证券代码：688278 证券简称：特宝生物 公告编号：2024-047 厦门特宝生物工程股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2024 年 10 月 30 日（星期三）至 11 月 6 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@amoytop.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 厦门特宝生物工程股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日在上海证券交易所披露了公司 2024 年第三季度报告，为使广大投资者更全 面深入地了解公司 2024 年第三季度经营成果和财务状况，公司计划于 2024 年 11 月 7 日 13:00-14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题 进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 7 日（星期四）13:00-14:00 ...

公司代码：688278 公司简称：特宝生物 厦门特宝生物工程股份有限公司 投资者关系活动记录表 厦门特宝生物工程股份有限公司 投资者关系活动记录表 PAGE \* MERGEFORMAT7 | --- | --- | |------------------|-----------------------------------------------------------------------------------------------------------------------------------------------| | | □ 公司现场接待 电话接待 | | 投资者关系活动类 | □ 其它场所接待 □公开说明会 | | 别 | □ 定期报告说明会 □重要公告说明会 | | | 银河证券；国金证券；海通证券；兴业证券；东方证 | | | 券；东海证券；国海证券；国盛证券；华安证券；德 邦证券；方正证券；民生证券；申万医药；招商医 药 ； Anatole；DymonAsia；Hanwha Investment Trust | | | Management Co Ltd ； HBM Par ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.955 billion yuan for Q3 2024, representing a year-on-year increase of 33.90%, and a net profit attributable to shareholders of 554 million yuan, up 50.21% year-on-year [1] - The core product, Pegbivac, is maturing, and the company is expanding its presence in the hepatitis field with new therapies [1] - The company has established an equity incentive plan to enhance team cohesion [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 765 million yuan, a year-on-year increase of 37.52%, and a net profit of 250 million yuan, up 49.83% year-on-year [1] - The overall gross margin for the company was 93.35%, a decrease of 0.23 percentage points year-on-year, while the expense ratio was 59.32%, down 1.96 percentage points year-on-year [1] - The company expects revenues of 2.723 billion yuan in 2024, 3.537 billion yuan in 2025, and 4.379 billion yuan in 2026, with respective year-on-year growth rates of 29.6%, 29.9%, and 23.8% [3][4] Earnings Forecast - The forecasted net profit attributable to shareholders is 768 million yuan in 2024, 1.048 billion yuan in 2025, and 1.351 billion yuan in 2026, with year-on-year growth rates of 38.3%, 36.5%, and 28.8% respectively [3][4] - The company’s earnings per share (EPS) are projected to be 1.89 yuan in 2024, 2.58 yuan in 2025, and 3.32 yuan in 2026 [3][4] Market Position and Strategy - The company is a pioneer in the hepatitis cure field, with its core product Pegbivac showing significant clinical value in treating chronic hepatitis B [1] - The company is actively pursuing new indications and collaborations to enhance its product offerings in the liver disease sector [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a robust growth in Q3 2024, achieving revenue of 765 million yuan, a year-on-year increase of 37.52% and a quarter-on-quarter increase of 18.68%. This growth is primarily driven by the increasing recognition of its core product, Pegasys, in improving clinical cure rates for hepatitis B and significantly reducing the risk of liver cancer [5][6] - The net profit attributable to the parent company for Q3 2024 was 250 million yuan, reflecting a year-on-year increase of 49.83% and a quarter-on-quarter increase of 42.31%. This improvement is attributed to revenue growth and enhanced operational management, leading to a reduction in overall expense ratios and an increase in profitability [5] - The company has maintained a stable gross margin of 93.34%, with a slight year-on-year decrease of 1.3 percentage points, while the net profit margin increased by 2.68 percentage points to 32.66% [5] - The company is expected to enter a phase of accelerated growth for its core product, with significant scale effects leading to rapid increases in both revenue and profit [5] Financial Performance and Forecast - The company’s revenue is projected to grow from 2.1 billion yuan in 2023 to 6.03 billion yuan in 2026, with year-on-year growth rates of 34.0%, 49.0%, and 43.7% for the subsequent years [8] - The net profit is forecasted to increase from 555 million yuan in 2023 to 1.85 billion yuan in 2026, with year-on-year growth rates of 45.8%, 53.4%, and 49.0% [8] - The earnings per share (EPS) are expected to rise from 1.37 yuan in 2023 to 4.55 yuan in 2026 [8] - The company maintains a high gross margin, projected at 94.6% in 2024, and a net asset return rate of 30.1% [8] Valuation - The company is assigned a PEG ratio of 0.75-0.98, corresponding to a price-to-earnings (PE) ratio of 37-48 times for 2024, with a reasonable value range estimated between 73.63 and 95.52 yuan [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.955 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 33.9%, with a net profit attributable to shareholders of 554 million yuan, up 50.21% year-on-year [1] - The execution of the interferon centralized procurement has led to rapid growth in both revenue and profit, with the product "Paige Bin" accounting for approximately 85% of total revenue in the third quarter [1] - There is a noticeable optimization in the expense side, with a sales expense ratio of 39.8%, a decrease of 1.47 percentage points year-on-year [1] - The company is continuously advancing key research projects, including the approval of clinical trials for new indications [1] - The investment suggestion highlights the company's strong platform for long-acting protein modification technology and a rich product pipeline, projecting net profits of 828 million, 1.123 billion, and 1.460 billion yuan for 2024-2026, with corresponding profit growth rates of 48.99%, 35.66%, and 30.08% [1] Financial Performance Summary - For 2023, the company is projected to have a revenue of 2.10032 billion yuan, with a growth rate of 37.55% [2] - The net profit attributable to shareholders is expected to be 555.45 million yuan, with a profit growth rate of 93.52% [2] - The gross margin is forecasted to be 93.33% in 2023, increasing to 94.40% in 2024 [2] - The projected earnings per share (EPS) for 2024 is 2.03 yuan, with a price-to-earnings (P/E) ratio of 40.41 [2] Financial Forecasts - The company’s total assets are expected to grow from 2.35609 billion yuan in 2023 to 6.04116 billion yuan by 2026 [5] - The total liabilities are projected to increase from 479.69 million yuan in 2023 to 753.43 million yuan in 2026 [5] - The net cash flow from operating activities is expected to rise from 512.10 million yuan in 2023 to 1.43227 billion yuan in 2026 [5]

