Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4][10]. - The company is expected to continue its growth trajectory, with projected revenues of 1.312 billion yuan, 1.574 billion yuan, and 1.875 billion yuan for 2025, 2026, and 2027 respectively [7][10]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a growth of 12.83%, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, with an increase to 44.34% in Q1 2025 [6]. - The company has maintained good cost control, with a sales expense ratio of 10.92% in Q1 2025, down from 11.51% in 2024 [6]. Revenue Breakdown - The company's revenue from molecular building blocks in 2024 was 936 million yuan, with a gross margin of 42% [5]. - The overseas revenue for 2024 was 616 million yuan, reflecting a growth of 10.58%, while domestic revenue was 486 million yuan, down by 9.12% [6]. Earnings Forecast - The forecasted earnings per share (EPS) for 2025, 2026, and 2027 are 1.58 yuan, 1.96 yuan, and 2.54 yuan respectively [10]. - The projected price-to-earnings (P/E) ratios for the same years are 26.95, 21.67, and 16.74 [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][8]. Core Insights - The company has shown a steady increase in revenue growth and profitability, with Q1 2025 performance exceeding expectations [4][5]. - The revenue for 2024 was reported at 1.102 billion yuan, reflecting a growth of 0.93%, while the net profit attributable to shareholders was 117 million yuan, up by 7.17% [4]. - The company is well-positioned in the overseas market, with a significant portion of its revenue coming from international operations, which totaled 616 million yuan in 2024, marking a 10.58% increase [6]. Company Overview - The latest closing price of the company's stock is 42.54 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 91 million shares, with 43 million shares in circulation [3]. - The company’s debt-to-asset ratio stands at 16.2%, indicating a strong financial position [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, representing a 12.83% increase, and a net profit of 31 million yuan, up by 17.71% [5]. - The gross margin for 2024 was reported at 41.33%, an increase of 1.33 percentage points year-on-year, with expectations for continued improvement in 2025 [6]. - The company’s projected revenues for 2025-2027 are 1.312 billion, 1.574 billion, and 1.875 billion yuan, respectively, with net profits expected to reach 143 million, 178 million, and 231 million yuan [7][10]. Earnings Forecast - The report forecasts a compound annual growth rate (CAGR) for revenue of approximately 19% from 2024 to 2027 [10]. - The projected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26.95, 21.67, and 16.74, respectively [10].

证券代码：688073 证券简称：毕得医药 公告编号：2025-058 上海毕得医药科技股份有限公司 关于聘任董事会秘书的公告 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、准确性和完整性承担法律责任。 上海毕得医药科技股份有限公司（以下简称"公司"）董事会于2025年5月19 日召开了第二届董事会第二十二次会议，审议通过了《关于聘任公司高级管理人 员的议案》。经公司董事长提名，董事会提名委员会资格审核，董事会同意聘任 王轩女士（简历见附件）担任公司董事会秘书职务，任期自第二届董事会第二十 二次会议审议通过之日起至第二届董事会任期届满之日止。 特此公告。 上海毕得医药科技股份有限公司董事会 2025 年 5 月 20 日 1 附件：王轩简历 王轩：女，1985 年出生，中国国籍，拥有加拿大永久居留权，厦门大学经 济学硕士学历。具有较为丰富的资本市场工作经验，曾就职于中信建投证券股份 有限公司投资银行部，任高级副总裁、保荐代表人、内核委员；2025 年 2 月至 今任上海毕得医药科技股份有限公司投资者关系总监。 截至本公告披露日，王轩女士未直接或间接持有公 ...

证券代码：688073 证券简称：毕得医药 公告编号：2025-057 上海毕得医药科技股份有限公司 以集中竞价交易方式回购股份比例达总股本 2% 暨回购进展公告 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 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 1,817,750股 | | | | | | | | 累计已回购股数占总股本比例 | 2.00% | | | | | | | | 累计 ...

Core Viewpoint - The company announced a share repurchase plan, indicating confidence in its financial health and future prospects [1] Summary by Relevant Sections Share Repurchase Details - The company repurchased a total of 1.8178 million shares from February 24, 2025, to August 23, 2025, which represents 2.00% of its total share capital [1] - The repurchase price ranged from 37.47 yuan per share to 53.3 yuan per share [1] - A total of 82.031 million yuan was used for the repurchase, excluding transaction fees [1] Compliance and Regulations - The repurchase was conducted in accordance with relevant laws and regulations, as well as the company's repurchase plan [1]

证券代码：688073 证券简称：毕得医药 公告编号：2025-056 上海毕得医药科技股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 14 日 （二） 股东大会召开的地点：上海市杨浦区翔殷路 999 号 3 幢 6 层会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 36 | | --- | --- | | 普通股股东人数 | 36 | | 2、出席会议的股东所持有的表决权数量 | 53,744,893 | | 普通股股东所持有表决权数量 | 53,744,893 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 62.0525 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 62.0525 | （四） ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于上海毕得医药科技股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A 0180 号 致：上海毕得医药科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《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》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《上海毕得医药科技 股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、 召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具 ...

