2024 年&1Q25 业绩符合我们的预期 公司公布2024 年和2025 年1 季度业绩：2024 年收入6.45 亿元，同比+18.65%；归母/扣非归母净利润分 别为1.24/1.19 亿元，同比-19.38%/-15.16%。2025 年1 季度收入1.86 亿元，同比+27.73%；归母/扣非归 母净利润分别为0.41/0.38 亿元，同比+32.30%/+25.99%。2024 年和1Q25 收入利润符合我们的预期。 发展趋势 主营业务稳健向前。2024 年公司重组蛋白收入5.36 亿元，同比+17.35%；抗体、试剂盒及其他试剂收入 0.80 亿元，同比+31.23%。毛利率维持较高水平。2024 全年公司5,000 多种生物试剂实现销售和应用； 公司位于苏州的GMP 级别生产厂房已经正式投产。 关税影响部分地区贸易，竞争格局恶化，新品推广不及预期，研发失败，行业回暖不及预期。 而未来，我们预计公司也可以进一步通过海外实验室和产能布局的形式进一步分散关税相关风险。 盈利能力呈现加速改善趋势。1Q25 公司实现归母净利润0.41 亿元，净利率回升至21.8%。我们判断公 司2024 年对研发、销售 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company is experiencing an improving performance trend, with the GMP production capacity expected to contribute to future earnings flexibility. In Q4 2024 and Q1 2025, the company achieved revenues of 182 million and 186 million yuan, respectively, representing year-on-year growth of 38.5% and 27.7%. The gross margins for these periods were 89.9% and 90.4%, while net margins were 22.6% and 21.6%, indicating an improvement compared to Q2/Q3 2024, primarily due to cost savings from scaling [2][6] - The company is focusing on enhancing R&D investments to diversify its product line and expand both domestic and international markets, which is expected to drive rapid growth in future performance [2][8] Financial Performance Summary - In 2024, the company reported total revenue of 645 million yuan, a year-on-year increase of 18.65%, and a net profit of 124 million yuan, a decline of 19.38%. For Q1 2025, revenue was 186 million yuan, up 27.73%, with a net profit of 41 million yuan, reflecting a year-on-year increase of 32.30% [5][10] - The company’s R&D expenses in 2024 were 165 million yuan, a 32.37% increase, representing a R&D expense ratio of 25.63%. By the end of 2024, the company had over 5,000 types of biological reagents for sale, including nearly 50 high-quality GMP-grade products, which is an increase from the previous year [6][10] - The company’s revenue from recombinant proteins in 2024 was 536 million yuan, a growth of 17.35%, while the antibody and reagent business achieved revenue of 80 million yuan, growing by 31.2% [6][7] Future Earnings Forecast - The company is projected to benefit from ongoing domestic and international customer expansion, with adjusted revenue forecasts for 2025-2027 being 807 million, 1,015 million, and 1,283 million yuan, respectively. The EPS estimates for the same period are adjusted to 1.33, 1.68, and 2.11 yuan [8][10]

Financial Performance - The company reported a basic earnings per share of 0.3382 yuan for Q1 2025, representing a 32.06% increase compared to 0.2561 yuan in Q1 2024 [1] - Operating revenue reached 1.86 billion yuan, up 27.4% from 1.46 billion yuan in the same period last year [1] - Net profit for Q1 2025 was 0.41 billion yuan, a 32.26% increase from 0.31 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.54%, a 30.51% increase compared to 1.18% in the previous year [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 41.99 million shares, accounting for 46.37% of the circulating shares, with a decrease of 95,800 shares from the previous period [1] - Shanghai Baipusais Enterprise Management Consulting Partnership (Limited) remains unchanged with 1,198.58 million shares, representing 13.23% of total share capital [2] - Notable changes include a decrease of 11.00 million shares for Yan Changwei and a significant decrease of 32.65 million shares for Wang Miaochun [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [2]

证券代码：301080 证券简称：百普赛斯 公告编号：2025-024 北京百普赛斯生物科技股份有限公司（以下简称"公司"）第二届监事会第十 五次会议于 2025 年 4 月 27 日上午 9:00 在北京市北京经济技术开发区宏达北路 8 号公司会议室以通讯表决和现场表决的方式召开。本次会议通知及会议资料于 2025 年 4 月 22 日以专人送达、传真、电子邮件的方式发出。会议应出席监事 3 人，参与现场会议的监事 1 人，参与通讯会议的监事 2 人，分别为屈文婷女士、 张林女士。本次会议由监事会主席屈文婷女士主持，会议的召集、召开符合法律、 法规、规则和《公司章程》规定。 二、监事会会议审议情况 参会的监事一致同意通过如下决议： 审议通过《关于公司<2025年第一季度报告>的议案》 经审核，监事会认为董事会编制和审议公司《2025 年第一季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2025 年第一 季度报告》。 北京百普赛 ...

