医药生物/生物制品 奥浦迈（688293.SH） 2025 年 08 月 27 日 投资评级：买入（维持） 股价走势图 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 2025-08 奥浦迈 沪深300 数据来源：聚源 相关研究报告 《培养基业务维持高增长，CDMO 致 利润阶段性承压—公司信息更新报 告》-2025.4.17 《培养基业务维持高增长，外延并购 完善服务能力—公司信息更新报告》 -2025.3.3 《培养基业务维持高增长，税率变动 致利润阶段性承压—公司信息更新报 告》-2024.11.1 海外培养基业务维持高增长，公司盈利能力持续提升 | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 56.40 | | 一年最高最低(元) | 62.51/24.50 | | 总市值(亿元) | 64.04 | | 流通市值(亿元) | 43.66 | | 总股本(亿股) | 1.14 | | 流通股本(亿股) | 0.77 | | 近 3 个月换手率(%) | 117.1 | ——公司信息更新报告 | yuruyi@ ...

公 司 报 告 医药 2025年08月27日 奥浦迈(688293.SH) 国内外业绩均提升，参与项目数持续增加 推荐 ( 维持) 股价:55.53元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.opmbiosciences.com | | 大股东/持股 | 肖志华/24.92% | | 实际控制人 | 肖志华,贺芸芬 | | 总股本(百万股) | 114 | | 流通A股(百万股) | 77 | | 流通B/H股(百万股) | | | 总市值(亿元) | 63 | | 流通A股市值(亿元) | 43 | | 每股净资产(元) | 18.62 | | 资产负债率(%) | 8.2 | 行情走势图 证券分析师 事项： WANGYUCHANG804@pingan.com.cn 公司发布25年中报：实现营收1.78亿元（yoy+23.77%），实现归母净利润 0.38亿元（yoy+55.55%），扣非后归母净利润0.30亿元（yoy+76.73%）。单 Q2 实 现 营 收 0.94 亿 元 （ yoy+47.21% ） ， 归 母 净 利 润 0.23 亿 元 （yoy ...

证券研究报告|公司点评报告 [Table_Title] 培养基业务延续快速增长，盈利能力呈现提升 中 [Table_Title2] 奥浦迈(688293) [Table_Summary] 事件概述 公司公告 2025 年中报：25H1 实现营业收入 1.78 亿元，同比增 长 23.77%、实现归母净利润 0.49 亿元，同比增长 62.55%、实 现扣非净利润 0.38 亿元，同比增长 55.55%。 分析判断: ► 培养基业务延续快速增长，盈利能力呈现提升中 公司 25H1 实现收入 1.78 亿元，同比增长 23.77%，其中 25Q2 单 季度实现收入 0.94 亿元，同比增长 47.2%，业绩延续快速增长趋 势。分业务来看，产品业务实现收入 1.55 亿元，同比增长 25.5%、服务业务实现收入 0.22 亿元，同比增长 13.2%，产品业 务延续快速增长趋势。25H1 归母净利润为 0.49 亿元，同比增长 62.55%，对应净利率为 20.96%，相对 24 年和 25Q1 净利率均有所 上升。展望未来，考虑到培养基业务国际化业务拓展以及国内服 务管线数量持续增长，我们判断培养基业务将呈现高速增 ...

外资龙头生科企业专家交流 20250716 摘要 科研服务板块涉及的主要产品品类有哪些？中国企业在全球市场中的市占率和 表现如何？ 科研服务板块主要分为生物设计和化学设计两个应用领域。在生物设计方面， 主要包括蛋白、分子切块、酶、培养基等产品，尤其是近年来由于疫情带来的 LVD 和 CRO 相关产线的增加，生物培养也成为重要领域。在化学设计方面， 主要包括常规分析试剂、高纯试剂、HPLC 色谱溶剂以及质谱仪器的质谱试剂 等。此外，还有一些定制化专用试剂。中国企业在通用试剂和高纯试剂方面国 产化率较高，如 HQC 试剂国产率增长迅速。然而，在更高端的质谱及超高纯 试剂领域，国产替代仍面临较大壁垒。总体而言，中国企业在科研服务板块中 某些品类表现出色，但仍有部分领域需要进一步技术积累。 客户在技术附加值高、品牌口碑重要的产品上替换过程较长，国产品牌 产线完整性不足是最大障碍，进口品牌如赛默飞和默克提供更完整产品 线，部分品牌具有垄断性独家优势。 受关税、国内库存增加及国产化冲击影响，2025 年生科企业整体增长 率预期较低，赛默飞和默克面临业绩压力，渠道端压货节奏加快，部分 试剂耗材价格下降。 哪些科研服务产品品 ...

