Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [4]. Core Insights - The pharmaceutical and biotechnology sector is experiencing a significant data catalyst window with the upcoming AACR annual meeting, which is expected to enhance the global competitiveness of Chinese innovative drugs [5]. - The industry index declined by 1.26%, outperforming the CSI 300 index, with notable gains in medical research outsourcing and chemical preparations [2][13]. - The overall PE ratio for the pharmaceutical and biotechnology industry is 29.30x, down from 30.34x, indicating a valuation decline below the average [17]. Industry Review - The report highlights that the innovative drug sector is currently the core focus, supported by favorable domestic policies such as the NMPA's "Spring Rain Action" to promote clinical innovation in medical devices [4][5]. - The total amount of innovative drug licensing transactions in China exceeded $60 billion in the first three months of 2026, indicating a strong global recognition of Chinese innovative drug assets [5]. - The report suggests focusing on companies with core technology platforms and differentiated pipeline layouts, particularly those expected to achieve positive catalysts at major academic conferences like AACR [5]. Important Industry News - The NMPA has initiated a three-year "Spring Rain Action" to support the transformation of clinical innovation in medical devices [21][26]. - Johnson & Johnson's oral IL-23R antagonist "Icotrokinra" has been approved by the FDA, marking it as the first of its kind globally [41]. - Novo Nordisk's weekly insulin "Awiqli" has received FDA approval, providing a new treatment option for type 2 diabetes patients [44]. - AstraZeneca and Amgen's TSLP monoclonal antibody "Tezepelumab" has been approved in China, making it the first of its kind domestically [46]. Company Dynamics - Novartis plans to invest over 3.3 billion RMB in China to enhance its R&D, production, and operational capabilities [48].

上海海利生物技术股份有限公司（以下简称"公司"）控股子公司陕西瑞盛 生物科技有限公司（以下简称"瑞盛生物"）于 2025 年 9 月向越南卫生部递交了 瑞盛生物人工骨产品的注册申报资料。瑞盛生物于近日收到越南卫生部通知，瑞 盛生物的人工骨产品获得批准。现将相关情况公告如下： 一、注册证内容 二、医疗器械基本情况 本次获得越南注册证的人工骨是瑞盛生物研发和生产的一种动物源性骨修复 材料，在组成成分和微观结构上均与人体天然骨组织高度相似。该产品用于颌骨 缺损修复，在口腔手术中用于重建缺失牙患者口内种植区的牙槽骨骨组织，解决 缺失牙患者口内种植区骨量不足的问题，具体包括：填充拔牙窝、牙槽嵴的扩展 与重建、牙周骨缺损充填、牙槽嵴骨增量术、上颌窦提升术。 人工骨于 2013 年 11 月以"天然煅烧骨修复材料"的产品名称获得中国国家 食品药品监督管理总局（现国家药品监督管理局）颁发的第三类医疗器械产品注 证券代码：603718 证券简称：海利生物 公告编号：2026－013 上海海利生物技术股份有限公司 关于控股子公司产品在越南获得注册证的公告 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 ...

关于控股子公司产品在越南获得注册证的公告 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个别及连带责任。 上海海利生物技术股份有限公司（以下简称"公司"）控股子公司陕西瑞盛 生物科技有限公司（以下简称"瑞盛生物"）于 2025 年 12 月向越南卫生部递交 了瑞盛生物可吸收胶原膜产品的注册申报资料。瑞盛生物于近日收到越南卫生部 通知，瑞盛生物的可吸收胶原膜产品获得批准。现将相关情况公告如下： 一、注册证内容 证券代码：603718 证券简称：海利生物 公告编号：2026－012 上海海利生物技术股份有限公司 二、医疗器械基本情况 本次获得越南注册证的可吸收胶原膜是瑞盛生物研发和生产的一种脱细胞基 质材料（Decellularized extracellular matrix,dECM）。临床患者牙缺失后， 缺牙部位的牙槽骨常因缺乏功能性刺激而发生进行性吸收，进而导致种植牙时面 临骨量不足的问题。针对此问题，可吸收胶原膜与口腔用骨填充材料联合使用， 在口腔种植手术中用于重建缺失牙患者口内种植区的牙槽骨骨组织，解决缺失牙 患者口内种植区水平 ...

