江苏集萃药康生物科技股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/11/19 | 2025/11/20 | 2025/11/20 | 一、 通过分配方案的股东会届次和日期 证券代码：688046 证券简称：药康生物 公告编号：2025-073 公司于 2025 年 9 月 25 日召开 2025 年第二次临时股东会，审议通过《关于公 司 2025 年半年度利润分配预案的议案》，同意公司拟以实施权益分派股权登记日 登记的总股本扣减公司回购专用证券账户中股份为基数分配利润，拟向全体股东 每 10 股派发现金红利 0.30 元（含税）。本次利润分配不送红股，不以资本公积金 转增股本。 本次利润分配方案经公司2025 年 9 月 25 日的2025年第二次临时股东会审议通 过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记 ...

Core Viewpoint - The company has completed a total of 3.07 million shares repurchase under two phases of its buyback plan, indicating a commitment to returning value to shareholders [1] Group 1: Share Buyback - The company completed the repurchase of 1.58 million shares on June 6, 2025, and 460,000 shares on October 27, 2025, as part of its employee stock ownership plan [1] - As of the date of the verification opinion, the company holds 1.03 million shares in its dedicated repurchase account [1] Group 2: Dividend Distribution - The company plans to implement a differentiated dividend distribution for the first half of 2025, proposing a cash dividend of 0.3 yuan (including tax) for every 10 shares, based on a total of 40.897 million shares [1] - The total cash dividend to be distributed amounts to 12.2691 million yuan [1] - The sponsor believes that this differentiated dividend distribution complies with regulations and does not harm the interests of the company and its shareholders [1]

Group 1 - The core transaction of Yaokang Bio on November 5 involved a block trade of 344,600 shares, amounting to 5.6175 million yuan, with a transaction price of 16.30 yuan, representing a discount of 9.04% compared to the closing price of the day [2][3] - The closing price of Yaokang Bio on the same day was 17.92 yuan, reflecting a decrease of 0.72%, with a turnover rate of 0.85% and a total trading volume of 61.7407 million yuan, indicating a net outflow of 3.8206 million yuan in main funds [2][3] - Over the past five days, the stock has seen a cumulative increase of 3.05%, with a total net inflow of 3.8268 million yuan [2][3] Group 2 - The latest margin financing balance for Yaokang Bio is 71.2301 million yuan, which has increased by 165,000 yuan over the past five days, representing a growth rate of 0.23% [3] - Yaokang Bio was established on December 29, 2017, with a registered capital of 4.1 billion yuan [3]

Core Insights - A total of 13 stocks from the STAR Market experienced block trading on November 5, with a cumulative transaction amount of 476 million yuan [1][2] Group 1: Trading Overview - On November 5, there were 26 block trades involving 641.80 million shares, totaling 476 million yuan [1] - The stock with the highest transaction amount was Zhongwei Company, with 3 block trades totaling 1.02 million shares and 275 million yuan [1] - Other notable stocks in terms of transaction amounts included Hongwei Technology and Jingwei Hengrun, with block trading amounts of 57.62 million yuan and 31.30 million yuan, respectively [1] Group 2: Price and Discount Analysis - The stocks with the highest discount rates relative to their closing prices included Jingwei Hengrun, Galun Electronics, and Yaokang Biology, with discount rates of 15.89%, 14.02%, and 9.03% respectively [1] - The average increase for STAR Market stocks involved in block trading was 0.75%, with 256 stocks rising, accounting for 43.32% of the total [1] Group 3: Fund Flow Analysis - Among the stocks that experienced block trading, 7 stocks saw net inflows of main funds, with the highest inflows in Nanya New Materials, Zhongwei Company, and XGIMI Technology, amounting to 75.38 million yuan, 64.01 million yuan, and 28.85 million yuan respectively [2] - Conversely, stocks with the highest net outflows included Plitec, Jingwei Hengrun, and Galun Electronics, with outflows of 26.20 million yuan, 18.74 million yuan, and 10.38 million yuan respectively [2]

