作为一家专注于为全球制药和生物医药行业提供专业高效的小分子及新分子类型药物的平台型高新技术 企业，近年来，皓元医药持续加速新产品管线布局和技术迭代，市场竞争力不断提升。 2025年一季度，皓元医药实现营业收入6.06亿元，同比增长20.05%；净利润6238.44万元，同比增长 272.28%。报告期内，皓元医药的研发费用为5371.37万元，占营业收入的比例为8.86%。 两次对子公司债转股增资 资料显示，安徽皓元成立于2017年6月，是皓元医药IPO募投项目"安徽皓元生物医药研发中心建设项 目""安徽皓元年产121.095吨医药原料药及中间体建设项目（一期）"的实施主体。 据皓元医药介绍，因公司实施上述IPO募投项目，安徽皓元作为募投项目实施主体向公司募集资金专户 请款，安徽皓元收到公司支付的募集资金款项后，根据签署的合同及项目进度及时向供应商完成支付， 上述两大项目已分别于2021年、2024年结项。 长江商报消息 ●长江商报记者 徐佳 为进一步提升子公司的竞争优势，缓解资金压力，皓元医药（688131.SH）再次以债转股的方式实施增 资。 7月1日晚间，皓元医药公告称，公司拟以债转股方式向全资子公司安 ...

毕得医药 20250611 摘要 看好毕得医药主要基于以下三点逻辑：首先，整个分子砌块行业市场规模不断 增长，国产替代持续进行，国内企业份额增加。其次，公司海外高毛利营收占 比不断提升，从过去的 40%多提升到现在的 50%多，并有望进一步提升至 70%以上，这将改善公司的盈利能力。最后，公司在科研试剂领域布局完善， 品牌体系建设相对成熟，多元化客户结构为未来增长提供支持。 分子砌块行业的发展趋势如何？ 毕得医药预计 2025 年收入达 21.8 亿元，同比增长 21%，利润 1.48 亿元，同比增长 26%。基于同行业平均市盈率，给予 35 倍 PE，目标市 值 51.8 亿元，目标股价 57 元，较当前股价有约 30%上涨空间，建议 关注低吸机会。 分子砌块行业市场规模持续增长，预计到 2026 年全球市场规模将达到 546 亿美元，占医药研发创新费用比例约 25%。国产替代逻辑在高端科 研试剂市场逐渐显现，本土企业发展前景看好。 毕得医药海外业务占比不断提升，从 2019 年的 40%左右增长至 2024 年的 56%，目标是提升至 70%。海外业务毛利率显著高于国内，是公 司拓展海外业务的重要原因，有 ...

减持主体的基本情况 具体来看，苏信基金拟减持不超过632.88万股公司股份，占公司当前总股本的3%，减持期间为3月18日 至6月17日。真金投资拟减持不超过319.55万股公司股份，占公司当前总股本的1.51%，减持期间为2月 28日至5月27日。 5月22日，皓元医药披露，2月28日至5月22日，真金投资通过集中竞价和大宗交易方式累计减持公司股 份319.55万股，占公司总股本的1.51%。本次减持后，真金投资不再持有公司股份，本次减持计划实施 完毕。 5月30日晚间，皓元医药(688131)发布公告称，公司持股5%以上股东苏信基金在5月21日至5月30日期 间，通过集中竞价及大宗交易的方式累计减持公司股份203.14万股，占公司当前总股本的0.96%。 三个多月前，皓元医药两股东披露减持计划。据2月23日公告，公司股东苏信基金、真金投资拟合计减 持不超过952.43万股公司股份，占公司当前总股本的4.51%，减持原因分别为自身资金需求和基金到 期、自身财务需求及安排。 值得一提的是，两股东都刚于今年2月完成上一轮减持计划。苏信基金于2024年11月20日至2025年2月19 日减持了180.42万股，占公 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 毕得医药成立于2007年，是一家为新药研发机构提供专业、高效的药物分子砌块及科学试剂产品及服务的企 业 。 长期以来，公司坚持"多、快、好、 省"的核心优势，采用"横向扩品种+纵向做深优势产品线"的模式，依靠自身建立的供应链管理能力，从药物靶点的发现、苗头化合物的筛选、先导化 合物的产生和优化、临床候选药物的选择等新药开发阶段，服务于新药研发产业链前端。 复盘Sigma-Aldrich成长带来的启示： 1）产品数量保持持续增长。 Sigma-Aldrich动态迭代产品组合，1993-2014年产品从7.1万种增至25万种，2014年8.4万种自产产品贡献60%业绩。 2）重视外延 并购 。 Sigma-Aldrich自成立起通过并购扩张，如收购Fluka、Supelco等，整合资源扩大产品线与市场，奠定科学产品龙头地位。 3 ...

