Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown accelerated growth in both revenue and profit, with continuous improvement in profitability. In Q1 2025, the company achieved a revenue of 296 million yuan, representing a year-on-year increase of 12.83% and a quarter-on-quarter increase of 1.98%. The net profit attributable to the parent company was 31 million yuan, up 17.71% year-on-year but down 8.58% quarter-on-quarter [4][5] - The company is expected to maintain stable revenue growth in 2024, with a projected revenue of 1.324 billion yuan in 2025, reflecting a year-on-year growth of 20.2%. The net profit attributable to the parent company is forecasted to be 142 million yuan in 2025, a year-on-year increase of 21.1% [4][8] Financial Performance Summary - In 2024, the company achieved an operating revenue of 1.102 billion yuan, a slight increase of 0.93% year-on-year. The net profit attributable to the parent company was 117 million yuan, up 7.17% year-on-year. The non-recurring net profit was 104 million yuan, down 15.09% year-on-year [4][8] - The company's gross profit margin has been improving, with Q4 2024 and Q1 2025 gross profit margins at 41.78% and 44.34%, respectively [5] - The overseas business has contributed significantly to revenue, with 616 million yuan in revenue from international markets in 2024, a year-on-year increase of 10.58%, accounting for 55.89% of total revenue [5] Cost Management and Cash Flow - The company has demonstrated effective cost control, with selling, general, and administrative expenses as a percentage of revenue decreasing in Q1 2025 compared to the previous year. The net cash flow from operating activities reached 158 million yuan, a significant increase of over 200 million yuan year-on-year, primarily due to improved management of accounts receivable and procurement [6][8] Earnings Forecast - The company’s earnings per share (EPS) are projected to be 1.56 yuan in 2025, 2.22 yuan in 2026, and 2.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 25.9, 18.3, and 14.4 times [4][8]

