Core Viewpoint - Aopu Mai (688293.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 272 million yuan, representing a year-on-year growth of 25.79% [1] - The net profit attributable to shareholders of the parent company was 49.4253 million yuan, showing a year-on-year increase of 81.48% [1] - The basic earnings per share stood at 0.44 yuan [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the life sciences upstream sector [6]. Core Insights - The life sciences upstream sector is experiencing simultaneous domestic substitution and accelerated international expansion, with significant room for improvement in the localization rates of research reagents, consumables, and high-end scientific instruments [1][22]. - The demand side is improving due to favorable trends in innovative drug development and supportive national policies, with domestic innovative drug companies' overseas business development (BD) transactions expected to exceed $100 billion in 2025, nearly doubling from 2024 [2][25]. - The supply side is also gradually improving, with domestic life sciences companies achieving technological breakthroughs and expanding their business pipelines through both organic growth and acquisitions [2][29]. - Key companies are showing signs of performance improvement, with notable growth in revenue and net profit for firms like Baipusais and Aopumai [2][34]. Summary by Sections 1. Life Sciences Upstream Overview - The life sciences upstream includes research reagents, experimental consumables, instruments, and comprehensive services, playing a crucial role in various applications such as antibody drugs and gene therapy [9][10]. 1.1 Domestic Substitution and International Expansion - The localization rates for research reagents are around 10%, with high-end scientific instruments having an import rate of approximately 70.6% [22][23]. 1.2 Demand Side Improvement - The innovative drug sector is witnessing a recovery, with significant increases in overseas BD transactions, indicating a robust demand for life sciences products [25][27]. 1.3 Supply Side Enhancements - Domestic companies are making technological advancements, with key players like Aopumai and Baipusais expanding their product lines and market presence through acquisitions and internal development [29][30]. 1.4 Company Performance Trends - Companies such as Baipusais and Aopumai have reported substantial improvements in their financial performance, with Baipusais showing a 31% year-on-year revenue growth and Aopumai achieving a remarkable 402% increase in net profit [34]. 2. Recommended Stocks - Suggested stocks to watch include Baipusais, Aopumai, Aladdin, and others in the research reagent and scientific instrument sectors [2].

证券代码：688293 证券简称：奥浦迈 公告编号：2025-093 上海奥浦迈生物科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 单位：万元 币种：人民币 | | 项目 | 2025 年 1-9 月预计计提金额 | | | --- | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | | 141.02 | | 资产减值损失 | 存货跌价损失 | | 243.75 | | | 合计 | | 384.77 | 二、计提资产减值准备事项的具体说明 （一）信用减值损失 根据《企业会计准则第22号——金融工具确认和计量》以及公司相关会计政 策等规定，公司以单项或组合的方式对摊余成本计量的金融资产、以公允价值计 量且其变动计入其他综合收益的金融资产（债务工具）和财务担保合同等的预期 信用损失进行估计。公司考虑有关过去事项、当前状况以及对未来经济状况的预 测等合理且有依据的信息，以发生违约的风险为权重，计算合同应收的现金流量 与预期能收到 ...

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法律责任。 证券代码：688293 证券简称：奥浦迈 公告编号：2025-094 上海奥浦迈生物科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 重要内容提示： 会议召开时间：2025 年 11 月 12 日（星期三）下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 5 日（星期三）至 11 月 11 日（星期二）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@opmbiosciences.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。 上海奥浦迈生物科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 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公 司 2025 年第 ...

上海奥浦迈生物科技股份有限公司 第二届监事会第十四次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 证券代码：688293 证券简称：奥浦迈 公告编号：2025-092 上海奥浦迈生物科技股份有限公司（以下简称"奥浦迈"或"公司"）第二 届监事会第十四次会议于2025年10月29日通过现场表决与通讯相结合的方式召 开。本次会议通知及相关资料已于2025年10月22日送达全体监事。本次会议由监 事会主席梁欠欠女士召集并主持，会议应出席监事3名，实际出席监事3名，本次 会议的召集、召开方式符合相关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定，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、审议通过了《关于公司<2025年第三季度报告>的议案》 监事会对公司2025年第三季度报告进行审核并发表书面意见，监事会认为： （1）公司严格按照各项法律法规、规章制度等的要求规范运作，公司2025 年第三季度报告的编制和审议程序符合相关法律法规、《 ...

