Core Insights - A total of 224 companies released their Q3 2025 financial reports on October 27, with 126 companies reporting year-on-year profit growth and 98 reporting declines [1] - Among these, 86 companies experienced simultaneous growth in both net profit and revenue, while 58 companies saw declines in both metrics [1] - Notably, 30 companies reported a doubling of their performance, with Shen Shen Fang A showing the highest increase in net profit at 2791.57% [1] Summary by Category Net Profit Growth - 126 companies reported a year-on-year increase in net profit, while 98 companies reported a decrease [1] - Shen Shen Fang A had a net profit of 145.12 million yuan, marking a 2791.57% increase [1] - Other notable performers include: - Xian Lei Co. with a net profit increase of 963.10% [1] - Wei Ce Technology with a 226.41% increase [1] Revenue Growth - 126 companies reported revenue growth, while 98 companies reported a decline [1] - Shen Shen Fang A also led in revenue growth with an increase of 331.66%, totaling 898.85 million yuan [1] - Other companies with significant revenue growth include: - Xin Lei Co. with a revenue of 582.74 million yuan, down 11.72% [1] - Wei Ce Technology with a revenue increase of 46.22% [1] Performance Highlights - Companies with notable performance increases include: - Shen Shen Fang A with the highest net profit growth [1] - Xian Lei Co. and Wei Ce Technology also showed significant growth in both net profit and revenue [1] - Conversely, companies like Mei Li Yun and Lian Jian Guang Dian reported substantial declines in revenue, with decreases of 63.03% and 18.73% respectively [1]

Group 1 - The core point of the article is that Shenlian Bio reported a revenue of approximately 238 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 4.27% [1] - The net profit attributable to shareholders of the listed company was approximately 280,000 yuan [1] - As of the report date, Shenlian Bio's market capitalization was 4.4 billion yuan [2]

Financial Performance - The company's operating revenue for Q3 2025 was ¥115,969,622.58, a decrease of 4.89% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2025 was ¥13,147,752.50, down 35.50% year-on-year[3]. - The total profit for the year-to-date period was ¥14,915,913.37, reflecting a decline of 16.88%[3]. - Total revenue for the first three quarters of 2025 was CNY 237,694,760.86, a decrease of 4.5% compared to CNY 248,302,819.25 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was a loss of CNY 3,022,872.00, an improvement from a loss of CNY 17,020,443.48 in the same period of 2024[20]. - The company’s total comprehensive loss for the period was CNY 3,022,872.00, compared to a loss of CNY 17,020,443.48 in the previous year[20]. Research and Development - Research and development expenses totaled ¥14,123,079.26 in Q3 2025, a decrease of 12.64% compared to the previous year[4]. - The ratio of R&D expenses to operating revenue was 12.18%, down 1.08 percentage points year-on-year[4]. - Research and development expenses were CNY 31,220,699.23, down from CNY 37,754,809.62, a reduction of 17.5%[18]. - The company is actively developing multi-valent vaccines and exploring a dual business model of "innovative drugs + animal health" to drive growth[9]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥18,106,094.12 for the year-to-date period, a decline of 245.16%[4]. - The net cash flow from operating activities was -$18.1 million, a decrease from $12.5 million in the previous period[22]. - The cash outflow from operating activities totaled $177.9 million, compared to $209.2 million in the prior year[22]. - Cash received from sales of goods and services was CNY 146,597,121.05, down from CNY 208,274,801.53, representing a decrease of 29.6%[21]. - The ending cash and cash equivalents balance was $73.96 million, down from $98.05 million year-over-year[22]. - The company experienced a net decrease in cash and cash equivalents of $37.2 million, contrasting with an increase of $53.2 million in the previous period[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,560,336,881.57, an increase of 0.40% from the end of the previous year[4]. - Total assets as of September 30, 2025, amounted to RMB 1,560,336,881.57, compared to RMB 1,554,117,949.14 as of December 31, 2024, showing a slight increase[14]. - Total liabilities increased to CNY 139,417,180.20 from CNY 128,495,487.08, an increase of 7.2%[17]. - Total equity attributable to shareholders decreased slightly to CNY 1,409,893,375.64 from CNY 1,411,295,212.77[16]. Shareholder Information - The company reported a total of 12,388 common shareholders at the end of the reporting period[11]. - The largest shareholder, Yang Yufang, holds 90,063,197 shares, representing 21.93% of total shares[11]. - The second-largest shareholder, UNITED BIOMEDICAL, INC., holds 43,199,898 shares, accounting for 10.52%[11]. - The combined shareholding of the top four shareholders is 35.82%, indicating a significant concentration of ownership[12]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[13]. Operating Costs - Total operating costs decreased to CNY 235,297,261.25 from CNY 259,262,501.74, reflecting a reduction of 9.2%[18]. Other Income - The company reported a significant increase in other income to CNY 3,773,232.91 from CNY 2,848,837.55, an increase of 32.4%[19]. Accounting Standards - The company will not apply new accounting standards starting from 2025[23].