Summary of Conference Call on Life Sciences Services in the Pharmaceutical Sector Industry Overview - The life sciences services sector is fundamental to the biological sciences field, with a current domestic substitution rate of less than 30%, and 0% in high-end scientific instruments compared to international giants like Thermo Fisher and Danaher [1][3] - Domestic companies are significantly smaller in scale compared to their international counterparts, with Thermo Fisher projected to generate $43 billion in revenue in 2024 and Danaher close to $24 billion, while few domestic companies exceed $500 million in annual revenue [3] Core Points and Arguments - Achieving domestic substitution requires a multi-faceted approach, including enhancing basic scientific education to improve high-end talent cultivation and incorporating high-end scientific instrument R&D into national planning through government support [1][4] - Domestic enterprises need to form positive feedback loops with upstream and downstream supply chains, accelerating product upgrades through feedback from lower-end markets to break into high-end markets [1][5] - The uncertain international trade environment is prompting multinational companies to accelerate local supply chain layouts, which in turn supports the development of domestic industries [1][5] Production Material Substitution - Progress has been made in certain segments of production materials, but the substitution process must be gradual due to the necessity of these materials in the commercialization of innovative drugs, which have long cultivation cycles [1][6] - The COVID-19 pandemic has accelerated the substitution of imported raw materials in industrial production, leading many pharmaceutical companies to prefer domestic materials during early research stages and to make changes during Phase III clinical trials and commercialization to ensure supply chain security and cost control [1][6] Notable Companies and Opportunities - In the scientific instrument sector, attention should be given to Focused Technology, whose subsidiary, Puyutech, has made significant breakthroughs in the mass spectrometry field [2][7] - In the production materials sector, Aopumai in the culture medium segment has rapidly increased its pipeline project numbers, while Nanwei Technology and Saifen Technology in the filler segment are also recommended for their strong quality [2][7]

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the pharmaceutical sector [3]. Core Insights - The life sciences upstream sector has experienced a significant recovery since September 24, 2024, with a 60% increase in the index, outperforming the pharmaceutical and biotechnology sectors by 40 percentage points [4][23]. - The sector is currently in a rebound phase after undergoing a clearing phase from mid-2022 to late 2024, characterized by supply-demand imbalances and subsequent recovery [20][23]. Supply Side Summary - The supply side is witnessing a turning point, with local products continuously upgrading to mid-to-high-end levels, aiming for global leadership [5]. - The overall capital expenditure depreciation has dropped to its lowest level in nearly six years, indicating a recovery in the supply chain [29]. - Companies are experiencing a gradual recovery in gross profit margins, with some, like Aladdin and Nanmo Biology, showing signs of improvement after hitting lows [34]. Demand Side Summary - Research institutions and large pharmaceutical companies are steadily increasing their R&D expenditures, with improved financing potentially stimulating high growth in smaller pharmaceutical companies [6]. - The recognition of domestic brands is increasing, accelerating the process of replacing foreign products, particularly in protein and culture media categories [6]. Related Companies - **Aopumai**: A leading domestic brand in culture media, with a comprehensive layout in "culture media + CRO + CDMO" [8]. - **Aladdin**: A domestic high-end research reagent brand, expected to contribute additional growth from overseas [8]. - **Baipusais**: A leading domestic player in recombinant proteins, with a turning point in performance [8]. - **Nuowei Zhan**: A leader in molecular biological reagents, benefiting from the domestic replacement trend [8]. - **Jian Kai Technology**: A leading domestic PEG company, with new product releases expected to open up growth space [8]. - **BGI Genomics**: Focused on domestic markets while expanding globally, optimistic about accelerating domestic replacements [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the culture medium segment shows impressive growth, with a continued validation of the volume logic [7] - The revenue for 2024 is projected to be 2.97 billion yuan, representing a year-on-year increase of 22.26%, while the net profit attributable to the parent company is expected to be 210.5 million yuan, a decrease of 61.04% [7] - The company is entering a harvest period as the culture medium business maintains high growth, with a strong order backlog and a significant increase in clinical trial projects [7] Financial Summary - Total revenue (in million yuan) is forecasted to grow from 297.24 in 2024 to 655.77 in 2027, with year-on-year growth rates of 22.26%, 31.41%, 32.64%, and 26.57% respectively [1][8] - The net profit attributable to the parent company is expected to recover from 21.05 million yuan in 2024 to 140.94 million yuan in 2027, with a notable increase of 215.86% in 2025 [1][8] - The latest diluted EPS is projected to rise from 0.19 yuan in 2024 to 1.24 yuan in 2027, reflecting the company's growth trajectory [1][8] Business Segments - The culture medium business achieved revenue of 244 million yuan in 2024, a growth of 44.0%, with CHO culture medium revenue at 199 million yuan, up by 49.0% [7] - The CDMO business faced challenges with a revenue decline of 25.7% in 2024, but showed signs of recovery with a 27.1% increase in Q1 2025 [7] - The company has a strong pipeline with 258 confirmed drug development projects utilizing its cell culture products, indicating robust future demand [7]

