Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].

Group 1 - The core point of the news is the equity change report regarding Shanghai Southern Model Biotechnology Co., Ltd, where Suzhou Haiwang Hezong No. 1 Equity Investment Partnership (Limited Partnership) is increasing its shareholding in the company [1][2] - The report indicates that the equity change is based on the confidence in the company's future development and long-term investment value recognition [9] - The report outlines that the equity change requires compliance confirmation from the Shanghai Stock Exchange and registration procedures with the China Securities Depository and Clearing Corporation [5][38] Group 2 - The information disclosing party, Suzhou Haiwang Hezong, has not held shares in the company prior to this equity change, while its action partner, Shanghai Pudong New Industry Investment Co., Ltd., held 2,160,000 shares, accounting for 2.77% of the total share capital [12][13] - After the equity change, the information disclosing party will hold 8,679,727 shares, representing 11.13% of the total share capital, while the combined holdings with its action partner will total 10,839,727 shares, or 13.90% of the total share capital [12][13] - The share transfer agreement specifies that the shares will be transferred at a price of 27.369 yuan per share, with the total transfer price amounting to approximately 127.27 million yuan [15][56] Group 3 - The report confirms that the equity change does not trigger a mandatory tender offer and will not lead to changes in the controlling shareholder or actual controller of the company [39] - The report also states that the equity change complies with relevant laws and regulations, including the Securities Law and the Acquisition Measures [39] - The information disclosing party has committed to not reduce its holdings in the company for 12 months following the completion of the share transfer [11]

Core Viewpoint - The announcement details the transfer of shares by major shareholders of Shanghai Nanmo Biological Technology Co., Ltd. to Suzhou Haiwang Hezhong Equity Investment Partnership, indicating a significant change in the ownership structure of the company [1][2][3]. Summary by Sections Share Transfer Details - Major shareholders, including Shenzhen Qianhai Hairun Rongfeng Investment Partnership, Beijing Kangjun Ningyuan Equity Investment Partnership, and Shanghai Zhangjiang Collective Asset Investment Management Co., Ltd., signed share transfer agreements on June 25, 2025 [1][2]. - Hairun Rongfeng plans to transfer 4,650,318 shares at a price of 27.369 yuan per share, representing 5.96% of the total share capital [1][2]. - Kangjun Ningyuan intends to transfer 2,247,409 shares, accounting for 2.88% of the total share capital [1][2]. - Zhangjiang Collective will transfer 1,782,000 shares, which is 2.29% of the total share capital [1][2]. Ownership Changes - Before the transfer, Hairun Rongfeng held 5.96% of the shares, while after the transfer, it will no longer hold any shares [3][4]. - Kangjun Ningyuan will hold 2.00% of the shares post-transfer, while Haiwang Hezhong will hold 11.13% of the shares, totaling 8,679,727 shares [1][4]. Compliance and Future Commitments - The transfer does not trigger a mandatory tender offer and will not change the controlling shareholder or actual controller of the company [2][4]. - Haiwang Hezhong commits to not reducing its stake in the company for 12 months following the transfer [2][4]. Transaction Conditions - The transaction is subject to compliance confirmation by the Shanghai Stock Exchange and the completion of share transfer registration with China Securities Depository and Clearing Corporation [2][4]. - The total transfer price for the shares is approximately 61.51 million yuan for Hairun Rongfeng and 48.77 million yuan for Kangjun Ningyuan, with a consistent price of 27.369 yuan per share [9][10].

