SNSW(688117) Zheng Quan Shi Bao Wang·2025-04-25 02:22Core Insights - The company focuses on the peptide sector, emphasizing an "innovative drugs first, generic drugs core" business model, aiming to be a leader in the domestic and international peptide market [1][4] - In 2024, the company achieved a revenue of 456.07 million yuan and a net profit of 50.02 million yuan, with significant increases in sales from raw materials and custom production [1] - The first quarter of 2025 saw a revenue of 184.34 million yuan, a year-on-year increase of 77.15%, and a net profit of 47.12 million yuan, up 186.06% compared to the previous year [1] R&D and Market Expansion - The company is accelerating its R&D pipeline to capture opportunities in diabetes, obesity, and cosmetic applications, with 25 projects currently under development [2] - In 2024, the company invested 50.46 million yuan in R&D, representing 11.06% of its revenue, with a focus on various peptide products [2] - The company aims to enhance its core technological competitiveness by optimizing its R&D platform and attracting industry talent [2] Capacity Expansion - The company is advancing its capacity expansion projects, including a new production line for peptide raw materials and a technology upgrade for formulation industrialization [3] - A contract worth up to 350 million yuan has been signed for the supply of GLP-1 peptide raw materials, indicating strong demand in the market [3] - The company is expected to benefit from a supply-demand imbalance in peptide raw materials, which is projected to last until at least 2026 [3] Strategic Focus - In 2025, the company plans to continue focusing on the peptide pharmaceutical industry, enhancing R&D innovation and internationalization efforts [4] - The company aims to strengthen its market presence in core raw materials and formulation products, leveraging its complete industrial chain advantages [4]