Core Viewpoint - The company experienced a decline in revenue for 2024 due to the implementation of centralized procurement policies, but showed growth in net profit and is optimistic about future product approvals [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.23 billion, a year-on-year decrease of 12.87%. However, the net profit attributable to shareholders was 142 million, reflecting a year-on-year increase of 22.18%. The net profit excluding non-recurring items was 137 million, up 11.75% year-on-year [2]. - For Q1 2025, the company reported operating revenue of 232 million, a year-on-year increase of 8.90%. The net profit attributable to shareholders was 26 million, up 15.92%, while the net profit excluding non-recurring items was 24 million, an increase of 16.08% year-on-year [2]. Group 2: Impact of Centralized Procurement - The decline in revenue for 2024 was primarily due to the implementation of centralized procurement policies for products like Jinshuxi and Kaiyin Yisheng, which led to a decrease in sales prices across various regions. The initial phase of these policies also caused disruptions in the sales channels, impacting Q4 revenue [3]. Group 3: Future Product Development - The company is optimistic about the approval of its core product, KW-001 (Pegylated Interferon α-2 Injection), which successfully completed Phase III clinical trials in 2024 and has submitted a drug registration application. The company maintains a high level of investment in R&D and is accelerating the development of its pipeline [4]. - Other projects in the pipeline include KW-045 and KW-051, both of which have completed their respective clinical trial phases, and KW-053, which has received approval for clinical trials for the treatment of condyloma acuminatum [4].

Core Insights - The company reported a revenue of 1.23 billion in 2024, a year-on-year decrease of 12.87%, while the net profit attributable to shareholders was 142 million, an increase of 22.18% [1] - For Q1 2025, the company achieved a revenue of 232 million, a year-on-year increase of 8.90%, and a net profit of 26 million, up 15.92% [1] Revenue and Profit Analysis - The decline in 2024 revenue is attributed to the implementation of centralized procurement policies, which led to a decrease in sales prices for key products [2] - The transition phase of the sales model for Anboshi in 2024 also contributed to the revenue impact [2] Product Development and Future Outlook - The company is optimistic about the approval of its core product, KW-001 (Pegylated Interferon α-2 Injection), which completed Phase III clinical trials in 2024 and has submitted a drug registration application [2] - Other projects in the pipeline include KW-045 and KW-051, both of which have completed their respective clinical trial phases, and KW-053 has received approval for clinical trials [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 171 million and 221 million respectively, reflecting an 11% reduction from previous estimates [3] - The company is recognized as a leading innovative pharmaceutical enterprise focused on viral and immune diseases, with several commercialized products entering a growth phase, maintaining a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is expected to decline by 12.87% to 1.23 billion yuan due to the implementation of centralized procurement policies, which have led to price reductions for key products [2][3] - The company anticipates the successful approval and market launch of its core product, KW-001 (long-acting interferon α-2 injection), in 2025, following the completion of Phase III clinical trials [2][3] - The report projects a recovery in revenue growth starting in 2025, with an estimated revenue of 1.35 billion yuan, reflecting a growth rate of 9.73% [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.23 billion yuan, a decrease of 12.87% year-on-year, while net profit attributable to shareholders was 142 million yuan, an increase of 22.18% [1][2] - For Q1 2025, the company reported a revenue of 232 million yuan, up 8.90% year-on-year, with a net profit of 26 million yuan, reflecting a growth of 15.92% [1][2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 171 million yuan and 221 million yuan, respectively, representing an 11% reduction from previous estimates [3] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 28, 21, and 19 times, respectively [3] Research and Development - The company has maintained a high level of investment in research and development, with several projects in the pipeline, including KW-045 and KW-051, which have completed their respective clinical trials [2][3]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company reported a revenue of 1.23 billion yuan in 2024, a year-on-year decrease of 12.87%, while the net profit attributable to the parent company was 142 million yuan, an increase of 22.18% year-on-year [2][3] - The company is expected to stabilize or recover growth in its core products following the implementation of centralized procurement policies and adjustments in sales models [2][8] - The company has a strong focus on R&D, with ongoing projects in various therapeutic areas, including hepatitis and herpes [3][8] Financial Performance Summary - In 2024, the company achieved total revenue of 1.23 billion yuan, down 12.87% year-on-year, while the net profit attributable to the parent company was 142 million yuan, up 22.18% year-on-year [2][9] - The company forecasts revenues of 1.41 billion yuan, 1.66 billion yuan, and 1.91 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.04 yuan, 1.33 yuan, and 1.57 yuan [8][9] - The net profit margin for 2024 is projected to be 12.94%, an increase of 3.22 percentage points year-on-year [2] Product Development and Market Position - The company's key product, Kailewei, has shown steady growth, and the long-acting interferon α-2 injection has received acceptance for a new indication application [3][8] - The company has successfully renewed its medical insurance directory, further solidifying its competitive advantage in the market [3][8] - The employee stock ownership plan aims to enhance employee motivation and reflects the company's confidence in long-term development [4]

