股票代码：688443 股票简称：智翔金泰 重庆智翔金泰生物制药股份有限公司 2023 年年度股东大会会议资料 2024 年 6 月 重庆智翔金泰生物制药股份有限公司 2023 年年度股东大会会议资料 目录 | 重庆智翔金泰生物制药股份有限公司 | 年年度股东大会会议须知 1 2023 | | --- | --- | | 重庆智翔金泰生物制药股份有限公司 | 2023 年年度股东大会会议议程 3 | | 重庆智翔金泰生物制药股份有限公司 | 2023 年年度股东大会会议议案 5 | | 议案一：关于公司 2023 | 年度董事会工作报告的议案 5 | | 议案二：关于公司 2023 | 年度监事会工作报告的议案 6 | | 议案三：关于公司 2023 | 年度报告及其摘要的议案 7 | | 议案四：关于公司 2023 | 年度财务决算报告的议案 8 | | 议案五：关于公司 2023 | 年度利润分配方案的议案 9 | | 议案六：关于续聘公司 2024 | 年度审计机构的议案 10 | | 议案七：关于公司 2024 | 年度董事薪酬方案的议案 11 | | 议案八：关于公司 2024 | 年度监事薪酬方案 ...

投资者关系活动记录表 证券代码：688443 证券简称：智翔金泰 重庆智翔金泰生物制药股份有限公司 投资者关系活动记录表 编号：2024001 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 投资者关系活动类别 □现场参观 其他 行业集体业绩说明会 2023年度科创板生物制品（二）集体业绩说明会：参与业绩说明 参与对象 会的广大投资者 时间 2024年5月22日星期三 15:00-17:00 地点 线上：上证路演中心 （网址：https://roadshow.sseinfo.com） 董事长：单继宽先生 董事、总经理：常志远先生 上市公司接待人员 董事、董事会秘书：李春生先生 董事、财务总监：刘力文先生 独立董事：陈利先生 主要交流内容记录如下： 问题1：能否详细解读下公司24年一季度财务情况，同比如 何？ 回复：尊敬的投资者您好，公司 2024年第一季度的经营业 绩请关注公司于2024年4月30日在上海证券交易所网站披露的 《2024年第一季度报告》。 感谢您的关注。 投资者关系活动主要 问题2：公司未来会增加分红次数吗？ 内容 回复：尊敬的投资者您好，根据《企业会计准则 ...

上海市锦天城律师事务所 关于重庆智翔金泰生物制药股份有限公司 实际控制人增持股份的 专项核查意见 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 专项核查意见 上海市锦天城律师事务所 上海市锦天城律师事务所（以下简称"本所"）接受重庆智翔金泰生物制药 股份有限公司（以下简称"智翔金泰"或"公司"）的委托，就公司实际控制人 蒋仁生先生增持智翔金泰股份事宜（以下简称"本次增持"）进行专项核查并出 具《上海市锦天城律师事务所关于重庆智翔金泰生物制药股份有限公司实际控制 人增持股份的专项核查意见》（以下简称"本专项核查意见"）。 本所及经办律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司收购管理办法》 （以下简称"《收购管理办法》"）、《上海证券交易所上市公司自律监管指引第 8 号—股份变动管理》、《律师事务所从事证券法律业务管理办法》和《律师事务所 证券法律业务执业规则》等规定及本专项核查意见出具日以前已经发 ...