上海奥浦迈生物科技股份有限公司 第二届董事会第十五次会议决议公告 证券代码：688293 证券简称：奥浦迈 公告编号：2025-091 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 上海奥浦迈生物科技股份有限公司（以下简称"奥浦迈"或"公司"）第二 届董事会第十五次会议于2025年10月29日通过现场表决与通讯相结合的方式召 开。本次会议通知及相关资料已于2025年10月22日送达全体董事。本次会议由董 事长肖志华先生召集并主持，会议应出席董事7名，实际出席董事7名，本次会议 的召集、召开方式符合相关法律、行政法规、部门规章、规范性文件和《公司章 程》的规定，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： 况。 （2）公司2025年第三季度报告公允反映了公司报告期内的财务状况和经营 成果，所包含的信息从各个方面真实地反映出公司报告期内的经营情况和财务状 况等事项。 （3）公司2025年第三季度报告所披露的信息真实、准确、完整，不存在虚 假记载、误导性陈述或重大 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥93,779,111.15, an increase of 29.80% compared to the same period last year[3] - The total profit for the period was ¥20,072,789.92, reflecting a significant increase of 118.52% year-over-year[3] - The net profit attributable to shareholders was ¥11,878,406.38, marking a substantial growth of 283.59% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥7,791,833.40, which is an increase of 2,174.87% year-over-year[3] - Total profit for the year-to-date increased by 75.66%, driven by higher revenue leading to improved gross profit[9] - Net profit attributable to shareholders for the year-to-date was up by 81.48%, primarily due to revenue growth[9] - The total profit for the first three quarters of 2025 is CNY 68,924,070.17, compared to CNY 39,238,029.92 in the same period of 2024, representing an increase of approximately 75.8%[33] - The net profit for the first three quarters of 2025 is CNY 49,056,755.23, up from CNY 26,635,103.70 in 2024, indicating an increase of about 84.0%[33] Revenue and Growth - For the first three quarters of 2025, the company achieved operating revenue of CNY 271.53 million, a year-on-year increase of 25.79%[20] - The main business revenue reached CNY 271.18 million, reflecting a growth of 25.83% compared to the same period last year[20] - The cell culture products business generated revenue of CNY 238.60 million, marking a significant increase of 32.56% year-on-year, solidifying its position as the core revenue driver[20] - The CDMO service business reported revenue of CNY 32.58 million, showing a slight decline of 8.25% year-on-year due to external environment and customer demand fluctuations[21] Expenses and Costs - Research and development expenses totaled ¥12,235,563.44, accounting for 13.05% of operating revenue, an increase of 1.13 percentage points[4] - Research and development expenses rose to ¥36,377,735.69 in the first three quarters of 2025, up from ¥23,993,014.16 in 2024, marking an increase of 51.6%[32] - Total operating costs for the first three quarters of 2025 were ¥216,359,655.21, up from ¥186,064,262.52 in 2024, reflecting a growth of 16.2%[32] Cash Flow - The cash flow from operating activities for the period was ¥38,943,843.04, a decrease of 7.88% compared to the same period last year[3] - Cash flow from operating activities increased by 70.62% year-to-date, resulting from improved sales revenue and collection of receivables[9] - The operating cash flow for the first three quarters of 2025 is CNY 100,287,763.01, compared to CNY 58,777,458.30 in 2024, reflecting a growth of approximately 70.6%[36] - The company reported a decrease in cash flow from financing activities, with a net cash flow of -CNY 51,709,069.75 in 2025 compared to -CNY 95,877,104.85 in 2024, indicating an improvement[37] Assets and Liabilities - The total assets at the end of the period were ¥2,272,126,966.73, a slight decrease of 0.62% from the end of the previous year[4] - The company's cash and cash equivalents decreased to ¥741,681,201.59 as of September 30, 2025, from ¥891,143,542.80 at the end of 2024, a decline of 16.8%[28] - Total liabilities decreased to ¥172,553,849.21 as of September 30, 2025, from ¥190,970,352.87 at the end of 2024, a reduction of 9.6%[30] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 3,682[12] - The top shareholder, Xiao Zhihua, holds 24.92% of the shares, totaling 28,301,943 shares[12] Strategic Initiatives - The company is focusing on expanding its market presence and investing in new product development to drive future growth[32] - The company successfully passed the EU Qualified Person audit, confirming compliance with EU GMP requirements, which supports its expansion into international markets[25] - The company is in the process of a major asset restructuring, with responses to regulatory inquiries completed and awaiting further approvals[27] Stock and Incentives - The company’s stock incentive plan saw the registration of 271,400 shares, increasing the total share capital from 113,548,754 shares to 113,820,154 shares[16] - The company’s antibody series culture medium was selected as one of the 200 innovative product application demonstration cases in the Yangtze River Delta region, highlighting its technological innovation[24] Accounting Standards - The company has not adopted new accounting standards for the year 2025[38]

Core Insights - The company reported a third-quarter revenue of 93.78 million yuan, representing a year-on-year increase of 29.80% [1] - The net profit for the third quarter was 11.88 million yuan, showing a significant year-on-year growth of 283.59% [1] - For the first three quarters, the total revenue reached 272 million yuan, which is a 25.79% increase compared to the same period last year [1] - The net profit for the first three quarters amounted to 49.43 million yuan, reflecting an impressive year-on-year growth of 81.48% [1]

Core Viewpoint - The establishment of Shanghai's first biomanufacturing industry fund aims to integrate resources from enterprises, universities, and research institutions to promote technological breakthroughs and business growth [1] Group 1 - The fund is initiated by Guotou Xian Dao Fund under Shanghai Guotou Company, in collaboration with Daotong Investment and Aopumai [1] - The fund adopts a "C (industry chain leading enterprises) + VC (professional investment institutions)" dual-driven model [1] - Aopumai is recognized as a leading enterprise in cell culture media, leveraging its industry advantages [1] Group 2 - Daotong Investment brings its expertise in early-stage medical and synthetic biology investments to the fund [1] - The fund aims to foster collaboration among key stakeholders in the biomanufacturing sector [1] - The initiative is expected to drive significant advancements in critical technologies within the industry [1]

Core Viewpoint - The first biomanufacturing industry fund in Shanghai has been officially established, aiming to integrate resources from enterprises, universities, and research institutions to promote key technological breakthroughs and corporate growth [1] Group 1: Fund Structure and Collaboration - The fund is empowered by the State Investment Company under Shanghai Guotou and co-initiated by Daotong Investment and Aopumai [1] - It adopts a "C (main industry chain enterprises) + VC (professional investment institutions)" dual-driven model [1] Group 2: Strategic Focus - Aopumai is positioned as a leading enterprise in cell culture media, leveraging its industry advantages [1] - Daotong brings expertise in early-stage medical and synthetic biology investments, enhancing the fund's strategic focus [1]