Group 1 - The core viewpoint of the news is that the private equity firm, Phan Hou Wei Ran, has conducted research on a listed company, Yiqiao Shenzhou, focusing on its strategies in response to complex international situations and tariff changes [1] - Yiqiao Shenzhou has adopted proactive inventory measures and leveraged its production capabilities in the US and Canada to support overseas operations [1] - The company is optimizing its team and enhancing automation in its subsidiaries, with a steady development of its business in Taizhou and a need for time to accumulate project experience in its Suzhou subsidiary [1] Group 2 - The overseas development strategy of Yiqiao Shenzhou emphasizes product complementarity and localized production, particularly in Japan, South Korea, and Europe and the US [1] - The company plans to continue investments and acquisitions in areas such as reagents, consumables, automation equipment, and synthetic biology, focusing on complementary product technology capabilities [1] - The CRO business will prioritize quality improvement, efficiency enhancement, and technological upgrades to ensure reasonable profits [1] Group 3 - Phan Hou Wei Ran (Shanghai) Asset Management Co., Ltd. was established in 2014 and is focused on domestic and foreign stock trading strategies and fund management [2] - The company aims to provide long-term stable value-added wealth management services to high-net-worth clients and institutions [2] - As of July 2020, the company had issued 48 private equity funds, with 18 currently in operation and an asset management scale of approximately 800 million RMB [2]

Financial Performance - In 2024, the company achieved a revenue of 613.67 million yuan, a decrease of 5.06% year-on-year, with conventional business revenue at 533.10 million yuan, an increase of 10.54% [3] - Non-conventional business revenue was 54.19 million yuan, down 63.55% year-on-year; net profit attributable to shareholders was 121.93 million yuan, a decrease of 53.13% [3] - In Q1 2025, the company reported a revenue of 155.30 million yuan, an increase of 8.61% year-on-year; non-conventional business revenue was 4.95 million yuan, down 63.42% [3] - Net profit for Q1 2025 was 22.64 million yuan, a decrease of 48.27% year-on-year, primarily due to fluctuations in financial returns and rising operational costs [3] Business Strategy and Development - The company is actively responding to changes in tariff policies by utilizing local warehousing resources and enhancing inventory measures [4] - Investments in subsidiaries in Suzhou and Taizhou have not yet yielded scale benefits, with ongoing efforts to optimize local teams and automate processes [4] - Focus on overseas development includes establishing a subsidiary in South Korea and enhancing local sales efforts in Japan and South Korea [5] - The company aims to leverage geographical advantages in the U.S. and Canada for localized production and market expansion [5] Investment and M&A Plans - The company is pursuing investments and acquisitions in areas such as reagents, consumables, automation equipment, and synthetic biology [5] - Future acquisitions will prioritize complementary product technology capabilities and focus on upstream and downstream enterprises related to the company's business [5] - The company emphasizes the importance of reasonable valuation in investment decisions to effectively control risks [5] CRO Business Direction - The CRO business is facing profit pressure due to market demand changes and increased competition [7] - The company plans to enhance quality and efficiency through technology upgrades and process optimization to improve project success rates and reduce costs [7] - Resource allocation will be strategically balanced to achieve revenue and profit goals across different service types [7]

中信证券股份有限公司关于 北京义翘神州科技股份有限公司持续督导 保荐总结报告书 | | | 一、发行人基本情况 | 发行人名称 | 北京义翘神州科技股份有限公司 | | --- | --- | | 法定代表人 | 张杰 | | 证券简称 | 义翘神州 | | 证券代码 | 301047.SZ | | 上市交易所 | 深圳证券交易所 | | 股份总数 | 12,163.6742万股 | | 注册地址 | 北京市北京经济技术开发区景园街8号院1号楼9层B901 | | 办公地址 | 北京市北京经济技术开发区科创十街18号院11号楼 | | 邮政编码 | 100176 | | 网址 | www.sinobiological.com | | 电子信箱 | ir@sinobiological.cn | 二、本次发行情况概述 持续督导期内，保荐人及保荐代表人严格按照《证券发行上市保荐业务管理 办法》《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自 律监管指引第13号——保荐业务》的相关规定，承担持续督导发行人履行规范运 作、信守承诺、信息披露等义务，具体包括： 1、督导公司完善法人治理结构，有效执行并完善 ...

