| 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-25 | 毕得医药 | 688073 | 60 | 300 | રે | 海通证券股份有限 | 海通证券股份有限 | | | | | | | | 公司上海宝山区牡 | 公司上海宝山区牡 | | | | | | | | 丹江路证券营业部 | 丹江路证券营业部 | | 2025-08-25 | 毕得医药 | 688073 | 60 | 300 | 5 | 海通证券股份有限 | 海通证券股份有限 | | | | | | | | 公司上海宝山区牡 | 公司上海宝山区壮 | | | | | | | | 丹江路证券营业部 | 丹江路证券营业部 | | 2025-08-25 | 毕得医药 | 688073 | 60 | 201 | 3.35 | 海通证券股份有限 | 海通证券股份有限 | | | | | | | | 公司上海宝山区牡 | 公司上海宝山区牡 | | | | ...

Core Viewpoint - Bid Pharma's H1 2025 performance exceeded expectations, with significant growth in both revenue and profit, particularly in the scientific reagent business, leading to a "buy" rating from Open Source Securities [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 628 million yuan, a year-on-year increase of 17.91%, and a net profit attributable to shareholders of 73 million yuan, up 41.60% [2]. - For Q2 2025, the company reported operating revenue of 331 million yuan, a 22.86% increase year-on-year, and a net profit of 43 million yuan, reflecting a 65.78% growth [2]. - The adjusted net profit, excluding share-based payment impacts, reached 90 million yuan, marking a 70.60% increase year-on-year [2]. Business Segment Performance - The drug molecular building block business generated revenue of 520 million yuan in H1 2025, a 14.35% increase, while the scientific reagent business saw revenue of 107 million yuan, up 38.95% [3]. - Domestic revenue was 264 million yuan, a 13.52% increase, while overseas revenue reached 363 million yuan, growing by 21.33% and accounting for 57.87% of total revenue [3]. Profitability and Cost Management - The company's gross margin and net margin have shown continuous improvement, with gross margins of 39.51%, 41.33%, and 44.25% for H1 2024, 2024, and H1 2025 respectively [4]. - The net profit margins for the same periods were 9.74%, 10.66%, and 11.70% [4]. - The sales and R&D expense ratios for H1 2025 were 10.90% and 4.78%, respectively, both showing year-on-year declines [4]. - The gross margin for overseas business was 52.66%, an increase of 4.09 percentage points year-on-year, indicating improved profitability in international markets [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved better-than-expected performance in H1 2025, with revenue and profit accelerating [4] - The revenue for H1 2025 reached 628 million yuan, a year-on-year increase of 17.91%, while the net profit attributable to the parent company was 73 million yuan, up 41.60% year-on-year [4][5] - The company is optimistic about its long-term development and maintains profit forecasts for 2025-2027 [4] Financial Performance - In H1 2025, the company's drug molecule block business generated revenue of 520 million yuan, a year-on-year increase of 14.35%, while the scientific reagent business achieved revenue of 107 million yuan, growing by 38.95% [5] - The company's revenue from domestic operations was 264 million yuan, up 13.52%, while overseas revenue was 363 million yuan, increasing by 21.33%, accounting for 57.87% of total revenue [5] - The gross profit margin and net profit margin have shown continuous improvement, with H1 2025 gross margin at 44.25% and net margin at 11.70% [6] Earnings Forecast - The company forecasts net profits attributable to the parent company of 142 million yuan, 202 million yuan, and 256 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.56, 2.22, and 2.82 yuan [4][8] - The current stock price corresponds to P/E ratios of 41.3, 29.0, and 22.9 for the years 2025, 2026, and 2027 respectively [4][8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [12]. Core Views - The company's performance shows a marginal acceleration trend, significantly driven by the overseas market. In H1 2025, the company achieved revenue of 628 million yuan, a year-on-year increase of 17.91%, and a net profit attributable to shareholders of 73 million yuan, up 41.60% year-on-year [1][2]. - The company focuses on high-margin products and has significantly improved operational efficiency through a dual strategy of "high-margin products + high-viscosity products," optimizing product structure and utilizing big data for customer demand forecasting [3]. - The company has established a vast product library with nearly one million products, and the performance indicators have shown a marginal acceleration trend since Q2 2025, with notable growth in both overseas and domestic markets [2]. Financial Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of 1.324 billion yuan, 1.577 billion yuan, and 1.867 billion yuan, respectively. The net profit attributable to shareholders is expected to be 149 million yuan, 192 million yuan, and 244 million yuan for the same period [4][6]. - The gross profit margin for H1 2025 was 44.25%, an increase of 4.74 percentage points year-on-year, with overseas market gross margins at 52.66% and domestic market gross margins at 32.70% [3][6].

