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]

2024 年&1Q25 业绩符合我们的预期 公司公布2024 年和2025 年1 季度业绩：2024 年收入6.45 亿元，同比+18.65%；归母/扣非归母净利润分 别为1.24/1.19 亿元，同比-19.38%/-15.16%。2025 年1 季度收入1.86 亿元，同比+27.73%；归母/扣非归 母净利润分别为0.41/0.38 亿元，同比+32.30%/+25.99%。2024 年和1Q25 收入利润符合我们的预期。 发展趋势 主营业务稳健向前。2024 年公司重组蛋白收入5.36 亿元，同比+17.35%；抗体、试剂盒及其他试剂收入 0.80 亿元，同比+31.23%。毛利率维持较高水平。2024 全年公司5,000 多种生物试剂实现销售和应用； 公司位于苏州的GMP 级别生产厂房已经正式投产。 关税影响部分地区贸易，竞争格局恶化，新品推广不及预期，研发失败，行业回暖不及预期。 而未来，我们预计公司也可以进一步通过海外实验室和产能布局的形式进一步分散关税相关风险。 盈利能力呈现加速改善趋势。1Q25 公司实现归母净利润0.41 亿元，净利率回升至21.8%。我们判断公 司2024 年对研发、销售 ...

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 ...