证券代码：688278 证券简称：特宝生物 公告编号：2025-033 厦门特宝生物工程股份有限公司 关于参加 2025 年半年度科创板生物制品及 CXO 行业 集体业绩说明会的公告 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： 会议召开时间：2025 年 9 月 15 日（星期一）15:00-17:00 三、参加人员 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.co m/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 8 日（星期一）至 9 月 12 日（星期五）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （ir@amoytop.com）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 厦门特宝生物工程股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 ...

证券代码：688278 证券简称：特宝生物 公告编号：2025-030 厦门特宝生物工程股份有限公司 第九届监事会第八次会议决议公告 监事会认为：公司本次对 2024 年限制性股票激励计划首次及预留授予价格 进行调整，符合《上市公司股权激励管理办法》和公司《2024 年限制性股票激 励计划（草案）》中关于授予价格调整方法的规定，不存在损害公司及股东利 益的情形。因此，监事会同意将 2024 年限制性股票激励计划首次及预留授予价 格调整为 39.18 元/股。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《关于调整 2024 年限制性股票激励计划授予价格的公告》（公告编号：2025- 031）。 （二）审议通过《关于向 2024 年限制性股票激励计划激励对象授予预留 部分限制性股票的议案》 1 经认真审议，监事会认为： 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 厦门特宝生物工程股份有限公司（以下简称"公司"）第九 ...

证券代码：688278 证券简称：特宝生物 公告编号：2025-029 厦门特宝生物工程股份有限公司 第九届董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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 鉴于公司 2024 年年度权益分派方案已于 2025 年 5 月 9 日实施完毕，以方案 实施前的公司总股本 406,800,000 股为基数，每股派发现金红利 0.62 元（含税）， 不送红股，不进行资本公积转增股本。根据《上市公司股权激励管理办法》、公 司《2024 年限制性股票激励计划（草案）》等相关规定及 2024 年第一次临时股 东大会的授权，董事会对 2024 年限制性股票激励计划首次及预留授予价格进行 相应调整，由 39.80 元/股调整为 39.18 元/股。除上述调整内容外，本次预留授予 的内容与公司 2024 年第一次临时股东大会审议通过的《2024 年限制性股票激励 计划（草案）》一致。 董事长孙黎先生、董事赖力平女士为本次限制性股票激励对象，与董事杨英 女士、蓝柏林先生、孙邃先生均为关联董事，对 ...

Group 1 - The A-share innovative drug sector experienced a strong rebound, with the Biopharmaceutical ETF (159839) rising by 4.17% and a trading volume exceeding 44 million yuan [1] - The Biopharmaceutical ETF (159839) has seen a net inflow of over 15 million yuan for two consecutive days [1] - Several innovative drug companies reported significant stock price increases, with notable gains including 9.99% for Zhaoyan New Drug and 7.53% for Changchun High-tech [2] Group 2 - The pharmaceutical industry is experiencing structural differentiation, with a 0.7% decline in revenue and a 1.5% increase in net profit for listed companies in the first half of 2025 [3] - Leading innovative drug companies are achieving profitability, driven by strong sales of key products such as Zebutinib and Furmetinib [3] - The innovative drug sector is expected to benefit from improved policies and a downward trend in global central bank interest rates, which may enhance long-term valuations [4] Group 3 - The CXO industry is entering a recovery phase, with a resurgence in overseas demand expected by the end of 2023, leading to a recovery in domestic head companies' orders in 2024 [5] - The domestic innovative drug assets are progressing into late clinical stages, with increasing validation of clinical data and a clear trend towards internationalization [5]

