Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company has shown steady revenue growth, with a reported revenue of 1.283 billion yuan in 2024, reflecting an 8.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 6.57% to 189 million yuan due to increased expenses [11] - The company is advancing its BGM0504 project into Phase III clinical trials, with promising results in Phase II for both glycemic control and weight loss [11] Financial Performance Summary - Revenue is projected to grow from 1.283 billion yuan in 2024 to 1.960 billion yuan in 2027, with year-on-year growth rates of 8.7%, 23.2%, 12.2%, and 10.6% respectively [9] - The gross margin is expected to improve from 57.5% in 2024 to 59.8% in 2027, indicating a positive trend in profitability [9] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.61, 0.71, and 0.81 yuan respectively, reflecting an upward revision from previous estimates [3][9] Segment Performance Summary - The raw material drug segment achieved revenue of 988 million yuan, a year-on-year increase of 11.57%, driven by strong demand for antifungal and immunosuppressive products [11] - The formulation segment reported revenue of 161 million yuan, up 16.77% year-on-year, primarily due to increased sales of specific products [11] Valuation Summary - Based on comparable companies, a target price of 37.21 yuan is set for 2025, corresponding to a price-to-earnings (P/E) ratio of 61 times [3][12]

民生证券股份有限公司 关于博瑞生物医药（苏州）股份有限公司 首次公开发行股票并在科创板上市之保荐总结报告书 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为博瑞 生物医药（苏州）股份有限公司（以下简称"博瑞医药"、"公司"或"发行人"） 首次公开发行股票并在科创板上市的保荐机构，负责博瑞医药上市后的持续督导 工作，持续督导期间为 2019 年 11 月 8 日至 2024 年 12 月 31 日。2024 年 12 月 31 日，持续督导期已届满，民生证券根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等有关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 | 保荐机构名称 | 民生证券股份有限公司 | | --- | --- | | 注册地址 | 中国（上海）自由贸易试验区浦明路 8 号 | | 主要办公地址 | 中国（上海）自由贸易试验区浦明路 8 号 | | 法定代表人 | 顾伟 | | 保荐代表人 | 黄丹青、邵航 | 三、公司基本情况 | 公司名称 | 博瑞生物医药（苏州）股份有限公司 | | --- | --- | | 证券代码 | 688166 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company has shown steady revenue growth, with a reported revenue of 1.283 billion yuan in 2024, reflecting an 8.74% year-on-year increase. However, the net profit attributable to the parent company decreased by 6.57% to 189 million yuan due to increased expenses [11] - The company is advancing its BGM0504 project into Phase III clinical trials, with promising results in Phase II for both glycemic control and weight loss [11] Financial Performance Summary - Revenue is projected to grow from 1.283 billion yuan in 2024 to 1.960 billion yuan in 2027, with year-on-year growth rates of 8.7%, 23.2%, 12.2%, and 10.6% respectively [9] - The gross margin is expected to improve from 57.5% in 2024 to 59.8% in 2027, indicating a positive trend in profitability [9] - The earnings per share (EPS) forecast for 2025-2027 is 0.61 yuan, 0.71 yuan, and 0.81 yuan respectively, up from the previous estimate of 0.58 yuan for 2025 [3][9] Market Comparison - The target price for the company is set at 37.21 yuan based on a price-to-earnings (P/E) ratio of 61 times for 2025, which is derived from comparable companies [3][12] - The company's current stock price is 36.05 yuan, with a 52-week high of 43.67 yuan and a low of 22.82 yuan [5]

截至2025年4月3日收盘，博瑞医药(688166)报收于41.47元，下跌0.05%，换手率1.99%，成交量8.43万 手，成交额3.52亿元。 当日关注点 交易信息汇总 4月3日，博瑞医药的资金流向情况如下：- 主力资金净流入6400.47万元，占总成交额18.19%；- 游资资 金净流出1618.54万元，占总成交额4.6%；- 散户资金净流出4781.93万元，占总成交额13.59%。 大宗交易方面，博瑞医药发生1笔大宗交易，成交金额999.97万元。 股本股东变化 截至2025年3月31日，博瑞医药股东户数为1.06万户，较12月31日减少1960户，减幅为15.55%。户均持 股数量由上期的3.35万股增加至3.97万股，户均持股市值为157.45万元。 公司公告汇总2024年年度报告摘要 博瑞医药2024年年度报告摘要显示，公司总资产为5,164,346,157.48元，同比增长2.63%；归属于上市公 司股东的净资产为2,394,647,560.62元，同比增长1.10%。报告期内，公司实现营业收入1,282,551,614.50 元，同比增长8.74%；归属于上市公司股东的净利润为189, ...

瑞财经 刘治颖4月2日，博瑞医药(SH688166)发布2024年年度报告。 2024年，博瑞医药实现营业收入为12.83亿元，同比增长8.74%；归属于上市公司股东的净利润为1.89亿元，同比减少 6.57%；归属于上市公司股东的扣除非经常性损益的净利润为1.81亿元，同比减少3.12%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | 2022年 | | | | | 减(%) | | | 营业收入 | 1.282.551.614.50 | 1,179,517,532.47 | 8.74 | 1,017,331,488.33 | | 归属于上市公司股东的净 | 189,166,937.36 | 202,466,024.77 | -6.57 | 239,623,172.71 | | 利润 | | | | | | 归属于上市公司股东的扣 | 180,507,497.62 | 186,312,666.28 | -3.12 | 213,638,327.54 | | 除非经常性 ...

