Group 1 - Bid Pharma's stock price dropped by 5.4% to 59.18 CNY per share, with a trading volume of 51.32 million CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 5.378 billion CNY [1] - The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The main revenue composition includes: 43.26% from molecular building block heterocyclic compounds, 23.32% from molecular building block aromatic compounds, 16.36% from molecular building block aliphatic compounds, 10.57% from catalysts and ligands, and 6.49% from life science reagents [1] Group 2 - Guodu Securities has one fund heavily invested in Bid Pharma, with Guodu Jucheng (011389) holding 7,000 shares, accounting for 3.98% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 10.2022 million CNY, with a year-to-date return of 7.5% and a one-year return of 11.33% [2] - Since its inception, the fund has experienced a loss of 46.84% [2] Group 3 - The fund managers of Guodu Jucheng are Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 107 days, with the best fund return of -24.14% and the worst return of -64.86% [3] - Zhang Xiaolei has a tenure of 6 years and 257 days, achieving a best return of 80.09% and a worst return of -23.6% [3] - Gong Yongjin has a tenure of 1 year and 148 days, with a consistent return of 7.03% [3]

Group 1 - On August 27, Bid Pharma executed a block trade of 143,000 shares, with a transaction value of 8.58 million yuan, accounting for 7.86% of the total trading volume for the day [1] - The transaction price was 60 yuan, representing a discount of 4.09% compared to the market closing price of 62.56 yuan [1] Group 2 - The block trade was facilitated by Haitong Securities, with both the buying and selling departments being the same [2]

Summary of Key Points Core Viewpoint - Bid Pharma experienced significant trading activity on August 25, with a total of 133,500 shares traded at a total value of 8.01 million yuan, reflecting a discount of 10.67% compared to the closing price of the day [2]. Trading Activity - The stock had three transactions on the block trading platform, all at a price of 60.00 yuan per share [2]. - Over the past three months, Bid Pharma has recorded four block trades totaling 10.11 million yuan [2]. Stock Performance - The closing price of Bid Pharma on the same day was 67.17 yuan, marking an increase of 4.11% [2]. - The stock's turnover rate for the day was 6.10%, with a total trading volume of 176 million yuan [2]. - There was a net outflow of 5.05 million yuan in main funds throughout the day, while the stock has seen a cumulative increase of 9.65% over the past five days, with a total net inflow of 3.79 million yuan [2]. Margin Trading Data - The latest margin financing balance for Bid Pharma stands at 45.40 million yuan, which has increased by 3.27 million yuan, representing a growth of 7.75% over the past five days [2].

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！ 第3笔成交价格为60.00元，成交3.35万股，成交金额201.00万元，溢价率为-10.67%，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4笔大宗交易，合计成交金额为1011万元。该股近5个交易日累计 上涨9.65%，主力资金合计净流入292.17万元。 责任编辑：小浪快报 8月25日，毕得医药收涨4.11%，收盘价为67.17元，发生3笔大宗交易，合计成交量13.35万股，成交金 额801万元。 第1笔成交价格为60.00元，成交5.00万股，成交金额300.00万元，溢价率为-10.67%，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。 第2笔成交价格为60.00元，成交5.00万股，成交金额300.00万元，溢价率为-10.67%，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 ...

Core Insights - The company, Bid Medicine, has reported impressive financial results in the context of increasing global investment in new drug development, showcasing its growth trajectory in overcoming technical barriers and participating in global competition [1] - The strategic focus on "molecular building blocks" has enabled the company to build technological barriers, deepen global layout, and create an innovative ecosystem [1] Financial Performance - In the first half of the year, the company achieved revenue of 628 million yuan, representing a year-on-year growth of 17.91% [1] - The net profit attributable to shareholders reached 73.41 million yuan, with a year-on-year increase of 41.60%, and a 70.60% rise in net profit after excluding share-based payment impacts [1] - The gross profit margin improved to 44.25%, an increase of 4.74 percentage points compared to the same period last year [1] Market Position and Product Offering - The company has established a leading global product catalog with nearly one million products, focusing on molecular building blocks, life sciences, and materials science [2] - The product portfolio is continuously optimized, emphasizing cutting-edge areas such as PROTAC degraders, antibody-drug conjugates (ADC), metabolic disease treatments (GLP-1), KRAS inhibitors, and CDK7 inhibitors [2] - The company offers over 140,000 types of molecular building blocks and scientific reagents, reflecting its commitment to diversity and timeliness [2] Global Strategy and Client Base - The company's overseas revenue grew by 21.33% year-on-year, demonstrating the effectiveness of its global strategy [3] - A diverse client matrix includes multinational pharmaceutical companies like Roche, Merck, Pfizer, and domestic firms such as CSPC Pharmaceutical Group and Hengrui Medicine, as well as various CROs and research institutions [3] - This diversification not only mitigates regional risks but also creates a channel barrier that is difficult to replicate [3] Technological Innovation and Operational Efficiency - The company has enhanced its "high-margin products + high-stickiness services" model, resulting in a significant increase in gross profit margin [4] - In the first half of the year, the company added seven new patents, totaling 139 authorized intellectual properties, including 54 invention patents [4] - Digital upgrades and e-commerce platform development have significantly improved customer experience and order conversion efficiency [4] Future Market Outlook - The global molecular building block market is expected to exceed $60 billion by 2029, with the active small molecule compound market in the scientific reagent sector growing at an annual rate of 9.3% [5] - The company is transitioning from a "product supplier" to a "R&D partner," successfully helping clients shorten new drug development cycles [5] - The company's half-year report not only highlights financial growth but also illustrates how Chinese innovative drug service chain enterprises can occupy key positions in the global biopharmaceutical industry through technological depth and globalization [5]

| 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]