Core Viewpoint - The company, Shenlian Bio, is expanding its innovative drug business by acquiring a controlling stake in its associate company, Yangzhou Shizhiyuan Biotechnology Co., Ltd. (Shizhiyuan) through a new round of investment [1] Group 1: Investment Details - Shenlian Bio's wholly-owned subsidiary, Shanghai Bentiancheng Biotechnology Co., Ltd. (Bentiancheng), holds a 20.48% stake in Shizhiyuan [1] - In late 2024, Shizhiyuan plans to initiate financing, aiming to introduce Bentiancheng and Central Support (Feidong) Investment Fund Partnership (Central Support Fund) as strategic investors [1] - Bentiancheng and Central Support Fund intend to invest CNY 60 million each in Shizhiyuan, with Bentiancheng's investment already completed [1] Group 2: Shareholding Changes - Following the completion of the investment, both Bentiancheng and Central Support Fund will each hold a 16.99% stake in Shizhiyuan [1] - A framework agreement has been signed among the parties to facilitate Bentiancheng's investment and acquisition of controlling rights in Shizhiyuan, which will then become a subsidiary of Shenlian Bio [1]

议为准，正式协议将提交公司董事会、股东会审议通过后生效。 证券代码：688098 证券简称：申联生物 公告编号：2025-038 申联生物医药（上海）股份有限公司 关于联营公司增资扩股引入战略投资者及公司拟收 购联营公司控股权并签署收购框架协议暨关联交易 的公告 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。 重要内容提示： 交易概述：公司全资子公司上海本天成生物医药有限公司（以下简称"本 天成"）持有联营公司扬州世之源生物科技有限责任公司（以下简称"世之源"、 "目标公司"）20.48%股权。2024 年底世之源启动融资，计划引入本天成和央扶 （肥东）投资基金合伙企业（有限合伙）（以下简称"央扶基金"）作为战略投 资者，本天成和央扶基金拟分别投资 6,000 万元对世之源进行增资。本天成投资 6,000 万元事项已完成；央扶基金于近期完成了基金设立及备案、尽职调查及内 部审核等流程并与世之源及股东共同签署了《增资协议》及《股东协议》。本次 交易完成后，本天成、央扶基金各持有世之源 16.99%的股权。 为全面开展创新药业务 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, attributed to intense competition in the animal health industry and falling vaccine prices [1] Financial Performance - For Q3 2025, the company's revenue was RMB 116 million, a year-on-year decrease of 4.89% [1] - The net profit attributable to shareholders was RMB 13.15 million, down 35.50% year-on-year [1] - The net profit after deducting non-recurring gains and losses was RMB 11.70 million, with basic earnings per share at RMB 0.03 [1] Business Strategy and Market Position - The company is expanding into new areas of biopharmaceutical technology and optimizing its marketing strategy [1] - Despite a decrease in sales revenue compared to the previous year, the company has made progress in entering the supply chain of large breeding groups [1] - The company has adjusted its operational strategy to focus on customer needs, leading to positive developments in the research and development of multi-valent vaccines [1] Cost Management - The company has improved internal management efficiency, resulting in a significant reduction in total expenses compared to the same period last year [1] - The net profit attributable to the parent company turned from a loss to a profit of RMB 278,100 [1] Innovation and Future Outlook - The company is making strides in the human innovative drug sector, exploring a dual business model of "innovative drugs + animal health" [1] - Important breakthroughs have been achieved in this area, indicating a strategic shift towards collaborative development [1]

