证券代码：301080 证券简称：百普赛斯 北京百普赛斯生物科技股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 中欧基金、汇添富基金、招商基金、华泰柏瑞基金、永赢基金、嘉实基金、 富国基金、国盛证券、海通证券、德邦证券、招商证券等 67 家机构 72 名参 与人员 时间 2025 年 8 月 22 日 地点 上海 上市公司接待 人员 董事长、总经理 陈宜顶 副总经理、董事会秘书、财务负责人 林涛 投资者关系活 动主要内容介 绍 问：公司 2025 年半年度业绩？ 公司聚焦抗体药与细胞免疫治疗，集中优势资源推动核心业务发展，并 坚定不移地推进全球化战略。公司秉持"市场导向、客户至上、创新驱动"的 研发理念，持续加强重点与热点产品的研发力度，推出一系列高质量且契合 市场需求的产品，有效满足市场对重组蛋白等生物试剂不断增长需求。在内 部管理方面，公司进行全面优化，建立健全营销网络体系，全方位提升综合 竞争力与盈利能力。 2025 年上半年，公司实现营业收入 ...

2025 上半年营收同比增长29%。2025 上半年公司实现营收3.87 亿元（+29.4%），归母净利润0.84 亿元 （+47.8%）。 分季度看， 2025Q1/Q2 分别实现营收1.86/2.01 亿元（ 分别同比+27.7%/+30.9%，Q2 环比+7.7%）、归 母净利润0.41/0.43 亿元（分别同比+32.3%/+66.1%，Q2 环比+6.5%）。 分产品线看，公司核心重组蛋白品种实现销售收入3.19 亿元（同比+25.7%），毛利率91.1%（同 比-3.4p）；抗体、试剂盒及其他试剂产品实现销售收入0.50 亿元（同比+47.7%），毛利率90.8%（同 比-1.7pp）。 分区域看，2025H1 实现国内收入1.23 亿元（同比+36.7%），海外收入2.58亿元（同比+22.9%），公司 目前在欧洲和亚太等地新设多家海外子公司，销售网络已经覆盖全球主要国家和地区，未来计划建立海 外生产基地，进一步提升全球多国多地的供应能力。 毛利率平稳，净利率改善。2025H1，公司毛利率为90.9%（同比-1.3pp）、净利率19.2%（同比 +2.7pp）；销售费用率29.7%（同比-2.6 ...

本次财报公布的各项数据指标表现尚佳。其中，毛利率90.14%，同比减1.44%，净利率21.53%，同比增 19.97%，销售费用、管理费用、财务费用总计1.47亿元，三费占营收比37.86%，同比减3.88%，每股净 资产21.79元，同比增2.79%，每股经营性现金流0.64元，同比增116.09%，每股收益0.5元，同比增47.8% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.99亿 | 3.87亿 | 29.38% | | 归母净利润(元) | 5669.54万 | 8380.4万 | 47.81% | | 扣非净利润(元) | 5769.45万 | 8412.87万 | 45.82% | | 货币资金(元) | 19.39 Z | 17.11 Z | -11.76% | | 应收账款(元) | 8690.76万 | 1.18亿 | 35.47% | | 有息负债 (元) | 6947.96万 | 5258.55万 | -24.32% | | 毛利率 | 91.46% | 90.14% | -1. ...

证券研究报告 百普赛斯 (301080 CH) 1H25 业绩亮眼，国内外收入快速增长 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 22 日│中国内地 | 生物医药 | 目标价(人民币): | 72.20 | 公司 1H25 收入/归母净利润/扣非归母净利润 3.87/0.84/0.84 亿元，同比 +29.4%/+47.8%/+45.8% ； 2Q25 收 入 / 归母净利润 / 扣非归母净利润 2.01/0.43/0.46 亿元，同比+31.0%/+66.1%/+67.7%。1H25 公司持续加强产 品营销及海外拓展，收入及利润均高速增长，我们看好后续核心业务收入持 续增长、海外保持高增长态势，维持买入评级。 1H25 海外及国内收入快速增长，重组蛋白等核心业务收入增速亮眼 公司现有的销售渠道已覆盖亚太、北美及欧洲等多个地区，积极开拓国际生 物医药公司、生物科技公司、科研院所等终端客户，驱动海外业务收入保持 快速增长，1H25 海外收入 2.58 亿元，同比+22.9 ...

