格隆汇8月18日丨申联生物(688098.SH)公布股票交易异常波动公告，公司关注到近期市场对创新药业务 关注度较高。公司于2025年2月6日披露《关于全资子公司对外投资暨关联交易的公告》，公司通过全资 子公司上海本天成生物医药有限公司向世之源增资6,000万元并取得世之源20.48%的股份，公司开始布 局人用创新药领域。世之源拥有艾滋病治疗单克隆抗体药物（UB-421）、抗过敏Anti-IgE单克隆抗体药 物（UB-221）以及抗单纯疱疹病毒单克隆抗体药物（UB-621）等管线在中国大陆的临床及商业化权 利。公司于2025年8月11日披露《申联生物医药（上海）股份有限公司投资者关系活动记录表 （20250806-20250808）》，公司发布信息后，部分媒体也发布了相关报道。 截至本公告披露日，世之源三个创新药管线尚处于不同的研发阶段。其中，UB-221已由世之源在中国 大陆全面开启临床II期试验；UB-421与UB-621将由世之源依据其战略及全球临床数据，灵活调整国内 临床策略与实施进度。上述创新药管线的临床试验能否成功还存在重大不确定性。除前述信息外，公司 目前未发现其他对公司股票交易价格可能产生重大 ...

证券之星消息，8月18日动物保健板块较上一交易日上涨2.2%，申联生物领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688098 | 申联生物 | 12.83 | 20.02% | 13.27万 | 1.69 Z | | 300871 | 回盛生物 | 24.26 | 7.87% | 30.00万 | 7.20亿 | | 838275 | 驱动力 | 10.02 | 6.60% | 4.35万 | 4273.62万 | | 002141 | 贤丰控股 | 3.91 | 4.27% | 1 85.59万 | 3.38亿 | | 839729 | 永顺生物 | 9.95 | 3.65% | 3.11万 | 3066.40万 | | 871970 | 大禹生物 | 9.98 | 3.42% | 2.96万 | 2928.24万 | | 300119 | 瑞普生物 | ...

Group 1 - The A-share market experienced a strong upward trend on August 18, with the Shanghai Composite Index reaching a nearly 10-year high [1] - The STAR Market Composite Index ETF by Huatai-PB rose by 1.94%, indicating positive market sentiment [1] - The STAR Market Composite Index itself surged by 2.08%, with notable gains from constituent stocks such as Nanxin Pharmaceutical and Shunlian Bio, both increasing by over 20% [1] Group 2 - As of August 18, 2025, the top ten constituent stocks of the STAR Market ETF include companies like Saiwei Technology and Haiguang Information, with varying performance in terms of price changes and trading volumes [2] - The semiconductor industry in China saw a total investment of 455 billion yuan in the first half of 2025, reflecting a 9.8% year-on-year decline, while semiconductor equipment investment grew by 53.4%, highlighting a strategic focus on supply chain autonomy [3] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Microsoft planning to spend $88.2 billion in the 2025 fiscal year, followed by Google and Meta with substantial increases as well [3][4]

Group 1 - The core point of the news is the significant stock performance of Shenlian Biological on the STAR Market, with a notable increase in its stock price and trading volume [2] - As of August 18, Shenlian Biological's stock price reached 12.83 yuan, with a trading volume of 146 million yuan and a turnover rate of 2.79% [2] - Among STAR Market stocks, 460 stocks were reported to be rising, with 7 stocks increasing by over 10%, including Shenlian Biological, which rose by 20.02% [2] Group 2 - In terms of capital flow, Shenlian Biological experienced a net inflow of 54.32 million yuan from main funds on the previous trading day, with a total net inflow of 44.64 million yuan over the past five days [3] - The latest margin trading data as of August 15 shows that the margin balance for Shenlian Biological was 98.21 million yuan, with a decrease of 1.14% from the previous trading day [3] - Over the past ten days, the total margin balance decreased by 11.11 million yuan, reflecting a decline of 10.17% [3]

