Core Viewpoint - As of November 10, 2025, the total number of shareholders for Boteng Co., Ltd. (stock code: 300363) is reported to be 46,733, including both ordinary accounts and margin trading accounts [1] Summary by Category - **Shareholder Information** - The total number of shareholders for Boteng Co., Ltd. is 46,733 as of the specified date [1]

Core Viewpoint - Boten Co., Ltd. experienced a stock price decline of 2.02% on November 12, with a current price of 24.25 CNY per share and a total market capitalization of 13.178 billion CNY, despite a year-to-date increase of 53.77% in stock price [1] Financial Performance - For the period from January to September 2025, Boten Co., Ltd. achieved a revenue of 2.544 billion CNY, representing a year-on-year growth of 19.72%, and a net profit attributable to shareholders of 79.9154 million CNY, which is a significant increase of 138.71% [2] - The company has distributed a total of 1.193 billion CNY in dividends since its A-share listing, with 866 million CNY distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders for Boten Co., Ltd. was 47,800, a decrease of 4.64% from the previous period, while the average number of circulating shares per person increased by 4.86% to 10,469 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 13.2187 million shares to 23.9776 million shares, and Tianhong Medical Innovation A, which reduced its holdings by 458,400 shares to 5.9396 million shares [3]

Investment Rating - The investment rating for the company is "Accumulate" [6][11]. Core Views - The traditional business is recovering growth, while emerging businesses are gradually ramping up, leading to improved profitability quarter by quarter [2]. - The company achieved a revenue of 2.544 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 19.7%, and a net profit attributable to shareholders of 79.92 million yuan, marking a significant turnaround from losses [11]. - The target price is set at 31.26 yuan, reflecting an upward adjustment based on the company's emerging business capacity and asset utilization improvements [11]. Financial Summary - Total revenue is projected to be 3.667 billion yuan in 2023, decreasing to 3.012 billion yuan in 2024, before recovering to 3.495 billion yuan in 2025, with a growth rate of 16.0% [4]. - Net profit attributable to shareholders is expected to decline to -288 million yuan in 2024, before rebounding to 121 million yuan in 2025, with a significant year-on-year growth of 142.0% [4]. - Earnings per share (EPS) is forecasted to be 0.22 yuan in 2025, increasing to 0.88 yuan by 2027 [4]. Business Performance - Revenue from small molecule APIs reached 2.350 billion yuan in Q1-Q3 2025, up 19.4% year-on-year, while emerging business revenue was 190 million yuan, up 23.4% [11]. - The company reported a gross margin of 28.86% in Q1-Q3 2025, an increase of 5.6 percentage points year-on-year [11]. - The overseas market revenue was 1.805 billion yuan, reflecting a year-on-year increase of 17%, while the domestic market revenue was 739 million yuan, up 21% [11]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 50.34, with an expected P/E of 111.22 in 2025 [4]. - The price-to-book (P/B) ratio is 2.5 at the current price [7]. - The company has a net asset return rate (ROE) of 4.6% in 2023, projected to improve to 7.8% by 2027 [4].

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Core Viewpoint - The company is experiencing a recovery in traditional business growth, with emerging businesses gradually ramping up, leading to improved profitability quarter by quarter [1] Financial Performance - For Q1-Q3 2025, revenue reached 2.544 billion yuan, a year-on-year increase of 19.7%, with a net profit attributable to shareholders of 79.92 million yuan, marking a turnaround from losses [2] - In Q3 alone, revenue was 923 million yuan, up 19.4% year-on-year, and net profit was 52.86 million yuan, significantly improving from losses, with a quarter-on-quarter growth of 68.7% [2] - The gross margin for Q1-Q3 2025 was 28.86%, an increase of 5.6 percentage points year-on-year, while Q3 gross margin was 31.02%, stable year-on-year and up 2.1 percentage points quarter-on-quarter [2] Business Segments - Revenue from small molecule APIs for Q1-Q3 2025 was 2.350 billion yuan, a year-on-year increase of 19.4%, while emerging business revenue was 190 million yuan, up 23.4% [3] - The small molecule formulation CDMO segment generated 101 million yuan, remaining flat year-on-year, while CGT CDMO revenue was 43 million yuan, up 7.1% [3] - New molecular businesses, including peptides, oligonucleotides, and ADCs, saw revenue of 46 million yuan, a substantial increase of 254.8% year-on-year [3] Market Performance - Overseas market revenue for Q1-Q3 2025 was 1.805 billion yuan, a year-on-year increase of 17%, while domestic market revenue was 739 million yuan, up 21% [3] Profitability Trends - The gross margin for the overseas market was approximately 40%, an increase of 5 percentage points year-on-year, driven by high-value commercial projects [4] - The domestic market gross margin was around 1%, improving from -3% in H1 2025; excluding emerging business impacts, the domestic gross margin was about 18% [4] - Overall gross margin for the company was approximately 35%, showing a trend of improvement [4] Emerging Business Impact - The new business segments negatively impacted the net profit attributable to shareholders by approximately 164 million yuan, with a total reduction in losses of about 17.5 million yuan [4] - The small molecule formulation, gene cell therapy, and new molecular businesses contributed to the net profit reductions of 67.69 million yuan, 38.67 million yuan, and 57.25 million yuan, respectively [4] Catalysts - There is an unexpected growth in orders and terminal demand for new businesses, indicating positive market dynamics [5]

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]