Core Insights - Yifang Bio reported a significant increase in revenue for Q3, achieving 11.73 million yuan, a year-on-year increase of 173.86% [1] - For the first three quarters, the company generated a total revenue of 30.89 million yuan, reflecting a year-on-year growth of 61.27% [1] - The company reported a net loss attributable to shareholders of 61.81 million yuan for the reporting period, an improvement from a loss of 91.09 million yuan in the same period last year, reducing the loss by 29.28 million yuan [1] - Year-to-date, the net loss attributable to shareholders reached 181 million yuan, a reduction of 124 million yuan compared to the previous year [1] Revenue and Profit Analysis - The revenue for the reporting period primarily consisted of recognized income from technology licensing and cooperation [1] - R&D expenses decreased by 35.86% year-on-year due to reduced investment related to the clinical trial of Gsorese, which is expected to conclude in 2024 [1]

证券代码：688382 证券简称：益方生物 公告编号：2025-040 一、公司注册资本变更情况 公司于 2025 年 8 月 21 日召开第二届董事会 2025 年第五次会议，审议通过 了《关于 2022 年限制性股票激励计划预留授予部分第二个归属期符合归属条件 的议案》，并于 2025 年 9 月 19 日完成了 2022 年限制性股票激励计划预留授予 部分第二个归属期的股份登记工作。本次限制性股票归属后，公司股本总数由 578,327,844 股增加至 578,348,491 股，注册资本相应由人民币 578,327,844 元增 加至人民币 578,348,491 元。 二、《公司章程》修订情况 根据有关法律、法规、规范性文件等的规定，基于上述公司股份总数和注 册资本的变更情况，拟对《公司章程》相关条款进行如下修订： 益方生物科技（上海）股份有限公司 关于变更公司注册资本并修订《公司章程》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。 益方生物科技（上海）股份有限公司（以下简称"公司"）于 2025 年 1 ...

Revenue and Profit - The company's revenue for the third quarter reached ¥11,729,619.53, representing a year-on-year increase of 173.86%[3] - The total profit for the period was -¥61,813,519.26, with a year-to-date total profit of -¥181,245,999.11[3] - The net profit attributable to shareholders was -¥61,813,519.26 for the quarter, and -¥181,385,152.31 year-to-date[3] - Total operating revenue for the first three quarters of 2025 reached ¥30,893,466.90, a significant increase from ¥19,156,299.24 in the same period of 2024, representing a growth of approximately 61.5%[20] - Net profit for the first three quarters of 2025 was reported at -¥181,385,152.31, an improvement compared to -¥305,306,509.72 in the same period of 2024, reflecting a reduction in losses of approximately 40.6%[21] Research and Development - Research and development expenses totaled ¥74,190,669.66, a decrease of 14.49% compared to the previous year[4] - The ratio of R&D expenses to revenue was 632.51%, down from 2,025.77% in the same period last year, a decrease of 1,393.26 percentage points[4] - Research and development expenses for the first three quarters of 2025 were ¥189,649,512.55, down from ¥295,676,116.12 in 2024, marking a decrease of approximately 35.8%[20] Assets and Liabilities - Total assets at the end of the period were ¥1,764,467,236.76, reflecting a decrease of 8.14% from the previous year[4] - Total current assets as of September 30, 2025, amount to ¥1,714,499,837.05, a decrease from ¥1,870,110,649.46 as of December 31, 2024[15] - Total assets as of September 30, 2025, are ¥1,764,467,236.76, down from ¥1,920,817,174.25[16] - The total liabilities decreased from ¥110,033,961.17 to ¥99,042,710.20, a reduction of about 10%[20] - The total equity attributable to shareholders decreased from ¥1,810,783,213.08 to ¥1,665,424,526.56, reflecting a decline of approximately 8%[20] Cash Flow - The company reported a net cash flow from operating activities of -¥160,056,383.93 year-to-date[3] - Cash flow from operating activities showed a net outflow of -¥160,056,383.93, which is an improvement from -¥289,602,708.75 in the previous year, indicating a 44.7% reduction in cash burn[23] - The net cash flow from investing activities was -$82.36 million, compared to -$181.56 million in the previous period, indicating an improvement[24] - The company’s cash and cash equivalents decreased by $243.78 million during the period, compared to a decrease of $476.30 million in the previous period[24] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 12,352[11] - The largest shareholder, InventisBio Hong Kong Limited, holds 110,329,937 shares, representing 19.08% of total shares[12] Other Financial Metrics - The basic earnings per share for the quarter was -¥0.11, and -¥0.31 year-to-date[3] - The company reported a basic and diluted earnings per share of -¥0.31 for the first three quarters of 2025, an improvement from -¥0.53 in the same period of 2024[21] - Other comprehensive income after tax showed a loss of -¥559,520.77, compared to -¥1,629,834.88 in the previous year, indicating a reduction in losses of approximately 65.7%[21] Corporate Governance - The board of directors announced the financial results on October 29, 2025, indicating ongoing corporate governance and transparency[26] - The company is set to implement new accounting standards starting in 2025, which may affect financial reporting[25]

