Core Points - The company, Boten Co., announced the cancellation of 2,022,344 shares, which represents 0.37% of the total share capital prior to the cancellation [1] - After the cancellation, the total share capital of the company will decrease to 543,442,176 shares [1] - The cancellation process for the repurchased shares has been completed with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of November 4, 2025 [1]

股票代码：300363 股票简称：博腾股份 公告编号：2025-056 号 重庆博腾制药科技股份有限公司 关于部分回购股份注销完成暨股份变动的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次注销的股份合计 2,022,344 股，占注销前公司总股本 545,464,520 股 的 0.37%。本次注销完成后，公司总股本减少至 543,442,176 股。 2、截至 2025 年 11 月 4 日，上述回购股份已在中国证券登记结算有限责任 公司深圳分公司办理完成注销手续。 重庆博腾制药科技股份有限公司（以下简称"公司"）因实施注销回购专用 证券账户部分股份导致公司总股本、无限售条件股份数量发生变化，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》"）、《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规定，现就本次关于回购专用证券账户部分股份注销完成 暨股份变动的情况公告如下： 一、回购股份实施情况 本次回购注销完成后，公司总股本将由 545,464,520 股减少至 ...

Core Insights - The company, Boten Co., reported that as of October 31, 2025, the total number of shareholders is 47,801 [2] Company Summary - Boten Co. engaged with investors on an interactive platform, providing updates on shareholder numbers [2] - The company is actively communicating with its investors, indicating a focus on transparency and engagement [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a significant improvement in performance, with Q3 2025 revenue reaching 0.923 billion yuan, a year-over-year increase of 19.44%, and a net profit of 0.053 billion yuan, up 245.24% year-over-year [5][8]. - The report highlights that multiple factors are driving the improvement in profit margins, including a 19% year-over-year revenue growth in the small molecule CDMO business and a 255% increase in revenue from new molecular business [8]. - The company is expected to see continuous improvement in profitability, with revised net profit forecasts for 2025-2027 being 1.17 billion yuan, 2.70 billion yuan, and 5.12 billion yuan, respectively [8]. Financial Summary - For the fiscal year 2024, the company is projected to have a revenue of 3.012 billion yuan, with a year-over-year decline of 17.9%, followed by a recovery in subsequent years [7][10]. - The net profit for 2024 is expected to be -0.288 billion yuan, with a significant turnaround anticipated in 2025 with a projected profit of 0.117 billion yuan [9][10]. - The gross margin is expected to improve from 24.6% in 2024 to 37.2% by 2027, indicating a positive trend in profitability [10]. Market Position - The company operates in the pharmaceutical industry, with a total market capitalization of 15.1 billion yuan and a circulating A-share market value of 13.8 billion yuan [5][8]. - The major shareholder is Chongqing Liangjiang New Area Industrial Development Group Co., Ltd., holding 14.48% of the shares [5].

Group 1 - The core point of the news is that Boten Co., Ltd. experienced a stock price increase of 5.02%, reaching 27.38 CNY per share, with a trading volume of 583 million CNY and a turnover rate of 4.36%, resulting in a total market capitalization of 14.935 billion CNY [1] - Boten Co., Ltd. specializes in CDMO (Contract Development and Manufacturing Organization) services across chemical raw materials, chemical formulations, and biological sectors, including gene and cell therapies [1] - The company's revenue composition includes 66.81% from late-stage clinical and commercialization, 25.76% from early-stage clinical, 7.11% from emerging businesses, and 0.32% from other supplementary sources [1] Group 2 - Longsheng Fund has a significant holding in Boten Co., Ltd., with its Longsheng Transformation Upgrade Mixed Fund (001197) holding 334,100 shares, accounting for 3.93% of the fund's net value, making it the third-largest holding [2] - The Longsheng Transformation Upgrade Mixed Fund was established on April 21, 2015, with a current size of 219 million CNY, achieving a year-to-date return of 23.07% and a one-year return of 11.36% [2] - The fund manager, Wang Bingfang, has been in position for 3 years and 101 days, with the fund's total asset size at 471 million CNY, experiencing a best return of -2.92% and a worst return of -47.99% during his tenure [3]

