Summary of the Conference Call for Aopumai Company Overview - **Company**: Aopumai - **Industry**: Biotechnology, specifically focusing on cell culture products and services Key Financial Metrics - **Q1 2025 Revenue**: 83.68 million yuan, a year-on-year increase of 4.98% [2][5] - **Net Profit**: 14.66 million yuan, a year-on-year decrease of 25% due to increased R&D expenses leading to higher taxes [2][5] - **R&D Expenses**: Increased by 56.51% to 12.11 million yuan, primarily for the U.S. subsidiary's R&D lab [2][5] - **Cash Flow**: Net cash inflow from operating activities was 43.30 million yuan, a significant increase of 665% year-on-year [5] Market Performance - **Domestic Market Growth**: Approximately 3% [2][9] - **International Market Growth**: Over 8% [2][9] - **Order Volume**: Cultivation medium orders doubled year-on-year, reaching a historical high [2][9] Strategic Developments - **New Facilities**: The Taicang factory's agarose production line and liquid culture medium filling line have commenced trial operations, enhancing production capabilities [2][6] - **U.S. Operations**: The U.S. subsidiary's lab is operational, accelerating factory construction to address trade challenges [2][6] - **Acquisition Plans**: Actively pursuing the acquisition of Tencent's project to enhance cell culture product and service integration [2][6] R&D and Product Development - **Product Focus**: Continued emphasis on developing innovative products such as diagnostic reagents, agarose, and cell culture media [2][10] - **Clinical Projects**: 258 drug pipelines are utilizing Aopumai's culture media, with 11 new pipelines added in Q1 [3][17] Profitability and Cost Management - **Gross Margin**: Comprehensive gross margin decreased by 5.9% year-on-year but improved by 19% quarter-on-quarter [4][11] - **Management Expenses**: Significant reduction in management expense ratio, indicating improved operational efficiency [4][11] Future Outlook - **Growth Potential**: Aopumai is positioned for rapid growth despite global uncertainties, with a focus on expanding international operations, particularly in the U.S. [7][21] - **Customer Payment Improvement**: Customer payment amounts increased by 44.73% year-on-year, indicating improved cash flow and customer stability [7][8] - **Market Expectations**: Anticipated growth in overseas markets, with a goal to exceed domestic market value [20][21] Risks and Challenges - **Global Economic Uncertainty**: Ongoing trade tensions and tariff issues pose potential risks to future business development [8][21] - **CDMO Business Recovery**: The CDMO business is gradually recovering but still faces challenges due to the need for commercial orders to reach a breakeven sales scale of approximately 100 million yuan [4][12][13] Conclusion Aopumai is navigating a complex market landscape with strategic investments in R&D and facility expansion, while also addressing challenges posed by global economic conditions. The company remains optimistic about future growth and is committed to enhancing its product offerings and market presence.

国泰海通证券股份有限公司 关于上海奥浦迈生物科技股份有限公司 2024年度持续督导跟踪报告 国泰海通证券股份有限公司（以下简称"保荐机构"）作为上海奥浦迈生物科技股 份有限公司（以下简称"奥浦迈"或"公司"）持续督导工作的保荐机构，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》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》等有关法律法规的规定，负责奥浦迈上 市后的持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 发现以下情形之一的，应当督促上市公司做出说明并限期 | 上市公司未发生前述情况 | | | 改正，同时向上海证券交易所报告：（一）上市公司涉嫌 | | | | 违反《上海证券交易所股票上市规则》等上海证券交易所 | | | | 业务规则；（二）中介机构及其签名人员出具的专业意见 | | | 14 | 可能存在虚假记载、误导性陈述或重大遗漏等违法违规情 | | | | 形或其他不当情形；（三）上市公司出现《证券发行上市 | | | | 保荐业务管理办法》第七十一条、第七十二 ...

