奥浦迈（688293.SH） 培养基持续高增，海外市场表现靓丽，项目数增加巩固竞争优势 奥浦迈发布 2024 年年度报告。2024 年实现营业收入 2.97 亿元，同比增长 22.26%；归母净利润 2105 万元，同比下滑 61.04%；扣非后归母净利润 659 万元，同比下滑 81.03%。分季度看，2024Q4 实现营业收入 8139 万元，同比 增长 13.93%；归母净利润-618 万元，同比下滑 156.95%；扣非后归母净利 润-1049 万元，同比下滑 446.72%。 观点：收入端稳健增长，固定成本增加、减值计提等多因素影响利润端增速不 及收入端。培养基延续高增态势，海外市场增长势头强劲，CDMO 平台产能 爬坡有望带动服务亏损收窄。海内外客户持续开拓，培养基客户数量及管线规 模增长显著，持续巩固领先竞争优势。 2024 年收入端稳健增长，多因素影响利润端增速不及收入端。行业融资环境 紧缩的背景下，公司收入端高速增长，展现了较强的经营韧性。利润端增速不 及收入端系多种因素影响：1）募投项目"奥浦迈 CDMO 生物药商业化生产平 台"投入运营，相关固定成本增加较多；2）计提长期资产减值损失 1 ...

Core Insights - WanTai Bio's 2024 annual report reveals significant declines in revenue and net profit, marking the lowest figures since its listing five years ago and the lowest net profit in nearly a decade [1][5]. Financial Performance - In 2024, WanTai Bio reported revenue of 2.245 billion RMB, a decrease of 59.25% compared to 5.511 billion RMB in 2023 [2][5]. - The net profit attributable to shareholders was 106 million RMB, down 91.49% from 1.248 billion RMB in the previous year [2][5]. - The net loss after excluding non-recurring items was 186 million RMB, a decline of 117.29% from a profit of 1.078 billion RMB in 2023 [2][5]. - The net cash flow from operating activities was 355 million RMB, a decrease of 76.91% from 1.538 billion RMB in 2023 [2]. Segment Performance - Vaccine revenue fell to 606 million RMB, a drop of 84.69%, with a gross margin of 70.43%, down 21.17% year-on-year [5][6]. - Reagent revenue increased by 7.66% to 1.433 billion RMB, with a gross margin of 75.46%, down 1.11% [5][6]. - Instrument revenue decreased by 36.35% to 38.8 million RMB, with a gross margin of -310.56%, down 154.06% [5][6]. - Active ingredient revenue was 22.8 million RMB, down 13.02%, with a gross margin of 90.19%, up 5.73% [5][6]. - Agency product revenue slightly decreased by 1.02% to 113 million RMB, with a gross margin of 55.83%, up 10.78% [5][6]. Ownership and Control - The actual controller of WanTai Bio is Zhong Shanshan, who, along with his company Yangshengtang, holds 73.49% of the shares [6].

Core Insights - WanTai BioPharma (SH603392) reported a significant decline in revenue and net profit for the year 2024, with revenue at 2.245 billion RMB, down 59.25% year-on-year, and net profit at 106 million RMB, down 91.49% [1][2][5] Financial Performance - Revenue for 2024 was 2.245 billion RMB, compared to 5.511 billion RMB in 2023, marking a 59.25% decrease [2] - Net profit attributable to shareholders was 106 million RMB, down from 1.248 billion RMB in 2023, a decline of 91.49% [1][2] - The net loss after excluding non-recurring items was 186 million RMB, a decrease of 117.29% compared to a profit of 1.078 billion RMB in 2023 [1][2] Segment Performance - Vaccine revenue fell to 606 million RMB, a decrease of 84.69%, with a gross margin of 70.43%, down 21.17% from the previous year [5][6] - Reagent revenue increased to 1.433 billion RMB, up 7.66%, with a gross margin of 75.46%, down 1.11% [5][6] - Instrument revenue was 38.78 million RMB, down 36.35%, with a gross margin of -310.56% [5][6] - Active ingredient revenue was 22.76 million RMB, down 13.02%, with a gross margin of 90.19%, up 5.73% [5][6] - Agency product revenue was 113 million RMB, down 1.02%, with a gross margin of 55.83%, up 10.78% [5][6] Management Compensation - In 2024, the chairman's salary was 1.8 million RMB, lower than the general manager's salary of 2.281 million RMB and the deputy general manager's salary of 2.073 million RMB [6][8] - The chairman's salary has decreased over the past two years, reflecting a trend of reduced compensation [8]

