保荐总结报告书 华泰联合证券有限责任公司 关于谱尼测试集团股份有限公司 向特定对象发行股票并在创业板上市 之保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 保荐总结报告书 三、发行人基本情况 | 情况 | 内容 | | --- | --- | | 发行人名称 | 谱尼测试集团股份有限公司 | | 证券代码 | 300887.SZ | | 注册资本 | 54575.8376 万元 | | 注册地址 | 北京市海淀区锦带路 66 号院 1 号楼 5 层 101 | | 主要办公地址 | 北京市海淀区锦带路 66 号院 1 号楼 5 ...

华泰联合证券有限责任公司 关于谱尼测试集团股份有限公司 2024 年度持续督导跟踪报告 2 | 项目 | 工作内容 | | --- | --- | | | 面，并结合实际案例进行讲解 | | 11.其他需要说明的保荐工作情况 | 无 | | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：谱尼测试集团股份有限公司 | | --- | --- | | 保荐代表人姓名：刘晓宁 | 联系电话：010-56839300 | | 保荐代表人姓名：王禹 | 联系电话：010-56839300 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | | | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Core Viewpoint - The company reported significant revenue declines and net losses for 2024 and Q1 2025, indicating challenges during its transformation phase [1][2][3] Revenue Summary - In 2024, the company achieved revenue of 1.541 billion yuan, a year-on-year decrease of 37.5% [1] - For Q1 2025, revenue was 252 million yuan, down 24.7% year-on-year [1] Profitability Analysis - The company recorded a net loss of 356 million yuan in 2024, a shift from profit to loss [1] - In Q1 2025, the net loss was 111 million yuan, compared to a loss of 98 million yuan in the same period last year [1] Business Segment Performance - In 2024, revenue by business segment included: - Life Sciences and Health Environmental: 1.077 billion yuan, down 45.53% - Automotive and Other Consumer Goods: 248 million yuan, down 3.44% - Security Assurance: 124 million yuan, down 6.23% - Electronics and Electrical: 74 million yuan, down 6.36% - Metrology: 16 million yuan, down 14.50% [2] Strategic Outlook - For 2025, the company plans to focus on large customer needs, emphasizing sectors such as biomedicine, cosmetics, medical devices, new energy vehicles, and special industry testing [2] - The company aims to improve laboratory capacity utilization and control capital expenditures while optimizing sales incentives and improving operational cash flow [2] Loss Drivers - The significant net losses were attributed to: - Structural adjustments in customer base leading to reduced gross margins and increased costs [3] - Intensified competition in the biomedicine sector compressing profit margins [3] - Initial investments in new special equipment testing fields not yet covering costs [3] - Impairment losses, including credit and asset impairment losses totaling 91 million yuan and 31 million yuan respectively [3] Cash Flow Insights - In 2024, the net cash flow from operating activities was 36 million yuan, with Q4 contributing 152 million yuan; Q1 2025 showed a net cash outflow of 43 million yuan [3] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 1.752 billion yuan, 1.986 billion yuan, and 2.243 billion yuan, with year-on-year growth rates of 13.7%, 13.3%, and 12.9% respectively [4] - Expected net profits for the same period are 37 million yuan, 152 million yuan, and 248 million yuan, indicating a gradual recovery [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has experienced significant revenue declines in 2024 and Q1 2025, with a 37.5% year-on-year decrease in revenue to 1.541 billion yuan in 2024, and a 24.7% decline to 252 million yuan in Q1 2025. The net profit attributable to shareholders turned to a loss of 356 million yuan in 2024, compared to a profit in the previous year [4][8]. - The report highlights that the company is undergoing a painful transformation, with expectations for profit recovery in 2025. The decline in revenue is attributed to several factors, including industry-specific events affecting key sectors like military testing and biomedicine, adjustments in customer structure, and a strategic contraction in less profitable business segments [8][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.541 billion yuan, a decrease of 37.5% year-on-year. The net profit attributable to shareholders was a loss of 356 million yuan, compared to a profit in the previous year. For Q1 2025, revenue was 252 million yuan, down 24.7% year-on-year, with a net loss of 111 million yuan [4][8]. - The revenue breakdown for 2024 shows significant declines across various business segments, with life sciences and health environmental revenue dropping by 45.53% to 1.077 billion yuan [8]. Business Strategy - The company is focusing on deepening customer demand, particularly in biomedicine, cosmetics, medical devices, and new energy vehicles. It aims to enhance laboratory capacity utilization and control capital expenditures while optimizing sales incentives and improving operational cash flow [8][4]. Profitability Outlook - The report forecasts gradual profit recovery, with expected revenues of 1.752 billion yuan in 2025, 1.986 billion yuan in 2026, and 2.243 billion yuan in 2027, reflecting year-on-year growth rates of 13.7%, 13.3%, and 12.9% respectively. The net profit attributable to shareholders is projected to improve to 37 million yuan in 2025 and reach 248 million yuan by 2027 [8][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company, Puni Testing, reported a significant decline in revenue and a shift to net losses in 2024, with revenue of 1.541 billion yuan, down 37.5% year-on-year, and a net loss of 356 million yuan [2][6] - In Q1 2025, the company continued to face challenges, with revenue of 252 million yuan, a decrease of 24.7% year-on-year, and a net loss of 111 million yuan [2][6] - The decline in revenue is attributed to several factors, including industry-specific events affecting key sectors like military testing and biomedicine, adjustments in customer structure, and strategic business contractions [6] Summary by Sections Financial Performance - In 2024, the company experienced a revenue drop across various segments, with life sciences and health environmental revenue falling by 45.53% to 1.077 billion yuan [6] - The company anticipates a gradual recovery in profitability, projecting revenues of 1.752 billion yuan in 2025, 1.986 billion yuan in 2026, and 2.243 billion yuan in 2027, with corresponding net profits of 37 million yuan, 152 million yuan, and 248 million yuan respectively [6][17] Business Strategy - The company plans to focus on deepening customer relationships and expanding into sectors such as biomedicine, cosmetics, medical devices, and new energy vehicles to improve operational efficiency and cash flow [6] Cost Management - In response to the financial challenges, the company has implemented cost control measures, reducing employee numbers and decreasing various operational costs [6]

