Group 1: Impact of External Factors - The geopolitical factors, such as the Biosecurity Act, influence clients' strategies, leading them to seek multiple suppliers to manage supply chain risks [1] - Current tariff policies have limited impact on the company, as less than 5% of its revenue comes from direct exports to the U.S., and products fall within the tariff exemption range [2] Group 2: Financial Performance - The company's overall gross margin fluctuates mainly due to domestic market conditions and losses in new business, while overseas market and core business margins remain stable [3] - In Q1 2025, the new molecular business generated approximately CNY 14.19 million in revenue, reflecting a year-on-year growth of about 353% [7] Group 3: Production Capacity and Orders - The company has expanded its production and R&D capabilities through acquisitions and the establishment of new centers, including factories in Hubei and Shanghai [4] - The order conversion cycle typically ranges from 6 to 18 months, with some orders taking 2 to 3 years to convert into revenue [6] Group 4: Future Investments - The capital expenditure for 2025 will focus on overseas expansion, new molecular technology development, and upgrading existing small molecule production capacity [8]

股票代码：300363 股票简称：博腾股份 公告编号：2025-028 号 重庆博腾制药科技股份有限公司 刘佳女士符合《公司法》等法律法规及《公司章程》规定的有关职工代表监 事的任职资格和条件。 公司第五届监事会职工代表监事曾会女士不再担任公司职工代表监事职务， 仍将在公司担任其他职务。截至本公告披露日，曾会女士未直接或间接持有公司 股份，亦不存在应当履行而未履行的承诺事项。公司监事会对曾会女士在担任公 司职工代表监事期间的勤勉尽责表示衷心感谢！ 特此公告。 重庆博腾制药科技股份有限公司监事会 2025 年 4 月 29 日 附件： 关于职工代表大会选举产生第六届监事会职工代表监事 的公告 公司及监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。 重庆博腾制药科技股份有限公司（以下简称"公司"）第五届监事会任期已 届满，根据《公司法》《公司章程》等有关规定，公司于 2025 年 4 月 27 日召开 2025 年第二次职工代表大会，选举刘佳女士为公司第六届监事会职工代表监事 （简历见附件）。 根据《公司章程》的规定，监事会由 3 名监事组成，其中职工监事 1 名。本 次选 ...

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]

Group 1: Financial Performance - In Q1, the small molecule API revenue experienced a high growth of 20%, driven by increased orders from overseas markets signed last year [1] - The gross margin for Q1 was 26.33%, with a year-on-year increase of approximately 10 percentage points [2] - The company aims to maintain a trend of stable or decreasing overall expenses through continuous cost control efforts [2] Group 2: Orders and Market Trends - New orders in Q1 remained at a good level, with backlogged orders still showing growth despite a high base from the previous year [2] - The company observed a slight improvement in overseas customer demand, although the overall improvement remains modest [3] Group 3: Business Strategy and Focus Areas - The company is focusing on high-value markets, clients, and pipelines, particularly in the cardiovascular, renal, and metabolic (CVRM) fields, as well as autoimmune and oncology sectors [4][5] - Capital expenditure plans will primarily revolve around specific technological capabilities and client-triggered investments [5] Group 4: Challenges and Responses - The company is monitoring the impact of changing tariff policies, which currently have limited effect due to the low percentage of direct exports to the U.S. [3] - The gene cell therapy business showed a reduction in losses in Q1, while the small molecule formulation business faced increased losses due to market challenges [2]

