证券代码：688520 证券简称：神州细胞 北京神州细胞生物技术集团股份公司 2024 年年度股东大会 会议资料 北京神州细胞生物技术集团股份公司 二〇二五年五月 北京神州细胞生物技术集团股份公司 2024 年年度股东大会资料 目录 第一部分 2024 年年度股东大会会议须知 第二部分 2024 年年度股东大会会议议程 第三部分 2024 年年度股东大会会议议案 北京神州细胞生物技术集团股份公司 2024 年年度股东大会资料 北京神州细胞生物技术集团股份公司 2024 年年度股东大会会议须知 为保障北京神州细胞生物技术集团股份公司（下称"公司"）全体股东的合 法权益，维护股东大会的正常秩序，保证股东大会如期、顺利召开，根据《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》"）、《上市公司股东会规则》《北京神州细胞生物技术集团股份公 司章程》（以下简称"《公司章程》"）等有关规定，特制定本须知。 一、会议期间，全体出席人员应以维护股东的合法权益、保证大会的正常秩 序和议事效率为原则，认真履行法定义务，自觉遵守大会纪律，不得侵犯公司和 其他股东的合法权益，不得扰 ...

Core Insights - The Chinese innovative drug industry is experiencing a positive trend, with increasing industry prosperity and significant breakthroughs in product development by various companies [1][2][3] - The AACR annual meeting showcased the strength of Chinese innovative drug research, with 126 companies presenting nearly 300 new drug research results [2] - Several companies reported impressive financial results, indicating a recovery and growth in the sector [4][5][6] Industry Developments - The AACR meeting highlighted the growing influence of Chinese innovative drugs, with over 80 ADC studies and nearly 40 bispecific antibody studies presented [2] - Notable approvals include the new BTK inhibitor from Innovent Biologics and the PD-1/VEGF bispecific antibody from Kangfang Biotech, both receiving regulatory approval for cancer treatment [3] - The industry is seeing a trend of improved financial performance, with companies like Heng Rui Pharma reporting a 22.63% increase in revenue and a 47.28% increase in net profit [4] Financial Performance - Heng Rui Pharma achieved a revenue of 27.985 billion yuan, with a net profit of 6.337 billion yuan, reflecting strong growth [4] - Bai Li Tian Heng reported a staggering 936.31% increase in revenue to 5.823 billion yuan, turning a profit due to a significant upfront payment from a global pharmaceutical partner [4] - Shen Zhou Cell's revenue reached 2.513 billion yuan, marking a 33.13% increase, with the company achieving profitability for the first time [5] Market Catalysts - The innovative drug sector is being catalyzed by various factors, including overseas licensing, domestic policy support, and clinical data advancements [7] - Recent policies in Beijing and Shenzhen aim to accelerate innovation in the pharmaceutical industry, offering financial incentives for successful drug approvals [7] - Investment trends show a significant increase in domestic innovative drug financing, with a 51.78% year-on-year growth in March [7] Future Outlook - Industry experts believe that continued policy support will provide better development opportunities for differentiated innovative drugs in China [8] - The focus on innovation and internationalization remains a core strategy for the industry, with expectations for faster approval processes and supportive pricing mechanisms [8]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 42.88 CNY, compared to the current stock price of 36.50 CNY [4]. Core Insights - The company achieved a revenue of 2.513 billion CNY in 2024, marking a year-on-year growth of 33.13%, and recorded a net profit of 112 million CNY, indicating its first profitable year since listing [1][11]. - The core product, the recombinant factor VIII product Anjain®, saw stable sales with a revenue of 1.89 billion CNY in 2024, reflecting a growth of 6.18% despite price pressures from regional procurement [3][9]. - The company is actively expanding its overseas market presence, having signed agreements with partners in over ten "Belt and Road" countries and obtaining regulatory approvals for product launches in Pakistan and Indonesia [3][9]. Financial Performance - In Q1 2025, the company reported a revenue of 520 million CNY, a decrease of 15.15% year-on-year, with a net profit of 64 million CNY, down 14.06% [1]. - The gross margin for 2024 was 95.91%, a slight decline of 1.20 percentage points, while the gross margin for the core product Anjain® was 96.89% [2]. - The company’s R&D expenses in 2024 were 911 million CNY, a decrease of 20.64%, primarily due to most products being in early clinical research stages [2][10]. Market Strategy - The company has implemented flexible market strategies to ensure compliance with procurement pricing and to expand market share for Anjain® [3]. - The sales of antibody drugs, including Anpingxi® and two biosimilars, exceeded 620 million CNY in 2024, showing a significant growth of 499.80% [9]. - The company is focusing on real-world studies to gather clinical data, enhancing treatment protocols and patient confidence [9]. Future Projections - Revenue growth is projected at 16.9%, 20.8%, and 16.4% for 2025 to 2027, with net profit growth expected at 86.1%, 114.0%, and 62.6% respectively [11][12].

