Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report indicates that the company has passed the turning point in Q4 2024, with revenue and profit improving sequentially and year-over-year [3][8] - 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 [3] - The company is still in a phase of R&D and sales investment, resulting in a downward adjustment of net profit forecasts for the same period [3] Financial Forecasts - Total revenue is projected to reach 645.02 million in 2024, with a year-over-year growth of 18.65%, and is expected to grow to 800.72 million in 2025, reflecting a 24.14% increase [3][9] - The net profit attributable to the parent company is forecasted to be 123.83 million in 2024, down 19.38% year-over-year, but is expected to rebound to 161.18 million in 2025, a growth of 30.16% [3][9] - The latest diluted EPS is expected to be 1.03 in 2024 and is projected to increase to 1.34 in 2025 [3][9] Revenue and Profit Trends - In 2024, the company achieved a total revenue of 6.45 billion, representing an 18.65% increase year-over-year, while the net profit was 1.24 billion, down 19.38% [8] - The company reported a significant increase in Q4 2024 revenue of 1.82 billion, up 38.50% year-over-year, and a net profit of 403.4 million, up 58.63% [8] - The first quarter of 2025 saw revenue of 1.86 billion, a 27.73% increase, with a net profit of 405.8 million, up 32.31% [8] Market Position and Strategy - The company is enhancing its global presence, with overseas revenue accounting for 66% of total revenue in 2024, and plans to establish more overseas subsidiaries [8] - The company has developed over 5000 products and is focusing on clinical and research needs, with nearly 50 GMP-grade products successfully developed [8] - The application of AI technology in product development is seen as a positive long-term growth factor for the company [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company has shown a significant improvement in performance, with a clear recovery in domestic business and continued growth in international markets [9] - The revenue for 2024 is projected to be 645 million yuan, with a year-on-year growth of 19%, while the net profit is expected to be 124 million yuan, reflecting a decrease of 19% compared to the previous year [4][11] - The company is expected to achieve a net profit of 155 million yuan in 2025, with a corresponding PE ratio of 36.6x [9][12] Financial Performance - In Q4 2024, the company achieved a revenue of 182 million yuan, with a net profit of 40.34 million yuan, marking a year-on-year increase of 38.5% and 58.6% respectively [1][2] - The first quarter of 2025 saw a revenue of 186 million yuan, with a net profit of 40.58 million yuan, indicating a year-on-year growth of 27.73% and 32.3% respectively [1][2] - The company’s gross margin remains high at approximately 90.9% for 2024, with a net profit margin of 19.2% [12] Business Segments - Domestic revenue for 2024 is expected to reach 216 million yuan, a year-on-year increase of 16.76%, while international revenue is projected at 429 million yuan, reflecting a growth of 19.62% [9] - The company has expanded its product offerings, with the number of products generating over 1 million yuan in sales increasing from 70 in 2023 to 95 in 2024 [9] Future Outlook - The company is expected to see a gradual improvement in its non-GAAP profit margin, with projections indicating a net profit of 1.55 billion yuan in 2025, 1.87 billion yuan in 2026, and 2.28 billion yuan in 2027 [9][12] - The report emphasizes the company's commitment to innovation and product development, integrating advanced technologies such as AI and gene editing into its offerings [9]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [8][29]. Core Insights - The industry is experiencing a return to normal growth, with a notable performance in chemical pharmaceuticals, while the overall revenue growth for 2024 is projected to decline by 0.6% year-on-year, marking the first decline in recent years [12][14]. - The report highlights a significant disparity among sectors, with chemical pharmaceuticals showing a remarkable net profit growth of 97.7%, while biological products face substantial short-term performance pressure [17][18]. - The current low allocation and valuation levels present a high cost-performance ratio for investments in the pharmaceutical sector, suggesting it is an excellent time to allocate resources [19][28]. Summary by Sections 1. Innovation in the Pharmaceutical Chain - The report notes that the impact of national procurement and anti-corruption measures is gradually diminishing, leading to a normal release of rigid demand in hospitals [11]. - The overall revenue growth for the industry in 2024 is projected at -0.6%, with net profit and non-recurring net profit declining by 8.1% and 5.9% respectively [12][13]. 2. Investment Recommendations - The report suggests focusing on the innovation drug supply chain (Biotech + CXO + upstream) and certain overseas medical devices, recommending companies such as Aosaikang, Yifang Bio, and WuXi AppTec for investment [29]. - For in-hospital products (traditional Chinese medicine, chemical pharmaceuticals, and medical devices), companies like Hengrui Medicine and Mindray Medical are highlighted as having more certain growth prospects [29]. 3. Market Positioning - The report indicates that the allocation of public fund products in pharmaceutical stocks has decreased from 11.2% in Q1 2024 to 8.7% in Q4 2024, with a slight recovery to 9.1% by Q1 2025 [19][21]. - The pharmaceutical sector's price-to-earnings ratio is at a 10-year low, suggesting potential for growth as innovative products continue to emerge [22][24].

