As a mage, I just want to pursue the truth

Chapter 273 Annual Report for the Fifth Year of Listing (Add more monthly tickets!!!)
For a listed company, the most important thing in the first quarter is to prepare the financial report and annual report for the whole year of last year.

Like this year's annual plan, the overall framework was completed as early as the third quarter of last year.

The top level will only focus on KPI indicators, and then the middle level will be responsible for refining the KPI indicators in the annual plan and then assigning work.

2026 is the sixth year after Kechuang Biotech went public, and they will release their annual report for 2025 at the beginning of this year.

It is a financial report five years after the listing of Kechuang Bio. For a company, it can be said that it has gradually grown from a start-up to a mature one after five years of listing.

However, the development of science and technology innovation has not yet seen signs of stagnation.

Therefore, shareholders and major investment institutions are very concerned about the 2025 annual financial report of Kechuang Bio.

A giant whale-shaped enterprise like Kechuang Biology can drive the ups and downs of the entire sector.

Kechuangbiology spans biomedicine, semiconductors, new energy, consumer electronics, etc., and covers the core technology sectors of Huaguo.

Just like the release of CATL's financial report back then, it proved that it did not have the imaginary moat in the battery field, and the flash crash of stock prices even led to the collapse of the entire sector for a reason.

If the performance of Kechuang Biotech falls short of expectations, the entire market will face the risk of being brought down.

Especially upstream and downstream related enterprises.

"In the upcoming annual report of Kechuang Bio, the most noteworthy points are that, one is that Kechuang Future has been controlled by Kechuang Bio, and this part of the income will be incorporated into the income of Kechuang Bio.

In addition, the research and development of the innovative drug pipeline has been going on for five years, and it is time to produce results. Focus on the content mentioned in the annual report on innovative drugs.

Will there be innovative drugs entering clinical trials this year?

The other is the progress of the research and development of the next generation of brain-computer connection technology.

In the current situation, under the downward trend of the entire smartphone industry, Kechuangbio still faces direct competition from Neuralink.

This part of income will shrink, it depends on whether other income can make up for this shrinkage. "

"The market value of Kechuangbiology has always been a mystery. I have always wondered why Ningde era can enjoy a PE of two hundred times, while Kechuangbio can only enjoy a PE of about [-]?

Obviously, the moat of Kechuang Biology is deeper than that of Ningde era, and its technical strength is also stronger.

Even in the lithium battery technology of the Ningde era, they also need to obtain the authorization of Kechuang Bio.

The core graphene coating manufacturing equipment is also in the hands of Kechuangbio.

Why is the PE of the more technologically advanced and powerful science and technology biotechnology lower than that of the Ningde era? "

Someone on Snowball asked Duan Yongping a question. As a big boss who has been with Snowball all year round, he has always wanted to answer similar questions.

By the way, spread your investment philosophy.

So after seeing it, Duan Yongping gave his own answer:
"Because Kechuangbiology enjoys a valuation similar to that of BOE and TCL, while CATL enjoys a valuation of new energy."

Similarly, the valuation of the electronics industry, even in the case of panel sales, BOE's dynamic price-earnings ratio is only about 6, which is frighteningly low.

"The internal logic here is that Huaguo's original scientific research capabilities are not optimistic, or not optimistic enough.

The reason why Ningde era can enjoy high PE valuation is because the players in the battery manufacturing industry are only Huaguo, Neon and Korea, which are the three East Asian countries in the traditional economic concept.

Moreover, Huaguo's manufacturing advantages still exist, and the requirements for front-end scientific research are not so high.

The investment community believes that Ningde era can win this competition. In other words, the competitors of Ningde era are not that strong.

Moreover, Ningde era has proved its competitiveness in the past ten years.

Kechuang Bio needs to face the competition from high-tech companies in Europe and the United States. Neuralink is just a well-known company. In recent years, American has more than [-] brain-computer connection start-ups.

At the same time, the more important thing is that you can go to the financial report of Ningde Times. The annual investment in research and development is only between two and three billion.

I did a private placement to raise funds before, and raised a total of 450 billion RMB, and then used more than 200 billion to buy cash wealth management products.

Kechuangbio invests hundreds of billions of RMB in research and development every year.

The research and development content of Kechuangbiology is at the forefront worldwide. If it cannot maintain technological progress, it will face the risk of being caught up.

Investments in scientific research and manufacturing are dangerous when you cannot maintain a substantial monopoly advantage.

On the contrary, what PE reflects is that the market now recognizes the style and logic of Ningde era more.

Now this phenomenon is facing a change. After the release of the second-generation brain-computer connection VR products of Kechuangbio, we can see that the market value of Kechuangbio has risen by 25 points so far.

Previously, the PE was less than 40 times, but now it has exceeded 50 times. It can be seen that investment institutions and investors are gradually recognizing that the absolute leading position of Kechuangbio in the field of brain-computer connection will not be shaken in the short term.

After this problem is solved, the only problem with Kechuangbio is that they have reached the forefront of technology and need to invest a lot of money in research and development to try and make mistakes.