关于北京义翘神州科技股份有限公司 2024 年度持续督导工作现场检查报告 | 保荐人名称：中信证券股份有限公司 | | | 被保荐公司简称：义翘神州 | | --- | --- | --- | --- | | 保荐代表人姓名：赵陆胤 | | | 联系电话：010-60837513 | | 保荐代表人姓名：焦延延 | | | 联系电话：010-60836950 | | 现场检查人员姓名：赵陆胤、陈一奇 | | | | | 年 月 日至 月 现场检查对应期间：2024 1 1 2024 12 31 | 年 | | 日 | | 现场检查时间：2025 | | 年 月 日 4 18 | | | 一、现场检查事项 | | | 现场检查意见 | | | | | 不适用 | | 现场检查手段： | | | | | 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 | | | | | 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 | | | | | 1.公司章程和公司治理制度是否完备、合规 | | | √ | | 2.公司章程和三会规则是否得到有效执行 | | | √ | | 3.三 ...

中信证券股份有限公司 1 | （1）列席公司股东大会次数 | 无 | | --- | --- | | （2）列席公司董事会次数 | 无 | | （3）列席公司监事会次数 | 无 | | 5.现场检查情况 | | | （1）现场检查次数 | 1次 | | （2）现场检查报告是否按照深圳证券交易所规定 | 是 | | 报送 | | | （3）现场检查发现的主要问题及整改情况 | 无 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 5次 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向深圳证券交易所报告情况（现场检查报告除 | | | 外） | | | （1）向深圳证券交易所报告的次数 | 2次 | | （2）报告事项的主要内容 | 中信证券股份有限公司关于北京义翘神州科技 | | | 股份有限公司2023年年度跟踪报告 | | | 中信证券股份有限公司关于北京义翘神州科技 | | | 股份有限公司2024年半年度跟踪报告 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 不适用 | | （ ...

中信证券股份有限公司 关于北京义翘神州科技股份有限公司 2024年度持续督导培训情况报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为北京义翘 神州科技股份有限公司（以下简称"义翘神州"或"公司"）首次公开发行股票 并在创业板上市的保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的相关规定，对义翘神州进行了 2024 年度持续督导培训，报 告如下： 一、本次持续督导培训的基本情况 （一）保荐人：中信证券股份有限公司 （二）保荐代表人：赵陆胤、焦延延 （三）培训时间：2025 年 4 月 18 日 （四）培训地点：公司会议室 （五）培训人员：赵陆胤、陈一奇 （六）培训对象：公司董事、监事、高级管理人员、中层以上管理人员及控 股股东相关人员 （七）培训内容：本次培训内容主要为上市公司规范运作及信息披露，本次 培训涉及的主要法律法规及相关规定包括《中华人民共和国证券法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》及上 ...

Revenue and Profit - The company's revenue for Q1 2025 was ¥155,301,016.24, representing a 1.94% increase compared to ¥152,348,904.34 in the same period last year[4] - Net profit attributable to shareholders decreased by 48.27% to ¥22,636,414.00 from ¥43,761,483.94 year-on-year[4] - The net profit after deducting non-recurring gains and losses fell by 58.82% to ¥8,512,522.61 from ¥20,671,508.12 in the previous year[4] - The basic earnings per share decreased by 45.07% to ¥0.1861 from ¥0.3388 in the same period last year[4] - The net profit for the company was CNY 22.64 million, a decrease of 48.27% compared to the previous year, primarily due to fluctuations in financial returns and rising operational costs[16] - Total operating revenue for the current period reached ¥155,301,016.24, a 1.3% increase from ¥152,348,904.34 in the previous period[21] - Net profit for the current period was ¥22,636,414.00, a decrease of 48.3% compared to ¥43,761,483.94 in the previous period[22] - The basic earnings per share for the current period was ¥0.1861, down from ¥0.3388 in the previous period[22] - Total comprehensive income for the current period was ¥17,694,271.03, a decrease from ¥49,800,242.67 in the previous period[22] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥6,052,237,912.80, a slight decrease of 0.04% from ¥6,054,708,956.79 at the end of the previous year[4] - As of March 31, 2025, the total assets of the company were CNY 6.05 billion, slightly down from CNY 6.05 billion at the beginning of the period[20] - The company's total liabilities were CNY 261.25 million, down from CNY 281.80 million at the beginning of the period[20] - The total equity attributable to the parent company was CNY 5.79 billion, an increase from CNY 5.77 billion at the beginning of the period[20] Cash Flow - Cash flow from operating activities decreased by 7.47% to ¥15,857,887.15 from ¥17,137,226.34 year-on-year[4] - Operating cash flow net amount was ¥15,857,887.15, down 7.5% from ¥17,137,226.34 in the previous period[24] - Cash and cash equivalents at the end of the period totaled ¥436,870,744.72, a decrease from ¥1,411,211,371.80 in the previous period[25] - The company reported a significant increase in cash and cash equivalents, rising by 187.90% to ¥671,799,434.97 from ¥233,345,821.82 at the end of the previous year[8] - The net cash flow from financing activities improved by 92.79%, reaching -¥7,877,849.28 compared to -¥109,300,862.18 in the previous year[13] - Investment activities generated a net cash flow of ¥303,364,527.88, compared to ¥315,726,731.35 in the previous period[24] Expenses - Total operating costs increased to ¥147,350,379.90, up 20.2% from ¥122,545,105.64 in the previous period[21] - The financial expenses increased by 125.23% to ¥1,761,710.86 compared to a negative expense of ¥6,983,425.92 in the same period last year[10] - The company reported a significant increase in sales expenses, which rose to ¥41,326,505.64 from ¥38,152,688.73 in the previous period, reflecting a 5.7% increase[21] Other Financial Metrics - The company received government subsidies amounting to ¥1,417,777.05 related to talent projects and other government support[5] - Regular business revenue amounted to CNY 143.28 million, showing a year-on-year growth of 8.61%[16] - Non-regular business revenue was CNY 4.95 million, which declined by 63.42% year-on-year[16] - The company's accounts receivable stood at CNY 145.26 million, slightly down from CNY 150.48 million at the beginning of the period[18] - The company reported a decrease in inventory, which was CNY 63.51 million compared to CNY 64.40 million at the beginning of the period[18] - Other comprehensive income after tax for the current period was -¥4,942,142.97, compared to ¥6,038,758.73 in the previous period[22]

