Core Insights - The recombinant protein industry in China, despite its late start, has rapidly developed due to continuous support from national industrial policies, leading to significant breakthroughs in technology, production processes, and quality control [1][15] - The market for recombinant proteins is expected to grow steadily, driven by increased investment in innovative drug research, rising demand for precision medicine, and the expansion of downstream application scenarios [1][15] Industry Overview - Recombinant proteins are proteins obtained through genetic engineering and cell engineering, essential for the development and production of biopharmaceuticals, cell immunotherapy, and diagnostic reagents [4] - The industry has experienced three stages: the initial stage (1970-1990), rapid development (1990-2000), and transformation and upgrading (2000-present) [8][9] Market Growth - The market size of China's recombinant protein industry is projected to grow from 5.1 billion yuan in 2015 to 27 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.34% [1][15] - The global recombinant protein market is expected to increase from $7 billion in 2015 to $18.5 billion in 2024, with a CAGR of 11.4% [13][14] Policy Support - The Chinese government has implemented various policies to encourage technological innovation and market expansion in the biopharmaceutical sector, including funding support for research and expedited drug approval processes [9][10] Industry Chain - The upstream of the recombinant protein industry includes raw materials and equipment, while the midstream consists of recombinant protein products, and the downstream includes customers such as research institutions and pharmaceutical companies [10] Competitive Landscape - The recombinant protein market is characterized by a diverse and dynamic competitive landscape, with major multinational pharmaceutical companies like Pfizer, Roche, and Novartis leading the market, while numerous small and medium-sized enterprises focus on innovative technologies [16][17] Development Trends - The industry is moving towards high-end products, focusing on complex structures and high-value proteins, with an emphasis on product activity, purity, and consistency [18] - Intelligent technologies, including AI and machine learning, are expected to enhance research and production processes, improving efficiency and product quality [19][20] - Chinese recombinant protein companies are increasingly participating in global competition, aiming to meet international standards and establish a strong global presence [21]

Core Viewpoint - Zhongyuan Union is a leading enterprise in the domestic cell industry, focusing on cell detection, preparation, storage, and in vitro diagnostics, with a comprehensive and differentiated advantage across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Zhongyuan Union achieved a revenue of 1.092 billion yuan, ranking 9th among 39 companies in the industry [2] - The company's main business composition includes testing reagents (410 million yuan, 58.46%), cell detection preparation and storage (186 million yuan, 26.49%), scientific research reagents (83.27 million yuan, 11.86%), gene testing (16.87 million yuan, 2.40%), and others (5.53 million yuan, 0.79%) [2] - The net profit for the same period was 99.86 million yuan, ranking 12th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Zhongyuan Union's asset-liability ratio was 29.26%, down from 30.31% year-on-year, which is higher than the industry average of 18.29% [3] - The company's gross profit margin in Q3 2025 was 69.22%, slightly down from 69.82% year-on-year, but still above the industry average of 56.20% [3] Group 3: Management and Shareholder Structure - The total compensation for General Manager Wang Hongqi was 2.3881 million yuan in 2024, an increase of 1.9688 million yuan compared to 2023 [4] - The controlling shareholder is Shenzhen Jiadao Successful Investment Enterprise (Limited Partnership), with actual controllers Chen Chunmei and Gong Hongjia [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.06% to 34,700 [5] - The average number of circulating A-shares held per shareholder decreased by 3.91% to 13,500 [5]

Core Viewpoint - Zhongyuan Union has received approval from the National Medical Products Administration for its VUM02 injection, which is intended for clinical trials to treat post-pneumonia progressive pulmonary fibrosis [1] Group 1: Product Development - The VUM02 injection is an autologous umbilical cord-derived mesenchymal stem cell injection, classified as a Class 1 therapeutic biological product [1] - The clinical trial aims to evaluate the efficacy and safety of VUM02 in patients with pulmonary fibrosis following pneumonia through a Phase IIa study [1] - As of September 2025, the company has invested a total of 23.5155 million yuan in the development of this project [1] Group 2: Market Context - Currently, there are no similar cell therapies approved for market globally, indicating a potential first-mover advantage for the company [1] - The therapy is expected to provide new treatment options through mechanisms such as immune modulation, anti-inflammation, and tissue repair promotion [1] Group 3: Future Considerations - The project will still need to undergo multiple stages, including clinical trials and market application, which introduces uncertainty regarding its future [1]

