证券代码：688136 证券简称：科兴制药 公告编号：2025-023 科兴生物制药股份有限公司 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 05 月 08 日 （二） 股东大会召开的地点：深圳市南山区高新中一道与科技中一路交汇处创 益科技大厦 B 栋 19 楼会议室 （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 | 49 | | --- | --- | | 普通股股东人数 | 49 | | 2、出席会议的股东所持有的表决权数量 | 134,082,003 | | 普通股股东所持有表决权数量 | 134,082,003 | | 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 | 67.8356 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

科兴制药公告，公司将回购股份价格上限从29.77元/股调整为46.83元/股，以确保回购方案的顺利实 施。此次调整无需提交公司股东大会审议。科兴制药此前已通过上海证券交易所累计回购10.47万股， 占总股本的0.05%，支付资金总额为243.92万元。此次调整符合相关法律法规，旨在保障回购方案的顺 利推进，不会影响公司的债务履行和持续经营能力。 ...

| 回购方案首次披露日 | 2025/3/19 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 3,000万元~6,000万元 | | 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 | 104,653股 | | 累计已回购股数占总股本比例 | 0.05% | | 累计已回购金额 | 2,439,224.76元 | | 实际回购价格区间 | 23.14元/股~23.55元/股 | 一、回购股份的基本情况 证券代码：688136 证券简称：科兴制药 公告编号：2025-022 科兴生物制药股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 科兴生物制药股份有限公司（以下简称"公司"）于 2025 年 3 月 17 日召开第 二届董事会第二十一次会议，审议通过了《关于以集中竞价交易方式回购公司股 ...

Group 1 - The company achieved profitability in 2024 with a revenue of approximately 1.407 billion yuan (+11.75%), driven by a significant increase in overseas income, which reached about 225 million yuan (+62.07%) [1] - The company reported a net profit attributable to shareholders of approximately 31 million yuan in 2024, recovering from a loss of about 190 million yuan in 2023 [1] - In Q1 2025, the company generated revenue of approximately 354 million yuan (-1.97%), with a net profit attributable to shareholders of about 26 million yuan (+106.21%) [1] Group 2 - The rapid growth of overseas revenue is highlighted, with a year-on-year increase of 84.33% in Q1 2025, following the successful sales of albumin paclitaxel in the EU [2] - The company has covered all emerging market countries with populations over 100 million and GDPs in the top thirty, indicating a strong market presence [2] - By the end of 2024, the company had introduced 16 products and submitted over 120 registration applications in more than 60 countries, with several products expected to be approved for sale in 2025 [2] Group 3 - The company has established five leading technology platforms for drug development, including recombinant protein drugs and antibody drugs, with two assets in Phase III clinical trials [3] - The company has received clinical approval in the US for its inhaled human interferon α1b solution, indicating progress in its innovative drug pipeline [3] Group 4 - The company is expected to see revenue growth from 1.781 billion yuan in 2025 to 2.495 billion yuan in 2027, with net profits projected to increase from 106 million yuan to 253 million yuan during the same period [4] - The current market valuation corresponds to a PE ratio of 72.24X for 2025, 41.80X for 2026, and 30.14X for 2027, suggesting a favorable investment opportunity [4]

Stock Recommendations - Donghua Testing (300354.SZ) shows strong order fulfillment and is expected to benefit from its advanced sensor capabilities, with an EPS forecast of 1.22 in 2025, up from 0.88 in 2024[3] - Daotong Technology (688208.SH) reported a 26.71% revenue growth in Q1 2025 and a 57.50% increase in net profit, maintaining a high growth trajectory[3] - Shuanghuan Transmission (002472.SZ) is expected to see continued growth in its core business driven by new energy and smart execution mechanisms, with an EPS forecast of 1.59 in 2025[3] Financial Performance Highlights - Xinyiseng (300502.SZ) achieved a revenue of 86.47 billion yuan in 2024, a 179.15% increase year-on-year, and a net profit of 28.38 billion yuan, up 312.26%[4] - Kexing Pharmaceutical (688136.SH) expanded its overseas sales network, with a projected EPS of 0.51 in 2025, significantly up from 0.16 in 2024[3] - Kaiying Network (002517.SZ) reported a revenue of 51.18 billion yuan in 2024, a 19.16% increase, and a net profit of 16.28 billion yuan, up 11.41%[5] Market Trends and Valuation - The market performance of the recommended stocks shows that Kexing Pharmaceutical had the highest increase of over 50% in the last month, while Xinyiseng and Donghua Testing had turnover rates exceeding 100%[20] - The average PE ratio for the recommended stocks is below 50, with Kexing Pharmaceutical having the highest at 170.61, indicating a potential for growth despite high valuation[20] - The largest market capitalization among the recommended stocks is for Juzhi Biological (2367.HK) at 795.15 billion yuan, followed by Xinyiseng at 636.44 billion yuan[20]