证券代码：688293 证券简称：奥浦迈 公告编号：2025-036 上海奥浦迈生物科技股份有限公司 关于 2025 年第一季度计提资产减值准备的公告 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。 根据《上海证券交易所科创板股票上市规则》《企业会计准则》等相关法律 法规的规定，为真实、准确、公允的反映上海奥浦迈生物科技股份有限公司（以 下简称"奥浦迈"或"公司"）2025年第一季度的财务状况及经营情况，基于谨 慎性原则，公司对合并报表范围内截至2025年3月31日的各类资产进行减值测试， 对存在减值迹象的有关资产计提了减值准备。现将相关情况公告如下： 一、计提资产减值准备的情况概述 公司2025年第一季度拟计提信用减值损失和资产减值损失共计421.74万元， 具体情况如下表： 单位：万元 币种：人民币 | | 项目 | 2025年第一季度预计计提金额 | | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | 304.01 | | 资产减值损失 | 存货跌价损失 | 117.73 | | | ...

证券代码：688293 证券简称：奥浦迈 公告编号：2025-037 上海奥浦迈生物科技股份有限公司 关于筹划重大资产重组事项的进展公告 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、准确性和完整性依法承担法律责任。 一、本次交易基本情况 上海奥浦迈生物科技股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金的方式购买澎立生物医药技术（上海）股份有限公司100%股权，并募 集配套资金（以下简称"本次交易"）。本次交易预计达到《上市公司重大资产 重组管理办法》规定的重大资产重组标准。本次交易完成前后，公司的控股股东、 实际控制人不会发生变更，本次交易不构成重组上市。 二、本次交易进展情况 经分别向上海证券交易所申请，公司股票（证券简称：奥浦迈，证券代码： 688293）自2025年1月17日（星期五）开市起停牌，并于2025年1月24日（星期五） 开市起继续停牌，具体内容详见公司分别于2025年1月17日、2025年1月24日刊载 于上海证券交易所网站的《关于筹划重大资产重组事项的停牌公告》《关于筹划 重大资产重组事项进展并继续停牌的公告》。 202 ...

优化，成就与众不同 Optimization Makes Differences 证券代码：688293 证券简称：奥浦迈 二〇二五年五月 1 上海奥浦迈生物科技股份有限公司 2024 年年度股东大会 会议资料 | 2024 | 年年度股东大会会议须知 3 | | --- | --- | | 2024 | 年年度股东大会会议议程 6 | | 议案 1： | 8 | | 《关于公司<2024 | 年年度报告及其摘要>的议案》 8 | | 议案 2： | 9 | | 《关于公司<2024 | 年度财务决算报告>的议案》 9 | | 议案 3： | 12 | | 《关于公司<2024 | 年度董事会工作报告>的议案》 12 | | 议案 4： | 13 | | 《关于公司<2024 | 年度监事会工作报告>的议案》 13 | | 议案 5： | 14 | | 《关于公司<2024 | 年度独立董事述职报告>的议案》 14 | | 议案 6： | 15 | | 《关于公司 2025 | 年度董事薪酬的议案》 15 | | 议案 7： | 16 | | 《关于公司 2025 | 年度监事薪酬的议案》 16 | | 议案 ...

证券代码：688293 证券简称：奥浦迈 公告编号：2025-035 上海奥浦迈生物科技股份有限公司 第二届监事会第八次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 上海奥浦迈生物科技股份有限公司（以下简称"奥浦迈"或"公司"）第二 届监事会第八次会议于2025年4月28日通过通讯会议的方式召开。本次会议通知 及相关资料已于2025年4月21日送达全体监事。本次会议由监事会主席梁欠欠女 士召集并主持，会议应出席监事3名，实际出席监事3名，本次会议的召集、召开 方式符合相关法律、行政法规、部门规章、规范性文件和《公司章程》的规定， 会议决议合法有效。 二、监事会会议审议情况 经与会监事审议表决，形成的会议决议如下： 1、审议通过了《关于公司<2025年第一季度报告>的议案》 监事会对公司2025年第一季度报告进行审核并发表书面意见，监事会认为： （1）公司严格按照各项法律法规、规章制度等的要求规范运作，公司2025 年第一季度报告的编制和审议程序符合相关法律法规、《公司章程》和公司内部 ...

