For a listed company, the most important thing in the first quarter is to prepare the financial statements and annual report for the whole year of last year.
For example, 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 allocating the work.
2026 is the sixth year since Kechuang Biotech went public. What they will release at the beginning of this year is the 2025 annual report.
This is the financial report of Kechuang Biotechnology five years after its listing. For a company, it can be said that it has gradually moved from start-up to maturity after five years of listing.
However, the development of Kechuang Biotech has not yet seen signs of stagnation.
Therefore, investors and major investment institutions are very concerned about Kechuang Biotech's 2025 annual financial report.
A giant whale-shaped company like Kechuang Biotech can drive the ups and downs of the entire sector.
Kechuang Biotech spans biomedicine, semiconductors, new energy, consumer electronics, etc., covering sectors covered by Huaguo's core technology.
Just like when CATL's financial report was released, it proved that it did not have the moat it imagined in the battery field, and the stock price crashed and even brought down the entire sector.
If the performance of Kechuang Biotech is less than expected, the entire market will be at risk of being brought down.
Especially upstream and downstream related enterprises.
“In the upcoming annual report of Kechuang Biotech, the most noteworthy points are that one is that Kechuang Future has been controlled by Kechuang Biotech, and this part of the income will be incorporated into Kechuang Biotech’s income.
In addition, the innovative drug pipeline has been developed for five years, and it is time to produce results. Focus on the content mentioned in the annual report about innovative drugs.
Will any innovative drugs enter the clinical trial stage this year?
The other is how the research and development of the next generation of brain-computer connection technology is progressing.
Under the current situation, under the downward trend of the entire smartphone industry, Kechuang Biotechnology will also face direct competition from Neuralink.
This part of the income will shrink. It depends on whether other income can be used to make up for the shrinkage. "
"The market value of Kechuang Biotech has always been a mystery. I have always been curious about why CATL can enjoy a PE of two hundred times, while Kechuang Biotech can only enjoy a pe of about 50 times?
It is clear that the moat of Science and Technology Biotechnology is deeper than that of the Ningde era, and its technical strength is also stronger.
Even for CATL's lithium battery technology, they still need to obtain authorization from Kechuang Biotechnology.
The core graphene coating manufacturing equipment is also in the hands of Kechuang Biotechnology.
Why is the pe of Kechuang Biotechnology, which is obviously more technological and powerful, lower than that of CATL? "
Someone on Snowball asked Duan Yongping a question. As a big boss who has been around Snowball all year round, he has always wanted to answer similar questions.
By the way, spread your own investment ideas.
So after seeing it, Duan Yongping gave his own answer:
“Because what Kechuang Biotech enjoys is somewhat similar to the valuation of BOE and TCL, while what CATL enjoys is the valuation of new energy.”
Similarly, the valuation of the electronics industry, even when panels are selling well, BOE's dynamic price-to-earnings ratio is only about 6, which is terrifyingly low.
"The internal logic here is that we are not optimistic about China's original scientific research capabilities, or not optimistic enough.
The reason why CATL can enjoy high pe valuation is because the players in the battery manufacturing industry are only China, Neon and Korea, which are the three East Asian countries in the traditional economic concept.
Moreover, China’s manufacturing advantages still exist, and its requirements for front-end scientific research are not that high.
The investment community believes that CATL can win this competition. In other words, CATL’s competitors are not that strong.
And CATL has proven its competitiveness in the past ten years or so.
Kechuang Biotechnology needs to face competition from high-tech companies in Europe and the United States. Neuralink is just a well-known company. In recent years, there have been more than a thousand start-ups related to brain-computer connection.
At the same time, what's more important is that you can look at CATL's financial report. The annual investment in R&D is only between 20 and 3 billion.
Previously, a private placement of stocks was conducted to raise funds, and a total of 45 billion RMB was raised. Then more than 20 billion RMB was used to buy cash financial products.
Kechuang Biotech invests hundreds of billions of RMB in research and development every year.
The R&D content of Kechuang Biotechnology is at the forefront in the world. If it cannot maintain technological progress, it will face the risk of being caught up.
Investment in scientific research and manufacturing is very dangerous when you cannot maintain a substantial monopoly advantage.
On the contrary, PE reflects that the market currently recognizes the style and logic of CATL.
Now this phenomenon is facing a change. After Kechuang Biotech’s second-generation brain-computer connection VR product is released, we can see that Kechuang Biotech’s market value has increased by 25 points so far.
Previously, 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 Kechuang Biotech's absolute leading position in the field of brain-computer connection will not be shaken in the short term.
After this problem is solved, the only problem for Kechuang Biotechnology is that they have reached the forefront of technology and need to invest a lot of money in research and development for trial and error.
