提质增效并重 义翘神州半年报显示，公司上半年实现营收3.24亿元，同比增长6.15%，扣非净利润3312万元，同比大 幅增长31.85%，显示出其核心业务（重组蛋白、抗体、CRO服务等）的韧性及长期成长性。 转自：中国证券报·中证网 中证报中证网讯（王珞）8月26日晚，义翘神州（301047）发布2025年度半年报。报告显示，上半年公 司实现营业收入3.24亿元，同比增长6.15%；实现归属于上市公司股东的净利润6769万元，扣非净利润 为3312万元，同比大幅增长31.85%。同时公布其首份年中分红方案：拟每10股派发现金红利40元，共 计分红4.87亿元。 连续四年分红 根据Wind数据，上市四年来，义翘神州一直保持了一定的营收规模持续盈利。为了认真践行与投资者 共享发展成果的承诺，义翘神州连续四年以分红形式回馈投资者，积极响应了监管政策中"常态化分红 机制，提高投资者回报水平"的倡议。 生物试剂业务具有生产周期短、毛利率高、现金流好等特征，能快速产生收益，所产生的现金流可以较 好的维持其正常运营。Wind数据显示，义翘神州上市前2020年净利润为11.28亿元，当年未进行分红， 为上市后向公众投资者连续 ...

公司在半年报中表示，业绩驱动的主要因素在于公司产品研发、技术创新方面一直保持高投入，并不断 地将技术成果转化为满足客户需求的系列试剂产品。经过多年研发和技术积累，公司建立起多个核心技 术平台，能够根据市场需求，高效率研制多样化生物试剂，并根据客户个性化需求及时提供相关技术服 务。 本次半年报显示，义翘神州扣非净利润同比增幅为31.85%，是疫情之后首次实现正增长，其中二季度 扣非净利润环比增幅为189%，伴随着新冠业务的逐渐出清，其非新冠业务的拓展和增长后劲十足。 此外，基于对公司自身经营情况和未来长期发展趋势的信心，以及持续回报投资者，义翘神州首次进行 年中分红。公开数据显示，上市4年来，公司一直保持了一定的营收规模持续盈利。为了认真践行与投 资者共享发展成果的承诺，义翘神州已经连续4年以分红形式回馈投资者。 生物试剂业务具有生产周期短、毛利率高、现金流好等特征，能快速产生收益，所产生的现金流可以较 好地维持其正常运营。半年报显示，目前公司流动资金累积近40亿元，未分配利润超11亿元。 8月26日晚，义翘神州（301047）(301047.SZ)发布了2025年度半年报。报告显示，公司实现营业收入 3.24 ...

8月25日，义翘神州涨0.93%，成交额1.36亿元。两融数据显示，当日义翘神州获融资买入额1563.39万 元，融资偿还1804.22万元，融资净买入-240.83万元。截至8月25日，义翘神州融资融券余额合计2.66亿 元。 融资方面，义翘神州当日融资买入1563.39万元。当前融资余额2.65亿元，占流通市值的2.94%，融资余 额超过近一年90%分位水平，处于高位。 截至7月31日，义翘神州股东户数2.09万，较上期减少0.43%；人均流通股5728股，较上期增加0.43%。 2025年1月-3月，义翘神州实现营业收入1.55亿元，同比增长1.94%；归母净利润2263.64万元，同比减少 48.27%。 分红方面，义翘神州A股上市后累计派现13.16亿元。近三年，累计派现6.36亿元。 机构持仓方面，截止2025年3月31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八大流 通股东，持股80.34万股，为新进股东。 责任编辑：小浪快报 融券方面，义翘神州8月25日融券偿还0.00股，融券卖出200.00股，按当日收盘价计算，卖出金额1.48万 元；融券余量1.38万股，融券余额102.31万 ...

证券代码：301080 证券简称：百普赛斯 北京百普赛斯生物科技股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 中欧基金、汇添富基金、招商基金、华泰柏瑞基金、永赢基金、嘉实基金、 富国基金、国盛证券、海通证券、德邦证券、招商证券等 67 家机构 72 名参 与人员 时间 2025 年 8 月 22 日 地点 上海 上市公司接待 人员 董事长、总经理 陈宜顶 副总经理、董事会秘书、财务负责人 林涛 投资者关系活 动主要内容介 绍 问：公司 2025 年半年度业绩？ 公司聚焦抗体药与细胞免疫治疗，集中优势资源推动核心业务发展，并 坚定不移地推进全球化战略。公司秉持"市场导向、客户至上、创新驱动"的 研发理念，持续加强重点与热点产品的研发力度，推出一系列高质量且契合 市场需求的产品，有效满足市场对重组蛋白等生物试剂不断增长需求。在内 部管理方面，公司进行全面优化，建立健全营销网络体系，全方位提升综合 竞争力与盈利能力。 2025 年上半年，公司实现营业收入 ...

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|公司点评报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 收入呈现加速趋势，境内业务贡献业绩弹性 [Table_Title2] 百普赛斯(301080) [Table_Summary] 事件概述 公司公告 2025 年中报：25H1 实现营业收入 3.87 亿元，同比 增长29.38%、实现归母净利润0.84亿元，同比增长47.81%、 实现扣非净利润 0.84 亿元，同比增长 45.82%。 分析判断: ► 收入呈现加速趋势，境内业务贡献业绩弹性 [Table_Pic] -6% 24% 55% 85% 115% 145% 2024/08 2024/11 2025/02 2025/05 2025/08 相对股价% 百普赛斯 沪深300 [Table_Author] 分析师：崔文亮 公司 25Q2 实现收入 2.01 亿元，同比增长 30.95%，环比 25Q1 的收入增速为 27.73%呈现加速趋势，我们判断核心受益于国内 外景气度的改善。公司 25Q2 扣非净利率为 22.89%，环比 25Q1 的 20.46%和 24Q2 的 17.87%均略有提 ...

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]

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].