毕得医药 20250611 摘要 看好毕得医药主要基于以下三点逻辑：首先，整个分子砌块行业市场规模不断 增长，国产替代持续进行，国内企业份额增加。其次，公司海外高毛利营收占 比不断提升，从过去的 40%多提升到现在的 50%多，并有望进一步提升至 70%以上，这将改善公司的盈利能力。最后，公司在科研试剂领域布局完善， 品牌体系建设相对成熟，多元化客户结构为未来增长提供支持。 分子砌块行业的发展趋势如何？ 毕得医药预计 2025 年收入达 21.8 亿元，同比增长 21%，利润 1.48 亿元，同比增长 26%。基于同行业平均市盈率，给予 35 倍 PE，目标市 值 51.8 亿元，目标股价 57 元，较当前股价有约 30%上涨空间，建议 关注低吸机会。 分子砌块行业市场规模持续增长，预计到 2026 年全球市场规模将达到 546 亿美元，占医药研发创新费用比例约 25%。国产替代逻辑在高端科 研试剂市场逐渐显现，本土企业发展前景看好。 毕得医药海外业务占比不断提升，从 2019 年的 40%左右增长至 2024 年的 56%，目标是提升至 70%。海外业务毛利率显著高于国内，是公 司拓展海外业务的重要原因，有 ...

证券代码：688073 证券简称：毕得医药 公告编号：2025-060 上海毕得医药科技股份有限公司 关于股份回购进展公告 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 | 2025/2/8,由董事长提议 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 2 24 8 月 | 月 | 日~2025 | 年 | 23 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | 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 | 1,817,750股 | | | | | | 累计已回购股数占总股本比例 | 2.00% | | | | | | 累计已回购金额 | 82,031,016.80元 | | | | | | 实际回购价格区间 | 37.47元/ ...

Core Points - The company, Shanghai Bid Pharmaceutical Technology Co., Ltd., has announced a differentiated cash dividend distribution plan for the year 2024, proposing a cash dividend of 0.90 CNY per share (including tax) [2][4] - The total cash dividend to be distributed amounts to approximately 77.86 million CNY (including tax), based on a total share capital of 90,882,948 shares, after deducting 4,371,774 shares held in the company's repurchase account [2][3] - The company will not issue bonus shares or increase capital reserves, and the distribution will only involve cash dividends [2][3] Dividend Distribution Details - The cash dividend distribution will be based on the total share capital after deducting shares in the repurchase account, with each shareholder receiving 9.00 CNY for every 10 shares held [2][3] - The reference price for the ex-dividend trading will be calculated as the previous closing price minus the cash dividend of 0.86 CNY per share, with no change in the number of circulating shares [3] - The relevant dates for the dividend distribution include the record date, ex-dividend date, and cash dividend payment date, which are specified in the announcement [3] Tax Implications - For individual shareholders holding shares for more than one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.90 CNY per share [4][5] - For shares held for less than one year, the tax will be calculated upon transfer, with a 20% tax rate applied for shares held for one month or less, leading to a net distribution of 0.81 CNY per share after tax [5][6] - Qualified foreign institutional investors (QFII) will have a 10% corporate income tax withheld, resulting in a net distribution of 0.81 CNY per share [6][7] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's secretariat at 021-61601560 [8]

一、本次差异化分红的原因 国泰海通证券股份有限公司 关于上海毕得医药科技股份有限公司 差异化分红的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 上海毕得医药科技股份有限公司（以下简称"毕得医药"或"公司"）首次公开 发行股票并在科创板上市持续督导期间的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》等有关法律法规和规范性 文件的要求，对毕得医药 2024 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"）相关事项进行了核查，具体情况如下： 2025 年 5 月 14 日，公司召开 2024 年年度股东大会审议通过了《关于 2024 年度利润分配方案的议案》，公司以实施权益分派股权登记日登记的总股本扣除 公司回购专用账户中的回购股份为基数,每 10 股派发现金红利 9 元（含税）。 利润分配预案调整原则：如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比例不变，相应调整分配总额，并将另行公告具体 调整情况。 截至 2025 年 5 月 20 日，公司累计回购股份 4,371,774 股，目前存放于公司 回购专 ...

| 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/6 | 2025/6/9 | 2025/6/9 | 一、 通过分配方案的股东大会届次和日期 证券代码：688073 证券简称：毕得医药 公告编号：2025-059 上海毕得医药科技股份有限公司 2024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： 本次利润分配方案经上海毕得医药科技股份有限公司（以下简称"公司"） 2025 年 5 月 14 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日上海证券交易所收市后，在中国证券登记结算有限责任公司 上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（上 海毕得医药科技股份有限公司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.90元（含 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 57.05 CNY per share, compared to the last closing price of 44.31 CNY [1]. Core Insights - The company, Bid Pharma, specializes in providing drug molecular building blocks and scientific reagent products and services, focusing on early-stage drug development. It has established a strong market presence and aims to enhance its product offerings through horizontal and vertical expansion strategies [4][15]. - The global and Chinese pharmaceutical R&D market is expected to grow significantly, reaching 417.7 billion and 76.6 billion USD by 2030, respectively. The molecular building block market is projected to expand to 54.6 billion USD by 2026, driven by continuous R&D investments [5][51]. - The company's overseas revenue has been increasing, with a notable rise from 1.02 billion CNY in 2019 (41.12% of total revenue) to 6.16 billion CNY in 2024 (55.89% of total revenue), indicating improved profitability potential [5][67]. Summary by Sections Company Overview - Bid Pharma was established in 2007 and focuses on the front end of the new drug development industry chain, providing a wide range of drug molecular building blocks and scientific reagents [4][15]. - The company has developed a comprehensive technical system for drug molecular building blocks, ensuring a large and diverse product library to meet customer demands [14][17]. Market Potential - The molecular building block market is expanding, with a significant shift towards domestic alternatives in the high-end scientific reagent market, where foreign brands currently dominate [5][59]. - The company is positioned to benefit from the increasing demand for innovative drugs and the ongoing trend of domestic substitution in the pharmaceutical industry [51][59]. Financial Performance - The company has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 34.69% from 2019 to 2024, and is projected to continue this trend with expected revenues of 13.42 billion CNY in 2025 [19][77]. - Profit margins are stabilizing, with gross margins expected to improve as the company increases its overseas market share [5][67]. Investment Highlights - The company is expanding its product categories and enhancing its brand system, serving a diverse range of clients including multinational pharmaceutical companies, domestic enterprises, CROs, and academic institutions [6][72]. - The report forecasts significant growth in both revenue and net profit from 2025 to 2027, with net profit expected to reach 2.33 billion CNY by 2027 [77].

