Investment Rating - The report assigns a "Recommended" rating for the company, marking the first coverage [1]. Core Insights - The company achieved a revenue of 2.1 billion in 2023, representing a year-on-year growth of 37.55%. The net profit attributable to shareholders was 555 million, up 93.52% year-on-year [1][12]. - The core product, Pegasys, saw a revenue of 1.79 billion, with a year-on-year growth of 54.18%, and a sales volume of 2.8467 million units, reflecting a growth of 46.68% [1][16]. - The company is focused on enhancing its R&D capabilities, with R&D investment reaching 280 million in 2023, a 34.96% increase year-on-year [1][19]. Summary by Sections Company Performance - In 2023, the company reported a total revenue of 2.1 billion, with a net profit of 555 million, and a significant increase in operating cash flow by 41.01% to 512 million [1][12]. - The gross margin for 2023 was 93.33%, an increase of 4.41 percentage points year-on-year, while the net margin rose to 26.45%, up 7.65 percentage points [12][16]. Product Development - Pegasys remains the company's core product, accounting for 85.24% of total revenue in 2023, with a gross profit contribution of 87.24% [16][27]. - The company is advancing its clinical trials for new indications, with the registration application for chronic hepatitis B treatment recently accepted [1][27]. Financial Forecast - The company expects revenues of 2.827 billion, 3.670 billion, and 4.584 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of 760 million, 1.025 billion, and 1.311 billion [29][31]. - The projected growth rates for revenue are 35%, 30%, and 25% for the years 2024 to 2026 [31]. Valuation Analysis - The current stock price corresponds to a PE ratio of 33, 25, and 19 for the years 2024 to 2026, indicating a favorable valuation compared to peers [29][31]. - The report suggests a valuation premium due to the company's leading position in the hepatitis B treatment market and the low penetration rate of Pegasys [29][31].

Investment Rating - The report does not specify a direct investment rating for the company, but it suggests that investors should pay attention to the company due to its strong growth prospects and leading position in the hepatitis B treatment market [2][8]. Core Insights - The company achieved a revenue of 2.1 billion yuan in 2023, representing a growth of 37.6%, and a net profit attributable to shareholders of 560 million yuan, which is an increase of 93.5% [2]. - The rapid growth in sales of the drug Paigebin is attributed to its recognition as a first-line antiviral treatment for chronic hepatitis B, which has improved clinical cure rates and reduced liver cancer risks [2]. - The company has increased its R&D investment to 280 million yuan, a growth of 34.96%, and is advancing multiple projects in its pipeline, including a new long-acting recombinant human granulocyte colony-stimulating factor [2][8]. - The projected net profits for 2024-2026 are 790 million, 1.07 billion, and 1.37 billion yuan, respectively, indicating strong future growth [2][8]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.1 billion yuan, with a net profit of 560 million yuan, reflecting significant growth rates of 37.6% and 93.5% respectively [2][12]. - The gross margin improved to 93.3%, up by 4.4 percentage points, and the net profit margin after excluding non-recurring items reached 27.6%, an increase of 5.7 percentage points [2][12]. R&D and Pipeline Development - The company invested 280 million yuan in R&D in 2023, marking a 34.96% increase [2]. - Key projects in the pipeline include YPEG-GH, which has completed Phase III clinical trials, and YPEG-EPO, which is preparing for Phase III clinical application [2][8]. Profit Forecast - The forecasted net profits for the company are 790 million yuan in 2024, 1.07 billion yuan in 2025, and 1.37 billion yuan in 2026, with corresponding growth rates of 42.33%, 35%, and 28.8% [2][12].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 65.90 CNY per share, based on a PE ratio of 35 times for 2024 [2][3]. Core Insights - The company achieved a revenue of 2.1 billion CNY in 2023, representing a year-on-year growth of 37.55%, and a net profit of 555 million CNY, up 93.52% year-on-year [1]. - The long-acting interferon product, Paigebin, generated sales of 1.79 billion CNY, a 54.2% increase, accounting for 85.2% of total revenue [1]. - The long-acting white blood cell enhancer, Peijin, was approved for listing in June 2023 and included in the national medical insurance directory in December 2023, expected to become a new growth driver for the company [1]. - The company invested 280 million CNY in R&D in 2023, a 34.96% increase, and is actively pursuing multiple research projects and collaborations [1]. Financial Performance Summary - Revenue is projected to grow at rates of 35.0%, 34.9%, and 23.5% from 2024 to 2026, with net profit growth rates of 37.9%, 38.9%, and 25.9% respectively [2][8]. - Earnings per share (EPS) are expected to be 1.88 CNY, 2.56 CNY, and 3.22 CNY for the years 2024, 2025, and 2026 [2][10]. - The company’s total market capitalization is approximately 25.2 billion CNY, with a total share count of 406.8 million shares [3][9].

