Shanghai OPM Biosciences (SH:688293) Xin Lang Cai Jing·2025-09-10 03:01Core Viewpoint - Shanghai Dongzhou Asset Appraisal Co., Ltd. has responded to the inquiry letter regarding the asset purchase and fundraising by Shanghai Aopumai Biotechnology Co., Ltd., detailing the evaluation of the target company, Pengli Bio, with a final transaction price of 1,450.507 million yuan [1] Evaluation Methodology - The evaluation utilized both the income approach and market approach to assess the total equity value of the target company, with the income approach yielding a value of 1,452 million yuan and a value increase rate of 56.62%, while the market approach provided a value of 1,485 million yuan with a 60.18% increase rate [1][2] - The market approach involved comparing the target company with comparable companies based on various operational metrics, and the key parameters used in this evaluation were deemed reasonable [2] Income Approach Advantages - The income approach reflects the target company's future profitability by discounting expected cash flows, which is considered more reliable than the market approach due to the unique operational characteristics of each company and the volatility of market prices [3] - The target company has established a stable delivery system with over 1,800 disease animal models, indicating a solid operational foundation and growth potential [3] Industry Context - The recent valuation differs significantly from previous capital increases due to changes in the biopharmaceutical CRO industry, which saw inflated valuations in early 2022 but has since faced a slowdown in investment and increased competition [4] - The previous capital increase in March 2022 valued the company at 3.22 billion yuan, and the current evaluation reflects the industry's downward trend [4] Revenue and Cost Projections - Revenue forecasts for various segments are considered cautious yet achievable, with the pharmacodynamics evaluation business expected to grow faster than the industry average due to the company's competitive advantages and strategic initiatives [5] - Cost and expense forecasts are comprehensive, with reasonable assumptions regarding gross margins and operating expenses compared to industry peers [5][6] Capital Expenditure and Working Capital - Future capital expenditures are projected to be reasonable, including both renewal and expansion investments, while working capital calculations account for changes in business operations [7] - The discount rate used in the evaluation is within the range of comparable cases, reflecting the specific risks faced by the target company [7] Asset Treatment and Performance Coverage - Surplus assets are treated as working capital, aligning with industry practices, and the classification of non-operating assets is deemed reasonable [8] - The target company achieved 45.38% of its projected revenue and 45.80% of its projected net profit for the first half of 2025, indicating a strong likelihood of meeting future performance targets [9] - The projected compound annual growth rate for net profit from 2025 to 2029 is 20.29%, slightly above the industry average, supporting the reasonableness of the evaluation [9]