Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown an accelerating revenue trend, with domestic operations contributing to performance elasticity. In Q2 2025, the company achieved revenue of 201 million yuan, a year-on-year increase of 30.95%, indicating a positive outlook due to improved domestic and international economic conditions [2] - The company is a global leader in providing recombinant proteins to industrial clients and is expected to benefit from ongoing expansion in domestic and international markets, leading to sustained upward growth in performance [3] Financial Performance Summary - For the first half of 2025, the company reported operating revenue of 387 million yuan, a year-on-year increase of 29.38%, and a net profit attributable to shareholders of 84 million yuan, up 47.81% year-on-year [1] - The company’s R&D expenses for the first half of 2025 were 90 million yuan, a year-on-year increase of 15.19%, reflecting a commitment to high-intensity R&D investment [7] - The revenue from the recombinant protein business in the first half of 2025 was 319 million yuan, a year-on-year increase of 26%, while the antibody and reagent business generated 50 million yuan, up 48% year-on-year [7] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 841 million yuan, 1.055 billion yuan, and 1.307 billion yuan respectively, and adjusted EPS for the same period to 1.09 yuan, 1.41 yuan, and 1.78 yuan [3] - The company’s net profit margin is projected to improve, with net profit growth rates of 47.1%, 29.7%, and 26.3% for 2025, 2026, and 2027 respectively [9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 72.20 [1][4]. Core Insights - The company reported strong performance in 1H25, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching RMB 3.87 billion, RMB 0.84 billion, and RMB 0.84 billion respectively, representing year-on-year growth of 29.4%, 47.8%, and 45.8% [1][2]. - The company is focusing on enhancing product marketing and expanding overseas, leading to rapid revenue and profit growth, with overseas revenue at RMB 2.58 billion (up 22.9% YoY) and domestic revenue at RMB 1.23 billion (up 36.7% YoY) in 1H25 [2][4]. - The company has adjusted its revenue expectations for recombinant proteins, antibodies, and kits upwards, while lowering expense ratio expectations, forecasting net profits for 2025-2027 at RMB 1.81 billion, RMB 2.34 billion, and RMB 2.97 billion, with corresponding EPS of RMB 1.08, RMB 1.39, and RMB 1.77 [4][9]. Financial Performance - In 1H25, the sales, management, R&D, and financial expense ratios were 29.69%, 15.36%, 23.26%, and -7.20%, showing a decrease of 2.60, 0.70, and 2.86 percentage points YoY, while financial expenses increased by 1.77 percentage points [3]. - The gross profit margin for 1H25 was 90.14%, slightly down by 1.32 percentage points YoY [3]. - The company’s revenue for 2025 is projected to be RMB 810.42 million, with a growth rate of 25.64% [9]. Market Position - The company is positioned as a leading domestic bioreagent provider focused on serving the innovative drug industry chain, with a strong emphasis on overseas business development and rapid growth in both domestic and international revenues [4][2].

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 - Baipusais reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential in the market [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 387 million yuan, representing a year-on-year increase of 29.38% [2] - The net profit attributable to shareholders was around 83.8 million yuan, showing a year-on-year increase of 47.81% [2] - Basic earnings per share reached 0.5 yuan, which is a 47.8% increase compared to the previous year [2]

Group 1 - The company does not plan to distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - The company has undergone retrospective adjustments or restatements of previous accounting data due to other reasons [2] - There has been no change in the controlling shareholder during the reporting period [3] Group 2 - There has been no change in the actual controller during the reporting period [4] - There are no preferred shareholders or related holdings reported during the reporting period [4] - There are no significant matters reported in the half-year report [4]

2024年1至12月份，百普赛斯的营业收入构成为：研究和试验发展占比98.13%，其他业务占比1.87%。 截至发稿，百普赛斯市值为97亿元。 每经AI快讯，百普赛斯（SZ 301080，收盘价：57.93元）8月21日晚间发布公告称，公司第二届第二十 次董事会会议于2025年8月20日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的方式 召开。会议审议了《关于公司<2025年半年度报告全文及其摘要>的议案》等文件。 （记者 张明双） 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 ...

