Group 1 - Yifang Biotechnology's stock price has declined for five consecutive days, with a total drop of 6.99% during this period, currently trading at 33.93 CNY per share [1] - The company is based in Shanghai Free Trade Zone and was established on January 11, 2013, with its main business involving the research, production, and sales of innovative drugs [1] - The company's revenue is entirely derived from technology licensing and cooperation, accounting for 100% of its main business income [1] Group 2 - JY Fund has a significant holding in Yifang Biotechnology, with its JY Medical Health Mixed A Fund (007861) holding 67,400 shares, representing 4.23% of the fund's net value, making it the fourth-largest holding [2] - The fund has experienced a floating loss of approximately 26,300 CNY today, with a total floating loss of 171,900 CNY during the five-day decline [2] - The JY Medical Health Mixed A Fund was established on July 29, 2021, and has a current scale of 33.45 million CNY, with a year-to-date return of 25.82% [2]

华富健康文娱灵活配置混合A（001563）基金经理为廖庆阳。 截至发稿，廖庆阳累计任职时间3年314天，现任基金资产总规模7402.7万元，任职期间最佳基金回报 42.4%， 任职期间最差基金回报-4.44%。 9月18日，益方生物跌1.18%，截至发稿，报34.32元/股，成交4.52亿元，换手率3.07%，总市值198.48亿 元。益方生物股价已经连续4天下跌，区间累计跌幅5.92%。 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，华富基金旗下1只基金重仓益方生物。华富健康文娱灵活配置混合A（001563）二季度持有 股数15万股，占基金净值比例为6.65%，位居第三大重仓股。根据测算，今日浮亏损失约6.15万元。连 续4天下跌期间浮亏损失32.4万元。 华富健康文娱灵活配置混合A（001563）成立日期2015年8月4日，最新规模3384.96万。今年以来 ...

Group 1 - The core transaction on September 17 involved a block trade of 4 million shares of Yifang Bio-U, with a transaction value of 119 million yuan, at a price of 29.80 yuan, representing a discount of 14.20% compared to the closing price of the day [2][4] - In the last three months, Yifang Bio-U has recorded a total of 50 block trades, amounting to 446 million yuan [3] - The closing price of Yifang Bio-U today was 34.73 yuan, reflecting a decrease of 2.03%, with a daily turnover rate of 2.89% and a total transaction volume of 420 million yuan [3] Group 2 - The latest margin financing balance for Yifang Bio-U is 14.8 million yuan, which has decreased by 5.29 million yuan over the past five days, representing a decline of 26.34% [4] - The company Yifang Biotechnology (Shanghai) Co., Ltd. was established on January 11, 2013, with a registered capital of 5.783 billion yuan [4]

Core Viewpoint - Yifang Biotechnology (益方生物-U) experienced significant trading activity on September 16, with a total of 570,000 shares traded, amounting to 16.91 million yuan, indicating a trend of discounted transactions relative to the closing price [2][3]. Trading Activity - On September 16, three block trades were executed, with a total trading volume of 570,000 shares and a total transaction value of 16.91 million yuan [2]. - All three block trades were conducted at a discount to the closing price, with the average discount ranging from 15.37% to 16.78% [3]. - Institutional participation was noted in one of the trades, with a net purchase amounting to 11.21 million yuan [2]. Recent Performance - Over the past three months, Yifang Biotechnology has recorded a total of 49 block trades, with a cumulative transaction value of 327 million yuan [2]. - The closing price on September 16 was 35.45 yuan, reflecting a decrease of 2.56%, with a daily turnover rate of 2.82% and a total trading volume of 419 million yuan [2]. - In the last five days, the stock has increased by 4.60%, although there has been a net outflow of funds totaling 73.21 million yuan [2]. Financing Data - The latest margin financing balance for Yifang Biotechnology stands at 15.9 million yuan, having decreased by 1.4 million yuan over the past five days, representing a decline of 8.08% [3]. Company Background - Yifang Biotechnology (Shanghai) Co., Ltd. was established on January 11, 2013, with a registered capital of 5.783 billion yuan [3].

