上海昊海生物科技股份有限公司 投资者关系活动记录表 （2024 年 3 月 12 日） 股票简称：昊海生科 股票代码： 688366 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 投资者关系活动 类别 □新闻发布会 □路演活动 □现场参观 □ 其他 申万宏源、中金公司、海通证券、东吴证券、中信证券、招商证券、国盛证券、国金证券、 参与单位名称 国海证券、浙商证券、西南证券、西部证券、东方财富、开源证券、上海证券、民生证券、 野村证券、安信证券、华西证券、华安证券、中邮证券、同方证券、财通证券、中天国富证 券、万和证券、东北证券、国融证券、安信国际、易方达基金、汇添富基金、民生加银基 金、工银瑞信基金、中欧基金、中庚基金、永赢基金、兴业基金、天弘基金、中信建投基 金、格林基金、鹏华基金、博时基金、中信保诚基金、东方阿尔法基金、路博迈基金、华泰 柏瑞基金、景顺长城基金、鑫元基金、晨岭基金、朱雀基金、南方基金、东海基金、恒越基 金、嘉实基金、西部利得基金、泰信基金、天治基金、华宝基金、恒生前海基金、博道基 金、金元顺安基金、华富基金、开思基金、鹏扬基金、方圆基金、兴合基金、富国基金、江 信基金、泓德基金、 ...

识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 [Table_PageText] 昊海生科|年报点评 [Table_FinanceDetail] 资产负债表 单位：百万元 现金流量表 单位：百万元 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 至 12 月 31 日 2022A 2023A 2024E 2025E 2026E 流动资产 3,532 3,750 4,079 4,878 5,799 经营活动现金流 231 634 214 1,322 1,011 货币资金 2,545 2,741 2,372 3,170 3,747 净利润 190 412 558 758 908 应收及预付 440 380 940 804 960 折旧摊销 204 198 178 195 205 存货 485 526 675 791 958 营运资金变动 -138 90 -658 362 -177 其他流动资产 62 103 92 112 134 其它 -26 -66 136 7 74 非流动资产 3,360 3,355 3,398 3,569 3,569 投资活动现金流 -682 - ...

地址：上海市浦明路 868 号保利 One56 1 号楼 10 层 邮编：200120 电话：021-38124100 邮箱：gsresearch@gszq.com 南昌 深圳 地址：南昌市红谷滩新区凤凰中大道 1115 号北京银行大厦 邮编：330038 传真：0791-86281485 邮箱：gsresearch@gszq.com 地址：深圳市福田区福华三路 100 号鼎和大厦 24 楼 邮编：518033 邮箱：gsresearch@gszq.com P.3 请仔细阅读本报告末页声明 证券研究报告 | 年报点评报告 2024 年 03 月 12 日 昊海生科（688366.SH） 玻尿酸产品全线放量，眼科板块稳健增长 昊海生科发布 2023年年度报告。公司 2023 年实现营收 26.54 亿元（同比+24.59%）； 归母净利润 4.16 亿元（同比+130.58%）；扣非后归母净利润 3.83 亿元（同比 +141.52%）。分季度看：2023Q4 实现营业收入 6.72 亿元（同比+22.74%）；实 现归母净利润 0.89 亿元（同比+377.12%）；实现扣非后归母净利润 0.79 亿元（同 ...