\\\\\\\\\\\ 来源：公司年报、国金证券研究所 特宝生物(688278.SH) 买入(维持评级) 公司点评 证券研究报告 业绩简评 2024 年 10 月 24 日，公司发布 2024 年三季度报告，2024 年前三 季度公司实现收入 19.55 亿元，同比+34%；实现归母净利润 5.54 亿元，同比+50%；实现扣非归母净利润 5.81 亿元，同比+41%。2024 年第三季度公司实现收入 7.65 亿元，同比+38%；实现归母净利润 2.50 亿元，同比+50%；实现扣非归母净利润 2.51 亿元，同比+41%。 经营分析 乙肝临床治愈推广持续深入，派格宾放量拉动业绩快速增长。公 司深入探索并持续推动以派格宾为基础的乙肝临床治愈领域工 作，持续支持了包括"珠峰"、"绿洲"、"未名"、"萌芽"、"星光"、 "领航"等多项乙肝临床治愈及肝癌预防公益及科研项目，部分项 目阶段性成果陆续在亚太肝病研究学会（APASL）、欧洲肝脏研究学 会（EASL）发布，进一步证实乙肝全人群有机会通过基于长效干扰 素的治疗策略实现临床治愈。公司产品派格宾在提高乙肝临床治 愈率以及显著降低肝癌发生风险方面的研究证据进一步 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥764,896,594.85, representing a year-over-year increase of 37.52%[2] - Net profit attributable to shareholders for Q3 2024 was ¥249,807,349.38, up 49.83% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was ¥0.61, reflecting an increase of 48.78% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 1,954,701,664.76, a 34% increase from CNY 1,459,790,700.44 in the same period of 2023[15] - Net profit attributable to shareholders of the parent company was CNY 554,149,217.81, up 50% from CNY 368,906,357.86 year-on-year[16] - Basic and diluted earnings per share for the period were CNY 1.36, compared to CNY 0.91 in the previous year[17] - The company reported a gross profit of CNY 655,584,548.33, up from CNY 463,676,112.60, reflecting a growth of 41%[15] Assets and Liabilities - Total assets as of the end of Q3 2024 amounted to ¥2,683,315,614.46, a 13.89% increase from the end of the previous year[3] - The total equity attributable to shareholders increased by 20.69% to ¥2,264,547,960.53 compared to the previous year[3] - The company's total liabilities increased to RMB 1,509,551,461.82, compared to RMB 1,340,191,036.92, indicating a growth of around 12.5%[12] - Total liabilities decreased to CNY 418,767,653.93 from CNY 479,685,751.45, reflecting a reduction of approximately 12.7%[14] - Non-current liabilities totaled CNY 69,465,147.23, down from CNY 76,028,137.24, indicating a decrease of about 8.2%[14] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 23.75% to ¥292,015,044.33[2] - In the first three quarters of 2024, the cash inflow from operating activities reached ¥1,922,798,869.91, a significant increase from ¥1,530,035,737.29 in the same period of 2023, representing a growth of approximately 25.6%[18] - The net cash flow from operating activities for Q3 2024 was ¥292,015,044.33, compared to ¥382,951,697.45 in Q3 2023, indicating a decrease of about 23.7%[19] - The cash outflow for operating activities totaled ¥1,630,783,825.58 in Q3 2024, up from ¥1,147,084,039.84 in Q3 2023, reflecting an increase of approximately 42.1%[19] - The cash and cash equivalents at the end of Q3 2024 were ¥332,950,167.74, down from ¥524,889,447.27 at the end of Q3 2023, indicating a decrease of approximately 36.5%[20] - The company experienced a net decrease in cash and cash equivalents of ¥79,700,777.52 in Q3 2024, contrasting with a net increase of ¥224,558,411.01 in Q3 2023[20] Research and Development - Research and development expenses totaled ¥89,136,009.28 in Q3 2024, which is a 24.33% increase compared to the same period last year[3] - Research and development expenses increased to CNY 193,341,950.18, a rise of 35% from CNY 142,861,485.40 in the previous year[15] Future Plans - The company plans to continue expanding its product offerings and enhancing its market presence, particularly in the hepatitis treatment sector[6] - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the upcoming quarters[15] Donations and Subsidies - The company received government subsidies amounting to ¥4,564,816.51 during Q3 2024, contributing to its financial performance[4] - The company made a cash donation of RMB 2 million towards the "China Chronic Hepatitis B Clinical Cure (Everest) Project" during the reporting period[11] - The company has committed an additional RMB 8 million to the same project, with payments scheduled over four installments[11]