格隆汇8月21日丨百普赛斯(301080.SZ)公布2025年半年度报告，上半年公司实现营业收入3.87亿元，同 比增长29.38%；归属于上市公司股东的净利润8380.40万元，同比增长47.81%；归属于上市公司股东的 扣除非经常性损益的净利润8412.87万元，同比增长45.82%；基本每股收益0.5000元。 ...

Group 1: Industry Overview - The capital market is embracing the innovative drug sector with unprecedented enthusiasm, as evidenced by the impressive performance of the Hong Kong innovative drug sector, which has seen a remarkable increase of 121.74% year-to-date as of August 18 [1] - The Chinese innovative drug industry is entering a strong recovery phase after a period of capital winter and market adjustment, supported by increased policy backing and an improving global investment environment [4][8] - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, injecting strong vitality into the sector [1] Group 2: Company Performance - Baipusais has emerged as a leading indicator of the recovery in the innovative drug sector, achieving a significant revenue increase of 38.44% and a net profit increase of 58.57% in Q4 2024 [3][4] - In the first half of 2025, Baipusais reported a revenue of 387 million yuan, a year-on-year growth of 29.38%, and a net profit of 83.8 million yuan, reflecting a 47.81% increase [6] - The company’s revenue breakdown shows that recombinant protein sales accounted for 82.28% of total revenue, with a year-on-year growth of 25.71%, indicating strong demand in the market [6][7] Group 3: Market Trends and Future Outlook - The innovative drug sector is poised for a potential "bull market" as the U.S. enters a rate-cutting cycle, which may lead to increased liquidity flowing into high-risk, high-reward industries [8][9] - Historical data suggests that during previous rate-cutting periods, the Nasdaq Biotechnology Index outperformed the Nasdaq Composite Index significantly, indicating a favorable environment for biotech investments [9] - Baipusais is expected to maintain its rapid growth trajectory, supported by its strong core competencies and ongoing investments in research and development, as well as plans to establish overseas production bases [8][10]

北京百普赛斯生物科技股份有限公司 章程 二〇二五年八月 | | | | | | 北京百普赛斯生物科技股份有限公司章程 第一章 总则 公司以发起方式设立，由北京百普赛斯生物科技有限公司整体变更设 立为股份有限公司，在北京经济技术开发区市场监督管理局注册登记 并取得营业执照，公司统一社会信用代码为 911103025604366893。 1 第一条 为维护北京百普赛斯生物科技股份有限公司(以下简称"公司")、公 司股东和债权人的合法权益，规范公司的组织和行为，根据《中华人 民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券 法》(以下简称"《证券法》") 、《深圳证券交易所创业板股票上市 规则》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》、《证券法》和其他有关规定成立的股份有限公 司。 第三条 公司于 2021 年 4 月 16 日经深圳证券交易所审核并于 2021 年 8 月 31 日经中国证券监督管理委员会(以下简称"中国证监会")同意注册， 首次向社会公众发行人民币普通股 2,000 万股，于 2021 年 10 月 18 日 在深圳证券交易所上市。 第四条 公司注册名称：北京百 ...

北京百普赛斯生物科技股份有限公司 （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序， 被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾 5 年，被宣告缓刑的， 自缓刑考验期满之日起未逾 2 年； （三）担任破产清算的公司、企业的董事或者厂长、总经理，对该公司、企 业的破产负有个人责任的，自该公司、企业破产清算完结之日起未逾 3 年； （四）担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人， 并负有个人责任的，自该公司、企业被吊销营业执照、责令关闭之日起未逾 3 年； （五）个人所负数额较大的债务到期未清偿被人民法院列为失信被执行人； 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范北京百普赛斯生物科技股份有限公司（以下简称"公司"） 董事、高级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司 及股东的合法权益，公司根据《中华人民共和国公司法》（以下简称《公司法》） 《上市公司章程指引》《深圳证券交易所创业板股票上市规则》等法律、法规、 规范性文件及《北京百普赛斯生物科技股份有限公司章程》（以下简称《公司章 程》） ...