[Table_Main] 证券研究报告 | 公司点评 昊海生科(688366.SH) 2024 年 03 月 10 日 增持（维持） 所属行业：医药生物/医疗器械 当前价格(元)：104.22 证券分析师 赵雅楠 资格编号：S0120523070002 邮箱：zhaoyn＠tebon.com.cn 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -17% -9% 0% 9% 17% 26% 昊海生科 沪深300 -26% | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | -34% 2023-03 \n沪深 300 对比 | 2023-07 \n1M | 2023-11 \n2M | 3M | | 绝对涨幅 (%) | -3.50 | 3.87 | -3.10 | | 相对涨幅 (%) | -8.85 | -3.80 | -7.37 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《昊 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15]. Core Insights - The company's hyaluronic acid product line has achieved rapid growth, with sales revenue reaching 602 million yuan in 2023, a year-on-year increase of 95.54%. The third-generation "Haimi" product alone generated over 230 million yuan, growing by 129.32% year-on-year. The fourth-generation organic cross-linked hyaluronic acid product has completed domestic clinical trials and is expected to drive further growth upon its launch [2]. - The ophthalmology segment also showed strong performance, with main business revenue of 928 million yuan in 2023, up 20.57% year-on-year. The artificial lens and ophthalmic viscoelastic devices benefited from the recovery in cataract surgeries, with revenues increasing by 37% and 29% respectively. The high-end bifocal artificial lens product SBL-3 saw a sales increase of 69.37% year-on-year [4][15]. Financial Performance - In 2023, the company achieved total revenue of 2.654 billion yuan, representing a year-on-year growth of 24.59%. The net profit attributable to the parent company was 416.12 million yuan, a significant increase of 130.58% year-on-year. The fourth quarter alone saw revenue of 672 million yuan, up 22.74%, and net profit of 89 million yuan, up 377.12% [14][15]. - The company's earnings per share (EPS) for 2023 was 2.43 yuan, with projected EPS of 2.98 yuan for 2024 and 3.69 yuan for 2025 [14]. Market Data - The closing price of the company's stock is 104.22 yuan, with a market capitalization of 17.871 billion yuan. The price-to-earnings (P/E) ratio is currently 42.95 [7][14]. Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 3.097 billion yuan in 2024 and 3.600 billion yuan in 2025. The net profit is expected to reach 510.54 million yuan in 2024 and 632.16 million yuan in 2025 [14][15].

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Financial Performance - The company reported a basic earnings per share of CNY 2.44 for 2023, a 134.62% increase compared to CNY 1.04 in 2022[24]. - The diluted earnings per share also stood at CNY 2.44, reflecting the same 134.62% growth year-over-year[24]. - The net profit attributable to shareholders was CNY 416,000,000, which represents 40.09% of the total profit allocated for cash dividends[9]. - The company's operating revenue for 2023 reached approximately ¥2.65 billion, representing a 24.59% increase compared to ¥2.13 billion in 2022[46]. - Net profit attributable to shareholders increased by 130.58% to approximately ¥416.12 million from ¥180.47 million in the previous year[46]. - The net profit attributable to shareholders after deducting non-recurring gains and losses grew by 141.52%, amounting to approximately ¥383.41 million compared to ¥158.75 million in 2022[46]. - The net cash flow from operating activities surged by 174.30% to approximately ¥634.45 million, up from ¥231.30 million in the previous year[46]. - Total assets as of the end of 2023 were approximately ¥7.11 billion, a 3.09% increase from ¥6.89 billion at the end of 2022[46]. - The net assets attributable to shareholders increased by 2.46% to approximately ¥5.65 billion from ¥5.51 billion in 2022[46]. - Total revenue for 2023 reached CNY 2,645,068,738.47, an increase of 25.11% compared to the previous year[79]. - The overall gross profit margin for the main business reached 70.46%, an increase of 1.51 percentage points from the previous year[104]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 10.00 per 10 shares, totaling CNY 166,833,930.00[9]. Research and Development - Research and development expenses accounted for 8.29% of operating revenue, a slight decrease of 0.26 percentage points from 8.55% in 2022[24]. - Research and development expenses amounted to CNY 220,098,318.01, a 20.81% increase from CNY 182,191,781.51 in the previous year, reflecting the company's commitment to innovation[75]. - The company has established an integrated R&D system across China, the US, the UK, France, and Israel, enhancing its technological capabilities and market competitiveness[64]. - The company is focusing on high-end implantable biomaterials, which require complex R&D and have a long development cycle[130]. - The company has several products in various stages of development, including new types of biological gels and cross-linked hyaluronic acid gels[132]. Market Expansion and Product Development - The company is actively expanding its product line in the medical aesthetics sector, including investments in RF and laser medical devices, as well as home-use instruments and botulinum toxin products[66]. - The company is focused on international expansion and has acquired several overseas companies to facilitate the transfer of advanced technologies and products to the domestic market[73]. - The company anticipates continued growth in the medical beauty market, projected to achieve a compound annual growth rate of 15%-20% over the next five years[94]. - The company is leveraging its multi-brand product line and cost advantages to adapt to the new marketing landscape post-volume procurement in the ophthalmology sector[143]. Sales and Revenue Breakdown - Revenue from ophthalmic products was CNY 928,214,432.86, a decrease of 20.57% year-on-year, with a gross margin of 59.11%[79]. - Revenue from medical beauty and wound care products increased by 41.27% to CNY 1,056,860,493.91, with a gross margin of 77.45%[79]. - Revenue from mainland China was CNY 2,191,972,736.84, up 28.20% year-on-year, with a gross margin of 73.65%[79]. - Direct sales accounted for CNY 1,321,405,596.97 in revenue, an increase of 28.49%, with a gross margin of 77.77%[79]. Operational Efficiency - The company has established a procurement center to enhance operational efficiency and reduce costs, focusing on centralized procurement of raw materials and equipment[162]. - The company has entered into significant procurement and sales contracts during the reporting period, enhancing its operational capabilities[82]. Future Outlook - The company’s future outlook includes continued investment in R&D and potential market expansion strategies[24]. - The company is exploring advanced technologies and products in ophthalmology, medical aesthetics, orthopedics, and surgery to ensure sustainable long-term development[147]. Corporate Governance - The company has no non-operating fund occupation by controlling shareholders or related parties[11]. - The company’s financial report has been confirmed as true, accurate, and complete by its management team[8].

