毕得医药(688073) - 2025 Q2 - 季度财报

Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information, key financial performance, and non-recurring items, highlighting strong profit growth despite a decrease in operating cash flow Company Basic Information Shanghai Bide Pharmaceutical Technology Co., Ltd. (Bide Pharma) is a company listed on the STAR Market of the Shanghai Stock Exchange, stock code 688073, primarily engaged in pharmaceutical technology with Dai Lan as its legal representative Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | Shanghai Bide Pharmaceutical Technology Co., Ltd. | | Chinese Abbreviation | Bide Pharma | | Stock Code | 688073 | | Listing Exchange | Shanghai Stock Exchange STAR Market | | Legal Representative | Dai Lan | Key Accounting Data and Financial Indicators During the reporting period, the company achieved strong performance growth, with operating revenue increasing by 17.91% year-on-year and net profit attributable to shareholders surging by 41.60%, primarily due to increased revenue and effective cost control, though operating cash flow decreased significantly due to business expansion Key Accounting Data (Jan-Jun 2025) | Key Accounting Data | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 627,526,589.12 | 532,207,309.99 | 17.91 | | Net Profit Attributable to Shareholders | 73,406,059.54 | 51,839,064.55 | 41.60 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 59,163,606.01 | 48,256,312.13 | 22.60 | | Net Cash Flow from Operating Activities | 16,112,188.59 | 89,677,429.18 | -82.03 | | Asset Status | Period-End (Yuan) | Prior Year-End (Yuan) | Period-End vs. Prior Year-End Change (%) | | Total Assets | 2,530,189,768.10 | 2,418,035,118.40 | 4.64 | | Net Assets Attributable to Shareholders | 1,948,725,654.19 | 2,027,122,463.64 | -3.87 | Key Financial Indicators (Jan-Jun 2025) | Key Financial Indicators | Current Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.84 | 0.58 | 44.83 | | Weighted Average Return on Net Assets (%) | 3.60 | 2.52 | Increased by 1.08 percentage points | | R&D Investment as % of Operating Revenue | 4.78 | 5.65 | Decreased by 0.87 percentage points | Non-recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 14.24 million yuan, primarily comprising government subsidies recognized in current profit and loss and fair value changes from holding and disposing of financial assets Details of Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit and loss | 9,655,087.56 | | Gains/losses from holding and disposing of financial assets/liabilities | 7,265,175.10 | | Gains/losses from disposal of non-current assets | 330,567.88 | | Other non-operating income and expenses | 226,535.89 | | Total | 17,477,366.43 | | Less: Income tax impact | 3,234,912.90 | | Total after tax | 14,242,453.53 | Net Profit Excluding Share-based Payment Impact Excluding the impact of share-based payment expenses, the company's net profit for the reporting period was 89.68 million yuan, a significant increase of 70.60% from the prior year, better reflecting core business profitability Net Profit Comparison Excluding Share-based Payment Impact | Period | Net Profit Excluding Share-based Payment Impact (Yuan) | YoY Change (%) | | :--- | :--- | :--- | | Current Period (Jan-Jun) | 89,679,870.74 | 70.60 | | Prior Year Period | 52,566,039.57 | - | Management Discussion and Analysis This section details the company's industry, main business operations, operating performance, core competencies, R&D progress, and key risk factors, providing a comprehensive overview of its strategic positioning and operational dynamics Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company is a high-tech enterprise focused on the upstream of the new drug R&D value chain, specializing in the R&D, production, and sales of drug molecular building blocks and scientific reagents, serving global new drug R&D institutions with a vast product portfolio - Company's core business involves drug molecular building blocks and scientific reagents, serving critical stages of new drug R&D, with clients including multinational pharmaceutical companies like Roche, Merck, Pfizer, and CROs like Wuxi AppTec[31][33] Global Drug R&D and Molecular Building Blocks Market Forecast | Market | 2024 Market Size | Annual Growth Rate | 2028/2029 Forecast | | :--- | :--- | :--- | :--- | | Global Drug R&D Investment | 147.7 billion USD | 7.9% | > 200 billion USD (2028) | | Global Molecular Building Blocks | 51.5 billion USD | 3.4% | > 60 billion USD (2029) | Explanation of Main Business Operations The company's main business is divided into molecular building blocks and scientific reagents, offering a comprehensive "basic material library" for drug R&D with extensive inventory and custom synthesis capabilities, alongside specialized reagents for target validation and synthesis optimization - Molecular building blocks business offers nearly a million products, with over 140,000 items in stock, meeting customer demands for "massive screening, rapid supply, and customized empowerment"[32][36] - Scientific reagents business features active small molecule compounds for target validation and catalysts/ligands for precise control in drug synthesis[37][39] Company's Industry Overview The company operates in the molecular