Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 91 yuan [2][8]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue of 628 million yuan (+17.91%) and a net profit of 73 million yuan (+41.60%) [2][8]. - The international business revenue grew by 21.40% to 363 million yuan, accounting for 57.9% of total revenue, indicating a strong market outlook [8]. - The overall gross margin improved to 44.25% (+4.74 percentage points), driven by higher international revenue [8]. - The net profit margin increased to 11.70% (+1.96 percentage points), reflecting enhanced profitability [8]. - The company is expected to achieve net profits of 147 million yuan, 206 million yuan, and 274 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.62 yuan, 2.27 yuan, and 3.02 yuan [8]. Financial Performance Summary - For H1 2025, the company reported a revenue of 628 million yuan, with a significant increase in net profit to 73 million yuan [2][8]. - The Q2 2025 results showed a revenue of 331 million yuan (+22.68%) and a net profit of 43 million yuan (+65.78%) [2][8]. - The projected total revenue for 2025 is estimated at 1.331 billion yuan, with a year-on-year growth rate of 20.7% [4][8]. - The projected net profit for 2025 is 147 million yuan, reflecting a growth rate of 25.1% [4][8]. Business Segment Performance - The drug molecular building blocks generated revenue of 520 million yuan (+14.35%), accounting for 82.94% of total revenue [8]. - The scientific reagent business saw a remarkable growth of 38.95%, with revenue reaching 107 million yuan [8]. - The catalyst and ligand revenue was 66 million yuan (+19.87%), while life science reagents surged to 41 million yuan (+87.60%) [8].

Core Viewpoint - Bid Pharma's stock increased by 5.1% to 74.18 CNY per share, with a total market capitalization of 6.742 billion CNY as of September 24 [1] Company Overview - Shanghai Bid Pharma Technology Co., Ltd. was established on April 27, 2007, and listed on October 11, 2022 [1] - The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - Main business revenue composition: - Heterocyclic compounds: 43.26% - Aromatic compounds: 23.32% - Aliphatic compounds: 16.36% - Catalysts and ligands: 10.57% - Life science reagents: 6.49% [1] Fund Holdings - Guodu Securities has a fund that heavily invests in Bid Pharma, with Guodu Jucheng (011389) holding 7,000 shares, representing 3.98% of the fund's net value [2] - The fund has generated a floating profit of approximately 25,200 CNY as of the report date [2] Fund Manager Performance - Guodu Jucheng (011389) has three fund managers: - Liao Xiaodong: 5 years and 134 days of tenure, with a best return of -24.14% and worst return of -63.61% [3] - Zhang Xiaolei: 6 years and 284 days of tenure, with a best return of 80.09% and worst return of -23.54% [3] - Gong Yongjin: 1 year and 175 days of tenure, with a consistent return of 7.81% [3]

Core Viewpoint - Bid Pharma experienced a decline of 5.08% on September 23, with a stock price of 70.03 CNY per share and a total market capitalization of 6.365 billion CNY [1] Company Overview - Shanghai Bid Pharma Technology Co., Ltd. was established on April 27, 2007, and went public on October 11, 2022. The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The main business revenue composition includes: - Heterocyclic compounds: 43.26% - Aromatic compounds: 23.32% - Aliphatic compounds: 16.36% - Catalysts and ligands: 10.57% - Life science reagents: 6.49% [1] Shareholder Information - Among the top ten circulating shareholders of Bid Pharma, a fund under China Europe Fund holds a significant position. The China Europe Medical Health Mixed A Fund (003095) reduced its holdings by 193,100 shares in Q2, now holding 4.2526 million shares, which is 9.84% of the circulating shares. The estimated floating loss today is approximately 15.9471 million CNY [2] - The China Europe Medical Health Mixed A Fund was established on September 29, 2016, with a latest scale of 15.638 billion CNY. Year-to-date return is 31.45%, ranking 2835 out of 8172 in its category; the one-year return is 50.82%, ranking 3170 out of 7995; and since inception, the return is 126.87% [2] Fund Manager Performance - The fund manager of the China Europe Medical Health Mixed A Fund is Ge Lan, who has been in the position for 10 years and 241 days, managing assets totaling 39.908 billion CNY. The best fund return during her tenure is 125.52%, while the worst is -35.13% [3] - Another fund, China Europe Jiaxuan Mixed A (010947), holds 328,600 shares of Bid Pharma, accounting for 2% of the fund's net value, ranking as the fifth-largest holding. The estimated floating loss today is about 1.2322 million CNY [4] - The fund manager of China Europe Jiaxuan Mixed A is Wang Jian, who has been in the role for 15 years and 335 days, managing assets of 6.565 billion CNY. The best return during his tenure is 200.87%, while the worst is -22.48% [5]

