Core Insights - The recombinant protein industry in China, despite its late start, has rapidly developed due to continuous support from national industrial policies, leading to significant breakthroughs in technology, production processes, and quality control [1][15] - The market for recombinant proteins is expected to grow steadily, driven by increased investment in innovative drug research, rising demand for precision medicine, and the expansion of downstream application scenarios [1][15] Industry Overview - Recombinant proteins are proteins obtained through genetic engineering and cell engineering, essential for the development and production of biopharmaceuticals, cell immunotherapy, and diagnostic reagents [4] - The industry has experienced three stages: the initial stage (1970-1990), rapid development (1990-2000), and transformation and upgrading (2000-present) [8][9] Market Growth - The market size of China's recombinant protein industry is projected to grow from 5.1 billion yuan in 2015 to 27 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.34% [1][15] - The global recombinant protein market is expected to increase from $7 billion in 2015 to $18.5 billion in 2024, with a CAGR of 11.4% [13][14] Policy Support - The Chinese government has implemented various policies to encourage technological innovation and market expansion in the biopharmaceutical sector, including funding support for research and expedited drug approval processes [9][10] Industry Chain - The upstream of the recombinant protein industry includes raw materials and equipment, while the midstream consists of recombinant protein products, and the downstream includes customers such as research institutions and pharmaceutical companies [10] Competitive Landscape - The recombinant protein market is characterized by a diverse and dynamic competitive landscape, with major multinational pharmaceutical companies like Pfizer, Roche, and Novartis leading the market, while numerous small and medium-sized enterprises focus on innovative technologies [16][17] Development Trends - The industry is moving towards high-end products, focusing on complex structures and high-value proteins, with an emphasis on product activity, purity, and consistency [18] - Intelligent technologies, including AI and machine learning, are expected to enhance research and production processes, improving efficiency and product quality [19][20] - Chinese recombinant protein companies are increasingly participating in global competition, aiming to meet international standards and establish a strong global presence [21]

Core Viewpoint - Nearshore Protein, established in September 2009 and listed on the Shanghai Stock Exchange in September 2022, is a leading provider of protein and related technology services in China, specializing in the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with related technical services [1]. Financial Performance - For Q3 2025, Nearshore Protein reported revenue of 112 million yuan, ranking 33rd in the industry, significantly lower than the industry leader Changchun High-tech's 9.807 billion yuan and second-ranked Kanghong Pharmaceutical's 3.624 billion yuan, as well as below the industry average of 1.26 billion yuan and median of 734 million yuan [2]. - The main business composition includes target and factor proteins at 41.846 million yuan (58.04%), enzymes and reagents at 18.475 million yuan (25.63%), CRO services at 8.555 million yuan (11.87%), recombinant antibodies at 1.928 million yuan (2.67%), and others at 1.291 million yuan (1.79%) [2]. - The net profit for Q3 2025 was -28.8593 million yuan, ranking 27th in the industry, far below the industry leader Tonghua Dongbao's 1.188 billion yuan and second-ranked Changchun High-tech's 1.06 billion yuan, as well as below the industry average of 166 million yuan and median of 56.6337 million yuan [2]. Financial Ratios - As of Q3 2025, Nearshore Protein's debt-to-asset ratio was 5.23%, up from 4.85% in the previous year, which is significantly lower than the industry average of 26.88%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 64.84%, slightly up from 64.54% year-on-year, but still below the industry average of 70.17% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.65% to 6,094, while the average number of circulating A-shares held per household increased by 5.99% to 5,361.9 [5]. - Among the top ten circulating shareholders, Huashang Lexiang Flexible Allocation Mixed A ranked third with 604,700 shares, down by 14,800 shares from the previous period [5].