Group 1 - The core viewpoint of the news is the initiation of large-scale clinical trials for gene-edited pig kidneys for human transplantation, marking a significant advancement in biotechnology and organ transplantation [1] - The first clinical trial was completed at NYU Langone Medical Center, approved by the FDA, aiming to evaluate the safety and efficacy of gene-edited pig kidneys for patients with end-stage kidney disease [1] - Global advancements in gene editing technology have been reported, including successful transplantation of gene-edited pig lungs in China and new treatment approaches for Down syndrome in Japan [1] Group 2 - Huazhong Securities highlights that breakthroughs in gene editing technology have significantly lowered the technical barriers for genetic modification, enabling large-scale industrial production of drugs [2] - In the A-share market, there are 22 listed companies with gene editing technology reserves, with mixed performance in stock prices; only 7 out of 22 companies saw gains on November 5 [4] - Among gene editing concept stocks, Shuanglu Pharmaceutical reported the highest net profit of 141 million yuan in the first three quarters, while Mengcao Ecological achieved a year-on-year profit increase of 48.73% [5][6] Group 3 - Eight gene editing concept stocks received attention from five or more institutions, with companies like Sturdy Medical and Huaxi Biological leading in institutional ratings [7] - Sturdy Medical announced a collaboration with Huazhong Agricultural University to establish a cotton research institute, focusing on gene editing and hybridization techniques for cotton seed improvement [7]

Group 1 - The core point of the news is the initiation of large-scale clinical trials for gene-edited pig kidneys for human transplantation, marking a significant breakthrough in gene editing technology [1] - The trials are approved by the FDA and aim to systematically evaluate the safety and efficacy of gene-edited pig kidneys for patients with end-stage kidney disease [1] - There have been multiple advancements in gene editing technology globally, including successful transplants of gene-edited organs and new treatment approaches for genetic disorders [1] Group 2 - Huazhong Securities notes that breakthroughs in gene editing technology have significantly lowered the technical barriers for genetic modification, enabling large-scale industrial production and reducing drug production costs [2] - A total of 22 listed companies in the A-share market have gene editing technology reserves, with several companies reporting profitability in their third-quarter results [3] - Notable companies include Shuanglu Pharmaceutical, which reported a net profit of 141 million yuan, and Mengcao Ecological, which saw a 48.73% year-on-year increase in net profit [3][4] Group 3 - Companies like Wanjian Medical are collaborating with research institutions to develop cotton varieties using gene editing technology, indicating the application of gene editing beyond human health [5] - The number of institutional ratings for gene editing concept stocks shows significant interest, with companies like Wanjian Medical and Huaxi Biological receiving the highest number of ratings [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][20] Core Views - The company achieved a revenue of 576 million yuan in the first three quarters of 2025, representing a year-on-year growth of 12.9%, with a net profit of 110 million yuan, up 11.9% year-on-year. The growth is primarily driven by increased production capacity and expanded domestic and international market efforts [1][7] - The company has completed its domestic facility layout with a total capacity of approximately 280,000 cages, and the new facilities in the U.S. and Europe are in the process of being established to enhance global service capabilities [2][15] - The company maintains its previous profit forecast, expecting revenues of 791 million, 894 million, and 982 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 132 million, 166 million, and 188 million yuan [2][15] Financial Performance - For the first three quarters of 2025, the company's gross margin was 64.0% (up 0.4 percentage points year-on-year), and the net profit margin was 19.1% (down 0.2 percentage points year-on-year). The overall expense ratio improved to 41.1% (down 3.4 percentage points year-on-year) [11][18] - Quarterly revenue for 2025 was 171 million, 204 million, and 201 million yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 8.8%, 11.3%, and 18.6% [1][7] - The company’s earnings per share are projected to be 0.32, 0.40, and 0.46 yuan for 2025, 2026, and 2027 respectively, with a price-to-earnings ratio of 55, 44, and 39 times [3][15]

