证券代码：688073 证券简称：毕得医药 公告编号：2025-084 上海毕得医药科技股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 股东舟山兰旦企业管理合伙企业(有限合伙)（原宁波兰旦企业管理合伙企业(有限 合伙)）、舟山欣曦企业管理合伙企业(有限合伙)、吴波保证向本公司提供的信息真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 ☑其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 注：舟山欣曦企业管理合伙企业（有限合伙）、舟山兰旦企业管理合伙企业(有 限合伙)、吴波为一致行动人。 二、 权益变动触及 1%刻度的基本情况 2025 年 11 月 13 日，上海毕得医药科技股份有限公司（以下简称"公司"） 收到公司股东舟山兰 ...

Core Viewpoint - Bid Pharma (688073.SH) announced a share reduction by Lan Dan Management through block trading, impacting the company's total shareholding structure [1] Group 1 - On November 13, 2025, Lan Dan Management reduced its holdings by a total of 539,600 shares, representing 0.59% of the company's total share capital [1] - Following this equity change, the combined shareholdings of Lan Dan Management, Xin Xi Management, and Wu Bo decreased from 10.11 million shares to 9.57 million shares [1] - The overall shareholding ratio of these entities fell from 11.12% to 10.53%, marking a change that touches the 1% threshold [1]

Core Viewpoint - Bid Pharma (688073.SH) announced a share reduction by Lan Dan Management through block trading, impacting the company's total shareholding structure [1] Group 1 - On November 13, 2025, Lan Dan Management reduced its holdings by a total of 539,600 shares, representing 0.59% of the company's total share capital [1] - Following this equity change, the combined shareholdings of Lan Dan Management, Xin Xi Management, and Wu Bo decreased from 10.11 million shares to 9.57 million shares [1] - The overall shareholding ratio of these entities fell from 11.12% to 10.53%, marking a change that touches the 1% threshold [1]

Market Overview - The medical services sector declined by 0.47% on November 14, with the digital human sector leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable declines in individual stocks include: - Digital Human: closed at 17.28, down 4.85% with a trading volume of 80,400 shares and a turnover of 1.411 million [1] - Haoyuan Pharmaceutical: closed at 77.20, down 3.54% with a trading volume of 30,800 shares and a turnover of 2.4212 million [1] - Yinos: closed at 48.69, down 2.62% with a trading volume of 14,300 shares and a turnover of 7132.217 [1] - Other notable declines include Taige Pharmaceutical, MediX, and WuXi AppTec, all showing declines between 1.28% and 2.08% [1] Capital Flow - The medical services sector experienced a net outflow of 238 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [3] - Notable capital flows for specific stocks include: - Ruizhi Pharmaceutical: net inflow of 38.93 million yuan from institutional investors, but net outflows from retail and speculative investors [3] - Chengda Pharmaceutical: net inflow of 37.96 million yuan from institutional investors, with significant outflows from speculative investors [3] - Other stocks like Sanbo Brain Science and Jinyu Medical also showed varying net inflows and outflows among different investor types [3]

Core Insights - On November 13, Bid Pharma executed 7 block trades totaling 539,600 shares, with a transaction value of 36.50 million yuan, at a price of 67.65 yuan, reflecting a discount of 10.34% compared to the closing price of the day [2][3] Trading Activity - The stock's closing price on November 13 was 75.45 yuan, showing an increase of 0.69%, with a daily turnover rate of 1.65% and a total transaction amount of 53.35 million yuan, resulting in a net inflow of 1.32 million yuan from main funds [2] - Over the past five days, the stock has appreciated by 4.07%, with a cumulative net inflow of 22.97 million yuan [2] Financing Data - The latest margin financing balance for the stock is 37.72 million yuan, which has increased by 2.71 million yuan over the past five days, representing a growth rate of 7.73% [3] Company Background - Shanghai Bid Pharma Technology Co., Ltd. was established on April 27, 2007, with a registered capital of 90.88 million yuan [3]

Group 1 - Bid Pharma's stock increased by 5.13%, reaching 76.00 CNY per share, with a trading volume of 39.27 million CNY and a turnover rate of 1.22%, resulting in a total market capitalization of 6.91 billion CNY [1] - The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The main revenue composition includes: 43.26% from molecular building block heterocyclic compounds, 23.32% from molecular building block aromatic compounds, 16.36% from molecular building block aliphatic compounds, 10.57% from catalysts and ligands, and 6.49% from life science reagents [1] Group 2 - One fund under GF Fund holds a significant position in Bid Pharma, with 46,900 shares representing 5.88% of the fund's net value, ranking as the fifth-largest holding [2] - The fund, GF Medical Selected Stocks A (017479), has a total scale of 41.62 million CNY and has achieved a year-to-date return of 44.06%, ranking 797 out of 4,216 in its category [2] - The fund has a one-year return of 34.53%, ranking 654 out of 3,937, and a since inception return of 20.19% [2] Group 3 - The fund manager of GF Medical Selected Stocks A is Wang Ruidong, who has been in the position for 5 years and 178 days, managing assets totaling 4.82 billion CNY [3] - During his tenure, the best fund return was 64.11%, while the worst return was -12.21% [3]