万泰生物首次发行费用为6365.19万元，其中，国金证券获得承销及保荐费用4346.00万元。 2021年，万泰生物10送4股派2.50元(含税)，2022年公司10送2股转2.5股派2元(含税)，2023年10转4股派10元(含税)。 万泰生物于2020年7月7日披露的非公开发行A股股票发行情况报告书显示，公司此次非公开发行股票的数量为25,862,705股，发行 价格为135.33元/股，实际募集资金总额为3,499,999,867.65元，减除相关发行费用39,844,153.48元，募集资金净额为 3,460,155,714.17元。 | | | | | 分红 | | | | --- | --- | --- | --- | --- | --- | --- | | 公告日期 | | 分红方案(每10股) | | 进度 | 除权除息日 | 股权登记日 | | | 送股(股) | 转增(股) 派息(税前)(元) | | | | | | 2024-05-28 | 0 | 0 | 3.2 | 实施 | 2024-06-03 | 2024-05-31 | | 2023-05-30 | 0 | র্ব | 10 | ...

Group 1: Key Points on Kede CNC - Kede CNC's core technology and component procurement do not involve U.S. origin goods, resulting in minimal impact from tariffs [1] - The company focuses on independent research and development of key functional components, achieving self-control over five-axis CNC systems, servo drives, and motors [1] - Orders are driven by both repurchases of old models and the expansion of new products, with a 13% increase in traditional five-axis vertical machining center orders and a 40% repurchase rate for machine tool products [1] - The five-axis horizontal machining centers and five-axis horizontal milling-turning composite machining centers have diverse specifications suitable for processing complex structural parts, significantly enhancing processing efficiency and precision [1] - The blade tip grinding products contribute to increasing the localization rate of aircraft engines, promoting the rapid and high-quality development of core technologies in the aviation industry [1] Group 2: Key Points on Novogene - Novogene's overseas conventional business revenue for 2024 has exceeded 100 million yuan, accounting for 7.4% of total revenue, with significant domestic client supply chain import substitution opportunities expected to drive growth [2] - Import enterprises hold over 50% market share in research and diagnostic clients, with even higher shares in pharmaceutical companies, indicating strong domestic replacement potential [2] - The domestic gross margin has declined due to intensified competition and product structure adjustments, although the sales proportion of new product categories is increasing, with some products maintaining good gross margins [2] - Novogene collaborates comprehensively with BGI in areas such as gene sequencing and D detection, with potential for deeper cooperation in Alzheimer's disease testing in the future [2]

