3）南芯科技 （上海理成资产管理有限公司参与公司电话会议） 调研纪要：南芯科技2024年汽车业务增速达179%，占营收比超3%，2025年将继续快速增长，布局车身 控制、智能驾驶、智能座舱、车载充电四大领域。公司研发费用率为17.01%，2025年预计相近；收购 昇生微后，将在业务端和供应链层面为其赋能。工业领域产品应用于储能、无人机、电池系统等，2024 年推出多款新品，未来将拓展IPower、工业自动化、工控及机器人领域。有线充电业务保持领先，技术 趋势向集成化、系统化发展，2024年取得显著突破，2025年预计取得更显著市场成绩。部分晶圆厂和封 装厂产能趋紧，公司产能分配合理匹配业务订单需求，晶圆采购和封装测试价格保持稳定。公司推出车 规级高速CN/CNFD收发器产品SC25042Q，未来将推出更多电源、驱动等产品。公司会两线并举，既拓 展大客户也拓展经销商，以扩大销售渠道。因收购昇生微，一季度支付交易款项并完成并表，产生7亿 商誉。 机构简介： 根据市场公开信息及5月7日披露的机构调研信息，知名私募理成资产近期对3家上市公司进行了调研， 相关名单如下： 1）华大智造 （上海理成资产管理有限公司参与公司 ...

Core Viewpoint - Micron Biologics (688321) is actively advancing its clinical pipeline, focusing on unmet medical needs in diabetes and liver diseases, while also exploring new drug forms and potential partnerships for drug development [1][2][3][4][5]. Group 1: Clinical Developments - The company has conducted market research indicating a significant overlap between patients with early-stage diabetes and those with metabolic fatty liver disease (MFLD/MSH), with about 55% of type 2 diabetes patients also having MFLD/MSH [1]. - The drug Siglecatin (Dulaglutide) has been approved for type 2 diabetes and included in medical insurance, showing multiple benefits such as liver fat reduction and improved fibrosis in Phase II clinical trials [1]. - The clinical trial for Sidabenamide in combination with other drugs for advanced colorectal cancer has successfully enrolled 200 out of 430 planned patients, with the trial progressing as scheduled [2]. Group 2: Pipeline Progress - The company is advancing several projects in Phase I and II clinical stages, including CS23546 (PD-L1 small molecule inhibitor) and CS231295 (brain-penetrant aurora B selective inhibitor), with plans for overseas clinical submissions [3]. - The company is preparing for potential licensing opportunities for early-stage molecules, actively engaging with external partners to enhance its drug development pipeline [4]. Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 162 million yuan, a year-on-year increase of 24.24%, while the net profit attributable to shareholders was -19.15 million yuan, a decrease of 4.64% [5]. - The company has a debt ratio of 52.84% and a gross profit margin of 85.64%, indicating a strong financial position despite recent losses [5]. - Recent institutional ratings show a positive outlook, with two firms issuing buy ratings within the last 90 days [5][6].

因公司发生《可转换公司债券募集说明书》规定的转股价格调 | 证券代码：688321 | 证券简称：微芯生物 | 公告编号： 2025-033 | | --- | --- | --- | | 转债代码：118012 | 转债简称：微芯转债 | | 一、可转债发行上市概况 深圳微芯生物科技股份有限公司 经中国证券监督管理委员会"证监许可[2022]1234 号"文同意 注册，深圳微芯生物科技股份有限公司（以下简称"公司"）于 2022 年 7 月 5 日向不特定对象发行可转换公司债券 500.00 万张， 每张面值为人民币 100 元，发行总额为人民币 50,000.00 万元（人 民币伍亿元整），发行的可转换公司债券的期限为自发行之日起六年， 即自 2022 年 7 月 5 日至 2028 年 7 月 4 日。 关于 "微芯转债"预计满足转股价格修正条件的提 示性公告 经上海证券交易所自律监管决定书〔2022〕195 号文同意，公 司发行的 50,000.00 万元可转换公司债券已于 2022 年 7 月 28 日起 在上海证券交易所挂牌交易，债券简称"微芯转债"，债券代码 "118012"。 本公司董事会及全 ...