Company Overview - Bid Pharma is located in Yangpu District, Shanghai, and was established on April 27, 2007. The company went public on October 11, 2022. Its main business focuses on the front end of new drug research and development, providing innovative drug molecular building blocks and scientific reagents [1]. Business Composition - The revenue composition of Bid Pharma includes: - 43.26% from molecular building block heterocyclic compounds - 23.32% from molecular building block aromatic compounds - 16.36% from molecular building block aliphatic compounds - 10.57% from catalysts and ligands - 6.49% from life science reagents [1]. Market Performance - On September 23, Bid Pharma's stock fell by 5.08%, closing at 70.03 CNY per share, with a trading volume of 36.31 million CNY and a turnover rate of 1.17%. The total market capitalization is 6.365 billion CNY [1]. Fund Holdings - Morgan Stanley's fund holds a significant position in Bid Pharma, with the "Morgan Stanley Youyue Anhe Mixed A" fund (009893) owning 68,300 shares, representing 5.92% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 256,300 CNY [2]. Fund Performance - The "Morgan Stanley Youyue Anhe Mixed A" fund was established on September 24, 2020, with a current size of 28.9066 million CNY. Year-to-date, it has returned 22.41%, ranking 4046 out of 8172 in its category. Over the past year, it has returned 41.52%, ranking 4017 out of 7995. Since inception, it has incurred a loss of 27.95% [2]. Fund Management - The fund manager of "Morgan Stanley Youyue Anhe Mixed A" is Zhao Weijie, who has been in the position for 4 years and 205 days. The total asset size of the fund is 305 million CNY, with the best return during his tenure being 28.14% and the worst being -30% [3].

Core Viewpoint - The stock of Yaoshi Technology has experienced fluctuations, with a recent decline of 2.00% and a total market value of 9.392 billion yuan, reflecting mixed investor sentiment and market activity [1]. Financial Performance - For the first half of 2025, Yaoshi Technology reported a revenue of 920 million yuan, representing a year-on-year growth of 23.48%. However, the net profit attributable to shareholders decreased by 26.54% to 72.498 million yuan [2]. - Since its A-share listing, the company has distributed a total of 231 million yuan in dividends, with 137 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 12, the stock price of Yaoshi Technology was 42.62 yuan per share, with a trading volume of 2.42 billion yuan and a turnover rate of 2.96% [1]. - The stock has seen a year-to-date increase of 27.91%, but has declined by 3.60% over the last five trading days and 10.93% over the last twenty days [1]. Shareholder Information - As of July 18, the number of shareholders for Yaoshi Technology increased to 36,500, a rise of 7.33%, while the average number of circulating shares per person decreased by 6.83% to 4,621 shares [2]. - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 2.1466 million shares, a decrease of 1.2259 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown a strong recovery in its main business, with significant revenue growth and improved profitability metrics. The revenue for the first half of 2025 reached 628 million yuan, a year-on-year increase of 17.91%, while the net profit attributable to the parent company was 73.41 million yuan, up 41.60% year-on-year [4][5] - The company is expected to continue its growth trajectory, with projected revenues of 1.31 billion yuan, 1.58 billion yuan, and 1.92 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 19.27%, 20.30%, and 21.22% [3][5] Summary by Sections Financial Performance - In 2025, the company achieved a revenue of 1,091.86 million yuan, with a year-on-year growth rate of 30.94% [3] - The net profit attributable to the parent company for 2025 is forecasted to be 145.17 million yuan, representing a growth rate of 23.63% [3] - The gross margin for the first half of 2025 was 44.25%, an increase of 4.74 percentage points year-on-year [5] Business Segments - The drug molecule block business generated 520 million yuan in revenue for the first half of 2025, a growth of 14.35%, while the scientific reagent business saw revenue of 40.73 million yuan, up 87.60% [5] - The company is expanding its product lines and maintaining a stable market share in the drug molecule block sector, contributing to its revenue growth [5] Future Outlook - The company is focusing on new product development and expanding its overseas market presence, with overseas revenue for the first half of 2025 reaching approximately 363 million yuan, a growth of 21.33% [5] - The company is expected to benefit from its competitive advantages and continue to capture market share in the overseas market [5]

Core Viewpoint - Bid Pharma's stock price has shown significant growth this year, with a 42.80% increase, indicating strong market performance and investor interest [1][2]. Company Overview - Bid Pharma, established on April 27, 2007, and listed on October 11, 2022, is located in Yangpu District, Shanghai. The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1]. - The company's main business revenue composition includes: 43.26% from molecular building block heterocyclic compounds, 23.32% from molecular building block aromatic compounds, 16.36% from aliphatic compounds, 10.57% from catalysts and ligands, and 6.49% from life science reagents [1]. Financial Performance - For the first half of 2025, Bid Pharma achieved a revenue of 628 million yuan, representing a year-on-year growth of 17.91%. The net profit attributable to shareholders was 73.41 million yuan, reflecting a 41.60% increase compared to the previous year [2]. - Since its A-share listing, Bid Pharma has distributed a total of 258 million yuan in dividends [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 4.76% to 3,782, while the average circulating shares per person decreased by 4.55% to 11,431 shares [2]. - Notable changes in institutional holdings include a decrease in shares held by China Europe Medical Health Mixed A and an increase in shares held by Agricultural Bank of China Medical Health Stock [3].