Core Viewpoint - Watson Bio, a well-known domestic vaccine company, is facing significant pressure on its operating performance, with efforts to find a breakthrough amid declining revenues and profits [2][3] Financial Performance - In 2024, Watson Bio reported revenue of 2.821 billion yuan, a year-on-year decline of over 30% [2][7] - The net profit attributable to shareholders was 142 million yuan, with a decline exceeding 60% year-on-year [2][7] - The company experienced a continuous decline in both revenue and net profit in 2023, with revenue and net profit dropping by 19.12% and 42.44% respectively [3][7] Market Challenges - The decline in performance is attributed to intensified domestic market competition and a decrease in product sales revenue [3][8] - The price drop in the bid for the dual HPV vaccine and ongoing pressure on the sales of the nine-valent HPV vaccine have contributed to the challenges [3][8] International Business Growth - Despite domestic challenges, Watson Bio's overseas business revenue reached approximately 570 million yuan in 2024, marking a year-on-year growth of 98% [3][10] - The average compound annual growth rate of overseas revenue over the past three years is 105% [10] Research and Development Focus - In 2024, the company invested 700 million yuan in R&D, accounting for 24.82% of its revenue, maintaining a focus on innovation [4][12] - The R&D investment has decreased from 1.053 billion yuan in 2022 to 911 million yuan in 2023 [13] Stock Performance and Shareholder Returns - Since the peak in 2021, Watson Bio's stock price has seen a decline of 88% [15] - The company has distributed a total of 403 million yuan in cash dividends since its listing, with an average dividend payout ratio of 11.89% [15]

Group 1: New Listings and Filings - Five companies submitted applications for listing on the Hong Kong Stock Exchange from April 7 to April 13, 2023 [2] - Hantian Technology (Xiamen) Co., Ltd. is a global leader in the silicon carbide (SiC) epitaxy industry, with a projected market share exceeding 30% in 2024 [2] - IFBH Limited, a rapidly growing beverage and food company based in Thailand, has a market share of approximately 34% in the coconut water market in mainland China for 2024 [3] - Jihong Co., Ltd. focuses on cross-border social e-commerce and packaging solutions, ranking second in the B2C export e-commerce sector in China with a market share of 1.3% [3] - Jiangxi Biological Products Research Institute is the largest provider of human tetanus antitoxin in China, with a market share of 65.8% in 2024 [4] Group 2: Financial Performance - Hantian Technology's projected revenues for 2022, 2023, and 2024 are approximately RMB 441 million, RMB 1.143 billion, and RMB 974 million, respectively [2] - IFBH Limited's revenues for 2023 and 2024 are expected to be approximately RMB 87.44 million and about USD 158 million, with net profits of RMB 16.75 million and USD 33.32 million [3] - Jihong Co., Ltd. anticipates revenues of approximately RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion for 2022, 2023, and 2024, respectively [3] - Jiangxi Biological's projected revenues for 2022, 2023, and 2024 are approximately RMB 142 million, RMB 198 million, and RMB 221 million, respectively [4] - Ming Kee Hospital Group, the largest private hospital group in East China, expects revenues of approximately RMB 2.336 billion, RMB 2.688 billion, and RMB 2.659 billion for 2022, 2023, and 2024 [5] Group 3: Upcoming IPOs - Zhengli New Energy plans to offer 121.5 million H-shares at an IPO price of HKD 8.27, with net proceeds of HKD 928 million [5] - Ying'en Biotechnology-B is set to offer 15.0716 million shares with a price range of HKD 94.6 to HKD 103.2, expected to start trading on April 15, 2025 [6]