证券代码：688293 证券简称：奥浦迈 公告编号：2025-034 上海奥浦迈生物科技股份有限公司 第二届董事会第九次会议决议公告 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。 一、董事会会议召开情况 上海奥浦迈生物科技股份有限公司（以下简称"奥浦迈"或"公司"）第二 届董事会第九次会议于2025年4月28日通过通讯会议的方式召开。本次会议通知 及相关资料已于2025年4月21日送达全体董事。本次会议由董事长肖志华先生召 集并主持，会议应出席董事7名，实际出席董事7名，本次会议的召集、召开方式 符合相关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，会议 决议合法有效。 二、董事会会议审议情况 经与会董事审议表决，形成的会议决议如下： 1、审议通过了《关于公司<2025年第一季度报告>的议案》 董事会对公司2025年第一季度报告进行审核并发表书面意见，董事会认为： （1）公司严格按照各项法律法规、规章制度等的要求规范运作，公司2025 年第一季度报告的编制和审议程序符合相关法律法规、《公司章程》和公司内部 管 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥83,678,844.28, representing a 4.98% increase compared to ¥79,706,760.24 in the same period last year[5] - Net profit attributable to shareholders decreased by 25.08% to ¥14,668,012.82 from ¥19,578,569.83 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 33.06% to ¥10,799,748.66 compared to ¥16,133,022.74 in the previous year[5] - The company reported a basic earnings per share of ¥0.13 for Q1 2025, down from ¥0.17 in Q1 2024[26] - Total revenue for Q1 2025 reached ¥83,678,844.28, a 4.0% increase from ¥79,706,760.24 in Q1 2024[25] - Net profit for Q1 2025 was ¥14,550,763.03, a decrease of 25.0% compared to ¥19,403,531.33 in Q1 2024[26] - Total operating costs increased to ¥62,185,716.32 in Q1 2025, up 5.0% from ¥58,919,501.84 in Q1 2024[25] - Operating profit for Q1 2025 was ¥22,473,249.81, slightly down from ¥23,105,634.60 in Q1 2024[25] - The total comprehensive income for Q1 2025 was ¥14,543,974.63, a decrease from ¥19,414,232.69 in Q1 2024[26] Cash Flow and Assets - The net cash flow from operating activities significantly improved to ¥43,308,029.62, a 665.63% increase from ¥5,656,507.94 in the same period last year[5] - The company's customer payment amount increased significantly by 47.73% compared to the same period last year, reflecting improved cash flow and collection efficiency[18] - The total current assets as of March 31, 2025, amounted to CNY 1,609,371,269.94, an increase from CNY 1,549,076,630.82 as of December 31, 2024[21] - The company's cash and cash equivalents as of March 31, 2025, were CNY 737,059,898.05, down from CNY 891,143,542.80 as of December 31, 2024[21] - Cash flow from operating activities for Q1 2025 was ¥43,308,029.62, significantly higher than ¥5,656,507.94 in Q1 2024[28] Research and Development - Research and development expenses totaled ¥12,114,331.01, marking a 56.51% increase from ¥7,740,448.49 year-on-year, accounting for 14.48% of operating revenue[5] - Research and development expenses increased to ¥12,114,331.01 in Q1 2025, up from ¥7,740,448.49 in Q1 2024, reflecting a focus on innovation[25] Investment and Market Position - The company reported a significant increase in investment income by 204.88% due to the maturity of several financial products in Q1 2025[8] - The company experienced a 53.73% increase in credit impairment losses, attributed to macroeconomic fluctuations and changes in customer conditions[8] - The company maintains a strong market position in cell culture products, which are expected to continue driving revenue growth due to sustained market demand[14] - CDMO service revenue increased by 27.11% compared to the previous year, indicating strong performance despite market challenges[15] Shareholder Information - The total number of common shareholders at the end of the reporting period was 3,027[10] - The largest shareholder, Xiao Zhihua, holds 24.90% of the shares, while the top ten shareholders collectively hold significant stakes[10] - The actual controllers of the company are Xiao Zhihua and He Yunfen, who together control 32.06% of the shares[12] Operational Developments - The company implemented a share buyback program in Q4 2024, which concluded in October 2024, resulting in no further buybacks in Q1 2025[8] - The company’s wholly-owned subsidiary, Aopumai Biotechnology (Taicang) Co., Ltd., officially commenced operations, focusing on the research and production of agarose products[18] - The company’s U.S. subsidiary's laboratory has been officially put into use, focusing on the development of culture media to support market expansion in the U.S.[19] - The company successfully passed the ISO 9001:2015 quality management system audit with "0 corrective actions," enhancing its market competitiveness[19] - The company is expected to receive the Qualified Person (QP) compliance statement in the second quarter, which will facilitate its entry into the EU market[19] Asset and Liability Overview - Total assets at the end of the reporting period were ¥2,307,695,080.00, a 0.94% increase from ¥2,286,250,982.16 at the end of the previous year[5] - The company’s total liabilities as of March 31, 2025, were CNY 196,632,223.68, up from CNY 190,970,352.87 as of December 31, 2024[23] - The company’s total assets reached CNY 2,307,695,080.00 as of March 31, 2025, compared to CNY 2,286,250,982.16 as of December 31, 2024[23]

