集体业绩说明会的公告 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。 投资者可于 2024 年 9 月 14 日（星期六）16:00 前通过电话、传真或邮 箱（ir@amoytop.com）将需要了解和关注的问题提前提供给公司，公司将在说 明会上对投资者普遍关注的问题进行回答。 证券代码：688278 证券简称：特宝生物 公告编号：2024-037 厦门特宝生物工程股份有限公司 关于参加 2024 年半年度制药及生物制品专场 重要内容提示： 厦门特宝生物工程股份有限公司（以下简称"公司"）已于 2024 年 8 月 22 日在上海证券交易所披露了公司 2024 年半年度报告，为使广大投资者更全面深 入地了解公司 2024 年半年度经营成果和财务状况，公司将参加由上海证券交易 所主办的 2024 年半年度制药及生物制品专场集体业绩说明会，此次活动将采用 网络文字互动的方式举行，届时投资者可登录上海证券交易所上证路演中心 （http://roadshow.sseinfo.com/）参与线上互动交流。 一、说明会类型 本次业绩说 ...

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 特宝生物（688278）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《与 Aligos 共同开发乙肝新药，探索合作新模 | | 式》 2024.07.25 | | 《特宝生物深度报告： | | 乙肝干扰素治疗龙头，深耕重组蛋白药物开 | | 发》 2024.06.26 | | 《派格宾持续放量带动业绩高增长，新产品步 | | 入收获期》 2024.04.11 市场表现 | 特宝生物 海通综指 -18.91% 8.09% 35.09% ...

中国·厦门 厦门特宝生物工程股份有限公司 2024 年第一次临时股东大会会议资料 会议须知 为保障厦门特宝生物工程股份有限公司（以下简称"公司"）全体股东的 合法权益，维护股东大会的正常秩序，确保本次股东大会顺利召开，根据《公 司章程》《股东大会议事规则》及有关法律法规的规定，特制定本须知，望出席 股东大会的全体人员遵照执行。 一、本公司董事会办公室具体负责会议的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东及股东代理 人的合法权益，除出席会议的股东及股东代理人、公司董事、监事、高级管理 人员、公司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进 入会场。 厦门特宝生物工程股份有限公司 2024 年第一次临时股东大会 会议资料 （688278） 三、为保障本次股东大会的顺利召开，股东及股东代理人须在会议召开前 30 分钟到会议现场办理签到手续，并按规定出示证券账户卡、身份证明文件或 企业营业执照/注册证书复印件（加盖公章）、授权委托书等，经验证后方可出 席会议。 四、本次股东大会采取现场投票和网络投票相结合的方式表决，结合现场 投票和网络投票的表决结果发布股东大会决议公 ...

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 \* MERGEFORMAT4 | --- | --- | --- | |------------------|-------|------------------------------------------------| | | □ | 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 | | | | 国海证券；天弘基金；国金证券；国盛证券；银河证 | | | | 券；招商证券；申万宏源证券；平安证券；国信证 | | | | 券；海通证券；兴业证券；上海中域投资；中邮创业 | | | | 基金管理股份有限公司；中银基金管理有限公司；中 | | | | 信资本；中信医药；中信建投；中信保诚基金管理有 | | | | 限公司；中融国际信托有限公司；中欧瑞博；中欧基 | | | | 金管理有限公司；中加基金；中航基金管理有限公 | | | | 司；中海基金管 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is a pioneer in the field of hepatitis B cure, with stable operational performance and continuous improvement in cash flow and operating efficiency [1] - The core product, Pegasys, is a first-line treatment for chronic hepatitis B, showing significant clinical value in both inhibiting viral replication and enhancing immune response [1] - The company is actively conducting large-scale real-world studies to accumulate evidence for hepatitis B cure and liver cancer prevention [1] Financial Performance - For the first half of 2024, the company reported revenue of 1.19 billion yuan, a year-on-year increase of 31.68%, and a net profit attributable to shareholders of 304 million yuan, up 50.53% year-on-year [1] - The gross profit margin for the company is 93.36%, with a decrease in expense ratio to 61.49% [1] - The company expects revenues of 2.72 billion yuan, 3.54 billion yuan, and 4.38 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.6%, 29.9%, and 23.8% [3][4] Profitability Metrics - The net profit margin is projected to be 28.2% in 2024, increasing to 30.8% by 2026 [5] - The company’s return on equity (ROE) is expected to be 31.0% in 2024, maintaining a strong profitability profile [5] - The earnings per share (EPS) is forecasted to grow from 1.37 yuan in 2024 to 3.32 yuan in 2026 [3][5] Market Position - The company is well-positioned in the competitive landscape of hepatitis B treatment, with an expanding applicable population and increasing demand for its products [1][2] - The company is also exploring new therapies such as RNAi for hepatitis B treatment, further solidifying its market position [1]