Market Overview - The medical services sector experienced a decline of 0.59% on November 3, with "Digital Human" leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Top Performers in Medical Services - Baicheng Pharmaceutical (301096) saw a significant increase of 19.15%, closing at 68.99 with a trading volume of 312,000 shares and a transaction value of 2.061 billion [1] - Berry Genomics (000710) rose by 6.11%, closing at 13.89 with a trading volume of 493,700 shares and a transaction value of 690 million [1] - YaoKang Bio (688046) increased by 4.77%, closing at 18.67 with a trading volume of 82,900 shares and a transaction value of 154 million [1] Underperformers in Medical Services - Digital Human (920670) led the decline with a drop of 6.20%, closing at 17.70 with a trading volume of 153,800 shares and a transaction value of 272 million [2] - Yixin Information (688710) fell by 5.70%, closing at 44.68 with a trading volume of 27,400 shares and a transaction value of 123 million [2] - Haoyuan Pharmaceutical (688131) decreased by 5.50%, closing at 75.40 with a trading volume of 79,400 shares and a transaction value of 601 million [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 712 million from institutional investors, while retail investors saw a net inflow of 466 million [2][3] - Berry Genomics (000710) had a net inflow of 152 million from institutional investors, but a net outflow of 68.58 million from retail investors [3] - Baicheng Pharmaceutical (301096) recorded a net inflow of 124 million from institutional investors, with a net outflow of 99.78 million from retail investors [3]

Core Viewpoint - The stock of Yaokang Bio has increased by 5.05%, reaching a price of 18.72 CNY per share, with a total market capitalization of 7.675 billion CNY as of the report date [1]. Company Overview - Jiangsu Jicui Yaokang Biotechnology Co., Ltd. was established on December 29, 2017, and went public on April 25, 2022. The company is located in Nanjing, Jiangsu Province [1]. - The main business involves the research, production, and sales of laboratory animal mouse models, along with related technical services [1]. Revenue Composition - The revenue breakdown of the main business is as follows: - Commercial mouse model sales: 55.36% - Functional efficacy: 23.46% - Custom breeding: 11.32% - Model creation: 7.06% - Import and export agency and others: 2.70% - Other (supplementary): 0.09% [1]. Shareholder Information - Noan Fund's Noan Pioneer Mixed A (320003) is among the top ten circulating shareholders of Yaokang Bio. In the third quarter, it reduced its holdings by 265,200 shares, now holding 5.0687 million shares, which is 1.24% of the circulating shares [2]. - The fund has achieved a year-to-date return of 37.47%, ranking 2135 out of 8223 in its category, and a one-year return of 40.92%, ranking 1586 out of 8115 [2]. Fund Manager Profile - The fund manager of Noan Pioneer Mixed A is Yang Gu, who has a cumulative tenure of 19 years and 260 days. The fund's total asset size is 5.837 billion CNY, with the best return during his tenure being 1099.07% and the worst being 8.34% [3].

Group 1 - The core viewpoint of the news is that Yaokang Bio has seen a stock price increase of 5.04%, reaching 18.14 CNY per share, with a total market capitalization of 7.437 billion CNY [1] - Yaokang Bio, established on December 29, 2017, specializes in the research, production, and sales of laboratory mouse models, with its main revenue sources being commercial mouse model sales (55.36%), functional efficacy (23.46%), custom breeding (11.32%), model creation (7.06%), and other services (2.70%) [1] Group 2 - Among the top shareholders of Yaokang Bio, the Noan Pioneer Mixed A Fund (320003) reduced its holdings by 265,200 shares in the third quarter, now holding 5.0687 million shares, which is 1.24% of the circulating shares [2] - The Noan Pioneer Mixed A Fund has achieved a year-to-date return of 37.16%, ranking 2306 out of 8154 in its category, and a one-year return of 41.44%, ranking 1675 out of 8046 [2]