2024 年度募集资金存放与使用情况的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为博 济医药科技股份有限公司（以下简称"博济医药"或"公司"）的保荐机构， 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等有关法律法规及规范性文件的要 求，对博济医药 2024 年度募集资金存放与使用情况进行了核查，具体情况如下： 一、募集资金基本情况 （一）实际募集金额及资金到位情况 广发证券股份有限公司关于博济医药科技股份有限公司 （一）募集资金的管理情况 为了规范募集资金的管理和使用，保护投资者权益，公司依照《深圳证券交 易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》等有关法律、法规的规定，结合公司的实际情况，制 定了《募集资金管理制度》，对募集资金的存储、使用、用途变更及监督管理作 出了明确规定。 公司对募集资金实行专户存储，并对募集资金的使用执行严格的审批程序， 以保证专款专用。 2021 年，公司 ...

北京市康达（广州）律师事务所 法律意见书 北京市康达（广州）律师事务所 关于博济医药科技股份有限公司 2022 年股票期权激励计划第三个行权期 1 行权条件成就的 法 律 意 见 书 北京市康达（广州）律师事务所 BEIJING KANGDA LAW FIRM Guangzhou Branch 地址：广州市珠江新城珠江东路 32 号利通广场 29 层 邮政编码：510630 电话：020-37392666 传真：020-37392826 北京市康达（广州）律师事务所 法律意见书 北京市康达（广州）律师事务所 关于博济医药科技股份有限公司 2022 年股票期权激励计划第三个行权期 行权条件成就的 法 律 意 见 书 致：博济医药科技股份有限公司 北京市康达（广州）律师事务所（下称"本所"）接受博济医药科技股份有 限公司（下称"博济医药"或"公司"）委托，担任博济医药 2022 年股票期权激 励计划项目的专项法律顾问，现本所律师根据《中华人民共和国公司法》、《中华 人民共和国证券法》等法律、法规和规范性文件的有关规定，按照律师行业公认 的业务标准、道德规范和勤勉尽责精神，就博济医药 2022 年股票期权激励计划 ...

北京市康达（广州）律师事务所 法律意见书 北京市康达（广州）律师事务所 关于博济医药科技股份有限公司 2024 年限制性股票激励计划 第一个归属期归属条件成就的 法 律 意 见 书 北京市康达（广州）律师事务所 BEIJING KANGDA LAW FIRM Guangzhou Branch 地址：广州市珠江新城珠江东路 32 号利通广场 29 层 邮政编码：510630 电话：020-37392666 传真：020-37392826 1 北京市康达（广州）律师事务所 法律意见书 北京市康达（广州）律师事务所 关于博济医药科技股份有限公司 2024 年限制性股票激励计划 第一个归属期归属条件成就的 法 律 意 见 书 致：博济医药科技股份有限公司 北京市康达（广州）律师事务所（下称"本所"）接受博济医药科技股份有 限公司（下称"博济医药"或"公司"）委托，根据《公司法》《证券法》等法律、 法规和规范性文件的有关规定，按照律师行业公认的业务标准、道德规范和勤勉 尽责精神就博济医药 2024 年限制性股票激励计划所涉及的相关事项出具法律意 见。为出具本法律意见书，本所及本所律师声明如下： 一、本所及本所律师依据《 ...

博济医药科技股份有限公司 2024 年度审计报告 司农审字[2025]24008270037 号 目 录 | 审计报告………………………………………………… | 1-6 | | --- | --- | | 合并资产负债表………………………………………… | 1 | | 合并利润表……………………………………………… | 2 | | 合并现金流量表………………………………………… | 3 | | 合并所有者权益变动表………………………………… | 4-5 | | 母公司资产负债表……………………………………… | 6 | | 母公司利润表…………………………………………… | 7 | | 母公司现金流量表……………………………………… | 8 | | 母公司所有者权益变动表……………………………… | 9-10 | | 财务报表附注…………………………………………… | 11-121 | 1 审 计 报 告 司农审字[2025]24008270037 号 博济医药科技股份有限公司全体股东: 一、审计意见 我们审计了博济医药科技股份有限公司（以下简称"博济医药"）财务报表，包 括 2024 年 12 月 31 日 ...

