Financial Performance - The company's revenue for Q1 2025 reached ¥186,490,379.94, representing a 27.73% increase compared to ¥145,998,736.93 in the same period last year[5] - Net profit attributable to shareholders was ¥40,578,533.64, up 32.30% from ¥30,672,071.40 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥38,153,351.13, reflecting a 25.99% increase from ¥30,281,879.41 in the previous year[5] - Basic and diluted earnings per share were both ¥0.3382, marking a 32.06% increase compared to ¥0.2561 in the same period last year[5] - Total operating revenue for the current period reached ¥186,490,379.94, an increase of 27.7% compared to ¥145,998,736.93 in the previous period[17] - Net profit for the current period was ¥40,317,826.88, representing a 37.9% increase from ¥29,224,602.63 in the previous period[18] - Basic and diluted earnings per share increased to ¥0.3382 from ¥0.2561, reflecting a growth of 32.0%[19] Cash Flow and Investments - The net cash flow from operating activities was ¥33,444,972.89, a 4.31% increase from ¥32,062,882.66 year-on-year[5] - Cash flow from operating activities generated a net amount of ¥33,444,972.89, slightly up from ¥32,062,882.66 in the previous period[19] - Cash inflow from investment activities totaled ¥581,574,699.54, compared to ¥565,477,867.25 in the prior period[19] - Net cash flow from investing activities was -$245.13 million, compared to -$98.71 million in the previous period[20] - Total cash and cash equivalents at the end of the period decreased to $169.06 million from $261.28 million[20] - Cash flow from financing activities resulted in a net outflow of -$79.25 million, contrasting with a net inflow of $7.96 million previously[20] - Cash outflow from investment activities totaled $826.71 million, up from $664.19 million[20] - Cash inflow from financing activities was $1.84 million, significantly lower than $24.50 million in the prior period[20] - The impact of exchange rate changes on cash and cash equivalents was -$3.23 million, compared to a positive impact of $3.46 million previously[20] - Cash outflow for debt repayment was $37.25 million, with dividend payments totaling $37.56 million[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,831,580,697.96, down 2.85% from ¥2,914,608,352.07 at the end of the previous year[5] - Total current assets amounted to ¥2,160,968,589.36, down from ¥2,235,759,020.53, indicating a decrease of about 3.3%[13] - The company's total assets decreased to ¥2,831,580,697.96 from ¥2,914,608,352.07, reflecting a reduction of approximately 2.8%[14] - Total liabilities decreased significantly from ¥303,887,834.29 to ¥215,642,250.14, a decline of around 29%[14] - The company's short-term borrowings decreased from ¥88,233,105.26 to ¥51,162,033.24, a reduction of approximately 42%[14] - Accounts payable decreased from ¥86,980,175.87 to ¥68,185,789.94, representing a decline of about 21.6%[14] - The company's non-current assets totaled ¥670,612,108.60, down from ¥678,849,331.54, indicating a decrease of approximately 1.9%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,597[10] - The top shareholder, Chen Yiding, holds 23.53% of the shares, amounting to 28,240,752 shares[10] - Shareholders' equity attributable to shareholders was ¥2,621,132,809.70, a slight increase of 0.21% from ¥2,615,654,172.90 at the end of the last year[5] Expenses and Financial Management - Total operating costs amounted to ¥136,314,587.64, up 30.5% from ¥104,474,301.32 in the prior period[17] - Research and development expenses were ¥42,225,240.78, an increase of 14.5% from ¥36,839,838.52 in the previous period[17] - The company reported a decrease in financial expenses, with net financial costs of -¥7,427,741.83, compared to -¥14,389,257.60 in the previous period[17] - Other comprehensive income after tax was ¥842,832.26, slightly down from ¥861,567.24 in the previous period[18] Miscellaneous - The company received government subsidies amounting to ¥2,893,310.10, which are closely related to its normal business operations[6] - The company did not undergo an audit for the first quarter report[21] - The company plans to implement new accounting standards starting in 2025[21]