Core Insights - In Q1 2025, the company achieved a revenue of 800 million yuan, representing an approximate 18% year-on-year growth, and significantly reduced its net loss to 4.28 million yuan [1] - The overseas market showed strong growth, with revenue from international clients reaching 609 million yuan, a year-on-year increase of about 30%, while domestic revenue declined by approximately 8% to 192 million yuan [1] - The small molecule API business generated 761 million yuan in revenue, up about 20% year-on-year, while new businesses collectively contributed 40.59 million yuan [1] Business Performance - The company's core small molecule API business demonstrated a notable improvement in profitability [1] - New businesses negatively impacted the net profit by approximately 58 million yuan, with specific contributions from small molecule formulations, gene cell therapy, and ADC business reducing net profit by 27 million yuan, 16 million yuan, and 15 million yuan respectively [1] Strategic Focus - The company aims to enhance its management capabilities, strengthen marketing, and improve core business competencies to navigate external uncertainties [2] - The goal is to restore revenue growth and gradually achieve profitability by focusing on "certainty to strengthen and adapt" in response to market volatility [2]

Core Viewpoint - Boteng Co., Ltd. shows signs of recovery in Q1 2025, particularly in profitability and cost control, despite still reporting losses in net profit [2][7]. Operational Overview - In Q1 2025, Boteng achieved total revenue of 801 million yuan, an increase of 18.21% year-on-year. However, the net profit attributable to shareholders was -4.2842 million yuan, and the net profit after deducting non-recurring items was -10.0901 million yuan, indicating a significant improvement of 95.48% and 89.21% respectively compared to the same period last year [2]. Profitability Analysis - The gross profit margin for the reporting period was 26.33%, reflecting a year-on-year increase of 66.21%. The net profit margin was -3.19%, which improved by 82.62% year-on-year, indicating progress in cost control and enhancement of product value [3]. Cost and Expenses - Total sales, management, and financial expenses amounted to 140 million yuan, with the three expenses accounting for 17.44% of revenue, a decrease of 24.83% compared to the same period last year, demonstrating effective expense management [4]. Asset Status - As of the end of the reporting period, the company's cash and cash equivalents were 1.251 billion yuan, a decrease of 30.75% year-on-year. Accounts receivable stood at 766 million yuan, an increase of 16.26% year-on-year. Although accounts receivable increased, its growth rate was lower than that of revenue, and with a negative net profit, monitoring the collection of accounts receivable is advised [5]. Dividends and Financing - Since its listing, Boteng has raised a total of 2.396 billion yuan in financing and distributed a total of 1.199 billion yuan in dividends, resulting in a dividend-to-financing ratio of 0.5, indicating a commitment to shareholder returns [6]. Business Model - The company's performance heavily relies on research and development, necessitating a deeper examination of its R&D outcomes and their contributions to long-term growth [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company's Q1 2025 performance met market expectations, with a revenue of 801 million yuan, representing an 18.21% year-on-year growth. The small molecule API business contributed 761 million yuan, growing approximately 20% year-on-year, while overseas clients generated 609 million yuan, reflecting a 30% increase [2][3]. - The net profit attributable to shareholders for Q1 2025 was -4.28 million yuan. Excluding losses from new business, the core small molecule API business contributed a profit of 54 million yuan, resulting in a net profit margin of about 7%. This indicates an improvement in profitability compared to the full year of 2024 and Q4 2024, primarily due to increased capacity utilization and a higher proportion of overseas business [2][3]. - As of the end of 2024, the company's unfulfilled orders increased by approximately 30% year-on-year, with a delivery cycle mainly in 2025-2026 H1, laying a foundation for future revenue growth [2]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.489 billion yuan, 4.055 billion yuan, and 4.700 billion yuan, respectively. EPS estimates have been revised to 0.14 yuan, 0.44 yuan, and 0.88 yuan for the same period [3][5]. - The company is expected to show a marginal improvement in performance over the medium to long term, justifying the "Buy" rating [3]. Financial Metrics - For 2025, the company is projected to achieve a revenue of 3.489 billion yuan, with a year-on-year growth of 15.8%. The net profit is expected to be 77 million yuan, marking a significant recovery from a loss in 2024 [5][10]. - The gross margin is anticipated to improve from 24.6% in 2024 to 28.7% in 2025, indicating enhanced operational efficiency [5][10].

