证券代码：688117 证券简称：圣诺生物 公告编号：2025-026 成都圣诺生物科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 投资者四川发展证券投资基金管理有限公司—四川资本市场纾困发展证券投资基 金合伙企业（有限合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者的身份 □控股股东/实际控制人及其一致行动人 □√其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 四川发展证券投资基 金管理有限公司—四 | □ | 控股股东/实控人 | | | 川资本市场纾困发展 | □ | 控股股东/实控人的一致 | □√ 91510100MA6AE3QM76 | | | 行动 ...

| 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | | --- | --- | --- | --- | --- | | 四川发展证券投资基 | □ | 控股股东/实控人 | | | | 金管理有限公司—四 | | | | | | | □ | 控股股东/实控人的一致 | □√ | 91510100MA6AE3QM76 | | 川资本市场纾困发展 | 行动人 | | □ | 不适用 | | 证券投资基金合伙企 | □√ | 其他直接持股股东 | | | | 业（有限合伙） | | | | | 证券代码：688117 证券简称：圣诺生物 公告编号：2025-026 成都圣诺生物科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 投资者四川发展证券投资基金管理有限公司—四川资本市场纾困发展证券投资基 金合伙企业（有限合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者的身份 □控股股东/实际控制人及其一致行 ...

Group 1 - The core point of the article is that Shengnuo Bio (688117.SH) has received a notice from Sichuan Development Securities Investment Fund Management Co., Ltd. regarding a share reduction plan by its shareholder, Sichuan Capital Market Relief Development Securities Investment Fund Partnership (Limited Partnership) [1] - Sichuan Development Investment reduced its holdings by 390,000 shares, which accounts for 0.25% of the company's total share capital [1] - Following this reduction, Sichuan Development Investment's shareholding decreased from 11,407,021 shares to 11,016,995 shares, representing a reduction in ownership from 7.25% to 7.00% [1]

Core Viewpoint - As of September 15, a total of 123 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Yunnan Energy Investment, which has seen net buying for 20 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include COFCO Sugar, Loxley Technology, Wankai New Materials, Guotou Capital, Jinxin Agricultural, China Pacific Insurance, Camel Group, and Saint Noble Biotechnology [1]

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology industry [2] Core Insights - Geopolitical disturbances and fluctuations in innovative drugs have limited impact on the innovation theme, while opportunities in medical devices are becoming apparent [9] - The report highlights the ongoing optimization of centralized procurement rules for medical consumables, indicating a shift from a "lowest price" approach to a "preventing excessive competition" strategy [10] - The approval process for innovative drugs is accelerating, with a new 30-day review channel established for eligible innovative drug applications [9][10] Summary by Sections Industry Overview - The pharmaceutical sector has shown a return of 26.80% since the beginning of 2025, outperforming the Shanghai Composite Index by 11.88 percentage points [14] - The report notes a mixed performance among sub-sectors, with medical devices and medical services showing positive growth while biopharmaceuticals and chemical drugs faced declines [9][14] Market Dynamics - The report indicates that the medical device sector is experiencing a recovery, with significant movements in stocks related to CRO/CDMO and medical devices [22] - Recent geopolitical news has caused short-term volatility in the innovative drug sector, but the market has quickly stabilized [9] Key Company Performance - The report recommends several companies for investment, including WuXi AppTec, WuXi Biologics, and others, which are expected to perform well in the current market environment [6][25] - The average performance of recommended stocks has shown a 6.64% increase this month, outperforming the broader pharmaceutical industry [24] Regulatory Developments - The National Medical Products Administration has announced measures to streamline the clinical trial approval process for innovative drugs, enhancing efficiency and transparency [9][12] - New procurement rules for coronary intervention balloon medical consumables have been introduced, emphasizing the need for reasonable pricing and cost commitments from bidding companies [10][12]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector is expected to continue its recovery, with a focus on innovative drugs as the main investment theme. The report highlights a gradual improvement in the industry, with Q2 showing a significant reduction in the decline of revenue and profits compared to Q1 [7][21][19] - The report emphasizes the potential for a turnaround in the industry, driven by policy improvements, demand recovery, and the performance of the CRO/CDMO segments [10][16] Summary by Sections Market Performance - In August 2025, the pharmaceutical and biotechnology sector rose by 2.6%, underperforming the Shanghai and Shenzhen 300 index, which increased by 10.3%. The sector ranked 24th among 31 sub-industries [7][15] - The report notes a mixed performance among sub-sectors, with medical devices and services showing gains, while the pharmaceutical commercial sector declined [15] Financial Performance - In the first half of 2025, the cumulative revenue of pharmaceutical companies decreased by 2.6%, with total profits down by 4.0%. However, Q2 showed a narrowing of declines, with revenue down by only 1.1% and total profits down by 2.9% [21][19] - The report indicates that the CRO/CDMO segments performed well, with significant revenue and profit growth, particularly in Q2 [21][19] Investment Opportunities - The report suggests focusing on innovative drugs, which are seen as having strong growth potential and clear industry trends. It recommends several companies across different categories, including biotech firms transitioning to biopharma and large pharmaceutical companies involved in innovative drug development [9][10][11] - The report also highlights the potential for recovery in the CRO/CDMO segments and suggests that companies in these areas are likely to benefit from improving demand and order recovery [10][16] Key Recommendations - The report lists key companies to watch, including WuXi AppTec, WuXi Biologics, and others, indicating a positive outlook for these firms based on their performance and market position [17][18]