证券代码：688443 证券简称：智翔金泰 公告编号：2024-017 重庆智翔金泰生物制药股份有限公司 关于实际控制人增持公司股份计划实施结果的公告 重要内容提示： 增持计划的主要内容：重庆智翔金泰生物制药股份公司（以下简称"公 司"）于 2023 年 11 月 17 日披露了《关于实际控制人增持公司股份计划的公告》， 公司实际控制人蒋仁生先生拟使用其自有资金或自筹资金，自 2023 年 11 月 17 日起六个月内，通过上海证券交易所系统允许的方式（包括但不限于集中竞价、 连续竞价和大宗交易）增持公司股份，增持金额不低于人民币 3,000 万元且不超 过人民币 5,000 万元。 增持计划的实施结果：截至 2024 年 5 月 16 日，蒋仁生先生通过上海证 券交易所交易系统以集中竞价方式增持公司股份 875,582 股，约占公司已发行股 本总数的 0.24%，合计增持金额约 3,122.62 万元，已达到本次增持计划增持金额 区间下限人民币 3,000 万元，本次增持计划期间已经届满，增持实施完毕。 一、增持主体的基本情况 （一）增持主体：蒋仁生先生 （二）本次增持实施前，增持主体持有公司股份情况：本次 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.07 CNY, reflecting an increase from the previous target of 48.35 CNY [20][22]. Core Insights - The company has presented excellent Phase I data for GR1803 (BCMAxCD3) targeting multiple myeloma at the 2024 EHA, indicating potential as a new treatment option [20][22]. - The absolute valuation of the company is estimated at 19.825 billion CNY, corresponding to a reasonable per-share equity value of 54.07 CNY [20][22]. - The market for multiple myeloma treatments is significant, with a large unmet need, and the company’s dual antibody therapy shows promising safety and efficacy profiles [20][22]. Financial Summary - The company is projected to have revenues of 85 million CNY in 2024, increasing to 579 million CNY by 2026, reflecting a substantial growth trajectory [23]. - The net profit (attributable to the parent) is expected to improve from -727 million CNY in 2024 to -350 million CNY in 2026 [23]. - The company’s operating profit margin is projected to improve significantly over the forecast period, indicating a potential turnaround in profitability [23]. Valuation Metrics - The report utilizes the FCFF model for valuation, with key assumptions including a risk-free rate of 2.29%, a market expected return of 8.44%, and a WACC of 7.93% [6][7]. - The sensitivity analysis indicates that the reasonable stock price varies with changes in WACC and perpetual growth rates, reinforcing the robustness of the valuation [8]. Market Context - The report highlights the competitive landscape for multiple myeloma therapies, noting that while CAR-T therapies have higher efficacy, dual antibodies like GR1803 offer lower costs and better safety profiles [20][22]. - The global incidence of multiple myeloma is significant, with 187,900 new cases reported in 2022, indicating a large market opportunity for effective treatments [20][22].