Summary of Key Points Core Viewpoint - The company reported a decline in revenue for 2024 but showed significant growth in net profit, indicating a potential recovery in profitability despite challenges from policy changes and market adjustments [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.23 billion, a year-on-year decrease of 12.87%, while net profit attributable to shareholders was 142 million, a year-on-year increase of 22.18% [1]. - The first quarter of 2025 saw operating revenue of 232 million, a year-on-year increase of 8.9%, and net profit attributable to shareholders of 26 million, a year-on-year increase of 15.92% [1]. Group 2: Revenue Decline Factors - The revenue decline in 2024 was primarily due to the implementation of centralized procurement policies for Jinshuxi and Kaiyinyi, which led to price reductions across various provinces [2]. - The transitional phase of the sales model for Anboshi also contributed to the revenue impact, although cost reduction strategies helped improve profitability, with a net profit margin of 12.94%, an increase of 3.22 percentage points year-on-year [2]. Group 3: Product Development and Growth - The product Kai Li Wei achieved steady growth in 2024, and the company successfully renewed its inclusion in the medical insurance catalog, enhancing its competitive position [3]. - Ongoing research and development efforts include the application for new indications for the long-acting interferon α-2 injection, which was accepted by the CDE on September 30, 2024 [3]. Group 4: Employee Stock Ownership Plan - The company announced an employee stock ownership plan, with a share price of 13.13 per share, aiming to motivate employees and demonstrate long-term confidence in the company's growth [4]. - The plan includes performance targets for revenue and net profit growth for 2025 and 2026, with specific unlock conditions for employee shares [4]. Group 5: Investment Outlook - The core product Kai Li Wei is expected to continue its steady growth, and other products like Jinshuxi and Anboshi are anticipated to stabilize or recover post-policy adjustments [5]. - Revenue forecasts for 2025 to 2027 have been adjusted to 1.41 billion, 1.66 billion, and 1.91 billion respectively, with corresponding EPS estimates of 1.04, 1.33, and 1.57 [5].

国泰海通证券股份有限公司 关于北京凯因科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：凯因科技 | | --- | --- | | 保荐代表人姓名：吴俊、张伯尧 | 被保荐公司代码：688687.SH | 重大事项提示 经中国证券监督管理委员会《关于同意北京凯因科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2021]8 号）批复，北京凯因科技股份有限公 司（以下简称"上市公司"、"公司"或"发行人"）首次公开发行股票 4,246.00 万股， 每股面值人民币 1 元，每股发行价格人民币 18.98 元，募集资金总额为人民币 80,589.08 万元，扣除发行费用后，实际募集资金净额为人民币 72,586.61 万元。 本次发行证券已于 2021 年 2 月 8 日在上海证券交易所上市。国泰海通证券股份 有限公司（以下简称"保荐机构"或"国泰海通"）担任其持续督导保荐机构，持续 督导期间为 2021 年 2 月 8 日至 2024 年 12 月 31 日。 在 2024 年 1 月 1 日至 2024 年 12 月 31 日持续督导期 ...

之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会《关于同意北京凯因科技股份有限公司首次公开发 行股票注册的批复》（证监许可[2021]8 号）批复，北京凯因科技股份有限公司（以 下简称"上市公司"、"公司"或"发行人"）首次公开发行股票 4,246.00 万股， 每股面值人民币 1 元，每股发行价格人民币 18.98 元，募集资金总额为人民币 80,589.08 万元，扣除发行费用后，实际募集资金净额为人民币 72,586.61 万元。本 次发行证券已于 2021 年 2 月 8 日在上海证券交易所上市。 原海通证券股份有限公司担任其持续督导保荐机构，持续督导期间为 2021 年 2 月 8 日至 2024 年 12 月 31 日。鉴于原国泰君安证券股份有限公司换股吸收合并原海 通证券股份有限公司事项已获得中国证券监督管理委员会核准批复，本次合并交易 已于 2025 年 3 月 14 日完成交割，自该日起，存续公司国泰海通证券股份有限公司 （以下简称"国泰海通"）承继及承接原海通证券股份 ...