Core Insights - The company reported a revenue of 25.13 billion yuan for 2024, marking a 33% year-on-year increase, with a return to profitability for the first time [1][2] - In Q1 2025, the company experienced a decline in revenue, net profit attributable to shareholders, and net profit excluding non-recurring items, with decreases of 15%, 14%, and 85% respectively [1] Financial Performance - For 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 25.13 billion yuan, 1.12 billion yuan, and 4.74 billion yuan respectively [1] - In Q1 2025, the company reported revenue of 5.19 billion yuan, net profit attributable to shareholders of 0.64 billion yuan, and net profit excluding non-recurring items of 0.24 billion yuan [1] Business Analysis - The company achieved its first positive profit margin in 2024, driven by strong sales of its flagship product, Anjialin, which generated 18.9 billion yuan in sales, a 6.18% increase [2] - The company has successfully integrated its products into the national medical insurance directory, leading to significant sales growth for its other biological drugs [2] - The company invested 9.36 billion yuan in R&D in 2024, focusing on clinical research for several products and maintaining a robust pipeline [2][3] Product Development - The company has initiated Phase 11 clinical trials for several innovative biological drugs and vaccines targeting autoimmune diseases and various cancers [3] - The SCT-110A monoclonal antibody was approved for marketing in China in February 2025 for specific cancer treatments [2] Revenue and Profit Forecast - The company has revised its revenue forecasts for 2025 and 2026 down by 7% and 17% to 30 billion yuan and 39 billion yuan respectively, and net profit forecasts down by 47% and 39% to 2.24 billion yuan and 4.50 billion yuan respectively [4] - The company anticipates a revenue of 49 billion yuan and a net profit of 7.89 billion yuan by 2027 [4]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology field and AI medical investment opportunities [3][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) [3][8]. - The upcoming ASCO conference is highlighted as a significant event for domestic innovative drug companies, with over 70 oral presentations and more than 10 major studies expected [3][4]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16% from April 21 to April 25, outperforming the Wind All A index and the CSI 300 index [3][8]. - Notable performers included medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][9]. - Individual stock performances showed significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, Kangfang Bio announced FDA approval for its drug Anike for the treatment of recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Bio also reported the approval of its PD-1/VEGF bispecific antibody for first-line treatment of specific lung cancer types [13]. - The digital transformation plan for the pharmaceutical industry aims to enhance competitiveness and quality management through AI and data integration by 2030 [3][4].

Core Viewpoint - The report highlights Shenzhou Cell's strong performance driven by eight key products, achieving profitability for the first time and showcasing a rich pipeline for future growth [1][3]. Financial Performance - In 2024, the company reported revenue of 2.513 billion, net profit attributable to shareholders of 112 million, and a non-recurring net profit of 474 million, marking a 33% year-on-year revenue growth [2][3]. - For Q1 2025, the company recorded revenue of 519 million, net profit attributable to shareholders of 64 million, and a non-recurring net profit of 24 million, reflecting a year-on-year decline of 15%, 14%, and 85% respectively [2]. Operational Analysis - The restructuring of the eight key products led to a revenue of nearly 2.5 billion in 2024, with the first-ever achievement of positive profitability [3]. - The product Anjain achieved stable sales of 1.89 billion, growing by 6.18% year-on-year, despite price reductions in regional and alliance collective procurement [3]. - Sales of three antibody products exceeded 620 million, with a remarkable year-on-year growth of 499.80% [3]. Research and Development - In 2024, the company invested 936 million in R&D, focusing on clinical studies for products like SCT1000, SCT650C, and SCTB14, as well as preclinical development of multiple pipeline products [4]. - The monoclonal antibody SCT-I10A was approved for marketing in China in February 2025 for treating head and neck squamous cell carcinoma and liver cancer [4]. - Several innovative biologics and vaccines are in development, including SCT650C for autoimmune diseases and SCTB14 for solid tumor immunotherapy, with Phase II clinical trials initiated [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 and 2026 have been adjusted downwards by 7% and 17% to 3 billion and 3.9 billion respectively, with net profit forecasts reduced by 47% and 39% to 224 million and 450 million [5]. - The company is expected to achieve a revenue of 4.9 billion and a net profit of 789 million by 2027 [5]. - The rating for the company remains "Buy" [5].