building blocks and scientific reagents industry, closely tied to global drug R&D investment, with significant market sizes projected for both segments and increasing market share for Chinese enterprises amidst stratified competition Related Industry Market Size and Forecast | Industry Segment | 2024/2025 Market Size | CAGR | | :--- | :--- | :--- | | Global Molecular Building Blocks | 51.5 billion USD (2024) | 3.4% | | Global Chemical Reagents | >180 billion USD (2025) | 6.4% | | Global Life Science Reagents | 68.74 billion USD (2025) | 6.51% | | Global Active Small Molecule Compounds | 8 billion USD (2024) | 9.3% | Discussion and Analysis of Operating Performance During the reporting period, the company achieved steady growth with operating revenue of 628 million yuan (up 17.91%) and net profit attributable to shareholders of 73.41 million yuan (up 41.60%), driven by global expansion, diversified products, and R&D innovation, with gross margin improving to 44.25% 2025H1 Operating Performance Highlights | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 628 million Yuan | +17.91% | | Net Profit Attributable to Shareholders | 73.41 million Yuan | +41.60% | | Net Profit Excluding Share-based Payment | 89.68 million Yuan | +70.60% | | Gross Margin | 44.25% | +4.74 percentage points | | Overseas Sales Revenue | - | +21.33% | - The company continuously expands its product range, covering hot R&D areas such as PROTAC, GLP-1, and XDC, with a product library of nearly a million items and over 140,000 items in stock[47] Analysis of Core Competencies During the Reporting Period The company's core competencies are built on a vast product catalog, efficient customized synthesis, digital and intelligent operations, a high-margin product structure, and a strong global service network, collectively driving its competitive advantage in new drug R&D - The company has built a product catalog of nearly a million items, covering cutting-edge fields like PROTAC, ADC, and GLP-1, establishing itself as one of the global suppliers with the most extensive product lines for drug discovery reagents[49] - Leveraging advanced synthesis platforms and intelligent evaluation systems, the company provides end-to-end customized services, capable of completing specified structure synthesis and delivery within 2-4 weeks[50] - Through its digital platform and e-commerce development, the company offers intelligent product search, one-click ordering, automatic COA/SDS generation, and full logistics tracking, enhancing customer experience and order conversion efficiency[51] Core Technologies and R&D Progress The company possesses a comprehensive core technology system spanning product design, synthesis, production, and purification & detection, with significant R&D investment and a growing patent portfolio, demonstrating its commitment to innovation - The company's core technology platforms include: industry-leading molecular building block design and screening capabilities, rich and efficient organic synthesis technologies (e.g., C-H activation, chiral compound technology), and product purification and structural confirmation techniques[56][60][64] R&D Investment and Achievements | Indicator | Current Period | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Total R&D Investment (Yuan) | 29,996,679.58 | 30,050,598.68 | -0.18% | | R&D Investment as % of Revenue | 4.78 | 5.65 | Decreased by 0.87 percentage points | | Intellectual Property | Newly Acquired in Current Period | Cumulatively Acquired | - | | Invention Patents (units) | 3 | 54 | - | Risk Factors The company faces significant risks from intensifying market competition, potential intellectual property disputes, uncertainties in R&D commercialization, macroeconomic volatility, and financial challenges related to large inventory balances and exchange rate fluctuations - Market competition is intensifying, with product homogenization and price competition in mid-to-low-end segments posing major challenges[84] - Intellectual property risks include potential infringement disputes arising from customers' unauthorized use and the threat of imitation of the company's core compound database[85][86] - Financial risks primarily involve a substantial inventory balance (book value of 851 million yuan at period-end, accounting for 33.62% of total assets) and exchange losses due to currency fluctuations (2.78 million yuan in exchange losses during the reporting period)[89] Key Operating Performance During the Reporting Period During the reporting period, the company's main business achieved steady growth, with drug molecular building blocks revenue up 14.35% and scientific reagents revenue up 38.95%, while financial expenses increased significantly due to reduced interest income and exchange losses, and investment in wealth management products led to a substantial increase in trading financial assets Main Business Revenue Composition | Business Segment | Current Period Revenue (Million Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Drug Molecular Building Blocks | 520.46 | 14.35 | | Scientific Reagents | 107.07 | 38.95 | | Total | 627.53 | 17.91 | Key Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Financial Expenses | 4,178,143.31 | N/A | Reduced interest income from