This is an investment that no one can predict.

We can only hope that Zheng Li can lead the R&D team to choose the right direction as much as possible.

Of course, I continue to be optimistic about Kechuangbio. I bought it when Kechuangbio was listed, and it has continued to this day. Basically, I will increase my position at the bottom of every stage.

Zheng Li is an entrepreneur I personally admire very much. He can focus all his energy on scientific research, and then find a person he fully trusts to help him manage the company.

This is very rare. At Zheng Li's age, he can curb his desires, be free from the desire for power and enjoyment, be worth hundreds of billions and still live like an ascetic monk.

I used to wonder if Zheng Li was pretending. Later, when I returned to China, I chatted with Lei Jun and the executives of Kechuang Biology several times, and then I realized that Zheng Li was really as the rumors said.

I am optimistic about the business model of Kechuang Bio. If Huaguo wants to achieve industrial upgrading, it must have an enterprise like Kechuang Bio.

Kechuang Bio will play a very key role in Huaguo's industrial upgrading. I also admire the founder of Kechuang Bio, so I will always hold it.

Unless the business model of Kechuangbio changes, or Zheng Li leaves Kechuangbio. "

Not only Duan Yongping has been increasing his holdings in science and technology, but basically foreign institutions have also been increasing their holdings.

Instead, Huaguo's local funds and brokerages reduced their holdings.

"Kechuang Bio's annual operating income in 2025 will exceed 5000 billion RMB, and the net profit attributable to the parent will be 2102.8 billion RMB."

Kechuang Bio's full-year net profit in 2025 can be said to be slightly higher than expected.

In a research report written by a brokerage firm three years ago for Kechuang Bio, the net profit of Kechuang Bio in 2025 is estimated to be 2085.2 billion yuan.

Before the financial report came out this year, major investment institutions and investors estimated that it was around 2000 billion RMB.

"Kechuang Bio's annual financial report has finally been released. As the most watched company on the Sci-Tech Innovation Board, Kechuang Bio's financial report can be said to be a reassurance for the entire market.

The big brother is fine, the younger brothers can also dance to the music and continue to be high.

There are many bright spots in the entire financial report, and at the same time some hidden worries are looming.

First of all, Kechuang Bio's revenue and profit both exceeded expectations.

However, the overall smart phone field is facing shrinkage, and part of the market for brain-computer connected mobile phones has been squeezed out by Neuralink.The decline in revenue in this area is more obvious, exceeding [-]%.

Brain-computer connection VR, production and sales of endorphins and patent authorization, and lithium battery segment revenues all met or exceeded expectations.

What I am most concerned about is that this year’s brain-computer connection VR will undergo another update iteration, and then Kechuang may be listed separately in the future to raise funds.

Kechuang Biology stated in its financial report that in order to improve its core competitiveness, Kechuang intends to raise funds through an independent listing in the future. It is expected that the funds raised will be invested in the development and design of VR chips.

There are good reasons, and regulators and the market should also buy it. This is a high probability event.

In addition, the technical iteration of brain-computer connection VR has exceeded expectations. I originally thought that the second generation would come out at the end of last year, and the next technical iteration should wait until next year.

If this is the case, the increase in the market for brain-computer-connected VR can fill in the missing piece of brain-computer-connected mobile phones.

Then there is the research and development of innovative drugs. This year, two drugs will enter the clinical trial stage and are expected to be approved for marketing between the end of this year and the first half of next year.

The names of these two drugs are too professional, and I need to wait for professionals to answer the market size and profit situation.

But at least this is a good signal. Kechuangbio has invested more than five years in the field of innovative drugs and is finally about to see results.

Instead of always relying on only one endorphin to conquer the world.

At the same time, the application of brain-computer connection technology in medical devices can form the two legs of Kechuangbio in the field of biomedicine with innovative drugs.

I am also most concerned about Kechuang Biotech's breakthroughs in innovative drugs.

There is another disadvantage, that is, after I read the annual report carefully, I found that if it hadn’t been for the anti-monopoly fines of more than 20 billion euros imposed on Kechuang Biotech by American and the Europa Alliance last year.

Kechuang Bio's net profit attributable to its mother this year should add more than 200 billion RMB.

This is an uncontrollable risk for Kechuang Bio. According to the urine nature of European and American countries, their anti-monopoly fines cannot be stopped once they start.

Like Google, which pays fines almost every year, it is equivalent to an indirect tax.

Kechuangbiology is likely to face a similar situation, which is a hidden danger in the future.

On the whole, this financial report is beyond expectations, which makes me look forward to the future of Kechuang Biotech even more. "

After the 2025 annual report of Kechuang Biotech came out, there were various interpretations on the market.

Most of them are based on optimism. On the first trading day after the annual report came out, the surge in science and technology biotech can also reflect the optimism of the market.

　A total of [-] words have been updated today, which is considered to be an addition of [-], and if there is a monthly ticket, please give a monthly ticket~
　　
　
(End of this chapter)