Summary of Key Points Core Viewpoint - On September 11, 18 stocks from the STAR Market experienced block trading, with a total transaction amount of 926 million yuan, indicating active trading in the sector [2]. Trading Overview - A total of 37 block trades were executed, with a cumulative trading volume of 13.07 million shares [2]. - The stock with the highest transaction amount was Huatai Medical, with a trading volume of 2.16 million shares and a transaction amount of 537 million yuan [2]. - Other notable transactions included Dameng Data and Yifang Bio, with transaction amounts of 83.43 million yuan and 62.41 million yuan, respectively [2]. Price Discount Analysis - Among the stocks involved in block trading, the highest discount rates relative to the closing prices were observed in Hengxuan Technology, Yuntian Lifi, and Huatai Medical, with discount rates of 25.15%, 23.13%, and 19.81% respectively [2]. Stock Performance - The STAR 50 Index rose by 5.32% on the same day, with 524 stocks (89.12%) in the STAR Market experiencing price increases [2]. - The average increase for stocks involved in block trading was 3.72%, with Dameng Data, Cambrian, and Hengxuan Technology leading the gains at 9.19%, 8.96%, and 6.88% respectively [2]. - Conversely, Junshi Biosciences and Aters saw declines of 1.59% and 0.24% respectively [2]. Institutional Participation - Out of the block trades, 12 transactions involved institutional buyers or sellers, covering 9 stocks [3]. - The top three stocks by institutional buying amounts were Dameng Data (83.43 million yuan), Yifang Bio (60.30 million yuan), and Aters (50.81 million yuan) [3]. Fund Flow Analysis - Among the stocks involved in block trading, 9 stocks saw net inflows from major funds, with the highest net inflows recorded for Yuntian Lifi (207 million yuan), Cambrian (184 million yuan), and Dameng Data (105 million yuan) [3]. - The stocks with the highest net outflows included Junshi Biosciences (99.41 million yuan), Aters (87.10 million yuan), and Borui Pharmaceutical (56.94 million yuan) [3].

中信证券股份有限公司 关于益方生物科技（上海）股份有限公司 2025 半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为益方生 物科技（上海）股份有限公司（以下简称"益方生物"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《上市公司募集资金监管规则》 《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》等 相关规定，中信证券履行持续督导职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间（指 2025 年 1-6 月，下同），保荐人通过与公司的日常 沟通、现场回访等方式开展持续督导工作。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、股东会和董事会议事规则等公司治理制度、股东会和 董事会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； ...

Group 1 - The core transaction involved 2.07 million shares of Yifang Bio, with a total transaction value of 62.41 million yuan, accounting for 6.82% of the total trading volume on that day [1] - The transaction price was 30.15 yuan per share, which represents a discount of 14.4% compared to the market closing price of 35.22 yuan [1] - The transaction occurred on September 11, 2025, indicating significant trading activity for Yifang Bio on that date [2] Group 2 - The transaction was executed through institutional channels, with specific involvement from Guangfa Securities and CITIC Securities [2] - The total transaction amount was broken down into 60.30 million yuan for one part and 2.11 million yuan for another, highlighting the scale of institutional interest [2] - The shares traded were part of a specialized institutional transaction, indicating a strategic move by institutional investors [2]

Group 1 - Yifang Biotechnology's stock increased by 5.22%, reaching 35.66 CNY per share, with a trading volume of 279 million CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 20.623 billion CNY [1] - Yifang Biotechnology, established on January 11, 2013, and listed on July 25, 2022, is located in the China (Shanghai) Free Trade Zone and focuses on the research, production, and sales of innovative drugs, with 100% of its main business revenue coming from technology licensing and cooperation [1] Group 2 - Guolian Fund has a significant holding in Yifang Biotechnology, with its Guolian Medical Consumption Mixed A Fund (015032) reducing its stake by 71,100 shares in the second quarter, now holding 152,100 shares, which accounts for 5.93% of the fund's net value, making it the third-largest holding [2] - The Guolian Medical Consumption Mixed A Fund has achieved a year-to-date return of 61.78%, ranking 290 out of 8,177 in its category, and a one-year return of 83.58%, ranking 619 out of 7,982 [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's D-2570 (TYK2) inhibitor shows potential as a best-in-class treatment, with ongoing clinical trials for multiple indications including ulcerative colitis and psoriasis [1][2] - D-2570 demonstrated superior efficacy in Phase II trials for psoriasis, achieving a PASI 75 response rate of 90.0%, significantly higher than the placebo group [1] - The safety profile of D-2570 is favorable, with most adverse events being mild to moderate and no serious adverse events reported [1] Clinical Development - D-2570 is being explored for various indications, including ulcerative colitis, psoriatic arthritis, and systemic lupus erythematosus [2] - The Phase II clinical trial for ulcerative colitis commenced in May 2025 [2] Preclinical Innovations - The company has high molecular innovation in preclinical candidates YF087 and YF550, which have shown excellent anti-tumor efficacy in various animal models [3][4] - YF087 targets the synthetic lethal target WRN, demonstrating significant effects on MSI-H tumors, while YF550 targets KIF18A, crucial for the proliferation of CIN+ tumor cells [3][4] Financial Forecast - The company is expected to face challenges in profitability, with projected net losses of -243 million and -219 million CNY for 2025 and 2026 respectively [5][10] - Revenue is forecasted to grow from 185.53 million CNY in 2023 to 503.37 million CNY by 2027, reflecting a compound annual growth rate [10][12] Market Position - The company operates in the highly competitive pharmaceutical and chemical manufacturing industry, particularly in the oncology and autoimmune disease segments [5]

