调研纪要：2025年上半年，奥浦迈细胞培养基收入快速增长，主要源于大订单驱动及商业化项目的持续 放量。新产品如转染试剂、琼脂糖等推广顺利，增长快但基数小。澎立生物聚焦创新药早期研发CRO 服务，业绩及订单恢复显著。海外培养基业务增速亮眼，增幅达34.92%，主要由大客户贡献。细胞培 养基产品用量最大仍为蛋白抗体类项目，DC项目数量多但单个项目用量小。综合毛利率为56.84%，细 胞培养产品销售业务毛利率为71.91%，剔除CDMO业务后国内外毛利率无显著差异。公司培养基产品 性能可媲美海外品牌，价格有竞争力，响应速度快，期待更多项目license out。 中航基金成立于2016年，截至目前，资产管理规模(全部公募基金)422.29亿元，排名90/210；资产管理 规模(非货币公募基金)420.59亿元，排名83/210；管理公募基金数56只，排名98/210；旗下公募基金经理 19人，排名72/210。旗下最近一年表现最佳的公募基金产品为中航机遇领航混合发起A，最新单位净值 为2.63，近一年增长172.64%。 证券之星消息，根据市场公开信息及8月26日披露的机构调研信息，中航基金近期对1家上市公司进行了 ...

奥浦迈 20250825 2025 年上半年，奥普迈营收 1.78 亿元，同比增长 23.77%；归母净利 润 3,754.69 万元，同比增 55.55%；扣非净利润 2,957 万元，同比增 76.73%。拟每 10 股派发现金红利 2.3 元，共计 2,600 万元，占半年 度净利润的 69.56%。 细胞培养产品收入同比增长 25.49%，是主营业务的重要支撑，受益于 下游生物医药和科研机构的需求。研发投入 2,414.22 万元，同比增长 56.97%，占营收比例提升至 13.58%，主要因美国子公司实验室投产。 公司荣获"上海市创新型企业总部"称号，太仓工厂已投产，新增 2000 升液体培养基生产线，加强生物材料国产替代能力。CDMO 服务 逐步回暖，完成 QP 审计，增强国际竞争力，与海外客户合作机会增多。 上半年 100 万至 500 万规模的订单贡献了近 50%的培养基收入，主要 由临床后期和商业化项目驱动，表明增长具有可持续性。商业化管线培 养基项目一季度收入 1,600 万元，二季度增至 1,900 万元，预计全年销 售收入达 9,000 万元。 Q&A 请简要介绍奥普迈公司在 2025 ...

图片由AI生成 CXO赛道加速分化的2025上半场，奥浦迈递上一份"高增带忧"的期中答卷。 奥浦迈最新发布的财报显示，公司上半年实现营业收入1.78亿元，同比增长23.77%，培养基主业持续大增。归母净利润3754.69万元，同比大增55.55%；扣 非净利润为2957.73万元，同比飙升76.73%，这种爆发力在二季度集中释放。 毛利率连降、净利率反升的罕见组合，让奥浦迈的成绩单呈现出另一个切面——CDMO板块成本高企，上半年再亏1058.67万元，亏损额虽环比收窄，盈亏 拐点到来仍无明确时点。 费用"瘦身"利润增速反超营收 这份期中答卷的最大亮点，莫过于利润增速对营收增速的反超，其背后是整个CXO行业逐渐走出低谷、加速回暖的清晰信号。 奥浦迈净利润增长曲线，图源：同花顺 一是第二季度的爆发式增长。奥浦迈单季度营收9406.92万元，同比增速达47.21%，归母净利润2287.89万元，同比激增401.78%，扣非净利润更是激增 3012.71%至1877.76万元。随着业务规模扩大，公司边际成本正在快速下降。 营业收入的核心动力主要源于客户管线的持续推进与海外市场的加速扩张。 其中，细胞培养基产品销售收入 ...