相关研究报告 《拟收购 Combi-Blocks，公司迈入发 展 新 阶 段 — 公 司 信 息 更 新 报 告 》 -2025.2.4 医药生物/医疗服务 毕得医药（688073.SH） 公司收入利润均加速增长，盈利能力持续改善 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 40.57 | | 一年最高最低(元) | 61.66/28.50 | | 总市值(亿元) | 36.87 | | 流通市值(亿元) | 17.54 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.43 | | 近 3 个月换手率(%) | 193.45 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 毕得医药 沪深300 《营收平稳增长，盈利能力同环比持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《海外贡献核心业绩增长，短期利润 承压—公司信息更新报告》-2024.9.1 余汝意（分析师） 聂媛媛（联 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 117,426,163.51 for the year 2024, with an undistributed profit of RMB 90,752,956.97 at year-end [5]. - A cash dividend of RMB 9.00 per 10 shares (including tax) is proposed, with a total cash dividend amounting to RMB 78,179,748.30 (including tax) based on 86,866,387 shares eligible for distribution [5]. - The cash dividend ratio is 66.58% of the annual net profit attributable to shareholders [5]. - The company's operating revenue for 2024 reached ¥1,102,010,333.61, a 0.93% increase compared to ¥1,091,858,561.97 in 2023 [23]. - Net profit attributable to shareholders for 2024 was ¥117,426,163.51, reflecting a 7.17% increase from ¥109,571,788.68 in 2023 [23]. - The net profit after deducting non-recurring gains and losses decreased by 15.09% to ¥104,019,775.67 in 2024 from ¥122,510,054.55 in 2023 [23]. - Cash flow from operating activities improved significantly to ¥158,312,705.51 in 2024, compared to a negative cash flow of ¥57,387,600.78 in 2023 [23]. - Total assets at the end of 2024 were ¥2,418,035,118.40, a slight increase of 0.12% from ¥2,415,027,980.82 in 2023 [23]. - Basic earnings per share for 2024 increased to ¥1.32, up 9.09% from ¥1.21 in 2023 [24]. - The net assets attributable to shareholders decreased by 2.99% to ¥2,027,122,463.64 at the end of 2024 from ¥2,089,542,152.33 at the end of 2023 [23]. Research and Development - The R&D expenditure as a percentage of operating revenue was 5.36% in 2024, down from 5.79% in 2023 [24]. - Total R&D expenditure for the year was ¥59,054,452.56, a decrease of 6.60% compared to the previous year [63]. - The company applied for 41 new invention patents during the reporting period, with 12 granted, bringing the cumulative total to 71 applications and 51 grants [61]. - The company is currently developing new thienyl boronic acid compounds with a total investment of ¥450 million, of which ¥156.25 million has been invested this period [65]. - The company has developed nearly 1 million types of drug molecular building blocks, with a focus on high chemical stability and biological activity to improve research efficiency for clients [56]. - The company is focused on technological innovation and expanding its product lines to meet diverse customer needs [49]. - The company is developing new types of boronic acid compounds, achieving a domestic advanced technology level with a budget of 350 million and current expenditure of 267.07 million [70]. Market Strategy and Expansion - The company is advancing its international strategy by enhancing overseas market expansion and establishing overseas R&D centers [36]. - The company has a global sales network with regional centers in the US, Europe, and India, covering multiple countries and regions by 2024 [49]. - The company aims to support new drug development and become the most trusted partner for clients [40]. - The company is expanding its regional centers in the U.S., Germany, and India to enhance local customer service efficiency [79]. - The company is exploring strategic acquisitions to enhance its product portfolio, with a target of completing at least one acquisition by the end of 2024 [148]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report [3]. - The company has not reported any special arrangements for corporate governance [8]. - The company emphasizes the importance of independent directors in reviewing and approving profit distribution plans to protect shareholder interests [173]. - The company held 8 board meetings, 5 supervisory board meetings, and 2 shareholder meetings during the reporting period, ensuring compliance with legal and regulatory requirements [134]. - The company’s governance structure has been continuously improved to ensure that shareholders can fully exercise their rights and that the board can make informed decisions [134]. Environmental and Social Responsibility - The company has established an ESG strategy and invested CNY 300.87 million in environmental protection during the reporting period [192]. - The company has established dedicated environmental protection systems to ensure compliance with emission standards for wastewater, waste gas, and noise [195]. - The company operates two research and development centers, each equipped with a waste gas treatment system, ensuring effective collection and compliant discharge of generated waste gas [197]. - No administrative penalties were imposed on the company or its subsidiaries for environmental violations during the reporting period [194]. - The company has established an environmental management system in accordance with ISO14001:2015 standards [199]. Employee and Talent Management - The number of R&D personnel decreased by 31.94% year-on-year, from 191 to 130 [77]. - The total compensation for R&D personnel was RMB 3,185.65 million, down from RMB 3,909.76 million [77]. - The company plans to continuously cultivate and attract high-quality R&D talent to enhance its R&D capabilities and competitiveness [78]. - The R&D team consists of 6 PhD holders, 19 master's degree holders, 94 bachelor's degree holders, and 2 with high school education or below [78]. - The company conducted 66 training sessions throughout the year, achieving an overall training satisfaction rate of over 90% [167]. Financial Management and Investment - The company has invested a total of CNY 168,355,390.31 in research and development over the last three accounting years, accounting for 5.56% of cumulative operating revenue [181]. - The company reported a significant increase in fixed assets by 135.36% to 100,688,680.83 RMB, primarily due to the acquisition of overseas warehouses [110]. - The company’s cash flow from investing activities was -158,477,659.93 RMB, indicating a substantial outflow compared to the previous year [111]. - The company has not made any share repurchases or cancellations in the last three accounting years [180]. - The company’s management must provide detailed explanations if no cash dividend proposal is made despite annual profits, ensuring accountability [172].

Core Viewpoint - The company held its 21st meeting of the second board of directors on April 23, 2025, where several key resolutions were passed regarding the 2024 annual reports and future plans [5][4]. Group 1: Board Meeting Resolutions - The board approved the 2024 annual work report, confirming compliance with legal and regulatory requirements [6][7]. - The 2024 annual general manager's work report was also approved, reflecting the company's operational activities accurately [9][10]. - The financial settlement report for 2024 was approved, showing a revenue of CNY 1,102,010,333.61 and a net profit of CNY 117,426,163.51 [11][13]. - The profit distribution plan for 2024 was approved, proposing a cash dividend of CNY 9 per 10 shares, totaling CNY 78,179,748.30 [15][16]. - The remuneration plan for directors and senior management for 2025 was approved, pending further shareholder approval [18][19]. Group 2: Financial Reports and Audits - The board approved the 2024 internal control evaluation report, indicating effective governance and compliance [23][24]. - The 2024 annual report and summary were approved, confirming that the information presented is accurate and complete [27][30]. - The first quarter report for 2025 was also approved, reflecting the company's financial status accurately [31][70]. Group 3: Fund Management and Usage - The company plans to use idle funds for cash management, with a maximum of CNY 10 billion for a period not exceeding 12 months [94]. - The company reported a balance of CNY 38,899.15 million in unused funds as of December 31, 2024 [76]. - The company has established a management system for the use of raised funds, ensuring compliance with relevant regulations [77][78]. Group 4: Asset Impairment and Financial Health - The company reported an asset impairment provision of CNY 37.75 million for the year ending December 31, 2024, primarily due to inventory and credit losses [90][92]. - The company confirmed that the impairment provisions align with accounting standards and reflect its financial health accurately [93].