Core Viewpoint - The medical innovation sector is experiencing a structural recovery, with significant inflows into the Medical Innovation ETF and positive performance from key companies in the sector [1][2]. Group 1: Market Performance - On October 29, the Medical Innovation ETF (516820.SH) fell by 1.28%, with component stocks showing mixed results; Chuaning Biological (301301) led gains at 5.12%, while Ailis (688578) saw the largest decline at 5.13% [1]. - The Medical Innovation ETF has seen continuous net inflows over the past five days, with a peak single-day net inflow of 38.68 million yuan, totaling 66.42 million yuan and an average daily net inflow of 13.28 million yuan [1]. Group 2: Industry Trends - The pharmaceutical sector has undergone a prolonged valuation adjustment, but a significant structural recovery trend has emerged recently, supported by policies promoting commercial insurance development [1]. - The investment and financing landscape in the pharmaceutical sector is expected to recover, driven by a rebound in the secondary market, with continued positive sentiment in the CXO and upstream segments [1]. - Recent quarterly reports from several CXO companies, including WuXi AppTec, Tigermed, and others, indicate a positive outlook for the industry [1]. Group 3: Future Outlook - The CXO sector continues to show strong performance, with companies like WuXi AppTec and Boteng surpassing expectations in their quarterly results [2]. - The innovative drug sector is on a long-term upward trend, with opportunities arising from both domestic revenue growth and international expansion [2]. - The expectation of interest rate cuts in the U.S. is likely to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2].

Core Insights - The company reported a revenue of 2.544 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.72% and achieving a net profit attributable to shareholders of 80 million yuan, marking a turnaround from losses [1] - The small molecule API CDMO business continued to grow rapidly, with Q3 revenue of 850 million yuan, an increase of 18.55% year-on-year, while new business revenue in Q3 reached 74 million yuan, growing by 31% [1] Financial Performance - The gross margin for the first three quarters of 2025 was approximately 29%, an increase of 600 basis points year-on-year, with overseas market gross margin at about 40%, up 500 basis points [2] - In Q3, the gross margin improved to 31%, reflecting a sequential increase of 300 basis points from Q2, indicating a trend of improving profitability [2] Investment Recommendations - The company adjusted its revenue forecasts for 2025-2027 from 3.526 billion/4.141 billion/4.851 billion yuan to 3.548 billion/4.289 billion/5.193 billion yuan, and EPS estimates from 0.16/0.55/0.85 yuan to 0.22/0.57/0.87 yuan [3] - Based on the closing price of 26.16 yuan per share on October 27, 2025, the corresponding PE ratios are projected to be 118/46/30 times, with a maintained "buy" rating due to expected marginal improvement in performance [3]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 2.544 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.72%. The net profit attributable to shareholders was approximately 80 million yuan, marking a return to profitability [2][3]. - The small molecule API CDMO business continued to grow rapidly, with Q3 revenue reaching 850 million yuan, a year-on-year increase of 18.55%. The overall new business achieved a revenue of 74 million yuan in Q3, growing by 31% [7]. - The gross margin for the first three quarters of 2025 was approximately 29%, an increase of 600 basis points year-on-year. The gross margin for Q3 alone improved to 31%, reflecting a quarterly improvement trend [7]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 2.544 billion yuan, with Q3 alone contributing 923 million yuan, which is a 19% year-on-year increase. The net profit attributable to shareholders was 80 million yuan, indicating a turnaround from losses [2][3]. Business Segments - The small molecule API CDMO business showed strong performance with Q3 revenue of 850 million yuan, up 18.55% year-on-year. New business segments also performed well, with a revenue of 74 million yuan in Q3, reflecting a 31% increase [7]. Financial Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 3.548 billion yuan, 4.289 billion yuan, and 5.193 billion yuan respectively. The earnings per share (EPS) estimates have been revised to 0.22 yuan, 0.57 yuan, and 0.87 yuan for the same period [3][8].