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company shows strong revenue growth and high confidence in its development, highlighted by an ambitious equity incentive plan [9]. - The antiviral treatment population is expanding, and the core product, Pegbivac, is expected to continue its sales growth [9]. - The innovative pipeline is gradually entering a harvest period, with several products expected to launch soon [10]. Summary by Sections Company Overview - The company, established in 1996, is a leader in the development of long-acting recombinant protein drugs, focusing on viral hepatitis, malignant tumors, and immunotherapy [16]. - It has launched five products, all included in the national medical insurance, with Pegbivac showing exceptional performance in the clinical cure of hepatitis B [17]. Financial Performance - From 2018 to 2023, the company's revenue grew from 448 million to 2.1 billion yuan, with a compound annual growth rate (CAGR) of 36.19%, and net profit increased from 16 million to 555 million yuan, with a CAGR of 103.28% [23]. - In the first half of 2024, the company achieved a revenue of 1.19 billion yuan, a year-on-year increase of 31.68%, and a net profit of 304 million yuan, up 50.53% year-on-year [23]. Market Potential - The chronic hepatitis B patient population in China is substantial, with 79.74 million HBV infected individuals, including 20 to 30 million chronic hepatitis B patients [9][39]. - Pegbivac is the only long-acting interferon product on the market in China, with significant potential for sales growth as the treatment population expands [12]. Product Pipeline - The company has a robust pipeline with several products expected to launch soon, including long-acting G-CSF and long-acting growth hormone, which are anticipated to capture significant market share [10][30]. - The company is actively exploring new treatment options for hepatitis B, including collaborations for new drug development [27]. Equity Incentive Plan - In August 2024, the company announced an equity incentive plan with ambitious performance targets for net profit growth over the next three years, reflecting strong confidence in its long-term development [31].

证券代码：688278 证券简称：特宝生物 公告编号：2024-045 厦门特宝生物工程股份有限公司 关于调整 2024 年限制性股票激励计划相关事项 同日，公司召开第八届监事会第十四次会议，审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股 票激励计划实施考核管理办法>的议案》以及《关于核实公司<2024 年限制性股 票激励计划首次授予激励对象名单>的议案》，公司监事会对本激励计划的相关事 项进行核实并出具了相关核查意见。 （二）2024 年 8 月 22 日，公司于上海证券交易所网站（www.sse.com.cn） 披露了《厦门特宝生物工程股份有限公司关于独立董事公开征集委托投票权的公 告》（公告编号：2024-029），根据公司其他独立董事的委托，独立董事周克夫先 生作为征集人就 2024 年第一次临时股东大会审议的公司 2024 年限制性股票激 励计划相关议案向全体股东征集投票权。 （三）2024 年 8 月 22 日至 2024 年 8 月 31 日，公司对本激励计划激励对象 的姓名和职务进行了内部公示。在公示期内，公司监事会未收到与本次股 ...

第九届董事会第三次会议决议公告 证券代码：688278 证券简称：特宝生物 公告编号：2024-043 厦门特宝生物工程股份有限公司 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 厦门特宝生物工程股份有限公司（以下简称"公司"）第九届董事会第三次 会议于 2024 年 9 月 25 日以现场会议结合通讯表决的方式召开。经全体董事同意， 一致豁免本次董事会会议通知的期限要求，并已在董事会会议上就豁免通知时限 的相关情况做出说明。本次会议由董事长孙黎先生主持，会议应出席董事 9 名， 实际出席董事 9 名，公司监事、高级管理人员列席了本次会议。本次会议的召集 和召开程序符合《公司法》和《公司章程》等有关规定，会议决议合法、有效。 董事长孙黎先生、董事赖力平女士为本次限制性股票激励对象，与董事杨英 女士、蓝柏林先生、孙邃先生均为关联董事，对本议案回避表决。 表决情况：4 票同意，0 票反对，0 票弃权。 本议案在提交董事会审议前，已经薪酬与考核委员会审议通过（孙黎先生回 避表决）。 具体内容详见公司同日 ...