Group 1 - The core transaction of Tebo Bio occurred on August 29, with a volume of 41,900 shares and a transaction amount of 3.4811 million yuan, at a price of 83.08 yuan per share [2] - In the last three months, Tebo Bio has had a total of 12 block trades, with a cumulative transaction amount of 141 million yuan [3] - The closing price of Tebo Bio on the same day was 83.08 yuan, reflecting an increase of 0.42%, with a daily turnover rate of 0.53% and a total transaction amount of 180 million yuan [3] Group 2 - The latest margin financing balance for Tebo Bio is 1.418 billion yuan, which has decreased by 6.9228 million yuan over the past five days, representing a decline of 0.49% [4] - Three institutions have provided ratings for Tebo Bio in the last five days, with the highest target price set by Dongfang Securities at 103.36 yuan as of August 29 [4]

Group 1 - On August 29, 2025, TeBao Bio conducted a block trade of 41,900 shares, with a transaction amount of 3.4811 million yuan, accounting for 1.89% of the total transaction volume for the day [1][2] - The transaction price was 83.08 yuan, which remained stable compared to the market closing price of 83.08 yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company is experiencing rapid growth with a rich pipeline of products, particularly focusing on the clinical cure of chronic hepatitis B [9][3] - The core product "Peginterferon" has gained recognition for its effectiveness in improving clinical cure rates and significantly reducing the risk of liver cancer, driving both revenue and profit growth [9][3] - The company has a strong financial outlook, with projected earnings per share of 2.72, 3.66, and 4.58 yuan for 2025, 2026, and 2027 respectively, and a target price of 103.36 yuan based on a 38x PE valuation for 2025 [3][6] Financial Summary - Revenue is projected to grow from 2,100 million yuan in 2023 to 6,232 million yuan in 2027, with a compound annual growth rate (CAGR) of 27.7% [5] - Operating profit is expected to increase from 681 million yuan in 2023 to 2,134 million yuan in 2027, reflecting a CAGR of 24.5% [5] - Net profit attributable to the parent company is forecasted to rise from 555 million yuan in 2023 to 1,862 million yuan in 2027, with a CAGR of 25.1% [5] - The gross margin is expected to remain stable around 93%, while the net margin is projected to peak at 30.5% in 2025 and then slightly decline to 29.9% by 2027 [5] - The return on equity (ROE) is anticipated to be around 37% in the coming years, indicating strong profitability [5] Product Development and Pipeline - The company is increasing its R&D investment, with a research expense ratio of 11.6% in the first half of 2025, up 2.0 percentage points year-on-year [9] - The long-acting growth hormone has been approved for market release, enhancing the product matrix [9] - Multiple projects are in various stages of clinical research, including treatments for chronic hepatitis B and metabolic disorders [9]

Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Views - The company is experiencing rapid growth, with a focus on enhancing the clinical cure rate for hepatitis B through its core product, "Peginterferon" [9]. - The company has a robust pipeline with ongoing clinical trials and new product approvals, including a long-acting growth hormone [9]. - Financial forecasts indicate significant revenue and profit growth, with projected earnings per share of 2.72, 3.66, and 4.58 yuan for 2025, 2026, and 2027 respectively [3][5]. Financial Summary - Revenue is expected to grow from 2,100 million yuan in 2023 to 6,232 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 27.7% [5]. - Net profit attributable to the parent company is projected to increase from 555 million yuan in 2023 to 1,862 million yuan in 2027, with a CAGR of about 25.1% [5]. - The company's gross margin is expected to remain stable around 93%, while the net margin is projected to improve from 26.4% in 2023 to 29.9% in 2027 [5]. Valuation Metrics - The target price for the company is set at 103.36 yuan, based on a price-to-earnings (PE) ratio of 38 times for 2025 [3][6]. - The company's current market capitalization is approximately 33,655 million yuan [6].

