证券代码：688221 证券简称：前沿生物 公告编号：2025-043 前沿生物药业（南京）股份有限公司 关于召开2025年第三次临时股东大会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第三次临时股东大会 召开日期时间：2025 年 11 月 19 日 9 点 30 分 召开地点：南京喜玛拉雅假日酒店（南京市雨花台区民智路 9 号） （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 19 日 至2025 年 11 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 1 股东大会召开日期：2025年11月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） ...

证券代码：688221 证券简称：前沿生物 公告编号：2025-041 前沿生物药业（南京）股份有限公司 关于第四届监事会第八次会议决议的公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 前沿生物药业（南京）股份有限公司（以下简称"公司"）第四届监事会第 八次会议通知于2025年10月24日以通讯方式送达全体监事。会议于2025年10月29 日以通讯表决的方式召开。会议由监事会主席姜志忠先生主持，会议应到监事3 人，实到监事3人，公司副总经理、董事会秘书高千雅女士列席了会议。会议的 召集、召开程序和方式符合《中华人民共和国公司法》等法律法规以及《公司章 程》的有关规定，会议决议合法、有效。 二、监事会会议审议情况 经与会监事审议表决，形成的会议决议如下： 1、审议通过《关于公司 2025 年第三季度报告的议案》 公司监事会认为：公司2025年第三季度报告反映了公司的实际经营状况和经 营成果，其陈述事项真实、准确、完整，不存在应披露而未披露事项，不存在任 何虚假记载、误导性陈述或者重大遗漏。 2 ...

证券代码：688221 证券简称：前沿生物 公告编号：2025-040 前沿生物药业（南京）股份有限公司 关于第四届董事会第八次会议决议的公告 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个别及连带责任。 一、董事会会议召开情况 前沿生物药业（南京）股份有限公司（以下简称"公司"）第四届董事会第 八次会议通知于 2025 年 10 月 24 日以通讯方式送达全体董事。会议于 2025 年 10 月 29 日以通讯表决的方式召开。会议由董事长 DONG XIE（谢东）先生主持， 会议应到董事 7 人，实到董事 7 人，公司高级管理人员列席了会议。会议的召集、 召开程序和方式符合《中华人民共和国公司法》等法律法规以及《公司章程》的 有关规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议表决，形成的会议决议如下： 1、审议通过《关于公司 2025 年第三季度报告的议案》 公司董事会在全面审核和了解公司 2025 年第三季度报告后，认为公司 2025 年第三季度报告反映了公司的实际经营状况和经营成果，认为其陈述事项真实、 准确 ...

前沿生物药业（南京）股份有限公司 2025 年第三季度报告 证券代码：688221 证券简称：前沿生物 前沿生物药业（南京）股份有限公司 2025 年第三季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 15 前沿生物药业（南京）股份有限公司 2025 年第三季度报告 一、主要财务数据 | 非经常性损益项目 | 本期金额 | 年初至报告期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益，包括已计提资产减值准备的冲销部分 | -37,784.92 | -22,430.99 | 固定资产处置损失 | （一） 主要会计数据和财务指标 注："本报告期"指本季 ...

小核酸创新转型 前沿生物-U(688221) 证券研究报告 化学制药 / 公司深度研究报告 / 2025.10.28 | 投资评级:增持(首次) | | --- | | 基本数据 | 2025-10-27 | | --- | --- | | 收盘价(元) | 14.22 | | 流通股本(亿股) | 3.75 | | 每股净资产(元) | 2.79 | | 总股本(亿股) | 3.75 | 最近 12 月市场表现 -13% 39% 90% 142% 194% 245% 前沿生物-U 沪深300 上证指数 化学制药 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 联系人 宋田田 songtt@ctsec.com 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 114 | 129 | 210 | 322 | 454 | | 收入增长率(%) ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

Core Viewpoint - Frontline Bio (688221.SH) is currently experiencing a decline in stock price, closing at 14.20 yuan with a drop of 2.67%, indicating a state of underperformance since its IPO [1] Group 1: IPO and Stock Performance - Frontline Bio was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2020, with an initial public offering (IPO) price of 20.50 yuan per share [1] - The stock reached its highest price of 35.53 yuan on the first day of trading, marking the peak since its listing [1] - The total number of shares issued during the IPO was 89.96 million, accounting for 25.01% of the total shares post-issuance [1] Group 2: Fundraising and Use of Proceeds - The total amount raised from the IPO was 184.418 million yuan, with a net amount of 171.729 million yuan after expenses [1] - The company planned to use the raised funds for various projects, including the clinical development of an HIV fusion inhibitor, a combined therapy, a new transdermal analgesic patch, marketing network construction, and to supplement working capital [1] - The total fundraising from two rounds of issuance amounts to 2.044 billion yuan [4] Group 3: Underwriting and Strategic Investment - UBSAG, the underwriting institution, participated in the strategic placement of the IPO, acquiring 2,926,829 shares, which is 3.25% of the total issuance, for approximately 60 million yuan [2] - The lock-up period for the shares acquired by UBSAG is set for 24 months from the date of listing [2] Group 4: Subsequent Issuance - On September 22, 2022, Frontline Bio announced a specific issuance of 14,818,653 shares at a price of 13.51 yuan per share, raising a total of approximately 200.2 million yuan [3] - After deducting issuance costs, the net amount raised from this issuance was approximately 195.67 million yuan [3]

