Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

证券日报网讯1月30日，东方生物在互动平台回答投资者提问时表示，公司产品境外销售占比较高，主 要覆盖美国、欧洲等区域，公司销售采取经销为主、直销为辅的销售模式，以"东方基因""美国衡健"自 主品牌销售为主、辅以ODM方式销售。 ...

专题：交易提示 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【停牌】 002231 *ST奥维（维权） 300666 江丰电子 300344 *ST立方（维权） 【复牌】 *ST奥维：收到终止上市事先告知书股票于1月30日起停牌 无 【品大事】 美年健康：拟参与棒杰股份预重整 美年健康（002044）公告，公司拟报名参与浙江棒杰控股集团股份有限公司（简称"棒杰股份"）重整投 资人的公开招募，并指定下属全资子公司美年大健康为重整受让主体取得棒杰股份的控制权，成为棒杰 股份重整完成后的控股股东。是否具有参与资格以及最终能否成为重整投资人尚存在不确定性。 白银有色（维权）：公司黄金、白银产品的收入占总营业收入比重较低 白银有色（601212）发布股票交易异常波动及严重异常波动公告称，公司黄金、白银产品的收入占总营 业收入的比重较低。2025年上半年，公司营业收入445.59亿元，销售黄金产品收入83.18亿元，占公司营 业收入的比重18.67%，销售白银产品收入20.23亿元，占公司营业收入的比重4.54%。 天顺风能：决定对六家全资子公司实施长期停产安排 天顺风能（002531）公告 ...

证券代码：688298 证券简称：东方生物 公告编号：2026-003 浙江东方基因生物制品股份有限公司 2025年年度业绩预亏公告 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、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润将出现亏损，实现归属于 母公司所有者的净利润-5.23亿元。 2、归属于母公司所有者扣除非经常性损益后的净利润-5.58亿元。 （二）每股收益：-2.69元。 三、本期业绩变化的主要原因 （一）主营业务影响：本年度公司主营业务保持稳健的发展，但因各产业技术平台战略发展，整体培育 期间持续投入较大，汇兑损失及利息收入对利润的贡献减少，同时计提资产相关折旧摊销费用，计提部 分资产减值损失等原因，使得2025年度净利润亏损。 （二）非经营性损益的影响：报告期内正常的理财收益。 四、风险提示 （一）本年度业绩预告相关财务数据未经注册会计师审计。 （二）截至本公告披露日，公司尚 ...

本年度公司主营业务保持稳健的发展，但因各产业技术平台战略发展，整体培育期间持续投入较大，汇 兑损失及利息收入对利润的贡献减少，同时计提资产相关折旧摊销费用，计提部分资产减值损失等原 因，使得2025年度净利润亏损。 智通财经APP讯，东方生物(688298.SH)发布2025年年度业绩预亏公告，预计2025年年度实现归属于母 公司所有者的净利润将出现亏损，实现归属于母公司所有者的净利润-5.23亿元。 ...

东方生物(688298.SH)发布2025年年度业绩预亏公告，预计2025年年度实现归属于母公司所有者的净利 润将出现亏损，实现归属于母公司所有者的净利润-5.23亿元。 本年度公司主营业务保持稳健的发展，但因各产业技术平台战略发展，整体培育期间持续投入较大，汇 兑损失及利息收入对利润的贡献减少，同时计提资产相关折旧摊销费用，计提部分资产减值损失等原 因，使得2025年度净利润亏损。 ...