wealth management and exchange losses | | Net Cash Flow from Operating Activities | 16,112,188.59 | -82.03 | Business expansion, increased product procurement expenses | | Trading Financial Assets | 460,896,808.21 | 510.28 | Increased allocation to bank wealth management products | | Short-term Borrowings | 203,152,860.14 | 573.08 | Increase in bank short-term borrowings | Corporate Governance, Environment, and Society This section outlines significant changes in the company's leadership and core technical personnel, as well as the implementation details of its equity incentive plans, reflecting ongoing efforts in talent management and employee motivation Changes in Directors, Senior Management, and Core Technical Personnel During the reporting period, the company experienced several changes in senior management and core technical personnel, including the resignation of Li Tao and Mao Yonghao, and the appointment of new CFO and Board Secretary, along with the addition of seven new core technical personnel to maintain R&D stability - Key personnel changes include the departure of Li Tao (Director, Board Secretary, CFO), and the appointment of Wang Kun as CFO and Wang Xuan as Board Secretary[111][114][115] - Core technical personnel Mao Yonghao resigned, and the company newly identified Zhang Ruihao and 6 others as core technical personnel to maintain R&D team stability[111][112][116] Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company implemented the grant of its 2024 restricted stock incentive plan, initially granting 2.06 million shares to 65 recipients and later 0.494 million reserved shares to 18 recipients, both at a price of 24.96 yuan per share - On January 8, 2025, the company initially granted 2.06 million restricted shares to 65 incentive recipients at a price of 24.96 yuan per share[118] - On April 18, 2025, the company granted 0.494 million reserved restricted shares to 18 incentive recipients at a price of 24.96 yuan per share[118] Significant Matters This section covers the company's fulfillment of commitments, significant related party transactions, major contracts, and the progress of raised funds utilization, providing insight into its operational integrity and strategic financial management Fulfillment of Commitments During the reporting period, the company's actual controllers, shareholders, related parties, and the company itself strictly fulfilled all commitments made during the initial public offering, including share lock-up, share price stabilization, avoidance of horizontal competition, and regulation of related party transactions, with no breaches observed - The company's controlling shareholders and actual controllers, Dai Lan and Dai Long, committed not to transfer pre-IPO shares for 36 months from the listing date, with extended lock-up periods and reduced share price commitments linked to the offering price[122][126] - The company, its controlling shareholders, directors, and senior management committed to initiating share price stabilization measures, including company buybacks, controlling shareholder增持, and director/senior management增持, if the share price falls below net asset value per share for 20 consecutive trading days within three years of listing[124][158] Significant Related Party Transactions During the reporting period, the company planned a major asset restructuring to acquire control of Combi-Blocks, Inc. through a share issuance, a matter that progressed from January 2025 but was subsequently terminated by a board resolution on April 14, 2025 - The company had planned to issue shares to acquire a portion of Zhuhai Weibao's equity to gain control of Combi-Blocks, Inc., and raise supporting funds[186] - This major asset restructuring was terminated by a resolution of the company's board of directors on April 14, 2025[187] Significant Contracts and Their Fulfillment During the reporting period, the company provided guarantees totaling 210 million yuan to its wholly-owned subsidiary, Shanghai Bilude Pharmaceutical Technology Co., Ltd., to support bank credit lines, with a remaining guarantee balance of 110 million yuan at period-end Guarantees to Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (Million Yuan) | Guarantee Type | | :--- | :--- | :--- | :--- | | Bide Pharma | Shanghai Bilude | 200.00 | Joint and several liability guarantee | | Bide Pharma | Shanghai Bilude | 10.00 | Joint and several liability guarantee | - As of the end of the reporting period, the company's total guarantee balance for its subsidiaries was 110 million yuan, accounting for 5.64% of the company's net assets[192] Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial public offering amounted to 1.309 billion yuan, with 1.271 billion yuan cumulatively invested, representing a 97.10% progress, and all over-raised funds have been fully utilized for repaying bank loans, supplementing working capital, and share repurchases Overall Use of Raised Funds (As of Period End) | Item | Amount (Million Yuan) | | :--- | :--- | | Net Proceeds from Raised Funds | 1,309.00 | | Total Committed Investment | 434.36 | | Total Over-raised Funds | 874.64 | | Total Cumulative Raised Funds Invested | 1,271.07 | | Overall Investment Progress | 97.10% | Details of Over-raised Funds Usage | Purpose | Planned Investment (Million Yuan) | Cumulative Investment (Million Yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Repayment of Bank Loans and Permanent Working Capital Supplement | 774.64 | 774.64 | 100.00 | | Share Repurchase | 100.00 | 100.00 | 100.00 | | Total | 874.64 | 874.64 | 100.00 | Share Changes and Shareholder Information This section details the company's shareholder structure, including the total number of common shareholders and the shareholdings of its top ten shareholders, highlighting the control held by actual controllers and the presence of institutional investors Shareholder Information As of the end of the reporting period, the company had 3,782 common shareholders, with actual controllers Dai Lan and Dai Long holding significant stakes, and institutional investors like China Universal Medical & Health Hybrid Securities Investment Fund also among the top ten shareholders Top Ten Shareholders' Shareholding | Shareholder Name | Number of Shares Held | Proportion (%) | | :--- | :--- | :--- | | Dai Lan | 29,664,719 | 32.64 | | Dai Long | 13,106,289 | 14.42 | | Zhoushan Xinxin Enterprise Management Partnership | 5,019,806 | 5.52 | | Ningbo Landan Venture Capital Partnership | 4,305,076 | 4.74 | | China Universal Medical & Health Hybrid Securities Investment Fund | 4,252,561 | 4.68 | - Actual controllers Dai Lan and Dai Long are siblings and have signed a concerted action agreement; Zhoushan Xinxin, Ningbo Landan, and Wu Bo are concerted parties; Nanxu Investment, Lanyun Wanchi, and Xuqing Investment are employee stock ownership platforms controlled by Dai Long[212] Bond-Related Information This section confirms the absence of any corporate bonds or non-financial enterprise debt financing instruments issued by the company during the reporting period Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company did not issue any corporate bonds, enterprise bonds, or non-financial enterprise debt financing instruments - The company has no outstanding corporate bonds or convertible corporate bonds[220] Financial Report This section provides a summary of the company's financial statements, including balance sheet, income statement, and cash flow statement, along with detailed notes explaining key accounting items and their changes Financial Statement Summary The financial statements indicate a growth in total assets to 2.53 billion yuan and total liabilities to 581 million yuan, with the asset-liability ratio rising to 22.98%, while operating revenue increased by 17.91% to 628 million yuan and net profit by 41.60% to 73.41 million yuan, though operating cash flow significantly decreased and investing cash outflow expanded due to wealth management product purchases Consolidated Balance Sheet Summary (Jun 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 726,936,059.28 | 1,105,333,099.80 | | Trading Financial Assets | 460,896,808.21 | 75,522,082.20 | | Inventories | 850,716,686.81 | 760,217,457.80 | | Total Assets | 2,530,189,768.10 | 2,418,035,118.40 | | Short-term Borrowings | 203,152,860.14 | 30,182,470.22 | | Total Liabilities | 581,464,113.91 | 390,912,654.76 | | Equity Attributable to Parent Company Shareholders | 1,948,725,654.19 | 2,027,122,463.64 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 627,526,589.12 | 532,207,309.99 | | Total Operating Costs | 522,427,598.32 | 456,333,477.22 | | Total Profit | 100,843,826.91 | 64,254,167.56 | | Net Profit | 73,406,059.54 | 51,839,064.55 | | Net Profit Attributable to Parent Company Shareholders | 73,406,059.54 | 51,839,064.55 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 16,112,188.59 | 89,677,429.18 | | Net Cash Flow from Investing Activities | -398,576,339.49 | -266,685,771.14 | | Net Cash Flow from Financing Activities | -7,417,835.52 | -140,764,364.22 | | Period-End Cash and Cash Equivalents Balance | 710,089,200.40 | 947,195,599.76 | Notes to Consolidated Financial Statements The notes to the financial statements provide detailed explanations of accounting item compositions and changes, highlighting a significant increase in trading financial assets due to wealth management product purchases, low customer concentration in accounts receivable, high inventory proportions, and a substantial rise in short-term borrowings, with revenue broken down by product and channel - Trading financial assets at period-end amounted to 461 million yuan, a significant increase from 76 million yuan at the beginning of the period, entirely comprising bank wealth management products[401] Main Business Revenue by Product Type | Product Type | Operating Revenue (Yuan) | Operating Cost (Yuan) | | :--- | :--- | :--- | | Molecular Building Blocks - Heterocyclic Compounds | 271,473,211.84 | 142,520,031.85 | | Molecular Building Blocks - Benzene Ring Compounds | 146,310,956.15 | 83,918,851.19 | | Molecular Building Blocks - Aliphatic Compounds | 102,671,564.31 | 57,761,085.82 | | Catalysts and Ligands | 66,343,913.92 | 44,956,312.69 | | Life Science Reagents | 40,726,942.90 | 20,684,205.21 | Main Business Revenue by Sales Channel | Sales Channel | Operating Revenue (Yuan) | Operating Cost (Yuan) | | :--- | :--- | :--- | | Direct Sales | 598,706,766.85 | 330,880,293.08 | | Distribution | 28,819,822.27 | 18,960,193.68 |