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 2 2024 年度持续督导年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：毕得医药 | | --- | --- | | 保荐代表人姓名：雷浩、李华东 | 被保荐公司代码：688073.SH | 重大事项提示 经中国证券监督管理委员会《关于同意上海毕得医药科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1885 号）批复，上海毕得医药科技 股份有限公司（以下简称"上市公司"、"公司"或"发行人"）首次公开发行股票 1,622.9100 万股，每股面值人民币 1 元，每股发行价格人民币 88.00 元，募集资 金总额为人民币 142,816.08 万元，扣除发行费用后，实际募集资金净额为人民币 130,899.89 万元。本次发行证券已于 2022 年 10 月 11 日在上海证券交易所上市。 国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"）担任其持续督 导保荐机构，持续督导期间为 2022 年 10 月 11 日至 2025 年 12 月 31 日。 在 2024 年 1 月 1 日至 2 ...

上海毕得医药科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688073 证券简称：毕得医药 上海毕得医药科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 | | | 上海毕得医药科技股份有限公司 2024 年年度股东大会会议资料 上海毕得医药科技股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》 以及《上海毕得医药科技股份有限公司章程》（以下简称"《公司章程》"）等 相关规定，上海毕得医药科技股份有限公司（以下简称"公司"或"毕得医药"） 特制定股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者至少提前 60 分钟到达会场签到确认参会 资格。在会议主持人宣布现场 ...

Core Insights - Bid Medicine (688073.SH) reported a revenue of 1.102 billion yuan for 2024, a year-on-year increase of 0.93%, and a net profit of 117 million yuan, up 7.17% year-on-year [1] - In Q1 2025, the company continued its steady performance with a revenue of 296 million yuan, and a net profit growth of 17.71% year-on-year, with adjusted net profit excluding share-based payments increasing by 43.29% [1] - The company is positioned as a leading player in the global molecular building blocks industry, focusing on digital upgrades and process optimization to enhance management efficiency and profitability [1][2] Business Performance - The molecular building blocks segment generated 936 million yuan in revenue, maintaining stable market share, while the scientific reagents segment saw a 13.35% year-on-year growth, reaching 166 million yuan [3] - The company has nearly 130,000 types of products, including 117,000 types of molecular building blocks, significantly exceeding industry averages [3] - R&D achievements have increased, with 41 patent applications, a 156% year-on-year rise, and a 56% increase in delivered orders [3] Market Trends - The global biopharmaceutical investment landscape has improved, with the CXO industry entering an upward cycle due to supply-demand balance [2] - The ongoing U.S.-China pharmaceutical tariff disputes have shifted towards "precise technology blockades," accelerating the trend of import substitution [2] - The global market for molecular building blocks is projected to reach 54.6 billion USD by 2026, presenting significant growth opportunities for the company [3] Global Strategy - The company achieved overseas revenue of 616 million yuan in 2024, a 10.58% increase, accounting for approximately 55.9% of total revenue [4] - Bid Medicine has established regional centers in the U.S., Germany, and India to enhance local service efficiency and customer response [4] - The company aims to strengthen its global presence through localized teams and resource integration, aspiring to become a leading supplier in the molecular building blocks sector [4][5]

近期毕得医药(688073)发布2025年一季报，证券之星财报模型分析如下： 盈利能力分析 毕得医药(688073)在2025年一季度实现了较好的盈利增长。营业总收入达到2.96亿元，同比上升 12.83%；归母净利润为3069.31万元，同比上升17.71%；扣非净利润为2807.51万元，同比上升10.4%。 公司的毛利率为44.34%，同比增加了14.0%，净利率为10.36%，同比增加了4.32%。这表明公司在报告 期内的盈利能力有所提升。 每股经营性现金流为0.08元，较去年同期下降了85.27%，显示出公司在经营活动中的现金流入出现了显 著下滑。此外，应收账款为2.49亿元，占利润的比例高达211.94%，提示公司可能存在较大的应收账款 回收风险。 其他关键指标 三费(销售费用、管理费用、财务费用)占营收比例为21.63%，同比增加了17.27%，表明公司在控制成本 方面面临一定压力。每股净资产为22.37元，同比减少了0.58%，每股收益为0.34元，同比增长了 17.24%。 综上所述，虽然毕得医药在2025年一季度实现了盈利增长，但其现金流状况和负债水平的变化值得投资 者密切关注。 财务结构 ...

Investment Rating - The report maintains a positive outlook on the company, indicating a recovery in revenue growth and potential for improved profitability [2][3]. Core Viewpoints - The company operates a dual business model focusing on "drug molecular building blocks + scientific reagents," which has shown resilience despite domestic business pressures [3]. - The first quarter of 2025 saw a return to double-digit revenue growth, suggesting a recovery in the revenue stream [2][3]. - The company has a rich inventory of products and a well-established logistics system, enhancing its competitiveness on a global scale [4][5]. Revenue and Profit Analysis - In 2024, the company achieved total revenue of 1.102 billion yuan, a year-on-year increase of 0.93%, with a net profit attributable to the parent company of 117 million yuan, up 7.17% [3][6]. - The revenue from drug molecular building blocks was 936 million yuan, a decrease of 0.99%, while scientific reagents generated 166 million yuan, an increase of 13.35% [4]. - The overall gross margin for 2024 was 41.33%, with domestic operations at 29.84% and international operations at 50.40% [4]. Future Financial Projections - The company is projected to achieve revenues of 1.329 billion yuan in 2025, 1.595 billion yuan in 2026, and 1.902 billion yuan in 2027, with corresponding net profits of 146 million yuan, 179 million yuan, and 218 million yuan respectively [7]. - The expected EPS (diluted) for 2025 is 1.61 yuan, with a PE ratio of 25.90 times [7].

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].