Financial Performance - Boji Medical Technology Co., Ltd. reported a revenue of RMB 500 million for the fiscal year 2024, representing a 20% increase compared to RMB 416.67 million in 2023[20]. - The company's operating revenue for 2024 reached ¥742,019,124.54, representing a 33.50% increase compared to ¥555,832,418.60 in 2023[5]. - The net profit attributable to shareholders for 2024 was ¥28,776,806.52, an 18.23% increase from ¥24,339,436.55 in 2023[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 92.71% to ¥19,304,628.89 from ¥10,017,432.95 in 2023[5]. - The company anticipates a net profit margin of 10% for 2024, compared to 8% in 2023, driven by operational efficiencies[20]. - The company reported a total investment of ¥44,125,000.00 during the reporting period, representing a substantial increase of 186.48% compared to ¥15,402,616.00 in the previous year[85]. - The company achieved a gross profit margin of 64.64% for the reported period[93]. Dividend Distribution - The company plans to distribute a cash dividend of 0.12 yuan per 10 shares to all shareholders, based on a total of 380,503,928 shares[8]. - The cash dividend represents 100% of the total distributable profit of RMB 28,776,806.52 for the year[154]. - For the year 2024, the company proposes a cash dividend of RMB 0.12 per 10 shares, with a total expected payout of RMB 4,566,047.14[156]. Business Expansion and Strategy - The company aims to expand its market presence by launching three new drug candidates in 2024, targeting a market size of approximately RMB 1 billion[20]. - The company is expanding its business into preclinical research and CDMO services, facing potential risks due to competition and lack of experience in these areas[8]. - The company is pursuing strategic acquisitions to bolster its capabilities, with a target of completing two acquisitions by the end of 2024[20]. - The company is focused on enhancing its digital health solutions, aiming for a 50% increase in user engagement through its online platforms in 2024[20]. - The company is committed to increasing its market share in the CDMO sector by improving order fulfillment capabilities and reducing delivery cycles, targeting rapid revenue growth from commercialized products[108]. Research and Development - The company has allocated RMB 100 million for research and development of new technologies and products in 2024, a 25% increase from RMB 80 million in 2023[20]. - The company has developed a one-stop service platform for preclinical research, significantly enhancing its capabilities in pharmacology and toxicology evaluations[49]. - The company has achieved GLP certification for its non-clinical evaluation services, covering various therapeutic areas, including cardiovascular and oncology drugs[52]. - The company is developing a long-acting nano-crystal technology platform aimed at improving drug delivery and reducing administration frequency, which is anticipated to create new business growth points[71]. - The company has completed the development of a new formulation of berberine for children, which is easier to administer[73]. Risk Management - The company acknowledges the risk of contract execution delays due to the complex nature of new drug development, which may lead to increased operational costs[5]. - The company emphasizes the importance of internal management and integration to mitigate risks associated with its expanding operational scale and business scope[8]. - The company recognizes the volatility of drug approval policies in China, which could impact its R&D investments and revenue[4]. - The company has established specific responsibility-sharing models in contracts to address potential delays and associated penalties[6]. Market Competition - The company faces increased market competition from domestic CRO companies, necessitating higher marketing and service standards[7]. - The Chinese CRO industry is expected to maintain a CAGR of 14%-16% from 2024 to 2026, with the market size projected to reach ¥478 billion in 2024[32]. - The company anticipates strong demand for outsourced clinical research services due to increasing complexity in drug development and stricter regulatory requirements[33]. Governance and Compliance - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance[118]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[114]. - The company has a dedicated financial department and independent financial decision-making capabilities[118]. - The company has not faced any disciplinary actions from regulatory bodies regarding internal control issues during the reporting period[117]. - The company ensures timely and accurate information disclosure through designated platforms and publications[115]. Environmental Responsibility - The company has obtained a wastewater discharge permit valid until October 31, 2027[187]. - The wastewater treatment facility has a capacity of 120m³/d and employs a "flocculation sedimentation + iron-carbon micro-electrolysis" process[189]. - The company reported a total wastewater discharge of 0.33 tons for CODcr, which is below the regulatory limit of 0.412 tons per annum[188]. - The company has established solid waste management records to ensure compliance with environmental regulations[192]. Employee Management - The company had a total of 1,169 employees at the end of the reporting period, with 888 being technical personnel, representing approximately 76% of the workforce[148]. - The company has a comprehensive training system that includes various training categories, ensuring continuous development of employee skills and capabilities[151]. - The company has implemented a differentiated compensation policy based on department, position, and job nature, aiming for performance-oriented salary management[150]. Future Outlook - The company plans to continue expanding its market presence and enhancing product development strategies[1]. - Future outlook includes potential adjustments in management structure following the resignation of certain executives in 2025[140]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[134].

