Company Overview - Kexing Bio-Pharmaceutical Co., Ltd. is an innovative international biopharmaceutical company focused on the research, development, production, and sales of recombinant protein drugs and micro-ecological preparations, targeting areas such as antiviral, oncology, immunology, hematology, and degenerative diseases [4][9] - The company has established a national marketing network covering approximately 8,000 hospitals and has achieved market access and sales in over 70 countries, including the EU, Brazil, and Egypt [4][8] Financial Performance - For the first half of 2025, the company reported a revenue of approximately 700.46 million yuan, a decrease of 7.82% compared to the same period last year [2][3] - The total profit reached approximately 84.13 million yuan, representing a significant increase of 100.40% year-on-year [2][3] - The net profit attributable to shareholders was approximately 80.34 million yuan, a remarkable increase of 576.45% compared to the previous year [2][3] Key Financial Indicators - Basic earnings per share for the first half of 2025 were 0.41 yuan, up 578.63% from the previous year [3] - The weighted average return on equity was 4.80%, compared to 0.73% in the same period last year [3] - Research and development expenses accounted for 13.70% of revenue, an increase from 11.52% year-on-year [3] Business Model and Operations - The company employs a "sales-driven production and demand-based procurement" model, ensuring production aligns with sales forecasts [7][8] - Kexing Bio has a complete and controllable R&D, procurement, production, and marketing system, allowing for independent operations [7][8] Industry Context - The biopharmaceutical industry in China is undergoing significant transformation, with a shift towards innovation-driven growth supported by government policies and technological advancements [9] - The overall pharmaceutical manufacturing industry has seen a slight decline in revenue, but is expected to stabilize and recover as innovation policies take effect [9]

Group 1 - The core viewpoint of the report indicates that Kexing Biopharmaceutical Co., Ltd. has shown significant improvements in net profit and cash flow despite a decrease in revenue compared to the previous year [1][3][4] - Total assets at the end of the reporting period amounted to approximately 3.32 billion RMB, reflecting a 4.94% increase from the previous year [3] - The net profit attributable to shareholders reached approximately 80.34 million RMB, marking a substantial increase of 576.45% compared to the same period last year [3][4] Group 2 - The company's operating income for the reporting period was approximately 700.46 million RMB, which represents a decrease of 7.82% compared to the previous year [3] - The total profit for the period was approximately 84.13 million RMB, showing a significant increase of 100.40% year-on-year [3] - The net cash flow from operating activities was approximately 29.80 million RMB, a remarkable turnaround from a negative cash flow of 34.03 million RMB in the previous year, indicating a 187.57% improvement [3] Group 3 - The weighted average return on equity increased to 4.80%, up by 4.07 percentage points from the previous year [3] - Basic earnings per share rose to 0.41 RMB, an increase of 578.63% compared to the previous year [3] - The proportion of research and development investment relative to operating income increased to 13.70%, up by 2.18 percentage points from the previous year [3]