证券代码：301080 证券简称：百普赛斯 公告编号：2025-023 北京百普赛斯生物科技股份有限公司 第二届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京百普赛斯生物科技股份有限公司（以下简称"公司"）第二届董事会第十 六次会议于 2025 年 4 月 27 日上午 8:30 在北京市北京经济技术开发区宏达北路 8 号公司会议室以通讯表决和现场表决的方式召开。本次会议通知及会议资料于 2025 年 4 月 22 日以专人送达、传真、电子邮件的方式发出。会议应出席董事 7 人：参与现场会议的董事 6 人，参与通讯会议的董事 1 人，李杨女士以通讯方式 出席。会议由董事长陈宜顶先生主持，公司监事、高级管理人员列席会议。会议 的召集、召开符合法律、法规、规则和《公司章程》规定。 二、董事会会议审议情况 2、董事会审计委员会2025年第二次会议决议。 特此公告。 参会的董事一致同意通过如下决议： 审议通过《关于公司<2025年第一季度报告>的议案》 经审核，董事会认为公司《2025年第一季度报告》内容真实、 ...

招商证券股份有限公司 关于北京百普赛斯生物科技股份有限公司 2024 年度跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：百普赛斯 | | --- | --- | | 保荐代表人姓名：吴宏兴 | 联系电话：0755-82943666 | | 保荐代表人姓名：张远明 | 联系电话：0755-82943666 | 一、 保荐工作概述 | 项目 | | 工作内容 | | --- | --- | --- | | 1、公司信息披露审阅情况 | | | | （1）是否及时审阅公司信息披露文件 | | 是 | | （2）未及时审阅公司信息披露文件的次数 | | 0 次 | | 2、督导公司建立健全并有效执行规章制度 | | | | 的情况 | | | | （1）公司是否建立健全规章制度（包括但 | | | | 不限于防止关联方占用公司资源的制度、募 | | 是 | | 集资金管理制度、内控制度、内部审计制度、 | | | | 关联交易制度） | | | | （2）公司是否有效执行相关规章制度 | | 是 | | 3、募集资金监督情况 | | | | （1）查询公司募集资金专户次数 | | 2 次 | ...

招商证券关于百普赛斯首次公开发行股票并在创业板上市持续督导保荐总结报告书 招商证券股份有限公司 关于北京百普赛斯生物科技股份有限公司 持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为北京 百普赛斯生物科技股份有限公司（以下简称"百普赛斯"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 等有关规定，对百普赛斯首次公开发行股票并在创业板上市进行尽职推荐和持续 督导，持续督导期限自 2021 年 10 月 18 日至 2024 年 12 月 31 日。目前，持续督 导期限已满，本保荐机构根据《证券发行上市保荐业务管理办法》的有关规定对 百普赛斯出具保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 首次公开发行股票并在创业板上市 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 3、本保荐机构及本人自愿接受中国证监会按照《证券发行上市保荐 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥186,490,379.94, representing a 27.73% increase compared to ¥145,998,736.93 in the same period last year[5] - Net profit attributable to shareholders was ¥40,578,533.64, up 32.30% from ¥30,672,071.40 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥38,153,351.13, reflecting a 25.99% increase from ¥30,281,879.41 in the previous year[5] - Basic and diluted earnings per share were both ¥0.3382, marking a 32.06% increase compared to ¥0.2561 in the same period last year[5] - Total operating revenue for the current period reached ¥186,490,379.94, an increase of 27.7% compared to ¥145,998,736.93 in the previous period[17] - Net profit for the current period was ¥40,317,826.88, representing a 37.9% increase from ¥29,224,602.63 in the previous period[18] - Basic and diluted earnings per share increased to ¥0.3382 from ¥0.2561, reflecting a growth of 32.0%[19] Cash Flow and Investments - The net cash flow from operating activities was ¥33,444,972.89, a 4.31% increase from ¥32,062,882.66 year-on-year[5] - Cash flow from operating activities generated a net amount of ¥33,444,972.89, slightly up from ¥32,062,882.66 in the previous period[19] - Cash inflow from investment activities totaled ¥581,574,699.54, compared to ¥565,477,867.25 in the prior period[19] - Net cash flow from investing activities was -$245.13 million, compared to -$98.71 million in the previous period[20] - Total cash and cash equivalents at the end of the period decreased to $169.06 million from $261.28 million[20] - Cash flow from financing activities resulted in a net outflow of -$79.25 million, contrasting with a net inflow of $7.96 million previously[20] - Cash outflow from investment activities totaled $826.71 million, up from $664.19 million[20] - Cash inflow from financing activities was $1.84 million, significantly lower than $24.50 million in the prior period[20] - The impact of exchange rate changes on cash and cash equivalents was -$3.23 million, compared to a positive impact of $3.46 million previously[20] - Cash outflow for debt repayment was $37.25 million, with dividend payments totaling $37.56 million[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,831,580,697.96, down 2.85% from ¥2,914,608,352.07 at the end of the previous year[5] - Total current assets amounted to ¥2,160,968,589.36, down from ¥2,235,759,020.53, indicating a decrease of about 3.3%[13] - The company's total assets decreased to ¥2,831,580,697.96 from ¥2,914,608,352.07, reflecting a reduction of approximately 2.8%[14] - Total liabilities decreased significantly from ¥303,887,834.29 to ¥215,642,250.14, a decline of around 29%[14] - The company's short-term borrowings decreased from ¥88,233,105.26 to ¥51,162,033.24, a reduction of approximately 42%[14] - Accounts payable decreased from ¥86,980,175.87 to ¥68,185,789.94, representing a decline of about 21.6%[14] - The company's non-current assets totaled ¥670,612,108.60, down from ¥678,849,331.54, indicating a decrease of approximately 1.9%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,597[10] - The top shareholder, Chen Yiding, holds 23.53% of the shares, amounting to 28,240,752 shares[10] - Shareholders' equity attributable to shareholders was ¥2,621,132,809.70, a slight increase of 0.21% from ¥2,615,654,172.90 at the end of the last year[5] Expenses and Financial Management - Total operating costs amounted to ¥136,314,587.64, up 30.5% from ¥104,474,301.32 in the prior period[17] - Research and development expenses were ¥42,225,240.78, an increase of 14.5% from ¥36,839,838.52 in the previous period[17] - The company reported a decrease in financial expenses, with net financial costs of -¥7,427,741.83, compared to -¥14,389,257.60 in the previous period[17] - Other comprehensive income after tax was ¥842,832.26, slightly down from ¥861,567.24 in the previous period[18] Miscellaneous - The company received government subsidies amounting to ¥2,893,310.10, which are closely related to its normal business operations[6] - The company did not undergo an audit for the first quarter report[21] - The company plans to implement new accounting standards starting in 2025[21]

