博锐生物冲击港股IPO，毛利率持续下降，客户集中度较高

Core Insights - 博锐生物 is preparing for an IPO on the Hong Kong Stock Exchange, showing consistent revenue growth in recent years but a declining gross margin [1] Financial Performance - Revenue for 2023 and 2024 is projected at 1.257 billion and 1.623 billion respectively, with operating profits of 61.65 million and 158 million, and net profits of 19.01 million and 91.3 million [1] - For the first nine months of 2025, revenue reached 1.379 billion with a net profit of 122 million [1] - Gross margins have declined from 82.2% in 2023 to 74.4% in the first nine months of 2025, a total decrease of 7.8 percentage points [1] - Adjusted net margins have increased from 2.5% in 2023 to 11.3% in the first nine months of 2025, indicating effective cost control and expense management [2] Customer and Supplier Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for over 60% of total revenue in recent years [2][3] - The largest customer contributed 28.2%, 32.3%, and 27.7% of revenue in 2023, 2024, and the first nine months of 2025 respectively [2] - Supplier concentration is also high, with the top five suppliers accounting for 30.4%, 34.1%, and 46.0% of total purchases in the same periods [3] Related Party Transactions - 博锐生物 has multiple related party transactions with its controlling shareholder, 海正药业, including asset leasing and technical services, with rental expenses of 2.8 million and 3.2 million for 2023 and 2024 respectively [2] - The company has applied for and received a three-year exemption from the Hong Kong Stock Exchange regarding certain related party transaction approvals [2]