Financial Performance - The company's operating revenue for 2023 reached ¥2,100,322,880.68, representing a 37.55% increase compared to ¥1,526,905,123.64 in 2022[16]. - The net profit attributable to shareholders for 2023 was ¥555,449,411.27, a significant increase of 93.52% from ¥287,019,921.16 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was ¥579,389,975.10, up 73.58% from ¥333,780,539.17 in 2022[16]. - The net cash flow from operating activities for 2023 was ¥512,100,798.56, reflecting a 41.01% increase from ¥363,160,688.75 in 2022[16]. - The company's total assets at the end of 2023 were ¥2,356,087,094.17, a 33.12% increase from ¥1,769,874,270.87 at the end of 2022[16]. - The net assets attributable to shareholders increased by 33.30% to ¥1,876,401,342.72 at the end of 2023, compared to ¥1,407,600,331.45 at the end of 2022[16]. - Basic earnings per share for 2023 were ¥1.37, a 92.96% increase from ¥0.71 in 2022[17]. - The company's operating revenue for 2023 reached 2.1 billion RMB, a year-on-year increase of 37.55%[23]. - Net profit attributable to shareholders increased by 93.52% year-on-year, reaching 555 million RMB[23]. - The net profit excluding non-recurring gains and losses grew by 73.58% year-on-year[23]. - The net cash flow from operating activities increased by 41.01% year-on-year[23]. Research and Development - The company's R&D investment for 2023 reached 280 million yuan, representing a year-on-year increase of 34.96%[25]. - The research and development expenditure accounted for 13.33% of operating revenue, a slight decrease of 0.26 percentage points from 13.59% in 2022[17]. - The company has established a comprehensive R&D system that combines independent and collaborative development to enhance innovation capabilities and product line diversity[34]. - The company has filed for 67 new patents during the reporting period, with a total of 289 patents filed to date, reflecting its commitment to innovation[49]. - The company is developing several innovative drugs, including AK0706 for chronic hepatitis B and ACT50 for tumor-related diseases, both currently in early clinical research stages[54]. - The YPEG-GH project completed Phase III clinical trials, with the drug registration application expected to be accepted in January 2024[26]. - The YPEG-EPO project is in the preparation stage for Phase III clinical research, aiming for market launch[53]. - The company has a strong focus on innovation, supported by a dedicated team and strategic talent acquisition efforts[58]. Product Development and Market Strategy - The newly approved drug "Peijin" (拓培非格司亭注射液) was launched on June 30, 2023, enhancing the company's product line and market competitiveness[25]. - The company is focused on expanding its product offerings and enhancing its market presence through innovative therapies and strategic initiatives[12]. - The company is advancing clinical trials for hepatitis B treatment, with a new indication application expected to be accepted by the National Medical Products Administration in March 2024[24]. - The company is collaborating with Aligos Therapeutics, Inc. on the development of oligonucleotide compounds for hepatitis treatment[24]. - The company plans to establish over 100 hepatitis B clinical cure outpatient clinics nationwide by 2025[24]. - The company aims to enhance the clinical cure rate for hepatitis B and reduce the risk of liver cancer through ongoing research and development efforts[39]. - The company is actively expanding its product offerings and market presence, with ongoing research and development efforts in new drug formulations[96]. Risk Management and Compliance - The company has detailed the risks faced during operations and corresponding countermeasures in the report[3]. - The company is implementing a risk management mechanism that includes risk identification, monitoring, response, and assessment[27]. - The company emphasizes compliance and integrity in investor relations, utilizing multiple channels for communication, including the "Shanghai Stock Exchange e-Interaction" platform and investor hotlines[193]. - The internal control system has been effectively implemented, with no significant defects found in financial and non-financial reports during the reporting period[164]. - The company has established a robust internal control management system to ensure compliance and safeguard investor interests, with no reported incidents of fund misappropriation or violations[132]. Shareholder Returns and Dividends - The proposed profit distribution plan for 2023 is to distribute a cash dividend of RMB 4.10 per 10 shares, totaling RMB 166,788,000, which accounts for 30.03% of the net profit attributable to shareholders[5]. - The company has a cash dividend policy that prioritizes cash distributions, with a minimum of 10% of the distributable profit allocated for cash dividends[160]. - The company emphasizes shareholder returns, adhering to a stable profit distribution policy since its listing, ensuring fair treatment of all shareholders, especially minority investors[185]. Environmental and Social Responsibility - The company invested ¥6.53 million in environmental protection measures during the reporting period[169]. - The company achieved ISO 14001 environmental management system certification during the reporting period[175]. - The company donated ¥15.98 million to public welfare projects, focusing on chronic hepatitis B treatment and awareness[181]. - The company supports various public welfare projects aimed at improving treatment for chronic hepatitis B patients, including the "Spring Rain Project" and "Qihang Project"[183]. - The company emphasizes energy efficiency and has implemented measures to reduce natural gas and electricity consumption[177]. Corporate Governance - All directors attended the board meeting, ensuring accountability for the report's accuracy[4]. - The company held its 2022 Annual General Meeting on April 27, 2023, and the resolutions were all approved without any rejections[135]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to CNY 19.76 million[145]. - The company has established an ESG governance structure, with a dedicated ESG working group reporting to the board[168]. - The company has a total of 163 party members, including 8 probationary members, ensuring a strong organizational foundation for high-quality development[191].

