Group 1 - Bid Pharma (688073.SH) released its semi-annual report for 2025 on August 22, 2025, showing that 24 institutional investors disclosed holdings totaling 23.5974 million shares, representing 25.96% of the total share capital [1] - The top ten institutional investors collectively hold 23.21% of the shares, with a decrease of 1.21 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, the Agricultural Bank of China Medical Health Stock, increased its holdings by 0.20%, while three funds reduced their holdings by a total of 0.39% [2] - Thirteen new public funds were disclosed this period, including notable names such as GF Xinxin Mixed A and Longxin Jinli Trend Mixed A [2] - One social security fund, the National Social Security Fund 118 Portfolio, decreased its holdings by 0.86% compared to the previous quarter [2]

Group 1 - The company reported a total fundraising amount of RMB 1,428,160,800 from its initial public offering, with a net amount of RMB 1,308,998,865 after deducting various fees [4][21][30] - As of June 30, 2025, the remaining balance of the raised funds, including interest income, was RMB 85,306,200, with specific amounts allocated to different bank accounts [6][20] - The company has established a dedicated fund management system, including signing tripartite supervision agreements with banks and underwriters to ensure proper use of the raised funds [6][20] Group 2 - The company has utilized part of the raised funds to replace self-funded expenditures for investment projects, amounting to RMB 122,087,800 [7][24] - The company has also approved the use of excess raised funds, totaling RMB 260,000,000, for repaying bank loans and supplementing working capital, ensuring that this does not affect the investment projects [9][28] - The company has conducted a comprehensive assessment of its assets and recognized impairment losses totaling RMB 21,917,000 for the first half of 2025, reflecting a cautious approach to financial reporting [31][33] Group 3 - The company has made adjustments to its fundraising investment projects, extending the implementation timeline and reallocating certain budget items without affecting the overall project scope [11][12] - The company has confirmed that all used raised funds have been directed towards the promised investment projects, with no violations in fund usage [15][24] - The company has undergone a governance structure adjustment, electing new members to its board committees to enhance operational efficiency [18][19]

Core Viewpoint - Bid Pharma reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential in the pharmaceutical sector [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 628 million yuan, representing a year-on-year increase of 17.91% [2] - The net profit attributable to shareholders was around 73.41 million yuan, showing a year-on-year increase of 41.6% [2] - Basic earnings per share reached 0.84 yuan, which is a 44.83% increase compared to the previous year [2]

每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 （记者 曾健辉） 每经AI快讯，毕得医药（SH 688073，收盘价：63.23元）8月21日晚间发布公告称，公司本次计提减值 准备计入资产减值损失和信用减值损失科目，对公司2025年半年度合并利润总额影响2191.7万元，本次 计提减值准备事项是基于谨慎性原则，客观体现了公司资产的实际情况，不存在损害公司和股东利益的 情形，不会对公司的生产经营产生重大影响。 2024年1至12月份，毕得医药的营业收入构成为：研究和试验发展行业占比100.0%。 截至发稿，毕得医药市值为57亿元。 ...

