Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 76.8 CNY based on a 60x PE valuation for 2025 [3][6]. Core Insights - The company's revenue is expected to grow significantly, with projections of 802 million CNY in 2025, representing a 24.4% year-on-year increase. The net profit attributable to the parent company is forecasted to reach 154 million CNY in 2025, reflecting a 24.2% growth [5][9]. - The company has shown strong performance in its core business, particularly in overseas markets, with a notable increase in sales of recombinant proteins and other products [9]. - The company is maintaining a high level of R&D investment, with R&D expenses projected to increase to 192 million CNY by 2025, which is a 32.4% increase from the previous year [9]. Financial Performance Summary - Revenue for 2023 was 544 million CNY, with a projected increase to 645 million CNY in 2024 and 802 million CNY in 2025, indicating a consistent growth trajectory [5]. - The gross margin is expected to remain high, around 90.3% in 2025, while the net profit margin is projected to stabilize at approximately 19.2% [5]. - The company’s earnings per share (EPS) are forecasted to be 1.28 CNY in 2025, with further increases to 1.73 CNY in 2026 and 2.11 CNY in 2027 [5][9].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 59.13, indicating a potential upside from the current price of RMB 47.65 [1][8]. Core Insights - The company has shown strong overseas revenue growth while domestic revenue is gradually recovering, with a reported revenue of RMB 645 million in 2024, representing an 18.65% increase year-on-year [9][10]. - The decline in net profit attributable to shareholders in 2024 was primarily due to increased expenses and payroll costs, with a net profit of RMB 124 million, down 19.38% from the previous year [9][10]. - The company has successfully developed nearly 50 high-quality GMP-grade products, enhancing its product portfolio and innovation capabilities [11]. Financial Summary - Revenue is projected to grow from RMB 544 million in 2023 to RMB 1,199 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.7% [2][4]. - Net profit attributable to shareholders is expected to recover from RMB 124 million in 2024 to RMB 253 million by 2027, with a significant increase in earnings per share (EPS) from RMB 1.03 in 2024 to RMB 2.11 in 2027 [2][4]. - The company’s return on equity (ROE) is projected to improve from 4.7% in 2024 to 9.0% in 2027, indicating enhanced profitability [2][4]. Product and Market Development - The company has over 5,000 biological reagent products, including recombinant proteins and antibodies, which have been successfully sold and applied, showcasing its extensive research and production capabilities [11]. - The overseas revenue, excluding specific acute respiratory disease revenue, has achieved over 20% year-on-year growth, indicating strong demand in international markets [10][11]. - The company is actively expanding its product offerings and technical services, particularly in the ADC drug development process, which is expected to accelerate its growth in the biopharmaceutical sector [11].

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和准确性 发表意见。 本所及本所律师依据法律法规及本法律意见出具日以前已经发生或者存在的事实,严 格履行了法定职责,遵循了勤勉尽责和诚实信用原则,进行了充分的核查验证,保证本法律 意见所认定的事实真实、准确、完整,所发表的结论性意见合法、准确,不存在虚假记载、 误导性陈述或者重大遗漏,并承担相应法律责任。 在此基础上,本所律师出具法律意见如下: 上海市通力律师事务所 关于北京百普赛斯生物科技股份有限公司 2024 年年度股东大会的法律意见书 致:北京百普赛斯生物科技股份有限公司 上海市通力律师 ...

北京百普赛斯生物科技股份有限公司 2024 年年度股东大会决议公告 证券代码：301080 证券简称：百普赛斯 公告编号：2025-027 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、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 5 月 14 日（星期三）下午 14:30 2、网络投票时间： 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 5 月 14 日 9:15-9:25，9:30-11:30，13:00-15:00； 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 5 月 14 日 9:15-15:00 期间的任意时间。 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：经过半数董事推选，本次会议由董事苗景赟先生主持。 7、本次股东 ...