Summary of Microchip Biotech Conference Call Company Overview - **Company**: Microchip Biotech - **Industry**: Biopharmaceuticals Key Financial Performance - **Q1 2025 Revenue**: 160 million CNY, a 24% year-over-year increase [2][3] - **2024 Revenue**: 660 million CNY, a 30% year-over-year increase [3] - **Operating Cash Flow**: Positive cash flow of 76.13 million CNY, a 148% increase year-over-year [3] - **Cash and Financial Assets**: 740 million CNY at the end of the period, with net assets of 1.58 billion CNY [2][3] Product Developments and Approvals - **Xidabian (西达本胺)**: New indication for double-expressing diffuse large B-cell lymphoma approved, included in Cioa guidelines as a first-line 1A recommendation, and the only oral new drug in domestic medical insurance [2][4][5] - **Siglitazone (西格列他钠)**: Successful renewal of medical insurance for diabetes indications, showing significant improvement in fatty liver and liver fibrosis, with over 70% of patients normalizing liver enzymes [2][5] - **Xiaoroni (西奥罗尼)**: Progress in clinical trials for small cell lung cancer, with improvements in progression-free survival (PFS) but not yet submitted for market approval [6] - **CS23,546**: Oral PD-L1 small molecule inhibitor completed the fourth dose escalation, with plans for higher dose escalation and combination therapy [7] - **CS2,346**: Brain-penetrating orbital inhibitor has completed the first patient enrollment [7] Clinical Trials and Research - **Clinical Trials**: - EB27 trial for Xiaoroni in the US has completed patient enrollment for the 65 mg group [6] - Pancreatic cancer phase II trial has completed enrollment, with data expected in the second half of the year [6] - **AI Integration**: Deep integration of AI in drug design and development, significantly shortening the new molecule screening time and optimizing structure design [4][10][20] Market Strategy and Future Outlook - **Market Focus**: Targeting metabolic diseases with Siglitazone as a foundational medication, showing advantages over traditional diabetes medications [17][18] - **Sales Strategy**: Focus on online channels and partnerships with e-commerce platforms for better market penetration [21] - **Revenue Guidance**: Expected revenue of around 1 billion CNY in 2025, with a stable profit forecast as the company continues to grow in key indications [24] R&D and Pipeline - **R&D Focus**: Continued investment in R&D with a stable budget, aiming for close to 200 million CNY in revenue from Siglitazone [25] - **Clinical Data Expectations**: Anticipated data readouts for CS23,546 and CS231,295 by the end of 2025, with ongoing trials in the US [22] Additional Insights - **Collaboration and Partnerships**: Actively seeking partnerships for research and development, with ongoing clinical trials in the US for key molecules [26][27] - **Emerging Therapies**: Development of PD-1 ADC products and exploration of new indications for existing drugs [29][30] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, product developments, clinical trials, market strategies, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company [1][8][14] Core Insights - The company's core products are experiencing steady growth, with significant advancements in clinical projects and new product launches [6][7][8] - In 2024, the company achieved a revenue of 658 million yuan, representing a year-on-year growth of 25.63%, while the net profit attributable to shareholders was a loss of 115 million yuan, a decline of 228.97% [5][10] - The company is expected to generate revenues of 789 million yuan, 981 million yuan, and 1.22 billion yuan in 2025, 2026, and 2027 respectively, with growth rates of 19.97%, 24.32%, and 24.30% [8][10] Revenue and Profitability - The company's revenue for Q1 2025 was 162 million yuan, showing a year-on-year increase of 24.24%, while the net profit attributable to shareholders was a loss of 19 million yuan, a decrease of 4.64% [5] - The core product, Sidaben, generated nearly 500 million yuan in revenue in 2024, marking a growth of 7.06% [6] - The new product, Sigle, achieved revenue of 140 million yuan in 2024, with a remarkable growth of 231.76% [6] Clinical Development - The company is advancing multiple innovative drug pipelines, including ongoing Phase III clinical trials for Sidaben in various cancer treatments [7] - The company has received approval for several clinical trials, including a Phase III trial for Sidaben in combination with other therapies for colorectal cancer [7] Financial Forecast - The report projects a net profit attributable to shareholders of -28 million yuan in 2025, followed by a profit of 58 million yuan in 2026 and 111 million yuan in 2027, with respective growth rates of 75.97%, 309.14%, and 92.48% [8][10]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a total revenue of 162 million yuan in Q1 2025, representing a year-on-year increase of 24.24%, while the net profit attributable to shareholders was -19.15 million yuan, a decrease of 4.64% year-on-year [1][2] - The revenue growth is primarily driven by significant sales increases of the products Sidabamine (爱谱沙®) and Siglitazone (双洛平®) [2] - The gross margin stands at 85.64%, down by 2.99 percentage points year-on-year, while the net margin is -11.8%, an increase of 2.22 percentage points year-on-year [2] - The company has multiple new products expected to be launched, which could lead to substantial revenue growth in the coming years [3] Financial Summary - The projected revenues for 2025-2027 are 900 million, 1.2 billion, and 1.6 billion yuan, respectively, with year-on-year growth rates of 37%, 34%, and 33% [3] - The net profit forecast for the same period is 39 million, 101 million, and 435 million yuan, with year-on-year growth rates of 134%, 162%, and 329% [3] - Earnings per share (EPS) are expected to be 0.09, 0.25, and 1.07 yuan for 2025, 2026, and 2027, respectively [3] - The price-to-earnings (PE) ratios are projected to be 179, 68, and 16 times for the same years [3] Clinical Trials and Product Development - The company has received approval for a Phase III clinical trial for Sidabamine in combination with other drugs for treating advanced colorectal cancer, with 200 out of 430 patients enrolled as of April 3, 2025 [2] - The CAPability-01 study results have been published in Nature Medicine, indicating positive clinical data [2] - A Phase II clinical trial for another product, Xioron, in combination with other drugs for treating advanced pancreatic cancer is currently ongoing [2]

