产品研发进展 经济观察网 科兴生物制药股份有限公司近期在H股上市进程、创新药管线关键进展及海外市场拓展等方 面有动态更新。 高管变动 科兴制药于2025年11月向港交所主板提交H股上市申请，后续需关注港交所的审核进展、聆讯时间及最 终上市时间表。若成功上市，将拓宽公司资本通道，支持国际化战略。 公司结构与治理 股东会议争议案庭审定于2026年4月下旬至5月初进行，涉及董事会职权归属，可能影响公司治理稳定 性。此事件关联科兴生物控股层面，可能间接波及上市公司。 以上内容基于公开资料整理，不构成投资建议。 GB18注射液（GDF15单抗）针对肿瘤恶病质的国内I期临床试验于2025年10月启动入组，未来将公布安 全性、耐受性及药代动力学数据，并可能推进至后续临床阶段。该药是潜在"First-in-Class"药物，瞄准 全球未满足临床需求。其他核心管线包括聚焦炎症性肠病的GB24（TL1A/LIGHT双靶点）、针对系统 性红斑狼疮的GB19，以及三抗药物GB26，均处于早期临床阶段，未来需关注其临床试验结果与国际化 申报进展。 海外市场拓展 白蛋白紫杉醇等产品已在欧盟、阿根廷、秘鲁等多国获批，2026年将继续在拉美 ...

Core Viewpoint - The recent surge in "A+H" listings has seen over 100 A-share companies at various stages of seeking listings in Hong Kong, with a notable presence of biopharmaceutical companies like Kexing Pharmaceutical, which has submitted its application for dual listing [1][2]. Company Overview - Kexing Pharmaceutical, established in 1989 and restructured into a joint-stock company in 2019, is headquartered in Jinan, Shandong [4][3]. - The actual controller of the company, Deng Xueqin, holds 56.27% of the voting rights as of October 2025 [5]. - The board of directors consists of eight members, including four executive directors [6]. Financial Performance - Kexing Pharmaceutical's revenue has fluctuated in recent years, with figures of 1.31 billion, 1.26 billion, 1.40 billion, and 700 million RMB reported for 2022, 2023, 2024, and the first half of 2025, respectively [25]. - The company achieved profitability in 2024, with net profits of 27.05 million RMB and 78.96 million RMB in the first half of 2025 [26]. - Sales expenses have been high, totaling 2.369 billion RMB over three and a half years, while R&D expenses were approximately 788 million RMB, accounting for 16.8% of total revenue [27]. Product Portfolio - Kexing Pharmaceutical has established a product matrix consisting of commercialized products, a research pipeline, and introduced products [9][12]. - The company has four main commercialized products, including SINOGEN, which holds a 55.2% market share in China's short-acting interferon α1b market [10][11]. - The revenue from these products for the years 2022, 2023, 2024, and the first half of 2025 was 1.314 billion, 1.254 billion, 1.392 billion, and 680 million RMB, respectively [12]. Research and Development - Kexing Pharmaceutical has a pipeline of 5 products in clinical stages and 10 in preclinical stages, focusing on oncology, autoimmune diseases, and degenerative diseases [13][18]. - The company has developed a "3KX technology platform" to enhance the R&D process, integrating various advanced technologies [14]. - The most advanced products in the pipeline are GB05 and GB-K02, both currently in Phase III clinical trials [19][20]. Market Position and Challenges - The company is facing challenges due to a lack of blockbuster products and a relatively weak R&D capability compared to other biotech firms [30]. - The sales team may struggle with centralized management due to a dispersed pipeline layout, leading to higher sales expenses [30].

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

一、回购股份的基本情况 证券代码：688136 证券简称：科兴制药 公告编号：2026-010 科兴生物制药股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/3/19 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 3 3 | 17 | 日~2026 | 年 | 16 | 日 | | 预计回购金额 | 3,000万元~6,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 1,319,333股 | | | | | | | 累计已回购股数占总股本比例 | 0.66% | | | | | | | 累计已回购金额 | 4,924.18万元 | | | | | | | 实 ...

