证券日报网讯 9月16日晚间，百普赛斯发布公告称，公司于2025年9月16日召开职工代表大会，通过民 主选举，选举屈文婷女士为公司第二届董事会职工代表董事。 （文章来源：证券日报） ...

Group 1 - The company Baipusais (SZ 301080) announced the convening of its 20th meeting of the second board of directors on September 16, 2025, in Beijing, where it reviewed the proposal for the re-election of members of the strategic committee [1] - For the fiscal year 2024, Baipusais reported that 98.13% of its revenue came from research and experimental development, while other businesses accounted for 1.87% [1] - As of the report date, Baipusais has a market capitalization of 10.3 billion yuan [1]

北京百普赛斯生物科技股份有限公司 证券代码：301080 证券简称：百普赛斯 公告编号：2025-063 关于公司董事离任暨选举职工董事的公告 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。 一、董事离任情况 1、离任基本情况 北京百普赛斯生物科技股份有限公司（以下简称"公司"）于 2025 年 9 月 16 日收到公司非独立董事黄旭女士递交的书面辞职报告。因公司内部工作调整，黄 旭女士申请辞去公司第二届董事会非独立董事职务，同时一并辞去第二届董事会 战略委员会委员职务。黄旭女士辞职后将继续在公司担任副总经理。黄旭女士原 任期届满之日为 2026 年 8 月 1 日。 截至本公告披露日，黄旭女士通过安义百普嘉乐企业管理咨询合伙企业（有 限合伙）间接持有公司股票 370,588 股，不存在应履行而未履行的承诺事项。 黄旭女士所持股份将继续遵守《上市公司董事和高级管理人员所持本公司股 份及其变动管理规则》《深圳证券交易所上市公司自律监管指引第 18 号——股 东及董事、高级管理人员减持股份》等法律法规的规定以及其做出的相关承诺。 2、离任对上市公司的影响 黄旭女士 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-062 北京百普赛斯生物科技股份有限公司 第二届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 北京百普赛斯生物科技股份有限公司（以下简称"公司"）第二届董事会第二 十一次会议于 2025 年 9 月 16 日下午 16:00 在北京市北京经济技术开发区宏达北 路 8 号公司会议室以通讯表决和现场表决的方式召开。本次会议通知及会议资料 于 2025 年 9 月 16 日以专人送达、传真、电子邮件的方式发出。本次会议为紧急 会议，根据《公司章程》的有关规定，出席会议的董事同意豁免本次董事会会议 的通知时限要求。会议应出席董事 7 人：参与现场会议的董事 1 人；参与通讯会 议的董事 6 人，分别为苗景赟先生、李杨女士、屈文婷女士、许娟红女士、刘峰 先生、张勇先生。会议由董事长陈宜顶先生主持，公司高级管理人员列席会议。 会议的召集、召开符合法律、法规、规则和《公司章程》规定。 二、董事会会议审议情况 审议通过《关于补选第二届董事会战略委员会委员的议 ...

24BJ7200118/SH/wg/cm/D18 上海市通力律师事务所(以下简称"本所")接受北京百普赛斯生物科技股份有限公司 (以下简称"公司")的委托,指派本所黄雅程律师、许宸律师(以下简称"本所律师")根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规 和规范性文件(以下统称"法律法规")及《北京百普赛斯生物科技股份有限公司章程》(以 下简称"公司章程")的规定就公司 2025 年第三次临时股东大会(以下简称"本次股东大 会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了 核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中的所有 签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、完整和有 效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意见书中,本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表意见,并 不对本次股东大会所审议的议案内容以及该等议案所表述的事实或数据的真实性 ...

特别提示： 1、本次股东大会无变更、否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、现场会议召开时间：2025 年 9 月 16 日（星期二）下午 14:30 2、网络投票时间： 证券代码：301080 证券简称：百普赛斯 公告编号：2025-061 北京百普赛斯生物科技股份有限公司 2025 年第三次临时股东大会决议公告 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。 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 9 月 16 日 9:15-15:00 期间的任意时间。 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 16 日 9:15-9:25，9:30-11:30，13:00-15:00； 3、会议召开地点：北京市北京经济技术开发区宏达北路 8 号北京百普赛斯 生物科技股份有限公司（以下简称"公司"）二层会议室 4、会议的召开方式：现场表决与网络投票相结合的方式 5、会议召集人：公司董事会 6、会议主持人：董事长陈宜顶先生。 7、本次股东大会的召集和召开符合《中 ...

Core Viewpoint - Baipusais's performance in the first half of the year continues to show high growth, with improving profitability and operational quality [1] Group 1: Financial Performance - Domestic sales revenue reached 120 million yuan, a year-on-year increase of 36.7% [1] - Overseas sales revenue amounted to 260 million yuan, reflecting a year-on-year growth of 22.9% [1] Group 2: Competitive Advantage and Market Opportunities - The company maintains a competitive edge in its core products, with continued industry demand expected to create more business opportunities [1] - Increased efforts in new product development are aimed at enriching the product line [1] Group 3: Valuation and Investment Rating - Based on comparable company average price-to-earnings ratio, a 2025 PE valuation of 74 times is suggested, corresponding to a target price of 67.34 yuan [1] - The investment rating is maintained at "Buy" [1]

