海通证券股份有限公司关于北京凯因科技股份有限公司 2023 年度持续督导现场检查报告 上海证券交易所： 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。海通证券股 份有限公司（以下简称"保荐机构"或"海通证券"）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。 根据《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》《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 有关法律、法规要求，海通证券作为持续督导保荐机构，于 2024 年 2 月 23 日及 2024 年 4 月 8 日至 2 ...

海通证券股份有限公司关于北京凯因科技股份有限公司 2023 年度持续督导年度跟踪报告 | 保荐机构名称：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、张子慧 | 被保荐公司代码：688687.SH | 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。海通证券股 份有限公司（以下简称"保荐机构"或"海通证券"）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 2021 年 2 月 8 日至 2024 年 12 月 31 日持续督导期内（以下简称"本持续 督导 ...

证券代码：688687 证券简称：凯因科技 北京凯因科技股份有限公司 投资者关系活动记录表 ...

| --- | --- | --- | --- | --- | |---------------------------|-------|---------------------|-------|-------| | 盈利预测 \n[Table_Profit] | 2023A | 2024E | 2025E | 2026E | | 营收（亿元） | 14.12 | 17.22 | 21.21 | 25.12 | | 营收增速 | 21.7% | 22.0% | 23.2% | 18.4% | | 归母净利润（亿元） | 1.16 | 1.49 | 1.96 | 2.38 | | 归母净利润增速 | 39.7% | 27.9% | 31.6% | 21.3% | | EPS( 元 / 股 ) | 0.68 | 0.87 | 1.15 | 1.39 | | PE | | 38.3 29.9 22.7 18.7 | | | 公司简评报告 证券研究报告 本报告清晰准确地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者将 对报告的内容和观点负责。 在法律许可的情况下，首创证券可能会持有 ...

凯力唯实现强势增长，长效干扰素报产在即 凯力唯医保报销扩围加速放量，金舒喜集采执行节奏影响有待修复。2023年公 司实现营业收入 14.1亿元（+21.7%），23Q1-4季度间收入、利润同比加速增长， 24Q1 同比增速有所放缓，我们认为主要由于凯力唯基层直销项目周期特点叠加 金舒喜集采执行节奏滞后等因素所致，24Q2-3 凯力唯基层推广逐步转化为销 售、干扰素集采风险逐步出清，预计后续公司产品仍有望加速放量。从盈利能 力来看，2023年公司整体毛利率为 83.6%（-3.1pp），主要由于毛利率较低的化 药收入占比持续提升所致；净利率为 9.7%（+2.8pp），主要由于销售费用率、 管理费用率等明显下降。 产品梯队布局合理，成熟品种构筑稳健基本盘。除丙肝、乙肝治疗药物外，公 司还拥有多款商业化大单品，包括金舒喜（人干扰素α2b阴道泡腾片）、凯因益 生（人干扰素α2b 注射液）、安博司（吡非尼酮片）、凯因甘乐（复方甘草酸苷 胶囊）和甘毓（复方甘草酸苷片/注射液）等，成熟产品金舒喜、凯因益生市场 份额领先；金舒喜江西干扰素集采温和落地，有望保持现有份额；安博司竞争 格局良好，处于快速放量阶段。公司产品梯队布 ...

证 公 2024 年 04 月 11 日 较弱，待集采执行后，公司业绩增长有望快速恢复。 推荐逻辑：（1）公司现有品种销售体量有望持续增长：凯力 唯报销适应症扩展后，放量显著；安博司销售额在不断提 升；成熟品种金舒喜和凯因益生市场份额持续领先；（2）乙 肝临床治愈领域潜在市场广阔，公司创新品种长效干扰素派 益生已完成三期，即将报产，上市后有望成为公司业绩增长 的新驱动。 产品销售推广不及预期；产品竞争加剧；研发进展不及预 期；行业政策、集采等不确定性风险。 诚信、专业、稳健、高效 诚信、专业、稳健、高效 ▌ 医药组介绍 谷文丽：中国农科院博士，2023 年加入华鑫证券研究所。 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 荐意见或观点而直接或间接收到任何形式的补偿。 | --- | --- | --- | |-------|----------|----------------------------------------| | | 投资建议 | ...

证券代码：688687 证券简称：凯因科技 北京凯因科技股份有限公司 投资者关系活动记录表 关于 2023 年度业绩说明会召开情况说明 投资者关系活动类 别 □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 □现场参观 □一对一沟通 □其他（电话会议） 时间 2024 年 4 月 10 日 15:00-16:00 地点 公司会议室 会议召开方式 网络文字互动方式 公司接待人员姓名 董事长兼总裁 周德胜先生 副总裁兼董事会秘书 赫崇飞先生 首席财务官 郭伟先生 独立董事 杜臣先生 开场致辞 尊敬的各位投资者，大家下午好！ 非常感谢大家在百忙之中参加北京凯因科技股份有限公司 2023 年度业绩说明会。在此，我谨代表公司向参加本次业绩 说明会的广大投资者表示热烈的欢迎，向关心和支持凯因科技 （2023 年度业绩说明会） - 1 - 北京凯因科技股份有限公司 2 / 8 | | 发展的社会各界朋友致以衷心的感谢！ | | --- | --- | | | 公司希望通过本次说明会能帮助大家更加全面、深入地认 | | | 识和了解公司，增进同社会各界朋友的交流与沟通。希望大家 | | | 能 ...