Core Viewpoint - The report highlights the strong financial performance of Bide Pharmatech in the first half of 2025, with significant growth in revenue and net profit, driven by its focus on drug discovery and development services [3][4][14]. Company Overview and Financial Indicators - Bide Pharmatech is a high-tech enterprise specializing in the upstream of the new drug research and development industry chain, focusing on the research, design, production, and sales of drug molecular building blocks and scientific reagents [6][8]. - The company reported a revenue of approximately 627.53 million yuan, representing a year-on-year increase of 17.91% [4][14]. - The total profit reached approximately 100.84 million yuan, a 56.95% increase compared to the previous year [4][14]. - The net profit attributable to shareholders was approximately 59.16 million yuan, up 22.60% year-on-year [4][14]. - The company’s total assets at the end of the reporting period were approximately 2.53 billion yuan, reflecting a 4.64% increase from the previous year [4]. Business Operations and Market Position - Bide Pharmatech has established a vast product library containing nearly one million types of molecular building blocks and scientific reagents, with over 140,000 types available in stock [8][15]. - The company serves a diverse clientele, including multinational pharmaceutical companies like Roche, Merck KGaA, and Pfizer, as well as domestic firms and research institutions [6][8]. - The demand for molecular building blocks is increasing due to the growth of innovative drug development, particularly in areas such as ADCs (antibody-drug conjugates) and PROTACs (proteolysis-targeting chimeras) [7][11]. Industry Trends and Growth Potential - The global drug research and development investment is projected to reach 147.7 billion USD in 2024, growing at a rate of 7.9% annually [11][14]. - The molecular building block market is expected to reach 51.5 billion USD in 2024, with a growth rate of 3.4% [11][14]. - The scientific reagent market is also anticipated to grow significantly, with the global market expected to exceed 180 billion USD by 2025, reflecting a compound annual growth rate of 6.4% [12][13]. Competitive Advantages and Innovation - Bide Pharmatech emphasizes research and development innovation, continuously optimizing its product offerings and service models to meet the evolving needs of the drug development sector [15][18]. - The company has developed a robust digital platform that enhances customer experience and order efficiency, allowing for quick access to product information and streamlined ordering processes [18]. - The strategic focus on high-margin and high-adhesion products has established a unique competitive edge, supporting sustained profitability and long-term growth [18].

Core Viewpoint - The Agricultural Bank of China Healthcare Fund (000913) has shown positive performance with a recent net value of 1.9672 yuan, reflecting a growth of 0.83% [1]. Performance Summary - The fund's one-month return is 2.34%, ranking 946 out of 1025 in its category [1]. - Over the past six months, the fund has achieved a return of 43.83%, ranking 46 out of 986 [1]. - Year-to-date, the fund's return stands at 43.08%, with a ranking of 88 out of 976 [1]. Holdings Overview - The top ten holdings of the Agricultural Bank of China Healthcare Fund account for a total of 51.10% of the portfolio, with the following key positions: - Heng Rui Medicine: 8.16% - Zai Lab: 7.99% - Xin Li Tai: 5.84% - Hotgen Biotech: 5.63% - Kelun Pharmaceutical: 5.02% - HAOYOBIO: 4.36% - BeiGene: 3.61% - Eucure Biopharma: 3.58% - Ausun Pharmaceutical: 3.52% - Bide Pharmaceutical: 3.39% [1]. Fund Details - The Agricultural Bank of China Healthcare Fund was established on February 10, 2015, and as of June 30, 2025, it has a total asset size of 1.441 billion yuan [1]. - The fund manager is Meng Yuan, who has a master's degree and has held various positions in the financial sector, including roles at Bank of China Fund Management and Agricultural Bank of China Asset Management [1].

上海毕得医药科技股份有限公司2025 年半年度报告摘要 公司代码：688073 公司简称：毕得医药 上海毕得医药科技股份有限公司 上海毕得医药科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 http://www.sse.com.cn/网站仔细阅读半年度报告全文。 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，敬请查 阅"第三节管理层讨论与分析"之"四、风险因素"。敬请投资者予以关注，注意投资风险。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 上海证券交易所科 A股 毕得医药 688073 不适用 创板 公司存托凭证简况 □适用 √不适用 联系人和联系方式 董事会秘书（信息披露境内代 联系人和联系方式 证券事务代表 表） 姓名 王轩 於小虎 电话 021-61601560 021-61601560 上海毕得医药科技股份有限公司2025 年半年度报告摘要 上海市杨浦区翔殷路999号3幢 上海市杨浦区翔殷 ...

