Group 1 - The A-share pharmaceutical sector experienced a strong upward trend in early trading, with significant gains in concepts such as CRO, recombinant proteins, and innovative drugs [1] - Companies like Medisi saw an increase of over 16%, while Bid Pharma rose more than 7%, with other stocks like Zhaoyan New Drug, Sunshine Nuohuo, and Nossger also following suit [1] - The National Development and Reform Commission announced that since the 14th Five-Year Plan, 402 new drugs have been added to the national medical insurance drug list [1]

Core Viewpoint - Bid Pharma (688073) has seen a significant increase in stock price, closing at 55.8 RMB, up 8.64% from the previous week, indicating positive market sentiment and potential growth opportunities [1] Company Announcements Summary - Bid Pharma has announced a share buyback plan, with the purpose of employee stock ownership plans or equity incentives [1] - As of June 30, 2025, the company has repurchased a total of 2,072,148 shares, representing 2.28% of its total share capital [1] - The company has adjusted the upper limit of its buyback price to not exceed 71.44 RMB per share, down from the previous limit of 72.30 RMB per share [2] - The buyback plan was first disclosed on February 8, 2025, and is set to be implemented from February 24, 2025, to August 23, 2025, with an expected buyback amount between 50 million to 100 million RMB [2] - The total amount spent on repurchases so far is approximately 94,147,819.45 RMB, with actual repurchase prices ranging from 37.47 RMB to 53.30 RMB per share [2]

Core Viewpoint - The company has announced an adjustment to the maximum repurchase price of its shares following the annual equity distribution for 2024, reducing it from RMB 72.30 per share to RMB 71.44 per share, effective from June 9, 2025 [1][3]. Group 1: Share Repurchase Details - The company plans to repurchase its shares through a centralized bidding method on the Shanghai Stock Exchange, with a total repurchase fund of no less than RMB 50 million and no more than RMB 100 million [2]. - The initial maximum repurchase price was set at RMB 72.30 per share, which has now been adjusted to RMB 71.44 per share due to the implementation of a cash dividend [3][4]. - The adjustment in the repurchase price is calculated based on the cash dividend per share, which is approximately RMB 0.86, and the change in circulating shares is zero since no new shares are issued [4]. Group 2: Financial Implications - With the adjusted maximum repurchase price of RMB 71.44 per share, the estimated number of shares to be repurchased at the upper limit of RMB 100 million would be approximately 1.4 million shares, representing about 0.77% of the company's total share capital [4]. - The company will adhere to relevant regulations during the repurchase period and will disclose information regarding the progress of the repurchase to investors [4].

上海毕得医药科技股份有限公司 关于 2024 年年度权益分派实施后调整回购价格上限 的公告 证券代码：688073 证券简称：毕得医药 公告编号：2025-061 上海毕得医药科技股份有限公司（以下简称"公司"）董事会于 2024 年 11 月 24 日收到公司实际控制人、董事长、总经理戴岚女士的《关于提议上海毕得 医药科技股份有限公司回购公司股份的函》，提议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已发行的部分人民币普通股（A 股）股票。具 体内容详见公司于 2024 年 11 月 26 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于公司实际控制人提议公司再次回购股份的提示性公告》（公告编号： 2024-049）。 公司分别于 2025 年 2 月 7 日、2025 年 2 月 24 日召开第二届董事会第十七 次会议、第二届监事会第十四次会议及 2025 年第三次临时股东大会，分别审议 通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以集中 1 调整前回购价格上限：不超过人民币72.30元/股（含） 调整后回购价格上限：不超过人民币71.44元/股（含） ...

证券代码：688073 证券简称：毕得医药 公告编号：2025-062 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 月 8 | 24 | 日~2025 | 年 | 月 | 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 | 2,072,148股 | | | | | | | 累计已回购股数占总股本比例 | 2.28% | | | | | | | 累计已回购金额 | 94,147,819.45元 | | | | | ...

