奥浦迈（688293）：公司信息更新报告：培养基业务持续高增长，商业化管线项目数量新高

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong revenue growth, with a 25.79% year-on-year increase in revenue for the first three quarters of 2025, reaching 272 million yuan. The net profit attributable to shareholders increased by 81.48% to 49 million yuan during the same period [6] - The cell culture product business is a key driver of revenue growth, achieving a 32.56% year-on-year increase in revenue, totaling 239 million yuan for the first three quarters of 2025 [7] - The company is expanding its overseas business, with over ten pipeline projects authorized for overseas development, which is expected to support future growth [7] Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 272 million yuan, with a net profit of 49 million yuan, and a non-recurring net profit of 37 million yuan, reflecting significant growth rates of 25.79%, 81.48%, and 118.80% respectively [6] - The gross margin for the cell culture product business was 71.91%, contributing to an overall gross margin of 56.84% for the first half of 2025 [8] - The company forecasts net profits of 75 million yuan, 102 million yuan, and 133 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.66, 0.89, and 1.17 yuan [6][9] Business Growth and Pipeline - The company has reached a record high in the number of client pipelines, with 311 confirmed drug development pipelines as of September 30, 2025, an increase of 64 from the end of 2024 [7] - The number of projects in commercial production has increased to 13, with a total of 34 in Phase III clinical trials and 60 in Phase I clinical trials [7] Cost Management and Profitability - The company has effectively managed costs, with management expenses decreasing by 34.03% year-on-year, while sales expenses grew by only 5.12%, indicating strong cost control [8] - The net profit margin improved to 20.96%, up 4.38 percentage points year-on-year, reflecting enhanced profitability [8]