Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Insights - The company has shown continuous strong performance, with significant growth in both domestic and international business segments. In the first half of 2025, it achieved revenue of 387 million yuan and a net profit of 84 million yuan, representing year-on-year growth of 29.38% and 47.81% respectively [1]. - The domestic business is performing robustly, with a revenue increase of 36.7% in the first half of 2025, while international revenue also grew by 22.9% [8]. - The company is benefiting from the increasing emphasis on early-stage research and development in the biopharmaceutical sector, leading to a sustained upward trend in revenue and profit margins over the past three quarters [8]. - The company has successfully developed nearly 60 high-quality GMP-grade products, with significant sales growth in core recombinant protein varieties and other clinical products [8]. - The report projects a positive outlook for the company's net profit, estimating 182 million yuan, 237 million yuan, and 299 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 53, 41, and 33 [8]. Financial Data and Valuation - The company is expected to achieve total revenue of 839 million yuan in 2025, with a year-on-year growth rate of 30% [3]. - The projected net profit for 2025 is 182 million yuan, reflecting a 47% increase compared to the previous year [3]. - The current stock price is 57.83 yuan, with a total market capitalization of 9.7 billion yuan [4]. - The company has a low debt-to-asset ratio of 9.3%, indicating strong financial stability [4]. Performance Metrics - The company has shown a significant increase in quarterly revenue, with Q2 2025 revenue reaching 201 million yuan, a 30.95% increase year-on-year [1]. - The gross profit margin remains stable at around 90.5%, indicating strong pricing power and cost management [10]. - The return on equity (ROE) is projected to improve from 5.8% in the trailing twelve months to 9.9% by 2027 [4][10].

医药生物/生物制品 百普赛斯（301080.SZ） 2025H1 业绩延续高增态势，境内需求强劲复苏 2025 年 08 月 24 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 57.83 | | 一年最高最低(元) | 74.24/31.30 | | 总市值(亿元) | 97.07 | | 流通市值(亿元) | 73.25 | | 总股本(亿股) | 1.68 | | 流通股本(亿股) | 1.27 | | 近 3 个月换手率(%) | 156.49 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 百普赛斯 沪深300 相关研究报告 《激励考核目标积极，常态化激励机 制加强团队建设—公司信息更新报 告》-2025.5.29 《常规业务环比增速提升，高费用投 入影响短期利润—公司信息更新报 告》-2024.10.30 《常规业务稳健增长，高费用投入影 响短期利润—公司信息更新报告》 -2024.8.30 余汝意（分析师） 聂媛媛（联系人） yuruyi@ ...

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]

Group 1: Financial Performance - The overall gross margin for the company's proprietary brands is approximately 50% [1] - Revenue from proprietary brands is expected to grow nearly 30% year-on-year by 2024, indicating a strong growth trend [1] - The current revenue share from proprietary brands is relatively low, but is anticipated to increase with enhanced sales resource investment and product pipeline expansion [1] Group 2: Research and Development - The company is focusing its R&D investments primarily in the fields of antibodies and proteins [1] - As of the end of 2024, the Hangzhou antibody R&D center has developed over 2,900 SPUs (Standard Product Units) including paired antibodies and diagnostic antibodies [1] - The Nanjing protein R&D center has developed over 1,700 SPUs, including drug targets and cytokines, and has introduced new products like one-step Elisa kits [1] Group 3: Share Repurchase and Incentive Plans - In 2024, the company initiated a share repurchase plan, utilizing 25,987,076 CNY to buy back 927,600 shares, intended for equity incentives or employee stock ownership plans [1] - A new share repurchase plan is set to use between 15 million and 30 million CNY of its own funds for share buybacks aimed at capital reduction [1][2] - Future equity incentive plans will be introduced based on business development needs to enhance motivational effects [2] Group 4: Mergers and Acquisitions Strategy - The company aims to strengthen channel and R&D capabilities to better serve customers and provide diverse product offerings [2] - In terms of external growth, the company will seek potential upstream and downstream acquisition targets that align with its existing business, particularly in antibody-related applications [2]

Core Viewpoint - The chairman of Maiwei Biotech, Liu Datao, has been penalized for short-term trading of the company's stock, violating securities laws, and must return related profits to the company [2][6]. Company Overview - Liu Datao has served as the general manager and director of Maiwei Biotech since June 1, 2020, and became chairman on June 1, 2023, earning a total salary of 7.4 million yuan over the past three years [5]. - Under Liu's leadership, Maiwei Biotech has made significant progress in product research and development, focusing on innovative drugs and biosimilars, with a portfolio that includes antibodies, ADC drugs, and recombinant proteins [6]. Financial Performance - Since its establishment in 2017, Maiwei Biotech has consistently reported losses, with a cumulative net loss exceeding 6 billion yuan as of the first quarter of 2025, primarily due to substantial R&D investments totaling over 4.425 billion yuan [8]. - The company has faced cash flow challenges, with 1.119 billion yuan in cash on hand against 1.073 billion yuan in short-term loans and 210 million yuan in current non-current liabilities, alongside 962 million yuan in long-term debt [8]. Product Pipeline and Market Strategy - As of the first quarter of this year, Maiwei Biotech has 16 core products in various stages of development, including 12 innovative drugs and 4 biosimilars, with 3 products already on the market [6]. - The company is rapidly advancing its international strategy, having secured formal agreements for its products in multiple countries, including submissions for market approval in Pakistan and Indonesia [6].