\\\\\\\\\\\ 业绩简评 2024 年 3月 28 日，公司发布2023 年年度报告，2023年公司实现 收入 21.00 亿元，同比增长 38%；实现归母净利润5.55 亿元，同 比增长 94%；实现扣非归母净利润 5.79 亿元，同比增长 74%。单 季度来看，2023 年第四季度公司实现收入 6.41 亿元，同比增长 67%；实现归母净利润1.87 亿元，同比增长 115%；实现扣非归母 净利润1.69 亿元，同比增长 87%。 经营分析 慢乙肝治愈研究持续深入，核心产品派格宾快速放量。派格宾（聚 乙二醇干扰素α-2b 注射液）于2016 年获批上市，是国内首个拥 有完全自主知识产权的长效干扰素产品，主要应用于病毒性肝炎 领域，是慢性乙型肝炎抗病毒治疗一线用药。慢乙肝临床治愈正向 着扩大抗病毒治疗人群、拓展临床治愈人群的新阶段发展，以派格 人民币(元) 成交金额(百万元) 宾为基础的乙肝临床治愈科学证据不断积累。以派格宾为基础的 73.00 450 乙肝治疗方案在乙肝治疗领域的竞争优势持续扩大，产品市场渗 66.00 400 350 透率的不断提高，销售收入快速增长。2023 年公司核心产品派格 ...

RSM 容诚 募集资金存放与实际使用情况鉴证报告 厦门特宝生物工程股份有限公司 容诚专字[2024]361Z0225 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.of.gov.cn）"进行直播 德 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 募集资金存放与实际使用情况鉴证报告 | 1-2 | | 2 | 2023 年度募集资金存放与实际使用情况的专项报告 | 1-8 | 目 录 募集资金存放与实际使用情况鉴证报告 [[] 容诚专字[2024]361Z0225 号 厦门特宝生物工程股份有限公司全体股东: 我们审核了后附的厦门特宝生物工程股份有限公司(以下简称特宝生物公司) 董事会编制的《2023年度募集资金存放与实际使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仪供特宝生物公司年度报告披露之目的使用,不得用作任何其他 目的。我们同意将本鉴证报告作为特宝生物公司年度报告必备的文件,随其他文件 一起报送并对外披露。 二、董事会的责任 按照中国证券监督管理委员会《上市公 ...