截至2025年6月30日 13:30，上证科创板综合指数(000680)强势上涨1.51%，成分股翔宇医疗(688626)上涨 20.01%，华强科技(688151)上涨16.29%，晶品特装(688084)上涨15.29%，毕得医药(688073)，药康生物 (688046)等个股跟涨。科创综指ETF(589680)上涨1.56%，最新价报0.98元。 科创综指ETF(589680)，场外联接A：023757；联接C：023758；联接I：024141。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 民生证券称，AI应用百花齐放，医疗、司法、金融、教育等具备广阔落地潜力。随着国产模型、国产 算力生态成熟，AI应用在多个垂直场景有望加速落地。以医疗为例，6月26日，蚂蚁集团推出全新的AI 健康应用"AQ"。基于蚂蚁的医疗大模型，AQ提供健康科普、就诊咨询、报告解读、健康档案等AI功 能，连接了全国超5000家医院、近百万医生、近200个名医AI分身等医疗服务。阿里、蚂蚁、字节、腾 讯等国内科技巨头纷纷入局，以模型能力为基石，联合拥有深刻行业Know-how的IT厂商，加速推进AI 应 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights that the turning point for research services has arrived, with a focus on companies such as Haoyuan Pharmaceutical, Bidai Pharmaceutical, and Baiaosaitu [1] - The A-share pharmaceutical index has seen a decline of 6.3% this week and an increase of 4.6% year-to-date, underperforming the CSI 300 by 3.9% and outperforming it by 2.3% respectively [4][9] - The report emphasizes the positive impact of recent policies accelerating the development of innovative drugs, which benefits upstream companies involved in research and production [4][18] Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.3% this week and increased by 4.6% year-to-date, while the H-share biotechnology index has dropped by 8.2% this week but increased by 48% year-to-date [4][9] - The report notes that the pharmaceutical sector has experienced significant declines, particularly in innovative drugs, with H-shares showing more pronounced drops due to previous high gains [4][9] Research and Development Progress - Recent policies have accelerated the approval processes for innovative drugs, with the FDA reducing NDA approval times from 10-12 months to 1-2 months, and China's CDE shortening IND review times from 60 days to 30 days [18][19] - The report indicates that the demand from the industrial sector is recovering, which will benefit early-stage research suppliers [20] Market Insights - The report suggests focusing on companies that are expected to benefit from the early-stage research demand, mergers and acquisitions, and the commercialization of innovative drugs [19] - Specific companies to watch include Haoyuan Pharmaceutical, Bidai Pharmaceutical, Baiaosaitu, and others in the life sciences service sector [4][19] Investment Strategy - The report recommends a ranking of sub-sectors for investment: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [11] - It highlights specific companies for investment based on growth potential, low valuations, and high dividend yields, particularly in the traditional Chinese medicine sector [11][13]

Summary of Bid Pharma Conference Call Company Overview - Bid Pharma is focused on the front end of new drug research and development, primarily dealing with molecular building blocks and scientific reagents [14][3] - The company was established in 2007 and is headquartered in Shanghai, with additional operational centers in Germany and India [14] Financial Projections - Expected revenue for 2025 is 2.18 billion yuan, representing a 21% year-over-year growth [2][3] - Projected profit for 2025 is 148 million yuan, with a 26% year-over-year increase [2][3] - Target market capitalization is 5.18 billion yuan, with a target stock price of 57 yuan, indicating approximately 30% upside potential from the current price of 41 yuan [2][3] Industry Insights - The molecular building block industry is experiencing continuous growth, with a projected global market size of 54.6 billion USD by 2026, accounting for about 25% of pharmaceutical R&D innovation costs [2][6] - The domestic market is seeing a shift towards local alternatives, with only 10% of the high-end scientific reagent market currently held by domestic companies [7] Business Strategy - Bid Pharma's overseas business has increased from approximately 40% in 2019 to 56% in 2024, with a goal of reaching 70% [2][9] - The gross margin for overseas business is significantly higher than domestic, which is a key reason for expanding international operations [9] - The company has a diverse customer base, including multinational pharmaceutical companies, domestic firms, CROs, research institutions, and universities, with 80% of sales made through direct sales [10][11] Competitive Advantages - Bid Pharma has a robust brand system and a diverse customer structure, which stabilizes revenue growth [10][11] - The company offers a wide range of products, with 130,000 types of stock available and the ability to provide 400,000 novel molecular building blocks [14][19] - The company is focusing on enhancing its R&D capabilities and expanding its product offerings to meet customer needs [19] Market Trends - The global pharmaceutical R&D investment is expected to reach 417.7 billion USD by 2030, with China accounting for approximately 76.6 billion USD [6] - The trend towards domestic alternatives in the scientific reagent market is becoming more pronounced due to increased domestic R&D investment and advantages in supply cycles and pricing [7] Future Outlook - The company anticipates a 20% growth in molecular reagents and a potentially faster growth rate of around 30% for scientific reagents over the next three years [12] - The overall gross margin is expected to improve as the proportion of high-margin overseas business increases [12][13] Shareholder Structure and Incentives - The controlling shareholders, Dai Lan and Dai Long, hold approximately 47% of the company’s shares [4][15] - A stock incentive plan was introduced in 2024, requiring revenue growth of no less than 10% and profit growth of no less than 20% for 2025 and 2026 [15] Investment Recommendations - Given the expected 35x P/E ratio for 2025, there is a near 30% upside potential, making it a favorable investment opportunity [21] - Investors are advised to consider low-entry opportunities, especially in the current market environment where high volatility exists [22]

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]