Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Insights - The company has received approval for a new indication for its product Pegasys, which is expected to enhance its market position in treating chronic hepatitis B [6] - The commercialization of the long-acting growth hormone (Yipeisheng) is accelerating, with significant market potential as it is the second product of its kind approved in China [6] - The company is projected to achieve substantial revenue growth, with expected revenues of 37.34 billion yuan, 49.60 billion yuan, and 63.64 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Performance Summary - Total revenue for 2022 was 1,527 million yuan, with a projected increase to 2,100 million yuan in 2023, and further growth to 3,734 million yuan in 2025, reflecting a growth rate of 34.86% in 2022 and 37.55% in 2023 [3][7] - Net profit attributable to the parent company was 287 million yuan in 2022, expected to rise to 555 million yuan in 2023, and reach 1,092 million yuan in 2025, with a growth rate of 58.40% in 2022 and 93.52% in 2023 [3][7] - Earnings per share (EPS) is projected to increase from 0.71 yuan in 2022 to 2.68 yuan in 2025, with corresponding price-to-earnings (P/E) ratios decreasing from 100.63 in 2022 to 26.45 in 2025 [3][7] Market Position and Competitive Landscape - The approval of Pegasys for a new indication strengthens the company's position in the hepatitis treatment market, potentially increasing its market share [6] - The long-acting growth hormone Yipeisheng is expected to capture significant market share due to its innovative formulation and lower dosing requirements compared to competitors [6]

Core Insights - As of October 27, a total of 100 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Lao Feng Xiang, which has seen net buying for 11 consecutive trading days [1] - Other notable stocks with significant net buying days include Te Bao Biological, Dai Mei Co., ST Changyuan, Zhewen Hulin, Kai Chuang Electric, SAIC Motor, Hu Guang Co., and Zhong Bei Communication [1]

Core Points - The announcement details the first vesting results and stock listing of the 2024 Restricted Stock Incentive Plan of Xiamen Top Bioengineering Co., Ltd. [1][2] Group 1: Stock Listing and Vesting Details - The stock type listed is for equity incentive shares, with a total of 1,389,480 shares available for circulation [2][10] - The listing date for the shares is set for October 30, 2025 [3][10] - The decision-making process for the stock vesting was approved during the board meeting on August 21, 2024 [4][5] Group 2: Incentive Plan Approval Process - The supervisory board also approved the incentive plan and verified the list of incentive recipients [4][6] - The company conducted an internal public notice regarding the names and positions of the incentive plan recipients from August 22 to August 31, 2024, with no objections received [5][6] - The first extraordinary general meeting of shareholders approved the incentive plan on September 10, 2024 [5][6] Group 3: Stock Vesting and Financial Impact - A total of 600 individuals are eligible for the stock vesting [9] - The stock is sourced from the company's directed issuance of A-share common stock [8] - The newly vested shares represent approximately 0.34% of the total share capital before vesting, with no significant impact on the company's financial status [15]

证券代码：688278 证券简称：特宝生物 公告编号：2025-039 厦门特宝生物工程股份有限公司 2024 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,389,480 股。 本次股票上市流通总数为 1,389,480 股。 本次股票上市流通日期为 2025 年 10 月 30 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，厦门特宝生物工程股份有限公司（以下 简称"公司"）于 2025 年 10 月 27 日收到中国证券登记结算有限责任公司上海分 公司出具的《证券变更登记证明》，公司完成了 2024 年限制性股票激励计划（以 下简称"本激励计划"）首次授予部分第一个归属期的股份登记工作。现将有关情 况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2024 年 8 月 21 日，公司召开 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for a new indication for its product, Pegbivac, for the treatment of chronic hepatitis B, which is expected to enhance market penetration [6][8] - The company reported a revenue of 2.48 billion yuan for Q3 2025, representing a year-on-year increase of 26.85%, and a net profit of 666 million yuan, up 20.21% year-on-year [5] - The company is focusing on expanding its product portfolio and enhancing its market presence in the hepatitis field, supported by strong clinical evidence for its treatments [10] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 969 million yuan, a year-on-year increase of 26.68%, while the net profit was 238 million yuan, a decrease of 4.63% year-on-year [5] - The overall gross margin for the first three quarters was 92.56%, a decrease of 0.80 percentage points year-on-year, with a period expense ratio of 61.46%, an increase of 2.14 percentage points year-on-year [7] Product Development - Pegbivac has been approved for a new indication for chronic hepatitis B, based on clinical trial results showing a 31.4% clinical cure rate among patients [8] - The long-acting growth hormone, Yipei Sheng, has been approved for use in children with growth hormone deficiency and is expected to enter the national medical insurance directory, enhancing patient accessibility [9] Future Projections - Revenue projections for 2025 to 2027 are 3.66 billion, 4.78 billion, and 6.06 billion yuan, respectively, with year-on-year growth rates of 30.0%, 30.7%, and 26.7% [10] - The net profit projections for the same period are 1.11 billion, 1.56 billion, and 2.05 billion yuan, with growth rates of 34.1%, 40.6%, and 31.5% respectively [10]