Company Overview - Bid Pharma is located in Yangpu District, Shanghai, and was established on April 27, 2007. The company went public on October 11, 2022. Its main business focuses on the front end of new drug research and development, providing innovative drug molecular building blocks and scientific reagents [1][2]. Financial Performance - For the first half of 2025, Bid Pharma achieved a revenue of 628 million yuan, representing a year-on-year growth of 17.91%. The net profit attributable to shareholders was 73.41 million yuan, showing a year-on-year increase of 41.60% [2]. - Since its A-share listing, Bid Pharma has distributed a total of 258 million yuan in dividends [3]. Stock Performance - As of September 1, Bid Pharma's stock price increased by 2.34%, reaching 68.68 yuan per share, with a total market capitalization of 6.242 billion yuan. The stock has risen by 42.19% year-to-date, with a 2.25% increase over the last five trading days, 14.95% over the last 20 days, and 48.18% over the last 60 days [1]. - The stock's trading volume on September 1 was 61.0887 million yuan, with a turnover rate of 2.11% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 3,782, a rise of 4.76%. The average number of circulating shares per person decreased by 4.55% to 11,431 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by China Europe Medical Health Mixed A and an increase by Agricultural Bank of China Medical Health Stock [3].

Group 1 - Bid Pharma's stock price dropped by 5.4% to 59.18 CNY per share, with a trading volume of 51.32 million CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 5.378 billion CNY [1] - The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - The main revenue composition includes: 43.26% from molecular building block heterocyclic compounds, 23.32% from molecular building block aromatic compounds, 16.36% from molecular building block aliphatic compounds, 10.57% from catalysts and ligands, and 6.49% from life science reagents [1] Group 2 - Guodu Securities has one fund heavily invested in Bid Pharma, with Guodu Jucheng (011389) holding 7,000 shares, accounting for 3.98% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 10.2022 million CNY, with a year-to-date return of 7.5% and a one-year return of 11.33% [2] - Since its inception, the fund has experienced a loss of 46.84% [2] Group 3 - The fund managers of Guodu Jucheng are Liao Xiaodong, Zhang Xiaolei, and Gong Yongjin, with varying tenures and performance records [3] - Liao Xiaodong has a tenure of 5 years and 107 days, with the best fund return of -24.14% and the worst return of -64.86% [3] - Zhang Xiaolei has a tenure of 6 years and 257 days, achieving a best return of 80.09% and a worst return of -23.6% [3] - Gong Yongjin has a tenure of 1 year and 148 days, with a consistent return of 7.03% [3]

Core Viewpoint - Bid Pharma's H1 2025 performance exceeded expectations, with significant growth in both revenue and profit, particularly in the scientific reagent business, leading to a "buy" rating from Open Source Securities [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 628 million yuan, a year-on-year increase of 17.91%, and a net profit attributable to shareholders of 73 million yuan, up 41.60% [2]. - For Q2 2025, the company reported operating revenue of 331 million yuan, a 22.86% increase year-on-year, and a net profit of 43 million yuan, reflecting a 65.78% growth [2]. - The adjusted net profit, excluding share-based payment impacts, reached 90 million yuan, marking a 70.60% increase year-on-year [2]. Business Segment Performance - The drug molecular building block business generated revenue of 520 million yuan in H1 2025, a 14.35% increase, while the scientific reagent business saw revenue of 107 million yuan, up 38.95% [3]. - Domestic revenue was 264 million yuan, a 13.52% increase, while overseas revenue reached 363 million yuan, growing by 21.33% and accounting for 57.87% of total revenue [3]. Profitability and Cost Management - The company's gross margin and net margin have shown continuous improvement, with gross margins of 39.51%, 41.33%, and 44.25% for H1 2024, 2024, and H1 2025 respectively [4]. - The net profit margins for the same periods were 9.74%, 10.66%, and 11.70% [4]. - The sales and R&D expense ratios for H1 2025 were 10.90% and 4.78%, respectively, both showing year-on-year declines [4]. - The gross margin for overseas business was 52.66%, an increase of 4.09 percentage points year-on-year, indicating improved profitability in international markets [4].