10月9日，药康生物跌2.33%，成交额4314.67万元。两融数据显示，当日药康生物获融资买入额606.84 万元，融资偿还593.61万元，融资净买入13.23万元。截至10月9日，药康生物融资融券余额合计6976.96 万元。 分红方面，药康生物A股上市后累计派现1.39亿元。 融资方面，药康生物当日融资买入606.84万元。当前融资余额6953.69万元，占流通市值的0.96%，融资 余额低于近一年50%分位水平，处于较低位。 融券方面，药康生物10月9日融券偿还600.00股，融券卖出200.00股，按当日收盘价计算，卖出金额 3528.00元；融券余量1.32万股，融券余额23.28万元，超过近一年60%分位水平，处于较高位。 资料显示，江苏集萃药康生物科技股份有限公司位于江苏省南京市江北新区学府路12号，成立日期2017 年12月29日，上市日期2022年4月25日，公司主营业务涉及实验动物小鼠模型的研发、生产、销售及相 关技术服务。主营业务收入构成为：商品化小鼠模型销售55.36%，功能药效23.46%，定制繁育 11.32%，模型创制7.06%，代理进出口及其他2.70%，其他(补充)0.0 ...

Group 1 - Jiangsu Jicui Yaokang Biotechnology Co., Ltd. was established on December 29, 2017, and went public on April 25, 2022, with a current market capitalization of 7.934 billion yuan [1] - The company's main business involves the research, production, sales, and related technical services of laboratory mouse models, with revenue composition as follows: commercial mouse model sales 55.36%, functional efficacy 23.46%, custom breeding 11.32%, model creation 7.06%, and agency import/export and others 2.70% [1] Group 2 - Noan Fund's Noan Pioneer Mixed A (320003) is among the top ten circulating shareholders of Yaokang Biotechnology, having reduced its holdings by 1.0721 million shares in the second quarter, now holding 5.3339 million shares, which is 1.3% of circulating shares [2] - The fund has achieved a year-to-date return of 29.91% and a one-year return of 60.29%, ranking 2678 out of 8246 and 2184 out of 8054 respectively [2] Group 3 - The fund manager of Noan Pioneer Mixed A is Yang Gu, who has a cumulative tenure of 19 years and 211 days, with the fund's total asset size at 5.133 billion yuan [3] - During Yang Gu's tenure, the best fund return was 1033.17%, while the worst was 3.03% [3]

Core Insights - Jiangsu Jicui Pharmaceutical Technology Co., Ltd. (药康生物) has shown a mixed performance in its financial metrics, with a revenue increase but a decline in net profit [2][3] - The company has a significant presence in the market for laboratory mouse models, with a diverse revenue stream from various business segments [1] Financial Performance - For the first half of 2025, the company reported a revenue of 375 million yuan, representing a year-on-year growth of 10.11% [2] - The net profit attributable to shareholders was approximately 70.91 million yuan, reflecting a year-on-year decrease of 7.12% [2] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 23.68% to 7,213, with an average of 56,841 circulating shares per shareholder, up by 62.56% [2] - On September 1, 2023, the company's stock price increased by 1.31%, with a trading volume of approximately 59.66 million yuan [1] Financing and Margin Trading - On September 1, 2023, the company had a net financing outflow of 1.61 million yuan, with a total financing balance of 112 million yuan, accounting for 1.54% of its market capitalization [1] - The margin trading data indicates a high financing balance, while the short selling activity remains relatively low, with a short selling balance of 196,300 yuan [1] Dividend Distribution - Since its A-share listing, the company has distributed a total of 139 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, notable institutional shareholders include China Europe Medical Health Mixed Fund and others, with some institutions reducing their holdings [3]