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

公募基金方面本期较上一季度持股减少的公募基金共计3个，包括南方中证1000ETF、博时科创 100ETF、民生加银鑫喜混合，持股减少占比达0.40%。本期较上一季度新披露的公募基金共计111个， 主要包括科创100ETF基金、科创100、华夏上证科创板100ETF、华夏中证1000ETF、广发中证1000ETF 等。本期较上一季未再披露的公募基金共计8个，主要包括中海优质成长混合、招商瑞乐6个月持有期混 合A、招商瑞享1年持有期混合A、华西研究精选混合发起、长信稳健成长混合A等。 2025年4月3日，博瑞医药(688166.SH)发布2024年年度报告。截至2025年4月02日，共有120个机构投资 者披露持有博瑞医药A股股份，合计持股量达8575.65万股，占博瑞医药总股本的20.30%。其中，前十 大机构投资者包括苏州博瑞鑫稳管理咨询合伙企业(有限合伙)、先进制造产业投资基金(有限合伙)、中 国银行股份有限公司-招商优势企业灵活配置混合型证券投资基金、杭州茗嘉一期创业投资合伙企业(有 限合伙)、中国工商银行股份有限公司-博时上证科创板100交易型开放式指数证券投资基金、北京红杉 坤德投资管理中心(有限合伙 ...

2025年4月2日，博瑞医药发布了2024年年报。报告显示，公司全年实现营业收入12.83亿元，同比增长 8.74%；归属于上市公司股东的净利润为1.89亿元，同比下降6.57%。尽管营收有所增长，但净利润的持 续下滑引发了市场对其未来盈利能力的担忧。 博瑞医药在研发创新方面持续加大投入，2024年研发费用为3.12亿元，同比增长25.42%，占营业收入的 24.31%。公司重点布局代谢疾病领域，尤其是GLP-1类药物的研发，并持续推进BGM0504注射液等创 新药的研发。 然而，技术收入却大幅下降48.26%，仅为3921.77万元。这一骤降表明公司在技术转让或服务订单方面 遇到了较大挑战，可能与其技术开发进度或市场需求变化有关。尽管研发投入增加，但技术收入的显著 下滑无疑削弱了公司的整体盈利能力。 全球化布局持续推进，但海外权益分成收入下降3.02% 博瑞医药积极布局全球化战略，产品覆盖中国、欧盟、美国、日韩等多个国家和地区。2024年，公司海 外权益分成收入为6003.68万元，同比下降3.02%。尽管公司在海外市场的渠道扩展取得了一定成效，但 权益分成收入的下降表明其海外合作产品的市场表现趋于稳定，缺 ...

民生证券股份有限公司 关于博瑞生物医药（苏州）股份有限公司 保荐机构 民生证券股份有限公司 上市公司简称 博瑞医药 保荐代表人 黄丹青、邵航 上市公司代码 688166 经中国证券监督管理委员会《关于同意博瑞生物医药（苏州）股份有限公司 首次公开发行股票注册的批复》 （证监许可〔2019〕1883 号）核准，并经上海证 券交易所同意，博瑞生物医药（苏州）股份有限公司（以下简称"博瑞医药"或 "公司"）向社会公众公开发行人民币普通股（A 股）股票 41,000,000 股，每股 发行价格为人民币 12.71 元，募集资金总额 521,110,000.00 元，扣除承销及保荐 费用、会计师费用、律师费用、信息披露费用及其他发行手续费共计人民币 于 2019 年 10 月 31 日全部到位，且经公证天业会计师事务所（特殊普通合伙） 审验并出具了苏公 W2019B079 号《验资报告》。 年 11 月 18 日，博瑞医药以简易程序向特定对象发行股票。民生证券股份有限公 司（以下简称"民生证券"或"保荐机构"）作为博瑞医药首次公开发行股票、 向不特定对象发行可转换公司债券和以简易程序向特定对象发行股票的保荐机 构，根据 ...

博瑞生物医药（苏州）股份有限公司 审计报告 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国 . 江苏 . 无锡 Wuxi . Jiangsu . China | 总机：86（510）68798988 | Tel：86（510）68798988 | | --- | --- | | 传真：86（510）68567788 | Fax：86（510）68567788 | | 电子信箱：mail@gztycpa.cn | E-mail：mail@gztycpa.cn | | 审 计 报 告 | | 苏公 W2025A179 号 博瑞生物医药（苏州）股份有限公司全体股东： 一、审计意见 我们审计了博瑞生物医药（苏州）股份有限公司（以下简称"博瑞医药"） 财务报表，包括2024年12月31日的合并及母公司资产负债表，2024年度的合并及 母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及 相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了博瑞医药2024年12 ...