博济医药(300404) - 300404博济医药调研活动信息20250827

Group 1: Clinical Research Organization (CRO) Business Development - In the first half of 2025, the company's clinical research service revenue was approximately CNY 290 million, representing a 6.78% decrease compared to the same period last year [2] - The new clinical research service contract amount was CNY 752 million, indicating growth in market demand for clinical CRO services [2] - The company is expanding its clinical business team and expects clinical business prices to rise due to improved financing conditions [2] Group 2: Market Competition and Industry Trends - Many small CRO companies are facing operational difficulties, leading to layoffs and even closures, which is expected to increase industry concentration [3] - The company, being a well-established CRO, has strong performance capabilities and competitive advantages [3] Group 3: Research and Development Progress - The company has several self-developed projects, including a Class 1 innovative drug for chronic heart failure and various traditional Chinese medicine projects [4] - In the first half of 2025, new signed orders amounted to CNY 870 million, with over 50% from chemical drugs and over 20% from traditional Chinese medicine [4] Group 4: Future Business Plans and Financial Projections - The company plans to increase clinical staff in the second half of 2025, but not on a large scale [5] - The company aims to achieve revenue targets based on the 2024 stock incentive plan and expects to confirm approximately CNY 480 million in revenue in the second half of 2025 [7][11] - The gross margin for clinical CRO services is expected to increase due to higher quality demands and improved funding for innovative drug development [8] Group 5: Collaboration and Mergers - The company is open to mergers and acquisitions, particularly in the fields of vaccines and blood products, while focusing on its core business [12] - The company is actively seeking partners for its self-developed projects, including the "Runnor9591" project [6] Group 6: Regulatory and Operational Efficiency - The execution cycle for clinical projects varies, with significant improvements in efficiency and quality compared to previous years [10] - The company anticipates a decrease in expense ratios as revenue grows, with stable personnel levels [11]