证券代码：603718 证券简称：海利生物 公告编号：2026－011 上海海利生物技术股份有限公司 关于全资子公司获得政府补助的公告 根据上海海利生物技术股份有限公司（以下简称"公司"）全资子公司上海 捷门生物技术有限公司（以下简称"捷门生物"）于 2020 年 10 月与上海市嘉定 区发展和改革委员会签订的《上海市服务业发展引导资金项目实施框架协议书》， 捷门生物于2026年3月19日收到上海市嘉定区外冈镇人民政府拨付的2,000,000 元区级配套资金。鉴于该项目已实施完毕且验收结束，因此计入收益相关的政府 补助款，占公司 2024 年度经审计的归属于上市公司股东的净利润的 1.17%，但 根据公司 2025 年年度业绩预告，预计占 2025 年归属于上市公司股东的净利润超 过 10%。 二、补助的类型及其对上市公司的影响 根据《企业会计准则第 16 号——政府补助》的相关规定，上述补助确认为 与收益相关的政府补助，预计将对公司经营业绩产生一定积极影响。上述政府补 助数据未经审计，具体的会计处理以及对公司损益的影响须以审计机构年度审计 确认后的结果为准。敬请广大投资者注意投资风险。 特此公告。 上海海利 ...

U.MLS.37、BL.MLS.38、K.MLS.44） 证券代码：603718 证券简称：海利生物 公告编号：2026－010 上海海利生物技术股份有限公司 关于二级子公司产品获得三类医疗器械注册证的公告 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个别及连带责任。 上海海利生物技术股份有限公司（以下简称"公司"）控股子公司陕西瑞盛生物 科技有限公司控股子公司浙江卓仕优医疗器械有限公司（以下简称"卓仕优医疗"） 于近日收到国家药品监督管理局颁发的《中华人民共和国医疗器械注册证》，具 体情况如下： 一、医疗器械注册证的具体情况 产品名称：个性化桥架及螺钉 注册证编号：国械注准 20263170493 注册人名称：浙江卓仕优医疗器械有限公司 注册人住所：浙江省温州市瓯海区基因药谷北区 B 幢 5015 室 生产地址：浙江省温州市乐清市乐清经济开发区纬十二路 192 号和浙江省 温州市乐清市乐清经济开发区纬三路 188 号五楼、六楼 结构及组成：本产品包括桥架、杆卡和螺钉。桥架可用于制作固定式种植 义齿，杆卡可用于制作覆盖式种植义齿。桥架 ...

上海海利生物技术股份有限公司 董事兼总经理增持计划实施完毕暨增持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 已披露增持计划情况 上海海利生物技术股份有限公司（以下简称"公司"）于 2026 年 1 月 31 日披 露了《上海海利生物技术股份有限公司董事兼总经理增持公司股份计划公告》（公 告编号：2026-007），公司董事兼总经理韩本毅先生计划自愿以自有或自筹资金在 2026 年 2 月 1 日起 6 个月内通过上海证券交易所交易系统以集中竞价的方式增持 公司股份，预计累计增持金额不低于人民币 150 万元，不超过人民币 200 万元（以 下简称"本次增持计划"）。 增持计划的实施结果 公司于 2026 年 3 月 2 日收到董事兼总经理韩本毅先生发来的《关于海利生物 股票增持计划实施完成的函》，韩本毅先生已完成本次增持计划。2026 年 3 月 2 日，韩本毅先生以集中竞价交易方式合计增持公司股份 350,000 股，占公司总股 本 0.0537%，累计增持金额为 1,624,00 ...