Investment Rating - Maintain "Outperform" rating with a target price of 74.78 RMB, reflecting a 10% upside from the current price [4][11]. Core Insights - The innovative drug industry is rebounding, leading to strong company performance with a revenue increase of 32.26% year-on-year in the first three quarters of 2025, reaching 613 million RMB, and a net profit attributable to shareholders of 132 million RMB, up 58.61% [4][11]. - The company has seen rapid quarterly revenue growth, with Q3 2025 revenue at 226 million RMB, representing a year-on-year increase of 37.50% and a quarter-on-quarter increase of 12.32% [12]. - Increased R&D investment has diversified the product range, with nearly 60 GMP-grade products developed for CGT drug CMC, commercialization, and clinical research [13]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 544 million RMB (2023A), 645 million RMB (2024A), 840 million RMB (2025E), 1,074 million RMB (2026E), and 1,366 million RMB (2027E), with growth rates of 14.6%, 18.6%, 30.2%, 27.8%, and 27.2% respectively [3]. - Net profit attributable to shareholders is projected to grow from 154 million RMB in 2023A to 354 million RMB in 2027E, with a significant increase of 53.9% in 2025E [3]. - The company’s EPS is forecasted to be 0.92 RMB (2023A), 0.74 RMB (2024A), 1.14 RMB (2025E), 1.53 RMB (2026E), and 2.11 RMB (2027E) [3][4]. R&D and Product Development - The company has developed a series of recombinant proteins and antibodies for CAR-T product development, enhancing its capabilities in the CGT field [12][13]. - In the ADC field, the company offers a range of high-quality products, including target proteins and enzymes for linker cleavage, which are essential for ADC PK research [13].

Core Viewpoint - Bid Pharma's stock price has shown a significant increase of 50.29% year-to-date, with a current market capitalization of 6.597 billion yuan, indicating strong investor interest and performance in the pharmaceutical sector [1][2]. Financial Performance - For the period from January to September 2025, Bid Pharma achieved a revenue of 979 million yuan, representing a year-on-year growth of 20.67%. The net profit attributable to shareholders was 120 million yuan, reflecting a substantial increase of 42.79% compared to the previous year [2]. - The company has distributed a total of 258 million yuan in dividends since its A-share listing [3]. Stockholder Information - As of September 30, 2025, the number of shareholders for Bid Pharma decreased by 7.64% to 3,493, while the average number of circulating shares per person increased by 8.27% to 12,377 shares [2]. - The top ten circulating shareholders include notable institutional investors, with China Europe Medical Health Mixed A being the second-largest shareholder, increasing its holdings by 20.07% [3]. Market Activity - On November 10, Bid Pharma's stock rose by 2.07%, trading at 72.59 yuan per share with a total transaction volume of 23.1378 million yuan. The stock has experienced a slight decline of 1.71% over the past five trading days but has shown a positive trend over longer periods [1].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec, with a target price of 137.75 CNY, reflecting a 29x PE for 2026 [3][5]. Core Insights - WuXi AppTec's revenue for Q3 2025 reached 12.06 billion CNY, representing a 15.3% year-on-year increase, with a net profit of 3.52 billion CNY, up 53.3% [10]. - The company has adjusted its revenue guidance for continuous operations from 42.5-43.5 billion CNY to 43.5-44 billion CNY, indicating a growth rate increase from 13-17% to 17-18% [10]. - The company is focusing on its CRDMO business by divesting its clinical services, which accounted for only 3.5% of revenue in the first three quarters [10]. Financial Performance Summary - Revenue projections for 2025-2027 have been revised to 44.76 billion CNY, 50.39 billion CNY, and 57.07 billion CNY, respectively, with corresponding net profits of 16.35 billion CNY, 14.19 billion CNY, and 16.58 billion CNY [3][4]. - The gross margin is expected to improve to 45.6% in 2025, with net profit margins projected at 36.5% [4][10]. - The company reported a significant increase in backlogged orders, reaching 59.88 billion CNY, up 41.2% year-on-year, indicating strong future revenue potential [10].

Core Viewpoint - Bid Pharma's stock price has experienced fluctuations, with a year-to-date increase of 44.84% but a recent decline of 12.96% over the past five trading days [1] Company Overview - Bid Pharma, established on April 27, 2007, and listed on October 11, 2022, is located in Yangpu District, Shanghai. The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The company's main business revenue composition includes: 43.26% from molecular building block heterocyclic compounds, 23.32% from molecular building block aromatic compounds, 16.36% from molecular building block aliphatic compounds, 10.57% from catalysts and ligands, and 6.49% from life science reagents [1] Financial Performance - For the period from January to September 2025, Bid Pharma achieved operating revenue of 979 million yuan, representing a year-on-year growth of 20.67%. The net profit attributable to the parent company was 120 million yuan, with a year-on-year increase of 42.79% [2] - Since its A-share listing, Bid Pharma has distributed a total of 258 million yuan in dividends [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Bid Pharma was 3,493, a decrease of 7.64% from the previous period. The average circulating shares per person increased by 8.27% to 12,377 shares [2] - Notable institutional holdings include: - China Europe Medical Health Mixed A (003095) as the second-largest shareholder with 4.4532 million shares, an increase of 200,700 shares from the previous period - China Europe Medical Innovation Stock A (006228) as a new fourth-largest shareholder with 2.0222 million shares - Other new institutional shareholders include E Fund Value Growth Mixed (110010), ICBC Medical Health Stock (000831), and others [3]