证券代码：688293 证券简称：奥浦迈 公告编号：2025-066 上海奥浦迈生物科技股份有限公司 关于公司 2025 年度"提质增效重回报"专项行动方 案半年度执行情况评估报告 一、持续聚焦主业，不断提升公司竞争力 （一）主业为先，持续加大研发投入 公司是一家专门从事细胞培养产品与服务的高科技生物技术企业，作为"细 胞培养第一股"，公司始终坚守提升产品品质、加快创新步伐、拓展业务领域的 承诺，秉承着"Cell Culture and Beyond"的战略方针，公司致力于为生物医药行 业打造全方位的上游产品与服务解决方案。基于良好的细胞培养技术、生产工艺 和发展理念，公司通过将细胞培养产品与服务的有机整合，为客户提供整体解决 方案，加速新药从基因（DNA）到临床申报（IND）及上市申请（BLA）的进程， 通过优化细胞培养产品和工艺降低生物制药的生产成本。公司本着"成就客户、 团队协作、开放自省、追求卓越"的核心价值观，秉承"至臻工艺、至善品质" 的质量方针，以"让生物药公司用最高性价比的细胞培养产品和服务"为使命， 提供优质的产品和服务，打造民族优质品牌，助力生物医药产业高质量发展。在 不断变化的市场环境中 ...

Core Viewpoint - The company, Aopumai (688293), has shown significant growth in its financial performance for the first half of 2025, driven primarily by its cell culture media products, with a notable increase in revenue and net profit compared to the previous year [2][4]. Financial Performance - In the first half of 2025, the company achieved approximately 177 million in operating revenue, representing a year-on-year increase of about 23.25% [2] - The net profit attributable to shareholders was approximately 37 million, reflecting a year-on-year increase of about 53.28% [2] - The net profit after deducting non-recurring items was approximately 29 million, showing a year-on-year increase of about 73.46% [2] Product and Market Insights - The company's cell culture media products have experienced high-level growth both year-on-year and quarter-on-quarter, with the product business segment seeing over 50% growth in Q2 2025 [2] - The company is recognized as a leading domestic manufacturer in the mid-to-high-end protein antibody drug sector, with an increasing market share in the cell culture media industry [5] Customer and Business Development - The company has established itself as a qualified supplier for several foreign pharmaceutical companies, although the ramp-up of new overseas customers will take time to reflect in financial results [3] - As of the end of Q1 2025, the company has identified nine commercial projects utilizing its cell culture media products, with expectations for increased contributions to revenue as these projects progress [4] Asset Restructuring - The company is currently in the review phase of its asset restructuring process, having received acceptance notification from the Shanghai Stock Exchange at the end of June [7] Investment Ratings - Over the past 90 days, three institutions have issued buy ratings for the stock, indicating positive sentiment among analysts [8]

Core Viewpoint - The transaction between the listed company and the target company aims to enhance business synergy and improve asset quality by integrating their operations in the biopharmaceutical sector, particularly focusing on cell culture products and CDMO services [1][2][3]. Group 1: Transaction Necessity and Business Integration - The listed company and the target company both operate in the biopharmaceutical sector, with the listed company focusing on cell culture products and CDMO services, while the target company specializes in CRO services for early-stage drug development [1][3]. - The transaction is seen as a strategic move to create synergies in business operations, customer bases, and international market strategies, enhancing the overall service offerings [2][4]. - The integration will allow the listed company to provide a comprehensive service chain from early drug development to commercial production, thereby improving customer retention and satisfaction [5][6]. Group 2: Financial Impact and Asset Quality Improvement - The transaction is expected to significantly improve the financial metrics of the listed company, with projected increases in total assets by 76.07% and net profit by 222.72% post-transaction [14][16]. - The integration will enhance the company's ability to withstand market fluctuations by diversifying its revenue streams, as CRO services are less correlated with the commercial production cycles of biopharmaceuticals [17][18]. - The merger will also reduce reliance on single product lines, allowing the company to offer a full range of services from early research to commercial production, thus strengthening its competitive position [17][19]. Group 3: Industry Trends and Strategic Alignment - The transaction aligns with industry trends where biopharmaceutical companies are increasingly seeking comprehensive service providers to streamline their drug development processes [19][20]. - The merger is consistent with industry practices where companies expand their capabilities through acquisitions to enhance service offerings and market competitiveness [19][20]. - The combined entity will be better positioned to compete with leading firms in the sector by offering integrated solutions that cover the entire drug development lifecycle [19][20]. Group 4: Integration Plans and Management Control - Post-transaction, the listed company plans to implement a comprehensive integration strategy that includes shared customer resources, joint marketing efforts, and unified management structures to enhance operational efficiency [22][23]. - The management team from the target company will remain in place, ensuring continuity while also integrating into the listed company's governance structure to facilitate effective oversight and control [26][30]. - The integration will focus on leveraging the strengths of both companies to create a robust platform for biopharmaceutical services, enhancing overall market presence and operational capabilities [22][23].