Group 1 - The company held its 25th meeting of the second Supervisory Board on August 22, 2025, which was conducted in accordance with relevant laws and regulations [1] - The Supervisory Board approved the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1][2] - The voting results for the approval of the semi-annual report were 3 votes in favor, with no votes against or abstentions [2] Group 2 - The Supervisory Board also approved a special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with relevant regulations and proper management of the funds [2] - The company ensured that the raised funds were stored in dedicated accounts and used for specified purposes, with timely disclosure of related information [2] - The voting results for the approval of the special report on raised funds were also 3 votes in favor, with no votes against or abstentions [2]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 700.46 million, a decrease from 759.89 million in the same period last year, representing a decline of about 7.5% [2] - The total profit for the same period was approximately 84.13 million, significantly up from 41.98 million year-on-year, indicating an increase of about 100% [2] - The net profit attributable to shareholders was approximately 80.34 million, compared to 11.88 million in the previous year, marking an increase of about 576% [2] - The net profit after deducting non-recurring gains and losses was approximately 45.28 million, up from 21.53 million, reflecting an increase of about 109% [2] - The net cash flow from operating activities was approximately 29.80 million, a substantial improvement from a negative cash flow of 34.03 million in the same period last year [2] Financial Ratios - As of August 22, 2025, the company's price-to-earnings (P/E) ratio (TTM) was approximately 89.61, the price-to-book (P/B) ratio (LF) was about 5.32, and the price-to-sales (P/S) ratio (TTM) was around 6.65 [2] Shareholder Structure - The top ten circulating shareholders as of the end of the first half of 2025 included new shareholders such as E Fund Medical Biotechnology Stock Fund and Fortune Tianhui Selected Growth Mixed Fund, replacing previous shareholders [53] - The shareholding proportions of E Fund Medical Health Mixed Fund and Fortune Precision Medical Flexible Allocation Mixed Fund increased, while the holdings of Shenzhen Keyi Medical Holdings and others decreased [53][54] Asset and Liability Changes - As of the end of the first half of 2025, the company's trading financial assets accounted for 5.22% of total assets, up from 0% at the end of the previous year [41] - Long-term borrowings increased by 13.96%, contributing to a rise in the proportion of total assets [44] - The company's inventory value was approximately 1.29 million, accounting for 7.66% of net assets, which decreased from the previous year [47] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 4.8%, an increase of 4.07 percentage points year-on-year [25] - The return on invested capital for the same period was 3.28%, up by 2.79 percentage points compared to the previous year [25]

Project Investment - Qihang Tenda plans to invest 70 million in an 8000 tons/year high-performance catalytic new materials project [2] - Jingwang Electronics intends to invest 5 billion in expanding its Zhuhai Jinwan base [2] - Hualu Hengsheng plans to invest 3.039 billion in upgrading its gasification platform [2] Operating Data - China Electric Power Construction Company signed new contracts totaling 736.133 billion from January to July, representing a year-on-year increase of 4.3% [2] H-share Listing - Kexing Pharmaceutical plans to prepare for an H-share listing [2] - Huqin Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] Equity Acquisition - Chongqing Water intends to acquire 100% equity of Yujing Water for 354 million [2] Share Buyback - Jingao Technology plans to repurchase shares worth 200 million to 400 million [2] - Wandong Medical intends to repurchase shares worth 30 million to 60 million [2] Performance - Longi Green Energy reported a net loss of 2.569 billion in the first half of the year [2] - Hengsheng Electronics achieved a net profit of 261 million in the first half, a year-on-year increase of 771.57% [2] Increase/Decrease of Holdings - Zijin Investment plans to reduce its holdings by no more than 3% in Shun'an Environment [2] - Changjiang Electric's controlling shareholder intends to increase holdings by 4 billion to 8 billion [2] Other - Jin Yi Technology plans to raise no more than 1 billion through a private placement to its actual controller Luo Ruifa and his controlled enterprises [2] - Longhua New Materials plans to issue convertible bonds to raise no more than 960 million [2]

Core Insights - The company reported a revenue of 700 million yuan for the first half of 2025, representing a year-on-year decrease of 7.82% [1] - The net profit attributable to shareholders reached 80.34 million yuan, showing a significant year-on-year increase of 576.45% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 45.28 million yuan, reflecting a year-on-year growth of 110.30% [1] - The basic earnings per share stood at 0.41 yuan [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching 700.46 million yuan and net profit at 80.34 million yuan, marking a year-on-year growth of 576.45% [1] - The company is positioning itself as an innovative multinational pharmaceutical enterprise through its focus on research and development and international expansion [1] Innovation and R&D - The company has established a robust innovation pipeline based on its recombinant protein drug technology platform, focusing on high-value clinical pipelines and antibody drug development technology [2] - The company is developing several new drugs, including GB05 for respiratory syncytial virus (RSV) and GB18 for cancer cachexia, with promising clinical trial results [2][3] - The GB12 project targets specific dermatitis with a dual-blocking mechanism, showing significant advantages over existing treatments, indicating a favorable competitive landscape [3] - The company is also advancing the GB24 project, which addresses intestinal fibrosis in inflammatory bowel disease (IBD) patients, enhancing its competitive edge in gastrointestinal diseases [4] International Expansion - The company has made significant strides in its international commercialization strategy, establishing a marketing network covering over 70 countries and regions [5][6] - The company has successfully registered 18 products for overseas commercialization and received approvals in multiple countries, including the EU [6] - The introduction of high-end complex formulations, such as albumin paclitaxel, marks a transition to a new phase of international expansion, broadening the product portfolio [6] Strategic Positioning - The company is recognized for its innovative capabilities and has been actively participating in international academic events, enhancing its image as an innovative multinational biopharmaceutical enterprise [4][7] - The strategic focus on both innovation and internationalization is expected to drive sustainable growth and establish a positive image for Chinese enterprises in the global market [5][7]

