2024年 4月 25 日，公司发布公告，2024 年1季度营收6.12 亿元， 同比增长86.30%；归母净利润7419.74 万元，扣非归母净利润1.60 亿元，单季度首次扭亏为盈。业绩符合预期。 重组八因子安佳因增长强劲，单季扭亏，经营性现金流转正。（1） 公司自 2021 年重组八因子首次获批至今，该产品 2021/22/23 年分 别销售 1.34、10.23和 17.8 亿元，连续3年营收高增长。2023 年 1 月底，安佳因用于12 岁以下儿童甲型血友病患者出血的控制和预防 适应症的补充申请获得批准，进一步拓宽了产品的适用患者群体。 1Q24 公司营收同比高增86%，亦是主要得益于八因子销售的持续增 长。（2）1Q24,公司经营性净现金流量1.75 亿元，首次转正。 研发投入持续，管线陆续商业化，多产品矩阵初具规模，后劲可期。 人民币(元) 成交金额(百万元) （1）2023 年，公司整体研发投入1.22 亿元，同比增长25%，主要 77.00 300 用于SCTV01、SCT1000、SCT-I10A 等产品的临床中后期研究，以及 70.00 250 众多产品的临床前开发。知识产权储备方面，报 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 62.84 CNY, indicating a potential upside from the current price of 47.06 CNY [4][15]. Core Insights - In Q1 2024, the company reported revenue of 613 million CNY, representing a year-on-year growth of 86.3%. The net profit attributable to the parent company was 74.2 million CNY, up 148.49% year-on-year, marking the first quarter of profitability [1][3]. - The domestic market for hemophilia A treatment shows significant room for growth, with a treatment penetration rate of less than 20% and an average patient medication level of only 5-6 million IU, which is below international preventive treatment standards [1]. - The company is expected to benefit from the rapid growth of its product, Anjain, which has seen a price reduction of 22% in the 2023 procurement round, making it more accessible to patients [1]. - The sales expenses increased significantly in Q1 2024, amounting to 125 million CNY, a rise of 73.42% year-on-year, driven by the approval of three monoclonal antibody products [1]. - Research and development expenses decreased by 9.45% year-on-year to 244 million CNY, as the company shifts focus from COVID-19 vaccine development to other competitive pipelines [1]. Financial Projections - Revenue projections for 2024-2026 are 2.8 billion CNY, 3.8 billion CNY, and 4.6 billion CNY, with growth rates of 48%, 36%, and 22% respectively [1][3]. - Net profit estimates for the same period have been adjusted to 310 million CNY, 690 million CNY, and 1.05 billion CNY, reflecting growth rates of 177%, 124%, and 54% respectively [1][3]. - The company is expected to maintain a strong market position with a projected PS ratio of 10x for 2024, leading to a reasonable market capitalization of 28 billion CNY [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][13]. Core Views - The company has achieved rapid revenue growth in 2023, with a revenue of 1.887 billion yuan, representing a year-on-year increase of 84.46%. In Q1 2024, the company turned profitable for the first time, reporting a net profit of 74 million yuan [5]. - The core product, recombinant factor VIII (Anjain), saw sales of approximately 1.78 billion yuan in 2023, a year-on-year increase of 77%, with a gross margin of 97.42% [6]. - The company is expanding its product matrix, with several antibody drugs entering the market and contributing to future revenue growth [7]. Financial Performance Summary - In 2023, the company reported a revenue of 1.887 billion yuan, with a net loss of 396 million yuan, which is a 23.7% reduction in losses year-on-year. The net profit for Q1 2024 was 74 million yuan, marking a significant turnaround [5]. - The projected net profits for 2024-2026 are 342 million yuan, 719 million yuan, and 957 million yuan respectively, with corresponding EPS of 0.77, 1.62, and 2.15 yuan [5]. - The company’s revenue is expected to continue growing, with forecasts of 2.876 billion yuan in 2024, 3.742 billion yuan in 2025, and 4.493 billion yuan in 2026, reflecting year-on-year growth rates of 52.4%, 30.1%, and 20.1% respectively [8]. Product and Market Development - The company’s recombinant factor VIII product is rapidly gaining market share domestically and has submitted drug registration applications in multiple countries, including Pakistan, Brazil, and Indonesia, with expectations for overseas market entry by 2025 [6]. - The company’s first antibody drug, Ripa-tuzumab, entered the medical insurance system in December 2023, paving the way for increased hospital access and sales in 2024 [7].

