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 | ...

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].