Core Viewpoint - The company reported its Q1 2024 and Q1 2025 performance, showing a mixed trend in revenue and net profit, with expectations for improved profitability in the future [1][2][3] Financial Performance - In Q1 2024, the company achieved revenue of 645 million yuan, a year-on-year increase of 18.65%, while net profit attributable to shareholders decreased by 19.38% to 124 million yuan [1] - For Q1 2025, revenue is projected at 186 million yuan, reflecting a year-on-year growth of 27.73%, with net profit attributable to shareholders expected to rise by 32.30% to 41 million yuan [1] Business Development Trends - The main business remains robust, with revenue from recombinant proteins reaching 536 million yuan in 2024, up 17.35%, and antibody, reagent kits, and other reagents generating 80 million yuan, up 31.23% [2] - The company’s overseas revenue for 2024 is expected to be 428 million yuan, a year-on-year increase of 19.62%, with overseas revenue accounting for 66.5% of total revenue [2] - The company has established logistics centers in China, the US, and Europe to mitigate short-term tariff impacts, indicating proactive measures to manage potential risks [2] Profitability Outlook - The net profit margin for Q1 2025 is projected to recover to 21.8%, driven by the conclusion of significant R&D and sales investments, alongside the introduction of new products [2] - The company anticipates continued improvement in profitability as previous impairment losses diminish [2] Earnings Forecast and Valuation - The net profit forecast for 2025 has been raised by 7.9% to 166 million yuan, with a new forecast for 2026 set at 215 million yuan [3] - The current stock price corresponds to a P/E ratio of 34.2 for 2025 and 26.4 for 2026, with a target price increase of 25% to 60 yuan, indicating a potential upside of 27.2% [3]

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company is experiencing an improving performance trend, with the GMP production capacity expected to contribute to future earnings flexibility. In Q4 2024 and Q1 2025, the company achieved revenues of 182 million and 186 million yuan, respectively, representing year-on-year growth of 38.5% and 27.7%. The gross margins for these periods were 89.9% and 90.4%, while net margins were 22.6% and 21.6%, indicating an improvement compared to Q2/Q3 2024, primarily due to cost savings from scaling [2][6] - The company is focusing on enhancing R&D investments to diversify its product line and expand both domestic and international markets, which is expected to drive rapid growth in future performance [2][8] Financial Performance Summary - In 2024, the company reported total revenue of 645 million yuan, a year-on-year increase of 18.65%, and a net profit of 124 million yuan, a decline of 19.38%. For Q1 2025, revenue was 186 million yuan, up 27.73%, with a net profit of 41 million yuan, reflecting a year-on-year increase of 32.30% [5][10] - The company’s R&D expenses in 2024 were 165 million yuan, a 32.37% increase, representing a R&D expense ratio of 25.63%. By the end of 2024, the company had over 5,000 types of biological reagents for sale, including nearly 50 high-quality GMP-grade products, which is an increase from the previous year [6][10] - The company’s revenue from recombinant proteins in 2024 was 536 million yuan, a growth of 17.35%, while the antibody and reagent business achieved revenue of 80 million yuan, growing by 31.2% [6][7] Future Earnings Forecast - The company is projected to benefit from ongoing domestic and international customer expansion, with adjusted revenue forecasts for 2025-2027 being 807 million, 1,015 million, and 1,283 million yuan, respectively. The EPS estimates for the same period are adjusted to 1.33, 1.68, and 2.11 yuan [8][10]