Core Insights - The company reported a revenue of 687 million yuan for 2024, representing a year-over-year increase of 10.39%, but the net profit attributable to shareholders decreased by 30.89% to 110 million yuan [1] - For Q1 2025, the company achieved a revenue of 171 million yuan, up 8.76% year-over-year, with a net profit of 30 million yuan, reflecting a slight increase of 1.7% [1] Revenue Breakdown - The revenue from the commercialization of mouse models was 400 million yuan, up 9.0% year-over-year; functional efficacy revenue was 150 million yuan, up 14.6%; custom breeding revenue was 85 million yuan, up 8.0%; and model customization revenue was 34 million yuan, down 3.4% [2] - The overall gross margin for the main business in 2024 was 62.0%, a decrease of 5.6 percentage points from 2023 [2] Regional Performance - Domestic revenue reached 572 million yuan in 2024, with a gross margin of 59.4%, reflecting an 8.3% year-over-year increase [3] - The company expanded its overseas market, generating 114 million yuan in revenue, a 22.5% year-over-year increase, with a gross margin of 75.3%, outperforming domestic business [3] - The overall sales expense ratio increased by 2.39 percentage points to 15.60%, impacting net profit, although the sales net profit margin improved in Q1 2025 to 17.55%, up 1.56 percentage points from 2024 [3] Global Capacity Planning - By the end of 2024, the company had seven major bases in China with a total capacity of approximately 280,000 cages, achieving full coverage [4] - New production capacity of 80,000 cages in Shanghai, Beijing, and Guangdong was nearly fully utilized [4] - The company plans to enhance its overseas presence by seeking suitable areas in Europe for animal facility leasing, in addition to its existing facility in San Diego, USA [4] - The company has established sales in over 20 countries and collaborated with eight of the top ten global pharmaceutical companies, while also adding over 200 research users and 600 industrial clients domestically, and 80 research users and 90 industrial clients overseas [4] Profit Forecast and Valuation - Due to weak global biopharmaceutical R&D investment and increased overseas expenditures, the EPS forecasts for 2025 and 2026 have been revised down to 0.34 yuan and 0.40 yuan, respectively, representing reductions of 48% and 50% [4] - An additional EPS forecast for 2027 is set at 0.47 yuan, with corresponding PE ratios of 33, 28, and 24 for 2025-2027 [4] - Given the significant stock price correction and the current low valuation, along with steady progress in overseas business, the company maintains a "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term profit pressure, but its overseas business continues to maintain high growth [7] - Revenue for 2024 is projected at 6.87 billion yuan, reflecting a year-on-year growth of 10.39%, while net profit is expected to decline by 30.89% to 1.10 billion yuan [7] - The company has a strong growth potential due to its comprehensive mouse model offerings and successful overseas market expansion [7] Financial Summary - Total revenue forecast for 2023A is 622.19 million yuan, with a projected increase to 686.84 million yuan in 2024A and 814.88 million yuan in 2025E, representing growth rates of 20.45%, 10.39%, and 18.64% respectively [1] - The net profit for 2023A is 158.91 million yuan, expected to decrease to 109.82 million yuan in 2024A, but is projected to recover to 132.74 million yuan in 2025E [1] - The latest diluted EPS is forecasted to be 0.39 yuan for 2023A, decreasing to 0.27 yuan in 2024A, and then gradually increasing to 0.48 yuan by 2027E [1] Business Performance - The company achieved a revenue of 4.0 billion yuan from commercialized mouse models in FY24, with a growth of 9.0%, and 1.5 billion yuan from functional efficacy, growing by 14.6% [7] - Overseas revenue reached 1.14 billion yuan, marking a 22.5% increase, while domestic revenue was 5.72 billion yuan, up by 8.3% [7] - The gross profit margin for 2024 is reported at 61.99%, a decrease of 5.62 percentage points compared to the previous year [7] Growth Drivers - The company has completed its domestic facility layout with approximately 280,000 cages, which is expected to enhance profitability as it transitions to gene-edited mouse business [7] - The overseas market is anticipated to continue its high growth trajectory, supported by a skilled engineering workforce and newly established production capacity [7] - The company is actively expanding its product offerings, including wild-type mice and humanized antibody transgenic models, to capture additional market demand [7]