（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 ...

Core Viewpoint - The biopharmaceutical sector in China is experiencing a positive trend in innovation and investment, with significant growth in the approval of innovative drugs and a recovery in market conditions [1][2] Industry Summary - As of September 8, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.89%, with notable gains from companies such as United Imaging Healthcare (688271) up 11.48% and BGI Genomics (688114) up 9.35% [1] - The "National Drug Safety Publicity Week" launched on September 1 highlights the positive development of the pharmaceutical industry, with 210 innovative drugs approved in the past five years, indicating a sustained growth trend [1] - Currently, approximately 30% of the world's innovative drugs under research are from China, showcasing the country's significant role in global pharmaceutical innovation [1] Company Summary - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index as of August 29, 2025, include United Imaging Healthcare (688271), BeiGene (688235), and others, collectively accounting for 50.27% of the index [2] - The Sci-Tech Biopharmaceutical ETF (588250) closely tracks the performance of the Sci-Tech Innovation Board Biopharmaceutical Index, reflecting the overall performance of representative biopharmaceutical companies listed on the Sci-Tech Board [2]

Group 1 - Yifang Biotechnology experienced a decline of 5.18% on September 8, with a stock price of 39.51 yuan per share and a trading volume of 1.48 billion yuan, resulting in a total market capitalization of 228.50 billion yuan [1] - The company, established on January 11, 2013, and listed on July 25, 2022, is located in the 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 - According to data from the top ten holdings of funds, one fund under Shangyin Fund holds a significant position in Yifang Biotechnology, with the Shangyin Healthcare Mixed A Fund (011288) maintaining 375,700 shares, unchanged from the previous period, accounting for 5.71% of the fund's net value [2] - The Shangyin Healthcare Mixed A Fund, established on March 30, 2021, has a current size of 1.07 billion yuan and has achieved a year-to-date return of 61.67%, ranking 360 out of 8,248 in its category [2] - The fund manager, Yang Jiannan, has been in position for 3 years and 197 days, with the fund's total assets amounting to 216 million yuan, achieving a best return of 19.41% and a worst return of 18.15% during his tenure [2]

Group 1 - The core point of the news is that a block trade of 129,000 shares of Yifang Bio was executed on September 3, with a transaction amount of 4.9988 million yuan, at a price of 38.75 yuan, which represents a discount of 10.01% compared to the closing price of the day [2][3][4] - In the last three months, Yifang Bio has seen a total of 42 block trades, with a cumulative transaction amount of 243 million yuan [3] - The closing price of Yifang Bio on the day of the report was 43.06 yuan, reflecting an increase of 5.36%, with a daily turnover rate of 3.61% and a total transaction amount of 646 million yuan [3] Group 2 - The latest margin financing balance for Yifang Bio is 131 million yuan, which has decreased by 43.68 million yuan over the past five days, representing a decline of 25.00% [4] - Three institutions have provided ratings for Yifang Bio in the past five days, with the highest target price estimated by Dongfang Securities at 47.30 yuan as of September 3 [4]

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%。 ...

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 Views - 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 Gesorex, which are expected to contribute positively to revenue in the coming years [12]. - The research pipeline is well-structured, with several promising candidates in advanced clinical stages, indicating strong potential for business development opportunities [12]. Financial Summary - 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].

Group 1 - The core viewpoint of the news is the performance and market position of Yifang Biotechnology, which saw a stock price increase of 5.21% to 43.00 CNY per share, with a total market capitalization of 24.868 billion CNY [1] - Yifang Biotechnology, established on January 11, 2013, focuses on the research, production, and sales of innovative drugs, with 100% of its main business revenue coming from technology licensing and cooperation [1] - The trading volume for Yifang Biotechnology reached 246 million CNY, with a turnover rate of 1.39% [1] Group 2 - According to data, the fund "CICC New Medicine A" holds a significant position in Yifang Biotechnology, with 204,400 shares, accounting for 5.98% of the fund's net value, making it the fifth-largest holding [2] - The fund has achieved a year-to-date return of 34.21% and a one-year return of 44.33%, ranking 911 out of 4222 and 2081 out of 3783 respectively in its category [2] - The fund manager, Ding Tianyu, has been in position for 4 years and 249 days, with the fund's total asset size at 132 million CNY [2]