Core Viewpoint - Yabao Chemical (雅本化学) is navigating through a challenging industry cycle but shows signs of recovery with significant revenue growth in Q1 2025 and a substantial reduction in losses, driven by technological innovation and capacity optimization [1][4]. Group 1: Company Performance - In 2024, Yabao Chemical's performance was negatively impacted by industry downturns, market competition, and asset impairment, leading to an overall poor performance [1]. - The company reported a 43.52% year-on-year increase in revenue for Q1 2025, with losses narrowing by over 70%, indicating a recovery signal [1]. - The company’s R&D investment reached 123 million yuan in 2024, accounting for approximately 10% of total revenue [2]. Group 2: Technological Innovation - Yabao Chemical emphasizes the importance of technological innovation as a driving force for the CDMO industry, particularly in areas like continuous manufacturing and biocatalysis [2]. - The company has a total of 237 patents, including 122 invention patents, with a focus on biocatalysis and continuous flow tubular reactions [2]. - The company has successfully published articles in renowned journals, showcasing its research and development capabilities [3]. Group 3: Strategic Focus - The company is committed to a dual development strategy in innovative pesticides and pharmaceuticals, enhancing its integration into global supply chains [3]. - Future plans include optimizing core business areas, accelerating capacity transformation at various bases, and deepening collaborations with major clients [4]. - Yabao Chemical aims to strengthen cost control and supply chain resilience while enhancing sustainable development through ESG initiatives [4].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 31,566.22 million RMB, a year-on-year increase of 43.52% [5] - The net profit attributable to shareholders was -1,275.65 million RMB, a reduction in losses by 72.01% compared to the previous year [5] - The company has distributed approximately 192 million RMB in dividends over the past five years, but will not distribute profits for the fiscal year 2024 due to ongoing project investments and significant expenditures [6] Group 2: Research and Development - The company holds a total of 237 patents, including 122 invention patents, which account for 51.5% of the total [2] - In 2024, the company applied for 33 new patents and received 19 authorizations, including 5 invention patents [2] - The company is enhancing its production efficiency through the implementation of microchannel continuous flow technology, which has received positive feedback from safety authorities [2] Group 3: Strategic Outlook - The company aims to optimize its product structure and expects its main CDMO business to recover in 2025, marking a new development opportunity [4] - The company is focusing on innovation in agriculture and pharmaceuticals, integrating deeply into global supply chains to enhance sustainable development capabilities [3] - Future growth drivers include continuous manufacturing, biocatalysis, and AI-driven R&D, which are expected to provide competitive advantages in the global market [4] Group 4: Market and Operational Challenges - The company faced challenges in 2024 due to industry cyclicality, market competition, and asset impairment, impacting its performance [6] - The management is committed to improving operational resilience by focusing on core business optimization, technology innovation, and cost control [6] - The company is currently in the planning stage for potential acquisitions, with no formal agreements signed yet [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a strong recovery in performance with a 10.10% year-on-year increase in revenue for Q1 2025, reaching 1.541 billion yuan, driven by rapid growth in emerging businesses [4][7] - The net profit attributable to shareholders increased by 15.83% year-on-year to 327 million yuan, with a notable 20.14% growth in non-recurring net profit, indicating effective cost management and improved gross margins in emerging businesses [4][7] - Emerging businesses, including peptides and oligonucleotides, showed impressive growth with revenue increasing over 80% and gross margins improving to 33.05% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 6.468 billion yuan, with a projected year-on-year growth rate of 11.4% [6] - The net profit forecast for 2025 is 1.071 billion yuan, reflecting a 12.9% increase compared to the previous year [6] - The company expects to maintain a stable gross margin of around 43.2% in 2025, with a gradual increase in return on equity (ROE) from 6.0% in 2025 to 6.9% in 2027 [6][7]

Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 36.96 CNY for the next six months [4][6][19]. Core Insights - The company reported a revenue of 1.689 billion CNY and a net profit of 220 million CNY for 2024, showing a year-on-year revenue decline of 2.12% but a net profit increase of 11.24% [2][4]. - In Q1 2025, the company achieved a revenue of 455 million CNY, reflecting a year-on-year growth of 20.55%, while the net profit decreased by 27.67% [2][4]. - The company is experiencing a gradual improvement in orders, with new orders in the CDMO segment increasing by 12.43% year-on-year and the number of new projects growing by 31.12% [3][4]. Summary by Sections Financial Performance - For 2024, the revenue from drug research and development services was 331 million CNY, down 4.06%, while the revenue from drug development and commercialization services was 1.354 billion CNY, down 1.83% [2][3]. - The projected revenues for 2025-2027 are 1.821 billion CNY, 2.018 billion CNY, and 2.295 billion CNY, with year-on-year growth rates of 7.82%, 10.86%, and 13.73% respectively [13][21]. Profitability Forecast - The expected net profits for 2025-2027 are 224 million CNY, 237 million CNY, and 255 million CNY, with growth rates of 2.1%, 5.9%, and 7.4% respectively [4][13]. - The report anticipates an EPS of 1.12 CNY for 2025, with a PE ratio of 33 times [4][19]. Market Position and Outlook - The company is focusing on customer needs and enhancing its business and market expansion capabilities, which is expected to lead to improved operational margins as commercial projects are delivered [3][4]. - The total number of projects in the pipeline exceeds 2,400, with 78 projects in clinical III and commercialization stages, indicating a robust growth potential [3][4].

Group 1: Zhongjuxin - In 2024, Zhongjuxin's revenue will primarily come from the integrated circuit sector, accounting for nearly 74% of total revenue, with a slow recovery in semiconductor market demand [1] - The photovoltaic industry is experiencing negative gross margins, and the company will focus on integrated circuit clients in the future [1] - Electronic specialty gases generated revenue of 247 million yuan with a gross margin of 20.70%, mainly from high-purity chlorine [1] - The second phase of electronic specialty gases products will enhance gross margins, while the electronic wet chemical segment is facing declining margins due to industry competition [1] - The company reported a loss in Q4 due to increased labor costs, R&D investments, and year-end project expenses [1] - Overseas sales revenue is approximately 90 million yuan, with sales to the U.S. accounting for less than 1% of total revenue, indicating limited impact [1] - The company plans to expand market efforts and overseas sales channels in 2025 [1] Group 2: Jiuzhou Pharmaceutical - Jiuzhou Pharmaceutical indicated that the suspension of the PLI plan in India benefits raw material drug manufacturers in other countries, with domestic raw material prices stabilizing [2] - The CDMO business is expected to see a 15% year-on-year increase in new projects and a 20% increase in contract value in 2024, with revenue nearing 3.9 billion yuan and nearly 80% from overseas clients [2] - The company anticipates a recovery of CDMO gross margins to around 40% by 2025 [2] - In Q1, the overall capacity utilization rate was approximately 60%, with capital expenditures planned to be controlled at 500-600 million yuan in 2025 [2] - The company aims to introduce leading talents in the fields of peptides, DC, and small nucleic acids over the next three years [2] - Jiuzhou Pharmaceutical plans to provide services to over 70 clients in 2024, with nearly 30 new clients onboarded, focusing on inhalation formulations and liposome technology platforms [2]

博济医药分析师会议 调研日期：2025年03月12日 调研行业：医疗服务 参与调研的机构：长江养老、长城基金、永赢基金、银河基金、 西部利得等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START S ...

大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 金凯（辽宁）生命科技股份有限公司 （辽宁省阜新市阜蒙县伊吗图镇氟化工园区安仁路 6 号） 招股说明书 （住所：北京市朝阳区安立路 66 号 4 号楼） 首次公开发行股票并在创业板上市 保荐人（主承销商） 创业板风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合 存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 金凯（辽宁）生命科技股份有限公司 招股说明书 声明与承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 | 发行股票类型 | 股） 人民币普通股（ ...

金凯（辽宁）生命科技股份有限公司 （辽宁省阜新市阜蒙县伊吗图镇氟化工园区安仁路 6 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 免责声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以 正式公告的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） （住所：北京市朝阳区安立路 66 号 4 号楼） 金凯（辽宁）生命科技股份有限公司 招股说明书 声明与承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 发行股票类型 人民币普通股（A 股） 发行股数 本次公开发行新股不超过 2,150. ...