证券研究报告 | 2024年08月23日 特宝生物（688278.SH） 优于大市 营收及净利润快速增长，股权激励计划彰显发展信心 营收及净利润快速增长。2024H1，公司实现营收 11.90 亿元（同比+31.7%）， 主要受益于乙肝临床治愈理念的不断普及和科学证据的积累，公司核心品种 派格宾持续放量；归母净利润 3.04 亿元（同比+50.5%），扣非归母净利润 3.30 亿元（同比+41.7%）。 分 季 度 看 ， 2024Q1/Q2 分 别 实 现 营 收 5.45/6.45 亿 元 （ 分 别 同 比 +30.1%/+33.1%，环比+18.2%）、归母净利润 1.29/1.76 亿元（分别同比 +53.0%/+48.8%，环比+36.3%）、扣非归母净利润 1.46/1.84 亿元（分别同 比+42.9%/+40.7%，环比+25.4%）。 毛/净利率稳中有升，销售费用率持续改善。2024H1，公司毛利率为 93.4% （同比+0.4pp）、净利率 25.6%（同比+3.2pp）；销售费用率 42.0%（同 比-3.7pp）、管理费用率 10.0%（同比+0.8pp）、研发费用率 9.6%（同比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance has exceeded expectations, with strong revenue growth and profitability enhancement [8][9] - The core product, Pegbivac, continues to expand its market presence and is gaining new indications, which is expected to drive demand [8] - The company has a robust pipeline of projects and is actively pursuing new product developments [8] - A stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [9] - Revenue and profit forecasts for 2024-2026 indicate significant growth potential [9] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.19 billion (up 31.68%) and a net profit of 304 million (up 50.53%) [8] - Q2 alone contributed revenue of 645 million (up 33.09%) and a net profit of 176 million (up 48.75%) [8] - The gross margin reached 93.36% (up 0.42 percentage points), and the net profit margin was 25.58% (up 3.2 percentage points) [8] Product Development - Pegbivac is being utilized in clinical studies for hepatitis B cure and reducing liver cancer risk, with increasing evidence supporting its efficacy [8] - The company has received priority review for new indications of Pegbivac and has gained approval for new indications in primary thrombocythemia [8] Research and Development - R&D investment in H1 2024 was 136 million (down 18.64%), with several projects progressing well [8] - The company is preparing for the market launch of long-acting recombinant human growth hormone and is conducting Phase III clinical research for recombinant human erythropoietin [8] Stock Incentive Plan - The company announced a stock incentive plan to grant 6 million restricted shares, representing 1.47% of total equity, with ambitious performance targets for the next three years [9] Revenue and Profit Forecasts - Expected revenues for 2024, 2025, and 2026 are 2.84 billion, 3.80 billion, and 4.99 billion respectively, with net profits of 772 million, 1.05 billion, and 1.39 billion [9][10]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 22 日 特宝生物(688278.SH) 股权激励表明业绩增长信心，长效干扰 素+长效升白药+长效生长激素有望保 证增长持续性 事件：公司发布 2024 年中报，报告期内实现营业收入 11.90 亿 元，同比增长 31.68%；实现归母净利润 3.04 亿元，同比增长 50.53%；实现扣非归母净利润 3.30 亿元，同比增长 41.67%。 股权激励表明业绩增长信心。公司发布《2024 年限制性股票激 励计划实施考核管理办法》，本激励计划首次授予的限制性股票的 业绩考核目标如下：以 2023 年度净利润为基数，2024 年度净利 润增长率不低于 30%；以 2023 年度净利润为基数，2025 年度 净利润增长率不低于 70%；以 2023 年度净利润为基数，2026 年 度净利润增长率不低于 120%。上述业绩考核目标表明了公司对 于业绩长期增长的信心。 长效干扰素新增适应症上市申请已获受理，乙肝临床治愈门诊 有望助力长效干扰素放量。公司长效干扰素派格宾联合核苷（酸） 类似物针对成人慢乙肝增加适应症的上市许可申请已于 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved significant growth in the first half of 2024, with revenue reaching 1.19 billion yuan, a year-on-year increase of 31.68%, and a net profit attributable to shareholders of 304 million yuan, up 50.53% year-on-year [2][3]. - The company has launched a stock incentive plan targeting a net profit growth rate of no less than 30%, 70%, and 120% for the years 2024 to 2026, respectively, based on the 2023 net profit [9][3]. - The core product, Paigebin, continues to see rapid growth, contributing over 80% of the revenue in Q2 2024, which amounted to 645 million yuan, reflecting a year-on-year growth of 33.09% [2][3]. Financial Performance - In Q2 2024, the company reported a net profit of 176 million yuan, a year-on-year increase of 48.75% and a quarter-on-quarter increase of 36.28% [2]. - The company’s R&D investment in the first half of 2024 was 136 million yuan, with 114 million yuan being expensed and 22 million yuan capitalized [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 775 million yuan, 1.04 billion yuan, and 1.31 billion yuan, respectively, with growth rates of 39%, 34%, and 27% [9][10]. Research and Development - The company is actively advancing multiple R&D projects, including the completion of Phase III clinical trials for Yipeisheng (growth hormone) and the initiation of Phase III preparations for YPEG-EPO [2]. - A new clinical trial collaboration with Aligos for Paigebin in treating chronic hepatitis B patients has been established [3]. - The company is expanding its R&D capabilities with a new protein drug production and R&D center, which will enhance its overall research strength [2].

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 年庆功 S0350524060001 nianqg@ghzq.com.cn [Table_Title] 公司 2024 年 Q2 业绩同比高速增长，股权激励 彰显长期信心 ——特宝生物（688278）2024 年中报点评 事件: 2024 年 8 月 21 日，特宝生物发布 2024 年半年度报告：2024 年上半年 公司营业收入 11.90 亿元（yoy+31.68%），归母净利润 3.04 亿元 （yoy+50.53%），扣非归母净利润 3.30 亿元（+41.67%）。 投资要点: 公司 2024 年上半年业绩高速增长。 2024 年上半年公司营业收 入 11.90 亿元（yoy+31.68%），归母净利润 3.04 亿元（yoy+50.53%）， 扣非归母净利润 3.30 亿元（+41.67%）。2024 年 Q2 公司营业收入 6.45 亿元（yoy+33.09%），归母净利润 1.76 亿元（yoy+48.75%）， 扣非归母净利润 1.84 亿元（yoy+40.70%）。 2024 年 Q2 公司销售费用控制 ...