10月9日，义翘神州跌0.59%，成交额8539.05万元。两融数据显示，当日义翘神州获融资买入额1334.85 万元，融资偿还1241.47万元，融资净买入93.39万元。截至10月9日，义翘神州融资融券余额合计2.87亿 元。 融资方面，义翘神州当日融资买入1334.85万元。当前融资余额2.86亿元，占流通市值的3.19%，融资余 额超过近一年90%分位水平，处于高位。 截至9月10日，义翘神州股东户数2.07万，较上期减少1.44%；人均流通股5787股，较上期增加1.46%。 2025年1月-6月，义翘神州实现营业收入3.24亿元，同比增长6.15%；归母净利润6768.63万元，同比减少 4.59%。 分红方面，义翘神州A股上市后累计派现18.02亿元。近三年，累计派现11.22亿元。 机构持仓方面，截止2025年6月30日，义翘神州十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股71.94万股，相比上期减少8.40万股。 责任编辑：小浪快报 融券方面，义翘神州10月9日融券偿还0.00股，融券卖出600.00股，按当日收盘价计算，卖出金额4.43万 元；融券余量1.22万股，融券余 ...

10月9日，百普赛斯涨5.07%，截至发稿，报62.58元/股，成交1.05亿元，换手率1.36%，总市值105.04亿 元。 资料显示，北京百普赛斯生物科技股份有限公司位于北京市大兴区北京经济技术开发区宏达北路8号4幢 4层,5幢4层，成立日期2010年7月22日，上市日期2021年10月18日，公司主营业务涉及提供重组蛋白等 关键生物试剂产品及技术服务。主营业务收入构成为：重组蛋白82.27%，抗体及其他试剂12.88%，技 术服务3.04%，其他(补充)1.80%。 从基金十大重仓股角度 天弘医疗健康A（001558）成立日期2015年6月30日，最新规模2.51亿。今年以来收益44.49%，同类排 名1774/8238；近一年收益34.83%，同类排名2489/8082；成立以来收益81.87%。 天弘医疗健康A（001558）基金经理为吕俏。 截至发稿，吕俏累计任职时间281天，现任基金资产总规模5.02亿元，任职期间最佳基金回报47%， 任 职期间最差基金回报46.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标 ...

10月9日，百普赛斯涨5.07%，截至发稿，报62.58元/股，成交1.05亿元，换手率1.36%，总市值105.04亿 元。 中银证券健康产业混合（002938）基金经理为李明蔚。 截至发稿，李明蔚累计任职时间2年231天，现任基金资产总规模1.58亿元，任职期间最佳基金回报 4.39%， 任职期间最差基金回报4.39%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，北京百普赛斯生物科技股份有限公司位于北京市大兴区北京经济技术开发区宏达北路8号4幢 4层,5幢4层，成立日期2010年7月22日，上市日期2021年10月18日，公司主营业务涉及提供重组蛋白等 关键生物试剂产品及技术服务。主营业务收入构成为：重组蛋白82.27%，抗体及其他试剂12.88%，技 术服务3.04%，其他(补充)1.80%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓百普赛斯。中银证券健康产业混合（002938）二季度持有股数9.9 万股，占基金净 ...

9月25日，百普赛斯涨3.43%，成交额2.71亿元。两融数据显示，当日百普赛斯获融资买入额2904.66万 元，融资偿还1901.30万元，融资净买入1003.37万元。截至9月25日，百普赛斯融资融券余额合计1.13亿 元。 融资方面，百普赛斯当日融资买入2904.66万元。当前融资余额1.13亿元，占流通市值的1.08%，融资余 额超过近一年90%分位水平，处于高位。 截至6月30日，百普赛斯股东户数1.17万，较上期增加10.85%；人均流通股7711股，较上期减少9.79%。 2025年1月-6月，百普赛斯实现营业收入3.87亿元，同比增长29.38%；归母净利润8380.40万元，同比增 长47.81%。 分红方面，百普赛斯A股上市后累计派现4.32亿元。近三年，累计派现3.12亿元。 机构持仓方面，截止2025年6月30日，百普赛斯十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股598.63万股，相比上期增加375.71万股。中欧医疗健康混合A（003095）位居第六大流通 股东，持股321.63万股，相比上期增加59.04万股。 责任编辑：小浪快报 融券方面，百普赛斯9月25日融 ...