Summary of the Conference Call for Aopumai Company Overview - **Company**: Aopumai - **Industry**: Biotechnology, specifically focusing on cell culture products and services Key Financial Metrics - **Q1 2025 Revenue**: 83.68 million yuan, a year-on-year increase of 4.98% [2][5] - **Net Profit**: 14.66 million yuan, a year-on-year decrease of 25% due to increased R&D expenses leading to higher taxes [2][5] - **R&D Expenses**: Increased by 56.51% to 12.11 million yuan, primarily for the U.S. subsidiary's R&D lab [2][5] - **Cash Flow**: Net cash inflow from operating activities was 43.30 million yuan, a significant increase of 665% year-on-year [5] Market Performance - **Domestic Market Growth**: Approximately 3% [2][9] - **International Market Growth**: Over 8% [2][9] - **Order Volume**: Cultivation medium orders doubled year-on-year, reaching a historical high [2][9] Strategic Developments - **New Facilities**: The Taicang factory's agarose production line and liquid culture medium filling line have commenced trial operations, enhancing production capabilities [2][6] - **U.S. Operations**: The U.S. subsidiary's lab is operational, accelerating factory construction to address trade challenges [2][6] - **Acquisition Plans**: Actively pursuing the acquisition of Tencent's project to enhance cell culture product and service integration [2][6] R&D and Product Development - **Product Focus**: Continued emphasis on developing innovative products such as diagnostic reagents, agarose, and cell culture media [2][10] - **Clinical Projects**: 258 drug pipelines are utilizing Aopumai's culture media, with 11 new pipelines added in Q1 [3][17] Profitability and Cost Management - **Gross Margin**: Comprehensive gross margin decreased by 5.9% year-on-year but improved by 19% quarter-on-quarter [4][11] - **Management Expenses**: Significant reduction in management expense ratio, indicating improved operational efficiency [4][11] Future Outlook - **Growth Potential**: Aopumai is positioned for rapid growth despite global uncertainties, with a focus on expanding international operations, particularly in the U.S. [7][21] - **Customer Payment Improvement**: Customer payment amounts increased by 44.73% year-on-year, indicating improved cash flow and customer stability [7][8] - **Market Expectations**: Anticipated growth in overseas markets, with a goal to exceed domestic market value [20][21] Risks and Challenges - **Global Economic Uncertainty**: Ongoing trade tensions and tariff issues pose potential risks to future business development [8][21] - **CDMO Business Recovery**: The CDMO business is gradually recovering but still faces challenges due to the need for commercial orders to reach a breakeven sales scale of approximately 100 million yuan [4][12][13] Conclusion Aopumai is navigating a complex market landscape with strategic investments in R&D and facility expansion, while also addressing challenges posed by global economic conditions. The company remains optimistic about future growth and is committed to enhancing its product offerings and market presence.

Investment Rating - The report maintains a "Recommended" rating for the company [1][7][11] Core Insights - The company's revenue for 2024 is projected to be 297 million yuan, representing a year-over-year growth of 22.3%, while the net profit is expected to decline to 21 million yuan, a decrease of 61.0% [3][5][9] - The core business of cell culture media is experiencing strong growth, with a revenue increase of 27.51% in the second half of 2024, contributing 1.21 billion yuan to the total revenue [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is underperforming, with a significant drop in gross margin due to increased depreciation from new capacity coming online [4][5] Financial Performance Summary - The company achieved a total revenue of 2.97 billion yuan in 2024, with a net profit of 0.21 billion yuan, reflecting a significant decline in profitability [3][4] - The gross margin for the core cell culture media business is 69.64%, while the CDMO segment reported a negative gross margin of -37.71% [4][5] - The company is involved in 247 R&D pipelines, with 29 in Phase 3 clinical trials and 8 in commercialization, indicating a robust pipeline for future growth [5][7] Future Projections - Revenue is expected to grow to 392 million yuan in 2025 and 510 million yuan in 2026, with net profits projected at 65 million yuan and 92 million yuan respectively [5][9] - The report adjusts profit forecasts for 2025-2027, with net profits expected to be 0.65 billion yuan in 2025, 0.92 billion yuan in 2026, and 1.26 billion yuan in 2027 [7][9] Market Position and Strategy - The company is actively expanding its market presence through both domestic and international channels, with overseas revenue growing by 98.06% in the second half of 2024 [4][5] - The report highlights the importance of the cell culture media business in the drug development lifecycle, suggesting a long-term growth trajectory as drug production scales up [5][7]

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company experienced a steady growth in its conventional business, but increased investments have put pressure on profit margins [4] - In 2024, the company achieved a revenue of 614 million yuan, a year-on-year decrease of 5.06%, while the net profit attributable to the parent company was 122 million yuan, down 53.13% year-on-year [4] - The conventional business generated a revenue of 533 million yuan in 2024, reflecting a year-on-year growth of 10.54% [4] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 156 million, 183 million, and 209 million yuan respectively [4] Financial Summary - In 2024, the company’s revenue from the recombinant protein business was 273 million yuan, up 6.87% year-on-year, while the antibody business revenue fell to 106 million yuan, down 41.20% [5] - The CRO service business generated a revenue of 169 million yuan, marking a year-on-year increase of 9.40% [5] - The company’s overseas revenue reached 354 million yuan in 2024, accounting for 57.74% of total revenue [6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.28, 1.50, and 1.72 yuan respectively, with corresponding P/E ratios of 47.4, 40.4, and 35.3 times [4][8]