Core Viewpoint - The company aims to enhance operational quality, optimize governance structure, strengthen technological empowerment, and actively return to investors, thereby achieving high-quality development and sustainable growth by implementing the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025 [1][12]. Group 1: Operational Quality Enhancement - The company focuses on "guarding human health" and is a high-tech enterprise deeply engaged in the new drug research and development industry chain [1]. - The company achieved operating revenue of 627.53 million yuan, a year-on-year increase of 17.91%, and a net profit attributable to shareholders of 73.34 million yuan, a year-on-year increase of 41.57% [2]. - The gross profit margin reached 44.25%, an increase of 4.74 percentage points compared to the same period last year [2]. Group 2: Market and Industry Insights - The global drug research and development investment is projected to reach $147.7 billion in 2024, growing at an annual rate of 7.9%, and expected to exceed $200 billion by 2028 [3]. - The molecular building block industry plays a crucial role in drug development, with North America accounting for 35% of the global market share, Europe 27%, and Asia-Pacific 26% [3]. Group 3: Product Development and Innovation - The company has established a product library containing nearly one million molecular building blocks and scientific reagents, with over 140,000 types of products available [4]. - The company emphasizes research and development innovation, continuously enriching its product portfolio and introducing high-value, customized molecular building blocks and scientific reagents [5]. - The company has obtained 54 invention patents, 24 utility model patents, and 2 software copyrights, with 76 invention patents currently under application [6]. Group 4: Governance and Compliance - The company is enhancing its governance structure in accordance with relevant laws and regulations, ensuring that shareholders can fully exercise their rights [5][6]. - The board of directors has established specialized committees to ensure effective decision-making and oversight [6]. Group 5: Investor Relations and Market Confidence - The company plans to distribute a cash dividend of 9 yuan per 10 shares, totaling approximately 77.86 million yuan, which accounts for 66.31% of the net profit attributable to shareholders [11]. - The company has completed a stock buyback of 207,000 shares, amounting to 94.14 million yuan, to enhance market confidence [12]. - The company maintains open communication with investors through various channels, ensuring transparency and responsiveness to investor inquiries [12][13].

证券代码：688073 证券简称：毕得医药 公告编号：2025-072 上海毕得医药科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 一、本次计提减值准备情况概述 根据《企业会计准则》以及上海毕得医药科技股份有限公司（以下简称"公 司"）财务制度等相关规定，为客观公允地反映公司截至 2025 年 6 月 30 日的财 务状况及 2025 年半年度的经营成果，经公司及下属子公司对应收账款、应收票 据、其他应收款、存货、长期股权投资等进行全面充分的评估和分析，认为上述 资产中部分资产存在一定的减值迹象，基于谨慎性原则，公司对相关资产进行了 减值测试并计提了相应的减值准备。2025 年半年度公司计提信用减值损失和资 产减值损失合计 2,191.70 万元，具体情况如下表： 含应收账款、应收票据、其 信用减值损失 -326.94 他应收款 存货跌价损失、长期股权投 资产减值损失 -1,864.76 资减值损失 合计 -2,191.70 — 单位：万元 项目 备注 （损 ...

Core Viewpoint - The company has announced the use of its own funds to pay for investment projects and will subsequently replace these with raised funds, ensuring efficient fund utilization and project implementation [1][5][6]. Fundraising Basic Information - The company raised a total of 1,622.91 million shares at a par value of 1.00 RMB per share, with net proceeds amounting to approximately 1,308.99 million RMB after deducting issuance costs [1][2]. - The total expected investment for the projects is 434.36 million RMB, with all raised funds allocated to these projects [2]. Reasons for Using Own Funds - The company’s U.S. subsidiary, Bepharm Scientific Inc., initially used its own funds for project payments due to delays in foreign investment registration, with plans to replace these funds with raised capital later [3][5]. - Payments for salaries, bonuses, and other employee-related expenses must be made from the company's basic deposit accounts, not from the raised funds account, to comply with banking regulations [4][5]. - The need for frequent payments for project-related expenses makes it impractical to use the raised funds account directly, as it would complicate fund management and slow down project execution [4][5]. Operational Process for Fund Replacement - The company will submit payment requests for project-related expenses paid with its own funds, and within six months, will transfer equivalent amounts from the raised funds account to its basic deposit accounts [5][6]. Impact on Daily Operations - The decision to use own funds for project payments and later replace them with raised funds is expected to enhance fund utilization efficiency and ensure smooth project progress without affecting the normal implementation of investment projects [5][6]. Review Procedures - The board of directors approved the use of own funds for project payments, and this decision does not require shareholder meeting approval, ensuring compliance with relevant regulations [6][7].