Investment Rating - The report maintains a "Buy" rating for the company [5][6][17] Core Viewpoints - The company reported a 2024 annual revenue of 1.407 billion yuan, an increase of 11.75% year-on-year, and a net profit of 31.48 million yuan, up 116.54% year-on-year. In Q1 2025, revenue was 354 million yuan, down 1.97% year-on-year, but overseas sales grew by 84.33% [1][5] - The innovative platform is entering a harvest phase with significant potential for overseas expansion, particularly with the GDF-15 target candidate drug GB18, which has shown promising results in preclinical studies for treating cancer cachexia [2][3] - The company has established overseas sales channels in over 70 countries and regions, with a 2024 overseas revenue of 224 million yuan, a year-on-year increase of approximately 61.96%. The target for 2025 is projected to be between 415 million and 692 million yuan [4] Financial Performance - The company expects revenues of 1.812 billion, 2.192 billion, and 2.718 billion yuan for 2025, 2026, and 2027 respectively. Net profits are projected to be 143.32 million, 227.17 million, and 310.19 million yuan for the same years [5][10] - The company’s EBITDA for 2024 is estimated at 343.12 million yuan, with a projected EBITDA of 266.26 million yuan for 2025 [10][11] - The company’s net profit margin is expected to improve significantly, with a forecasted net profit margin of 7.91% in 2025 [12]

Investment Rating - The report maintains a "Buy" rating for the company [5][6][17] Core Viewpoints - The company reported a 2024 annual revenue of 1.407 billion yuan, an increase of 11.75% year-on-year, and a net profit of 31.48 million yuan, up 116.54% year-on-year. In Q1 2025, revenue was 354 million yuan, down 1.97% year-on-year, but overseas sales grew by 84.33% [1][5] - The innovative platform is entering a harvest phase with significant potential for overseas expansion, particularly with the GDF-15 target candidate drug GB18, which has shown promising results in preclinical studies for treating cancer cachexia [2][3] - The company has established overseas sales channels in over 70 countries and regions, with a 2024 overseas revenue of 224 million yuan, a year-on-year increase of approximately 61.96%. The target for 2025 is projected to be between 415 million and 692 million yuan [4] Financial Performance - The projected revenues for 2025-2027 are 1.812 billion, 2.192 billion, and 2.718 billion yuan, respectively. The expected net profits for the same period are 143.32 million, 227.17 million, and 310.19 million yuan [5][10] - The company has a total market capitalization of approximately 7.618 billion yuan, with a current price of 38.16 yuan per share [6][7] Product Development - The GB18 drug candidate has received acceptance from NMPA for clinical trials, and its preclinical data shows superior efficacy in improving muscle wasting compared to competitors [3] - The company is also developing several other innovative products in the preclinical stage, including GB10, GB12, and GB20, which have high innovation potential [3] Market Potential - According to WHO data, there were 20 million new cancer cases globally in 2022, with approximately 9 million patients affected by cachexia, indicating a large market opportunity for the GDF-15 target drug [2] - The company has signed strategic partnerships with various pharmaceutical companies to expand its overseas business foundation [4]