Group 1 - Meinian Health plans to participate in the restructuring of Zhejiang Bangjie Holdings, aiming to become the controlling shareholder after the completion of the restructuring [3] - Baiyin Nonferrous Metals reported that the revenue from gold and silver products accounted for a low proportion of total operating income, with gold sales contributing 18.67% and silver sales 4.54% in the first half of 2025 [4] - Tiens Wind Power decided to implement a long-term production suspension for six wholly-owned subsidiaries to optimize resource allocation and focus on core businesses [5] Group 2 - Tongling Nonferrous Metals indicated significant uncertainty in the price fluctuations of its main products, with a low self-sufficiency rate for copper concentrate posing supply stability risks [6] - *ST Aowei received a notice of termination of listing due to its market capitalization falling below 500 million yuan for twenty consecutive trading days [7] - Foton Motor expects a net profit increase of approximately 1551% year-on-year for 2025, driven by sales growth in new energy vehicles and overseas markets [9] Group 3 - Beimo High-tech anticipates a net profit increase of 1076.16% to 1261.87% for 2025, supported by cost control and reduced credit impairment losses [10] - Zhongke Sanhuan forecasts a net profit growth of 566.23% to 899.35% for 2025, attributed to technological innovation and improved operational efficiency [12] - Wancheng Group expects a net profit increase of 222.38% to 266.94% for 2025, driven by growth in its retail business and improved sales margins [13] Group 4 - Huayi Technology anticipates a net profit increase of 191.52% to 330.34% for 2025, benefiting from product optimization and cost reduction measures [14] - Nanmo Biology expects a net profit growth of 269.49% to 423.44% for 2025, supported by increased revenue in the biopharmaceutical sector and improved cost control [15] - Baiao Saitu forecasts a net profit increase of 384.26% to 443.88% for 2025, driven by expansion in overseas markets and recovery in the domestic biopharmaceutical industry [16] Group 5 - Hailanxin expects a net profit increase of 387.47% to 631.2% for 2025, supported by advancements in technology and increased market share in marine observation [17] - Panjiang Co. anticipates a net profit growth of 205.3% to 264.83% for 2025, driven by increased coal production and reduced costs [18] - Huaguang New Materials expects a net profit increase of 104.67% to 141.88% for 2025, with significant growth in the electronic sector [20] Group 6 - Guo Sheng Securities forecasts a net profit increase of 25.44% to 67.25% for 2025, supported by active capital market participation and growth in various business segments [25] - Shengyi Technology expects a net profit growth of 87% to 98% for 2025, driven by increased sales of copper-clad laminates [26] - Sifutian anticipates a net loss of 30 million to 45 million yuan for 2025, although this represents a significant reduction in losses compared to the previous year [27] Group 7 - Maanshan Steel expects a net loss of 1.9 billion to 2.5 billion yuan for 2025, with a substantial reduction in losses compared to the previous year [28] - Shennong Seed Industry forecasts a net profit of 90 million to 120 million yuan for 2025, marking a turnaround from previous losses [30] - Jifeng Co. anticipates a net profit of 410 million to 495 million yuan for 2025, achieving a turnaround from losses [31]

（记者 王瀚黎） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 每经AI快讯，东方生物1月29日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 将出现亏损，实现归属于母公司所有者的净利润-5.23亿元。本年度公司主营业务保持稳健的发展，但 因各产业技术平台战略发展，整体培育期间持续投入较大，汇兑损失及利息收入对利润的贡献减少，同 时计提资产相关折旧摊销费用，计提部分资产减值损失等原因，使得2025年度净利润亏损。报告期内正 常的理财收益。 ...

（一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利 润将出现亏损，实现归属于母公司所有者的净利润-5.23 亿元。 证券代码：688298 证券简称：东方生物 公告编号：2026-003 浙江东方基因生物制品股份有限公司 2025 年年度业绩预亏公告 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、本期业绩预告情况 （二）非经营性损益的影响：报告期内正常的理财收益。 四、风险提示 （一）本年度业绩预告相关财务数据未经注册会计师审计。 2、归属于母公司所有者扣除非经常性损益后的净利润-5.58 亿元。 3、本次业绩预告未经注册会计师审计。 二、上年同期业绩情况和财务状况 （一）利润总额：-5.85 亿元。归属于母公司所有者的净利润-5.29 亿元； 归属于母公司所有者的扣除非经常性损益的净利润-5.71 亿元。 （二）每股收益：-2.69 元。 三、本期业绩变化的主要原因 （一）主营业务影响 ...

东方生物公告，经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润将出现亏损， 实现归属于母公司所有者的净利润-5.23亿元。归属于母公司所有者扣除非经常性损益后的净利润-5.58 亿元。上年同期，公司利润总额为-5.85亿元，归属于母公司所有者的净利润为-5.29亿元，归属于母公 司所有者的扣除非经常性损益的净利润为-5.71亿元，每股收益为-2.69元。 ...