（三）现场检查人员 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 焦延延、邵才捷 中信证券股份有限公司 关于北京神州细胞生物技术集团股份公司 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保 荐人"）作为正在对北京神州细胞生物技术集团股份公司（以下简称"公司"或 "上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 焦延延、牛奔 （四）现场检查时间 2024 年 4 月 2 日、4 月 15 日和 4 月 22 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披 露情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情 况、募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况 等方面进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事 1 项及意见"。 （六）现场检查手段 本 ...

Revenue and Profitability - The company's revenue for Q1 2024 reached ¥612,503,357.24, representing an increase of 86.30% compared to the same period last year[4] - Net profit attributable to shareholders was ¥74,197,374.04, with a significant improvement from a loss in the previous year[9] - The net profit after deducting non-recurring gains and losses was ¥156,999,273.17, driven by stable growth in product sales and cost control measures[9] - Total operating revenue for Q1 2024 reached RMB 612,503,357.24, a significant increase from RMB 328,779,509.01 in Q1 2023, representing an increase of approximately 86.1%[18] - Net profit for Q1 2024 was RMB 74,408,961.17, a turnaround from a net loss of RMB 153,348,003.27 in Q1 2023[19] - The total profit for Q1 2024 was RMB 74,408,961.17, compared to a total loss of RMB 153,348,003.27 in the same period last year[19] Cash Flow - The net cash flow from operating activities increased to ¥174,614,309.12, attributed to substantial revenue growth and increased cash receipts from sales[9] - Cash flow from operating activities for Q1 2024 was RMB 626,375,201.44, up from RMB 363,548,180.77 in Q1 2023, marking an increase of approximately 72.4%[19] - Net cash flow from operating activities for Q1 2024 was ¥174,614,309.12, a significant improvement from a negative cash flow of ¥121,991,794.43 in the same period last year[20] - Total cash inflow from financing activities reached ¥424,558,076.98, compared to ¥403,095,198.05 in Q1 2023[21] - The company reported a cash inflow of ¥673,087,944.90 from operating activities, up from ¥367,633,516.25 in Q1 2023[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,827,779,969.88, reflecting a 4.02% increase from the end of the previous year[6] - Total current assets increased to RMB 1,124,763,080.85, up from RMB 1,060,347,468.42, representing a growth of approximately 6.1%[14] - Total non-current assets reached RMB 1,703,016,889.03, up from RMB 1,658,188,702.97, indicating an increase of around 2.7%[15] - Total liabilities amounted to RMB 3,350,034,051.24, slightly up from RMB 3,324,350,645.59, showing a marginal increase of about 0.8%[16] - Total equity attributable to shareholders decreased to RMB -516,112,769.36 from RMB -599,461,618.33, reflecting an improvement of about 13.9%[16] Research and Development - R&D investment totaled ¥244,484,611.26, accounting for 39.92% of revenue, a decrease of 42.20 percentage points from the previous year[6] - Research and development expenses for Q1 2024 amounted to RMB 237,334,271.65, slightly down from RMB 248,165,462.86 in Q1 2023, indicating a decrease of about 4.0%[18] - The company has no significant new product launches or technological developments reported during this quarter[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,223[10] - The largest shareholder, Lhasa Ailike Investment Consulting Co., Ltd., holds 60.90% of the shares[10] Financial Performance Metrics - The weighted average return on net assets was -13.30%, indicating a negative performance compared to the previous year[4] - The company reported a basic and diluted earnings per share of RMB 0.17 for Q1 2024, compared to a loss per share of RMB -0.34 in Q1 2023[19] - Tax expenses for Q1 2024 were RMB 4,041,783.18, compared to RMB 2,345,862.51 in Q1 2023, reflecting an increase of approximately 72.0%[18] - The company’s financial expenses for Q1 2024 were RMB 30,665,676.59, up from RMB 26,041,042.51 in Q1 2023, indicating an increase of about 17.0%[18] Government Support - The company received government subsidies amounting to ¥43,131,411.07, which positively impacted the financial results[7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [14]. Core Insights - The company achieved a significant revenue growth of 84.46% in 2023, with total revenue reaching 1.887 billion yuan, and is projected to