of bio-based polyamide applications in various sectors [2]. - A strategic cooperation agreement was signed with the Hefei municipal government and China Merchants Group to establish a long-term partnership for synthetic biology research and product development [2]. Investment Recommendations - Based on the latest performance, the profit forecasts for 2024-2026 have been adjusted to 543 million CNY, 722 million CNY, and 971 million CNY, respectively [2]. - The report anticipates a broad market space for the company's bio-based polyamide industry chain and recommends a target PE of 50x for 2024, corresponding to the target price of 46.50 CNY [2].

目 录 一、最近三年及一期非经常性损益的鉴证报告……………………第 1—2 页 二、最近三年及一期非经常性损益明细表…………………………第 3—4 页 三、最近三年及一期非经常性损益明细表附注………………… 第 5—16 页 四、附件………………………………………………………… 第 17—20 页 （一）本所执业证书复印件………………………………………第 17 页 （二）本所营业执照复印件………………………………………第 18 页 （三）本所注册会计师执业证书复印件 ………………… 第 19—20 页 关于上海凯赛生物技术股份有限公司 天健审〔2024〕3-118 号 上海凯赛生物技术股份有限公司全体股东： 我们审核了后附的上海凯赛生物技术股份有限公司（以下简称凯赛生物公司 或公司）管理层编制的最近三年及一期非经常性损益明细表（2021－2023 年度 以及 2024 年 1－6 月）及其附注（以下简称非经常性损益明细表）。 一、对报告使用者和使用目的的限定 本鉴证报告仅供凯赛生物公司向特定对象发行股票时使用，不得用作任何其 他目的。我们同意本鉴证报告作为凯赛生物公司向特定对象发行股票的必备文件， 随同其他申 ...