Core Viewpoint - The company reported its Q1 2025 financial results, showing a revenue of 801 million yuan, a year-on-year increase of 18.21%, and a net profit attributable to shareholders of -4.28 million yuan, indicating a challenging profitability situation [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 801 million yuan, reflecting an 18% year-on-year growth, with the small molecule API business contributing 761 million yuan, up approximately 20% [2]. - Revenue from overseas clients reached 609 million yuan, marking a year-on-year increase of about 30%, indicating a positive trend in international sales [2]. - The net profit attributable to shareholders was -4.28 million yuan, and after excluding losses from new business, the small molecule API segment contributed a profit of 54 million yuan, resulting in a net profit margin of approximately 7% [2]. Future Outlook - As of the end of 2024, the company had an unfulfilled order amount that increased by about 30% year-on-year, with a delivery cycle primarily set for 2025-2026 H1, laying a foundation for future revenue growth [2]. - Due to the weakening global investment and financing environment, the company adjusted its revenue forecasts for 2025-2027 from 3.431 billion/4.043 billion/4.728 billion yuan to 3.489 billion/4.055 billion/4.700 billion yuan [3]. - The earnings per share (EPS) estimates were adjusted from 0.13/0.45/0.86 yuan to 0.14/0.44/0.88 yuan, with corresponding price-to-earnings (PE) ratios of 104/34/17 times based on the closing price of 14.78 yuan per share on April 24, 2025 [3]. - The company maintains a "buy" rating, anticipating a marginal improvement in performance in the medium to long term [3].

Investment Rating - The report maintains a "Recommendation" rating for the company [6][14]. Core Insights - The company reported a strong Q1 performance with revenue of 800 million yuan, an increase of 18.21%, and a narrowed net loss of 4.2842 million yuan, improving by 95.48% [4]. - The core driver for Q1 was the overseas and small molecule CDMO business, with overseas revenue reaching 609 million yuan, up approximately 30%, while domestic revenue decreased by about 8% to 192 million yuan [5]. - The small molecule CDMO business generated 761 million yuan in revenue, reflecting a growth of around 20% [5]. - The overall gross margin for Q1 was 26.33%, an increase of 10.49 percentage points, attributed to improved capacity utilization [6]. - The company expects continued improvement in profitability, with projected net profits for 2025-2027 at 290 million, 2.46 billion, and 5.15 billion yuan respectively [6]. Summary by Sections Financial Performance - Q1 revenue was 800 million yuan, with a year-on-year growth of 18.21% [4]. - The net loss for Q1 was 4.2842 million yuan, a significant improvement of 95.48% [4]. - The gross margin for Q1 was 26.33%, up by 10.49 percentage points [6]. Business Segments - Overseas revenue was 609 million yuan, increasing by approximately 30% [5]. - Domestic revenue was 192 million yuan, down by about 8% [5]. - The small molecule CDMO segment achieved 761 million yuan in revenue, growing by around 20% [5]. Future Projections - The company forecasts net profits of 290 million yuan in 2025, 2.46 billion yuan in 2026, and 5.15 billion yuan in 2027 [6].

公 司 报 告 医药 2025年04月25日 博腾股份(300363.SZ) Q1表现理想，小分子业务实现扭亏 推荐 ( 维持) 股价:14.78元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.portonpharma.com | | 大股东/持股 | 重庆两江新区产业发展集团有限公 | | | 司/14.48% | | 实际控制人 | 居年丰,陶荣,张和兵 | | 总股本(百万股) | 545 | | 流通A股(百万股) | 500 | | 流通B/H股(百万股) | | | 总市值(亿元) | 81 | | 流通A股市值(亿元) | 74 | | 每股净资产(元) | 9.56 | | 资产负债率(%) | 37.5 | 行情走势图 相关研究报告 【平安证券】博腾股份（300363.SZ）*年报点评*经 营否极泰来，有望年内实现扭亏*推荐20250331 证券分析师 事项： 公司发布25年一季报，实现营收8.01亿元（+18.21%），实现归母净利 润 -428.42 万 元 （ +95.48% ） ， 扣 非 后 归 母 净 利 润 -1009.01 万 元 ...