近期CXO及科研服务板块涨幅明显，东吴证券朱国广团队指出，看好该板块主要原因有三：其一业绩 拐点显著。药明康德、博腾股份、纳微科技等纷纷发布Q2业绩预增，尤其是药明康德明显提速。预期 皓元医药、百普赛斯、奥浦迈等也将有不错的业绩；其二国家全面打响反内卷第一枪。光伏、新能源汽 车等已经全面限产，对CXO板块同等受益，利于板块走出低谷；其三中美关系缓和及美联储降息等。4 月中美贸易战受损最大的CXO等出海，谈判后中美关系有所改善利好CXO等；另外美联储降息预期促 使美元指数连续下跌，降息利于一市场融资改善及并购案的加速。 中泰证券认为，从基本面来看，创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子 行业，全年维度创新药作为医药板块的投资主线不会变化，创新药大时代已然到来，建议积极拥抱，加 配医药板块；此外，7月中报业绩预告/快报陆续披露，CRO&CDMO、GLP-1景气赛道、困境反转的原 料药等表现亮眼，建议继续积极布局有望逐步走出拐点的细分板块，如CRO&CDMO、科研上游、特色 原料药等。 天风医药杨松团队更是直言"买全球最好的中国创新药"！杨松认为，立足当下，中国创新药已经凭借坚 实产业基础， ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-046 北京百普赛斯生物科技股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例被动触及 1%整数倍的权益变动提示性公告 股东陈宜顶及其一致行动人保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 特别提示： 1、因北京百普赛斯生物科技股份有限公司（以下简称"公司"或"本公司"）实 施 2024 年度权益分派导致的差异化转增股本，公司控股股东、实际控制人陈宜顶 及其一致行动人苗景赟、上海百普赛斯企业管理咨询合伙企业（有限合伙）、上 海百普嘉乐企业管理咨询合伙企业（有限合伙）的合计持股比例由 43.97%增加至 44.01%，被动触及 1%的整数倍。 2、本次权益变动不触及要约收购，不会导致公司控制权发生变更，不会对公 司持续经营及治理结构产生影响。 受 2024 年年度权益分派实施差异化分红送转方案（公司已回购股份不享有 参与利润分配及资本公积金转增股本的权利）的影响，截至本公告披露日，公司 的总股本由 120,000,000 股增加至 ...

Summary of Conference Call Records Industry Overview - The global pharmaceutical industry is facing a significant patent cliff, with approximately $180 billion in annual revenue drugs set to lose patent protection between 2027 and 2028, representing nearly 12% of the global market share [3][4][10] - The domestic innovation industry chain is experiencing an increase in orders, particularly among upstream companies such as Baipusais, Bidai Pharmaceutical, and Bai'ao Pharmaceutical [1][5] - The CRO (Contract Research Organization) sector is seeing growth in companies like Zhaoyan New Drug, Yinuosi, and Tigermed, while the CDMO (Contract Development and Manufacturing Organization) sector is highlighted by strong performances from WuXi AppTec, Boteng Co., Tianyu Co., and Pro Pharma [1][5] Key Insights and Arguments - The recovery in the CXO (Contract Research Organization and Contract Development and Manufacturing Organization) sector is driven by increased domestic demand and a resurgence in orders, which is expected to translate into clinical research opportunities within 6 to 12 months [11][12] - The trend of innovation drug out-licensing (BD) is becoming more pronounced, as large pharmaceutical companies seek to diversify their pipelines and manage costs amid pressures from legislation such as the IRA (Inflation Reduction Act) [4][7] - Domestic listed companies have shown an increasing trend in R&D expenses as a percentage of revenue since the second half of last year, indicating a more proactive approach to R&D investment in response to market changes [8][10] Financial Performance and Trends - In the CDMO sector, WuXi AppTec reported a 47% year-on-year increase in orders by the end of last year, while Boteng Co. saw a 30% increase [11][13] - For the first half of 2025, WuXi AppTec's revenue is expected to grow by 21%, with a 44% increase in NON-IFRS net profit, while Boteng Co. is projected to achieve profitability after a turnaround [13] - The structure of R&D expenses in Biotech companies has shifted, with a notable increase in clinical trial costs, reflecting a conservative investment strategy amid market uncertainties [9] Potential Investment Opportunities - Recommended companies in the domestic innovation industry include Yinuosi, Zhaoyan New Drug, and Tigermed, as well as leading CDMO firms like WuXi AppTec and Pro Pharma [16] - The recovery in the domestic innovation industry is expected to create further investment opportunities, particularly as IPOs are being opened up and more companies are preparing to list [14] Additional Considerations - The overall recovery of the innovation industry chain is segmented into phases, with the current transition from phase 1.0 to 2.0 indicating a shift towards increased early-stage project investments by financially robust companies [10] - The competitive landscape of the domestic innovation industry chain should be assessed comprehensively, including comparisons with Indian and other overseas companies to better understand competitive advantages [17]

