Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.30 CNY, reflecting a reasonable market value of 273.54 billion CNY [4][7]. Core Insights - The company has shown a narrowing loss with a significant increase in commercial product sales, leading to a 29% year-on-year revenue growth in the first half of 2025, achieving 0.19 billion CNY. The net profit attributable to the parent company was -1.19 billion CNY, a 44% reduction in loss compared to the previous year [12]. - The company is actively expanding the indications for its approved products, with ongoing clinical trials for both Beifutini and Gexorase, which are expected to enhance their market presence [12]. - The research pipeline is well-structured, with several promising candidates in advanced clinical stages, indicating strong potential for business development opportunities [12]. Financial Forecast and Analysis - The company’s revenue is projected to decline from 186 million CNY in 2023 to 141 million CNY in 2025, before rebounding to 323 million CNY in 2026 and 525 million CNY in 2027, reflecting a growth rate of 129.3% and 62.6% respectively [6][15]. - The net profit attributable to the parent company is expected to improve from -284 million CNY in 2023 to -203 million CNY in 2025, with a further reduction to -94 million CNY by 2027 [6][15]. - The gross margin is forecasted to remain high, around 97.2% in 2025, while the net margin is expected to improve significantly from -144.0% in 2025 to -17.8% in 2027 [6][15].

9月3日，益方生物大宗交易成交12.9万股，成交额499.88万元，占当日总成交额的0.77%，成交价38.75 元，较市场收盘价43.06元折价10.01%。 ...

盈利预测与投资建议 ⚫ 根据公司 25 年中报，我们下调公司 25-27 年费用预测，预测公司 25-27 年归母净利 润为：-2.03/-2.24/-0.94 亿元（原 25-27 年预测为-3.46/-3.77/-2.90 亿元），采用自 由现金流贴现的估值方法，预测公司合理市值为 273.54 亿元，对应目标价为 47.30 元，维持"买入"评级。 风险提示 创新药研发进度不及预期、产品竞争加剧导致销售不及预期、公司中长期盈利能力下降 对估值产生负面影响的风险等。 商业化加速，在研管线高效推进 ——益方生物 2025 年中报点评 核心观点 益方生物-U 688382.SH 公司研究 | 中报点评 | 亏损缩窄，商业化表现值得期待：——益 | 2025-05-31 | | --- | --- | | 方生物 24 年报&25 一季报点评 | | | 格舒瑞昔上市在即，研发进展顺利：—— | 2024-08-24 | | 益方生物 2024 年中报点评 | | | 立足未满足需求，专注高门槛靶向药开 | 2024-07-31 | | 发：——益方生物首次覆盖报告 | | 公司主要财务信息 | | 2023A ...

9月3日，益方生物涨5.21%，截至发稿，报43.00元/股，成交2.46亿元，换手率1.39%，总市值248.68亿 元。 责任编辑：小浪快报 资料显示，益方生物科技(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路67弄4号210室，成 立日期2013年1月11日，上市日期2022年7月25日，公司主营业务涉及创新药物的研发、生产和销售。主 营业务收入构成为：技术授权和技术合作收入100.00%。 从基金十大重仓股角度 数据显示，中金基金旗下1只基金重仓益方生物。中金新医药A（006981）二季度持有股数20.44万股， 占基金净值比例为5.98%，位居第五大重仓股。根据测算，今日浮盈赚取约43.55万元。 中金新医药A（006981）成立日期2019年5月14日，最新规模9283.87万。今年以来收益34.21%，同类排 名911/4222；近一年收益44.33%，同类排名2081/3783；成立以来收益76.08%。 中金新医药A（006981）基金经理为丁天宇。 截至发稿，丁天宇累计任职时间4年249天，现任基金资产总规模1.32亿元，任职期间最佳基金回报 10.11%， 任职期间最差基金回报 ...

