事件： 公司发布2025年半年报：2025年上半年公司实现营收3.90亿元，同比微降1.08%；归母净利润0.54亿 元，同比微降1.40%；扣非归母净利润为0.39亿元，同比下降20.35%。其中，第一季度，公司实现营收 1.76亿元，同比下滑4.37%；归母净利润0.07亿元，同比下滑67.32%；扣非归母净利润0.05亿元，同比下 滑75.34%；第二季度营业收入2.14亿元，同比增长1.82%，环比增长21.06%；归母净利润0.47亿元，同 比增长45.17%，环比增长528.73%；扣非归母净利润0.34亿元，同比增长16.98%，环比增长598.63%。 事件点评： 业绩边际向好，盈利能力修复。今年上半年，公司营业收入及归母净利润同比略有下滑，但单季度来 看，第二季度业绩呈现出同比向好、显著环比改善。其中，Q2营收同比增长1.82%、环比增长21.06%， 归母净利润同比增长45.17%、环比大幅提升528.73%。盈利能力方面，销售毛利率从Q1的16.23%大幅上 升至Q2的29.67%，销售净利率也从4.21%提升至21.87%。费用率保持基本稳定，Q2管理（含研发）、 销售及财务费用率分别 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 0.39% during the reporting period, ranking 26th among 31 primary industries, underperforming the CSI 300 index which rose by 7.01% [4][14] - The industry shows resilience despite a slight decline in overall revenue and net profit for A-share pharmaceutical companies in the first half of the year, with stable gross profit margins [6] - The CXO sector has returned to high prosperity with significant growth in performance, while the chemical preparation sector shows a mixed performance [6] - The report highlights the approval of several innovative drugs, including Novartis' "Acrux" for IgA nephropathy and the first oral HER2 inhibitor "Zongertinib" by Boehringer Ingelheim [5][41] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) is at 31.41x, slightly down from 31.38x in the previous period, indicating a valuation below the average [20] - The top three sub-industries by PE are vaccines (56.18x), hospitals (42.24x), and medical devices (40.66x), while pharmaceutical circulation has the lowest valuation at 14.06x [20] - In the reporting period, 29 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1 billion CNY [4] Important Industry News - The CDE released a draft guideline for single-arm clinical trials to support the regular approval of anti-tumor drugs [25] - Novartis' IgA nephropathy drug "Acrux" received NMPA approval, marking it as the first of its kind in China [28] - The approval of the new generation ALK inhibitor "Dirocitinib" by Xuan Bamboo Biotech for treating ALK-positive non-small cell lung cancer [36] - The approval of the ADC "Datopotamab deruxtecan" for treating HR-positive, HER2-negative breast cancer [39] Investment Recommendations - The report suggests focusing on investment opportunities in the chemical preparation sector, particularly innovative drugs, and the CXO sector due to their clear long-term growth logic [6]

Investment Rating - The investment rating for the company is "Accumulate" [2][6][8] Core Views - The company's performance shows marginal improvement with a rapid increase in new orders. The industry demand is recovering, leading to a significant rise in new contracts [3][4] - The company reported a slight decline in revenue and net profit for the first half of 2025, but the second quarter showed a strong recovery with revenue growth of 1.82% year-on-year and a remarkable net profit increase of 45.17% year-on-year [2][3] - The gross profit margin improved significantly from 16.23% in Q1 to 29.67% in Q2, indicating a recovery in profitability [3] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 390 million yuan, a year-on-year decrease of 1.08%, and a net profit of 54 million yuan, down 1.40% year-on-year. The second quarter saw revenue of 214 million yuan, up 1.82% year-on-year and 21.06% quarter-on-quarter, with net profit reaching 47 million yuan, up 45.17% year-on-year and 528.73% quarter-on-quarter [2][3] - The company’s total market capitalization is 3.735 billion yuan, with a circulating market value of 3.561 billion yuan [2][6] Order Growth - The company signed new contracts worth 600 million yuan in the first half of 2025, representing a year-on-year increase of 40.12%. The total amount of contracts on hand reached nearly 2 billion yuan, a year-on-year increase of 9.45% [3][4] Profitability and Cost Control - The sales gross margin increased significantly, and the expense ratios remained stable, indicating effective cost control. The management, sales, and financial expense ratios in Q2 were 9.47%, 1.05%, and -0.17%, respectively, all slightly down from Q1 [3]