本报讯 （记者王僖）8月22日晚，科兴生物制药股份有限公司（以下简称"科兴制药"）发布2025年半年 度报告。报告期内，公司实现营业收入7亿元；归属于上市公司股东的净利润8034.45万元，同比大幅增 长576.45%。 国内市场方面，公司深化区域精细化管理，拓展电商渠道，常乐康、赛若金等产品入驻京东、阿里健康 等平台，电商收入同比增长约90%。产业化建设同步发力，预充式生产线2号线投产且产能爬坡超预 期。 科兴制药有关人士表示，在政策支持、技术创新与全球化战略的共同驱动下，医药行业加速向创新驱动 转型，且随着我国对创新药支持力度的加强，创新成果不断兑现，创新药将进入新的快速发展期。公司 也将聚焦做精做强主业，外抓市场，内抓管理，不断进行创新突破，持续推进"降本增效"，实现盈利能 力稳步提升。 （编辑 何帆） 作为创新型国际化生物制药企业，科兴制药依托重组蛋白、抗体药物等先进技术平台，聚焦抗病毒、肿 瘤、免疫等领域。上半年研发创新成果凸显，不仅获得GB18注射液中国和美国的药物临床试验批准通 知书、干扰素α1b吸入溶液美国临床试验批准通知书，还持续推进长效生长激素等项目I期临床，以及聚 乙二醇化人粒细胞刺激因 ...

圆桌讨论由博济医药首席运营官夏其奎主持，与石药集团明复乐药业董事长杨琴，卫生经济学学者、博 雅荟创始人张士勤博士，中再集团人身险事业部副总经理暴栋三位嘉宾，共探高值创新药支付难题的破 解路径。 嘉宾们纷纷表示，中国生物医药产业正处在从"本土创新"走向"全球价值"的关键阶段。唯有通过技术创 新、资本助力、政策支持与国际化合作，才能在全球医药格局中占据更重要的位置。 本报讯 （记者李雯珊 见习记者张美娜）8月21日，第五届深圳生物医药创新大会在深圳南山成功举办。 本次大会由广东省生物医药创新技术协会与博济医药科技股份有限公司（以下简称"博济医药"）共同主 办，深圳博瑞医药科技有限公司（以下简称"深圳博瑞"）、科兴生物制药股份有限公司（以下简称"科 兴制药"）联合承办，旨在聚焦生物医药全产业链创新与国际化发展，推动粤港澳大湾区生物医药产业 高质量融合与全球合作。 作为具备丰富出海经验的企业代表，科兴制药副总经理邵珂博士从企业实践角度分享了医药出海的策略 与案例。他指出，全球医药市场规模预计2027年达1.9万亿美元，肿瘤、自免、代谢等领域仍是增长主 力。中国药企在研发管线数量上已位居全球前列，热门靶点占比超60%， ...

Core Viewpoint - The company, Sinovac Biotech (688136), is planning to issue overseas listed shares (H shares) and list on the Hong Kong Stock Exchange to enhance its international business development and brand image while optimizing its capital structure and diversifying financing channels [1]. Group 1 - The company aims to deepen its "innovation + internationalization" strategic layout [1]. - The initiative is intended to accelerate the development of overseas business and improve the company's overall competitiveness [1]. - The company is currently in discussions with relevant intermediaries regarding the specific progress of the H share listing, with details yet to be finalized [1].