Financial Performance - The company recorded a total revenue of RMB 2,634.91 million for the year ended December 31, 2023, representing an increase of RMB 531.47 million or 25.27% compared to the previous year[2]. - Net profit attributable to shareholders was approximately RMB 416.12 million, reflecting a growth of 130.58% compared to the previous year, while the net profit excluding non-recurring items was RMB 383.41 million, up 141.52%[2]. - The gross profit for the year was RMB 1,853.51 million, compared to RMB 1,446.92 million in 2022, indicating a significant increase in profitability[3]. - The company reported a total comprehensive income of RMB 404.44 million for the year, significantly higher than RMB 100.70 million in 2022[4]. - The basic and diluted earnings per share for the year were RMB 2.44, compared to RMB 1.04 in the previous year, showcasing strong earnings growth[4]. - The total tax expense for the year 2023 amounted to RMB 95,991,000, an increase of 111.1% compared to RMB 45,395,000 in 2022[30]. Research and Development - Research and development expenses amounted to approximately RMB 220.10 million, an increase of RMB 37.91 million or 20.81% year-over-year, accounting for 8.35% of total revenue[2]. - The company is focusing on expanding its ophthalmic and aesthetic innovation product lines, with several key R&D projects progressing smoothly[48]. - The hydrophobic injection aspheric intraocular lens product has been approved for registration and market launch in June 2023, while other products are in various stages of clinical trials and registration[48]. - The company has initiated clinical trials for the innovative hydrophobic molded aspheric trifocal artificial lens in July 2023[56]. Dividends and Share Repurchase - The board proposed a final dividend of RMB 1.00 per share for the year ended December 31, 2023, compared to RMB 0.40 per share in 2022, and recommended a bonus issue of 4 new shares for every 10 existing shares[2]. - The total number of H-shares repurchased in 2023 was 3,872,400, with a total expenditure of HKD 166,589,234.00[89]. - The total number of A-shares repurchased in 2023 was 1,089,486, with a total expenditure of RMB 117,145,262.95[90]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 6,389.55 million, slightly up from RMB 6,381.12 million in the previous year[5]. - Current assets increased to RMB 3,750.14 million from RMB 3,532.12 million, indicating improved liquidity[5]. - The company’s total liabilities amounted to RMB 407.95 million as of December 31, 2023, compared to RMB 118.26 million in 2022[40]. - The current portion of total liabilities was RMB 216.63 million, while the non-current portion was RMB 191.32 million[40]. Revenue Breakdown - Revenue from mainland China was RMB 2,181,814 thousand, up 28.5% from RMB 1,699,078 thousand in 2022[22]. - The ophthalmology product line generated RMB 924.65 million in revenue, accounting for 35.10% of total revenue, with a year-on-year growth of 20.72%[47]. - The medical beauty and wound care product line reported revenue of RMB 1,052.80 million, representing 39.95% of total revenue, with a significant year-on-year growth of 41.44%[47]. - The orthopedic product line's revenue reached RMB 474.26 million, making up 18.00% of total revenue, with a year-on-year increase of 22.71%[47]. Market Position and Strategy - The company has been recognized as a high-tech enterprise, allowing a preferential tax rate of 15% for certain subsidiaries in 2023[6]. - The company aims to accelerate the localization of the ophthalmic industry in China and become a globally recognized comprehensive ophthalmic product manufacturer[50]. - The company has established exclusive distribution rights for high-end corneal reshaping lenses in mainland China, enhancing its market share and influence[56]. - The company plans to focus on four rapidly developing treatment areas: ophthalmology, medical aesthetics, wound care, and orthopedics, while enhancing research and development capabilities[69]. Compliance and Governance - The company has complied with all applicable code provisions under the Corporate Governance Code during the reporting period[93]. - The audit committee reviewed the audited consolidated financial statements and annual results for the year ending December 31, 2023[94]. - The annual report containing all data required by the Hong Kong Listing Rules will be sent to shareholders and published on the relevant websites in due course[95].