诺唯赞 20250410 2025-04-11 摘要 • 诺唯赞 2024 年生命科学业务营收达 10.3 亿元，国内收入增长 12%，海 外收入激增 122%，整体增长 19%，生物试剂出货量增长超 50%，海外 市场毛利率高达 81%，仪器设备毛利率接近 90%。 • 生物医药业务营收 1.8 亿元，虽技术服务下滑 30%，但 GLP-1 商业化进 展显著，一季度销售额近 5,000 万元，与多家头部客户建立稳定关系，预 示未来增长潜力。 • 诊断业务销售额同比下降 30%至 1.66 亿元，主要因收缩常规 POCT 产品 线，集中资源于呼吸道及 AD 领域，与迈瑞合作落地呼吸道产品商业化， AD 领域完成取证及初步商业化。 • 公司 2024 年归母净利润亏损 1,800 万元，同比减亏 5,000 万元，扣除股 份支付影响后经营性净利润略微盈利，通过控制费用、聚焦研发核心项目 提升运营效率。 • 2024 年生命科学板块净利润约 1.8 亿元，诊断业务亏损 1.2 亿元，主要 因 AD 试剂和仪器研发投入，微流控业务因尚未商业化，研发投入近 6,000 万元。 诺唯赞在生命科学业务方面取得了哪些具体成 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to exceeding profit expectations and accelerating global expansion [5]. Core Views - The company is expected to achieve a revenue of 94.22 billion RMB in 2024, representing a year-on-year growth of 51.8%, with a significant reduction in losses to 94.63 million RMB [6]. - The company's product revenue is projected to reach 82.3 billion RMB, a 43.6% increase year-on-year, with licensing revenue doubling to 1.1 billion RMB [6]. - The strategic goal includes achieving 20 billion RMB in product revenue by 2027 and entering five pipelines into global Phase III clinical trials by 2030 [6]. - The company is focusing on oncology through an "IO+ADC" strategy, expanding indications for existing drugs and introducing high-potential pipelines [6]. - The cardiovascular and metabolic fields are expected to emerge as a second growth curve, with key products receiving approvals and entering the market [6]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 117.84 billion RMB, 143.01 billion RMB, and 192.31 billion RMB respectively, with growth rates of 25.08%, 21.35%, and 34.48% [7]. - The net profit for 2025 is forecasted at 759 million RMB, with a staggering growth rate of 901.92% compared to the previous year [7]. - The company's reasonable equity value is estimated at 95.7 billion HKD, based on a DCF method with a perpetual growth rate of 3% and a WACC of 8.57% [6].

Revenue and Profit - The total operating revenue of Baiotai (688177) in 2024 was 743 million yuan, a year-on-year increase of 5.44% compared to 705 million yuan in 2023 [1] - However, the net profit attributable to shareholders decreased from -395 million yuan in 2023 to -510 million yuan in 2024, a decline of 29.34% [1] - The non-recurring net profit also worsened, dropping from -472 million yuan in 2023 to -556 million yuan in 2024, a decrease of 17.76% [1] Quarterly Data - The performance in the fourth quarter of 2024 was particularly weak, with total operating revenue of 162 million yuan, a year-on-year decline of 33.65% [2] - The net profit attributable to shareholders for the fourth quarter was -145 million yuan, a staggering decline of 1073.85% [2] - The non-recurring net profit for the fourth quarter was -151 million yuan, down 189.16% year-on-year [2] Costs and Expenses - In 2024, the proportion of the three expenses (financial, selling, and administrative expenses) to total revenue significantly increased from 29.47% in 2023 to 38.48% in 2024, an increase of 30.59% [3] - Selling expenses rose by 39.42% year-on-year, primarily due to increased marketing costs [3] - Administrative expenses increased by 5.24% year-on-year, mainly due to higher employee compensation [3] - Financial expenses surged by 156.17% year-on-year, largely due to increased bank loan interest costs [3] Profitability - The gross profit margin was 69.11%, a decrease of 4.77 percentage points compared to 2023 [4] - The net profit margin was -68.67%, a reduction of 22.67 percentage points from the previous year [4] - This indicates a low added value of products or services after deducting all costs [4] Cash Flow and Debt Situation - Despite a year-on-year increase of 76.72% in cash and cash equivalents, reaching 290 million yuan, the company still needs to monitor its cash flow situation [5] - The net cash flow from operating activities was -0.13 yuan per share, an improvement from -1.11 yuan per share in 2023, but still negative [5] - Interest-bearing liabilities increased from 483 million yuan in 2023 to 629 million yuan in 2024, a rise of 30.24%, with an interest-bearing asset-liability ratio reaching 28.5% [5] Summary - Overall, Baiotai's financial performance in 2024 was poor, particularly in terms of profit and cash flow [6] - The company needs to closely monitor its cash flow and debt situation to ensure sustainable development in the future [6]