扬州四支元主要推的三款产品分别是 UV421、UV221 和 UV621。 申联生物 20250817 摘要 森联计划形成动物用生物制品和人用生物制药双主业战略，或将逐步控 股扬州四支元，后者主要研发 UV421（艾滋病）、UV221（过敏症） 和 UV621（生殖器疱疹）三款产品。 UV221 作为原研 Anti-IgE 抗体，针对慢性自发性荨麻疹，二期临床已 接近尾声，预计 2026 年 4 月揭盲，其头对头奥马珠的对照组研究有望 提供更优疗效数据，提升市场竞争力。 CD4 单抗 UV421 通过与艾滋病受体结合，避免诱导耐药毒株，对多重 耐药毒株有效。与 NIH 合作的案例显示，该单抗能有效压制病毒载量并 提升 CD4 细胞数量，展现治疗潜力。 申联生物将创新药作为核心板块，计划组建专门销售机构或与大型公司 合作推广产品。1,221 和 621 单抗采用技术授权形式，421 则采用技术 买断形式，不存在未来销售分成约定。 申联生物计划分步控股世之元，整合技术平台赋能人药体系，并深度参 与其管理和临床研究，考虑将世之元研发中心迁至上海，以加强统筹管 理和推进临床研究。 Q&A 森联生物在创新药领域的战略定 ...

Core Insights - The animal health sector experienced a significant increase of 3.86% on August 15, with Shenlian Biological leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - Shenlian Biological (688088) saw a closing price of 10.69, with a remarkable increase of 19.98% and a trading volume of 435,300 shares, amounting to a transaction value of 441 million yuan [1] - Other notable performers included: - Biological Shares (600201) with a closing price of 8.93, up 6.06% [1] - Ruipu Biological (300119) with a closing price of 22.78, up 5.56% [1] - KQ Biological (688526) with a closing price of 17.24, up 2.44% [1] Capital Flow - The animal health sector saw a net inflow of 49.48 million yuan from institutional investors, while retail investors contributed a net inflow of 40.08 million yuan [1] - Notably, retail funds experienced a net outflow of 89.56 million yuan [1] Detailed Capital Flow Analysis - Shenlian Biological had a net inflow of 54.78 million yuan from institutional investors, while it faced a net outflow of 41.10 million yuan from speculative funds [2] - Biological Shares had a net inflow of 14.26 million yuan from institutional investors, with a net outflow of 33.08 million yuan from speculative funds [2] - Ruipu Biological recorded a net inflow of 1.78 million yuan from institutional investors, while speculative funds saw a net outflow of 16.93 million yuan [2]

Core Viewpoint - The news highlights the recent research and development activities of Shunlian Bio, particularly in the field of innovative biopharmaceuticals, and the strategic investment by QuanGuo Fund in the company, indicating a shift towards human biological products alongside its traditional focus on animal vaccines [1][9]. Group 1: Company Overview - QuanGuo Fund conducted a survey on Shunlian Bio from August 6 to August 8, 2025, focusing on the company's recent operational status and product development [1]. - Shunlian Bio has invested in Yangzhou Shizhi Yuan Biotechnology Co., which specializes in innovative drug development and clinical trials, with a focus on HIV and allergy treatments [2][5]. Group 2: Product Development - The HIV treatment monoclonal antibody drug (UB-421) is designed to block HIV from entering host cells, showing lower resistance mutation rates compared to existing treatments, and has entered clinical trials in China [3][4]. - The anti-allergy monoclonal antibody drug (UB-221) targets IgE to treat allergic diseases, with ongoing clinical trials for chronic spontaneous urticaria in China [5]. - The herpes simplex virus monoclonal antibody drug (UB-621) aims to provide new treatment options for recurrent genital herpes, with plans for clinical trials based on overseas results [6]. Group 3: Strategic Investment and Future Plans - Shunlian Bio holds a 20.48% stake in Yangzhou Shizhi Yuan and has the right of first refusal for future capital increases or acquisitions [6]. - The company plans to leverage its management and R&D capabilities to accelerate clinical trials and commercialization of innovative drugs [7]. - Shunlian Bio is exploring collaborations with domestic universities for functional cure research and aims to enhance treatment options for patients with low viral loads [4]. Group 4: Market Position and Future Strategy - The company is developing multi-valent vaccines in collaboration with the Chinese Academy of Agricultural Sciences to meet market demands and improve production capacity [8]. - Shunlian Bio's strategic vision includes expanding into the human pharmaceutical market while maintaining a strong focus on animal health products, supported by significant R&D investments [9].