关于持股 5%以上股东协议转让股份 上海南方模式生物科技股份有限公司 暨权益变动的提示性公告 本公司董事会、全体董事及相关股东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。 证券代码：688265 证券简称：南模生物 公告编号：2025-043 重要内容提示： 上海南方模式生物科技股份有限公司（以下简称"公司""上市公司" 或"南模生物"）持股 5%以上股东深圳前海海润荣丰投资合伙企业（有限合伙） （以下简称"海润荣丰"）、股东康君投资管理（北京）有限公司－北京康君宁 元股权投资合伙企业（有限合伙）（以下简称"康君宁元"，由基金管理人康君 投资管理（北京）有限公司代表）、股东上海张江集体资产投资经营管理有限公 司（以下简称"张江集体"）于 2025 年 6 月 25 日与苏州海望合纵一号股权投资 合伙企业（有限合伙）（以下简称"海望合纵"）分别签署了《关于上海南方模 式生物科技股份有限公司之股份转让协议》。海润荣丰拟通过协议转让的方式将 其持有的 4,650,318 股公司股份以 27.369 元/股的价格转让给海望合纵，转让股份 占公司总股 ...

上海南方模式生物科技股份有限公司 简式权益变动报告书 上市公司名称：上海南方模式生物科技股份有限公司 股票上市地点：上海证券交易所 股票简称：南模生物 股票代码：688265 信息披露义务人姓名/名称：苏州海望合纵一号股权投资合伙企业（有限合伙） 住所：江苏省苏州市张家港市杨舍镇暨阳湖金融街 5 幢 204-02 号 信息披露义务人之一致行动人：上海浦东新兴产业投资有限公司 住所：上海市浦东新区周市路 416 号 4 层 股份变动性质：股份增加 简式权益变动报告书签署日期：2025 年 6 月 25 日 信息披露义务人声明 六、信息披露义务人承诺本报告不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性和完整性承担个别和连带的法律责任。 1 | . | | --- | | ਨ | | | | 第一节 释义 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券公司 信息披露内容与格式准则第 15 号—权益变动报告书》（以下简称"《准则 15 号》"） 及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告 ...

上海南方模式生物科技股份有限公司 简式权益变动报告书 上市公司名称：上海南方模式生物科技股份有限公司 股票上市地点：上海证券交易所 股票简称：南模生物 股票代码：688265 信息披露义务人姓名/名称：深圳前海海润荣丰投资合伙企业（有限合伙） 住所：深圳市前海深港合作区临海大道 59 号海运中心主塔楼 13 楼-13113 股份变动性质：股份减少 简式权益变动报告书签署日期：2025 年 6 月 25 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的公 司信息披露内容与格式准则第 15 号—权益变动报告书》（以下简称"《准则 15 号》"）及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《准则 15 号》的规定，本报告书已全面 披露了信息披露义务人在上海南方模式生物科技股份有限公司中拥有权益的股 份变动情况。 截至本报告书签署之日，除本报告书披露的 ...

Core Viewpoint - The company Nanmo Biotechnology (688265.SH) announced a share transfer agreement involving significant shareholders due to funding needs, resulting in a change in ownership structure [1][2]. Group 1: Share Transfer Details - Shareholder Huirun Rongfeng will transfer 4,650,318 shares at a price of 27.369 CNY per share, representing 5.96% of the total share capital [1]. - Shareholder Kang Junningyuan will transfer 2,247,409 shares at the same price, representing 2.88% of the total share capital [1]. - Shareholder Zhangjiang Collective will transfer 1,782,000 shares at the same price, representing 2.29% of the total share capital [1]. Group 2: Post-Transfer Ownership Structure - After the transfer, Huirun Rongfeng and Zhangjiang Collective will no longer hold shares in the company, while Kang Junningyuan will hold 1,560,701 shares, representing 2.00% of the total share capital [2]. - Haowang Hezhong will hold 8,679,727 shares, representing 11.13% of the total share capital after the transfer [2].