continue this trend with an estimated revenue of 6.0-6.2 billion yuan in Q1 2024, reflecting a year-on-year growth of 82.12% to 88.21% [1][2]. - The company has successfully turned a profit in Q1 2024, with a projected net profit of 60-80 million yuan, marking a pivotal shift from previous losses [1]. - The restructuring of the coagulation factor VIII product has led to a revenue of 1.78 billion yuan in 2023, with a gross margin of 97.42%, supported by cost advantages from large-scale production [1]. - The product matrix is expanding, with several biosimilars entering the national medical insurance catalog, which is expected to drive rapid growth in sales [1]. - Research and development expenses are projected to decrease in 2024, with a focus on advancing multiple competitive pipelines, including a 14-valent HPV vaccine and various monoclonal antibodies [1]. Financial Summary - The company’s revenue is forecasted to increase from 2.798 billion yuan in 2024 to 4.645 billion yuan in 2026, with growth rates of 48%, 36%, and 22% respectively [2][11]. - Net profit is expected to rise significantly, from 410 million yuan in 2024 to 1.169 billion yuan in 2026, with growth rates of 204%, 92%, and 48% respectively [2][11]. - The earnings per share (EPS) is projected to improve from -0.89 yuan in 2023 to 2.63 yuan in 2026 [2][11]. Valuation - The report assigns a price-to-sales (P/S) ratio of 10x for 2024, leading to a target market capitalization of 28 billion yuan and a target price of 62.84 yuan per share [1][3].

证券代码：688520 证券简称：神州细胞 公告编号：2024-015 北京神州细胞生物技术集团股份公司 2024 年第一季度业绩预增的自愿性披露公告 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。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 3 月 31 日。 （二）业绩预告情况 1. 经公司财务部门初步测算，预计公司 2024 年第一季度实现营业收入 60,000 万元至 62,000 万元，与上年同期相比，将增长 27,000 万元至 29,000 万元， 同比增长 82.12%至 88.21%。 2. 经公司财务部门初步测算，预计公司 2024 年第一季度实现归属于母公司 所有者的净利润 6,000 万元至 8,000 万元，由亏转盈。 3. 经公司财务部门初步测算，预计公司 2024 年第一季度实现归属于母公司 所有者的扣除非经常性损益后的净利润 14,500 万元至 16,500 万元，由亏转盈。 二、上年同期业绩情况 1. 营业收入：32,877.95 万元。 2. ...

Financial Performance - The company achieved an operating revenue of CNY 1,887.35 million, representing a year-on-year growth of 84.46%[3] - The net loss attributable to shareholders was CNY 396.02 million, a decrease of 23.70% compared to the previous year[3] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was CNY 63.68 million, down 83.91% year-on-year[3] - The company reported a significant increase in revenue, reaching approximately $XX million, representing a YY% growth compared to the previous year[16] - The company reported a total revenue of CNY 188,734.93 million, representing a year-on-year growth of 84.46%[94] - The net loss attributable to the parent company was CNY 39,601.83 million, a decrease in loss of 23.70% year-on-year[94] - The gross margin for the main business was 97.11%, slightly increasing due to significant sales growth of the main product, Anjain®[90] Research and Development - The company reported a total R&D investment of CNY 1,217.38 million for the year, focusing on preclinical research and clinical trials[3] - The company plans to continue high levels of R&D investment as products enter critical clinical research phases[3] - The company is focused on expanding its product pipeline and enhancing its competitive advantage through sustained R&D efforts[3] - The company invested 1.22 billion yuan in R&D in 2023, a year-on-year increase of 25.06%, focusing on clinical research for products like SCTV01 and SCT1000[33] - The company has multiple products in preclinical development, including recombinant proteins, monoclonal antibodies, and innovative vaccines, ensuring a continuous pipeline of innovative candidates entering clinical research[42] - The company is conducting Phase II/III clinical studies for multiple products, leading to significant increases in R&D expenses during the reporting period[67] - The company has established a comprehensive R&D and production platform for recombinant proteins, monoclonal antibodies, and innovative vaccines, ensuring a competitive edge in the biopharmaceutical industry[54] Product Development and Pipeline - The company has four products approved for sale, including two biosimilars and a quadrivalent COVID-19 vaccine, which was included for emergency use in December 2023[3] - New product development includes the launch of a monoclonal antibody targeting