奥浦迈：广发基金、平安医药等多家机构于11月14日调研我司

Group 1: Company Restructuring and Financial Performance - The company is currently in the process of restructuring, having received an inquiry letter in July and completed the related responses by September. The restructuring report was revised and disclosed on November 11, 2025, and is still under review [1] - For the first three quarters of 2025, the company achieved operating revenue of 271.53 million yuan, a year-on-year increase of 25.79%. The net profit attributable to shareholders was 49.43 million yuan, up 81.48% year-on-year [9] Group 2: Gross Margin and Business Segments - The overall gross margin for the first three quarters has declined compared to 2024, primarily due to structural impacts from two business segments. The gross margin for cell culture products remains stable at 70%-71% [2] - The cell culture product segment generated revenue of 238.60 million yuan, reflecting a significant growth of 32.56% year-on-year, and remains the core revenue driver for the company [3] Group 3: Market Expansion and Client Engagement - The company is successfully engaging with multinational corporations (MNCs) in the U.S., with products being tested by several American pharmaceutical companies. There are over 10 pipelines associated with business development (BD) going overseas [5] - The company has established a U.S. research laboratory in 2024 and is considering building a production base in the U.S. to meet overseas client demands [5] Group 4: Product Pricing and Market Position - The company maintains strong customer loyalty in the antibody drug field, with long-term supply agreements that allow for differentiated pricing based on purchase volume [4] - According to a market research report, the company ranked first among domestic manufacturers of cell culture media for high-end antibody drugs in 2020, indicating a growing market share [8]