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 Kechuang Biotech. I bought Kechuang Biotech when it went public, and I have continued to do so to this day. Basically, I will increase my position at every stage of the bottom.
Zheng Li is an entrepreneur that I admire very much. He is able to focus all his energy on scientific research and then find someone he completely trusts to help him manage the company.
This is very rare. At Zheng Li's age, he can restrain his desires and have no desire for power or enjoyment. He is worth hundreds of billions and still lives like an ascetic.
I used to wonder if Zheng Li was faking it. Later, when I returned to China, I talked several times with Lei Jun and the executives of Kechuang Biotech, and I realized that Zheng Li was really as rumored.
I am optimistic about the business model of Kechuang Biotech. If China wants to achieve industrial upgrading, it must have companies like Kechuang Biotech.
Ke Chuang Bio will play a very key role in China's industrial upgrading. I also admire the founder of Ke Chuang Bio, so I will always hold it.
Unless the business model of Kechuang Biotech changes or Zheng Li leaves Kechuang Biotechnology. "
Not only Duan Yongping has been increasing his holdings of Kechuang Biotechnology, but basically foreign-funded institutions have also been increasing their holdings.
Instead, local Chinese funds and securities firms reduced their holdings.
"Kechuang Biotechnology's annual operating income in 2025 will exceed 500 billion RMB, and the net profit attributable to the parent company will be 210.28 billion RMB."
Kechuang Biotech's full-year net profit in 2025 can be said to be slightly higher than expected.
In a research report written by a securities firm for Kechuang Biotech three years ago, the net profit attributable to the parent company in 2025 was estimated to be 208.52 billion yuan.
Before the financial report came out this year, major investment institutions and investors estimated it to be around RMB 200 billion.
“The full-year financial report of Kechuang Biotech has finally been released. As the most watched company on the entire Science and Technology Innovation Board, Kechuang Biotech’s financial report can be said to be a reassurance for the entire market.
The eldest brother is fine, and the younger brothers can also dance along with the music and continue to have fun.
There are many bright spots in the entire financial report, but at the same time, some hidden worries are also looming.
First of all, Kechuang Biotech’s revenue and profit both exceeded expectations.
However, the overall smartphone field is facing shrinkage, and part of the market for brain-computer connected mobile phones has been squeezed out by neurolink. The revenue decline in this area is relatively obvious, exceeding 10%.
Revenues from brain-computer connection VR, endorphin production, sales and patent licensing, and lithium battery sector have all met or exceeded expectations.
What I am most concerned about is that it is mentioned that the brain-computer connection VR will be updated and iterated again this year, and Kechuang may be listed separately in the future to raise funds.
Kechuang Bio's statement in the financial report is that in order to improve its core competitiveness, Kechuang plans to raise funds through independent listing in the future. It is expected that the funds raised will be invested in the development and design of VR chips.
The reasons are very good. Regulators and the market should also buy it. This is a high probability event.
In addition, the technical iteration of brain-computer connected VR has exceeded expectations. Originally, I thought that the second generation would be released at the end of last year, and the next technical iteration should wait until next year.
If so, the market growth of 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 and launched between the end of this year and the first half of next year.
The names of these two drugs are too professional. I need to wait for professionals to answer their questions about the market size and profits.
But at least this is a good signal. Kechuang Biotech has invested more than five years in the field of innovative drugs and is finally seeing results.
Instead of just relying on one endorphin to dominate the world.
At the same time, the application of brain-computer connection technology in medical devices can form two legs of Kechuang Biotechnology in the field of biomedicine with innovative drugs.
Kechuang Biotechnology's breakthroughs in innovative drugs are also what I care about most.
Another disadvantage is that after carefully reading the annual report, I found that if Americen and the Europa League had not imposed an antitrust fine of more than 2 billion euros on Kechuang Biotech last year.
Kechuang Biotechnology's net profit attributable to the parent company this year should be more than 20 billion yuan.
This is an uncontrollable risk for Kechuang Biotechnology. According to the behavior of European and American countries, their antitrust fines cannot be stopped once they start.
Google pays fines almost every year, which is equivalent to an indirect tax.
Kechuang Biotechnology is likely to face a similar situation, which is a hidden danger in the future.
Overall, this financial report is beyond expectations, and it makes me look forward to the future of Kechuang Biotechnology. "
After Kechuang Biotech's 2025 annual report came out, there were various interpretations on the market.
Most of them are optimistic. On the first trading day after the annual report is released, the surge in Kechuang Biotechnology can also reflect the market's optimism.
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I updated a total of 6,000 words today, which is an additional update of 2,000 words. If you have a monthly pass, I will give you a monthly pass~