普蕊斯 20250829.docx AceCamp AI 2025-08-30 摘要 普蕊斯 2025 年上半年营收微降 1.08%至 3.9 亿元，但二季度营收同比 增长 1.82%，环比增长 21.06%，显示复苏态势。新签不含税合同金额 达 6 亿元，同比增长 40.12%，存量合同近 20 亿元，同比增长 9.45%，反映行业需求回暖，尤其是 SMA（小分子药物）需求增加。 公司上半年归母净利润 5,400 万元，扣非净利润 3,800 万元。二季度盈 利能力显著改善，归母净利润同比增长 45.17%，环比增长 528.73%；扣非净利润同比增长 16.98%，环比增长 598.63%，主要 受益于客户需求回暖和精细化运营管理。 中国创新药行业在政策支持、海外 BD 交易活跃和技术突破驱动下进入 高质量发展阶段，具备政策、临床数据、成本效率、创新性和资金生态 五大核心驱动力，推动中国成为全球生物制药的重要参与者。 SMO 行业呈现量增价稳的复苏态势，询价单数连续 8 个月同比增长 40%。普蕊斯凭借创新服务模式和专业执行能力，新签合同金额显著增 长。行业集中度预计将进一步提升，资源向头部企业靠拢，大型 ...

头部合作持续深化，质量体系获国际认可。25H1 公司与2024 年全球前10 大药企均保持稳定合作，服务 客户包括阿斯利康、默沙东、罗氏、礼来、百济神州、恒瑞医药等国内外知名药企及CRO 企业。公司 持续推进数智化升级，自主研发的临床试验执行管理平台实现数据可视化与智能化管理，获"一种不良 事件等级判定方法、电子设备和存储介质"和"基于数据库的多中心协同执行项目质量监控系统"两项国 家发明专利，显著提升不良事件处理效率与项目监控精度。截至6 月末，公司累计接受国家药监局核查 281 次、FDA 视察14 次、EMA 视察5 次，均无重大发现，质量体系达到国际标准。 盈利预测、估值与评级：公司是SMO 赛道领先企业，行业和客户需求回暖明显，维持公司25-27 年归母 净利润预测为1.10/1.25/1.42 亿元，当前股价对应PE 为31/28/24 倍，维持 "买入"评级。 事件：公司发布2025 年半年报，实现营业收入 3.9 亿元（YOY- 1.08%）；实现归母净利润 5415.61 万元 （YOY-1.40%）；业绩符合预期。 业绩环比改善，项目储备充足。25Q2 公司实现营业收入2.14 亿元，环比 ...

2025 年 8 月 31 日 公司研究 业绩环比改善，订单复苏强劲 ——普蕊斯（301257.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，实现营业收入 3.9 亿元（YOY- 1.08%）；实 现归母净利润 5415.61 万元（YOY-1.40%）；业绩符合预期。 业绩环比改善，项目储备充足。25Q2 公司实现营业收入 2.14 亿元，环比增加 21.06%；实现归母净利润 0.47 亿，环比增加 528.73%；毛利率环比提升 13.44pp 至 29.67%，发展态势良好，整体反映公司业绩在 25Q2 出现明显改善。截至 25H1，公司累计承接国际和国内 SMO 项目超 4000 个，在执行项目达 2428 个， 较 2024 年底显著增长。在前沿治疗领域持续突破，累计参与 ADC 项目 140 个、 CGT 项目 73 个，项目储备充足。 订单复苏强劲，合同储备创历史新高。25H1 行业和客户需求呈现复苏迹象，公 司新签不含税合同金额 6.00 亿元，同比大幅增长 40.12%；截至 6 月末存量不 含税合同金额 19.98 亿元，同比增长 9.45%，为下半年业绩增长奠 ...