Financial Performance - The company reported a basic earnings per share of 0.3382 yuan for Q1 2025, representing a 32.06% increase compared to 0.2561 yuan in Q1 2024 [1] - Operating revenue reached 1.86 billion yuan, up 27.4% from 1.46 billion yuan in the same period last year [1] - Net profit for Q1 2025 was 0.41 billion yuan, a 32.26% increase from 0.31 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.54%, a 30.51% increase compared to 1.18% in the previous year [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 41.99 million shares, accounting for 46.37% of the circulating shares, with a decrease of 95,800 shares from the previous period [1] - Shanghai Baipusais Enterprise Management Consulting Partnership (Limited) remains unchanged with 1,198.58 million shares, representing 13.23% of total share capital [2] - Notable changes include a decrease of 11.00 million shares for Yan Changwei and a significant decrease of 32.65 million shares for Wang Miaochun [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [2]

证券代码：301080 证券简称：百普赛斯 公告编号：2025-024 北京百普赛斯生物科技股份有限公司（以下简称"公司"）第二届监事会第十 五次会议于 2025 年 4 月 27 日上午 9:00 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 4 月 22 日以专人送达、传真、电子邮件的方式发出。会议应出席监事 3 人，参与现场会议的监事 1 人，参与通讯会议的监事 2 人，分别为屈文婷女士、 张林女士。本次会议由监事会主席屈文婷女士主持，会议的召集、召开符合法律、 法规、规则和《公司章程》规定。 二、监事会会议审议情况 参会的监事一致同意通过如下决议： 审议通过《关于公司<2025年第一季度报告>的议案》 经审核，监事会认为董事会编制和审议公司《2025 年第一季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2025 年第一 季度报告》。 北京百普赛 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-023 北京百普赛斯生物科技股份有限公司 第二届董事会第十六次会议决议公告 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"）第二届董事会第十 六次会议于 2025 年 4 月 27 日上午 8:30 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 4 月 22 日以专人送达、传真、电子邮件的方式发出。会议应出席董事 7 人：参与现场会议的董事 6 人，参与通讯会议的董事 1 人，李杨女士以通讯方式 出席。会议由董事长陈宜顶先生主持，公司监事、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 2、董事会审计委员会2025年第二次会议决议。 特此公告。 参会的董事一致同意通过如下决议： 审议通过《关于公司<2025年第一季度报告>的议案》 经审核，董事会认为公司《2025年第一季度报告》内容真实、 ...

招商证券关于百普赛斯首次公开发行股票并在创业板上市持续督导保荐总结报告书 招商证券股份有限公司 关于北京百普赛斯生物科技股份有限公司 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为北京 百普赛斯生物科技股份有限公司（以下简称"百普赛斯"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 等有关规定，对百普赛斯首次公开发行股票并在创业板上市进行尽职推荐和持续 督导，持续督导期限自 2021 年 10 月 18 日至 2024 年 12 月 31 日。目前，持续督 导期限已满，本保荐机构根据《证券发行上市保荐业务管理办法》的有关规定对 百普赛斯出具保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 首次公开发行股票并在创业板上市 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、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 3、本保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐 ...

招商证券股份有限公司 关于北京百普赛斯生物科技股份有限公司 2024 年度跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：百普赛斯 | | --- | --- | | 保荐代表人姓名：吴宏兴 | 联系电话：0755-82943666 | | 保荐代表人姓名：张远明 | 联系电话：0755-82943666 | 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 | | 0 次 | | 2、督导公司建立健全并有效执行规章制度 | | | | 的情况 | | | | （1）公司是否建立健全规章制度（包括但 | | | | 不限于防止关联方占用公司资源的制度、募 | | 是 | | 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 | | 3、募集资金监督情况 | | | | （1）查询公司募集资金专户次数 | | 2 次 | ...