FEECE V 2023 年度 环境、社会及公司治理 (ESG) 报告 厦门特宝生物工程股份有限公司 00 00 rootop wood 特宝生物 00000 m9TO 10000 ITSIT & 派格宾 关于本报告 本报告是厦门特宝生物工程股份有限公司发布的首份环境、社会及公司治理（ESG）报告。本报告依据客观、规范、透 明和全面的原则，详细披露了公司 2023 年度在环境、社会及公司治理（ESG）方面的工作和成效，并回应利益相关方 对可持续发展以及信息披露的期望与关切，增强利益相关方对公司的了解和信心。 报告说明 本报告所披露的信息和数据来源于特宝生物内部正式文件、统计报告、已公开信息与内部汇报文件，公司董事会承诺本 报告内容不存在任何虚假记载、误导性陈述或重大遗漏。本报告的财务数据以人民币为单位，若与年报不一致之处，以 年报为准。 报告范围 本报告为年度报告，覆盖 2023 年 1 月 1 日至 2023 年 12 月 31 日期间本公司在可持续发展方面的工作成果。为增强本 报告内容的完整性，部分内容有所追溯或延伸。 编制依据 01 目录 CONTENTS | 关于本报告 | 01 | | --- | ...

特享生物 III9TOP 股票代码:688278 2024年度 "提质增效重回报" 专项行动方案 厦门特宝生物工程股份有限公司 Directory 日 蒙 | Part | | | --- | --- | | | 聚焦主业 | | | 强化核心竞争力 | | | 01-03 | | Part | | 优化财务管理 助推高效运营 06 Part 搭建沟通桥梁 持续探寻投关新动能 08 Part 携手共进 强化管理层 与股东的利益共担共享 10 Part 创新发展 驱动产品与技术革新 04-05 Part 完善公司治理 夯实管理基础 07 Part 提高投资者回报 共享企业发展成果 09 Part 其他事宜 0000 公司以免疫相关细胞因子药物为主要研发方向,紧跟行业和技术发展趋势,持续推进 多项药品研发,拥有可持续创新产品线。目前公司已上市派格宾、珮金、特尔立、特尔津及 特尔康5款产品。核心产品派格宾是慢乙肝抗病毒治疗一线用药，是国内自主研发的全球 首个Y型40kD聚乙二醇长效干扰素α-2b注射液;特尔立、特尔津、特尔康是公司血液肿瘤 线产品，上市多年来深得终端客户的认可，市场占有率排名前列。珮金是公司在202 ...

厦门特宝生物工程股份有限公司 关联交易管理制度 厦门特宝生物工程股份有限公司 （一）直接或者间接控制公司的法人或其他组织； （二）由上述第（一）项所列主体直接或者间接控制的除本公司及控股子 公司以外的法人或其他组织； （三）由第六条所列的公司关联自然人直接或者间接控制的，或者由关联 自然人担任董事、高级管理人员的除本公司及控股子公司以外的法人或其他组 关联交易管理制度 第一章 总 则 第一条 为规范厦门特宝生物工程股份有限公司（以下简称"公司"）关联 交易行为，提高公司规范运作，保护公司和全体股东的合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上 市规则》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 和《厦门特宝生物工程股份有限公司章程》（以下简称"《公司章程》"）的规 定，制定本制度。公司临时报告和定期报告中非财务报告部分的关联人及关联 交易的披露应当同时遵守《上海证券交易所科创板股票上市规则》和《公开发 行证券的公司信息披露内容与格式准则第 2 号——年度报告的内容与格式》的 规定。定期报告中财务报告部分的关联人及关联交易的披露应当同时遵守 ...

厦门特宝生物工程股份有限公司 董事会审计委员会 2023 年度履职情况报告 2023 年，厦门特宝生物工程股份有限公司（以下简称"公司"）董事会审计 委员会严格按照《上市公司治理准则》《上海证券交易所科创板股票上市规则》 和《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法 律法规以及《公司章程》的规定，本着勤勉尽责的原则，积极开展工作，认真 履行审计监督职责。现将公司董事会审计委员会 2023 年度履职情况报告如下： 一、审计委员会基本情况 公司第八届董事会审计委员会由独立董事刘圻先生、蒋晓蕙女士及董事李 佳鸿先生三名成员组成，并由具有会计专业背景的刘圻先生担任召集人。审计 委员会的成员组成符合相关法律法规的规定。 二、审计委员会会议召开情况 2023 年度，公司董事会审计委员会共召开 4 次会议，全体委员均按有关规 定亲自出席会议，投票表决通过了全部议案，具体情况如下： 2023 年 3 月 30 日，第八届董事会审计委员会第六次会议审议通过《关于公 司 2022 年度财务决算报告的议案》《关于公司 2022 年年度报告及其摘要的议案》 《关于公司 2022 年度利润分配预案的议案》《 ...