CD20, which is anticipated to enter clinical trials in the upcoming quarter[16] - The company has successfully launched several products, including Anpingxi® and Annuoneng®, and received emergency use authorization for a new COVID-19 vaccine[30] - The company’s first antibody drug, Anpingxi®, was included in the CSCO lymphoma treatment guidelines in both 2022 and 2023, and successfully entered the national medical insurance directory in December 2023, paving the way for increased hospital access in 2024[32] - The company has received approval for two biosimilars, Anjairun® and Anbeizhu®, in June 2023, which are expected to enhance the company's revenue and profitability[32] - The company has launched 1 recombinant protein drug and 3 monoclonal antibody products, with 3 vaccine products included for emergency use, and 1 monoclonal antibody product's application accepted[39] Market Expansion and Strategy - The company is expanding its market presence in Europe, aiming to capture a market share of CC% by the end of the next fiscal year[16] - The company is focused on enhancing product competitiveness and market share to achieve profitability and mitigate financial risks associated with ongoing losses[79] - The company plans to adapt its development and cooperation models in different countries to maximize economic and social benefits[89] - The company is expanding its market presence by acquiring land use rights for a biopharmaceutical industrialization base project[173] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of the next fiscal year[164] Financial Management and Governance - The company does not plan to distribute cash dividends or increase capital reserves for the 2023 fiscal year[7] - The company is focused on improving its financial management system to ensure transparency and efficiency, including cost control and risk management[152] - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholders' rights[155] - The company has a structured salary policy that aligns with national labor laws and industry standards[185] - The company plans to distribute at least 10% of the annual distributable profit in cash dividends over the next three years, with a cumulative minimum of 30% of the average annual distributable profit[189] Risk Management - There are no significant risks that could materially affect the company's operations reported during the period[4] - The company faces risks related to ongoing losses and potential delisting if it fails to achieve profitability or if accumulated losses continue to grow[79] - The company has implemented measures to manage supply chain risks, including seeking domestic alternatives for raw materials and equipment to mitigate potential shortages[87] - The company emphasizes the importance of intellectual property protection for its drug candidates, increasing patent applications to safeguard its innovations[84] Corporate Social Responsibility - The company donated a total of 403.583 million yuan in drugs and funds during the reporting period[198] - The company invested 1.2 million yuan in environmental protection during the reporting period[199] - The company has established an environmental protection mechanism and is classified as a key pollutant discharge unit[200] - The company emphasizes the importance of ESG practices and aims to enhance its governance and social responsibility[197] Human Resources - The company has a total of 855 technical personnel, indicating a strong focus on technical expertise within its workforce[184] - The company has established a training program for new employees to enhance integration and professional skills[186] - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 11.507 million[170] - The total remuneration for core technical personnel at the end of the reporting period was CNY 11.070 million[170]

北京神州细胞生物技术集团股份公司 2023年度独立董事述职报告 作为北京神州细胞生物技术集团股份公司(以下简称"公司")的独立董事, 2023年我严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上海 证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指 引第1号 -- 规范运作》等法律法规,勤勉尽责、独立履职,及时关注公司经营 发展,积极出席相关会议,认真审议董事会各项议案,并对重大事项发表独立意 见,促进公司高水平治理和规范运作,有效维护公司全体股东特别是中小股东的 合法权益。现将2023年度履行职责情况报告如下: 一、独立董事基本情况 2019年3月17日,公司第一届董事会及董事会专门委员会成员经公司创立大 会选举产生,苏志国先生、王晓川先生、何为先生当选公司独立董事,任期三年。 2022年5月17日,公司召开2021年年度股东大会,选举产生了公司第二届董事会 董事,苏志国先生、何为先生和我本人当选,继续担任公司独立董事,任期三年。 何为先生、我本人同时当选董事会审计委员会委员,何为先生为审计委员会主任 委员。苏志国先生、我本人同时当选董事会提名与薪酬委员会委员,苏志国先生 为 ...