9月16日，益方生物收跌2.56%，收盘价为35.45元，发生3笔大宗交易，合计成交量57万股，成交金额 1691万元。 第1笔成交价格为30.00元，成交10.00万股，成交金额300.00万元，溢价率为-15.37%，买方营业部为国 海证券股份有限公司机构席位，卖方营业部为广发证券股份有限公司上海虹口区四川北路证券营业部。 第2笔成交价格为30.00元，成交9.00万股，成交金额270.00万元，溢价率为-15.37%，买方营业部为国泰 海通证券股份有限公司总部，卖方营业部为广发证券股份有限公司上海虹口区四川北路证券营业部。 第3笔成交价格为29.50元，成交38.00万股，成交金额1,121.00万元，溢价率为-16.78%，买方营业部为机 构专用，卖方营业部为广发证券股份有限公司上海虹口区四川北路证券营业部。 进一步统计，近3个月内该股累计发生49笔大宗交易，合计成交金额为3.27亿元。该股近5个交易日累计 上涨4.60%，主力资金合计净流出5606.94万元。 责任编辑：小浪快报 ...

| 交易日期 | 豆醇圆移 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 英入管业部 | | 武出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-16 | 益方生物 | 688382 | 30 | 300 | 10 | 国海证券股份有限 公司机构席位 | 广发证券股份有限 公司上海虹口区四 | | 198 | | | | | | | | | 川北路运势富业装 | | | | 2025-09-16 | 益方生物 | 688382 | 30 | 270 | 9 | 国泰海通证券股份 有限公司总部 | 广发证券股份有限 公司上海虹口区四 | | KA | | | | | | | | | 川非爆怪拳露亚器 | | | | 2025-09-16 | 益方生物 | 688382 | 29.5 | 1121 | 38 | 机构专用 | 广发证券股份有限 | | 중 | | | | | | | | | 公司上海虹口区四 | | | | | | | | | | | 川北路區旁 ...

益方生物-U9月15日大宗交易平台共发生2笔成交，合计成交量16.68万股，成交金额517.08万元。成交 价格均为31.00元，相对今日收盘价折价14.79%。 据天眼查APP显示，益方生物科技(上海)股份有限公司成立于2013年01月11日。注册资本57832.7844万 人民币。（数据宝） 9月15日益方生物-U大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | 卖方营业部 | | 股） | | （元） | | | | | 9.68 | 300.08 | 31.00 | -14.79 | 方正证券股份有限公司总 | 广发证券股份有限公司上海 | | | | | | 部 | 虹口区四川北路证券营业部 | | 7.00 | 217.00 | 31.00 | -14.79 | 中信建投证券股份有限公 | 广发证券股份有限公司上海 | | | | | | 司北京望京证券营业部 | 虹口区四川北路证券营业部 | 注：本文系新闻报道，不构成投 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

9月15日，益方生物大宗交易成交16.68万股，成交额517.08万元，占当日总成交额的1.2%，成交价31元，较市场收盘价36.38元折价14.79%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) | | | 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-15 | 益方生物 | 688382 | 31 | 300.08 | 9.68 | 方正证券股份有限 | 广发证券股份有限 | | | | | | | | | 公司总部 | 公司上海虹口区四 | | | | | | | | | | 川北路证券营业部 | | | 2025-09-15 | 益方生物 | 688382 | 31 | 217 | 7 | 中信建投证券股份 | 广发证券股份有限 | | | | | | | | | 有限公司北京望京 | 公司上海虹口区四 | | | | | | | | | 证券营业部 | 川北路证券营业部 | | ...

Core Viewpoint - Yifang Bio (688382.SH) reported a revenue of 19.16 million yuan for the first half of 2025, marking a year-on-year increase of 28.85%, while the net profit attributable to shareholders was a loss of 119.3 million yuan, an improvement from a loss of 214.0 million yuan in the same period last year [1][3]. Financial Performance - The company's revenue for the first half of 2025 was 19.16 million yuan, up from 14.87 million yuan in the previous year, reflecting a growth of 28.85% [3]. - The total profit for the period was a loss of 119.43 million yuan, compared to a loss of 214.22 million yuan in the same period last year [3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was a loss of 129.02 million yuan, improving from a loss of 214.65 million yuan year-on-year [1][3]. - The net cash flow from operating activities was -107.25 million yuan, an improvement from -188.77 million yuan in the previous year [1][3]. Historical Context - Yifang Bio was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 25, 2022, issuing 115 million shares at a price of 18.12 yuan per share [4]. - The total funds raised during the IPO amounted to 208.38 million yuan, with a net amount of 198.22 million yuan after expenses, which was 42.72 million yuan less than originally planned [4]. - The company reported a net loss of 240.20 million yuan for the fiscal year 2024, with a net loss of 250.14 million yuan when excluding non-recurring items, indicating a reduction in losses compared to the previous year [1][4]. Ownership Structure - The actual controllers of the company are YAOLIN WANG, YUEHENG JIANG, and XING DAI, all of whom hold American nationality [5].