Investment Rating - The investment rating for the company is "Accumulate" [3][6]. Core Insights - The company has demonstrated exceptional capabilities in innovative drug research and development, with a competitive product pipeline [2]. - For the first half of 2025, the company reported a revenue of 0.19 billion yuan, representing a 29% year-on-year increase, and a net loss attributable to shareholders of 1.19 billion yuan, which is a 44% reduction in loss compared to the previous year [1][2]. Summary by Sections Company Overview - The company focuses on target selection in areas with large patient populations and unmet clinical needs, enhancing development speed through international multi-center clinical trials [2]. Product Pipeline - The company has several advanced clinical pipeline products, including: - KRASG12C inhibitor, Goserelin, which is approved for non-small cell lung cancer and is expected to be used for colorectal cancer and other cancers, with a market approval anticipated in November 2024 [2]. - Oral SERD targeted drug D-0502, which offers better convenience and compliance compared to existing muscle injection SERDs, with a key phase III registration trial approved in October 2021 [2]. - D-2570, a novel oral selective inhibitor targeting TYK2 for treating psoriasis and other autoimmune diseases, has shown significant efficacy in clinical trials and is expected to provide new treatment options for patients [2]. Financial Forecast - The company maintains its revenue forecasts for 2025-2027, expecting total revenues of 2.00 billion yuan, 3.50 billion yuan, and 5.00 billion yuan respectively, with EPS of -0.35, -0.24, and -0.33 yuan for the same periods [3][6].

证券之星消息，9月9日化学制药板块较上一交易日下跌1.93%，益方生物领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。化学制药板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000953 | 河化股份 | 7.87 | 10.07% | 32.42万 | | 2.52亿 | | 300723 | 一品红 | 68.56 | 3.25% | 15.80万 | | 10.99亿 | | 002365 | 永安药业 | 18.92 | 3.05% | 30.48万 | | 5.80亿 | | 002099 | 海翔药业 | 6.19 | 2.82% | 1 33.66万 | | 2.10亿 | | 300765 | 新宿威 | 58.32 | 2.69% | 8.75万 | | 5.08亿 | | 603207 | 小方制药 | 35.72 | 2.58% | 5.41万 | | 1.93亿 | | 3002 ...

（文章来源：证券日报） 证券日报网讯 9月8日晚间，益方生物发布公告称，公司2025年第一次临时股东会于2025年9月8日召 开，审议通过了《关于变更部分募集资金投资项目的议案》等议案。 ...

益方生物科技（上海）股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688382 证券简称：益方生物 公告编号：2025-036 （一） 股东会召开的时间：2025 年 9 月 8 日 （二） 股东会召开的地点：上海市浦东新区张衡路 1000 弄 63 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 263 | | --- | --- | | 普通股股东人数 | 263 | | 2、出席会议的股东所持有的表决权数量 | 245,812,955 | | 普通股股东所持有表决权数量 | 245,812,955 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 42.5040 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 42.5040 | （四） ...

上海石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于益方生物科技（上海）股份有限公司 2025 年第一次临时股东会的法律意见书 致：益方生物科技（上海）股份有限公司 君合律师事务所上海分所（以下简称"本所"）接受益方生物科技（上海） 股份有限公司（以下简称"公司"或"益方生物"）的委托，指派本所律师列席 了公司于 2025 年 9 月 8 日在上海市浦东新区张衡路 1000 弄 63 号召开的 2025 年第一次临时股东会（以下简称"本次股东会"）的现场会议。现本所根据《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》 《上市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法 规和规范性文件以及《益方生物科技（上海）股份有限公司章程》（以下简称"《公 司章程》"）《益方生物科技（上海）股份有限公司股东会议事规则》的有关规 定，就本次股东会有关事宜出具法律意见书。 本法律意见书仅就本次股东会的召集和 ...