博济医药（300404）公告，2025年第一季度营业收入1.39亿元，同比下降17.06%。净利润390.06万元， 同比下降76.38%。 ...

Core Viewpoint - The financial report of Shanxi Panlong Pharmaceutical Group Co., Ltd. for 2024 shows a slight decline in revenue but a significant increase in net profit, indicating a stable growth trajectory since its listing in 2017 [1] Group 1: Financial Performance - The company's operating income for 2024 was 974 million yuan, a year-on-year decrease of 0.7% [1] - The net profit attributable to shareholders was 120 million yuan, reflecting an 8.9% year-on-year increase [1] - This marks the eighth consecutive year of net profit growth since the company went public [1] Group 2: Strategic Development - The company has implemented a strategic framework termed "One Body, Two Wings, Three Depths," focusing on orthopedic chronic diseases and leveraging national policies supporting traditional Chinese medicine [1][2] - The strategy includes enhancing governance and optimizing innovation across research, production, and sales [1][2] Group 3: Market Position and Growth Opportunities - Panlong Pharmaceutical has established a full industry chain encompassing medicinal herb planting, drug research, production, and sales [2] - The market share of its core product, Panlong Seven Tablets, continues to expand, and the traditional Chinese medicine segment is experiencing rapid growth [2] - The company has obtained research filing for 211 varieties of traditional Chinese medicine formula granules, laying the groundwork for new revenue streams [2] Group 4: Innovation and Collaboration - The company is responding to national policies by accelerating product innovation and has established a joint venture for new drug research with another pharmaceutical company [2][3] - The new research platform aims to enhance the company's capabilities in developing innovative drugs, particularly focusing on chronic disease treatments [3] Group 5: Future Growth Strategy - The company plans to leverage its established industry foundation for external growth through mergers and acquisitions, aiming to enhance its strategic positioning [3] - The dual strategy of "innovation development + merger expansion + integrated industry chain" is designed to adapt to market changes and drive new growth engines [3]

Core Insights - Boji Pharmaceutical's stock closed at 9.15 yuan, up 2.58%, with a rolling PE ratio of 78.60 times and a total market capitalization of 3.505 billion yuan [1] - The average PE ratio for the medical services industry is 46.70 times, with a median of 48.76 times, placing Boji Pharmaceutical at the 34th position in the industry ranking [1] - As of September 30, 2024, the number of shareholders for Boji Pharmaceutical is 22,995, a decrease of 4,424 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Company Overview - Boji Pharmaceutical Co., Ltd. primarily provides comprehensive "one-stop" CRO services for domestic and international pharmaceutical companies and research institutions, including clinical research services, preclinical research services, CDMO services, consulting services, independent preclinical R&D, and technology transfer services [1] - The company has received several accolades, including being ranked 8th in the "Top 20 Chinese Pharmaceutical CRO Companies 2024," recognized in the "Top 50 Chinese Pharmaceutical R&D Companies 2023," and awarded the "Excellence Achievement Award" for being a high-tech enterprise for 15 consecutive years [1] Financial Performance - In the latest quarterly report for 2024, Boji Pharmaceutical achieved a revenue of 555.6 million yuan, representing a year-on-year increase of 55.01%, and a net profit of 43.2778 million yuan, reflecting a year-on-year growth of 87.98%, with a gross profit margin of 32.19% [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Boji Pharmaceutical, which has a current stock price of 9.1 yuan and a rolling PE ratio of 78.17 times, significantly higher than the industry average of 46.29 times [1][2] - Boji Pharmaceutical's total market capitalization is 3.486 billion yuan, ranking 35th in the medical services industry based on PE ratio [1][2] - As of the third quarter of 2024, 51 institutions hold shares in Boji Pharmaceutical, with a total of 2.6617 million shares valued at 0.023 billion yuan [1] Group 2 - The company specializes in providing comprehensive CRO services for pharmaceutical companies and research institutions, including clinical research, preclinical research, CDMO services, and technology transfer [1] - Boji Pharmaceutical has received several accolades, including being ranked 8th among the top 20 CRO companies in China for 2024 and recognized as one of the top 50 pharmaceutical R&D companies in 2023 [1] - The latest financial results for the third quarter of 2024 show that the company achieved a revenue of 0.556 billion yuan, representing a year-on-year increase of 55.01%, and a net profit of 43.2778 million yuan, up 87.98% year-on-year, with a gross profit margin of 32.19% [1]