2025.09.02 从行业分布来看，社保基金此次新进和增持的个股主要集中在生物医药、计算机、电子等热门赛道，也 恰恰是国家战略支持的重点方向，也是经济转型升级的关键领域。这一投资动向引起了市场广泛关注。 作为具备长期稳定盈利能力的社保基金，其每一步调仓都蕴含着深层的战略思考。那么，社保基金大幅 增持科技股背后，究竟有着怎样的逻辑？ 偏爱医药、计算机 社保基金素以"稳健"著称，其投资风格一向谨慎，注重价值投资和长期回报。近年来，这一稳健投资者 加大了对科技创新企业的布局力度。 截至二季度末，社保基金持有77家科创板上市公司股票，主要集中在电子、生物医药、机械设备、计算 机四大行业，分别有20家、13家、10家、11家公司。 持股数量方面，社保基金持股达到且超过1000万股的共有7只，持有传音控股（688036.SH）3826.4万 股，位居第一，其次为西部超导（688122.SH），为2058.1万股；持有珠海冠宇（688772.SH）、铁建重 工（688425.SH）、中科星图（688568.SH）、三一重能（688349.SH）、聚合材料（688503.SH）的股 份数量也超过1000万股。 从社保基金的 ...

Core Viewpoint - The Social Security Fund has significantly increased its holdings in technology stocks, particularly in the fields of biomedicine, computing, and electronics, reflecting a strategic shift towards sectors supported by national policies and economic transformation [2][6]. Group 1: Investment Trends - As of the end of Q2 2025, the Social Security Fund held 77 stocks from the Sci-Tech Innovation Board, with a total holding of 337 million shares valued at 15.37 billion yuan, having newly entered 19 stocks and increased holdings in 28 [2][3]. - The fund's investment is primarily concentrated in four sectors: electronics (20 companies), biomedicine (13 companies), machinery (10 companies), and computing (11 companies) [2][3]. - The fund's investment style is characterized by a cautious approach, focusing on value investment and long-term returns, with a notable increase in allocations to innovative technology companies [2][5]. Group 2: Sector Preferences - The Social Security Fund's top holdings include companies like Transsion Holdings (38.26 million shares) and Western Superconductor (20.58 million shares), with a significant preference for biomedicine and electric power equipment over electronics [3][4]. - In Q2, the fund increased its holdings in the electronics sector, particularly in Transsion Holdings, which saw an increase of 6.37 million shares, marking the largest increase among individual stocks [4][5]. - The fund's new investments in Q2 included 19 stocks, with a total increase of 45.09 million shares, focusing on high-growth sectors such as biomedicine and computing [7][9]. Group 3: Performance Metrics - The newly added stocks by the Social Security Fund showed strong performance, with median revenue growth of 25.7% and net profit growth of 28.14% in the first half of the year, outperforming the overall market [8][9]. - Specific companies like Yifang Biomedicine and Spring Medical have demonstrated significant revenue and profit growth, indicating the fund's focus on firms with improving performance metrics [10]. Group 4: Reduction in Holdings - In Q2, 38 stocks from the Sci-Tech Innovation Board were reduced in holdings by the Social Security Fund, with 24 of these experiencing reductions of over 1 million shares [11][12]. - Notable reductions included companies like Zekang Pharmaceutical and Longxin Technology, which saw significant price increases post-reduction, indicating potential market volatility [12].

