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].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 61.00 and a sector rating of "Outperform" [1][3]. Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit in 2024. However, the progress of its innovative drug, Pegylated Irinotecan, which has entered Phase III clinical trials, is promising. Additionally, the recent launch of its medical beauty products is expected to contribute positively to future performance, leading to a maintained "Buy" rating [3][5][7]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of RMB 227 million, a year-on-year decline of 22.26%, and a net profit of RMB 30 million, down 74.22%. For Q1 2025, revenue was RMB 69 million, up 6.66%, while net profit was RMB 12 million, down 17.79% [3][5][7]. Revenue and Profit Forecast - The revised profit forecast for 2025-2027 estimates net profits of RMB 50 million, RMB 74 million, and RMB 98 million respectively, with corresponding EPS of RMB 0.83, RMB 1.22, and RMB 1.62. The previous forecasts were significantly higher [5][6][7]. Clinical Development - The innovative drug Pegylated Irinotecan is progressing well, with successful patient enrollment in Phase III trials for small cell lung cancer and ongoing Phase II trials for other indications. The company has increased its R&D investment to RMB 79.94 million in 2024, accounting for 35.21% of sales revenue [7][8]. New Product Launch - The company’s medical beauty product, a cross-linked sodium hyaluronate gel, has been approved for market release, which is expected to enhance product diversity and meet market demand, potentially boosting future sales [7][8].

证券代码：688356 证券简称：键凯科技 公告编号：2025-015 北京键凯科技股份有限公司 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《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》《上海证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，北京键凯科技股份有限公司（以下简称"公司"）董事会拟提请股东大 会授权董事会决定公司向特定对象发行融资总额不超过人民币 3 亿元且不超过 最近一年末净资产 20%的股票，授权期限为自公司 2024 年年度股东大会审议通 过之日起至公司 2025 年年度股东大会召开之日止。 （一）确认公司是否符合以简易程序向特定对象发行股票条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司证券发行注册管理办法》等有关法律、法规和规范性文件的规定，对公司 实际情况进行自查和论证，确认公司是否符合以简易程序向特定对象发行股票的 条件。 （二）发行股票的种类、面值 ...

北京键凯科技股份有限公司 关于董事会审计委员会对会计师事务所 2024 年度履行监督 职责情况的报告 北京键凯科技股份有限公司（以下简称"公司"）聘请德勤华永会计师事务所 （特殊普通合伙）（以下简称"德勤华永"）作为公司 2024 年度财务和内部控 制审计机构。根据财政部、国务院国有资产监督管理委员会、中国证券监督管理 委员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司审计委 员会切实对德勤华永 2024 年度的审计工作情况履行了监督职责。具体情况如下： 一、聘请会计师事务所基本情况 （一）会计师事务所基本情况 二、董事会审计委员会履行监督职责的工作情况 根据《董事会审计委员会工作细则》等有关规定，审计委员会对德勤华永作 为公司 2024 年度财务和内部控制审计机构而履行的监督职责情况如下： 1、公司董事会审计委员会对德勤华永的独立性、专业胜任能力、投资者保 护能力进行了充分的了解和审查，在查阅了德勤华永的基本情况、资格证照和诚 信记录等相关信息后，认为其具备证券、期货相关业务执业资格，具备审计的专 业能力和资质，能够满足公司年度财务报告审计和内部控制审计工作的要求。 德勤华永的前身是 1993 ...

北京键凯科技股份有限公司 财务报表及审计报告 2024 年 12 月 31 日止年度 北京键凯科技股份有限公司 财务报表及审计报告 2024 年 12月 31 日止年度 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 6 | | 合并及母公司资产负债表 | 7 - 11 | | 合并及母公司利润表 | 12 - 14 | | 合并及母公司现金流量表 | 15 - 18 | | 合并及母公司股东权益变动表 | 19 - 21 | | 财务报表附注 | 22 - 104 | De oitte. 审计报告 德师报(审)字(25)第 P05566号 (第1页,共6页) 北京键凯科技股份有限公司全体股东: 一、审计意见 我们审计了北京键凯科技股份有限公司(以下简称"键凯科技")的财务报表,包括 2024 年 12月 31日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司现金 流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 键凯科技 2024年 12 月 31日的合并及母公司财务状 ...