从资金流向上来看，当日动物保健板块主力资金净流出1.41亿元，游资资金净流入2186.09万元，散户资 金净流入1.19亿元。动物保健板块个股资金流向见下表： 证券之星消息，8月14日动物保健板块较上一交易日下跌2.12%，申联生物领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。动物保健板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688088 | 申联生物 | 8.91 | -5.91% | 19.42万 | 1.78亿 | | 838275 | 驱动力 | 9.28 | -4.82% | 3.69万 | 3494.87万 | | 839729 | 永顺生物 | 9.44 | -4.55% | 4.10万 | 3941.86万 | | 871970 | 大禹生物 | 9.46 | -3.86% | - 3.57万 | 3418.13万 | | 300871 | 回盛生物 | 21.96 | -2.87% | 12 ...

Investment Rating - The report does not explicitly state an investment rating for the animal health industry, but it highlights potential growth areas such as pet pharmaceuticals and international expansion [1]. Core Insights - The animal health industry is experiencing a slowdown in growth, with increasing competition leading to a "Matthew Effect" where larger companies gain more market share at the expense of smaller firms [3][39]. - The industry is shifting back to a research and development-driven model, with innovation becoming crucial for future growth [4][83]. - The pet pharmaceutical market and international expansion are identified as key areas for long-term growth, with pet medical consumption projected to reach approximately 84 billion yuan in 2024 [5][78]. Summary by Sections 1. Overview of the Animal Health Industry - The animal health industry, also known as the veterinary drug industry, includes a wide range of products such as vaccines, antibiotics, and feed additives [11][12]. - The market size has grown from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, with a CAGR of 8.43% [3][12]. 2. Increasing Competition and Market Dynamics - The industry is facing a slowdown in growth, with sales increasing from 62.095 billion yuan in 2020 to 69.651 billion yuan in 2023, while average gross profit has decreased from 21.998 billion yuan to 21.297 billion yuan [3][39]. - The "Matthew Effect" is evident as larger companies leverage their product portfolios and R&D investments to capture more market share [3][52]. 3. Shift Towards R&D and Innovation - The industry is moving away from its cyclical nature, with a focus on integrated strategies and innovation to counteract competitive pressures [4][69]. - The average profit per head in self-breeding pig farming is expected to improve significantly in 2024, indicating potential for recovery in related sectors [4][62]. 4. Growth Opportunities in Pet Pharmaceuticals and Exports - The pet medical market is projected to grow rapidly, with a significant increase in demand for preventive care and treatment as pet owners become more health-conscious [5][78]. - The report highlights the successful export of domestic pet pharmaceuticals, marking a breakthrough in international markets [5][78]. 5. Key Companies to Watch - Companies such as 瑞普生物 (Reap Bio), 科前生物 (KQ Bio), and 回盛生物 (Hui Sheng Bio) are recommended for attention due to their innovative approaches and market positioning [6].

Market Overview - The animal health sector experienced a decline of 0.53% on August 13, with Dayu Biological leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Key stocks in the animal health sector showed varied performance, with Xianfeng Holdings closing at 3.78, up 0.53%, and Dayu Biological closing at 9.84, down 3.15% [2][1] - Other notable stocks included Jinhe Biological at 7.45, down 3.12%, and Zhongmu Co. at 7.56, down 0.66% [2][1] Trading Volume and Value - The trading volume for Xianfeng Holdings was 268,700 shares with a transaction value of 102 million yuan, while Dayu Biological had a trading volume of 46,200 shares and a transaction value of 45.92 million yuan [2][1] Capital Flow Analysis - The animal health sector saw a net outflow of 175 million yuan from institutional investors, while retail investors contributed a net inflow of 143 million yuan [2][3] - The capital flow for specific stocks indicated that Hai Li Biological had a net inflow of 2.28 million yuan from institutional investors, while Xianfeng Holdings experienced a significant net outflow of 11.02 million yuan [3][2]