Core Insights - Beijing Baipusais Biotechnology Co., Ltd. reported a revenue of 387 million yuan for the first half of 2025, marking a year-on-year growth of 29.38% [1] - The company achieved a net profit attributable to shareholders of 83.8 million yuan, reflecting a year-on-year increase of 47.81% [1] Revenue Breakdown - Revenue from recombinant protein products reached 319 million yuan, up 25.71% year-on-year [1] - Technical services generated 11.786 million yuan, showing a significant growth of 79.85% [1] - Revenue from antibodies, kits, and other reagents amounted to 49.9 million yuan, with a year-on-year increase of 47.68% [1] - Other business income was 6.9791 million yuan, growing by 25.97% [1] Profitability and Cash Flow - The net profit excluding non-recurring gains and losses was 84.1287 million yuan, up 45.82% year-on-year [1] - The net cash flow from operating activities reached 76.6772 million yuan, representing a substantial growth of 116.09% [1] - Basic earnings per share stood at 0.5000 yuan, reflecting a year-on-year increase of 47.8% [1] R&D Focus - The company focused on the R&D, production, and sales of key biological reagent products and technical services, with R&D expenses amounting to 90.1104 million yuan, a year-on-year increase of 15.19% [2] - Over 5,000 types of biological reagent products were successfully sold and applied, enhancing the company's R&D and production experience [2] - Future product development will emphasize areas such as cell therapy, immune checkpoint products, enzyme products, cytokines, infectious disease-related proteins, antibodies, magnetic beads, and kits to meet diverse customer needs [2]

报告目录 【全新修订】：2025年8月 【出版机构】：中智信投研究网 全球与中国蛋白质定量检测试剂盒市场发展趋势及前景预测分析报告2025～2031年 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 1 蛋白质定量检测试剂盒市场概述 1.1 产品定义及统计范围 1.2 按照不同比色法类，蛋白质定量检测试剂盒主要可以分为如下几个类别 1.2.1 全球不同比色法类蛋白质定量检测试剂盒销售额增长趋势2020 VS 2024 VS 2031 1.2.2 BCA 1.2.3 Bradford 1.2.4 Lowry 1.2.5 UV 1.3 从不同应用，蛋白质定量检测试剂盒主要包括如下几个方面 1.3.1 全球不同应用蛋白质定量检测试剂盒销售额增长趋势2020 VS 2024 VS 2031 1.3.2 大学 2.1.1 全球蛋白质定量检测试剂盒产能、产量、产能利用率及发展趋势（2020-2031） 1.3.3 研究中心 1.3.4 其他 2.1.2 全球蛋白质定量检测试剂盒产量、需求量及发展趋势（2020-2031） 1.4 蛋白质定量检测试剂盒 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 645.02 million yuan, representing a year-on-year growth of 18.65% [1] - The net profit attributable to shareholders for 2024 was 123.83 million yuan [1] - In Q1 2025, the company reported a revenue of 186.49 million yuan, with a year-on-year increase of 27.73% [1] - The net profit attributable to shareholders in Q1 2025 was 40.58 million yuan, reflecting a growth of 32.30% [1] Group 2: Strategic Focus and Market Position - The company is concentrating on biopharmaceuticals and cell immunotherapy, driving core business development and global strategy [1] - There is a continuous increase in demand for biological reagents such as recombinant proteins, driven by the recovery of the innovative drug market [2] - The company aims to enhance its leadership and competitive advantage in the industry through improved technology and product development [2] Group 3: Product Development in CGT and ADC - The company provides comprehensive solutions for cell and gene therapy (CGT), addressing challenges in R&D technology, product quality, and supply chain stability [3] - Over 50 high-quality GMP-grade products have been developed, including cytokines and antibodies for CGT applications [5] - In the ADC field, the company focuses on five core elements: suitable antigen targets, highly specific antibodies, effective toxin molecules, quality linkers, and precise Drug Antibody Ratio (DAR) [6][7]