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。 证券代码：688278 证券简称：特宝生物 公告编号： 2025-039 厦门特宝生物工程股份有限公司 2024 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市公告 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,389,480股。 本次股票上市流通总数为1,389,480股。 本次股票上市流通日期为2025 年 10 月 30 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，厦门特宝生物工程股份有限公司（以下 简称"公司"）于 2025 年 10 月 27 日收到中国证券登记结算有限责任公司上海分 公司出具的《证券变更登记证明》，公司完成了 2024 年限制性股票激励计划（以 下简称"本激励计划"）首次授予部分第一个归属期的股份登记工作。现将有关情 况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2024 年 8 月 21 日，公司召开第八届 ...

证券代码：688278 证券简称：特宝生物 公告编号：2025-040 厦门特宝生物工程股份有限公司 关于召开 2025 年第三季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、准确性和完整性依法承担法律责任。 重要内容提示： 厦门特宝生物工程股份有限公司（以下简称"公司"）已于 2025 年 10 月 23 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解 2025 年第三季度经营成果和财务状况，公司计划于 2025 年 11 月 5 日（星期 三）13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 11 月 5 日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： ht ...

Investment Rating - The report maintains an "Overweight" rating for several pharmaceutical companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Jiangsu Nhwa Pharmaceutical, with related targets such as CSPC Innovation Pharmaceutical [6][28]. Core Insights - The innovative drug sector is experiencing high prosperity, and the report continues to recommend innovative drugs and their industry chain. It highlights the recent global strategic collaboration between Innovent Biologics and Takeda, which is expected to catalyze the innovative drug market [6][29]. - The report notes that the A-Shares pharmaceutical sector underperformed the market in the fourth week of October 2025, with the SW Pharmaceutical and Biological index rising only 0.6% compared to a 2.9% increase in the SHCOMP [8][30]. - In the same period, the Hong Kong pharmaceutical sector also underperformed, while the U.S. pharmaceutical sector performed in line with the market [31][19]. Summary by Sections Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the ongoing recommendation of innovative drugs and the industry chain, maintaining "Overweight" ratings for various companies including Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, and Nhwa Pharmaceutical. It also recommends Biopharma/Biotech companies with innovative pipelines and increasing performance, maintaining "Overweight" ratings for Innovent Biologics, Xiamen Amoytop Biotech, and others [6][28]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of October 2025, the A-Shares pharmaceutical sector's performance was weaker than the overall market, with a 0.6% increase compared to the SHCOMP's 2.9% rise. The medical service, pharmaceutical commerce, and medical equipment sub-sectors showed relatively better performance [8][30]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector underperformed the market with a decline of 0.8%, while the U.S. pharmaceutical sector matched the market performance with a 1.9% increase. Notable stock movements included significant gains for companies like WuXi AppTec and declines for Alphamab Oncology in Hong Kong [31][19].

Core Insights - As of October 24, a total of 98 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Yibin Paper, which has seen net buying for 11 consecutive trading days [1] - Other notable stocks with significant net buying days include Juxing Technology, Laofengxiang, Kangwei Century, Tebao Biological, Daimei Co., Zhejiang Wenhu Internet, Huakang Clean, and Fuyuan Medical [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Insights - The company achieved a revenue of 2.48 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 26.85%. The net profit attributable to the parent company was 666 million yuan, up 20.21% year-on-year [3] - In Q3 alone, the company reported a revenue of 969 million yuan, a 26.7% increase year-on-year, but the net profit decreased by 4.6% to 238 million yuan, primarily due to increased sales expenses following the launch of the growth hormone product [3] - The approval of new indications for the drug Paigebin and the rapid promotion of the growth hormone product Yipei are expected to drive future growth for the company [3] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 968 million yuan, with a growth rate of 17%. The expected revenue for 2025 is 3.71 billion yuan, reflecting a growth rate of 31.6% [4][6] - The gross profit margin for Q3 was 91.9%, down 1.44 percentage points year-on-year, while the net profit margin was 24.59%, down 8.07 percentage points year-on-year [3] - The sales expense ratio increased to 42.34%, up 5.97 percentage points year-on-year, indicating higher costs associated with the new product launch [3] Financial Projections - The company’s revenue is expected to grow from 2.82 billion yuan in 2024 to 6.73 billion yuan in 2027, with corresponding net profits increasing from 828 million yuan to 1.75 billion yuan over the same period [4][5] - The projected PE ratios for 2025, 2026, and 2027 are 30.51, 22.44, and 16.89 respectively, indicating a favorable valuation trend [4][6]