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 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0100 | -0.1700 | 94.12 | 0.5600 | | 每股净资产（元） | 9.56 | 10.4 | -8.08 | 11.61 | | 每股公积金(元) | 3.74 | 3.78 | -1.06 | 3.61 | | 每股未分配利润(元) | 4.52 | 5.36 | -15.67 | 6.70 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.01 | 6.78 | 18.14 | 13.78 | | 净利润(亿元) | -0.04 | -0.95 | 95.79 | 3.04 | | 净资产收益率(%) | -0.08 | -1.65 | 95.15 | 4.93 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累 ...

股票代码：300363 股票简称：博腾股份 公告编号：2025-026 号 重庆博腾制药科技股份有限公司 第五届监事会第二十三次临时会议决议公告 一、 会议审议情况 经与会监事认真审议，以投票表决方式通过以下议案： 1、审议通过《关于 2025 年第一季度报告的议案》； 具体内容请见公司同日于巨潮资讯网（www.cninfo.com.cn）发布的《2025 年 第一季度报告》（公告编号：2025-024 号）。 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"）第五届监事会第二十 三次临时会议于 2025 年 4 月 24 日（星期四）以通讯会议方式召开，会议通知已 于 2025 年 4 月 17 日通过电子邮件方式送达各位监事。本次会议应参与表决监事 人数 3 人，实际参与表决监事人数 3 人，本次会议由监事会主席谭永庆先生主 持。 会议在保证所有监事充分发表意见的前提下，以投票的方式进行表决。会议 召开符合《中华人民共和国公司法》及《公司章程》的规定，所作决议合法有效。 经审核，监事会认为：根据公司《2022 年 ...

第五届董事会第三十二次临时会议决议公告 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。 重庆博腾制药科技股份有限公司（以下简称"公司"）第五届董事会第三十 二次临时会议于 2025 年 4 月 24 日（星期四）以通讯会议方式召开，会议通知已 于 2025 年 4 月 17 日通过电子邮件方式送达各位董事。本次会议应参与表决董事 人数 9 人，实际参与表决董事人数 9 人。本次会议由董事长居年丰先生主持，公 司部分监事、高级管理人员列席会议。 会议召开符合《公司法》及《公司章程》的规定，所作决议合法有效。 一、 会议审议情况 会议在保证所有董事充分发表意见的前提下，以投票表决方式通过以下议案： 1、审议通过《关于 2025 年第一季度报告的议案》； 具体内容请见公司同日于巨潮资讯网（www.cninfo.com.cn）发布的《2025 年 第一季度报告》（公告编号：2025-024 号）。 股票代码：300363 股票简称：博腾股份 公告编号：2025-023 号 重庆博腾制药科技股份有限公司 鉴于公司 2024 年度业绩未达到《2022 年限制性股票激励计划（ ...

股票代码：300363 股票简称：博腾股份 公告编号：2025-025 号 重庆博腾制药科技股份有限公司 关于作废部分 2022 年限制性股票激励计划 已授予但尚未归属的限制性股票的公告 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。 重庆博腾制药科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第五届董事会第三十二次临时会议、第五届监事会第二十三次临时会议， 审议通过《关于作废部分 2022 年限制性股票激励计划已授予但尚未归属的限制 性股票的议案》，现将相关事项公告如下： 一、激励计划概述 1、2022 年 4 月 22 日，公司召开第五届董事会第一次临时会议，审议通过 《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理股权激励计划相关事宜的议案》及《关于提请召开公司 2022 年第 二次临时股东大会的议案》。公司独立董事就本激励计划是否有利于公司的持续 发展及是否存在损害公司及全体股东利益的情形发表了独立意见。同 ...