证券代码：688356 证券简称：键凯科技 公告编号：2025-018 北京键凯科技股份有限公司 关于自愿披露注射用透明质酸钠复合溶液 注册申请获得受理的公告 申请注册产品：注射用透明质酸钠复合溶液 注册受理号：CQZ2500951 二、项目简介 注射用透明质酸钠复合溶液项目是公司基于聚乙二醇修饰技术自主研发的 3 类无源 植入型医疗器械，拟开展适应症为成人改善皮肤干燥、肤色暗沉。依靠透明质酸钠的锁 水性，临床上可通过皮内注射实现对于真皮层的保湿补水，从而改善面部皮肤状态。聚 乙二醇是 FDA 批准的可用于人体注射的合成聚合物，通过悬挂的形式对透明质酸钠进 行修饰，可有效降低修饰后的透明质酸钠在真皮内的降解速度，从而延长其保湿补水作 用的时间。同时，修饰后的复合透明质酸钠溶液流动更强，更易注射，不易漏液。 公司就该器械项目于 2023 年 9 月获得临床试验组长单位伦理批件，并于 2023 年 10 月进行临床试验申请备案（备案号：津械临备 20230072）。 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。 近日，北京键 ...

中国经济网北京5月22日讯 键凯科技(688356.SH)近日发布的2024年年度报告显示，2024年，键凯科 技实现营业收入2.27亿元，同比减少22.26%；归属于上市公司股东的净利润2983.78万元，同比减少 74.22%；归属于上市公司股东的扣除非经常性损益的净利润1947.98万元，同比减少82.64%；经营活动 产生的现金流量净额1.20亿元，同比增长0.31%。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比 上年同 期增减 | 2022年 | | 营业收入 | 227.096,825.17 | 292, 118, 400. 90 | (%) -22. 26 | 407, 204, 018. 62 | | 归属于上市公司股东的 净利润 | 29, 837, 797. 00 | 115, 744, 579. 80 | -74.22 | 186, 832, 948. 27 | | 归属于上市公司股东的 扣除非经常性损益的净 | 19, 479, 826. 17 | 112, ...

Core Viewpoint - Beijing JianKai Technology Co., Ltd. is preparing for its 2024 annual shareholder meeting, focusing on various proposals including executive compensation, financial reports, and stock issuance authorization. Group 1: Shareholder Meeting Proposals - Proposal Eight discusses the execution of director compensation for 2024 and the standard for 2025, with independent directors receiving a monthly salary of 10,000 RMB (tax included) in 2024 and a proposed annual salary of 120,000 RMB for 2025 [16][18]. - Proposal Nine outlines the compensation for supervisors, with external supervisors receiving an annual salary of 120,000 RMB (tax included) and no salary for shareholder supervisors not holding administrative positions [20]. - Proposal Ten seeks authorization for the board to issue stock to specific targets, with a total financing amount not exceeding 300 million RMB and not exceeding 20% of the net assets at the end of the previous year [21][22]. Group 2: Financial Performance - The company reported a total revenue of 227.10 million RMB in 2024, a decrease of 22.26% compared to the previous year, and a net profit attributable to shareholders of 29.84 million RMB, down 74.22% year-on-year [39]. - The decline in performance is attributed to reduced domestic product sales and increased operational costs following the commissioning of the Liaoning Panjin project [39]. - The company’s net profit after deducting non-recurring gains and losses was 19.48 million RMB, reflecting an 82.64% decrease compared to the previous year [39]. Group 3: Governance and Compliance - The board of directors has adhered to relevant laws and regulations, ensuring that the shareholder meeting and board decisions comply with legal requirements [34][36]. - The supervisory board has conducted oversight on the company's operations, financial status, and the use of raised funds, confirming compliance with regulations and protecting shareholder interests [36][38].

证券代码：688356 证券简称：键凯科技 北京键凯科技股份有限公司 2024 年年度股东大会会议资料 2025 年 6 月 | 2024 年年度股东大会会议须知 . | | --- | | 2024 年年度股东大会会议议程 . | | 议案一:《关于<2024年度董事会工作报告>的议案》 . | | 议案二:《关于<2024年度监事会工作报告>的议案》 . | | 议案三:《关于<2024年度独立董事述职报告>的议案》 | | 议案四:《关于<2024年年度报告>及摘要的议案》 | | 议案五:《关于<2024年财务决算报告>的议案》 . | | 议案六:《关于<2025年财务预算报告>的议案》 . | | 议案七:《关于<2024年年度利润分配方案>的议案》 . | | 议案八:《关于公司董事 2024年度薪酬执行情况及 2025 年度薪酬标准的议案》 | | .. | | 议案九:《关于公司监事 2024年度薪酬执行情况及 2025 年度薪酬标准的议案》 | | .. | | 议案十:《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议案》 | | .. | | 议案十一:《关于增加公司注册资本 ...

