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]

Core Viewpoint - Shenyin Biological (688098.SH) experienced a significant intraday drop of 6.31% to 10.24 yuan due to a planned share reduction by a major shareholder, UBI, to meet funding needs for clinical trials and commercialization of innovative drugs, including an Alzheimer's peptide vaccine [1] Summary by Relevant Sections - **Shareholder Actions** - UBI, a shareholder holding more than 5% of the company, plans to reduce its holdings by up to 4.1064 million shares through centralized bidding and up to 8.2129 million shares through block trading, totaling a maximum reduction of 12.3193 million shares, which represents 3% of the company's total share capital [1] - **Purpose of Share Reduction** - The share reduction is aimed at funding the clinical trials and commercialization efforts for original innovative drugs, as well as accelerating the construction of manufacturing bases in collaboration with partners in China [1] - **Timeline for Share Reduction** - The reduction period is set from November 13, 2025, to February 12, 2026, with the shares being sourced from those acquired prior to the IPO [1]

Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in investor confidence and market dynamics [1] Shareholder Reductions - Wan Ye Enterprise: Shareholder Sanlin Wan Ye plans to reduce a total of 5.2059 million shares [1] - Kesi Technology: Liang Hongjian intends to reduce 1% of the company's shares [1] - Jindan Technology: Guangzhou Chengxin plans to reduce no more than 2.3866 million shares [1] - Xuantai Pharmaceutical: Qihe Venture plans to reduce a total of 3.131 million shares [1] - Hangzhou Jiebai: Chairman and General Manager Bi Ling plans to reduce a total of no more than 375,000 shares [1] - Jialian Biological: Shareholder UBI plans to reduce no more than 3% of shares [1] - Puyuan Information: Liu Yadong and his concerted actions plan to reduce a total of 0.89% of shares [1] - Zhifan Technology: Director Huang Yong plans to reduce no more than 2.9 million shares [1] - Lanshi Heavy Industry: Shareholder Hualing Xianggang plans to reduce no more than 1% of shares [1] - Biyi Micro: Shareholder Fang Guang Erqi plans to reduce a total of 1.50% of shares [1] - Xinghuo Technology: Shareholder Tie Xiaorong plans to reduce a total of 37.2298 million shares [1] - Henglian Shares: Multiple shareholders plan to reduce their stakes [1] - Jucheng Shares: Wuhan Luojia plans to reduce a total of 4.1241 million shares [1] Financial Performance - Xuanji Information: Reported a net loss of 173 million yuan for the first three quarters [1] - Meilixin: Reported a net loss of 110 million yuan for the third quarter [1]

Group 1 - On October 22, no A-share listed companies disclosed any increase in shareholding [1] - A total of 10 A-share listed companies announced share reductions, including Tai Lingwei, Jindan Technology, Shenlian Biology, Qianyuan Pharmaceutical, Hengsheng Energy, Zhengfan Technology, Lanshi Heavy Industry, Haiguo Co., Ganfeng Lithium, and Hengsuo Co. [1] Group 2 - Tai Lingwei's second largest shareholder, the National Big Fund, plans to reduce its stake by no more than 2% [2] - Jindan Technology's shareholder, Guangzhou Chengxin, intends to reduce its stake by no more than 1.05% [2] - Shenlian Biology's shareholder, UB, plans to reduce its stake by no more than 3% [2] - Qianyuan Pharmaceutical's shareholder, Weng Zhangguo, intends to reduce its stake by no more than 3% [2] - Zhengfan Technology's directors and supervisors plan to collectively reduce their stake by no more than 1.88% [2] - Hengsheng Energy's actual controller has already reduced his stake by 501,600 shares [2] - Lanshi Heavy Industry's shareholder, Hualing Xianggang, plans to reduce its stake by no more than 1% [2] - Haiguo Co.'s shareholder, Yujian Chuangtou, intends to reduce its stake by no more than 0.9965% [2] - Ganfeng Lithium's vice president, Fu Lihua, plans to reduce his stake by no more than 40,000 shares [2] - Hengsuo Co.'s shareholders collectively plan to reduce their stake by no more than 3% [2]