Core Insights - The social security fund has newly invested in 19 stocks in the second quarter, focusing on high-performing sectors such as biomedicine, computers, and electronics, which are aligned with national strategic priorities and economic transformation [1][5] Investment Trends - As of the end of the second quarter, the social security fund held 77 stocks in the Sci-Tech Innovation Board, with a total holding of 337 million shares valued at 15.37 billion yuan, having newly entered 19 stocks and increased holdings in 28 stocks [1][2] - The fund's investment style is characterized by a cautious approach, emphasizing value investment and long-term returns, with a notable increase in allocations to technology innovation companies [1][2] Sector Focus - The fund's holdings are primarily concentrated in four sectors: electronics (20 companies), biomedicine (13 companies), machinery (10 companies), and computers (11 companies) [1] - In terms of stock count, the fund's top holdings include 7 stocks with over 10 million shares, with Transsion Holdings (382.64 million shares) leading, followed by Western Superconducting (205.81 million shares) [2] Performance Metrics - The newly added 19 stocks showed median year-on-year growth rates of 25.7% in revenue and 28.14% in net profit, significantly outperforming the overall market [6] - The fund's focus on biomedicine is evident, with 4 new investments in this sector, alongside 2 each in electronics, military, communications, and computers [6] Notable Stock Movements - The fund increased its holdings in several key stocks, including a significant increase of 6.37 million shares in Transsion Holdings, marking the largest single stock increase for the quarter [3][4] - Other notable increases include 5 stocks in the biomedicine sector and 4 in the computer sector, with specific increases exceeding 1 million shares [4][5] Reduction in Holdings - In the second quarter, 38 stocks on the Sci-Tech Innovation Board were reduced in holdings by the social security fund, with 24 of these seeing reductions of over 1 million shares [8] - Some stocks that were reduced have since experienced significant price increases, indicating a potential misalignment in the fund's timing of trades [8]

Core Points - The company is proposing to increase the total investment in the "New Drug Research and Development Project" from 1.809619 billion yuan to 1.8781177 billion yuan, utilizing 684.988 million yuan of previously unallocated funds for this purpose [3][4]. - The company plans to reappoint Lixin Certified Public Accountants (Special General Partnership) as the auditing firm for the fiscal year 2025, ensuring the audit of financial statements and internal controls [3][4]. Meeting Details - The meeting is scheduled for September 8, 2025, at 9:30 AM, located at 63 Zhangheng Road, Pudong New District, Shanghai [4]. - The voting will occur both on-site and online, with specific time slots for participation [4]. - The agenda includes signing in, announcing the number of shareholders present, reading meeting guidelines, electing vote counters, discussing and voting on proposals, and concluding with the announcement of results [4][5].

目 录 | 2025 | 年第一次临时股东会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第一次临时股东会会议议程 | 6 | | 议案一 | 关于变更部分募集资金投资项目的议案 8 | | | 议案二 | 关于续聘 2025 年度审计机构的议案 9 | | 证券代码：688382 证券简称：益方生物 益方生物科技（上海）股份有限公司 2025 年第一次临时股东会会议资料 二〇二五年九月 益方生物科技（上海）股份有限公司 2025 年第一次临时股东会会议须知 为了维护公司全体股东的合法权益，确保股东会的正常秩序和议事效率，保 证会议的顺利进行，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》 以及《益方生物科技（上海）股份有限公司章程》（以下简称《公司章程》）等 相关规定，益方生物科技（上海）股份有限公司（以下简称"公司"）特制定本 次股东会会议须知： 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作； 六、股东及股东代理人要求发言或提问时，不得打断会议报告人的报告或其 他股东及股东 ...

9月2日，益方生物跌5.07%，截至发稿，报39.88元/股，成交4.24亿元，换手率2.47%，总市值230.64亿 元。 资料显示，益方生物科技(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路67弄4号210室，成 立日期2013年1月11日，上市日期2022年7月25日，公司主营业务涉及创新药物的研发、生产和销售。主 营业务收入构成为：技术授权和技术合作收入100.00%。 责任编辑：小浪快报 同泰大健康主题混合A（011002）成立日期2021年4月8日，最新规模618.23万。今年以来收益58.54%， 同类排名514/8184；近一年收益69.4%，同类排名1288/7971；成立以来亏损34.95%。 同泰大健康主题混合A（011002）基金经理为马毅、麦健沛。 截至发稿，马毅累计任职时间11年170天，现任基金资产总规模60.63亿元，任职期间最佳基金回报 41.66%， 任职期间最差基金回报-0.61%。 麦健沛累计任职时间114天，现任基金资产总规模1.61亿元，任职期间最佳基金回报40.5%， 任职期间 最差基金回报8.55%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型 ...