Investment Rating - The report maintains a "Recommended" rating for the company [1][7][11] Core Insights - The company's revenue for 2024 is projected to be 297 million yuan, representing a year-over-year growth of 22.3%, while the net profit is expected to decline to 21 million yuan, a decrease of 61.0% [3][5][9] - The core business of cell culture media is experiencing strong growth, with a revenue increase of 27.51% in the second half of 2024, contributing 1.21 billion yuan to the total revenue [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is underperforming, with a significant drop in gross margin due to increased depreciation from new capacity coming online [4][5] Financial Performance Summary - The company achieved a total revenue of 2.97 billion yuan in 2024, with a net profit of 0.21 billion yuan, reflecting a significant decline in profitability [3][4] - The gross margin for the core cell culture media business is 69.64%, while the CDMO segment reported a negative gross margin of -37.71% [4][5] - The company is involved in 247 R&D pipelines, with 29 in Phase 3 clinical trials and 8 in commercialization, indicating a robust pipeline for future growth [5][7] Future Projections - Revenue is expected to grow to 392 million yuan in 2025 and 510 million yuan in 2026, with net profits projected at 65 million yuan and 92 million yuan respectively [5][9] - The report adjusts profit forecasts for 2025-2027, with net profits expected to be 0.65 billion yuan in 2025, 0.92 billion yuan in 2026, and 1.26 billion yuan in 2027 [7][9] Market Position and Strategy - The company is actively expanding its market presence through both domestic and international channels, with overseas revenue growing by 98.06% in the second half of 2024 [4][5] - The report highlights the importance of the cell culture media business in the drug development lifecycle, suggesting a long-term growth trajectory as drug production scales up [5][7]

核心培养基业务收入快速增长。2024年公司产品业务实现收入2.4亿元(+42%)，其中CHO培养基实现收 入2亿元(+49%)；海外业务实现收入9446万元，同比+144%。2024 年销售毛利率为53%，同比-5.8pp， 预计主要系CDMO 业务的固定成本摊销。费用率方面，销售费用率8.5%(+1.8pp)， 管理费用率27.1% (+3.2pp)，研发费用率11.5%(-6.2pp)。2024 年公司计提资产减值损失954万元，计提信用减值损失692 万 元。此外，由于公司高新技术企业资格取消致使税率提升，2024 年所得税费用增加656 万元。 盈利预测与投资建议。预计公司2025-2027 年收入分别为4亿元、5.3 亿元、7亿元，公司储备药企项目 丰富，未来抗体商业化生产订单将驱动业绩增长，建议关注。 事件：公司发布 2024年报，2024年实现收入3亿元(+22.3%)，归母净利润2105万元(-61%)，扣非净利润 658.6 万元(-81%)。 风险提示：产品出海不及预期风险、创新药行业投融资不及预期风险、市场竞争风险。 培养基业务持续放量，产品管线数量突破性增长。2024 年使用公司培养基 ...