Group 1: TeBao Bio - TeBao Bio is focusing on functional cure for hepatitis B, aiming for a combination of different mechanism drugs with interferon and nucleos(t)ide analogs for optimization [1] - The company is expanding its hepatitis B treatment network and aims to provide comprehensive management throughout the disease course [1] - Collaboration with Ligos is underway to explore reinfection control after clearing infected cells, and acquisition of JiuTian Bio is intended to leverage its gene therapy platform for more precise solutions [1] - New technologies like siRNA have entered clinical application stages, with future strategies focusing on optimizing combination therapies [1] - Increased penetration of interferon relies on enhanced disease awareness and improved management of adverse reactions [1] Group 2: JingSheng Machinery - JingSheng Machinery achieved revenue of 5.799 billion and net profit of 639 million in the first half of 2025 [2] - The photovoltaic business has declined due to industry cyclical adjustments, while the semiconductor business has grown due to accelerated domestic production [2] - The company has successfully delivered 12-inch silicon epitaxy equipment to leading domestic clients and is promoting carbon silicon equipment effectively [2] - The sapphire materials business has seen year-on-year growth, and semiconductor consumables have achieved domestic substitution for quartz crucibles, leading in market share [2] - Clients include well-known companies such as TCL Zhonghuan and Changdian Technology, with strict credit management to reduce order fulfillment risks [2]

Group 1 - Core conclusion for 汇顶科技 (603160.SH): The company is a global leader in fingerprint sensors, with strong growth potential across its four core businesses: sensing, AI computing, connectivity, and security. Revenue projections for 2025-2027 are 55.24 billion, 65.8 billion, and 78.4 billion CNY, with net profits of 8.56 billion, 10.78 billion, and 12.68 billion CNY respectively [1][9] - In the first half of 2025, 汇顶科技 achieved revenue of 22.51 billion CNY, a slight decrease of 0.2% year-on-year, while net profit increased by 35.7% to 4.31 billion CNY. The gross margin was 43.3% and net margin was 19.1% [6][7] - The company launched several new products, including a new light sensor and enhanced NFC solutions, which are expected to drive growth during the upcoming consumer electronics peak season [8][9] Group 2 - Core conclusion for 聚辰股份 (688123.SH): The company is experiencing significant growth in its DDR5 SPD and automotive-grade EEPROM products, with revenue projections for 2025-2027 at 13.09 billion, 17.95 billion, and 24.03 billion CNY, and net profits of 4.42 billion, 6.32 billion, and 8.67 billion CNY respectively [2][13] - In the first half of 2025, 聚辰股份 reported revenue of 5.75 billion CNY, an increase of 11.69% year-on-year, and net profit of 2.05 billion CNY, up 43.50%. The gross margin improved to 60.25% [11][12] Group 3 - Core conclusion for 芒果超媒 (300413.SZ): The company maintains stable performance in its 芒果 TV platform, with revenue projections for 2025-2027 at 14.47 billion, 15.10 billion, and 18.95 billion CNY, reflecting year-on-year growth of 6%, 4%, and 25% respectively [3][16] - In the first half of 2025, 芒果超媒 achieved revenue of 59.64 billion CNY, a decrease of 14.31% year-on-year, with net profit of 7.63 billion CNY, down 28.31%. The company is focusing on content investment to enhance user engagement [15][16] Group 4 - Core conclusion for 特宝生物 (688278.SH): The company is experiencing high growth in its product pipeline, particularly with 派格宾, and is actively expanding its early-stage innovative pipeline. Revenue projections for 2025-2027 are 36.96 billion, 49.38 billion, and 64.70 billion CNY, with net profits of 10.91 billion, 14.42 billion, and 18.98 billion CNY respectively [4][20] - In the first half of 2025, 特宝生物 reported revenue of 15.1 billion CNY, a growth of 27.0%, and net profit of 4.3 billion CNY, up 40.6% [18][19] Group 5 - Core conclusion for 华峰化学 (002064.SZ): The company is projected to achieve stable long-term growth despite a decline in revenue in the first half of 2025. Revenue projections for 2025-2027 are 277.84 billion, 293.43 billion, and 305.67 billion CNY, with net profits of 21.33 billion, 28.64 billion, and 31.46 billion CNY respectively [29][31] - In the first half of 2025, 华峰化学 reported revenue of 121.37 billion CNY, a decrease of 11.70%, and net profit of 9.83 billion CNY, down 35.23% [29][30]