1、聚焦主营业务 上海毕得医药科技股份有限公司 关于 2024 年度"提质增效重回报"行动方案的 评估报告暨 2025 年度"提质增效重回报" 行动方案 尊敬的各位股东及投资者： 为深入贯彻党的二十大和中央金融工作会议精神，落实《国务 院关于进一步提高上市公司质量的意见》要求，积极响应上海证券 交易所"提质增效重回报"专项行动的倡议，上海毕得医药科技股 份有限公司（以下简称"毕得医药"、"公司"）特制定 2024 年度"提 质增效重回报"行动方案的评估报告暨 2025 年度"提质增效重回 报"行动方案，旨在通过全方位提升公司经营质量、优化治理结构、 强化科技赋能以及规范运作、积极回报投资者，实现公司的高质量 发展和可持续增长。 一、提升经营质量，夯实发展基础 毕得医药是一家专注于新药研发产业链前端的高新技术企业， 主要为全球新药研发机构提供药物分子砌块和科学试剂产品及相 关服务。公司致力于通过提供高质量、多样化的分子砌块和科学试 剂，助力客户加速新药研发进程，提升研发效率。 公司聚焦于新药研发的前端环节，即从药物靶点发现到临床候 选药物的选择阶段。这一阶段是新药研发的关键时期，对分子砌块 和科学试剂的需求量大 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4][10]. - The company is expected to continue its growth trajectory, with projected revenues of 1.312 billion yuan, 1.574 billion yuan, and 1.875 billion yuan for 2025, 2026, and 2027 respectively [7][10]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a growth of 12.83%, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, with an increase to 44.34% in Q1 2025 [6]. - The company has maintained good cost control, with a sales expense ratio of 10.92% in Q1 2025, down from 11.51% in 2024 [6]. Revenue Breakdown - The company's revenue from molecular building blocks in 2024 was 936 million yuan, with a gross margin of 42% [5]. - The overseas revenue for 2024 was 616 million yuan, reflecting a growth of 10.58%, while domestic revenue was 486 million yuan, down by 9.12% [6]. Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 1.58 yuan, 1.96 yuan, and 2.54 yuan respectively [10]. - The projected price-to-earnings (P/E) ratios for the same years are 26.95, 21.67, and 16.74 [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4]. - The company is well-positioned in the overseas market, with a significant portion of its revenue coming from international operations, which totaled 616 million yuan in 2024, marking a 10.58% increase [6]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a 12.83% increase, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, an increase of 1.33 percentage points year-on-year, with expectations for continued improvement in 2025 [6]. - The company’s projected revenues for 2025-2027 are 1.312 billion, 1.574 billion, and 1.875 billion yuan, respectively, with net profits expected to reach 143 million, 178 million, and 231 million yuan [7][10]. Earnings Forecast - The report forecasts a compound annual growth rate (CAGR) for revenue of approximately 19% from 2024 to 2027 [10]. - The projected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26.95, 21.67, and 16.74, respectively [10].

头部券商的投行工作曾经是多少优秀学子梦寐以求的去向。不过，近两年，随着投行业务连续下滑，不 少投行人士纷纷改行，除了考公之外，入职上市公司当董秘也成为重要选项之一。 5月19日收盘后，科创板上市公司毕得医药（SH688073，股价42.11元，市值38.27亿元）发布公告称， 公司董事会同意聘任王轩担任公司董秘。 简历显示，王轩曾在中信建投投资银行部任职多年，任高级副总裁、保荐代表人（以下或简称保代）， 曾主持或参与多个投行项目。 《每日经济新闻》记者注意到，据统计，2024年以来，有24位新任A股上市公司董秘曾有保荐代表人资 格，其中不乏来自头部券商投行部门相关领导岗位的资深投行人士。2025年以来，业内保代总人数大幅 减少超过250人，保代人数此前多年持续上行的趋势或迎来拐点。 毕得医药原董秘3月离职 5月19日收盘后，科创板上市公司毕得医药发布公告称，经公司董事长提名，董事会提名委员会资格审 核，董事会同意聘任王轩女士担任公司董事会秘书职务。 简历显示，1985年出生的王轩具有较为丰富的资本市场工作经验，曾就职于中信建投投资银行部，任高 级副总裁、保荐代表人、内核委员。在此次出任毕得医药董秘之前，王轩自 ...