Group 1 - The core point of the article is that Aopumai's acquisition of Pengli Bio reflects the collective anxiety within the biopharmaceutical industry, as both companies face performance pressures, making the merger appear as a means of mutual support during an industry downturn [2][7] - Aopumai plans to acquire Pengli Bio for 1.451 billion yuan, using a combination of cash and shares, with the board approving the proposal by a vote of 6 to 1, where the dissenting vote raised concerns about the necessity of the acquisition at this stage [2][3] - The acquisition features a differentiated valuation pricing model, where different types of shareholders receive varying valuations based on their roles and risk exposure, which is a departure from the traditional single valuation approach [3][4] Group 2 - Approximately 15 investors in the acquisition face a situation where the acquisition price corresponds to a valuation lower than their investment valuation, indicating a significant drop in value [4][11] - The acquisition valuation of 1.451 billion yuan represents a 54.94% decrease from Pengli Bio's pre-IPO financing valuation of 3.22 billion yuan, highlighting a significant decline in perceived value [11] - Aopumai's core business has shown a revenue increase of 22.26% to 297 million yuan in 2024, but the net profit has decreased by 61.04% to 21.05 million yuan, indicating underlying financial challenges [8][10] Group 3 - Both Aopumai and Pengli Bio are positioned within the CXO industry, facing similar growth challenges and complementing each other's business models, which enhances the strategic rationale for the merger [7][13] - The acquisition includes a performance commitment mechanism where 31 shareholders are involved, requiring Pengli Bio to achieve specific profit targets over the next three years, which adds a layer of accountability to the transaction [6][12] - The independent director's dissenting vote signals a cautious approach to the transaction, questioning the strategic necessity and potential financial burden of the acquisition on Aopumai [2][13]

Group 1 - The transaction involves Shanghai Aopumai Biotechnology Co., Ltd. acquiring 100% equity of Pengli Bio-pharmaceutical Technology (Shanghai) Co., Ltd. through a combination of issuing shares and cash payment [1][2] - The industry classification of the target company falls under "M73 Scientific Research and Technical Services" specifically within "4.1 Biopharmaceutical Industry" [1][2] - The transaction is categorized as a vertical merger within the same industry, enhancing the company's CRDMO (Cell Culture Medium + Clinical CRO + Biopharmaceutical CDMO) service capabilities [2][3] Group 2 - The transaction includes issuing shares to no more than 35 specific investors to raise supporting funds [3] - The independent financial advisor confirms that the listed company is not under investigation by the China Securities Regulatory Commission (CSRC) [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][20] Core Views - The company's product business revenue grew by 42% year-on-year, but net profit is under short-term pressure, with a projected revenue of 297 million yuan (+22.3%) and a net profit of 21 million yuan (-61.0%) for 2024 [1][7] - The decline in net profit is attributed to the operational costs associated with the new CDMO biopharmaceutical commercialization production platform and impairment losses of 10.03 million yuan [1][7] - The company has a strong pipeline with 247 confirmed drug development lines using its cell culture products, an increase of 77 from the previous year [2][16] Financial Performance - For 2024, the company achieved product sales of 244 million yuan (+42.0%) with a gross margin of 70.0% [1][7] - CDMO services generated revenue of 52.56 million yuan (-25.7%), primarily due to uncertainties in the biopharmaceutical industry affecting client financing [1][7] - The quarterly sales for 2024 are projected to improve sequentially: 8.05 million yuan in Q1, 11.62 million yuan in Q2, 15.84 million yuan in Q3, and 17.05 million yuan in Q4 [1][7] Regional Performance - The company's overseas business showed strong growth, with foreign revenue increasing by 144.0% compared to the previous year [2][7] Earnings Forecast - The earnings forecast has been adjusted, with expected net profits of 78 million yuan and 112 million yuan for 2025 and 2026, respectively, and a new projection of 153 million yuan for 2027 [2][20] - The current price-to-earnings (PE) ratios are projected at 58x for 2025, 41x for 2026, and 30x for 2027 [2][20] Key Financial Metrics - The company reported a net profit margin of 1.0% for 2024, with a significant increase expected in subsequent years [3][23] - The projected revenue growth rates are 27.1% for 2025 and 21.3% for 2026, indicating a recovery trend [3][23]