国联民生证券承销保荐有限公司 关于苏州近岸蛋白质科技股份有限公司 使用部分募集资金向全资子公司增资以实施募投项目的 核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐机 构"）作为苏州近岸蛋白质科技股份有限公司（以下简称"近岸蛋白"或"公司"） 持续督导工作的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司 募集资金监管规则》《上海证券交易所科创板股票上市规则》《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性 文件的规定，对公司使用部分募集资金向全资子公司增资以实施募投项目的事项 进行了审慎核查，核查情况与意见如下： （一）本次交易概况 根据公司《关于变更部分募投项目实施地点及募投项目延期的公告》，上海 近岸科技有限公司（以下简称"近岸科技"）是募投项目"研发中心建设项目" 的实施主体，公司拟使用募集资金人民币 53,279.45 万元（含募集资金及其相应 利息，具体金额以实施增资时募集资金金额为准）向全资子公司近岸科技进行增 资，增资金额全部计入资本公积。用于募投项目"研发中心建设项目"的实施。 本次增资完成后，近岸科技注册资本不 ...

证券代码：688137 证券简称：近岸蛋白 公告编号：2025-046 苏州近岸蛋白质科技股份有限公司（以下简称"公司"）于2025年10月13日召开 的第二届董事会第十三次临时会议、第二届监事会第十次临时会议审议通过了《关 于使用暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资金 投资项目建设和募集资金使用以及公司正常业务开展的情况下,使用最高余额不超过 人民币8亿元（包含本数）的暂时闲置募集资金购买安全性高、流动性好、期限不超 过12个月（含）的投资产品（包括但不限于协定性存款、结构性存款、定期存款、通 知存款、大额存单等）。在上述额度内,资金可以滚动使用,使用期限自董事会审议通 过之日起12个月内有效。具体内容详见公司于2025年10月16日在上海证券交易所网站 （www.sse.com.cn）披露的《关于使用暂时闲置募集资金进行现金管理的公告》（公 告编号：2025-042）。 一、开立募集资金现金管理产品专用结算账户的情况 公司于近日开立了募集资金现金管理产品专用结算账户，用于暂时闲置募集资 金现金管理，具体账户信息如下： | 序号 | 账户名称 | 开户机构 | 账号 | | -- ...

重要内容提示： 增资标的名称：上海近岸科技有限公司（以下简称"近岸科技"） 资金金额及来源：苏州近岸蛋白质科技股份有限公司（以下简称"公司"、 "近岸蛋白"）拟使用募集资金人民币 53,279.45 万元（含募集资金及其相应 利息，具体金额以实施增资时募集资金金额为准）向全资子公司近岸科技增资， 用于募投项目"研发中心建设项目"的实施。 本次增资事项已经公司第二届董事会第十四次会议和第二届监事会第十 一次会议审议通过，无需提交股东大会审议批准。 本次增资不构成关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形，不会改变公司合并报表范围。 一、募集资金的基本情况 证券代码：688137 证券简称：近岸蛋白 公告编号：2025-045 苏州近岸蛋白质科技股份有限公司 关于使用部分募集资金向全资子公司增资的公告 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。 经中国证券监督管理委员会于 2022 年 7 月 25 日出具的《关于同意苏州近岸 蛋白质科技股份有限公司首次公开发行股票注册的批复》（证监许可[2022 ...

证券代码：688137 证券简称：近岸蛋白 公告编号：2025-044 苏州近岸蛋白质科技股份有限公司 第二届监事会第十一次会议决议公告 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。 一、监事会会议召开情况 （一）《关于公司<2025 年第三季度报告>的议案》 经审核，监事会认为，公司《2025 年第三季度报告》的编制和审议程序规 范合法，符合法律、法规、公司章程及监管机构的规定，公司《2025 年第三季 度报告》公允地反映了公司报告期内的财务状况和经营成果，未发现参与公司 2025 年第三季度报告编制和审议的人员有违反保密规定及损害公司利益的行为。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 （二）《关于公司 2025 年第三季度计提资产减值准备的议案》 苏州近岸蛋白质科技股份有限公司（以下简称"公司"）第二届监事会第十 一次会议于 2025 年 10 月 28 日 17:00 在公司会议室，以现场会议的方 ...