Group 1 - The core viewpoint of the news is that Haili Biological has shown a mixed performance in terms of financing and stockholder metrics, with a notable decrease in revenue but a slight increase in net profit [1][2]. Group 2 - As of February 25, Haili Biological's stock price increased by 0.20%, with a trading volume of 79.57 million yuan [1]. - The financing data indicates that on February 25, Haili Biological had a financing buy amount of 3.51 million yuan and a financing repayment of 6.67 million yuan, resulting in a net financing buy of -3.16 million yuan [1]. - The total balance of margin trading for Haili Biological as of February 25 is 145 million yuan, which accounts for 4.48% of its market capitalization, indicating a low level compared to the past year [1]. - On the same day, Haili Biological had no shares repaid in short selling, with 6,000 shares sold short, amounting to 29,900 yuan at the closing price [1]. - The short selling balance is 203,700 yuan, which is also low compared to the 20% percentile level over the past year [1]. Group 3 - As of September 30, Haili Biological had 33,800 shareholders, an increase of 7.16% from the previous period, while the average circulating shares per person decreased by 6.68% to 19,196 shares [2]. - For the period from January to September 2025, Haili Biological reported a revenue of 150 million yuan, a year-on-year decrease of 14.15%, while the net profit attributable to shareholders was 20.33 million yuan, reflecting a year-on-year increase of 0.77% [2]. - Since its A-share listing, Haili Biological has distributed a total of 209 million yuan in dividends, with 107 million yuan distributed over the past three years [2]. - As of September 30, 2025, the fifth largest circulating shareholder of Haili Biological is the Guotai Zhongzheng Livestock Breeding ETF, holding 10.23 million shares, an increase of 3.70 million shares from the previous period [2].

Core Viewpoint - Shanghai Haili Biological Technology Co., Ltd. is facing potential delisting risk due to insufficient operating income and negative net profit, primarily attributed to accounting treatment differences related to a significant refund from an acquisition [1][2][3] Financial Performance - The company announced an expected profit of 34 million to 40 million yuan for 2025, with a net profit attributable to shareholders projected between 11 million to 16 million yuan. However, it anticipates a net loss of 3.9 billion to 4 billion yuan after excluding non-recurring gains and losses, with revenue expected to be below 300 million yuan [2] - A refund of approximately 399.3 million yuan is impacting the company's financials, stemming from a re-evaluation of the acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd. [3] Business Strategy - The company plans to pivot towards the dental sector, focusing on oral implants and clinics, anticipating growth in this area due to an aging population [1][4] - Haili Biological has already made strategic acquisitions in the dental industry, leveraging existing sales channels and resources from Ruisheng to promote its own implant products [7] Market Conditions - Ruisheng's profitability declined sharply in 2025 due to increased competition and a significant drop in product prices, with a 40% decrease in product prices reported in the second quarter [4][5] - The tightening of tax incentives and increased competition in the dental market have contributed to Ruisheng's financial struggles, leading to a reassessment of its valuation [5][6] Future Outlook - The company is optimistic about its future performance, expecting that new acquisitions will contribute positively to revenue by 2026, despite current delisting risks [7]

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个别及连带责任。 上海海利生物技术股份有限公司（以下简称"公司"）于近日收到全资子公司 上海捷门生物技术有限公司控股子公司成都鸬鹚生物技术有限公司（以下简称"鸬 鹚生物"）通知，鸬鹚生物已顺利通过高新技术企业认定，并取得由四川省科学技 术厅、四川省经济和信息化厅、四川省财政厅、国家税务总局四川省税务局联合 颁发的《高新技术企业证书》，具体情况如下： 证书编号：GR202551001452 发证日期：2025 年 12 月 2 日 有效期：三年 证券代码：603718 证券简称：海利生物 公告编号：2026－008 上海海利生物技术股份有限公司 关于二级子公司通过高新技术企业认定的公告 上海海利生物技术股份有限公司董事会 2026 年 2 月 5 日 本次系鸬鹚生物首次获得高新技术企业认定。根据《中华人民共和国企业所 得税法》等有关规定，鸬鹚生物自获得高新技术企业认定当年起三年内（即 2025 年、2026 年、2027 年），将享受国家关于高新技术企业的相关优惠政策，即按 15% 的税率计缴 ...

Core Viewpoint - HaiLi Bio (603718.SH) announced that its wholly-owned subsidiary, Shanghai Jiemen Biotechnology Co., Ltd., has successfully received high-tech enterprise certification for its subsidiary Chengdu Cormorant Biotechnology Co., Ltd. [1] Group 1 - Chengdu Cormorant Biotechnology has obtained the high-tech enterprise certificate issued by multiple authorities including the Sichuan Provincial Department of Science and Technology, Sichuan Provincial Economic and Information Technology Department, Sichuan Provincial Finance Department, and the State Taxation Administration of Sichuan Province [1] - The certificate number is GR202551001452, and the issuance date is December 2, 2025 [1] - This marks the first time Chengdu Cormorant Biotechnology has received the high-tech enterprise recognition [1]