国泰海通证券股份有限公司 关于北京凯因科技股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为北京 凯因科技股份有限公司（以下简称"凯因科技"或"公司"）首次公开发行股票 并在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和国证 券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）和《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，对公司 2024 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： 一、本次现场检查的基本情况 （一）保荐人 国泰海通证券股份有限公司 查看上市公司主要生产经营场所并与上市公司董事、监事、高级管理人员及 有关人员访谈；查阅公司本持续督导期间召开的历次三会会议资料；查阅公司建 立或更新的有关内控制度文件；查阅公司账簿和原始凭证以及商务合同等资料； 核查本持续督导期间公司发生的关联交易、对外担保和对外投资情况；查阅上市 公司募集资金台账、募集资金使用凭 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [13]. Core Insights - The long-acting interferon is expected to be approved by the end of 2025, which is seen as a significant growth opportunity for the company [9]. - The company has demonstrated confidence in its future development by launching an employee stock ownership plan, which involves repurchased shares and aims to incentivize performance based on revenue and profit growth targets [9]. - Despite a revenue decline in 2024 due to price reductions from procurement policies, the company is expected to recover as product coverage improves and sales strategies stabilize [8][9]. Financial Performance Summary - For 2024, the company reported revenues of 1.23 billion yuan, a decrease of 12.87% year-on-year, while net profit increased by 22.18% to 142 million yuan [3][9]. - The first quarter of 2025 showed a revenue increase of 8.90% year-on-year, reaching 232 million yuan, with net profit growing by 15.92% to 26 million yuan [3]. - The projected revenues for 2025 and 2026 are 1.54 billion yuan and 1.98 billion yuan, respectively, with expected growth rates of 25.5% and 28.6% [11]. Key Financial Ratios - The company maintains a healthy gross margin of approximately 81.9% for 2024, with a net profit margin of 11.6% [11]. - The return on equity (ROE) is projected to improve from 7.7% in 2024 to 11.6% by 2027, indicating increasing profitability [11]. - The price-to-earnings (P/E) ratio is expected to decrease from 29.5 in 2024 to 15.5 in 2027, suggesting that the stock may become more attractive as earnings grow [11].

Core Viewpoint - In 2024, Beijing Kain Technology Co., Ltd. experienced a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and potential risks [1]. Revenue Decline and Market Challenges - The company's revenue for 2024 was 1,230,296,984.43 yuan, a decrease of 12.87% from 2023's 1,412,006,182.85 yuan [2]. - The decline was primarily due to the implementation of centralized procurement policies for key products, leading to price reductions and transitional impacts on revenue [3]. Net Profit Growth and Cost Efficiency - The net profit attributable to shareholders was 142,369,228.09 yuan, up 22.18% from 116,524,994.34 yuan in 2023 [4]. - This growth was driven by the execution of centralized procurement policies and a reduction in overall sales costs, with operating costs decreasing by 4.01% [5]. Non-Recurring Profit Growth and Core Profitability - The non-recurring net profit was 136,983,136.25 yuan, reflecting an 11.75% increase from 122,577,218.12 yuan in 2023 [6]. - The growth was lower than the overall net profit increase due to higher non-recurring gains, but it still indicated enhanced core profitability [7]. Earnings Per Share and Shareholder Returns - Basic earnings per share rose to 0.85 yuan, a 21.43% increase from 0.70 yuan in 2023 [8]. - This increase was attributed to the growth in net profit, indicating improved returns for shareholders [9]. Non-Recurring Earnings Per Share Growth - The non-recurring earnings per share was 0.82 yuan, up 12.33% from 0.73 yuan in 2023 [11]. - This growth suggests an improvement in the quality of earnings after excluding non-recurring items [12]. Expense Changes and Structural Adjustments - Sales expenses decreased by 24.70% to 597,482,346.66 yuan from 793,421,431.11 yuan in 2023, attributed to cost reduction strategies [13]. - Management expenses increased by 11.64% to 114,875,541.78 yuan, possibly due to business adjustments [13]. - Financial expenses were negative, indicating that income from interest exceeded expenses, although the absolute value decreased [13]. Research and Development Investment - R&D expenses totaled 138,157,828.57 yuan, a 2.94% increase from 134,215,207.89 yuan in 2023, representing 12.79% of revenue [14][15]. - The number of R&D personnel decreased to 126, but the commitment to R&D investment remained strong, reflecting a focus on innovation [16][17]. Cash Flow Variability - Net cash flow from operating activities was 104,285,937.46 yuan, down 17.63% from 126,603,431.56 yuan in 2023, influenced by changes in payment collection [18]. - Cash flow from investing activities was -176,916,706.00 yuan, indicating increased outflows for capital projects [18]. - Cash flow from financing activities surged by 848.19% to 84,544,154.88 yuan, primarily due to increased bank borrowings for project funding [19]. Executive Compensation - The chairman received a pre-tax compensation of 4.232 million yuan, while the general manager received 2.015 million yuan [23][24]. - High executive compensation reflects the company's commitment to attracting and retaining talent while holding leadership accountable for performance [27].