Group 1 - As of the end of Q2 2025, the total market value of northbound funds reached 2.29 trillion yuan, an increase of over 2% compared to the end of Q1, with the number of shares held reaching 123.51 billion, a growth of over 3% [1] - Northbound funds showed a significant structural adjustment in industry allocation, with over 20 industries seeing an increase in holdings, accounting for more than 60% of the 31 industries tracked [3] - The social services industry has been continuously favored by northbound funds for three consecutive quarters, indicating sustained foreign interest in this sector [3] Group 2 - The retail trade industry saw the most significant increase, with a 28.69% rise in the number of shares held and a market value increase of over 45%, reaching 19.75 billion yuan [3] - The defense and military industry also received notable attention, with a 12.5% increase in holdings, and its index leading the market with over a 15% rise in Q2 [3] - In contrast, the oil and petrochemical, textile and apparel, electronics, and home appliances industries experienced a decline in holdings of over 10% [3] Group 3 - Over 1,500 individual stocks saw an increase in holdings by northbound funds, reflecting a clear value orientation [4] - The top ten stocks held by northbound funds include Ningde Times, Kweichow Moutai, and Midea Group, with holdings in Ningde Times exceeding 150 billion yuan and Kweichow Moutai over 100 billion yuan [4] - Notable increases in holdings were observed in Huaming Equipment, Rongchang Biology, and Huayou Cobalt, with Huaming Equipment's latest holding ratio at 17.45%, reflecting a more than 6 percentage point increase [4]

证券代码：301080 证券简称：百普赛斯 公告编号：2025-045 北京百普赛斯生物科技股份有限公司 2024 年年度权益分派实施公告 本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、北京百普赛斯生物科技股份有限公司（以下简称"公司"或"本公司"）股 票回购专用证券账户中的 379,503 股不参与本次权益分派。本次权益分派以公司 现有总股本 120,000,000 股剔除回购专用证券账户中已回购股份 379,503 股后的 股本 119,620,497 股为基数，向全体股东每 10 股派 4.00 元人民币（含税），本 次实际现金分红的总金额=119,620,497 股*0.40 元/股=47,848,198.80 元。以资本 公积金向全体股东每 10 股转增 4 股，本次实际转增总股数=119,620,497 股*0.40 股=47,848,198 股，转增后股本增至 167,848,198 股（公司总股本数以中国证券登 记结算有限责任公司最终登记结果为准，如有尾差，系向下取整所致）。本次 不送红股，剩余未分配利润结转以后年度分配。 2 ...

Core Viewpoint - The healthcare services sector experienced a decline of 1.45% with a net outflow of 1,102.31 million in funds, indicating a bearish trend in the market [1] Group 1: Sector Performance - The healthcare services sector saw a total of 2 stocks rising and 41 stocks declining [1] - The top ten decliners in the sector included Sanbo Brain Science (-4.57%), Ruizhi Medicine (-4.56%), and Innovation Medical (-4.34%) [1] Group 2: Stock Details - Sanbo Brain Science closed at 49.87 with a decline of 4.57% and a net fund outflow of 108.09 million [1] - Ruizhi Medicine closed at 10.88, down 4.56%, with a net outflow of 68.69 million [1] - Innovation Medical closed at 15.00, down 4.34%, with a net outflow of 320.40 million [1] - Other notable decliners included Maipu Medical (-3.79%), Nuotai Biological (-3.40%), and Dae Oriental (-3.21%) [1] Group 3: Gainers - The stocks that gained included *ST Biological with an increase of 3.83% and Chengda Pharmaceutical with an increase of 1.03% [1]