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company experienced a steady growth in its conventional business, but increased investments have put pressure on profit margins [4] - In 2024, the company achieved a revenue of 614 million yuan, a year-on-year decrease of 5.06%, while the net profit attributable to the parent company was 122 million yuan, down 53.13% year-on-year [4] - The conventional business generated a revenue of 533 million yuan in 2024, reflecting a year-on-year growth of 10.54% [4] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 156 million, 183 million, and 209 million yuan respectively [4] Financial Summary - In 2024, the company’s revenue from the recombinant protein business was 273 million yuan, up 6.87% year-on-year, while the antibody business revenue fell to 106 million yuan, down 41.20% [5] - The CRO service business generated a revenue of 169 million yuan, marking a year-on-year increase of 9.40% [5] - The company’s overseas revenue reached 354 million yuan in 2024, accounting for 57.74% of total revenue [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.28, 1.50, and 1.72 yuan respectively, with corresponding P/E ratios of 47.4, 40.4, and 35.3 times [4][8]

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company experienced a steady growth in its conventional business, but increased investments have put pressure on profit margins [4] - In 2024, the company achieved a revenue of 614 million yuan, a year-on-year decrease of 5.06%, while the net profit attributable to the parent company was 122 million yuan, down 53.13% year-on-year [4] - The conventional business generated a revenue of 533 million yuan in 2024, reflecting a year-on-year growth of 10.54% [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 156 million yuan, 183 million yuan, and 209 million yuan respectively [4] Financial Summary - In 2024, the company’s revenue from the recombinant protein business was 273 million yuan, a year-on-year increase of 6.87% [5] - The antibody business saw a revenue decline to 106 million yuan, down 41.20% year-on-year [5] - The CRO service business generated 169 million yuan in revenue, marking a year-on-year growth of 9.40% [5] - The company’s overseas revenue reached 354 million yuan in 2024, accounting for 57.74% of total revenue [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.28 yuan, 1.50 yuan, and 1.72 yuan respectively [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 47.4, 40.4, and 35.3 respectively [8] - The gross margin for 2024 is reported at 73.3%, with a net margin of 19.9% [8] - The return on equity (ROE) for 2024 is 2.1% [8]

公司最新资产负债率为4.65%，较去年同期资产负债率增加1.11个百分点。 公司最新毛利率为73.29%，在已披露的同业公司中排名第14。最新ROE为2.11%，在已披露的同业公司中排名第16，较去年同期ROE减少1.97个百分点。 公司摊薄每股收益为0.95元，较去年同报告期摊薄每股收益减少1.06元，同比较去年同期下降52.67%。 2025年4月19日，义翘神州(301047.SZ)发布2024年年报。 公司营业总收入为6.14亿元，在已披露的同业公司中排名第21，较去年同报告期营业总收入减少3271.70万元，同比较去年同期下降5.06%。归母净利润为 1.22亿元，在已披露的同业公司中排名第15，较去年同报告期归母净利润减少1.38亿元，同比较去年同期下降53.13%。经营活动现金净流入为1.14亿元，在 已披露的同业公司中排名第16，较去年同报告期经营活动现金净流入减少2.09亿元，同比较去年同期下降64.74%。 公司最新总资产周转率为0.10次，在已披露的同业公司中排名第26，较去年同期总资产周转率持平，同比较去年同期下降1.12%。最新存货周转率为2.80 次。 公司股东户数为2.18万户， ...