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]

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]