Investment Rating - The industry rating is "Overweight" [3] Core Insights - The report highlights the ongoing active research in life sciences and the rapid integration of biotechnology into economic and social development, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy sector [3][4]. Industry Performance - The Huazhong Synthetic Biology Index increased by 0.11% to 1278.44 during the week of February 2-6, 2026, outperforming the Shanghai Composite Index by 1.39 percentage points and the ChiNext Index by 3.40 percentage points [4]. - The report notes that the synthetic biology sector is experiencing a policy dividend, with Shenzhen proposing up to 100 million yuan in support for R&D efforts in the field [8]. Company Developments - Beijing Huaguan Bio completed a multi-hundred million yuan C-round financing to enhance its R&D and production capabilities in the pharmaceutical and health sectors [32]. - Dejin Bio secured several million yuan in A-round financing to advance its recombinant botulinum toxin clinical research and international expansion [33]. - The report mentions that Impossible Foods is leveraging technology to reshape the plant protein market [11]. Market Dynamics - The report indicates that the synthetic biology sector is witnessing a surge in financing, with nearly a hundred companies completing new funding rounds since 2025 [31]. - The top five companies in the synthetic biology sector by stock performance during the week were Pingtan Development (+12%), Jinbo Bio (+12%), Huaxi Bio (+12%), Shandong Heda (+10%), and Yaxiang Co. (+10%) [17]. Policy and Regulatory Developments - The Ministry of Industry and Information Technology announced 35 examples of non-grain bio-based materials, marking a significant step towards establishing a new green development framework [7]. - The National Health Commission approved 22 new food items, including a significant breakthrough in domestic human milk oligosaccharides (HMOs) production [7]. Research and Innovation - Tsinghua University has initiated a national key R&D project focused on the intelligent design principles of efficient microbial chassis cells, aiming for breakthroughs in both fundamental theory and application demonstration [9]. - The report highlights the strategic cooperation between Tianjin University and China National Petroleum Corporation to expand efforts in synthetic biology and related fields [9].

报告期内公司营业总收入实现较大增长，主要原因是重点产品派格宾销售收入稳定增长，新产品益佩生 获批上市带来销售收入新增长点。 智通财经APP讯，特宝生物(688278.SH)披露2025年度业绩快报，2025年度实现营业总收入36.96亿元， 同比增长31.18%;归属于母公司所有者的净利润10.38亿元，同比增长25.39%。 ...

特宝生物(688278.SH)披露2025年度业绩快报，2025年度实现营业总收入36.96亿元，同比增长31.18%;归 属于母公司所有者的净利润10.38亿元，同比增长25.39%。 报告期内公司营业总收入实现较大增长，主要原因是重点产品派格宾销售收入稳定增长，新产品益佩生 获批上市带来销售收入新增长点。 ...

（文章来源：北京商报） 特宝生物表示，报告期内，随着公司产品派格宾联合核苷（酸）类似物用于成人慢性乙型肝炎患者的 HBsAg持续清除增加适应症的获批，以及乙肝临床治愈相关科学证据的不断积累，派格宾作为全球首个 以乙肝临床治愈为治疗目标的药物，在慢乙肝临床治愈联合治疗中的基石地位进一步凸显；新产品益佩 生获批上市并纳入《国家基本医疗保险、工伤保险和生育保险药品目录》，凭借安全、有效、便捷的优 势，产品的市场推广工作进展顺利。尽管受新产品上市初期市场拓展、核心产品加大覆盖提升等因素影 响，相关费用有所增加，但公司全力推动创新成果快速进入临床应用，整体经营仍保持稳健增长。 北京商报讯2月10日晚间，特宝生物（688278）发布2025年度业绩快报显示，公司2025年营业收入36.96 亿元，同比增长31.18％；归属净利润10.38亿元，同比增长25.39％。 ...

格隆汇2月10日丨特宝生物(688278.SH)公布2025年度业绩快报，报告期内，公司整体经营及财务状况稳 健。实现营业总收入36.96亿元，同比增长31.18%；实现归属于母公司所有者的净利润10.38亿元，同比 增长25.39%；实现归属于母公司所有者的扣除非经常性损益的净利润10.67亿元，同比增长29.09%。 报告期末公司总资产为43.69亿元，较报告期期初增长43.21%；归属于母公司的所有者权益34.56亿元， 较报告期初增长35.36%。 ...