益方生物科技（上海）股份有限公司 | 第一章 | 总则 - | 1 - | | --- | --- | --- | | 第二章 | 经营宗旨和范围 - | 2 - | | 第三章 | 股份 - | 3 - | | 第一节 | 股份发行 | - 3 - | | 第二节 | 股份增减和回购 | - 6 - | | 第三节 | 股份转让 | - 7 - | | 第四章 | 股东和股东会 - | 7 - | | 第一节 | 股东 | - 8 - | | 第二节 | 股东会的一般规定 - | 11 - | | 第三节 | 股东会的召集 - | 14 - | | 第四节 | 股东会的提案与通知 - | 16 - | | 第五节 | 股东会的召开 - | 17 - | | 第六节 | 股东会的表决和决议 - | 20 - | | 第五章 | 董事会 - | 23 - | | 第一节 | 董事 - | 23 - | | 第二节 | 独立董事 - | 26 - | | 第三节 | 董事会 - | 31 - | | 第四节 | 董事会专门委员会 - | 36 - | | 第五节 | 董事会秘书 - | 37 - | | 第六章 ...

Core Insights - The company reported a third-quarter revenue of 11.72 million, representing a year-on-year increase of 173.86% [1] - The net profit for the third quarter was a loss of 61.81 million [1] - For the first three quarters, the total revenue reached 30.89 million, showing a year-on-year growth of 61.27% [1] - The net profit for the first three quarters was a loss of 181 million [1]

Core Viewpoint - The company, Yifang Biotechnology (Shanghai) Co., Ltd., is set to hold a Q3 2025 earnings presentation to discuss its operational results and financial indicators with investors [1][3]. Group 1: Earnings Presentation Details - The earnings presentation will take place on November 5, 2025, from 14:00 to 15:00 [5][6]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][5]. - Investors can submit questions from October 29, 2025, to November 4, 2025, before 16:00, either through the Roadshow Center or via the company's email [2][7]. Group 2: Participation Information - Investors can participate in the earnings presentation by logging into the Shanghai Stock Exchange Roadshow Center [4][5]. - The company will address commonly asked questions during the presentation [3][7]. - Contact information for inquiries includes the company's securities department, reachable at phone number 021-50778527 or email ir@inventisbio.com [7].

益方生物科技（上海）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 证券代码：688382 证券简称：益方生物 公告编号：2025-039 重要内容提示： 公司将于 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 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 5 日（星期三）14:00-15:00 举行 2025 年第三季度业绩说明会，就 投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 5 日（星期三）14:00-15:00 会议召开时间：2025 年 11 月 5 日（星期三）14:00-15:00 会 议 召 开 地 点 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

Core Viewpoint - The A-share technology sector is experiencing a strong resurgence, particularly driven by artificial intelligence (AI), with significant inflows of capital into related ETFs and indices [1][4]. Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589560) surged by 3.21% as of 13:04, with trading volume surpassing the previous day's total [1]. - The Sci-Tech 50 Index ETF (588870) also rose over 3%, leading in year-to-date share growth among its peers [1]. - The Shanghai Stock Exchange Sci-Tech Innovation Board AI Index (950180) increased by 2.92%, with notable gains from constituent stocks such as 澜起科技 (688008) up 6.55% and 恒玄科技 (688608) up 6.29% [4][6]. Group 2: Key Stocks and Their Performance - The top ten constituent stocks of the Sci-Tech Innovation Artificial Intelligence ETF include: - 寒武纪-U (688256) with a rise of 3.82% - 澜起科技 (688008) with a rise of 6.55% - 芯原股份 (688521) with a rise of 5.61% [5]. - Other notable performers include 晶晨股份 (688099) up 2.23% and 乐鑫科技 (688018) up 3.78% [5]. Group 3: Industry Insights - The current AI wave is driven by technological innovations such as DeepSeek, which offers high performance and low costs, positioning China to compete globally in AI technology [6][7]. - The domestic AI application landscape benefits from a large pool of engineers, data resources, and a robust application ecosystem, exemplified by Alibaba's rapid AI integration across its platforms [7]. - The demand for large model computing continues to rise, with significant investments in computing power from major domestic and international firms, positively impacting related sectors like optical modules and PCBs [7]. - Recent government policies, including the August 26 directive on "Artificial Intelligence+" actions, aim to support the development of an intelligent economy by 2035, comparable in significance to the earlier "Internet+" initiative [7].

Core Viewpoint - Yifang Biotechnology experienced a decline of 5.09% in stock price, currently trading at 26.48 CNY per share, with a total market capitalization of 15.315 billion CNY [1] Company Overview - Yifang Biotechnology (Shanghai) Co., Ltd. was established on January 11, 2013, and went public on July 25, 2022. The company is located in the China (Shanghai) Pilot Free Trade Zone [1] - The main business involves the research, production, and sales of innovative drugs, with 100% of its revenue derived from technology licensing and cooperation [1] Fund Holdings - Pengyang Fund has a significant holding in Yifang Biotechnology, with its Pengyang Medical Health Mixed A Fund (018052) holding 137,900 shares, accounting for 6.6% of the fund's net value, making it the second-largest holding [2] - The fund was established on October 31, 2023, with a latest scale of 22.571 million CNY and has achieved a year-to-date return of 39.01% [2] - The fund manager, Zhu Guoqing, has a tenure of 18 years and 221 days, with a total asset scale of 774 million CNY, while co-manager Cui Jieming has a tenure of 1 year and 359 days, managing 68.633 million CNY [2]