近日，科兴制药发布公告称，预计2025年年度实现归母净利润为1.35亿元至1.75亿元，同比增加 328.83%至455.89%，预计归母净利润扣除非经常性损益后为5000万元至7000万元，同比增加41.83%至 98.56%。 (编辑：杨燕 林辰)关键字： 医疗 （科兴制药公告） 本期业绩变化的主要原因是公司积极开拓海外市场，实现了海外收入的强劲增长，推动营业收入持续增 长。报告期内，非经常性损益金额较上年同期变动主要系公司持有的私募基金公允价值变动及处置下属 子公司所致。 ...

Core Viewpoint - Company Kexing Pharmaceutical (科兴制药) is expected to achieve a net profit of approximately 135 million to 175 million yuan in 2025, representing a year-on-year increase of 328.83% to 455.89% compared to the previous year, driven by its "innovation + internationalization" strategy [1] Group 1: Financial Performance - The projected net profit for 2025 is estimated to be between 135 million and 175 million yuan, an increase of 103.52 million to 143.52 million yuan from the previous year [1] Group 2: Strategic Focus - Kexing Pharmaceutical has differentiated its innovation drug pipeline by focusing on three key areas: oncology, autoimmune diseases, and metabolic diseases, which collectively account for 32.2% of the global pharmaceutical market and show significant growth potential [2] - The oncology drug market is expected to grow from 253.3 billion USD in 2024 to 419.8 billion USD by 2030, with a compound annual growth rate of 8.8% [2] Group 3: Product Development - The GB18 injection, targeting GDF-15, is advancing to fill a significant market gap in treating cancer cachexia, with clinical trial approvals from both the FDA and the National Medical Products Administration [2] - Kexing is also developing innovative pipelines for autoimmune diseases, including the GB24 project targeting dual pathways for inflammatory bowel disease and the GB19 project for systemic lupus erythematosus [3] Group 4: AI Integration - In March 2025, Kexing Pharmaceutical entered a strategic partnership with Baidu Biotechnology to leverage AI technology in the development of large molecule drugs for oncology and autoimmune diseases [3] Group 5: International Expansion - Kexing has established a comprehensive global market network covering around 70 countries, with significant sales performance of its core products, including EPOSINO, which leads the market in export volume among similar products [4] - The company has successfully registered and commercialized multiple biopharmaceuticals in Southeast Asia, Latin America, and the Middle East, demonstrating its robust internationalization efforts [4]

Core Viewpoint - The company, Sinovac Biotech Ltd., is expected to achieve a significant increase in net profit for 2025, projecting between 135 million to 175 million yuan, representing a year-on-year growth of 328.83% to 455.89% in a challenging biopharmaceutical industry environment [1] Group 1: Innovation Pipeline Breakthroughs - The impressive growth in performance is attributed to the company's sustained focus on innovation and internationalization, with multiple products in the pipeline showing potential for "first-in-class" (FIC) or "best-in-class" (BIC) status [2][3] - The GB18 injection targeting GDF-15 for cancer cachexia is highlighted for its unique design and significant clinical results, having received clinical trial approvals from both the FDA and NMPA, positioning it as a leading candidate in its category [2] - The company is also advancing projects targeting autoimmune diseases, such as GB24 for inflammatory bowel disease, which aims to address dual targets for enhanced treatment efficacy, showcasing its commitment to innovation [3] Group 2: Internationalization and Revenue Growth - The company's international revenue has seen substantial growth, evolving from simple product exports to a replicable "platform-based internationalization" model, which is now in a phase of scaling [4] - Sinovac's global market presence has expanded to approximately 70 countries, with notable success in the EU market, where a key product, albumin paclitaxel, is expected to gain market approval, significantly contributing to revenue [4] - This platform model addresses critical challenges faced by smaller pharmaceutical companies in international markets, providing a reference for enhancing competitiveness in the biopharmaceutical industry [4] Group 3: Strategic Focus and Future Outlook - The biomanufacturing sector is recognized as a strategic emerging industry in China, with ongoing policy support, which will further accelerate the global clinical development of the company's core FIC/BIC pipelines [5] - The company aims to leverage technological upgrades to enhance product capabilities and drive sustained value creation through global operations [5]

