Core Viewpoint - The stock of Kexing Pharmaceutical has experienced a decline of 5.09%, currently trading at 38.38 CNY per share, with a total market capitalization of 7.724 billion CNY [1] Company Overview - Kexing Biological Pharmaceutical Co., Ltd. is located in Jinan, Shandong Province, and was established on August 22, 1997. The company went public on December 14, 2020. Its main business involves the research, development, production, and sales of recombinant protein drugs and micro-ecological preparations [1] - The revenue composition of the company is primarily from pharmaceutical products, accounting for 97.38%, while other sources contribute 2.62% [1] Fund Holdings - According to data, one fund under Southern Fund has a significant holding in Kexing Pharmaceutical. The Southern All-Weather Strategy Mixed (FOF) A (005215) held 120,000 shares in the third quarter, representing 0.6% of the fund's net value, making it the third-largest holding [2] - The estimated floating loss for the fund today is approximately 247,200 CNY [2] Fund Performance - The Southern All-Weather Strategy Mixed (FOF) A (005215) was established on October 19, 2017, with a current scale of 641 million CNY. Year-to-date, it has achieved a return of 7.41%, ranking 260 out of 342 in its category. Over the past year, the return is 9.2%, ranking 237 out of 324, and since inception, the return is 48.9% [2] Fund Management - The fund is managed by Xia Yingying and Li Wenliang. Xia has a tenure of 7 years and 362 days, with a total asset scale of 1.176 billion CNY and a best return of 64.43% during her tenure. Li has a tenure of 7 years and 244 days, managing assets totaling 1.843 billion CNY, with a best return of 47.63% [3]

格隆汇11月3日丨科兴制药(688136.SH)公布，截至2025年10月31日，公司通过上海证券交易所交易系统 以集中竞价交易方式已累计回购公司股份131.93万股，占公司目前总股本比例为0.66%，回购成交的最 高价为43.50元/股，最低价为23.14元/股，支付的资金总额为人民币4,924.18万元（不含交易佣金等费 用）。 ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-090 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： 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在实施回购期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2025 年 10 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 1,319,333 股，占公司目前总股本比例为 0.66%，回购成 交的最高价为43.50元/股，最低价为23.14元/股，支付的资金总额为人民币4,924.18 万元（不含交易佣金等费用）。 上述回购股份事项符合法律法规的规定及公司的回购股份方案。 三、其他事项 | 回购方案首次披露日 | 2025/3/19 | | | | | | | | --- | --- | --- | --- | --- ...

每经头条（nbdtoutiao）——"为了孩子吃上饭，自己只能靠喝水撑着"！美政府停摆危机逼近"临界 点"，4200万人吃饭成问题 每经AI快讯，科兴制药11月3日晚间发布公告称，截至2025年10月31日，公司通过上海证券交易所交易 系统以集中竞价交易方式已累计回购公司股份约132万股，占公司目前总股本比例为0.66%，回购成交 的最高价为43.5元/股，最低价为23.14元/股，支付的资金总额为人民币4924.18万元。 （记者 曾健辉） ...

Core Viewpoint - The announcement by Kexing Pharmaceutical regarding the completion of the first subject enrollment in the Phase I clinical trial of "GB18 Injection" marks a significant advancement in the company's commitment to innovative drug development, potentially offering new treatment hope for cancer cachexia patients [1][2]. Group 1: Product Development - "GB18 Injection" targets GDF15 (Growth Differentiation Factor 15) and is designed to treat cancer cachexia, a severe complication in cancer patients characterized by systemic metabolic disorders and progressive muscle and fat loss [2]. - The unique Fc fusion nanobody structure of "GB18 Injection" enhances drug stability and bioavailability while demonstrating strong inhibition of related downstream signaling pathways [2]. - Preclinical studies indicate that "GB18 Injection" can effectively reverse weight loss caused by cancer cachexia, significantly improve muscle and fat weight, and enhance the quality of muscle fibers in animal models [2]. Group 2: Market Potential - In 2022, there were 19.965 million new cases of malignant tumors globally, with 9.737 million deaths, indicating a growing patient population and a rapidly expanding market for cancer cachexia treatment [3]. - As a potential "First in Class" drug, "GB18" could fill the existing gap in the global market for cancer cachexia treatments, providing Kexing Pharmaceutical with a differentiated competitive advantage in the innovative drug sector [3]. Group 3: Strategic Direction - The ongoing Phase I clinical study of "GB18 Injection" aims to evaluate its safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy in cancer cachexia patients [4]. - The progress of the GB18 project reflects Kexing Pharmaceutical's commitment to innovation, with increased investment in R&D and a focus on key breakthroughs in the global pharmaceutical market [4]. - The company is pursuing a dual reporting strategy in the U.S. and China, accelerating its transformation into an innovative multinational biopharmaceutical enterprise [4].