证券代码：600645 证券简称：中源协和 公告编号：2025-043 中源协和细胞基因工程股份有限公司 关于全资子公司获得药物临床试验批准通知书 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中源协和细胞基因工程股份有限公司（以下简称"公司"）全资子公司武汉 光谷中源药业有限公司于 2025 年 10 月 30 日收到国家药品监督管理局核准签发 的关于 VUM02 注射液用于治疗肺炎后进展性肺纤维化的《药物临床试验批准通 知书》。现对有关信息公告如下： 一、药品基本信息 药品名称：VUM02 注射液 当前，全球范围内已广泛开展间充质基质细胞（MSCs）治疗各类病因所致 肺纤维化的临床探索，现有数据表明该疗法具有良好的安全性和耐受性。MSCs 凭借其独特的免疫调节、抗炎、抗纤维化以及促进组织修复与再生的能力，有望 同时干预肺炎后进展性肺纤维化的三大核心病理过程——持续炎症损伤、组织修 复失调和病理性纤维过度沉积，从而为这类患者提供一种潜在的有效治疗新策略。 剂型：注射剂 受理号：CXSL2500651 通知书编号：2 ...

Core Viewpoint - Zhongyuan Xiehe (600645.SH) reported a decline in operating revenue for Q3 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - Operating revenue for Q3 2025 was 376 million yuan, a year-on-year decrease of 6.82% [1] - Net profit attributable to shareholders was 50.14 million yuan, reflecting a year-on-year increase of 3.74% [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 44.03 million yuan, a year-on-year decrease of 5.10% [1]

Core Viewpoint - Zhongyuan Xiehe (600645.SH) reported a decline in operating revenue for Q3 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - Operating revenue for Q3 2025 was 376 million yuan, a year-on-year decrease of 6.82% [1] - Net profit attributable to shareholders was 50.14 million yuan, reflecting a year-on-year increase of 3.74% [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 44.03 million yuan, a year-on-year decrease of 5.10% [1]

重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 证券代码：600645 证券简称：中源协和 公告编号：2025-042 中源协和细胞基因工程股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 14 日 14 点 00 分 召开地点：天津市滨海高新区华苑产业区梅苑路 12 号公司会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年11月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 14 日 至2025 年 11 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

证券代码：600645 证券简称：中源协和 公告编号：2025-040 中源协和细胞基因工程股份有限公司 十一届二十二次临时董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中源协和细胞基因工程股份有限公司（以下简称"公司"）十一届二十二 次临时董事会会议于 2025 年 10 月 29 日以通讯表决方式召开。会议通知和会议 资料已于 2025 年 10 月 25 日以电子邮件形式向全体董事发出。应出席会议的董 事 9 名，实际出席会议的董事 9 名。会议符合《公司法》和《公司章程》的规 定，表决有效。经出席会议的董事认真审议，通过了以下决议： 具体详见同日公告《公司关于续聘会计师事务所的公告》。 本议案经公司第十一届董事会审计委员会 2025 年第六次会议审议通过。 本议案尚需提交公司股东大会审议。 3、以 9 票赞成、0 票反对、0 票弃权，审议通过了《关于召开 2025 年第一 次临时股东大会通知的议案》。 具体详见同日公告《公司关于召开 2025 年第一次临时股东大会的通知》。 特此公告。 1、以 9 ...

每经AI快讯，中源协和（SH 600645，收盘价：23.82元）10月29日晚间发布公告称，公司十一届二十二 次董事会临时会议于2025年10月29日以通讯表决方式召开。会议审议了《关于续聘天健会计师事务所为 公司2025年度审计机构的议案》等文件。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 张明双） 截至发稿，中源协和市值为111亿元。 2025年1至6月份，中源协和的营业收入构成为：制造业占比68.9%，服务业占比28.3%，其他业务占比 2.79%。 ...

截至发稿，中源协和市值为111亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ 每经AI快讯，中源协和（SH 600645，收盘价：23.82元）10月29日晚间发布三季度业绩公告称，2025年 前三季度营收约10.92亿元，同比减少9.41%；归属于上市公司股东的净利润约1.08亿元，同比减少 19.18%；基本每股收益0.24元，同比减少17.24%。 （记者 曾健辉） ...