Core Insights - The A-share market has seen a significant rally in innovative drug concept stocks, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Guangxi Shengtang (广生堂) experienced a rise of approximately 18% [2] - Shutaishen (舒泰神) increased by over 12% [2] - Jimin Health (济民健康) and Anglikang (昂利康) both hit the 10% daily limit up [2] - Huahai Pharmaceutical (华海药业) rose by over 9% [2] - Frontier Biologics (前沿生物) increased by over 8% [2] - Hanyu Pharmaceutical (翰宇药业) saw a rise of over 7% [2] - Saily Medical (塞力医疗) and Jiuzhou Pharmaceutical (九洲药业) both increased by over 6% [2] Group 2: Market Capitalization and Year-to-Date Performance - Guangxi Shengtang has a market capitalization of 19.2 billion with a year-to-date increase of 269.02% [2] - Shutaishen has a market capitalization of 17.3 billion with a year-to-date increase of 389.07% [2] - Jimin Health has a market capitalization of 5.76 billion with a year-to-date increase of 61.56% [2] - Anglikang has a market capitalization of 8.31 billion with a year-to-date increase of 213.50% [2] - Huahai Pharmaceutical has a market capitalization of 31.4 billion with a year-to-date increase of 18.92% [2] - Frontier Biologics has a market capitalization of 5.544 billion with a year-to-date increase of 51.64% [2] - Hanyu Pharmaceutical has a market capitalization of 19.2 billion with a year-to-date increase of 68.35% [2] - Saily Medical has a market capitalization of 5.628 billion with a year-to-date increase of 270.91% [2] - Jiuzhou Pharmaceutical has a market capitalization of 18.5 billion with a year-to-date increase of 56.50% [2]

Market Overview - The A-share market experienced a slight increase with the Shanghai Composite Index rising by 0.1% to 3869.25 points, while the Shenzhen Component Index remained flat and the ChiNext Index increased by 0.22% [1] - The total trading volume in the A-share market reached 1.28 trillion yuan [1] Economic Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.1% month-on-month in September, while it decreased by 0.3% year-on-year. The core CPI, excluding food and energy, increased by 1.0% year-on-year, marking the fifth consecutive month of growth [3] - The Producer Price Index (PPI) remained flat month-on-month and decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to August [3] Manufacturing Sector - The State Taxation Administration revealed that tax reductions and refunds supporting the manufacturing sector amounted to 1.2925 trillion yuan in the first eight months of the year [3] - Manufacturing sales revenue grew by 4.7% year-on-year in the first three quarters, accounting for 29.8% of total sales revenue across all enterprises [3] Pharmaceutical Sector - The pharmaceutical sector saw significant gains, with stocks like Sunflower and Guangsheng Tang hitting the daily limit of 20% increase, while Shutai Shen and Toukeng Life rose over 10% [4] - The "innovation + internationalization" trend in the innovative drug industry remains strong, with ongoing policy support expected to enhance global competitiveness and commercial profitability [5] Company Highlights - Guangsheng Tang's innovative drug GST-HG141 for hepatitis B is the first of its kind to enter Phase III trials globally, representing a breakthrough in treatment options [8] - Shutai Shen focuses on infectious diseases and has two products, STSP-0601 and BDB-001, included in the breakthrough therapy designation by the CDE [8] - Anglikang is investing in the production of 8000 tons of amoxicillin and 2000 tons of ampicillin, which is expected to enhance its cost advantages in penicillin-based formulations [8] - Frontier Bio is advancing the development of a new long-acting HIV treatment and is strategically positioning itself in high-end generics and medical devices [9]

Core Viewpoint - The company has successfully held its second extraordinary general meeting of shareholders in 2025, where key resolutions regarding the 2025 Restricted Stock Incentive Plan were approved, including the authorization for the board to handle related matters [2][3][10]. Group 1: Meeting Details - The extraordinary general meeting was held on October 9, 2025, at the Nanjing Jiayue Yinh Lake Hotel [2]. - A total of 6 out of 7 current directors attended the meeting, along with all 3 supervisors and the board secretary [2][3]. - All resolutions presented at the meeting were passed with more than two-thirds of the voting rights held by attending shareholders [3]. Group 2: Incentive Plan Approval - The board approved the "2025 Restricted Stock Incentive Plan" and its summary, along with the implementation assessment management measures [3][10]. - The board authorized the granting of 4.25 million shares of restricted stock to 27 incentive objects at a price of 8.56 yuan per share, effective from October 9, 2025 [12][24][25]. Group 3: Insider Trading Self-Examination - The company conducted a self-examination regarding insider trading related to the 2025 Restricted Stock Incentive Plan, confirming that no insider trading occurred during the specified period [4][8]. - Three incentive objects were found to have traded company stock during the self-examination period, but these trades were based on public market information and did not involve insider information [7][8]. Group 4: Legal Compliance and Opinions - The company ensured that the meeting and the resolutions complied with relevant laws and regulations, as confirmed by the witnessing lawyers [3][10]. - The legal opinion concluded that all necessary approvals and authorizations for the stock grant had been obtained, and the conditions for granting the stock had been met [47].