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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 证券代码：688073 证券简称：毕得医药 公告编号：2025-052 上海毕得医药科技股份有限公司 关于召开2024年年度股东大会的通知 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 14 日 至2025 年 5 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开 ...

证券代码：688073 证券简称：毕得医药 公告编号：2024-049 经与会监事审议表决，形成的会议决议如下： 1、审议通过了《关于公司 2024 年度监事会工作报告的议案》 报告期内，监事会按照《公司法》《公司章程》和《监事会议事 规则》等相关法律法规的规定，认真履行职责。监事会成员列席了本 年度内公司召开的董事会和股东大会，对公司重大决策和决议的形成、 表决程序进行了监督和审查，对公司规范运作进行了监督及检查，特 别是对公司经营活动、财务状况、股东大会召开程序以及董事、高级 管理人员履行职责情况等方面实施了有效监督，保障了公司股东权益、 公司利益和员工的合法权益，促进了公司的规范化运作。 上海毕得医药科技股份有限公司 第二届监事会第十七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 上海毕得医药科技股份有限公司(以下简称"公司")第二届监事 会第十七次会议于 2025 年 4 月 23 日在公司会议室召开。本次会议由 监事会主席蔡媚女士召集并主持，会议应出席监事 3 名，实际 ...

证券代码：688073 证券简称：毕得医药 公告编号：2025-048 上海毕得医药科技股份有限公司 二、董事会会议审议情况 经与会董事审议表决，形成的会议决议如下： 1、审议通过了《关于公司 2024 年度董事会工作报告的议案》 报告期内，公司董事会全体董事根据其被赋予的职责，严格执行 股东大会决议通过的各项事项，积极推进董事会决议的实施，不断规 范并优化公司治理，为董事会的重大决策提供科学的专业意见，报告 期内公司所审议的各项事项合法合规，审议程序科学有效。 表决结果：6 票同意、0 票反对、0 票弃权；获全体董事一致通 过。 本议案尚需提交股东大会审议。 2、审议通过了《关于公司 2024 年度总经理工作报告的议案》 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 上海毕得医药科技股份有限公司(以下简称"公司")第二届董事 会第二十一次会议于 2025 年 4 月 23 日在公司会议室召开。本次会议 由董事长戴岚女士召集并主持，会议应出席董事 6 名，实际出席董事 6 名。本次会议的召集、召 ...

证券代码：688073 证券简称：毕得医药 公告编号：2025-050 上海毕得医药科技股份有限公司 关于 2024 年度利润分配方案的公告 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： 利润分配比例：拟每 10 股派发现金红利 9 元(含税)，不进行 资本公积金转增股本，不送红股； 本次利润分配以实施权益分派时股权登记日登记的总股本扣 减公司回购专用证券账户中的股份为基数，具体日期将在权益分派实 施公告中明确； 在实施权益分派的股权登记日前，以上基数发生变动的，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； 本次利润分配方案已经公司第二届董事会第二十一次会议、第 二届监事会第十七次会议审议通过，尚需提交股东大会审议。 一、利润分配方案内容 经中汇会计师事务所（特殊普通合伙）审计，上海毕得医药科技 股份有限公司（以下简称"公司"）2024 年度实现归属于母公司所有 者的净利润为人民币 117,426,163.51 元。截至 2024 年 12 月 31 日， 公司母公司报表 ...

上海毕得医药科技股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn x 更计报告是否由具有执业许可的会计师事务 您可使用手机"扫一扫"或进入 平台 (http:/ 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | ાર | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17-18 | 三、财务报表附 ...