Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company achieved a revenue of 387 million yuan in the first half of 2025, representing a year-on-year growth of 29.4%, with a net profit of 84 million yuan, up 47.8% [1][7]. - The core product line of recombinant proteins generated sales of 319 million yuan, with a gross margin of 91.1%, while antibody and other reagent products achieved sales of 50 million yuan, with a gross margin of 90.8% [1][15]. - Domestic revenue reached 123 million yuan, growing 36.7% year-on-year, while overseas revenue was 258 million yuan, up 22.9% year-on-year, indicating a strong global sales network [1][7]. Financial Performance - The company's gross margin for the first half of 2025 was 90.9%, a decrease of 1.3 percentage points year-on-year, while the net margin improved to 19.2%, an increase of 2.7 percentage points [2][15]. - The company maintains a strong focus on expanding its global presence, with plans to establish overseas production bases to enhance supply capabilities [1][19]. - Profit forecasts for 2025-2027 are 157 million, 225 million, and 282 million yuan respectively, with corresponding price-to-earnings ratios of 44, 31, and 25 times [2][19].
百普赛斯（301080）：2025上半年营收同比增长29%，国内需求端持续改善