Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9] Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5] - The pharmaceutical industrial segment showed steady growth, with a core subsidiary generating revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7] - The company is actively advancing new innovative drugs and medical aesthetics products, with a research and development investment of RMB 2.7 billion in 2024, reflecting a year-over-year increase of 16.8% [7] Financial Performance - The company reported a gross margin of 33.2% in 2024, an increase of 0.8 percentage points year-over-year, while the expense ratio decreased to 22.1%, down 1 percentage point [7] - The projected net profits for 2025, 2026, and 2027 are RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8] - The earnings per share (EPS) for the same years are expected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8] Shareholder Information - The major shareholder is China Yuanda Group Co., Ltd., holding 41.67% of the shares [5] - The company has a total market capitalization of RMB 645.24 billion [5] Market Position - The company operates in the pharmaceutical and medical aesthetics sectors, with a product mix that includes 52.1% from commercial operations and 15.3% from manufacturing [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9]. Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5]. - The pharmaceutical industrial segment showed steady growth, with the core subsidiary achieving a revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7]. - The company is actively advancing new innovative drugs and medical aesthetic products, with a total of 94 projects in research and development [7]. Summary by Sections Company Performance - The company reported a net profit of RMB 35.1 billion for 2024, with a quarterly revenue of RMB 104.3 billion in Q4, marking a year-over-year increase of 1.9% [5]. - The company plans to distribute a cash dividend of RMB 5.80 per 10 shares [5]. Revenue Breakdown - The pharmaceutical commercial segment generated revenue of RMB 270.9 billion, with a net profit of RMB 4.6 billion, reflecting a year-over-year growth of 0.4% [7]. - The overseas medical aesthetic business faced challenges, with revenue declining by 25.8%, while domestic medical aesthetics grew by 8.3% [7]. Profitability Metrics - The overall gross margin for 2024 was 33.2%, an increase of 0.8 percentage points year-over-year, driven by improved margins in the pharmaceutical commercial segment [7]. - The company’s expense ratio decreased to 22.1%, down 1 percentage point from the previous year [7]. Future Outlook - The company forecasts net profits of RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8]. - The expected earnings per share (EPS) for the same years are projected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][7]. Core Insights - The company reported a slight increase in annual revenue and profit, with a total revenue of 3.026 billion yuan, up 5.45% year-on-year, and a net profit attributable to the parent company of 1.958 billion yuan, up 5.33% year-on-year [1]. - The gross margin was 94.64%, a decrease of 0.46 percentage points year-on-year, while the net profit margin slightly increased to 64.66% [1]. - The company is actively expanding its product lines through mergers and acquisitions, including a recent acquisition of an 85% stake in a Korean company to enhance its product pipeline and international presence [3]. Financial Performance Summary - In Q4, the company experienced a decline in revenue and net profit, with a decrease of 7.00% and 15.47% respectively [1]. - The R&D expense ratio increased to 10.04%, reflecting a 1.32 percentage point rise year-on-year, indicating a commitment to innovation [1]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares, resulting in a dividend payout ratio of 58.51% [1]. Product Category Performance - Revenue from solution-type injection products reached 1.744 billion yuan, a year-on-year increase of 4.40%, with sales volume growing by 23.44% [2]. - Gel-type injection products generated 1.216 billion yuan in revenue, up 5.01% year-on-year, although sales volume decreased by 11.24% [2]. Research and Development Pipeline - The company has a rich pipeline of products under development, including several medical devices and drugs that have received regulatory approvals for clinical trials [3]. - The establishment of a joint venture in Hong Kong aims to facilitate further acquisitions and enhance the company's product offerings in the regenerative aesthetic market [3]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 7.55, 8.45, and 9.26 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 26, 23, and 21 [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 茲載列本公司在上海證券交易所網站刊登之《上海昊海生物科技股份有限公司 2024年年度報告》，僅供參考。 承董事會命 上海昊海生物科技股份有限公司 主席 侯永泰 中國上海，2025年3月21日 Shanghai Haohai Biological Technology Co., Ltd.* 上海昊海生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6826） 海外監管公告 本公告乃由上海昊海生物科技股份有限公司（「本公司」）根據《香港聯合交易所有 限公司證券上市規則》第13.10B條的規定刊發。 於本公告日期，本公司之執行董事為侯永泰博士、吳劍英先生、陳奕奕女士及唐 敏捷先生；本公司之非執行董事為游捷女士及黃明先生；及本公司之獨立非執行 董事為沈紅波先生、姜志宏先生、蘇治先生、楊玉社先生及趙磊先生。 * 僅供識別 上海昊海生物科技股份有限公司2024 年年度报告 公司代码：68 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has acquired 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company, which is expected to create synergies in research, production, and sales [1][3]. - The acquisition is a strategic move to enhance the company's international presence and strengthen its market position in the medical aesthetics sector [8]. - The company's revenue is projected to grow significantly, with expected revenues of 3,159 million yuan in 2024, 3,743 million yuan in 2025, and 4,495 million yuan in 2026, reflecting a growth rate of 10.1%, 18.5%, and 20.1% respectively [1][9]. Financial Summary - The company's revenue for 2022 was 1,939 million yuan, with a year-on-year growth rate of 33.9%. For 2023, the revenue is expected to reach 2,869 million yuan, representing a growth rate of 48.0% [1][9]. - The net profit attributable to the parent company is projected to increase from 1,264 million yuan in 2022 to 2,072 million yuan in 2024, with corresponding growth rates of 31.9% and 11.5% [1][9]. - The company's return on equity (ROE) is expected to remain strong, with values of 28.6% in 2023 and around 25% in the following years [1][9]. Product and Market Position - REGEN Biotech, Inc. has developed two key products, AestheFill and PowerFill, which are recognized for their safety and effectiveness in the medical aesthetics market. AestheFill has received approval in 34 countries, while PowerFill has been approved in 24 countries [2]. - The company plans to leverage the acquired company's products to enhance its international market presence, particularly with AestheFill now approved for sale in China [3][8].