Core Insights - The company reported a revenue of 645 million yuan for 2024, an increase of 18.65% year-on-year, while the net profit attributable to shareholders decreased by 19.38% to 124 million yuan [1] - The fourth quarter of 2024 saw a significant improvement in performance, with revenue reaching 182 million yuan, up 38.50% year-on-year, and a net profit of 40 million yuan, an increase of 58.59% [1] Group 1: Business Performance - The recombinant protein business generated 536 million yuan in revenue, a growth of 17.35%, accounting for 83.05% of total revenue [2] - The company sold 4,167 types of recombinant protein products, marking a year-on-year increase of 19.26% [2] - Domestic revenue reached 216 million yuan, up 16.76%, while overseas revenue was 429 million yuan, growing by 19.62% [2] Group 2: Product Development and Expansion - The company is focusing on building a CGT raw material system and has successfully developed nearly 50 GMP-grade products [3] - The GMP-grade production facility in Suzhou has commenced operations, enhancing the company's upstream supply advantages in the CGT industry [3] Group 3: Financial Metrics - The overall gross margin decreased by 0.33 percentage points to 90.93% in 2024 [4] - The net profit margin fell by 8.53 percentage points to 18.61% due to increased expenses in sales, management, R&D, and finance [4] - In Q4 2024, the overall net profit margin was 22.60%, reflecting a 1.69 percentage point increase from the previous year [4] Group 4: Future Projections - Revenue forecasts for 2025-2027 are 793 million, 959 million, and 1.154 billion yuan, with year-on-year growth rates of 23%, 21%, and 20% respectively [5] - Expected net profits for the same period are 155 million, 206 million, and 268 million yuan, with growth rates of 25%, 33%, and 30% [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company achieved a revenue of 645 million yuan in 2024, representing an 18.6% year-on-year growth, while the net profit attributable to the parent company was 124 million yuan, down 19.4% [1][3] - The significant improvement in revenue and net profit in the fourth quarter is attributed to the end of the inventory destocking cycle for downstream biotechnology companies [1][3] - The company is a leading provider of recombinant protein reagents globally, focusing on industrial clients with high product quality barriers and accelerating its global expansion [3][9] Revenue and Profit Analysis - In 2024, the company reported quarterly revenues of 146 million yuan, 153 million yuan, 164 million yuan, and 182 million yuan for Q1, Q2, Q3, and Q4 respectively, with Q4 showing a year-on-year growth of 38.5% [1][8] - The net profit for the quarters was 31 million yuan, 26 million yuan, 27 million yuan, and 40 million yuan, with Q4 showing a significant year-on-year increase of 58.6% [1][8] Product Line Performance - The core recombinant protein products generated sales revenue of 536 million yuan, up 17.4% year-on-year, with a gross margin of 92.7% [2][8] - Antibodies, kits, and other reagent products achieved sales revenue of 80 million yuan, reflecting a 31.2% year-on-year increase, with a gross margin of 89.7% [2][8] Geographic Revenue Breakdown - Domestic revenue for 2024 was 216 million yuan, up 16.8% year-on-year, while overseas revenue reached 429 million yuan, up 19.6% year-on-year [9][2] - The company plans to further explore international markets by establishing multiple overseas subsidiaries in Europe and Asia-Pacific, enhancing its global sales network [9][2] Financial Forecasts - The company expects net profits of 157 million yuan and 225 million yuan for 2025 and 2026 respectively, with a new forecast for 2027 at 282 million yuan [3][4] - The projected price-to-earnings ratios (PE) for the upcoming years are 33x for 2025, 23x for 2026, and 19x for 2027 [3][4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [15]. Core Views - The company's main business operations are stable, with significant potential for profit recovery. The overseas growth rate exceeds that of the domestic market, and the gross profit margin remains high. As downstream demand improves, revenue growth is expected to accelerate, and various expenses are anticipated to be quickly diluted, leading to substantial improvements in profitability [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 645 million, a year-on-year increase of 18.65%. The net profit attributable to the parent company was 124 million, a decrease of 19.38% year-on-year. The adjusted net profit was 119 million, down 15.16% year-on-year. In Q4 2024, the company reported a revenue of 182 million, up 38.50% year-on-year, and a net profit of 40 million, an increase of 58.59% year-on-year [1][2]. Revenue Breakdown - The revenue from the company's main products includes 536 million from recombinant proteins (up 17.35% year-on-year), 80 million from antibodies and other reagents (up 31.23%), and 17 million from testing services (up 12.63%). Domestic revenue was 216 million (up 16.76%), while overseas revenue was 429 million (up 19.62%) [2]. Profitability - The company maintains a gross margin above 90%, with a gross margin of 92.20% for its main business in 2024. The gross margin for recombinant proteins is 92.72%, and for antibodies and other reagents, it is 89.69%. The decline in net profit is attributed to increased expenses during the expansion phase, with sales expenses rising 23.55%, management expenses increasing 31.29%, and R&D expenses growing 32.37% [2][3]. Product and Client Base - The company has over 5,000 biological reagent products successfully sold and plans to increase new product development, covering areas such as cell therapy and infectious disease-related proteins. The client base includes top global pharmaceutical companies and well-known domestic biotech firms, establishing a strong competitive moat [4][5]. Global Strategy - The company is committed to enhancing its global strategy, having established a logistics system in China, the US, and Europe to meet diverse global customer needs. Future plans include increasing overseas R&D investment and establishing overseas production bases to improve delivery efficiency and maintain a competitive edge [6]. Financial Projections - Revenue projections for 2025-2027 are 807 million, 1,010 million, and 1,264 million, respectively. The net profit attributable to the parent company is expected to be 161 million, 208 million, and 270 million for the same years. The corresponding EPS (diluted) is projected to be 1.34, 1.74, and 2.25 [8].