Group 1 - Core technical personnel Yang Ke has officially retired due to reaching the legal retirement age and will no longer hold any position in the company [1] - As of the report, the market capitalization of the company is 7.7 billion yuan [1] Group 2 - For the fiscal year 2024, the revenue composition of the company is as follows: drug analysis accounts for 40.2%, antibody drugs for 20.85%, insulin/peptide/GLP-1 for 18.18%, recombinant proteins for 13.73%, and others for 6.6% [1]

Group 1 - The core viewpoint of the news is that Beijing Baipusi Biotechnology Co., Ltd. experienced a decline in stock price, with a drop of 5.02% to 58.65 CNY per share, and a total market capitalization of 9.844 billion CNY [1] - The company was established on July 22, 2010, and went public on October 18, 2021, focusing on providing key biological reagent products and technical services, with its main revenue sources being recombinant proteins (82.27%), antibodies and other reagents (12.88%), technical services (3.04%), and others (1.80%) [1] - A fund under Bank of China Securities holds a significant position in Baipusi, with the Bank of China Health Industry Mixed Fund (002938) owning 99,000 shares, representing 4.48% of the fund's net value, making it the seventh-largest holding [2] Group 2 - The Bank of China Health Industry Mixed Fund (002938) has a total asset size of 158 million CNY and has achieved a year-to-date return of 58.86%, ranking 653 out of 8172 in its category [2] - The fund manager, Li Mingwei, has been in charge for 2 years and 215 days, with the best and worst fund returns during his tenure both being 4.82% [3]

Group 1 - The core point of the news is the decline in the stock price of Beijing Baipusi Biotechnology Co., Ltd., which fell by 5.02% to 58.65 CNY per share, with a total market capitalization of 9.844 billion CNY [1] - The company was established on July 22, 2010, and went public on October 18, 2021, focusing on providing key biological reagent products and technical services, with its main revenue sources being recombinant proteins (82.27%), antibodies and other reagents (12.88%), technical services (3.04%), and others (1.80%) [1] - Tianhong Fund has a significant holding in Baipusi, with Tianhong Healthcare A (001558) owning 414,200 shares, representing 5.9% of the fund's net value, making it the seventh-largest holding [2] Group 2 - Tianhong Healthcare A (001558) was established on June 30, 2015, and has a current scale of 251 million CNY, with a year-to-date return of 47.25% and a one-year return of 63.92% [2] - The fund manager, Lü Qiao, has been in position for 265 days, with the fund's total assets amounting to 502 million CNY, achieving a best return of 49.24% and a worst return of 48.82% during his tenure [3]

Core Viewpoint - The company, Beijing Baipusais Biotechnology Co., Ltd., is actively engaged in the development of recombinant proteins and cell immunotherapy, with a focus on various disease targets and biomarkers, benefiting from the depreciation of the RMB and its recognition as a "specialized, refined, distinctive, and innovative" enterprise [2][3][4]. Group 1: Company Overview - The company was established on July 22, 2010, and went public on October 18, 2021, primarily providing recombinant proteins and key biological reagent products and technical services [8]. - The main revenue composition includes 82.27% from recombinant proteins, 12.88% from antibodies and other reagents, 3.04% from technical services, and 1.80% from other sources [8]. Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of 387 million yuan, representing a year-on-year growth of 29.38%, and a net profit attributable to shareholders of 83.8 million yuan, up 47.81% year-on-year [9]. - The company has distributed a total of 432 million yuan in dividends since its A-share listing, with 312 million yuan in the last three years [10]. Group 3: Market Position and Recognition - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which signifies its strong innovation capabilities and high market share in niche markets [3]. - As of the 2024 annual report, overseas revenue accounted for 66.46% of total revenue, benefiting from the depreciation of the RMB [4]. Group 4: Recent Developments - The company has developed various high-quality recombinant proteins and is expanding its product offerings in the CAR-T cell therapy field, including specific antibodies and various reagent kits [2]. - The company has initiated product development related to monkeypox virus in response to its spread, launching multiple recombinant proteins, antibodies, and reagent kits to support vaccine and therapeutic drug development [2].