Summary of Conference Call on China Healthcare and Life Science Tools Industry Overview - The conference call focuses on the **China Healthcare** sector, specifically the **Life Science Tools** industry, highlighting the potential for growth driven by a robust out-licensing wave and anticipated US Fed rate cuts [1][2][24]. Core Companies Discussed - **Acrobiosystems** (Ticker: 301080.SZ) - Initiated with an **Overweight** rating and a price target of **Rmb102.50** [11][8]. - Positioned as an industry leader in protein-based life science products, benefiting from strong R&D demand [11][32]. - **Tofflon Science & Technology** (Ticker: 300171.SZ) - Initiated with an **Equal-weight** rating and a price target of **Rmb16.77** [14][16]. - Recognized for its domestic leadership in life sciences equipment supply but viewed as fairly valued due to moderate end-market demand [14][15]. Key Insights and Arguments - **Market Dynamics**: A new bullish cycle is emerging in China's life science sector, driven by innovative asset out-licensing, increased R&D activity, and a recovery in domestic biotech funding [2][24]. - **Investment Preferences**: Preference for companies directly tied to early-stage drug discovery over those focused on late-stage production due to better growth visibility and earnings potential [3][4]. - **Valuation and Growth**: - Acrobiosystems is considered undervalued with a **2026e P/E of 34x** and a **55% earnings CAGR** from 2024-2027, significantly below the peer average [11][32]. - Tofflon, while showing a **42% earnings CAGR**, is seen as fairly valued due to challenges in the equipment supply segment [15][33]. Risks and Opportunities - **Key Risks**: - Geopolitical uncertainties, regulatory changes, price competition, and IP risks are highlighted as potential downsides [5][42]. - Upside potential includes faster domestic substitution and stronger demand from a growing R&D drug pipeline [5][42]. - **Domestic Substitution**: The trend towards domestic substitution in pharmaceuticals is gaining momentum, driven by supply chain security concerns post-COVID [28][67]. However, challenges remain, particularly for high-end bioprocessing equipment due to longer replacement cycles and quality concerns [68][69]. Financial Metrics - **Acrobiosystems**: - 2024 Revenue: **Rmb645 million**, with a projected growth to **Rmb1,504 million** by 2027 [12]. - Gross Margin: **90.9%** in 2024, indicating strong profitability [31]. - **Tofflon**: - 2024 Revenue: **Rmb5,010 million**, expected to grow to **Rmb6,241 million** by 2027 [16]. - Gross Margin: **29.2%**, reflecting the lower margin nature of its equipment business [31]. Market Trends - **R&D Investment Growth**: Global drug R&D expenses are projected to rise from **US$644 billion in 2024** to **US$879 billion by 2031**, with China's growth expected to outpace this at a **6.9% CAGR** [46]. - **Biological Reagents Market**: The global biological reagents market is anticipated to grow from **US$25 billion in 2024** to **US$37 billion by 2031**, with China's market expanding at a **16.7% CAGR** [56]. Conclusion - The life science tools sector in China is poised for significant growth, driven by favorable market conditions and strong demand for innovative drug development. Acrobiosystems and Tofflon represent key players with distinct market positions, though they face varying challenges and opportunities in the evolving landscape.

Core Viewpoint - The company continues to experience high growth in performance and improving profitability, with a revenue of 390 million yuan in the first half of 2025, representing a year-on-year increase of 29.4%, and a net profit of 80 million yuan, up 47.8% year-on-year. The net profit margin reached 21.5%, an increase of 3.6 percentage points year-on-year [1] Domestic Business Growth - The company's domestic sales revenue reached 120 million yuan, a year-on-year increase of 36.7%, while overseas sales revenue was 260 million yuan, up 22.9% year-on-year. The growth in domestic sales is primarily driven by the recovery of the innovative drug market and the continuous demand for biological reagents. The core product, recombinant protein, maintained robust growth with revenue of 320 million yuan, a 25.7% increase year-on-year [2] New Product Development - The company is intensifying efforts in new product development, particularly in the ADC field, expanding its product and service offerings, including various target proteins and specific reagents for ADC PK research. In the CGT field, the company is broadening its range of products related to cell and gene therapy, including cytokines for iPSCs differentiation and various detection kits [3] Profit Forecast and Investment Recommendation - The profit forecast remains unchanged, with projected net profits of 154 million yuan, 208 million yuan, and 253 million yuan for 2025-2027. Based on the average P/E ratio of comparable companies, a valuation of 74 times P/E for 2025 is given, corresponding to a target price of 67.34 yuan, maintaining a "buy" rating [4]

Core Viewpoint - The company continues to experience high growth in performance and profitability, with significant increases in revenue and net profit in the first half of 2025 [1] Financial Performance - The company achieved revenue of 390 million yuan in the first half of 2025, representing a year-on-year growth of 29.4% [1] - The net profit attributable to the parent company was 80 million yuan, showing a year-on-year increase of 47.8% [1] Domestic and International Sales - Domestic sales revenue reached 120 million yuan, growing by 36.7% year-on-year [1] - International sales revenue was 260 million yuan, with a year-on-year growth of 22.9% [1] - The rapid growth in domestic sales is attributed to the recovery of the innovative drug market and increased efforts in new product development [1] Product Development and Market Expansion - The company is actively expanding its product and technical services in the ADC field, including various target proteins and enzymes for linker cleavage [1] Profit Forecast and Investment Recommendation - The company maintains its profit forecast, predicting net profits of 154 million yuan, 208 million yuan, and 253 million yuan for 2025-2027 [1] - Based on the average price-to-earnings ratio of comparable companies, a target price of 67.34 yuan is set for 2025, with a "buy" rating maintained [1]