Core Viewpoint - Shenzhou Cell has achieved significant financial milestones in 2024, including a revenue of 2.513 billion yuan and a net profit of 112 million yuan, marking its first annual profit since inception [1][2] Financial Performance - The company reported a revenue of 2.513 billion yuan, representing a year-on-year growth of 33.13% [1] - The net profit attributable to shareholders reached 112 million yuan, with net assets amounting to 141 million yuan, indicating a successful turnaround [1] - The company will officially remove the "U" designation from its stock on April 29, 2024, due to its first-time profitability [1] Product Performance - The core product, Anjia, generated sales of 1.89 billion yuan, significantly contributing to overall revenue [1] - Sales from three antibody drugs exceeded 620 million yuan, showing substantial year-on-year growth [1] Operational Efficiency - R&D investment for 2024 was 936 million yuan, reflecting a decrease of 23.11% year-on-year, while maintaining stable R&D efficiency [2] - The company received approval for eight new clinical research products, covering various diseases and conditions, showcasing a robust technical platform [2] Intellectual Property and Research - During the reporting period, Shenzhou Cell filed 16 new domestic and international invention patent applications and received 82 invention patent grants [2] - Several product-related academic papers were published in SCI-indexed journals, enhancing the company's research profile [2]

Core Viewpoint - Shenzhou Cell (688520.SH) has achieved significant financial milestones, including a revenue of 2.513 billion yuan and a net profit of 112 million yuan, marking its first annual profit and the removal of the "U" designation from its stock [1][2] Financial Performance - The company reported a revenue of 2.513 billion yuan, representing a year-on-year growth of 33.13% [1] - The net profit attributable to shareholders reached 112 million yuan, with net assets amounting to 1.41 billion yuan, indicating a successful turnaround [1] - The core product, Anjiah, generated sales of 1.89 billion yuan, contributing significantly to overall revenue [2] R&D and Innovation - Shenzhou Cell's R&D investment for 2024 was 936 million yuan, reflecting a decrease of 23.11%, yet maintaining stable research efficiency [2] - The company received approval for 8 new clinical research products, covering various diseases, showcasing a robust pipeline [2][3] - The company filed 16 new domestic and international patent applications and received 82 patent grants during the reporting period [2] Market Position and Strategy - Anjiah has become a benchmark product, capturing the largest market share in the domestic recombinant factor VIII market, significantly improving the quality of life for hemophilia patients [4] - The company is actively pursuing international expansion, having established production lines compliant with international GMP standards and securing clinical research permits in developed countries [6] - Shenzhou Cell has signed cooperation agreements with over ten countries, including Indonesia and Brazil, to enhance its global market presence [6] Product Development - The approval of the PD-1 drug, Finolizumab Injection, for head and neck squamous cell carcinoma marks a significant breakthrough in the domestic market [5] - The SCT1000, a 14-valent HPV vaccine, is positioned to prevent 96% of cervical cancer cases, addressing a significant unmet medical need in China [6] Industry Context - The Chinese biopharmaceutical industry is experiencing rapid growth, with domestic innovative drugs surpassing those from the U.S. in clinical trials from 2015 to 2024 [7] - Shenzhou Cell aims to leverage its innovation capabilities to meet unmet health needs and provide high-quality, affordable biopharmaceuticals [7]

北京神州细胞生物技术集团股份公司(以下简称"公司")聘请信永中和会 计师事务所(特殊普通合伙)(以下简称"信永中和")作为公司 2024 年度财务 及内部控制的审计机构。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,公司董事会审计委员会对本公司 2024年度的审计机构信永中和履 行监督职责的情况报告如下: 一、会计师事务所的基本情况 北京神州细胞生物技术集团股份公司 董事会审计委员会对会计师事务所 履行监督职责情况报告 (三)2025年4月22日,审计委员会通过会议形式与负责公司审计工作的 签字注册会计师及审计现场负责项目经理召开工作沟通会议,对 2024年度审计 基本情况、关键审计事项、审计结论、审计委员会关注事项等进行了沟通。审计 委员会成员听取了信永中和关于审计过程中发现的问题及审计报告的出具情况 等事项的汇报。 (一) 机构信息情况 信永中和成立于 2012年 3 月 2 日,注册地址为北京市东城区朝阳门北大街 8 号富华大厦 A座 8 层,首席合伙人为谭小青先生,拥有财政部颁发的会计师事 务所执业证书,2010 ...

北京神州细胞生物技术集团股份公司 2024 年度"提质增效重回报"行动评估报告暨 2025 年度"提质增效重回报"行动方案 北京神州细胞生物技术集团股份公司（以下简称"公司"或"神州细胞"） 为切实践行"以投资者为本"的上市公司发展理念，维护公司全体股东特别是广 大中小投资者利益，基于对公司未来发展前景的信心和真抓实干提升公司投资价 值的责任感，于 2024 年 4 月 13 日发布了《2024 年度"提质增效重回报"行动 方案》，于 2024 年 8 月 12 日发布了《关于 2024 年度"提质增效重回报"专项行 动方案的半年度评估报告》。2024 年度，公司根据"提质增效重回报"行动方案 积极开展和落实相关工作，在保障投资者权益、树立良好资本市场形象等方面取 得了较好成效。 为进一步提升公司经营效率，强化核心竞争力，保障投资者权益，树立良好 的资本市场形象，公司特制定 2025 年度"提质增效重回报"行动方案。 公司 2024 年度"提质增效重回报"行动方案执行情况及 2025 年度"提质增 效重回报"行动方案具体内容如下： 一、全线产品协同增效，推动公司持续高质量发展 2024 年，公司全线产品协同增 ...