Core Viewpoint - The article highlights the strong performance of recommended stocks by brokerages in April, with significant gains observed, particularly in consumer and technology sectors, as analysts anticipate a volatile market in May, viewing adjustments as potential buying opportunities [2][3][9]. Summary by Sections April Stock Performance - In April, the top-performing stock was Wancheng Group, which surged by 83%, recommended by three brokerages [3]. - Other notable stocks included Xianda Co., which rose by 61%, and Kexing Pharmaceutical, which increased by 55% [3]. - Approximately 37% of the 46 brokerages' recommended stocks achieved positive returns in April [4]. Brokerage Performance - Northeast Securities led with a monthly return of 13.28%, driven by strong recommendations like Wancheng Group and Xianda Co. [5]. - Huaxi Securities followed with a return of 10.57%, while Dongxing Securities, Huaxin Securities, and Huayuan Securities all exceeded 7% returns [5]. - Conversely, Guotou Securities reported a negative return of -8% for its recommended stocks [5]. May Stock Recommendations - Brokerages are focusing on consumer and domestic demand stocks for May, with East Peng Beverage and Guizhou Moutai among the favorites [6]. - The skincare and beauty sector is also gaining attention, with stocks like Proya and Aimeike receiving multiple recommendations [6]. Market Outlook for May - Analysts expect the market to remain volatile in May, with some expressing optimism about potential upward movement [9][10]. - Key sectors to watch include consumer, technology, and dividend-paying stocks, with a focus on domestic consumption and self-sufficiency in technology [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][17]. Core Insights - The company is experiencing rapid growth in overseas revenue, with a projected 61.96% year-on-year increase in overseas sales to approximately 224.37 million yuan in 2024, primarily driven by the sales growth of albumin paclitaxel in the EU [2]. - The company is actively pursuing an "internationalization" strategy, enhancing its overseas marketing structure and focusing on key disease areas, which has established it as a model for the domestic pharmaceutical industry's expansion abroad [2]. - The company has a strong pipeline of innovative drugs, particularly in oncology, immunology, and degenerative diseases, with several projects showing promising preclinical results and progressing towards clinical trials [3]. Financial Summary - The company is projected to achieve a revenue of 1.407 billion yuan in 2024, representing a year-on-year growth of 11.7%, and is expected to turn a profit with a net profit of 31 million yuan [1]. - The company's revenue is expected to grow significantly over the next few years, reaching 2.701 billion yuan by 2027, with a compound annual growth rate (CAGR) of 19.5% from 2024 to 2027 [1]. - The return on equity (ROE) is expected to improve from -12.0% in 2023 to 14.1% by 2027, indicating a recovery in profitability [1]. Market Position - The company has established a strong presence in over 40 emerging market countries, covering regions such as Central and South America, Southeast Asia, and the Middle East and North Africa [2]. - The company maintains leading market shares in several domestic products, including "Sai Ruojin" in the short-acting interferon market and "Lai Ting" in the infliximab market [8].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for future performance [10]. Core Views - The company has shown significant improvement in financial performance, achieving a revenue of 1.407 billion yuan in 2024, a year-on-year increase of 11.75%, and a net profit of 31 million yuan, up 116.54% year-on-year [6]. - The first quarter of 2025 saw a revenue of 354 million yuan, a slight decrease of 1.97% year-on-year, but net profit increased by 106.21% to 26 million yuan, indicating strong profitability despite revenue fluctuations [6]. - The company is actively expanding its international presence, particularly in the EU, with overseas sales revenue reaching approximately 224.37 million yuan, a year-on-year growth of about 61.96% [7]. - The integration of AI in drug development is enhancing the efficiency and quality of new drug research, with several innovative projects underway [8]. Financial Performance Summary - In 2024, the company achieved a gross margin of 68.69%, which slightly decreased by 2.10 percentage points year-on-year, while the expense ratio improved significantly by 28.13% to 63.37% [6]. - The projected revenues for 2025, 2026, and 2027 are 1.884 billion yuan, 2.298 billion yuan, and 2.700 billion yuan, respectively, with expected year-on-year growth rates of 33.9%, 22.0%, and 17.5% [11]. - The net profit forecast for the same years is 141 million yuan, 207 million yuan, and 338 million yuan, reflecting substantial growth rates of 347.1%, 47.2%, and 62.9% [11]. Strategic Initiatives - The company is focusing on enhancing its international marketing structure and expanding its product offerings in key disease areas, which is expected to bolster its market position [7]. - The company has received GMP certification and market approval for its paclitaxel product in the EU, marking a significant milestone in its international expansion efforts [7]. - Ongoing collaborations and innovative drug development projects are expected to yield new therapeutic options, particularly in oncology and autoimmune diseases [8][9].