11月3日，药康生物涨5.05%，截至发稿，报18.72元/股，成交7162.25万元，换手率0.95%，总市值76.75 亿元。 数据显示，诺安基金旗下1只基金位居药康生物十大流通股东。诺安先锋混合A（320003）三季度减持 26.52万股，持有股数506.87万股，占流通股的比例为1.24%。根据测算，今日浮盈赚取约456.19万元。 诺安先锋混合A（320003）成立日期2005年12月19日，最新规模43.45亿。今年以来收益37.47%，同类 排名2135/8223；近一年收益40.92%，同类排名1586/8115；成立以来收益1164.06%。 诺安先锋混合A（320003）基金经理为杨谷。 截至发稿，杨谷累计任职时间19年260天，现任基金资产总规模58.37亿元，任职期间最佳基金回报 1099.07%， 任职期间最差基金回报8.34%。 资料显示，江苏集萃药康生物科技股份有限公司位于江苏省南京市江北新区学府路12号，成立日期2017 年12月29日，上市日期2022年4月25日，公司主营业务涉及实验动物小鼠模型的研发、生产、销售及相 关技术服务。主营业务收入构成为：商品化小鼠模型销售55. ...

10月31日，药康生物涨5.04%，截至发稿，报18.14元/股，成交4438.15万元，换手率0.61%，总市值 74.37亿元。 资料显示，江苏集萃药康生物科技股份有限公司位于江苏省南京市江北新区学府路12号，成立日期2017 年12月29日，上市日期2022年4月25日，公司主营业务涉及实验动物小鼠模型的研发、生产、销售及相 关技术服务。主营业务收入构成为：商品化小鼠模型销售55.36%，功能药效23.46%，定制繁育 11.32%，模型创制7.06%，代理进出口及其他2.70%，其他(补充)0.09%。 从药康生物十大流通股东角度 数据显示，诺安基金旗下1只基金位居药康生物十大流通股东。诺安先锋混合A（320003）三季度减持 26.52万股，持有股数506.87万股，占流通股的比例为1.24%。根据测算，今日浮盈赚取约440.98万元。 诺安先锋混合A（320003）成立日期2005年12月19日，最新规模43.45亿。今年以来收益37.16%，同类 排名2306/8154；近一年收益41.44%，同类排名1675/8046；成立以来收益1161.23%。 截至发稿，杨谷累计任职时间19年257天， ...

证券代码：688046 证券简称：药康生物 公告编号：2025-072 江苏集萃药康生物科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/10/31 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2024 10 | 10 | 月 | 29 | 日~2025 | 年 | 月 | 日 28 | | 预计回购金额 | 2,200万元~4,000万元 | | | | | | | | | 回购价格上限 | 18.00元/股 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | | □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 实际回购股数 | 1,5 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the life sciences upstream sector [6]. Core Insights - The life sciences upstream sector is experiencing simultaneous domestic substitution and accelerated international expansion, with significant room for improvement in the localization rates of research reagents, consumables, and high-end scientific instruments [1][22]. - The demand side is improving due to favorable trends in innovative drug development and supportive national policies, with domestic innovative drug companies' overseas business development (BD) transactions expected to exceed $100 billion in 2025, nearly doubling from 2024 [2][25]. - The supply side is also gradually improving, with domestic life sciences companies achieving technological breakthroughs and expanding their business pipelines through both organic growth and acquisitions [2][29]. - Key companies are showing signs of performance improvement, with notable growth in revenue and net profit for firms like Baipusais and Aopumai [2][34]. Summary by Sections 1. Life Sciences Upstream Overview - The life sciences upstream includes research reagents, experimental consumables, instruments, and comprehensive services, playing a crucial role in various applications such as antibody drugs and gene therapy [9][10]. 1.1 Domestic Substitution and International Expansion - The localization rates for research reagents are around 10%, with high-end scientific instruments having an import rate of approximately 70.6% [22][23]. 1.2 Demand Side Improvement - The innovative drug sector is witnessing a recovery, with significant increases in overseas BD transactions, indicating a robust demand for life sciences products [25][27]. 1.3 Supply Side Enhancements - Domestic companies are making technological advancements, with key players like Aopumai and Baipusais expanding their product lines and market presence through acquisitions and internal development [29][30]. 1.4 Company Performance Trends - Companies such as Baipusais and Aopumai have reported substantial improvements in their financial performance, with Baipusais showing a 31% year-on-year revenue growth and Aopumai achieving a remarkable 402% increase in net profit [34]. 2. Recommended Stocks - Suggested stocks to watch include Baipusais, Aopumai, Aladdin, and others in the research reagent and scientific instrument sectors [2].