Revenue and Profitability - The company's revenue for Q3 2025 was CNY 39,760,343.29, representing a year-over-year increase of 22.63%[3] - The total profit for the year-to-date period was a loss of CNY 38,502,182.01, with a net loss attributable to shareholders of CNY 28,859,268.50[3] - Net profit for the first three quarters of 2025 was a loss of ¥28,859,268.50, compared to a loss of ¥18,258,535.09 in the same period of 2024, indicating a deterioration in performance[20] - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.41, compared to -¥0.26 in 2024[21] Research and Development - Research and development expenses amounted to CNY 14,146,410.42 in Q3, accounting for 35.58% of total revenue, an increase of 0.60 percentage points compared to the previous year[4] - Research and development expenses increased to ¥40,248,363.71 in 2025 from ¥33,757,447.63 in 2024, marking a growth of 19.2%[19] Cash Flow and Financial Position - The net cash flow from operating activities for the year-to-date period was a negative CNY 17,498,412.32, reflecting a significant decline of 188.17%[3] - In the first three quarters of 2025, the net cash flow from operating activities was -$17.50 million, a decrease from $19.85 million in the same period of 2024[22] - Cash inflow from operating activities totaled $124.35 million in 2025, down from $158.59 million in 2024[22] - The company's cash and cash equivalents reached RMB 799.16 million as of September 30, 2025, an increase from RMB 647.35 million at the end of 2024[14] - Cash and cash equivalents at the end of Q3 2025 stood at $798.84 million, up from $668.39 million at the end of Q3 2024[23] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 2,195,238,545.78, a decrease of 1.03% from the end of the previous year[4] - The total assets as of the end of the reporting period were ¥2,195,238,545.78, slightly down from ¥2,218,110,499.82 in the previous year[16] - Total liabilities decreased to ¥114,781,644.07 from ¥116,442,779.95 year-over-year[16] Shareholder Information - The largest shareholder, Shanghai Xinbainuo Biotechnology Co., Ltd., holds 43.26% of the total shares, amounting to 30,355,000 shares[12] - Wujiang Dongyun Venture Capital Co., Ltd. is the second-largest shareholder with a 14.42% stake, holding 10,120,000 shares[12] - The company has a total of 6,094 common stock shareholders at the end of the reporting period[11] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest three shareholders accounting for over 62% of total shares[12] Government Subsidies and Financial Contributions - The company experienced a reduction in government subsidies, which contributed to the overall decrease in net profit and cash flow[9] - The total non-recurring gains and losses for the year-to-date period amounted to CNY 3,780,076.64, with significant contributions from government subsidies and financial asset valuations[7] Future Outlook and Strategy - The company is actively expanding into emerging business areas and increasing its R&D and marketing investments to achieve high-quality growth[8] - The company is focusing on expanding its market presence and enhancing product development strategies to improve future performance[19]

Core Insights - The company reported third-quarter revenue of 39.76 million yuan, representing a year-on-year increase of 22.63% [1] - The net profit for the third quarter was a loss of 4.64 million yuan [1] - For the first three quarters, the company achieved revenue of 112 million yuan, reflecting a year-on-year growth of 21.48% [1] - The net profit for the first three quarters was a loss of 28.86 million yuan [1]

Group 1 - The company will hold a performance briefing on October 24, 2025, from 15:00 to 16:00 [2][3] - The briefing will take place at the Shanghai Securities News and China Securities Network Roadshow Center, accessible online [2][3] - Investors can submit questions via email to the company's designated address by October 23, 2025, at 18:00 [2][4] Group 2 - Key participants in the briefing will include the Chairman and General Manager, Mr. Zhu Huaxing, and the Secretary of the Board, Mr. Wang Duqiang [3] - The company aims to provide comprehensive insights into its operational performance and development strategy during the briefing [2] - After the briefing, investors can access the main content and details of the event through the Shanghai Securities News and China Securities Network Roadshow Center [5]

二、说明会召开的时间、地点和方式 证券代码：688137 证券简称：近岸蛋白 公告编号：2025-043 苏州近岸蛋白质科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 一、说明会类型 苏州近岸蛋白质科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度报告》 及《2025 年半年度报告摘要》。为便于广大投资者更加全面深入地了解公司经 营业绩、发展战略等情况，公司定于 2025 年 10 月 24 日（星期五）15:00-16:00 在上海证券报•中国证券网路演中心（https://roadshow.cnstock.com/）举办 2025 年半年度网上业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和 建议。 会议召开时间：2025 年 10 月 24 日（星期五）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 ...