Summary of the Conference Call Company and Industry - **Company**: 博济医药 (Boji Pharmaceutical) - **Industry**: Hepatitis B treatment and research Key Points and Arguments Research and Development Progress - In 2024, Boji Pharmaceutical made significant advancements in the research for functional cure of Hepatitis B, optimizing its pipeline by terminating or pausing some projects to focus on clinical research for Hepatitis B functional cure [3][5] - The company has three core candidates in its Hepatitis B pipeline: V179, psi, and tobia_bar_antibody, which are expected to achieve higher rates of functional cure through various combinations [3][5] - The Elexxion study revealed that siRNA combined with long-acting interferon significantly improves the functional cure rate compared to long-acting interferon alone, with data showing a notable increase in Hepatitis B surface antigen clearance rates [3][8] - The 2BT study evaluated a three-drug combination therapy aimed at maximizing functional cure rates, confirming the strategy of combination therapy and guiding registration pathway decisions [3][9] Financial Status - As of December 31, 2024, the company had over 2.4 billion RMB in cash and cash equivalents, sufficient to support operations until after 2028 [3][16] - R&D expenses decreased by 38% from 400 million RMB in 2023 to 250 million RMB in 2024, reflecting a focus on pipeline optimization [3][16] Market Strategy - In China, Boji Pharmaceutical focuses on developing three Hepatitis B assets recognized as breakthrough therapies by the CDE, targeting the largest Hepatitis B patient population globally [3][7] - The company collaborates with Lear to obtain fast track and breakthrough therapy designations from the FDA for HDV treatment, as well as orphan drug designations from the EMA [3][7] Clinical Trials and Future Plans - The company plans to initiate Phase III clinical trials in 2026, aiming for optimized functional cure outcomes [3][25] - Key milestones to watch for in 2025 include data from imaging studies and ongoing clinical trials, which will inform future development and registration pathways [3][14] Unique Drug Mechanisms and Patent Protection - V179 is a recombinant protein vaccine that induces strong immune responses, while psi is an siRNA and tobia_bar_antibody is a comprehensive antibody, each with unique mechanisms [3][5][19] - The company has extensive patent protection for its Hepatitis B candidates, with B179's patent expected to last until 2040 [3][19] Long-term Strategy - Boji Pharmaceutical aims to optimize its organizational structure and control operational costs while focusing on advancing Hepatitis B projects and seeking partnerships for other potential candidates [3][18] - The company is committed to creating long-term value for shareholders by expanding treatment options and patient accessibility through innovative therapies [3][18] Commercialization Strategy - The company is considering various commercialization strategies, including partnerships and direct market expansion in key cities, to enhance its market development capabilities [3][30] - Future commercialization plans will be based on the results of Phase III clinical trials [3][29] Additional Insights - The company is actively seeking partnerships to advance non-HBV projects, including those targeting multi-drug resistant infections and HIV therapies [3][6][17] - The focus remains on Hepatitis B cure research, with a commitment to not deviate from this core mission [3][32]