Core Viewpoint - Bidder Pharmaceutical, established in 2007, provides specialized and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development. The company focuses on a "more, faster, better, cheaper" core advantage and employs a model of "horizontal expansion of product variety + vertical deepening of advantageous product lines" to serve the new drug development industry chain [2][3]. Industry Overview - Domestic market demand is recovering, with a pressing need for domestic alternatives. Research funding continues to grow, and policies such as U.S. tariffs are pushing downstream sectors to seek domestic alternatives, creating market expansion opportunities for local manufacturers [2][36]. - Overseas demand is rebounding, with a need for breakthroughs in the market. Since the second half of 2023, investment amounts in U.S. biopharmaceuticals have shown improvement, indicating increased demand from overseas pharmaceutical companies and CROs [2][36]. Company Performance - Bidder Pharmaceutical has expanded its inventory to 130,000 types of stock products, offering over 500,000 novel and multifunctional drug molecular building blocks to meet downstream demands [2][82]. - The company has increased its R&D investment, with some products reaching international advanced levels while maintaining price advantages. R&D expenses grew from 13.83 million yuan in 2018 to 59.05 million yuan in 2024, with a CAGR of 27.37% [2][86]. - Bidder's overseas revenue for 2024 is projected to be 616 million yuan, with a gross margin of 50.40%, significantly higher than domestic margins. The company has achieved a CAGR of 43.52% in revenue from 2018 to 2024 [2][82]. - The company is transitioning towards high-quality development, with revenue expected to return to high growth and significant profit elasticity in the future [2][82]. Product Offering - The main products include drug molecular building blocks, which can be subdivided into heterocyclic compounds, aromatic compounds, and aliphatic compounds, as well as scientific reagents essential for new drug development [2][6][7]. - The company currently has 128,000 types of stock products, capable of providing over 500,000 novel and multifunctional drug molecular building blocks to meet the high-tech, multi-category, small dosage, and frequent demand from downstream clients [2][6]. Competitive Landscape - The global market for drug molecular building blocks is estimated to reach $21.8 billion in 2024, primarily dominated by foreign companies. Domestic companies, while competitive in niche areas, still lag significantly in overall scale and market share compared to international giants [2][77][80]. - Bidder Pharmaceutical's pricing for some common reagents is only 1/5 to 1/10 of that of international leader Sigma-Aldrich, with purity indicators meeting international advanced levels, positioning the company favorably in the context of accelerating domestic substitution [2][90].

| 回购方案首次披露日 | 2025/2/8 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 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 | 1,668,508股 | | | | | | | 累计已回购股数占总股本比例 | 1.84% | | | | | | | 累计已回购金额 | 75,802,230.68元 | | | | | | | 实际回购价格区间 | 37.47元/股~53.30元/股 | | | | | | 证券代码：688073 证券简称：毕得医药 公告编号：2025-055 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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.11 CNY, compared to the current price of 40.95 CNY [4][12]. Core Insights - The company is positioned as a leader in the domestic market for drug molecular building blocks, emphasizing a multi-dimensional approach to high-quality development, with signs of an inflection point in performance [2][16]. - The report highlights the company's continuous expansion of product varieties and quantities, significant R&D investments, and a growing international presence, which collectively contribute to its competitive edge [10][11]. Financial Summary - Projected total revenue (in million CNY) for 2024A to 2027E is as follows: 1,102 (2024A), 1,337 (2025E), 1,604 (2026E), and 1,909 (2027E), with year-on-year growth rates of 0.9%, 21.4%, 20.0%, and 19.0% respectively [3]. - Projected net profit attributable to shareholders (in million CNY) for the same period is: 117 (2024A), 146 (2025E), 179 (2026E), and 214 (2027E), with growth rates of 7.2%, 24.1%, 22.9%, and 19.6% respectively [3]. - Earnings per share (EPS) are projected to be 1.29 CNY (2024A), 1.60 CNY (2025E), 1.97 CNY (2026E), and 2.36 CNY (2027E) [3]. Company Overview - The company, established in 2007, provides professional and efficient drug molecular building blocks and scientific reagent products and services for new drug research and development [16][17]. - It has a robust product portfolio with over 128,000 types of stock items and the capability to offer more than 500,000 unique and functional drug molecular building blocks [17][21]. Industry Context - The domestic market is experiencing a recovery in demand, with a pressing need for domestic alternatives due to rising import costs and increased investment in local research and development [10][56]. - The overseas market is also showing signs of recovery, with an increase in demand from international pharmaceutical companies and contract research organizations (CROs) [10][56].