北京百普赛斯生物科技股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 29 日召开第二届董事会第八次会议，并于 2024 年 9 月 20 日召开 2024 年第一次临时股东大会审议通过了《关于回购公司股份方案的议案》，同意 公司使用自有资金以集中竞价交易方式回购公司部分已发行的人民币普通股股 份，用于注销并相应减少公司注册资本。本次回购资金总额不低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购价格不超过人民币 50.00 元 /股（含），回购实施期限为自公司股东大会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司分别于 2024 年 8 月 30 日、2024 年 9 月 20 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公告编 号：2024-026）和《回购报告书》（公告编号：2024-030）。 公司于 2025 年 6 月 24 日召开第二届董事会第十九次会议，审议通过了 《关于调整回购股份价格上限的议案》，同意公司将回购价格上限调整为 80.00 元/股（含）。调整后的回购股份价格上限自 ...

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 645.02 million yuan, representing a year-on-year growth of 18.65% [1] - The net profit attributable to shareholders for 2024 was 123.83 million yuan [1] - In Q1 2025, the company reported a revenue of 186.49 million yuan, with a year-on-year increase of 27.73% [1] - The net profit attributable to shareholders in Q1 2025 was 40.58 million yuan, reflecting a growth of 32.30% [1] Group 2: Strategic Focus and Market Position - The company is concentrating on biopharmaceuticals and cell immunotherapy, driving core business development and global strategy [1] - There is a continuous increase in demand for biological reagents such as recombinant proteins, driven by the recovery of the innovative drug market [2] - The company aims to enhance its leadership and competitive advantage in the industry through improved technology and product development [2] Group 3: Product Development in CGT and ADC - The company provides comprehensive solutions for cell and gene therapy (CGT), addressing challenges in R&D technology, product quality, and supply chain stability [3] - Over 50 high-quality GMP-grade products have been developed, including cytokines and antibodies for CGT applications [5] - In the ADC field, the company focuses on five core elements: suitable antigen targets, highly specific antibodies, effective toxin molecules, quality linkers, and precise Drug Antibody Ratio (DAR) [6][7]

Core Viewpoint - The company, 百普赛斯, is focusing on the biopharmaceutical and cell immunotherapy sectors, aiming for global expansion and enhancing its competitive edge through innovation and optimized management practices. Financial Performance - In 2024, the company achieved a revenue of 645.02 million yuan, representing an 18.65% year-on-year increase, with net profit attributable to shareholders reaching 123.83 million yuan [1] - For Q1 2025, the company reported a revenue of 186.49 million yuan, a 27.73% increase year-on-year, and a net profit of 40.58 million yuan, up 32.30% [2] Market Trends and Opportunities - The company benefits from supportive national policies and an active market for innovative drugs, focusing on antibody drugs, cell and gene therapy (CGT), and antibody-drug conjugates (ADC) [3] - The demand for biological reagents, particularly recombinant proteins, is expected to grow, providing more business opportunities for the company [3] Global Operations - The company has established a logistics system in China, the US, Switzerland, and South Korea, enabling comprehensive market coverage and efficient response to customer needs [4] - It has successfully built a talent pool with international perspectives to support its global operations, covering nearly 80 countries and regions [4] CGT Sector Development - The company is well-positioned in the CGT field, offering comprehensive solutions from drug target discovery to commercial production, leveraging its extensive protein pipeline and technical expertise [5] - It has developed over 50 high-quality GMP-grade products for cell and gene therapy applications, enhancing its service offerings [6][7] ADC Sector Development - The company is actively expanding its product and service offerings in the ADC field, which combines targeted antibodies with potent chemotherapy agents, addressing the growing demand for innovative cancer treatments [8][9] Neuroscience Sector Development - The company is focusing on brain-related diseases, providing high-quality recombinant proteins and neurotrophic factors to support research and treatment development for conditions like Alzheimer's and Parkinson's diseases [10]