证券代码：688443 证券简称：智翔金泰 公告编号：2024-016 重庆智翔金泰生物制药股份有限公司 关于参加 2023 年度科创板生物制品（二） 集体业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 5 月 20 日(星期一)16:00 前通过邮件和电话形式将需 要了解和关注的问题提前提供给公司，公司将在文字互动环节对投资者普遍关注的 问题进行回答。 重庆智翔金泰生物制药股份有限公司（以下简称"公司"）已于 2024 年 4 月 3 日发布公司 2023 年度报告、2024 年第一季报告，为便于广大投资者更全面深入地 了解公司 2023 年度、2024 年第一季度经营成果、产品研发进展、发展战略等情况， 公司参与了由上交所主办的 2023 年度科创板生物制品（二）集体业绩说明会。此 次活动将采用网络文字互动的方式举行，投资者可登录上海证券交易所上证路演中 心（http://roadshow.sseinfo.com/）参与线上互动交流。 一、说明会类型 本次投资 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [13][19]. Core Viewpoints - The company has made significant progress with multiple products, including the acceptance of the NDA for its core product, SecuMab, for moderate to severe plaque psoriasis, marking it as the first domestic submission for an anti-IL-17A monoclonal antibody [7][19]. - The company has a robust capacity and commercialization preparation, having completed the expansion of its antibody production base, which adds 20,000L of fermentation capacity for large-scale production of products like SecuMab and GR1802 [14]. - The company has 15 products in development, with 9 products approved for clinical trials across 17 indications, and expects substantial revenue growth from 2024 to 2026 [19]. Financial Performance Summary - The company reported a revenue of 1.21 million yuan in 2023, with R&D expenses increasing by 36.5% year-on-year to 620 million yuan [18]. - Revenue projections for 2024, 2025, and 2026 are 240 million yuan, 3.31 billion yuan, and 7.21 billion yuan respectively, indicating a significant growth trajectory [19]. - The net profit is projected to be -908 million yuan in 2024, improving to -730 million yuan in 2025 and -407 million yuan in 2026 [20].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [2][31]. Core Insights - The company is on the verge of commercializing its first domestic IL-17A monoclonal antibody, GR1501, with promising clinical results for moderate to severe plaque psoriasis [1][10]. - Revenue projections for 2024-2026 are approximately 120 million, 340 million, and 700 million yuan, respectively, reflecting strong growth potential [2][12]. - The company has a robust R&D pipeline with 15 products under development, including GR1801, which is expected to be approved soon [43]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 121.15 million yuan, with a net loss attributable to shareholders of 800 million yuan, showing a 39.03% increase in loss compared to the previous year [42]. - The company’s R&D investment for 2023 was 620 million yuan, a 36.5% increase year-on-year, indicating a commitment to innovation [43]. Market Potential - The report estimates that the market share for moderate to severe plaque psoriasis could reach approximately 36% by 2034 [6]. - The pricing strategy for GR1801 anticipates an initial price of 598 yuan per dose, with a potential 50% reduction in the following year due to insurance negotiations [7][35]. Product Pipeline - GR1501 has shown excellent efficacy in clinical trials, with a PASI75 response rate of 96.5% and a low relapse rate of 0.4% at week 52 [1]. - GR1801 is the first dual antibody for rabies virus in China, targeting specific protein sites to ensure effectiveness against various strains [11]. Valuation Metrics - The company’s total market capitalization is approximately 14.6 billion yuan, with a total asset value of 4.114 billion yuan [4]. - The report highlights a projected increase in gross margins for GR1501 and GR1801, indicating improved profitability as these products reach the market [15].

智翔金泰-U（688443.SH） 增持 在研管线有序推进，赛立奇单抗获批在即 核心观点 公司研究·财报点评 相关研究报告 45 15 10 资料来源：公司公告、Wind、国信证券经济研究所整理 资料来源：公司公告、Wind、国信证券经济研究所整理 3) GR1603: 系统性红斑狼疮适应症处于 Ph2 临床试验阶段; 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 请务必阅读正文之后的免责声明及其项下所有内容 财务预测与估值 免责声明 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 投资评级标准 | 类别 | 级别 | 说明 | | 报告中投资建议所涉及的评级（如有）分为股票评 | | 买入 | 股价表现优于市场代表性指数 20%以上 | | 级和行业评级（另有说明 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] - The target price is set at 48.35, up from the previous forecast of 43.66 [1][3] - The current price is noted at 40.94 [1][3] Core Insights - The company has received approval for GR1501, with a strong pipeline supporting future growth [1] - The 2023 annual report and 2024 Q1 report indicate that performance is in line with expectations, with increased R&D investment [1][3] - The company reported a non-GAAP net profit of -813 million yuan in 2023, a widening loss compared to 2022, primarily due to increased R&D expenses [1][3] Financial Summary - Revenue is projected to grow significantly from 1 million yuan in 2022 to 85 million yuan in 2023, and further to 319 million yuan in 2024 [3] - The net profit is expected to improve from -801 million yuan in 2023 to -727 million yuan in 2024 [3] - R&D investment increased by 36.5% in 2023, reaching 620 million yuan, with a total of 419 R&D personnel [1][3] Product Pipeline - GR1501 is expected to be approved in H1 2024, with indications for psoriasis and ankylosing spondylitis [1] - The company is advancing multiple products through clinical trials, with GR1802 and GR2001 entering key phases [1][3] - The company aims to leverage first-mover advantages in the market once GR1501 is launched [1]