公告提到，年初至报告期末归属于上市公司股东的净利润较上年同期实现大幅增长，主要系： 一是欧盟市场销售带动海外收入大幅增长，同时公司持续开展营销端降本增效，销售费用下降；此外因 处置下属子公司及持有的私募基金公允价值变动带来非经常性损益金额增加。 近日，科兴制药公布2025年三季报，公司营业收入为11.5亿元，同比上升10.5%；归母净利润为1.11亿 元，同比上升547.7%；扣非归母净利润为7045万元，同比上升190.6%；经营现金流净额为-726万元，同 比下降113.6%；EPS(全面摊薄)为0.5528元。 其中第三季度，公司营业收入为4.47亿元，同比上升60.6%；归母净利润为3092万元，同比上升 483.3%；扣非归母净利润为2517万元，同比上升829.5%；EPS为0.1536元。 ...

Group 1 - Key Point 1: As of October 29, 2025, a total of 12 institutional investors hold shares in Kexing Pharmaceutical (688136.SH), with a combined holding of 119 million shares, representing 59.24% of the total share capital [1] - Key Point 2: The top ten institutional investors account for a combined holding ratio of 59.23%, with a decrease of 13.28 percentage points compared to the previous quarter [1] Group 2 - Key Point 1: In the current period, four public funds increased their holdings, accounting for an increase of 0.21% [2] - Key Point 2: Two public funds reduced their holdings, with a decrease of 1.33% compared to the previous quarter [2] - Key Point 3: Three new public funds were disclosed in the current period, while 156 public funds were not disclosed in the current quarter [2]

Core Viewpoint - The company emphasizes the accuracy and completeness of its quarterly report, ensuring no false statements or omissions exist, and holds legal responsibility for the report's content [2][3]. Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][6]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the text [3][6]. - The company reported no net profit from mergers under common control for the current and previous periods [6]. Shareholder Information - The total number of ordinary shareholders and the top ten shareholders' holdings are disclosed, with "Kexing Biological Pharmaceutical Co., Ltd. Repurchase Special Securities Account" holding 3,149,905 shares, representing 1.57% of the total [4][6]. Other Important Information - There are no significant changes in the shareholding structure or other operational reminders for the reporting period [5][6].

Group 1 - The core viewpoint of the article highlights the financial performance of Kexing Pharmaceutical in Q3 2025, showing significant growth in revenue and net profit [1] - Kexing Pharmaceutical reported a revenue of approximately 1.148 billion yuan for the first three quarters, representing a year-on-year increase of 10.54% [1] - The net profit attributable to shareholders was approximately 111 million yuan, reflecting a substantial year-on-year increase of 547.7% [1] - Basic earnings per share reached 0.56 yuan, marking a year-on-year increase of 522.22% [1] Group 2 - As of the report, Kexing Pharmaceutical has a market capitalization of 7.7 billion yuan [2]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with a revenue of 1.148 billion and a net profit of 111 million, reflecting year-on-year growth of 10.54% and 547.7% respectively [1] - In Q3 alone, the company achieved a revenue of 447 million, marking a substantial year-on-year increase of 60.65% and a quarter-on-quarter increase of 28.9% [1] - The company is focusing on research and development innovation, with multiple breakthroughs in its core pipeline and enhanced R&D efficiency through diverse collaborations [1] Group 1: R&D and Product Development - The company has made progress in the oncology field with the GB18 project, a GDF-15 targeted monoclonal antibody, which has entered clinical phase I after receiving approvals from both the FDA and NMPA [1] - Another innovative drug, GB10, aimed at treating retinal neovascular diseases, has had its clinical trial application accepted by the NMPA [1] - The company is expanding its pipeline in the immunology field, targeting large patient populations with conditions such as atopic dermatitis and inflammatory bowel disease [2] Group 2: Strategic Collaborations and Internationalization - The company is actively collaborating with renowned domestic and international institutions, enhancing its R&D efforts on a global scale [3] - It has established a joint initiative for the overseas expansion of the pharmaceutical and medical device industry, providing comprehensive services for international market entry [3] - The company has signed multiple overseas commercialization agreements focusing on major disease areas such as oncology, immunology, orthopedics, and ophthalmology, securing international market collaboration rights for several key products [3]