Investment Rating - The report maintains a "Recommended" rating for the company [1][6][10] Core Insights - The company reported a Q3 2025 revenue of 201 million yuan, representing a year-over-year increase of 18.56%, and a net profit of 39 million yuan, up 78.25% year-over-year [3][6] - The gross margin for Q3 2025 was 63.53%, an increase of 1.65 percentage points year-over-year, attributed to improved operational efficiency [6] - The company has made adjustments to its overseas team structure and is expanding its market presence, with a new base in San Diego set to enhance supply and response capabilities [6] - Future profit forecasts for 2025-2027 are set at 127 million, 158 million, and 197 million yuan respectively, indicating a positive outlook for growth [6] Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 687 million, 802 million, 939 million, and 1,108 million yuan respectively, with year-over-year growth rates of 10.4%, 16.7%, 17.1%, and 18.0% [5][8] - Net profit estimates for the same years are 110 million, 127 million, 158 million, and 197 million yuan, with year-over-year changes of -30.9%, 15.5%, 24.8%, and 24.6% [5][8] - The company’s net profit margin is projected to improve from 16.0% in 2024 to 17.8% in 2027 [8] Financial Ratios - The company's return on equity (ROE) is expected to increase from 5.1% in 2024 to 7.5% in 2027 [8] - The asset-liability ratio is projected to remain stable, with values of 17.0%, 15.9%, 16.5%, and 17.3% for 2024 to 2027 respectively [8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 63.5 in 2024 to 35.4 in 2027, indicating potential valuation improvement [8]

证券研究报告 公司研究 ➢ 业绩呈现逐季度加速趋势，功能药效业务具备高成长潜力。 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药康生物(688046) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩呈现逐季度加速趋势，积极培育全人源抗 体平台 [Table_ReportDate] 2025 年 10 月 28 日 [Table_S 事件：2025 ummar年前三季度公司实现营业收入 y] 5.76 亿元，同比增长 12.92%； 实现归母净利润 1.10 亿元，同比增长 11.90%；实现扣非净利润 0.93 亿元， 同比增长 29.21%。单季度来看，2025Q3 公司实现营业收入 2.01 亿元，同 比增 ...

证券代码：688046 证券简称：药康生物 公告编号：2025-071 江苏集萃药康生物科技股份有限公司 关于调整 2025 年半年度利润分配现金分红总额 的公告 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。 具 体 内 容 详 见 公 司 于 2025 年 8 月 23 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于公司 2025 年半年度利润分配预案的公告》（公 告编号：2025-056）。 二、调整原因 自 2025 年 6 月 30 日起至本公告披露日，公司通过上海证券交易所交易系统 以集中竞价交易方式回购公司股份 480,638 股。自 2025 年 6 月 30 日起至本公告 披露日，公司于 2025 年 10 月 27 日收到中国证券登记结算有限责任公司出具的 《证券过户登记确认书》，公司回购专用证券账户中所持有的 460,000 股公司股 票已于 2025 年 10 月 24 日非交易过户至"江苏集萃药康生物科技股份有限公司 －2025 年员工持股计划"证券 ...

根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》的相关规定，现将公司 2025 年 员工持股计划（以下简称"本员工持股计划"）的实施进展情况公告如下： 2025年员工持股计划预留份额共计327.52万份（对应公司A股普通股股票46.00 万股），根据参与公司 2025 年员工持股计划预留份额实际认购和最终缴款的审验结 果，公司 2025 年员工持股计划参与认购预留份额的员工为 12 人，共计认购本员工 持股计划份额 327.52 万份，每份份额为 1 元，共计缴纳认购资金 327.52 万元，对应 认购公司回购专用证券账户库存股 460,000 股。 证券代码：688046 证券简称：药康生物 公告编号：2025-070 江苏集萃药康生物科技股份有限公司 关于 2025 年员工持股计划 预留份额非交易过户完成的公告 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、准确性和完整性依法承担法律责任。 江苏集萃药康生物科技股份有限公司（以下简称"药康生物"或"公司"）于 2025 年 3 月 ...

Group 1: Gold Accumulation Business - Several banks have raised the minimum investment threshold for gold accumulation business to between 950 to 1200 yuan, an increase of 300 to 550 yuan compared to the beginning of the year [1] Group 2: Deposit Rate Adjustments - Multiple small and medium-sized banks have lowered deposit rates, leading to a phenomenon where long-term deposit rates are lower than short-term rates, with some banks showing that "three-year deposits yield less than one-year deposits" [2] - On October 20, Pingyang Pudong Development Bank announced adjustments to various deposit rates effective from October 21 [2] - Fujian Huatuo Bank and Shanghai Huarui Bank also announced reductions in their deposit rates, with the three-year fixed deposit rate dropping from 2.3% to 2.15% [2] Group 3: Capital Increase by Cambrian - Cambrian announced the completion of a capital increase, with 3,334,946 new shares registered on October 16 [4] - The largest allocation went to GF Fund, which received 1,010,900 shares, amounting to 1.208 billion yuan [4] - Other institutions, including Huatai-PineBridge Fund and Bosera Fund, received allocations ranging from 100,400 to 364,000 shares [4] Group 4: Investment Activity in Pharmaceutical Sector - Guo Lan's fund management has increased its stake in Yaokang Biotechnology, becoming the ninth largest shareholder with 5,162,200 shares as of the end of Q3 [5] - The fund managed by Guo Lan and Zhao Lei also appears among the top ten shareholders, holding 12,860,600 shares, an increase of 4,877,600 shares compared to the previous quarter [5] Group 5: Fund Risk Level Adjustments - Since September, nearly 20 fund companies have issued over 20 announcements regarding risk level adjustments for public funds, significantly higher than the previous monthly average [6][7] Group 6: Cross-Border ETF Premium Risks - Several fund companies, including Huaxia Fund and Hua'an Fund, have issued urgent risk warnings regarding high premium rates for cross-border ETFs, indicating potential significant losses for investors [8]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]