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the pharmaceutical sector [3]. Core Insights - The life sciences upstream sector has experienced a significant recovery since September 24, 2024, with a 60% increase in the index, outperforming the pharmaceutical and biotechnology sectors by 40 percentage points [4][23]. - The sector is currently in a rebound phase after undergoing a clearing phase from mid-2022 to late 2024, characterized by supply-demand imbalances and subsequent recovery [20][23]. Supply Side Summary - The supply side is witnessing a turning point, with local products continuously upgrading to mid-to-high-end levels, aiming for global leadership [5]. - The overall capital expenditure depreciation has dropped to its lowest level in nearly six years, indicating a recovery in the supply chain [29]. - Companies are experiencing a gradual recovery in gross profit margins, with some, like Aladdin and Nanmo Biology, showing signs of improvement after hitting lows [34]. Demand Side Summary - Research institutions and large pharmaceutical companies are steadily increasing their R&D expenditures, with improved financing potentially stimulating high growth in smaller pharmaceutical companies [6]. - The recognition of domestic brands is increasing, accelerating the process of replacing foreign products, particularly in protein and culture media categories [6]. Related Companies - **Aopumai**: A leading domestic brand in culture media, with a comprehensive layout in "culture media + CRO + CDMO" [8]. - **Aladdin**: A domestic high-end research reagent brand, expected to contribute additional growth from overseas [8]. - **Baipusais**: A leading domestic player in recombinant proteins, with a turning point in performance [8]. - **Nuowei Zhan**: A leader in molecular biological reagents, benefiting from the domestic replacement trend [8]. - **Jian Kai Technology**: A leading domestic PEG company, with new product releases expected to open up growth space [8]. - **BGI Genomics**: Focused on domestic markets while expanding globally, optimistic about accelerating domestic replacements [8].

Core Viewpoint - The company is undergoing a performance transformation period, with significant declines in revenue and profit in 2024, while showing some recovery in Q1 2025, particularly in overseas markets [3][4]. Group 1: 2024 Financial Performance - In 2024, the company achieved operating revenue of 227 million, a year-on-year decrease of 22.26%. The net profit attributable to shareholders was 30 million, down 74.22%, and the net profit after deducting non-recurring items was 19 million, down 82.64% [3]. - The decline in domestic orders and sales revenue was attributed to price pressures and intense competition in the market [4]. Group 2: Q1 2025 Financial Performance - In Q1 2025, the company reported operating revenue of 69 million, a year-on-year increase of 6.66%. The net profit attributable to shareholders was 12 million, down 17.79%, and the net profit after deducting non-recurring items was 9 million, down 19.51% [3]. - The revenue from overseas customers saw significant growth, with foreign product sales revenue reaching 59.65 million, a year-on-year increase of 51.52%, driven by new drug launches [5]. Group 3: Market Dynamics - The international customer structure has undergone significant adjustments, with a notable decrease in orders from overseas medical device clients due to inventory plan adjustments, while orders from overseas pharmaceutical clients increased significantly [4]. - In Q1 2025, the company's direct exports to the U.S. accounted for 17.36% of total revenue, indicating a low impact from tariff policies on overall revenue and profit [5].

Core Insights - The company reported a significant decline in financial performance for 2024, with total revenue of 227 million yuan, down 22.26% year-on-year, and a net profit attributable to shareholders of 30 million yuan, down 74.22% year-on-year [1] - In Q1 2025, the company showed a slight recovery in revenue, achieving 69 million yuan, up 6.66% year-on-year, but net profit still decreased by 17.79% [1][3] - The company is undergoing a transformation period, with domestic orders falling significantly due to price competition and pressure from downstream commercialization [2] Financial Performance - For 2024, the company experienced a 22.26% decline in revenue to 227 million yuan and a 74.22% drop in net profit to 30 million yuan [1] - In Q1 2025, revenue was 69 million yuan, reflecting a 6.66% increase year-on-year, while net profit was 12 million yuan, down 17.79% [1][3] - The adjusted net profit forecast for 2025 and 2026 has been significantly lowered to 53 million yuan and 124 million yuan, respectively, from previous estimates of 166 million yuan and 198 million yuan [4] Market Dynamics - Domestic market orders have decreased significantly due to intense price competition and pressure from downstream commercialization [2] - Internationally, there has been a notable shift in customer structure, with a slight overall revenue decrease; however, orders from overseas pharmaceutical clients have increased significantly due to new drug launches [2][3] - In Q1 2025, overseas product sales revenue increased by 51.52%, with pharmaceutical sales growing by 149.41% year-on-year [3] Strategic Outlook - The company is expected to maintain a low proportion of direct exports to the U.S., with 17.36% of total revenue coming from U.S. exports in Q1 2025, indicating limited impact from tariff policies [3] - The company is focusing on expanding its overseas customer base, particularly non-U.S. clients, which may mitigate risks associated with international trade policies [3] - The company maintains a "buy" rating due to significant growth in overseas revenue and promising prospects in drug and device projects [4]