Company Overview - Baipusais announced a 2024 distribution plan, proposing a 10-for-4 stock split and a cash dividend of 4 yuan (including tax), with a total cash payout of 47.906 million yuan, accounting for 38.69% of net profit, marking the fifth cash distribution since the company's listing [2][10] - The company reported a revenue of 645 million yuan for the year, representing a year-on-year increase of 18.65%, while net profit decreased by 19.38% to 124 million yuan, with basic earnings per share at 1.0319 yuan and a weighted average return on equity of 4.8% [2] Industry Context - In the pharmaceutical and biotechnology sector, 153 companies have announced their 2024 distribution plans, with WuXi AppTec leading in cash distribution at 7.692 billion yuan, followed by Yunnan Baiyao and Hengrui Medicine with 2.114 billion yuan and 1.275 billion yuan respectively [4] - The cash distribution ranking within the industry shows Baipusais' payout of 47.906 million yuan, with a net profit distribution ratio of 38.69% and a dividend yield of 0.98% [10]

证券研究报告 百普赛斯 (301080 CH) 海外收入快速增长，国内表现稳健 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 21 日│中国内地 | 生物医药 | 公司 2024 年收入/归母净利润/扣非归母净利润 6.45/1.24/1.19 亿元，同比 +18.7%/-19.4%/-15.2% ； 4Q24 收 入 / 归母净利润 / 扣非归母净利润 1.82/0.40/0.36 亿元，同比+38.5%/+58.6%/+122.3%。24 年归母净利润基本 符合我们预期（收入/归母净利润 6.23/1.23 亿元），公司持续加强产品营销及 海外拓展，我们看好后续常规业务收入及海外收入快速增长，维持买入评级。 24 年海外常规业务收入同比快速增长，国内收入稳定增长 24 年公司全面强化实验室与团队建设，在欧洲和亚太等地新设多家海外子 公司，积极开拓国际药企、生物科技公司以及科研院所等终端客户，驱动海 外常规业务收入保持快速增长，24 年海外收入 4.29 亿元，同比+19.6%， 剔除新冠相关业务收入同比增长超 20%。24 年 ...