（1）经科兴生物制药股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年年度实现归属 于母公司所有者的净利润为13,500万元至17,500万元，与上年同期（法定披露数据）相比，将增加 10,352万元至14,352万元，同比增加328.83%至455.89%。 （2）预计归属于母公司所有者的扣除非经常性损益的净利润为5,000万元至7,000万元，与上年同期（法 定披露数据）相比，将增加1,475万元至3,475万元，同比增加41.83%至98.56%。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况和财务状况 证券代码：688136 证券简称：科兴制药 公告编号：2026-009 本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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 除此之外，公司不存在其他影响本次业绩预告内容准确性的重大不确定因素。 五、其他说明事项 以上预告数据仅为初步核算数据，具体准确的财务数据以公司正式披露的经审计后的 ...

Group 1 - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit growth of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit rise of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. predicts a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Kexing Pharmaceutical expects a net profit growth of 328.83%-455.89% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng forecasts a net profit rise of 231.24%-248.86% year-on-year for 2025 [1] - Tongzhou Electronics predicts a net profit increase of 151.40%-230.42% year-on-year for 2025 [1] - Zhaofeng Co. expects a net profit growth of 136.26%-164.89% year-on-year for 2025 [1] - Kaige Precision Machinery anticipates a net profit increase of 133.99%-193.55% year-on-year for 2025 [1] - Sankeshu forecasts a net profit rise of 128.96%-189.21% year-on-year for 2025 [1] - Huazi Industrial expects a net profit growth of 128.00%-167.00% year-on-year for 2025 [1] - Zhite New Materials anticipates a net profit increase of 117.11%-171.39% year-on-year for 2025 [1] - Ecovacs expects a net profit growth of 110.90%-123.30% year-on-year for 2025 [1] - Jingquan Hua forecasts a net profit increase of 109.32%-140.72% year-on-year for 2025 [1] - Guoxuan High-Tech anticipates a net profit rise of 107.16%-148.59% year-on-year for 2025 [1] - Changjiang Securities expects a net profit growth of 101.37% year-on-year for 2025 [1] - Shanwaishan forecasts a net profit increase of 98%-125% year-on-year for 2025 [1] - Zhongji Xuchuang anticipates a net profit rise of 89.50%-128.17% year-on-year for 2025 [1] - Huachuang Yuxin expects a net profit growth of 86%-175% year-on-year for 2025 [1] - Kori Technology forecasts a net profit increase of 68.61%-115.25% year-on-year for 2025 [1] - Western Gold anticipates a net profit rise of 67.58%-93.21% year-on-year for 2025 [1] - Shandong Gold expects a net profit growth of 56%-66% year-on-year for 2025 [1] - Huaxi Biological anticipates a net profit increase of 54.93%-83.63% year-on-year for 2025 [1] - Nairui Radar expects a net profit growth of approximately 54.16% year-on-year for 2025 [1] - Lingyun Optical anticipates a net profit rise of approximately 50.75% year-on-year for 2025 [1] - Zhongjin Company expects a net profit increase of 50%-85% year-on-year for 2025 [1] - Dongwu Securities forecasts a net profit growth of 45%-55% year-on-year for 2025 [1] - Longping High-Tech anticipates a net profit increase of 14.17%-66.86% year-on-year for 2025 [1] Group 2 - Jiangfeng Electronics expects a net profit increase of 7.5%-27.5% year-on-year for 2025 [2]

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]