Summary of the Conference Call on China's Healthcare Industry Industry Overview - The conference call focused on the **China Healthcare Industry**, specifically the **life sciences sector** [1][6]. - A strong wave of **innovation drug asset licensing** and a new round of **interest rate cuts** are revitalizing the Chinese life sciences industry after years of consolidation [1]. Key Companies Covered - **Acrobiosystems** (百普赛斯) - Rated **Overweight** with a target price of **RMB 102.50** [11][12]. - **Tofflon** (东富龙) - Rated **Equal-weight** with a target price of **RMB 16.77** [13][15]. Core Insights - The current upcycle in the industry is driven by the **globalization of early-stage innovative drug assets**, leading to increased demand for early drug discovery and development services [2]. - Preference is given to companies that directly serve early drug development needs over those focused on late-stage commercial production, which face challenges such as limited overseas demand and prolonged equipment replacement cycles [2]. - **Acrobiosystems** is considered undervalued due to its unique operational platform, focus on industrial clients, and strong growth potential driven by innovation drug development [2][11]. - **Tofflon** is expected to maintain a reasonable valuation despite moderate terminal market demand and a complex domestic replacement process [13][14]. Financial Metrics - **Acrobiosystems**: - Expected **CAGR** of **55%** from 2024 to 2027, with a current **P/E** ratio of **34x** for 2026 [11][12]. - Anticipated **net profit margin** expansion due to strong sales growth and operational leverage [11]. - **Tofflon**: - Expected **CAGR** of **42%** from 2024 to 2027, with a current **P/E** ratio of **22x** for 2026 [14][15]. - Revenue projections show a gradual increase from **RMB 5.01 billion** in 2024 to **RMB 6.24 billion** in 2027 [15]. Risks Identified - **Downside Risks**: - Geopolitical uncertainties, unexpected regulatory changes, price competition, and delays in domestic replacement processes [3]. - **Upside Potential**: - Accelerated domestic replacement processes, increased demand from a growing drug pipeline, and easing geopolitical concerns could enhance valuations [3]. Conclusion - The Chinese life sciences sector is poised for growth driven by innovation and favorable financing conditions, with specific companies like **Acrobiosystems** and **Tofflon** positioned to capitalize on these trends. The analysis suggests a favorable investment environment, albeit with certain risks that need to be monitored closely [1][2][3].

Core Viewpoint - The company continues to experience high growth in performance and improving profitability, with a revenue of 390 million yuan in the first half of 2025, representing a year-on-year increase of 29.4%, and a net profit of 80 million yuan, up 47.8% year-on-year. The net profit margin reached 21.5%, an increase of 3.6 percentage points year-on-year [1] Domestic Business Growth - The company's domestic sales revenue reached 120 million yuan, a year-on-year increase of 36.7%, while overseas sales revenue was 260 million yuan, up 22.9% year-on-year. The growth in domestic sales is primarily driven by the recovery of the innovative drug market and the continuous demand for biological reagents. The core product, recombinant protein, maintained robust growth with revenue of 320 million yuan, a 25.7% increase year-on-year [2] New Product Development - The company is intensifying efforts in new product development, particularly in the ADC field, expanding its product and service offerings, including various target proteins and specific reagents for ADC PK research. In the CGT field, the company is broadening its range of products related to cell and gene therapy, including cytokines for iPSCs differentiation and various detection kits [3] Profit Forecast and Investment Recommendation - The profit forecast remains unchanged, with projected net profits of 154 million yuan, 208 million yuan, and 253 million yuan for 2025-2027. Based on the average P/E ratio of comparable companies, a valuation of 74 times P/E for 2025 is given, corresponding to a target price of 67.34 yuan, maintaining a "buy" rating [4]