证券代码：688687 证券简称：凯因科技 北京凯因科技股份有限公司 投资者关系活动记录表 （2023 年度业绩说明会） ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][10]. Core Viewpoints - The company focuses on the antiviral field with stable main business operations, achieving a revenue of 1.412 billion yuan in 2023, a year-on-year increase of 21.73%, and a net profit attributable to shareholders of 117 million yuan, up 39.71% [3]. - The company is deepening its market strategy for key products, with significant growth in chemical drug sales, particularly for hepatitis C products, which have seen a sales revenue increase of 92.66% year-on-year [3]. - The company is steadily increasing its R&D investment, with multiple clinical projects making progress, including the approval of new drug KW027 for clinical trials [3]. Financial Forecasts and Key Indicators - The company is projected to achieve revenues of 1.699 billion yuan in 2024, 2.109 billion yuan in 2025, and 2.676 billion yuan in 2026, with corresponding net profits of 151 million yuan, 194 million yuan, and 257 million yuan respectively [6][11]. - The expected growth rates for revenue are 20.35% in 2024, 24.10% in 2025, and 26.89% in 2026 [6][11]. - The projected PE ratios are 31 for 2024, 24 for 2025, and 18 for 2026, indicating a favorable valuation trend [6][11].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 212,673,809.18, representing a year-on-year increase of 10.34%[2] - The net profit attributable to shareholders for the same period was CNY 22,144,168.59, reflecting a growth of 4.75%[2] - The net profit after deducting non-recurring gains and losses decreased by 4.21% to CNY 20,280,955.12[2] - Total operating revenue for Q1 2024 reached ¥212,673,809.18, an increase of 10.1% compared to ¥192,744,105.30 in Q1 2023[16] - Net profit attributable to shareholders of the parent company for Q1 2024 was ¥22,144,168.59, compared to ¥21,139,765.72 in Q1 2023, representing a growth of 4.8%[18] - The company reported a net profit margin of approximately 11.3% for Q1 2024, compared to 11.5% in Q1 2023, indicating a slight decline in profitability[18] Cash Flow - The net cash flow from operating activities was negative at CNY -21,401,412.37, indicating a significant cash outflow[2] - In Q1 2024, the cash received from sales and services amounted to ¥244,798,722.37, an increase of 28% compared to ¥191,155,730.03 in Q1 2023[20] - The net cash flow from operating activities was -¥21,401,412.37, an improvement from -¥91,540,826.82 in the same period last year[20] - The company reported a total cash outflow from operating activities of ¥276,200,897.27, down from ¥290,111,849.49 in Q1 2023[20] - The company experienced a net decrease in cash and cash equivalents of ¥10,405,543.02 in Q1 2024, contrasting with an increase of ¥48,108,510.74 in Q1 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,423,496,174.26, down 1.01% from the end of the previous year[3] - The company reported a total asset value of ¥2,423,496,174.26 as of the end of Q1 2024, a slight decrease from ¥2,448,207,848.87 at the end of Q1 2023[14] - Total liabilities amounted to ¥613,865,721.80 in Q1 2024, down from ¥663,013,024.25 in Q1 2023, indicating a reduction of approximately 7.4%[14] Research and Development - Research and development expenses totaled CNY 29,061,914.47, accounting for 13.67% of operating revenue, a decrease of 1.19 percentage points[3] - Research and development expenses for Q1 2024 were ¥22,491,555.38, slightly down from ¥23,075,845.01 in Q1 2023, showing a decrease of 2.5%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,680[7] - The largest shareholder, Beijing Song'an Investment Management Co., Ltd., held 22.46% of the shares, totaling 38,400,000 shares[7] - There were no significant changes in the top ten shareholders or their shareholding percentages compared to the previous period[9] Government Subsidies - The company received government subsidies amounting to CNY 1,537,415.64, which are closely related to its normal business operations[4] Current Assets - As of March 31, 2024, the company's total current assets amounted to RMB 1,764,139,425.69, a decrease from RMB 1,821,697,131.03 as of December 31, 2023, representing a decline of approximately 3.14%[12] - The company's cash and cash equivalents decreased to RMB 824,387,398.81 from RMB 853,631,795.13, reflecting a reduction of about 3.43%[12] - Accounts receivable decreased significantly to RMB 337,038,126.98 from RMB 397,127,092.13, indicating a decline of approximately 15.14%[12] - The company's inventory also saw a decrease, dropping to RMB 135,791,373.51 from RMB 139,537,381.08, which is a reduction of about 2.63%[12] - The total non-current assets remained stable at RMB 4,286,415.83 for long-term equity investments, unchanged from the previous period[12] - The company's fixed assets increased to RMB 203,187,016.97 from RMB 190,964,534.22, marking an increase of approximately 6.36%[12] - The company reported a significant increase in prepayments, rising to RMB 25,572,234.81 from RMB 13,288,857.49, which is an increase of approximately 92.67%[12] Taxation - The company paid ¥28,148,082.19 in taxes during Q1 2024, significantly higher than ¥10,802,709.99 in Q1 2023[20] Other Information - The company's total liabilities and equity figures were not disclosed in the provided content, indicating a need for further details in future reports[10] - The company has not disclosed any new product developments or market expansion strategies in the current report[10]