Investment Rating - The report maintains a "Buy" rating for the company, considering the significant growth in overseas revenue in Q1 2025 and the promising application space for its drug and device projects [4][6]. Core Insights - The company is undergoing a performance transformation period, with a notable increase in overseas revenue in Q1 2025, while domestic orders have decreased significantly due to price pressures and competition [2][3]. - In 2024, the company reported a revenue of 227 million yuan, a decrease of 22.26% year-on-year, and a net profit of 30 million yuan, down 74.22% year-on-year [1]. - The first quarter of 2025 saw a revenue of 69 million yuan, an increase of 6.66% year-on-year, but the net profit decreased by 17.79% year-on-year [1]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 227 million yuan, with a net profit of 30 million yuan and a significant decline in both metrics compared to the previous year [1]. - For Q1 2025, the operating revenue was 69 million yuan, with a net profit of 12 million yuan, indicating a mixed performance with revenue growth but profit decline [1][3]. Market Dynamics - Domestic market orders have decreased significantly due to price competition and pressure from downstream commercialization products [2]. - Internationally, the customer structure has shifted, with a slight overall revenue decrease; however, orders from overseas pharmaceutical clients have increased significantly due to new drug launches [2][3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been significantly reduced, with expected net profits of 53 million yuan and 124 million yuan respectively, down 68% and 37% from previous estimates [4]. - The report projects a net profit of 172 million yuan for 2027, with an estimated EPS of 0.88, 2.05, and 2.83 yuan for 2025, 2026, and 2027 respectively [4].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but new business developments, including innovative drugs and medical beauty products, are expected to drive future growth [1][2][5]. Financial Performance - In 2024, the company achieved a revenue of 227 million yuan, a year-on-year decrease of 22.26%, and a net profit of 30 million yuan, down 74.22% [1]. - For Q1 2025, the company reported a revenue of 69 million yuan, a year-on-year increase of 6.66%, while the net profit was 12 million yuan, down 17.79% [1]. Business Development - The company is in a transitional phase, facing pressure from domestic market price competition and a shift in international customer structure, leading to a decrease in orders and sales [2]. - The company has increased its R&D investment to 79.95 million yuan in 2024, a 38.28% increase year-on-year, with R&D expenses accounting for 35.21% of sales revenue [3]. Innovative Drug Progress - The innovative drug, PEG-irinotecan, has successfully entered Phase III clinical trials, with multiple indications in Phase II trials, showing promising results for small cell lung cancer [3]. - The company is also progressing with clinical trials for other indications, including glioblastoma and triple-negative breast cancer [3]. Medical Beauty Product Launch - A new medical beauty product, a cross-linked sodium hyaluronate gel, has been approved for market, aimed at correcting moderate to severe nasolabial folds [4]. - This product is expected to enhance the company's product portfolio and meet diverse market demands, potentially increasing core competitiveness [4]. Valuation Adjustments - Due to the impact of downstream customer demand, the company's profit forecasts have been adjusted, with expected net profits for 2025-2027 at 50 million, 74 million, and 98 million yuan respectively [5]. - The company's stock price corresponds to valuations of 73.7, 50.0, and 37.6 times earnings for the respective years, reflecting optimism about future growth despite short-term challenges [5].

原评级：买入 市场价格:人民币 61.00 板块评级:强于大市 股价表现 医药生物 | 证券研究报告 — 调整盈利预测 2025 年 5 月 6 日 688356.SH 买入 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物：化学制药 证券分析师：刘恩阳 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 9.9 3.1 22.7 (23.8) 相对上证综指 9.3 5.3 21.9 (29.4) 发行股数 (百万) 60.65 流通股 (百万) 60.65 总市值 (人民币 百万) 3,699.69 3 个月日均交易额 (人民币 百万) 46.76 主要股东持股比例（%） (46%) (35%) (23%) (12%) (0%) 11% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 键凯科技 上证综指 XUAN ZHAO 24.54 enyang.liu@bocichina.com 证券投资咨询业务证书编号：S1300523090004 资料来源：公司公告， Wind ...