Core Viewpoint - The company has shown significant growth in revenue and net profit for the first half of 2025, driven by increased sales of specific raw materials and successful project implementations [2][5]. Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 337.57 million yuan, a year-on-year increase of 69.69% [2] - The net profit attributable to shareholders reached 88.96 million yuan, up 308.29% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 89.48 million yuan, reflecting a 367.92% increase compared to the previous year [2] - Raw material drug revenue was 188.89 million yuan, showing a substantial growth of 232.38%, primarily due to increased exports of Semaglutide and Teriparatide [2] Group 2: Operational Developments - The company has established and expanded its overseas sales team, enhancing its ability to promote international product sales [2] - The company is accelerating the international registration and application of raw materials, optimizing its product layout in key markets such as the US, EU, South Korea, and Russia [2] - New production capacity projects, including a 395 kg peptide raw material production line, have been successfully launched, ensuring order fulfillment [4] Group 3: Product Development and Innovation - The company has developed several innovative beauty peptide raw materials, focusing on anti-wrinkle, whitening, and soothing effects [5] - Collaborations with research institutions have been established to enhance product development, with multiple core beauty peptide raw materials successfully passing international HLL certification [5][6]

Core Viewpoint - Shengnuo Bio experienced a decline of 3.35% in stock price on August 26, with a trading volume of 271 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On August 26, Shengnuo Bio had a financing buy-in amount of 39.54 million yuan and a financing repayment of 35.05 million yuan, resulting in a net financing buy of 4.49 million yuan [1] - The total financing and securities balance for Shengnuo Bio reached 516 million yuan, accounting for 7.73% of its circulating market value, which is above the 90th percentile of the past year [1] - The company had no short selling activity on August 26, with a short selling balance of 0.00 yuan, indicating a lack of bearish sentiment [1] Business Overview - Shengnuo Bio, established on July 23, 2001, and listed on June 3, 2021, is located in Chengdu, Sichuan Province [1] - The company's main business includes peptide innovative drug CDMO services, self-developed and sold peptide raw materials and formulations, custom production services for peptide products, and technology transfer services for peptide drug production [1] - The revenue composition of Shengnuo Bio is as follows: raw materials 55.95%, formulations 25.10%, pharmaceutical research 12.43%, custom production 5.31%, other 1.20%, and contract processing 0.01% [1] Financial Performance - As of June 30, the number of shareholders for Shengnuo Bio reached 11,100, an increase of 50.98% compared to the previous period, while the average circulating shares per person decreased by 7.27% to 14,136 shares [2] - For the first half of 2025, Shengnuo Bio reported a revenue of 338 million yuan, representing a year-on-year growth of 69.69%, and a net profit attributable to shareholders of 88.96 million yuan, reflecting a significant increase of 308.29% [2] Dividend Information - Since its A-share listing, Shengnuo Bio has distributed a total of 82.14 million yuan in dividends, with 58.14 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, several institutions exited the top ten circulating shareholders of Shengnuo Bio, including Yuanxin Yongfeng Ju You A, China Merchants Pharmaceutical Health Industry Stock, and Huaan Manufacturing Upgrade One-Year Holding Mixed A [3]

Core Insights - The Chinese biopharmaceutical industry is experiencing a surge in performance, with 69.23% of 39 innovative drug companies reporting positive net profit growth in their semi-annual reports [1] - Six companies reported over 100% year-on-year growth in net profit, indicating strong development momentum in the sector [1] Company Performance - **Kexing Pharmaceutical** achieved the highest net profit growth at 576.45%, totaling 0.80 billion yuan, focusing on antiviral, oncology, and immunology treatments [1] - **Sanno Bio** reported a 308.29% increase in net profit, reaching 0.89 billion yuan, driven by significant growth in raw material drug sales [2][3] - **Jinkai Biotechnology** saw a 123.61% increase in net profit, providing custom development services for small molecule drugs [3] - **Wuxi AppTec** and **Hengrui Medicine** also ranked among the top three companies by revenue, with 207.99 billion yuan and 157.61 billion yuan respectively [4] Industry Trends - The industry is transitioning from an "investment phase" to a "harvest phase," indicating a recovery in profitability and a moderate expansion stage [4] - Recent policy measures from the National Healthcare Security Administration aim to support high-quality development in innovative drug research and market application [4] - Analysts predict that the innovative drug sector will continue to thrive, driven by efficiency and cost advantages in drug development [5]

Group 1 - Company Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries, but specific details are yet to be determined [1] - In the first half of 2025, Kexing Pharmaceutical reported revenue of 700 million yuan, a year-on-year decrease of nearly 8%, while net profit attributable to shareholders increased by 576% to 80.34 million yuan [1] Group 2 - Company Junshi Biosciences has completed the administration of the first patient in the U.S. for the international multi-center Phase II clinical study of HLX43, a PD-L1 antibody-drug conjugate for advanced non-small cell lung cancer [2] - The clinical study is also being conducted in China, with plans to expand to Australia and Japan when conditions permit [2] Group 3 - Company Sanofi Biologics announced that shareholders plan to reduce their holdings by a total of up to 3.43%, with specific reductions from various executives and shareholders scheduled between September 15 and December 14, 2025 [3] - This potential reduction may cause short-term fluctuations in the stock price, while the long-term value will depend on the company's core business developments [3] Group 4 - Company Changshan Pharmaceutical reported a net loss of approximately 29.09 million yuan for the first half of 2025, with revenue of about 492 million yuan, a year-on-year decrease of 13.42% [4] - The company needs to focus on business restructuring and improving product competitiveness to enhance performance and profitability [4] Group 5 - Company Tianyao Pharmaceutical reported a revenue of approximately 1.588 billion yuan for the first half of 2025, a year-on-year decrease of 11.81%, with a net profit of about 49.3 million yuan, down 65.28% [5] - The decline in revenue and net profit is attributed to price reductions from centralized procurement and market competition affecting raw materials, alongside a fine exceeding 69 million yuan due to monopoly issues [5]