Company Overview - Microchip Biotech is a pioneer in original innovative drugs in China, focusing on providing clinically needed revolutionary mechanism drugs for patients [7][38] - The company has established a complete industrial chain layout from early exploratory discovery to commercialization, offering original innovative drugs globally [38] Financial Performance - For the fiscal year 2024, the company reported a net profit attributable to shareholders of -114.57 million yuan, with the parent company achieving a net profit of -88.42 million yuan [5] - The board decided not to distribute cash dividends or issue bonus shares for the fiscal year 2024, despite having positive undistributed profits [5] Product Pipeline - The company has developed two innovative drugs, with multiple indications approved for sale globally, including in the fields of malignant tumors, metabolic diseases, autoimmune diseases, central nervous system diseases, and antiviral treatments [7][39] - Key products include: - **Sida Benamide (西达本胺)**: A first-in-class HDAC inhibitor with multiple indications approved in China and Japan, including for peripheral T-cell lymphoma and breast cancer [8][9][39] - **Siglitazone (西格列他钠)**: A first-in-class PPAR agonist approved for type 2 diabetes and recently for combination therapy with metformin [12][13][40] Research and Development - The company employs a team of experienced scientists to drive drug development, focusing on understanding disease mechanisms and optimizing drug design [22] - The R&D pipeline includes several promising candidates targeting various cancers and metabolic diseases, with ongoing clinical trials demonstrating significant efficacy [17][21][40] Industry Context - The biopharmaceutical industry in China is rapidly evolving, with increasing participation in global biotech innovation and a focus on meeting domestic healthcare needs [26][30] - Despite a low-risk appetite in global financing, Chinese companies are becoming significant players in licensing transactions, with a notable increase in outbound licensing activities [29][41] - The market for innovative drugs in China is projected to grow significantly, with a forecasted market size of approximately $197 billion by 2025 [30]

审计委员会对会计师事务所履行监督职责情况报告 深圳微芯生物科技股份有限公司 根据公司《董事会审计委员会工作规则》等有关规定，审计委员会对会计师 事务所履行监督职责的情况如下: 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，董事会 审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会 对会计师事务所履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 (一)会计师事务所基本情况 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计 师事务所（特殊普通合伙）（以下简称"毕马威华振"），2012 年 7 月 10 日取得 工商营业执照，并于 2012 年 8 月 1 日正式运营。于 2024 年 12 月 31 日，毕马 威华振有合伙人 241 人，注册会计师 1,309 人，其中签署过证券服务业务审计 报告的注册会计师超过 300 人。 毕马威华振 2023 年经审计的业务收入总额 ...

证券代码：688321 证券简称：微芯生物 深圳微芯生物科技股份有限公司 （深圳市南山区西丽街道曙光社区智谷产业园 B 栋 21F-24F） 关于本次募集资金投向 属于科技创新领域的说明 （修订稿） 一、公司的主营业务 公司是一家旨在为患者提供可承受的、临床亟需的原创新分子实体药物，具 备完整的从药物作用靶点发现与确证、先导分子的发现与评价到新药临床开发、 产业化、学术推广及销售能力的国家级高新技术企业。自创立之始，公司就以自 主创建的"基于化学基因组学的集成式药物发现及早期评价平台"为其核心竞争 力，秉承"原创、优效、安全、中国"的理念，专注于对人类生命健康造成严重 威胁的恶性肿瘤、糖尿病等代谢性疾病及自身免疫性疾病，致力于为患者提供可 承受的、临床亟需的创新机制药物。 公司持续聚焦主营业务，围绕恶性肿瘤、代谢性疾病、自身免疫性疾病、中 枢神经系统疾病及抗病毒五大领域布局了多个具有差异化优势和全球竞争力的 研发项目，储备了一系列独家发现的新分子实体的候选药物，持续拓展产品对于 更多适应症的覆盖以及临床治疗线的前移。公司在商业化推进、产能提升、临床 试验开展、早期研发、公司治理以及人才培养等方面均取得了诸多进 ...

证券代码：688321 证券简称：微芯生物 公告编号：2025-021 深圳微芯生物科技股份有限公司 关于使用剩余超募资金永久性补充流动资金的公告 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。 一、募集资金的基本情况 根据中国证券监督管理委员会出具的《关于同意深圳微芯生物科技股份有限 司首次公开发行股票注册的批复》（证监许可〔2019〕1299 号），公司首次向社 会公众公开发行人民币普通股(A 股)5000.00 万股，每股面值人民币 1 元，每股 发行价格为人民币 20.43 元，募集资金总额为人民币 102,150.00 万元，扣除与募 集资金相关的发行费用共计人民币 7,631.18 万元后，本次募集资金净额为人民币 94,518.82 万元。上述资金已于 2019 年 8 月 6 日全部到位，且经毕马威华振会计 师事务所（特殊普通合伙）审验并出具了毕马威华振验字第 1900341 号《验资报 告》。上述募集资金到账后，已全部存放于公司董事会开立的募集资金专项账户 内，并由公司及子公司与保荐机构、存放募集资金的商 ...