Core Insights - The company reported a revenue of 645 million yuan for 2024, an increase of 18.65% year-on-year, while the net profit attributable to shareholders decreased by 19.38% to 124 million yuan [1] - The fourth quarter of 2024 saw a significant improvement in performance, with revenue reaching 182 million yuan, up 38.50% year-on-year, and a net profit of 40 million yuan, an increase of 58.59% [1] Group 1: Business Performance - The recombinant protein business generated 536 million yuan in revenue, a growth of 17.35%, accounting for 83.05% of total revenue [2] - The company sold 4,167 types of recombinant protein products, marking a year-on-year increase of 19.26% [2] - Domestic revenue reached 216 million yuan, up 16.76%, while overseas revenue was 429 million yuan, growing by 19.62% [2] Group 2: Product Development and Expansion - The company is focusing on building a CGT raw material system and has successfully developed nearly 50 GMP-grade products [3] - The GMP-grade production facility in Suzhou has commenced operations, enhancing the company's upstream supply advantages in the CGT industry [3] Group 3: Financial Metrics - The overall gross margin decreased by 0.33 percentage points to 90.93% in 2024 [4] - The net profit margin fell by 8.53 percentage points to 18.61% due to increased expenses in sales, management, R&D, and finance [4] - In Q4 2024, the overall net profit margin was 22.60%, reflecting a 1.69 percentage point increase from the previous year [4] Group 4: Future Projections - Revenue forecasts for 2025-2027 are 793 million, 959 million, and 1.154 billion yuan, with year-on-year growth rates of 23%, 21%, and 20% respectively [5] - Expected net profits for the same period are 155 million, 206 million, and 268 million yuan, with growth rates of 25%, 33%, and 30% [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][20] Core Views - The company achieved a revenue of 645 million yuan in 2024, representing an 18.6% year-on-year growth, while the net profit attributable to the parent company was 124 million yuan, down 19.4% [1][3] - The significant improvement in revenue and net profit in the fourth quarter is attributed to the end of the inventory destocking cycle for downstream biotechnology companies [1][3] - The company is a leading provider of recombinant protein reagents globally, focusing on industrial clients with high product quality barriers and accelerating its global expansion [3][9] Revenue and Profit Analysis - In 2024, the company reported quarterly revenues of 146 million yuan, 153 million yuan, 164 million yuan, and 182 million yuan for Q1, Q2, Q3, and Q4 respectively, with Q4 showing a year-on-year growth of 38.5% [1][8] - The net profit for the quarters was 31 million yuan, 26 million yuan, 27 million yuan, and 40 million yuan, with Q4 showing a significant year-on-year increase of 58.6% [1][8] Product Line Performance - The core recombinant protein products generated sales revenue of 536 million yuan, up 17.4% year-on-year, with a gross margin of 92.7% [2][8] - Antibodies, kits, and other reagent products achieved sales revenue of 80 million yuan, reflecting a 31.2% year-on-year increase, with a gross margin of 89.7% [2][8] Geographic Revenue Breakdown - Domestic revenue for 2024 was 216 million yuan, up 16.8% year-on-year, while overseas revenue reached 429 million yuan, up 19.6% year-on-year [9][2] - The company plans to further explore international markets by establishing multiple overseas subsidiaries in Europe and Asia-Pacific, enhancing its global sales network [9][2] Financial Forecasts - The company expects net profits of 157 million yuan and 225 million yuan for 2025 and 2026 respectively, with a new forecast for 2027 at 282 million yuan [3][4] - The projected price-to-earnings ratios (PE) for the upcoming years are 33x for 2025, 23x for 2026, and 19x for 2027 [3][4]