谱尼测试首次公开发行股票的发行费用为7642.03万元，其中保荐与承销费用5986.98万元。 中国经济网北京4月22日讯谱尼测试（300887）(300887.SZ)昨日晚间发布2024年年度报告。2024年，公 司实现营业收入15.41亿元，同比减少37.54%；归属于上市公司股东的净利润-3.56亿元，同比减少 430.58%；归属于上市公司股东的扣除非经常性损益的净利润-3.80亿元，同比减少552.40%；经营活动 产生的现金流量净额为3602.31万元，同比减少89.02%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1.541.399.684.02 | 2,467,659,913,19 | -37.54% | 3.762.085,106.93 | | 归属于上市公司股东 的净利润(元) | -356, 312, 969. 71 | 107,783,725.28 | -430. 58% | 322,541,745.93 | | 归属于上市公司股东 的扣除非经常性损益 的净 ...

CRO概念股盘初下挫，双成药业（002693）跌停，万邦医药（301520）跌超5%，谱尼测试 （300887）、新天地（301277）、金凯生科（301509）跟跌。 ...

Group 1 - The company provides comprehensive technical solutions in various fields, including CRO/CDMO drug impurity analysis, medical testing, food safety testing, and environmental monitoring [2] - The company has a strong technical foundation and credibility, enabling it to serve global partners effectively [2] - The company has not reported any preferred stock profit distribution plan for the reporting period [2] Group 2 - The company has changed its accounting firm to Lixin Certified Public Accountants (Special General Partnership) for the current reporting period [1] - The company has not experienced any need to restate or adjust previous accounting data [3] - There are no significant differences between the financial indicators disclosed in the quarterly and semi-annual reports [3]

Core Viewpoint - The financial performance of Puni Testing Group Co., Ltd. in 2024 has significantly declined, with a strategic contraction and customer structure optimization impacting revenue and profitability [1] Revenue and Profitability - The company's operating revenue for 2024 was 1.541 billion yuan, a decrease of 37.54% compared to 2.468 billion yuan in 2023 [2] - The net profit attributable to shareholders turned negative at -356 million yuan, down 430.58% from a profit of 108 million yuan in 2023 [3] - Basic earnings per share fell to -0.6527 yuan from 0.1974 yuan in 2023, a decline of 430.65% [4] Expense Management - Total expenses for 2024 amounted to 7.232 billion yuan, with a reduction in sales expenses by 13.96% to 317 million yuan, while R&D expenses decreased by 18.39% to 154 million yuan [5][6] - Financial expenses surged by 3975.51% to 6 million yuan, primarily due to reduced interest income from lower deposit rates [5] Cash Flow Analysis - Net cash flow from operating activities dropped by 89.02% to 36.02 million yuan, reflecting weakened cash generation capabilities [7][8] - Net cash flow from investing activities improved to 124 million yuan from a negative 310 million yuan in 2023, indicating a strategic adjustment in investment [9] - Net cash flow from financing activities showed a reduced loss of 56.84 million yuan, with cash inflow increasing by 16.42% [10] Future Challenges - The company faces intense competition in the testing industry, with risks from market fluctuations and challenges in expanding new business areas such as biomedicine and new energy vehicles [11] - The management of cash flow and cost control will be critical for future performance and sustainability [11]