证 券 研 究 报 告 多维度追求高质量发展，业绩拐点已至 目标价：48.11 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,102 | 1,337 | 1,604 | 1,909 | | 同比增速(%) | 0.9% | 21.4% | 20.0% | 19.0% | | 归母净利润(百万) | 117 | 146 | 179 | 214 | | 同比增速(%) | 7.2% | 24.1% | 22.9% | 19.6% | | 每股盈利(元) | 1.29 | 1.60 | 1.97 | 2.36 | | 市盈率(倍) | 32 | 25 | 21 | 17 | | 市净率(倍) | 1.8 | 1.8 | 1.7 | 1.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 30 日收盘价 公司研究 医疗服务 2025 年 5 月 5 日 | | 目标价：48.11 元 | | --- | --- ...

4月29日晚，皓元医药(688131.SH)发布2025年第一季度财报。2025年一季度，公司实现营业收入6.06亿 元，同比增长20.05%；归母净利润6238.44万元，同比增长272.28%；毛利率达48.58%，同比提升7.78个 百分点。截至一季度末，公司资产总额升至57.14亿元。 国产替代进程加速前端业务国际影响力持续增强 皓元医药作为国内小分子药物研发与生产领域稀缺的前后端一体化企业，公司始终将创新作为核心驱动 力，经过近二十年的快速发展，已形成了独具特色的业务模式，积累了丰富的产品种类，形成了较高竞 争壁垒，公司各业务板块均以其专业性、创新性和市场敏锐度为核心驱动力，在细分领域分别建立了独 特的竞争力和品牌影响力。 2025年一季度，公司依托上海张江、山东烟台、安徽合肥等地的研发中心，加速推进XDC、多肽药 物、小核酸药物、蛋白、抗体等前沿新分子和新工具的服务能力建设，截至2025年一季度末，公司在前 端生命科学试剂领域已完成超3.7万种产品的自主研发、合成，累计储备超14.1万种生命科学试剂，并在 全球范围内设立了8个商务中心，服务全球超13000家客户，市场地位领先，竞争优势显著。报告期 ...

本报讯(记者孙文青)4月29日晚，上海皓元医药股份有限公司(以下简称"皓元医药")披露的2025年一季报 显示，公司实现营业收入6.06亿元，同比增长20.05%；归母净利润6238.44万元，同比增长272.28%。截 至一季度末，公司资产总额升至57.14亿元。 报告期内，皓元医药前端生命科学试剂业务增长强劲，收入占比相较上年同期明显提高。同时，公司后 端业务在手订单金额同比增长超30%，客户需求增长动能显著。 皓元医药还积极探索AI技术在新药研发领域的创新应用，构筑"AI+生物医药"创新高地。目前，皓元医 药已与华东师范大学签约，双方将打造"AI药物探索联合实验室"，致力于ADC药物数据库建设、AI药 物智能制造等关键应用场景，通过"AI+药物研发"，强化AI药物研发全流程技术壁垒攻克能力，加速科 研成果从实验室走向生产线，形成差异化竞争能力。 市场分析人士认为，今年一季度以来，全球贸易环境面临深刻变革。科研试剂等由于其复购频率高、短 期兑现快等特点有望加速国产替代，同时具有高科技属性的医药医疗公司将更受市场青睐。在外部市场 环境波动的背景下，皓元医药以创新研发为核心驱动力和全球化战略布局，实现业绩稳健 ...

