Core Viewpoint - Shenyuan Biological is a leading enterprise in the field of veterinary synthetic peptide vaccines in China, with a focus on research, production, and sales of veterinary biological products [1] Group 1: Business Performance - In Q3 2025, Shenyuan Biological reported revenue of 238 million yuan, ranking 10th in the industry, significantly lower than the top company, Zhongmu Co., which had 4.442 billion yuan, and the second, Ruipu Biological, with 2.544 billion yuan [2] - The net profit for the same period was -3.0229 million yuan, placing the company 12th in the industry, far behind Ruipu Biological's 391 million yuan and KQ Biological's 337 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Shenyuan Biological's debt-to-asset ratio was 8.94%, an increase from 6.72% year-on-year, but still below the industry average of 28.36% [3] - The gross profit margin for Q3 2025 was 59.49%, down from 61.12% year-on-year, yet higher than the industry average of 40.13% [3] Group 3: Executive Compensation - The chairman, Nie Dongsheng, received a salary of 1.1286 million yuan in 2024, a decrease of 49,000 yuan from 2023 [4] - The general manager, Zhang Zhen, had a salary of 990,000 yuan in 2024, an increase of 46,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 30.87% to 12,400, while the average number of circulating A-shares held per account decreased by 23.59% to 33,100 [5]

Market Overview - The animal health sector experienced a decline of 2.79% on October 30, with Jinhe Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Jinhe Biology (002688) closed at 6.25, down 7.13% with a trading volume of 578,000 shares and a transaction value of 367 million yuan [1] - Keqian Biology (688526) closed at 16.15, down 6.76% with a trading volume of 139,800 shares and a transaction value of 228 million yuan [1] - Maofeng Holdings (002141) closed at 3.92, down 5.08% with a trading volume of 461,300 shares and a transaction value of 18.3 million yuan [1] - Other notable declines include Dayu Biology (920970) down 2.69%, and Pulaike (603566) down 2.68% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 84.7 million yuan from institutional investors, while retail investors experienced a net outflow of 16.5 million yuan [1] - Speculative funds recorded a net inflow of 101 million yuan [1] Detailed Capital Flow for Selected Stocks - Keqian Biology (688526) had a net inflow of 39.6 million yuan from institutional investors, while retail investors saw a net outflow of 60.9 million yuan [2] - Huisheng Biology (300871) experienced a net inflow of 18.3 million yuan from institutional investors, with a net outflow of 21.2 million yuan from retail investors [2] - Other stocks like Pulaike (603566) and Maofeng Holdings (002141) also reported significant net outflows from institutional investors [2]

Core Insights - The animal health sector experienced a decline of 0.47% on October 28, with Shenyuan Biological leading the drop [1][2] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Zhongmu Co., Ltd. (600195) saw a closing price of 7.78, with an increase of 4.71% and a trading volume of 346,700 shares, amounting to a transaction value of 269 million yuan [1] - Xianfeng Holdings (002141) closed at 4.16, up 2.72%, with a trading volume of 394,400 shares [1] - Ruipu Biological (300119) closed at 21.55, up 1.03%, with a trading volume of 127,300 shares [1] - Shenyuan Biological (688098) closed at 10.30, down 6.36%, with a trading volume of 168,900 shares and a transaction value of 176 million yuan [2] - Biological Shares (600201) closed at 10.63, down 4.06%, with a trading volume of 380,700 shares [2] Capital Flow - The animal health sector saw a net outflow of 81.39 million yuan from institutional investors, while retail investors had a net inflow of 71.62 million yuan [2][3] - The capital flow for individual stocks showed that Ruipu Biological had a net inflow of 15.04 million yuan from institutional investors, while it faced a net outflow of 25.78 million yuan from retail investors [3] - Shenyuan Biological experienced a net outflow of 5.53 million yuan from institutional investors, with a net inflow of 6.62 million yuan from retail investors [3]

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]