Core Insights - The company reported a total revenue of 381 million yuan for 2024, reflecting a year-on-year growth of 4.01%, with significant disparities in performance across different business segments [1] Group 1: Business Performance - The standardized model business generated revenue of 165 million yuan, up 16.58% year-on-year, driven by increased demand from research clients and improved cost control, with project numbers surging by 45% [2] - The model breeding business saw a revenue decline of 8.60% to 90.06 million yuan, primarily due to a significant drop in project prices, which fell from 20,600 yuan per project in 2023 to 14,400 yuan in 2024, overshadowing the growth in project numbers [2] - The overseas business revenue reached 53.06 million yuan, marking a 31.88% increase, with a gross margin of 70.9%, significantly outperforming the domestic business gross margin of 41.66% [2] Group 2: Customer Structure - Industrial clients contributed higher gross margins in standardized models and efficacy evaluation services, with average prices of 115,200 yuan per project compared to 22,900 yuan for research clients, and gross margins for industrial clients being 10-30 percentage points higher [3] Group 3: Inventory and Capacity Management - The company reduced its inventory balance to 12.67 million yuan, a decrease of 19.95% year-on-year, with an inventory turnover rate of 15 times, significantly higher than industry peers [4] - The company operates nine production bases with a total capacity of 140,000 cages, with a current capacity utilization rate of 80%, and plans to reduce reliance on leasing through a planned expansion project [4]

Core Viewpoint - The company has responded to the regulatory inquiry regarding its 2024 annual report, addressing various aspects of its business performance and financial metrics, particularly focusing on revenue changes across different segments and the impact of market conditions on its operations [1][2]. Business Performance - In 2024, the company reported total revenue of 381.24 million yuan, with standardized model revenue at 164.77 million yuan, showing a year-on-year increase of 16.58%. However, model breeding revenue decreased by 8.60% to 90.06 million yuan, while drug efficacy evaluation and phenotypic analysis revenue increased by 7.14% to 53.20 million yuan [2][4]. - Domestic and international revenue were 325.43 million yuan and 53.06 million yuan respectively, with gross margins of 41.66% and 70.9%, indicating a 31.88% year-on-year growth in international revenue [2][4]. Revenue Analysis - The company conducted a volume and price analysis of revenue changes across different business segments, noting that the increase in standardized model revenue was due to a rise in project quantity, while the decline in customized model revenue was attributed to a decrease in project quantity [3][5]. - The company observed a general decline in project prices across all business types due to intensified market competition and increased customer price sensitivity [4][5]. Customer Segmentation - The customer base primarily consists of research and industrial clients, with research clients having a higher number but lower average transaction values compared to industrial clients [6][8]. - The revenue contribution from research clients and industrial clients remained stable year-on-year, with customized model business mainly serving research clients [6][8]. Gross Margin Comparison - The gross margin for standardized models increased by 7.26 percentage points, attributed to stable demand from research clients and improved cost control measures [7][9]. - The gross margin for breeding services decreased by 13.97 percentage points due to increased market competition and underutilization of breeding facilities, leading to higher unit costs [7][9]. International Business Growth - The company expanded its international market presence, resulting in significant revenue growth from overseas operations, with higher average sales prices compared to domestic sales [10][12]. - The gross margin for international sales was significantly higher than domestic sales, reflecting industry norms [10][12]. Inventory Management - As of the end of 2024, the company's inventory balance was 12.67 million yuan, a decrease of 19.95% year-on-year, with inventory turnover rates significantly higher than industry peers [19][21]. - The reduction in inventory was attributed to improved cost control, production efficiency, and the completion of long-term projects, particularly in drug efficacy evaluation and phenotypic analysis [19][21].

上海市锦天城律师事务所 关于上海南方模式生物科技股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海南方模式生物科技股份有限公司 法律意见书 致：上海南方模式生物科技股份有限公司 上海市锦天城律师事务所（以下简称"锦天城"或"本所"）接受上海南方 模式生物科技股份有限公司（以下简称"公司"或"南模生物"）的委托，就《关 于上海南方模式生物科技股份有限公司 2024 年年度报告的信息披露监管问询函》 （上证科创公函【2025】0168 号）（以下简称"《年报问询函》"）中所涉事 项进行核查，并出具法律意见书。 为出具本法律意见书，本所律师根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《律 师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试 行）》等相关法律、法规、业 ...