证券代码：688278 证券简称：特宝生物 公告编号：2026-011 厦门特宝生物工程股份有限公司 2025 年度业绩快报公告 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。 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以厦门特宝生物工程股份有限公司（以下简称"公司"）2025 年年 度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 1 | 归属于母公司所有 | | | | | --- | --- | --- | --- | | 者的每股净资产 | 8.47 | 6.28 | 34.87 | | （元） | | | | 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终结果以公司 2025 年年 度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期内公司经营情况、财务状况及影响经营业绩的主要因素 1、报告期内公司经营情况和财务状况 报告期内，公司整体经营及财务状况稳健。实现营业总收入 36 ...

特宝生物发布业绩快报，2025年度实现营业总收入36.96亿元，同比增长31.18%；净利润10.38亿元，同 比增长25.39%。报告期内，随着公司产品派格宾联合核苷（酸）类似物用于成人慢性乙型肝炎患者的 HBsAg持续清除增加适应症的获批，以及乙肝临床治愈相关科学证据的不断积累，派格宾作为全球首个 以乙肝临床治愈为治疗目标的药物，在慢乙肝临床治愈联合治疗中的基石地位进一步凸显；新产品益佩 生获批上市并纳入《国家基本医疗保险、工伤保险和生育保险药品目录》，凭借安全、有效、便捷的优 势，产品的市场推广工作进展顺利。 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the innovative drug sector, with significant gains in the ChiNext Innovative Drug ETF [1][3]. Group 1: Market Performance - As of 11:08 on February 10, the ChiNext Innovative Drug ETF (589120) surged by 2%, marking a potential two-day consecutive rise [1]. - Major component stocks of the ETF, such as Rongchang Biopharma and Baili Tianheng, saw increases exceeding 5%, while others like Baijie Shenzhou rose over 4% [3]. Group 2: Key Component Stocks - The top ten component stocks of the ChiNext Innovative Drug ETF include: - J-Z**KD with a 4.04% increase and an estimated weight of 10.43% - Baili Tianheng with a 5.10% increase and an estimated weight of 7.89% - Rongchang Biopharma with a 5.51% increase and an estimated weight of 6.35% [4]. Group 3: Industry Developments - Innovent Biologics announced the approval of its ICP-538, a VAV1 molecular glue degrader, for clinical research, marking it as the first of its kind in China and the second globally [4]. - Baili Tianheng's recent shareholder meeting approved significant resolutions, including the issuance of debt financing tools and extending the validity of H-share issuance [5]. Group 4: Strategic Collaborations - Innovent Biologics entered a strategic partnership with Eli Lilly to advance the global development of innovative drugs in oncology and immunology, receiving an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion [5]. Group 5: Industry Growth and Trends - The Chinese innovative drug sector is transitioning from "pipeline expectations" to "performance realization," with over 70% of companies projected to achieve revenue growth by 2025 [8]. - The total value of License-out transactions for Chinese innovative drugs skyrocketed from $2.562 billion in 2017 to an estimated $140.274 billion by 2025, indicating a significant increase in global recognition [6]. Group 6: Investment Opportunities - Three key investment themes for 2026 in the innovative drug sector include: 1. Accelerated BD (Business Development) overseas, focusing on ADC, dual antibodies, and GLP-1RA [9]. 2. Policy support for innovative drug development, enhancing commercialization opportunities [9]. 3. Monitoring critical clinical data and commercialization milestones for new drugs [10].

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

格隆汇2月3日丨特宝生物(688278.SH)公布，公司全资子公司厦门伯赛基因转录技术有限公司（以下简 称"伯赛基因"）于近日收到厦门市科学技术局、厦门市财政局、国家税务总局厦门市税务局联合颁发的 《高新技术企业证书》，证书编号为GR202535101170，发证时间为2025年12月25日，有效期三年。伯 赛基因本次通过高新技术企业认定系原证书有效期满后进行的重新认定。 ...