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]

格隆汇9月11日丨百普赛斯(301080.SZ)公布，公司于近日收到股东出具的《股份减持计划实施进展的告 知函》，获悉2025年9月10日，苗景赟先生通过大宗交易方式减持公司股票206,100股，安义百普赛斯通 过大宗交易方式减持公司股票500,000股，合计减持公司股票706,100股（占公司总股本的0.42%，占公 司剔除回购专用账户中股份数量后股份总数的0.42%）。本次减持后，公司实际控制人及其一致行动人 合计持有公司股份比例由44.01%减少至43.59%（占剔除回购专用账户股份后公司总股本的比例由 44.19%减少至43.77%），合计持有权益变动触及1%的整数倍。 ...

格隆汇9月11日丨百普赛斯(301080.SZ)公布，公司于近日收到股东出具的《股份减持计划实施进展的告 知函》，获悉2025年9月10日，苗景赟先生通过大宗交易方式减持公司股票206,100股，安义百普赛斯通 过大宗交易方式减持公司股票500,000股，合计减持公司股票706,100股（占公司总股本的0.42%，占公 司剔除回购专用账户中股份数量后股份总数的0.42%）。本次减持后，公司实际控制人及其一致行动人 合计持有公司股份比例由44.01%减少至43.59%（占剔除回购专用账户股份后公司总股本的比例由 44.19%减少至43.77%），合计持有权益变动触及1%的整数倍。 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 证券代码：301080 证券简称：百普赛斯 公告编号：2025-059 北京百普赛斯生物科技股份有限公司 关于实际控制人之一致行动人减持股份触及 1%整数倍的公告 公司实际控制人之一致行动人苗景赟先生、安义百普赛斯企业管理 咨询合伙企业（有限合伙）、安义百普嘉乐企业管理咨询合伙企业（有 限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 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 2025 年 8 月 14 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于实际控制 人之一致行动人及高级管理人员减持股份的预披露公告》（公告编号：2025-048）。 公司实际控制人陈宜顶先生的一致行动人苗景赟先生计划自 2025 年 9 月 5 日至 2025 年 12 月 4 日以集中竞价或大宗交易方式减持所持有的公司股份合计不超过 400,000 股（占公司总股本的 0.24%，占公司剔除回购专用账户中股份数量后股份 总数的 0.24%）。公司实际控制人陈宜顶先 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-060 北京百普赛斯生物科技股份有限公司 关于召开 2025 年第三次临时股东大会的提示性公告 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。 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 8 月 22 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《关于召开 2025 年第三次临时股东大会的通知》（公告编号：2025-055），公司将于 2025 年 9 月 16 日（星期二）14:30 召开 2025 年第三次临时股东大会。本次股东 大会将采取现场投票和网络投票相结合的方式召开，根据相关规定，现将有 关事项再次提示如下： 一、召开会议的基本情况 5、会议的召开方式：现场表决与网络投票相结合的方式召开。 公 司 将 通 过 深 圳 证 券 交 易 所 交 易 系 统 和 互 联 网 投 票 系 统 （http://wltp.cninfo.com.cn）向公司全体股东提供网络形式的投票平台，公 司股东可以在网络投票时间内通过上述系统行使表决权。 公 ...

Group 1 - The stock price of Beijing Baipusi Biotechnology Co., Ltd. dropped by 5.15% to 57.67 CNY per share, with a total market capitalization of 9.68 billion CNY as of the report date [1] - The company was established on July 22, 2010, and went public on October 18, 2021, focusing on providing key biological reagent products and technical services, with main revenue sources being recombinant proteins (82.27%), antibodies and other reagents (12.88%), technical services (3.04%), and others (1.80%) [1] Group 2 - The fund "Lubo Mai China Medical Health Stock Initiation A" holds 15,700 shares of Baipusi, accounting for 3.84% of the fund's net value, making it the ninth largest holding [2] - The fund was established on December 26, 2023, with a current scale of 14.52 million CNY, achieving a year-to-date return of 44.16% and a one-year return of 58.26% [2] Group 3 - The fund manager of "Lubo Mai China Medical Health Stock Initiation A" is Li Tao, who has been in the position for 1 year and 261 days, with total assets under management of 29.25 million CNY [3] - During Li Tao's tenure, the best fund return was 17%, while the worst was 15.79% [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第9笔成交价格为53.39元，成交5.00万股，成交金额266.95万元，溢价率为-12.19%，买方营业部为中国 银河证券股份有限公司金华证券营业部，卖方营业部为中银国际证券股份有限公司北京经济技术开发区 证券营业部。 第10笔成交价格为53.39元，成交5.00万股，成交金额266.95万元，溢价率为-12.19%，买方营业部为华 泰证券股份有限公司南京文澜路证券营业部，卖方营业部为中银国际证券股份有限公司北京经济技术开 发区证券营业部。 9月10日，百普赛斯收涨7.04%，收盘价为60.80元，发生11笔大宗交易，合计成交量70.61万股，成交金 额3769.88万元。 第5笔成交价格为53.39元，成交7.50万股，成交金额400.43万元，溢价率为-12.19%，买方营业部为机构 专用，卖方营业部为招商证券股份有限公司北京东四十条证券营业部。 第6笔成交价格为53.39元，成交5.00万股，成交金额266.95万元，溢价率为-12.19%，买方营业部为中国 银河证券股份有限公司南京洪武路证券营业部，卖方营业部为中银国际证券股份 ...