Group 1 - Kangchen Pharmaceutical and Puris reached the daily limit increase, while Duri Pharmaceutical rose over 10% [1] - Huahai Pharmaceutical, Haoyuan Pharmaceutical, Jimin Health, Warner Pharmaceuticals, and Medisyn also experienced gains [1]

新签订单持续回暖，SMO 需求不断增加。随着行业及客户的需求逐步复苏，公司2025 年上半年度询单 量、新签订单同比快速增长，新签订单金额为6.00 亿元，同比增长40.12%，在手订单为19.98 亿元，同 比增长9.45%，主要原因是国内外药企的新药临床试验对SMO 服务的需求增加以及SMO 的渗透率不断 提升。 服务项目数量丰富，客户服务能力提升。公司致力于承接具有创新性和高临床价值新药的SMO 项目， 服务项目数量丰富，目前在执行的SMO 项目数量为2428 个，累计承接超4000 个国际和国内SMO 项 目。此外，公司不断提升客户服务能力，截至2025H1，公司共有员工4157 人，其中业务人员近4000 人，累计服务960 家临床试验机构，可覆盖临床试验机构数量为1300 家，服务范围覆盖全国200 个城 市。 盈利预测与投资建议：我们预计2025 年-2027 年公司营收为8.05/8.82/10.10 亿元，同比增长 0.16%/9.57%/14.46%；归母净利为1.00/1.10/1.25 亿元，对应PE 为29/26/23 倍，持续给予"买入"评级。 风险提示：新签订单不及预期的风险、S ...

Core Viewpoint - The recent financial report of Puris (301257) indicates a decline in revenue and net profit for the first half of 2025, with significant changes in various financial metrics, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 390 million yuan, a decrease of 1.08% year-on-year [1]. - Net profit attributable to shareholders was 54.16 million yuan, down 1.4% compared to the previous year [1]. - In Q2 2025, total revenue was 214 million yuan, an increase of 1.82% year-on-year, while net profit rose significantly by 45.17% to 46.72 million yuan [1]. - The gross margin decreased to 23.59%, down 10.62% year-on-year, and the net margin was 13.88%, a slight decrease of 0.32% [1]. - The company's accounts receivable accounted for 143.81% of the latest annual net profit, indicating a high level of outstanding payments [5]. Cash Flow and Financial Metrics - Cash flow from operating activities increased by 29.88%, attributed to higher cash receipts from services and government subsidies [4]. - The net increase in cash and cash equivalents surged by 5872.38%, primarily due to the redemption of maturing financial products [4]. - The company reported a significant increase in monetary funds by 33.62% to 663 million yuan, driven by the redemption of financial products [3]. Expense Analysis - Total sales, management, and financial expenses amounted to 23.74 million yuan, representing 6.08% of revenue, a slight increase of 0.23% year-on-year [1]. - Sales expenses rose by 11.7% due to increased salaries and travel costs for the sales team [3]. - Management expenses decreased by 8.74% as there was no need to accrue stock incentive costs this period [3]. Investment and Debt Position - The company’s interest-bearing debt decreased significantly by 59.95% to 2.67 million yuan [1]. - Research and development expenses increased by 10.89%, reflecting a commitment to innovation [3]. Shareholder Information - The largest fund holding Puris shares is Tianhong Medical Health Mixed A, with a current scale of 251 million yuan [5].

Market Overview - The Shanghai Composite Index closed at 3860.66 points, above the five-day moving average, with a gain of 0.44% [1] - The total trading volume of A-shares reached 23193.54 billion yuan [1] Stocks Performance - A total of 581 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Hangke Technology (乖离率 15.30%) - Dia Shares (乖离率 13.58%) - Prusis (乖离率 12.30%) [1] Top Stocks by Deviation Rate - The following stocks showed the highest deviation rates from the five-day moving average: - Hangke Technology: Today's gain of 20.00%, turnover rate of 3.88%, five-day moving average at 22.32 yuan, latest price at 25.74 yuan [1] - Dia Shares: Today's gain of 19.99%, turnover rate of 1.35%, five-day moving average at 30.92 yuan, latest price at 35.12 yuan [1] - Prusis: Today's gain of 20.01%, turnover rate of 8.53%, five-day moving average at 38.77 yuan, latest price at 43.54 yuan [1] Additional Notable Stocks - Other stocks with notable performance include: - Xinan Century: Today's gain of 15.92%, turnover rate of 12.55%, five-day moving average at 13.29 yuan, latest price at 14.78 yuan [1] - Better Battery: Today's gain of 14.54%, turnover rate of 2.96%, five-day moving average at 23.77 yuan, latest price at 26.31 yuan [1] - Fosa Technology: Today's gain of 13.78%, turnover rate of 9.58%, five-day moving average at 75.56 yuan, latest price at 83.50 yuan [1]