百克生物分析师会议-20250421

Group 1: General Information - The research was conducted on April 21, 2025, with the target company being Baike Biotech, which belongs to the biopharmaceutical industry [1][8] - Participating institutions include securities companies, investment companies, fund management companies, and asset management companies such as Guolian Minsheng Securities, Beijing Chengsheng, and Boyuan [2][9] Group 2: Company Performance - In 2024, the company's operating income was 1.2290841 billion yuan, a year - on - year decrease of 32.64%; net profit attributable to shareholders was 232.0938 million yuan, a decrease of 53.67%; and net profit after deducting non - recurring gains and losses was 229.8104 million yuan, a decrease of 53.42% [18] - In Q1 2025, operating income was 162.2905 million yuan, a year - on - year decrease of 39.96%; net profit attributable to shareholders was 1.0643 million yuan, a decrease of 98.24%; and net profit after deducting non - recurring gains and losses was - 3.412 million yuan, a decrease of 105.71% [18] - In 2024, varicella vaccine sales accounted for slightly over 65% of operating income with a slight increase; herpes zoster vaccine sales accounted for slightly over 20%; and nasal spray influenza vaccine had a slight year - on - year increase [19] - The company plans to distribute a cash dividend of 1.69 yuan per 10 shares (tax - included) in 2024, totaling 69.9081 million yuan (tax - included), accounting for 30.12% of the net profit attributable to shareholders [19] Group 3: Market and Strategy - The domestic herpes zoster vaccine penetration rate is still low. With the aging population, raising public awareness of the disease is crucial [19] - In 2025, the company will upgrade its marketing model, maintain its leading position in the varicella vaccine market, and expand the herpes zoster and influenza vaccine markets through various means [19][23] - The varicella vaccine is a non - immunization program vaccine. The company will continue to promote it for people over 12 years old to find new growth points [20] Group 4: International Market - The company's vaccine products are sold in countries such as India, Indonesia, Pakistan, Ghana, and Afghanistan. In 2024, varicella vaccine was exported to Afghanistan, and herpes zoster vaccine was first exported to Colombia [20] - The company is advancing the registration of varicella vaccine in Russia and expanding international sales channels through cooperation with multiple parties [20][21] Group 5: R & D Pipeline - Multiple R & D pipeline products have made key progress, including the acceptance of the listing application for liquid nasal spray influenza vaccine, and various stages of clinical trials for other products [21] - The company is also promoting R & D projects such as RSV monoclonal antibody and vaccine, and Alzheimer's disease therapeutic vaccine [21] Group 6: Marketing and Expenses - In 2024, the company established partnerships with various platforms for digital marketing of herpes zoster vaccine. As of January 1, 2025, the county - level coverage rate was about 60% [21][22] - In 2025, R & D investment is expected to increase significantly, and the sales expense ratio is expected to rise first and then fall [22]