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the pharmaceutical sector [3]. Core Insights - The life sciences upstream sector has experienced a significant recovery since September 24, 2024, with a 60% increase in the index, outperforming the pharmaceutical and biotechnology sectors by 40 percentage points [4][23]. - The sector is currently in a rebound phase after undergoing a clearing phase from mid-2022 to late 2024, characterized by supply-demand imbalances and subsequent recovery [20][23]. Supply Side Summary - The supply side is witnessing a turning point, with local products continuously upgrading to mid-to-high-end levels, aiming for global leadership [5]. - The overall capital expenditure depreciation has dropped to its lowest level in nearly six years, indicating a recovery in the supply chain [29]. - Companies are experiencing a gradual recovery in gross profit margins, with some, like Aladdin and Nanmo Biology, showing signs of improvement after hitting lows [34]. Demand Side Summary - Research institutions and large pharmaceutical companies are steadily increasing their R&D expenditures, with improved financing potentially stimulating high growth in smaller pharmaceutical companies [6]. - The recognition of domestic brands is increasing, accelerating the process of replacing foreign products, particularly in protein and culture media categories [6]. Related Companies - **Aopumai**: A leading domestic brand in culture media, with a comprehensive layout in "culture media + CRO + CDMO" [8]. - **Aladdin**: A domestic high-end research reagent brand, expected to contribute additional growth from overseas [8]. - **Baipusais**: A leading domestic player in recombinant proteins, with a turning point in performance [8]. - **Nuowei Zhan**: A leader in molecular biological reagents, benefiting from the domestic replacement trend [8]. - **Jian Kai Technology**: A leading domestic PEG company, with new product releases expected to open up growth space [8]. - **BGI Genomics**: Focused on domestic markets while expanding globally, optimistic about accelerating domestic replacements [8].

Financial Performance - In 2024, the company achieved a revenue of 64,502.19 million yuan, representing a year-on-year growth of 18.65% [1] - The net profit attributable to shareholders was 12,383.25 million yuan [1] - In Q1 2025, the company reported a revenue of 18,649.04 million yuan, with a year-on-year increase of 27.73% [1] - The net profit for Q1 2025 was 4,057.85 million yuan, reflecting a growth of 32.30% [1] Business Strategy - The company focuses on biomedicine and cell immunotherapy, emphasizing a market-oriented and customer-centric approach [1] - A comprehensive optimization of internal management has been implemented to enhance competitiveness and profitability [1] CGT (Cell and Gene Therapy) Development - The company offers a full range of solutions from drug target discovery to commercial production for cell and gene therapy clients [2] - It has developed a series of recombinant proteins and unique antibodies for CAR-T product development, including a specific antibody targeting CD19 [2] - The company has successfully developed nearly 50 GMP-grade products for CGT applications, ensuring high-quality standards [3] ADC (Antibody-Drug Conjugates) Development - ADCs combine targeted antibodies with potent chemotherapy drugs, minimizing harm to normal cells while maximizing therapeutic effects [4] - The company provides a range of products and services for ADC development, including target proteins and linker enzymes [5] Neuroscience Research - The company focuses on providing high-quality recombinant proteins and neurotrophic factors for brain science research [7] - It has developed products targeting neurodegenerative diseases such as Alzheimer's and Parkinson's, as well as diagnostic proteins [7]

Core Viewpoint - The IVD industry is experiencing a significant downturn in revenue and profits, with over 70% of companies reporting a year-on-year decline in revenue and more than half facing losses or drastically reduced profits [2][5]. Revenue and Profit Trends - In Q1 2025, major IVD companies such as Mindray Medical, Dian Diagnostics, and RunDa Medical reported substantial declines in both revenue and net profit, with Mindray's revenue at 8.237 billion yuan (down 12.12%) and net profit at 2.629 billion yuan (down 16.81%) [2][4]. - Among 60 IVD companies analyzed, 16 reported revenue growth, with 8 achieving both revenue and net profit growth [2]. Market Challenges - The IVD sector is facing multiple challenges, including a slowdown in the conventional medical testing market, stricter cost control policies in healthcare, and the impact of centralized procurement policies [5][6]. - The anticipated centralized procurement in 28 provinces is expected to further pressure IVD companies, particularly in the high-volume chemical luminescence market [6]. Company Strategies and Innovations - Some companies are adapting by focusing on niche markets and innovative product offerings, such as New Industry and Sansure Bio, which reported revenue growth of 10.12% and 21.62% respectively in Q1 2025 [9]. - Companies are also exploring international markets, with Mindray's overseas revenue reaching 16.43 billion yuan in 2024, accounting for 44.75% of total revenue [9][10]. Technological Advancements - The IVD industry is witnessing a shift towards digitalization and AI integration, with partnerships like that of BGI and Dian Diagnostics aiming to enhance diagnostic efficiency and precision [10][11]. - The emergence of AI technologies is reshaping the IVD landscape, although challenges remain in data integration and commercialization [11].

