Core Viewpoint - The company reported a revenue of 297 million yuan for 2024, representing a year-on-year growth of 22.26%, with significant variations across different product lines and services [3][4][6]. Revenue and Gross Margin Analysis - The revenue breakdown shows that CHO culture media revenue increased by 62.83%, while CDMO service revenue declined by 25.66% [3][16]. - The gross margin for domestic CDMO services dropped significantly, while the gross margin for culture media remained relatively stable [24][25]. Product Sales Performance - CHO culture media sales in the domestic market reached 126.05 million yuan, a 33.01% increase, driven by ongoing customer projects [11][12]. - The sales volume of 293 culture media decreased by 16.28% in the domestic market due to lower demand in related application fields [12][13]. - Other products, including contract manufacturing and vaccine culture media, saw a notable increase in revenue due to stable orders from overseas clients [13][15]. CDMO Business Challenges - The CDMO business faced a significant decline in revenue, attributed to a tightening financing environment in the biopharmaceutical industry, leading to reduced project initiation and progression [35]. - The number of high-value orders (over 5 million yuan) significantly decreased, impacting overall revenue [17][35]. - The company reported a negative gross margin for CDMO services in 2024, primarily due to increased material costs and operational expenses from the new commercial production platform [35][36]. Customer and Market Dynamics - The company’s top five overseas clients contributed significantly to revenue growth, with notable increases in sales to key customers [20][22]. - The overall customer base remained stable, but the number of high-value clients decreased, reflecting a challenging market environment [7][35]. - The company continues to focus on providing high-quality CDMO services despite facing increased competition and cost pressures [35].

Core Viewpoint - Aopumai's acquisition of Pengli Biotechnology for 1.45 billion is seen as a strategic move to diversify its client base and enhance its early pipeline, despite facing internal dissent and regulatory scrutiny [4][7][9]. Company Overview - Aopumai plans to acquire 100% of Pengli Biotechnology for a total consideration of 1.45 billion, with 710 million needing to be paid in cash, which nearly depletes Aopumai's cash reserves [4][9]. - Aopumai's main business includes cell culture products and services, with a significant reliance on CHO culture media, contributing over 70% of its revenue in 2024 [7][9]. Financial Performance - Aopumai's performance has been declining, with a reported 80% drop in earnings over the past three years, and a net profit of 14.67 million in Q1 2024, down 25.08% year-on-year [9][11]. - The company's cash balance as of Q1 2024 was 737 million, which covers the cash portion of the acquisition, but still represents a significant portion of its total funds [9][11]. Market Context - The acquisition is positioned as a strategic opportunity during a low point in the industry, with Aopumai aiming to integrate early-stage research capabilities through this merger [7][9]. - Pengli Biotechnology, which previously aimed for a listing on the STAR Market, has also faced growth challenges, with a net profit of 44.51 million in 2024, down 25.52% from 2023 [11]. Stock Market Reaction - Following the announcement of the acquisition, Aopumai's stock price showed a slight increase, closing at 38.49 yuan, reflecting market optimism regarding the transaction [12].

核心培养基业务收入快速增长。2024年公司产品业务实现收入2.4亿元(+42%)，其中CHO培养基实现收 入2亿元(+49%)；海外业务实现收入9446万元，同比+144%。2024 年销售毛利率为53%，同比-5.8pp， 预计主要系CDMO 业务的固定成本摊销。费用率方面，销售费用率8.5%(+1.8pp)， 管理费用率27.1% (+3.2pp)，研发费用率11.5%(-6.2pp)。2024 年公司计提资产减值损失954万元，计提信用减值损失692 万 元。此外，由于公司高新技术企业资格取消致使税率提升，2024 年所得税费用增加656 万元。 盈利预测与投资建议。预计公司2025-2027 年收入分别为4亿元、5.3 亿元、7亿元，公司储备药企项目 丰富，未来抗体商业化生产订单将驱动业绩增长，建议关注。 事件：公司发布 2024年报，2024年实现收入3亿元(+22.3%)，归母净利润2105万元(-61%)，扣非净利润 658.6 万元(-81%)。 风险提示：产品出海不及预期风险、创新药行业投融资不及预期风险、市场竞争风险。 培养基业务持续放量，产品管线数量突破性增长。2024 年使用公司培养基 ...