Core Viewpoint - The company announced a strategic investment in its associate company, Yangzhou Shizhiyuan Biotechnology Co., Ltd., aiming to enhance its innovative drug business through acquiring controlling interest [1] Group 1: Investment Details - The company's wholly-owned subsidiary, Shanghai Bentiang Biotechnology Co., Ltd., holds a 20.48% stake in Yangzhou Shizhiyuan [1] - In late 2024, Yangzhou Shizhiyuan plans to initiate financing, with the company and Central Fu (Feidong) Investment Fund Partnership intending to invest CNY 60 million each [1] - The investment by Shanghai Bentiang has been completed, while the Central Fu Fund has finalized its establishment and due diligence processes [1] Group 2: Control Acquisition - A framework agreement has been signed among the company, Yangzhou Shizhiyuan, and its controlling shareholders for the acquisition of controlling interest [1] - Following the new round of investment, Yangzhou Shizhiyuan will become a controlled subsidiary of the company, included in the consolidated financial statements [1]

Group 1 - The company reported a revenue of 238 million yuan for the first three quarters of 2025, representing a year-on-year decline of 4.27% [1] - The net profit attributable to the parent company was 280,000 yuan, marking a turnaround from a loss to profit year-on-year [1] - The non-recurring net profit showed a loss of 5.1 million yuan, indicating ongoing challenges in core operations [1] - The basic earnings per share were reported at 0 yuan [1]

Core Insights - The company reported a revenue of 238 million yuan for the first three quarters of 2025, representing a year-on-year decline of 4.27% [1] - The net profit attributable to the parent company was 280,000 yuan, indicating a turnaround from a loss to profit year-on-year [1] - The company recorded a non-recurring net profit loss of 5.1 million yuan, with basic earnings per share reported as 0 yuan [1] Financial Performance - Revenue for the first three quarters: 238 million yuan, down 4.27% year-on-year [1] - Net profit attributable to the parent: 280,000 yuan, a year-on-year improvement [1] - Non-recurring net profit loss: 5.1 million yuan [1] - Basic earnings per share: 0 yuan [1]

Core Viewpoint - The animal health sector experienced a slight increase of 0.21% on October 24, with significant contributions from specific stocks, particularly Biological Shares, which led the gains [1] Market Performance - The Shanghai Composite Index closed at 3950.31, up 0.71% - The Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance in Animal Health Sector - Biological Shares (600201) closed at 10.77, up 2.87% with a trading volume of 311,900 shares and a turnover of 333 million yuan - Other notable stocks include: - *ST Green Health (002868): closed at 29.09, up 0.66% - Shunlian Biological (688098): closed at 10.75, up 0.66% - Huisheng Biological (300871): closed at 20.75, up 0.48% - Yongshun Biological (920729): closed at 9.68, up 0.31% - Jinhe Biological (002688): closed at 6.68, unchanged [1] Capital Flow Analysis - The animal health sector saw a net inflow of 8.6031 million yuan from institutional investors, while retail investors experienced a net outflow of 24.4195 million yuan [2] - The breakdown of capital flow indicates: - Repu Biological (300119) had a net inflow of 9.2707 million yuan from institutional investors - Biological Shares (600201) saw a net inflow of 8.4244 million yuan - Kexin Biological (688526) had a net inflow of 5.4428 million yuan from institutional investors [3]