证券代码：688366 证券简称：昊海生科 公告编号：2024-010 上海昊海生物科技股份有限公司 关于修订公司章程及其附件的公告 于2019年9月27日，经中国证券监督 管理委员会（以下称"中国证监会"）证监 许可[2019]1793号文件核准，公司首次公 开发行内资股1,780万股，该等公司发行 内资股及公司之前已发行的内资股于 2019年10月30日上市。公司的股本结构 为：总股本17,784.53万股，其中A股 13,780万股，占公司普通股本的77.483%； H股4,004.53万股，占公司普通股本的 22.517%。 经公司2020年第一次临时股东大会、 2020年第一次A股类别股东大会和2020年 第一次H股类别股东大会批准，公司回购 并注销63.87万股H股股份；经2019年度股 东周年大会、 2020年第二次A股类别股东 大会及2020年第二次H股类别股东大会批 准，公司回购并注销138.45万股H股股份； 注销各自回购股份后公司的股本结构为： 总股本为17,582.21万股，其中A股13,780 万股，占公司普通股本的78.375%； H股 3,802.21 万 股 ， 占 公 司 普 ...

上海昊海生物科技股份有限公司 第五届监事会第十四次会议决议公告 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。 证券代码：688366 证券简称：昊海生科 公告编号：2024-013 一、监事会会议召开情况 上海昊海生物科技股份有限公司（以下简称"公司"）第五届监事会第十四 次会议（以下简称"本次会议"）于2024年3月8日15:30时以现场结合通讯方式召 开，本次会议通知已于2024年2月23日以书面方式送达公司全体监事。本次会议 由监事会主席刘远中先生主持，会议应参加监事5人，实际参加监事5人。本次会 议的召集、召开符合《中华人民共和国公司法》等法律、法规和《上海昊海生物 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定。 二、监事会会议审议情况 经与会监事审议，做出以下决议： 1.审议通过《关于公司监事会2023年度工作报告的议案》 表决情况：5票同意，0票反对，0票弃权 本议案尚须提交公司2023年度股东周年大会审议。 2.审议通过《关于公司截至2023年12月31日止年度财务报表的议案》 表决情况：5 ...