证券代码：301080 证券简称：百普赛斯 公告编号：2025-026 北京百普赛斯生物科技股份有限公司 关于回购公司股份的进展公告 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。 1、公司未在下列期间内回购股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购股份符合下列要求： 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 ...

Group 1 - The company achieved a revenue of 645 million yuan in 2024, representing an 18.65% year-on-year increase, while the net profit attributable to shareholders was 124 million yuan, down 19.38% [1] - In Q4 2024, the company reported a single-quarter revenue of 182 million yuan, up 38.50%, and a net profit of 40.34 million yuan, an increase of 58.63% [1] - For Q1 2025, the revenue was 186 million yuan, reflecting a 27.73% increase, with a net profit of 40.58 million yuan, up 32.31% [1] Group 2 - After excluding the impact of COVID-19, the company's revenue for 2024 was 620 million yuan, a 24% increase, with domestic revenue at 216 million yuan (+16.8%) and international revenue at 429 million yuan (+19.6%) [2] - The company maintained a gross margin above 90%, with a sales expense ratio of 32.1% (+1.3 percentage points) due to increased overseas market expansion and a research and development expense ratio of 25.63% (+2.7 percentage points) [2] - In Q1 2025, the company expects to see the benefits of scale, with a total expense ratio of 62.7% (-1.0 percentage points) and a sales expense ratio of 28.7% (-3.7 percentage points) [2] Group 3 - The company is enhancing its product diversity, with over 5,000 products available in 2024, and has successfully developed nearly 50 GMP-grade products [3] - The overseas business grew by 25% in 2024, accounting for 66% of total revenue, with the establishment of multiple overseas subsidiaries and four global warehousing centers [3] - The company plans to further develop overseas production bases to improve global supply chain resilience, anticipating significant growth potential in international markets [3] Group 4 - Revenue forecasts for 2025-2026 have been adjusted to 801 million yuan and 970 million yuan, respectively, while net profit estimates have been revised down to 161 million yuan and 216 million yuan [4] - The company is projected to achieve revenues and net profits of 1.159 billion yuan and 264 million yuan by 2027, with current stock prices reflecting P/E ratios of 36, 27, and 22 for 2025-2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to benefit from industry recovery and is seizing market opportunities, leading to an upward adjustment in revenue forecasts for 2025-2026 from 799 million to 801 million and from 959 million to 970 million respectively. However, net profit forecasts for the same period have been slightly lowered due to ongoing R&D and sales investments [3] - The company achieved a revenue of 645 million in 2024, representing a year-on-year increase of 18.65%, while the net profit was 124 million, down 19.38%. The fourth quarter of 2024 saw a significant revenue increase of 38.50% and a net profit increase of 58.63% [8][3] - The company is focusing on enhancing its product offerings and global presence, with over 5000 products available and a significant portion of revenue coming from overseas markets, which accounted for 66% of total revenue in 2024 [8][3] Financial Summary - Total revenue is projected to grow from 645 million in 2024 to 800.72 million in 2025, with a compound annual growth rate (CAGR) of 24.14% [3] - The net profit is expected to recover from 123.83 million in 2024 to 161.18 million in 2025, reflecting a growth rate of 30.16% [3] - The company's earnings per share (EPS) is forecasted to increase from 1.03 in 2024 to 1.34 in 2025, with a price-to-earnings (P/E) ratio of 35.65 at the current price [3]