Core Viewpoint - Aopumai, a leading company in the cell culture products and services sector in China, has shown significant growth potential despite its current lower ranking in revenue and profit compared to industry leaders [1][2]. Group 1: Company Overview - Aopumai was established on November 27, 2013, and was listed on the Shanghai Stock Exchange on September 2, 2022, with its headquarters in Shanghai [1]. - The company operates in the pharmaceutical and biotechnology sector, specifically in the bioproducts category, and has a comprehensive industry chain and technological research advantages [1]. Group 2: Financial Performance - For Q3 2025, Aopumai reported revenue of 272 million yuan, ranking 28th out of 34 in the industry, significantly lower than the top competitors [2]. - The revenue composition includes product revenue of 155 million yuan (87.34%), service revenue of 22.27 million yuan (12.53%), and other revenue of 0.233 million yuan (0.13%) [2]. - The net profit for the same period was 49.06 million yuan, ranking 18th in the industry, again trailing behind leading companies [2]. Group 3: Financial Ratios - Aopumai's debt-to-asset ratio stood at 7.59% in Q3 2025, slightly up from 7.00% year-on-year, but well below the industry average of 26.88%, indicating strong solvency [3]. - The gross profit margin was reported at 54.57%, down from 57.45% year-on-year and below the industry average of 70.17%, suggesting room for improvement in profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.63% to 3,682, with an average holding of 30,800 shares, up 27.96% [5]. - Notable changes among the top ten circulating shareholders include increases in holdings by several funds, indicating growing investor interest [5]. Group 5: Future Outlook - Aopumai is expected to see revenue growth in the coming years, with projected revenues of 379 million yuan, 473 million yuan, and 586 million yuan for 2025, 2026, and 2027, respectively [5]. - The net profit forecasts for the same years are 87 million yuan, 107 million yuan, and 134 million yuan, reflecting a positive growth trajectory [5].

Market Overview - The biopharmaceutical sector experienced a decline of 1.25% on October 30, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Kanglaweishi (Code: 920575) with a closing price of 13.76, up 4.40% and a trading volume of 93,500 shares, totaling 129 million yuan [1] - C Moyi (Code: 688765) closed at 117.90, up 4.13% with a trading volume of 166,000 shares, totaling 1.951 billion yuan [1] - Kexing Pharmaceutical (Code: 688136) closed at 39.14, up 2.73% with a trading volume of 66,800 shares, totaling 261 million yuan [1] - Major decliners included: - Aopumai (Code: 688293) closed at 57.70, down 7.10% with a trading volume of 26,200 shares, totaling 153 million yuan [2] - Norsland (Code: 920047) closed at 24.92, down 3.90% with a trading volume of 46,700 shares, totaling 119 million yuan [2] - Baipusais (Code: 301080) closed at 62.13, down 3.52% with a trading volume of 25,000 shares, totaling 157 million yuan [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 523 million yuan from institutional investors, while retail investors contributed a net inflow of 418 million yuan [2] - The capital flow for specific stocks indicated: - Kexing Pharmaceutical had a net outflow of 38.83 million yuan from institutional investors, while retail investors had a net outflow of 34.70 million yuan [3] - Aopumai experienced a net inflow of 12.31 million yuan from institutional investors, but a net outflow of 15.10 million yuan from retail investors [3] - Olin Biotech (Code: 688319) had a net inflow of 15.21 million yuan from institutional investors, but a net outflow of 25.08 million yuan from retail investors [3]

Group 1 - The core point of the news is that Aopumai (688293.SH) reported its Q3 2025 results, highlighting significant institutional investor interest with 33 institutions holding a total of 53.61 million shares, representing 47.22% of the total share capital [1] - The top ten institutional investors collectively hold 41.75% of Aopumai's shares, with an increase of 1.28 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, accounting for 2.67% of the total, with notable funds including China Europe Medical Health Mixed A and Industrial Bank Frontier Medical Stock A [2] - A total of 15 new public funds disclosed their holdings this quarter, including China Europe Medical Innovation Stock A and GF Balanced Growth Mixed A [2] - There were 110 public funds that did not disclose their holdings this quarter, including China Europe Sci-Tech Theme Mixed (LOF) A and HSBC Jintrust Core Growth Mixed A [2] - One social security fund, the National Social Security Fund 103 Combination, did not disclose its holdings this quarter [2]

Core Viewpoint - The company reported a significant increase in revenue for the first three quarters of 2025, with a focus on its core business of cell culture products, while also addressing challenges in its CDMO service segment [8][9][10]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 271.53 million yuan, a year-on-year increase of 25.79% [8]. - The main business revenue reached 271.18 million yuan, reflecting a growth of 25.83% compared to the same period last year [8]. - The cell culture products segment generated 238.60 million yuan in revenue, marking a significant growth of 32.56% year-on-year [8][9]. Business Segments - The CDMO service segment reported revenue of 32.58 million yuan, showing a slight decline due to external environmental factors and fluctuations in customer demand [9]. - The company has 311 confirmed drug development pipelines utilizing its cell culture media products, an increase of 64 compared to the end of 2024 [9]. Innovation and Recognition - The company's "Aopumai Antibody Series Culture Medium" was selected as a model case for innovative product application in the Yangtze River Delta region, highlighting its technological innovation and application value [10]. Quality Assurance - The company's wholly-owned subsidiary, Shanghai Silun Biotechnology Co., Ltd., successfully passed the EU Qualified Person audit, confirming compliance with EU GMP requirements [11]. Asset Restructuring - The company is in the process of a major asset restructuring, having responded to inquiries from regulatory bodies and is awaiting further approvals [12]. Asset Impairment - The company plans to recognize a total of 3.85 million yuan in asset impairment losses for the first three quarters of 2025, including credit impairment losses and inventory write-downs [23][24][25].

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 ...