Core Insights - Nearshore Protein (688137) is focusing on protein tool innovation and applications, providing timely and high-quality products and services for innovative drug development companies and other life health application enterprises [1][2] - The company reported a revenue of 128 million yuan for the fiscal year 2024, a year-on-year decrease of 16.73%, and a net profit attributable to the parent company of -54.4163 million yuan, a significant decline of 523.68% [1] Group 1 - The company has increased investments in product quality improvement and business expansion to adapt to market changes and achieve high-quality development [1] - Nearshore Protein has made substantial progress in expanding its overseas market presence, establishing international professional teams in key markets such as the United States and Europe [2] - The global sales network now covers multiple major countries and regions, with a focus on core customer groups including international pharmaceutical companies, biotech firms, and research institutions [2] Group 2 - The company is enhancing the application of AI in the life sciences sector while advancing the industrialization of various synthetic biology projects, including collagen raw materials [2] - Nearshore Protein is actively seeking collaboration investments and acquisitions related to its main business to integrate upstream and downstream industry chain resources, enriching its industrial layout and creating a new industry ecosystem [2]

Core Viewpoint - Lidman Biochemical Co., Ltd. is experiencing a decline in revenue and profit, with a significant net outflow of funds, indicating potential challenges in the market [1][2]. Company Overview - Lidman specializes in the research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1]. - The company's main products include biochemical diagnostic reagents, immunodiagnostic reagents, and automated chemiluminescence immunoassay analyzers [1]. - Lidman has received multiple accolades, including "National High-tech Enterprise" and "Beijing Specialized and Innovative Enterprise" [1]. Financial Performance - For Q1 2025, Lidman reported revenue of 78.91 million yuan, a year-on-year decrease of 16.61% [1]. - The net profit for the same period was -1.25 million yuan, reflecting a year-on-year increase in losses of 53.73% [1]. - The gross profit margin stood at 53.56% [1]. Market Position - As of May 27, Lidman's stock closed at 4.98 yuan, with a market capitalization of 2.709 billion yuan and a price-to-book ratio of 1.63 [1]. - The company has seen a net outflow of 3.4978 million yuan in principal funds on May 27, with a total outflow of 7.7543 million yuan over the past five days [1]. Industry Comparison - Lidman's PE (TTM) ratio is -36.79, while the industry average is 49.11, indicating a significant disparity in valuation metrics [2]. - The industry median PE (TTM) is 35.89, suggesting that Lidman is underperforming compared to its peers [2].

Group 1 - The core viewpoint of the news is that Lidman Biochemical Co., Ltd. is experiencing a decline in revenue and profit, with a significant drop in stock performance and net outflow of funds [1] - As of May 20, Lidman’s stock closed at 5.04 yuan, up 1.61%, with a latest price-to-book ratio of 1.65, marking a 40-day low and a total market capitalization of 2.742 billion yuan [1] - In terms of fund flow, on May 20, Lidman saw a net outflow of 3.714 million yuan, with a total outflow of 7.288 million yuan over the past five days [1] Group 2 - The main business of Lidman includes research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1] - The company’s key products consist of biochemical diagnostic reagents, immunodiagnostic reagents, and automated chemiluminescence immunoassay analyzers [1] - Recent performance data shows that in Q1 2025, Lidman achieved operating revenue of 78.9087 million yuan, a year-on-year decrease of 16.61%, and a net profit of -1.25172554 million yuan, a year-on-year decline of 53.73%, with a gross profit margin of 53.56% [1] Group 3 - Lidman has received multiple accolades, including "National High-tech Enterprise," "Zhongguancun High-tech Enterprise," and recognition as a leading enterprise in the "G20 Project" for the Beijing biopharmaceutical industry [1] - The company was also recognized as a "Benchmark Enterprise in Intelligent Manufacturing" in Beijing for 2018 and received certification for "Digital Workshop" in 2022 [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 59.13, indicating a potential upside from the current price of RMB 47.65 [1][8]. Core Insights - The company has shown strong overseas revenue growth while domestic revenue is gradually recovering, with a reported revenue of RMB 645 million in 2024, representing an 18.65% increase year-on-year [9][10]. - The decline in net profit attributable to shareholders in 2024 was primarily due to increased expenses and payroll costs, with a net profit of RMB 124 million, down 19.38% from the previous year [9][10]. - The company has successfully developed nearly 50 high-quality GMP-grade products, enhancing its product portfolio and innovation capabilities [11]. Financial Summary - Revenue is projected to grow from RMB 544 million in 2023 to RMB 1,199 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.7% [2][4]. - Net profit attributable to shareholders is expected to recover from RMB 124 million in 2024 to RMB 253 million by 2027, with a significant increase in earnings per share (EPS) from RMB 1.03 in 2024 to RMB 2.11 in 2027 [2][4]. - The company’s return on equity (ROE) is projected to improve from 4.7% in 2024 to 9.0% in 2027, indicating enhanced profitability [2][4]. Product and Market Development - The company has over 5,000 biological reagent products, including recombinant proteins and antibodies, which have been successfully sold and applied, showcasing its extensive research and production capabilities [11]. - The overseas revenue, excluding specific acute respiratory disease revenue, has achieved over 20% year-on-year growth, indicating strong demand in international markets [10][11]. - The company is actively expanding its product offerings and technical services, particularly in the ADC drug development process, which is expected to accelerate its growth in the biopharmaceutical sector [11].