Financial Performance - In 2024, the company achieved a revenue of 645.02 million CNY, a year-on-year increase of 18.65%, with overseas revenue (excluding specific acute respiratory disease-related products) growing over 20% [1] - For Q1 2025, the company reported a revenue of 186.49 million CNY, reflecting a year-on-year growth of 27.73%, and a net profit of 40.58 million CNY, up 32.30% [1] Business Strategy - The company focuses on biomedicine and cell immunotherapy, emphasizing a market-oriented, customer-first, and innovation-driven R&D approach [1] - A comprehensive internal management optimization has been implemented to enhance the marketing network and overall competitiveness [1] Global Operations - The company has established a logistics system covering nearly 80 countries and regions, serving over 10,000 industrial and research clients [3] - A robust internal communication mechanism supports seamless collaboration across global branches [3] Cell and Gene Therapy (CGT) - The company offers comprehensive solutions for CGT, leveraging its extensive protein pipeline and technical expertise [4] - Over 50 high-quality GMP-grade products have been developed, supporting clinical research and commercial production [6] Antibody-Drug Conjugates (ADC) - ADCs are highlighted as a key focus area, combining targeted antibodies with potent chemotherapy agents to enhance treatment efficacy while minimizing side effects [7] - The company provides a range of products and services for ADC development, covering the entire process from antibody preparation to quality control [8] Neuroscience Research - The company is actively involved in neuroscience, providing high-quality recombinant proteins and pre-formed fibrils (PFFs) for research on neurodegenerative diseases [9] - Products developed for Alzheimer's, Parkinson's, and Huntington's diseases support both treatment and diagnostic research [9]

Group 1 - Shanghai Youning Biological Technology Co., Ltd. won a bid for reagent procurement from Shandong First Medical University, with a total transaction amount of 7403.70 RMB [1] - The procurement includes multiple items, all supplied by CST, a manufacturer based in the United States [2] - Each item has a unit price of 2467.90 RMB, with a delivery requirement of within 7 days after contract signing [1][2] Group 2 - The items procured include K63-linkage Specific Polyubiquitin, Phospho-NF-κB p65, and NLRP3 Rabbit mAbs, each with a specification of 100ul [2] - The procurement emphasizes standard service for warranty and after-sales support [1][2] - Payment is contingent upon successful delivery and acceptance of the goods [1]

Core Viewpoint - Bio-Rad has decided to suspend its previously announced tariff surcharge plan, indicating a commitment to support customers amid complex global logistics challenges [2]. Group 1 - Bio-Rad's Senior Vice President of Commercial Operations for the Americas, Ryan Short, stated that the company will not implement the temporary tariff surcharge initially considered on May 21 [2]. - The decision reflects Bio-Rad's ongoing dedication to customer support while closely monitoring the evolving situation [2]. - Analyst Tycho Peterson from Jefferies noted that Bio-Rad's change in stance suggests a lack of broad pricing power for its product portfolio, particularly for standardized reagents [2]. Group 2 - Peterson highlighted that as tariff-related disputes, especially those involving China, begin to ease, the need for additional surcharges may diminish [2]. - He emphasized that implementing a surcharge could lead to a more significant decline in demand than anticipated, making it necessary to cancel the plan to protect revenue and market share [2]. - Following the announcement, Bio-Rad's stock price saw a slight increase of 1%, reaching $231.89 on the New York Stock Exchange [2].