Core Viewpoint - Bid Pharma (688073) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue reached 628 million yuan, a year-on-year increase of 17.91% [1] - Net profit attributable to shareholders was 73.41 million yuan, up 41.6% year-on-year [1] - Gross margin improved to 44.25%, reflecting a 12.01% increase, while net margin rose to 11.7%, a 20.09% increase [1] - Sales, management, and financial expenses totaled 139 million yuan, accounting for 22.18% of revenue, which is a 15.86% increase year-on-year [1] - Earnings per share increased to 0.84 yuan, a 44.83% rise compared to the previous year [1] Cash Flow and Assets - Operating cash flow per share decreased to 0.18 yuan, down 82.03% year-on-year, indicating increased procurement expenditures to support business growth [1][3] - Cash and cash equivalents decreased by 24.09% due to investments in bank wealth management products [1][2] - Short-term borrowings increased significantly by 573.08%, reflecting a rise in financing activities [2][3] Business Strategy and Market Outlook - The company is focusing on capital operations and resource integration as key strategic priorities, aiming for global expansion through various collaborative methods [6] - The overseas business is experiencing rapid growth, supported by established regional centers in the US, Europe, and India [6] - The company is adapting to US tariff impacts by adjusting product pricing and sales strategies, minimizing the overall effect on operations [6] Market Demand - The innovative pharmaceutical industry is witnessing a gradual recovery in market demand, with improving overseas orders and supportive domestic policies [7]

Group 1 - Bid Pharma executed a block trade on August 22, with a transaction volume of 35,000 shares and a transaction amount of 2.10 million yuan, at a price of 60.00 yuan, representing a discount of 7.01% compared to the closing price of the day [2] - The closing price of Bid Pharma on the same day was 64.52 yuan, reflecting an increase of 2.04%, with a turnover rate of 7.58% and a total transaction amount of 224 million yuan, indicating a net inflow of main funds of 3.25 million yuan [2] - Over the past five days, Bid Pharma's stock has risen by 7.53%, with a total net inflow of funds amounting to 16.36 million yuan [2] Group 2 - The latest margin financing balance for Bid Pharma is 42.65 million yuan, which has increased by 113,900 yuan over the past five days, representing a growth rate of 0.27% [2]

第1笔成交价格为60.00元，成交3.50万股，成交金额210.00万元，溢价率为-7.01%，买方营业部为海通 证券股份有限公司上海宝山区牡丹江路证券营业部，卖方营业部为海通证券股份有限公司上海宝山区牡 丹江路证券营业部。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为210万元。该股近5个交易日累计上 涨7.53%，主力资金合计净流入1121.24万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月22日，毕得医药收涨2.04%，收盘价为64.52元，发生1笔大宗交易，合计成交量3.5万股，成交金额 210万元。 责任编辑：小浪快报 ...

8月22日，毕得医药大宗交易成交3.5万股，成交额210万元，占当日总成交额的0.93%，成交价60元，较市场收盘价64.52元折价7.01%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 海通证券股份有限 | 海通证券股份有限 | | 2025-08-22 | 毕得医药 | 688073 | 60 210 | 3.5 | 公司上海宝山区牡 | 公司上海宝山区牡 | | | | | | | 可工放证关营业部 | 国江胶证券营业机 | ...

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 25.419 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 6.497 billion yuan [1] - A total of 278 stocks experienced net inflows, while 309 stocks faced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 470 stocks rose, with 6 stocks hitting the daily limit, including Shengmei Shanghai and Yuntian Lefe [1] - 112 stocks declined in value [1] Key Stocks with Significant Fund Inflows - The top three stocks with the highest net inflows were: - SMIC (中芯国际) with a net inflow of 2.579 billion yuan, ranking first [2] - Haiguang Information (海光信息) with a net inflow of 1.459 billion yuan [2] - Lanke Technology (澜起科技) with a net inflow of 481.64 million yuan [2] Stocks with Continuous Fund Inflows - A total of 56 stocks have seen continuous net inflows for more than three trading days, with Huahai Qingke (华海清科) leading at 10 consecutive days [2] - The stocks with the most extended net outflows included Fudan Zhangjiang (复旦张江) with 15 consecutive days of outflows [2] Fund Inflow Rankings - The top stocks by net inflow and their respective data include: - SMIC (中芯国际): 2.579 billion yuan, 12.69% inflow rate, 14.19% increase [2] - Haiguang Information (海光信息): 1.459 billion yuan, 10.97% inflow rate, 20.00% increase [2] - Lanke Technology (澜起科技): 481.64 million yuan, 7.00% inflow rate, 8.70% increase [2] Summary of Fund Outflows - The stock with the highest net outflow was Yingshi Innovation (影石创新) with a net outflow of 332 million yuan and a decline of 4.34% [1] - Other notable outflows included Sainuo Medical (赛诺医疗) and Tiebian Heavy Industry (铁建重工) with outflows of 223 million yuan and 143 million yuan, respectively [1]

Core Insights - The company reported a total revenue of 628 million yuan for the first half of 2025, marking an increase of 95.32 million yuan compared to the same period last year, achieving a 17.91% year-on-year growth [1] - The net profit attributable to shareholders reached 73.41 million yuan, an increase of 21.57 million yuan from the previous year, reflecting a 41.60% year-on-year increase [1] - The company’s operating cash flow was 16.11 million yuan [1] Financial Ratios - The latest debt-to-asset ratio stands at 22.98%, a decrease of 0.84 percentage points from the previous quarter [3] - The gross profit margin is 44.25%, which is an increase of 4.75 percentage points compared to the same period last year [3] - The return on equity (ROE) is 3.77%, up by 1.14 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.84 yuan, an increase of 0.26 yuan, representing a 44.83% year-on-year growth [4] - The total asset turnover ratio is 0.25 times, an increase of 0.03 times from the previous year, achieving a 12.66% year-on-year growth [4] - The inventory turnover ratio is 0.43 times [4] Shareholder Structure - The number of shareholders is 3,782, with the top ten shareholders holding a total of 62.93 million shares, accounting for 69.25% of the total share capital [4] - The largest shareholder, Dai Lan, holds 32.64% of the shares [4]