Core Viewpoint - The company reported a strong financial performance in Q3 2025, with significant revenue growth and a return to profitability, driven by high-value commercialization projects and cost reduction measures [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.544 billion yuan, representing a year-on-year increase of 19.7%, and a net profit attributable to shareholders of 80 million yuan, marking a turnaround from losses [1]. - In Q3 2025 alone, the company generated revenue of 923 million yuan, up 19.4% year-on-year and 12.7% quarter-on-quarter, with a net profit of 53 million yuan, continuing the trend of profitability recovery [1]. - The gross margin for the first three quarters of 2025 was 28.9%, an increase of 5.6 percentage points year-on-year, with the overseas market gross margin around 40% and the domestic market gross margin at approximately 1% [2]. Business Development - The core business of small molecule CDMO showed steady growth, with revenue of 2.350 billion yuan in the first three quarters of 2025, a year-on-year increase of 19%, driven by the ramp-up of high-value projects [2]. - The overseas market contributed 1.805 billion yuan in revenue, up 17% year-on-year, while the Chinese market generated 739 million yuan, reflecting a 21% increase [2]. - New business segments are showing a clear path to reduced losses, with small molecule formulation CDMO revenue flat year-on-year, and gene and cell therapy revenue at 42.86 million yuan, a growth of about 7% [3]. Profitability Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 upwards by 100.5% and 15.9% respectively, now projecting net profits of 140 million yuan and 270 million yuan [4]. - The target price has been raised by 7.1% to 30.00 yuan, indicating a potential upside of 17.1% from the current stock price, based on DCF valuation [4].

Summary of Boteng Co., Ltd. Conference Call Company Overview - **Company**: Boteng Co., Ltd. - **Industry**: Biotechnology and Pharmaceutical Manufacturing Key Financial Performance - **Q3 2025 Revenue**: Achieved a record high of 923 million yuan, with a total revenue of 2.544 billion yuan for the first three quarters, representing a year-on-year growth of approximately 19.7% [2][3] - **Net Profit**: Approximately 80 million yuan for the first three quarters, indicating a turnaround from losses in previous periods [2][3] - **Quarterly Growth**: Revenue increased from 800 million yuan in Q1 to 823 million yuan in Q2, and reached 923 million yuan in Q3 [3] - **Gross Margin**: Overall gross margin for Q3 was around 31%, with expectations for steady improvement [3][10] Business Segment Performance - **Key Growth Areas**: - Small molecule APIs, new molecules, and CGT (Cell and Gene Therapy) showed strong performance, particularly in the U.S. market [2][5] - Significant contributions from high-value projects in CBRM (Chronic Bacterial Respiratory Infection), autoimmune diseases, and oncology [5][7] - **Market Growth**: - Overseas market growth of 17% and domestic market growth of 21% [2][3] - Biotech market showing signs of moderate recovery, driven by demand for major projects [8] Operational Efficiency and Cost Control - **Cost Reduction Measures**: - Management and R&D expenses significantly decreased, while sales expenses slightly increased but remained below revenue growth [3][13] - Focus on improving production efficiency, controlling material costs, and increasing production yield [4][14] - **Production Capacity Utilization**: - Long-lasting factory utilization has significantly improved, with plans to enhance capacity further [18][20] Future Outlook and Strategic Focus - **Growth Strategy**: - Continued focus on high-value markets, clients, and business opportunities, particularly in peptide, ADC (Antibody-Drug Conjugate), and CGT technologies [6][19] - Anticipated further reduction in losses for gene and cell therapy segments by 30-40% next year [4][12] - **Market Demand**: - Optimistic outlook for future demand in CDMO (Contract Development and Manufacturing Organization) and new business segments, supported by market recovery trends [8][15] Additional Insights - **Talent Acquisition**: - Despite cost reductions, the company is increasing personnel to meet the demands of expanding fields such as CGT and new molecules [17] - **New Product Development**: - Strong focus on ADC and peptide projects, with plans to leverage existing capabilities to capture high-quality orders [25] - **Capacity Planning**: - No immediate plans for large-scale new facilities; instead, the focus is on optimizing existing facilities to accommodate more projects [20][24] Conclusion Boteng Co., Ltd. is experiencing a robust recovery with significant revenue growth and a positive outlook for future performance, driven by strategic focus on high-value markets and operational efficiency improvements. The company is well-positioned to capitalize on emerging opportunities in the biotechnology sector.