Core Viewpoint - The company has reported a revenue of RMB 645.02 million for the year, representing a year-on-year growth of 18.65%, with a net profit attributable to shareholders of RMB 123.83 million, indicating strong performance in the biopharmaceutical sector [5][26]. Company Overview - The company specializes in providing recombinant proteins, antibodies, and other key biological reagents and technical services, aiming to support global biopharmaceutical companies and research institutions in drug development and production [4][5]. - The company serves major clients including top global pharmaceutical firms such as Johnson & Johnson, Pfizer, and Novartis, as well as notable domestic companies like Innovent Biologics and WuXi AppTec [5][24]. Financial Performance - The company achieved a revenue of RMB 645.02 million, with a net profit of RMB 123.83 million, reflecting a solid growth trajectory in its core business [5][26]. - The profit distribution plan approved by the board includes a cash dividend of RMB 4.00 per 10 shares and a capital reserve transfer of 5 shares for every 10 shares held [3]. Product and Service Offerings - The main products include recombinant proteins, antibodies, and various assay kits, which are essential for drug development and clinical research [5][8]. - The company has developed nearly 50 high-quality GMP-grade products, ensuring compliance with stringent quality management standards [6][18]. Market Applications - The company's products are widely used in antibody drug development, cell and gene therapy, antibody-drug conjugates (ADCs), and neuroscience research, addressing critical needs in these rapidly evolving fields [17][19][20]. - The company provides comprehensive solutions for CAR-T cell therapy development, including specific antibodies and reagents for quality assessment [17]. Business Model - The company employs a procurement model that emphasizes supplier management and quality control, ensuring a steady supply of essential raw materials for production [21]. - The production process follows a structured approach, with rigorous quality control measures in place to maintain high standards [22][23]. - The sales strategy leverages both online and offline marketing channels, establishing partnerships with leading companies in the biotechnology and life sciences sectors to enhance market reach [24].

重要的消息有哪些 央行将于周一公布4月1/5年期贷款市场报价利率 中国央行将于周一公布4月1/5年期贷款市场报价利率(LPR)，截至目前，1年期LPR为3.1%，5年期以上 LPR为3.6%，均持平前值，为连续五个月维持不变。此外，4月25日，中国人民银行将发布4月中期借贷 便利(MLF)数据。白宫将成立工作组，紧急处理对中国加征关税危机 基金一季报密集亮相基金经理提升"含科量" 据央视新闻，当地时间4月18日，美国哥伦比亚广播公司报道称，多名消息人士透露，由于特朗普政府 对中国商品加征的畸高关税将导致供应链危机，特朗普政府内部已开始讨论组建一个工作组，以便在未 能与中国政府谈判取得突破的情况下紧急处理这些问题。 消息人士称，目前有关成立该小组的具体情况还未敲定任何细节，但工作组可能包括副总统万斯、财政 部长贝森特、商务部长卢特尼克、白宫国家经济委员会主任凯文.哈西特、白宫经济顾问委员会主席斯 蒂芬.米兰和美国贸易代表贾米森.格里尔。 美宣布对中国海事、物流和造船领域301调查的最终措施中国商务部：敦促美方尽早纠正错误做法 有记者问：4月17日，美国贸易代表办公室宣布对中国海事、物流和造船领域301调查的最终 ...

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年度持续督导现场培训工作报告 2、保荐代表人：张远明、吴宏兴 3、培训时间：2025年4月8日 4、培训人员：张远明、杨许滢 5、培训地点：百普赛斯北京总部会议室 6、培训对象：全体董事、监事、高级管理人员，以及证券投资部相关工作 人员等 7、培训内容：本次培训详细介绍了证监会《上市公司募集资金监管规则 （征求意见稿）》、《关于深化上市公司并购重组市场改革的意见》，同时解 读了2024年并购市场情况。 二、上市公司的配合情况 保荐机构本次持续督导培训的工作过程中，公司积极予以配合，培训对象积极 参与，保证了培训工作的有序进行，达到了良好效果。 招商证券股份有限公司（以下简称"招商证券"、"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"、"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》《深圳证券交易所上市公司自律监管指引第13号——保荐业务（2025年修订）》 等有关法律法规的规定，于2025年4月8日对百普赛斯全体董事、监事、高级管理 人员及证券投资部相关工作人员等进行了持 ...

审计报告 北京百普赛斯生物科技股份有限公司 容诚审字[2025] 100Z2039 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审 计 报 告 容诚审字[2025 ] 100Z2039 号 北京百普赛斯生物科技股份有限公司全体股东： 一、审计意见 我们审计了北京百普赛斯生物科技股份有限公司（以下简称百普赛斯公司） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并 及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以 及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了百普赛斯公司 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经 ...