Core Insights - Bid Medicine (688073.SH) reported a revenue of 1.102 billion yuan for 2024, a year-on-year increase of 0.93%, and a net profit of 117 million yuan, up 7.17% year-on-year [1] - In Q1 2025, the company continued its steady performance with a revenue of 296 million yuan, and a net profit growth of 17.71% year-on-year, with adjusted net profit excluding share-based payments increasing by 43.29% [1] - The company is positioned as a leading player in the global molecular building blocks industry, focusing on digital upgrades and process optimization to enhance management efficiency and profitability [1][2] Business Performance - The molecular building blocks segment generated 936 million yuan in revenue, maintaining stable market share, while the scientific reagents segment saw a 13.35% year-on-year growth, reaching 166 million yuan [3] - The company has nearly 130,000 types of products, including 117,000 types of molecular building blocks, significantly exceeding industry averages [3] - R&D achievements have increased, with 41 patent applications, a 156% year-on-year rise, and a 56% increase in delivered orders [3] Market Trends - The global biopharmaceutical investment landscape has improved, with the CXO industry entering an upward cycle due to supply-demand balance [2] - The ongoing U.S.-China pharmaceutical tariff disputes have shifted towards "precise technology blockades," accelerating the trend of import substitution [2] - The global market for molecular building blocks is projected to reach 54.6 billion USD by 2026, presenting significant growth opportunities for the company [3] Global Strategy - The company achieved overseas revenue of 616 million yuan in 2024, a 10.58% increase, accounting for approximately 55.9% of total revenue [4] - Bid Medicine has established regional centers in the U.S., Germany, and India to enhance local service efficiency and customer response [4] - The company aims to strengthen its global presence through localized teams and resource integration, aspiring to become a leading supplier in the molecular building blocks sector [4][5]

Core Viewpoint - The company, Shanghai Univey Biotech Co., Ltd., has conducted a self-evaluation of its internal control effectiveness as of December 31, 2024, and found no significant defects in both financial and non-financial reporting internal controls [3][34]. Internal Control Evaluation Conclusion - The board of directors concluded that the company has maintained effective internal controls over financial reporting in all significant aspects [3]. - No significant defects were identified in non-financial reporting internal controls as of the evaluation report date [3]. Internal Control Evaluation Work Situation Evaluation Scope - The evaluation scope was determined based on a risk-oriented principle, covering the company and its important subsidiaries, focusing on five main elements of internal control: internal environment, risk assessment, control activities, information and communication, and internal supervision [4]. Internal Environment - The company has established a governance structure in compliance with relevant laws and regulations, ensuring effective division of responsibilities and checks and balances [5][6]. - Internal audit functions are managed by the corporate management department, which oversees both internal and external audits [8]. Risk Assessment - The company has identified various internal risk factors, including management integrity, employee competence, and operational safety, and has established a risk management framework to address these risks [10][11]. Control Activities - The company has implemented control policies and procedures, including authorization management, segregation of incompatible duties, accounting system controls, asset protection controls, and independent auditing controls [13][14]. Information and Communication Control - A robust information and communication system has been established, ensuring effective information flow across departments and timely financial reporting [15]. Internal Control Defects Recognition and Rectification - The company has not identified any significant or important defects in internal controls during the reporting period [34]. Company Overview Main Business - The company provides life science reagents and related instruments, consumables, and comprehensive technical services, focusing on antibody-based products [38]. - It has integrated over 60 well-known brands and offers more than 9.7 million SKUs, covering various research areas in life sciences [38][41]. Operating Model - The company employs a dual procurement model, including stock procurement and sales-driven procurement, to meet the diverse needs of its clients [42]. - Sales are conducted through a nationwide network of subsidiaries and offices, complemented by an online platform [43][44]. Production Model - The company primarily acts as an agent for third-party brand products while also engaging in self-production through its subsidiaries [48][49]. Research and Development - The company focuses on innovative research and development based on customer needs, with dedicated teams for product and technology development [51][53].