证券代码：688443 证券简称：智翔金泰 公告编号：2025-047 重庆智翔金泰生物制药股份有限公司 关于取消监事会、修订《公司章程》及公司部分 治理制度的公告 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、准确性和完整性承担法律责任。 重庆智翔金泰生物制药股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第二届董事会第五次会议，审议通过了《关于取消监事会、修订< 公司章程>并办理工商变更登记的议案》《关于修订公司部分治理制度的议案》。 公司于同日召开第二届监事会第四次会议审议通过了《关于取消监事会、修订< 公司章程>并办理工商变更登记的议案》。《关于取消监事会、修订<公司章程> 并办理工商变更登记的议案》和《关于修订公司部分治理制度的议案》的部分子 议案尚需提交公司股东大会审议，相关情况如下： 一、取消公司监事会、修订《公司章程》并办理工商变更登记的情况 根据《中华人民共和国公司法（2023 年修订）》（以下简称《公司法》）、 中国证券监督管理委员会《关于新<公司法>配套制度规则实施相关过渡期安排》 及《上市公司章程指引（20 ...

从资金流向上来看，当日生物制品板块主力资金净流出3.45亿元，游资资金净流入6848.58万元，散户资 金净流入2.77亿元。生物制品板块个股资金流向见下表： 证券之星消息，10月27日生物制品板块较上一交易日上涨0.33%，智翔金泰领涨。当日上证指数报收于 3996.94，上涨1.18%。深证成指报收于13489.4，上涨1.51%。生物制品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) | | --- | --- | --- | --- | --- | --- | | 688443 | 智别全泰 | 30.11 | 6.58% | 8.74万 | 2.61亿 | | 688331 | 荣昌生物 | 93.79 | 4.00% | 6.77万 | 6.37亿 | | 603087 | 甘李药业 | 71.52 | 3.91% | 12.97万 | 9.21亿 | | 301047 | 义翘神州 | 75.03 | 3.65% | 1.94万 | 1.44亿 | | 688105 | 诺唯赞 | 23.19 | 3.25% | 3.91万 | 9031.5 ...

Market Overview - The Shanghai Composite Index closed at 3986.15 points, above the annual line, with a gain of 0.91% [1] - The total trading volume of A-shares reached 1,933.9 billion yuan [1] Stocks Breaking Annual Line - A total of 63 A-shares have surpassed the annual line today, with notable stocks including Yongfu Co., Guotai Group, and Zhixiang Jintai, showing significant deviation rates of 15.69%, 7.57%, and 4.76% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include Changshan Beiming, Shangpin Home, and Lijiang Co. [1] Top Performers - Yongfu Co. (300712) saw a price increase of 18.71% with a turnover rate of 11.12%, latest price at 28.93 yuan, and a deviation rate of 15.69% [1] - Guotai Group (603977) increased by 10.00%, with a turnover rate of 6.21%, latest price at 13.53 yuan, and a deviation rate of 7.57% [1] - Zhixiang Jintai (688443) rose by 6.73%, with a turnover rate of 6.96%, latest price at 30.15 yuan, and a deviation rate of 4.76% [1] Additional Notable Stocks - Dahua Intelligent (002512) increased by 10.09% with a deviation rate of 4.08% [1] - Sierte (002538) rose by 5.90% with a deviation rate of 3.82% [1] - Tianyin Electromechanical (300342) increased by 4.23% with a deviation rate of 3.78% [1]

Core Insights - The Shanghai Stock Exchange STAR Market 100 Index has shown a strong increase of 1.42%, with notable gains from stocks such as Guandun Quantum (+11.49%) and Dongxin Co. (+6.59%) [3] - The STAR 100 Index ETF (588030) has risen by 1.34%, reaching a latest price of 1.36 yuan, and has accumulated a weekly increase of 4.92% as of October 24, 2025 [3] - The liquidity of the STAR 100 Index ETF is robust, with a turnover rate of 1.59% and a transaction volume of 97.23 million yuan [3] Industry Developments - Significant breakthroughs have been made in the photoresist sector, crucial for integrated circuit chip manufacturing, with a team from Peking University successfully analyzing the micro-3D structure of photoresist molecules [3] - The domestic computing power industry continues to show strong performance, with leading companies like Cambrian and Haiguang Information reporting substantial growth in Q3 and maintaining a high growth trend for the year [4] - The approval of IPOs for companies like Muxi Co. and the previous approval for Moole Technology indicate a surge in demand within the AI computing sector [4] Market Performance - The STAR 100 Index ETF has reached a scale of 5.988 billion yuan, ranking 2nd among comparable funds [4] - The STAR 100 Index consists of 100 medium-sized, liquid stocks selected from the STAR Market, reflecting the overall performance of different market capitalization companies [4] - As of September 30, 2025, the top ten weighted stocks in the STAR 100 Index account for 24.32% of the index, including companies like Huahong Semiconductor and BeiGene [4]

证券时报·数据宝统计，截至今日上午10:29，上证综指3981.95点，收于年线之上，涨跌幅为0.80%，A 股总成交额为12201.25亿元。到目前为止，今日有44只A股价格突破了年线，其中乖离率较大的个股有 威士顿、永福股份、智翔金泰等，乖离率分别为5.84%、5.49%、4.58%；七一二、哈尔斯、华熙生物等 个股乖离率较小，刚刚站上年线。 10月27日突破年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301315 | 威士顿 | 13.21 | 19.88 | 52.55 | 55.62 | 5.84 | | 300712 | 永福股 份 | 8.21 | 2.57 | 25.00 | 26.37 | 5.49 | | 688443 | 智翔金 泰 | 6.55 | 5.49 | 28.78 | 30.10 | 4.58 | | 002512 | 达华智 能 | 1 ...

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]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [8] Core Views - The company has entered into exclusive cooperation agreements with Kangzhe Pharmaceutical for two monoclonal antibody products, which are expected to enhance market accessibility and accelerate commercialization [4][5] - The company is focused on improving product research and development efficiency while advancing its autoimmune product line [7] - Revenue projections for 2025-2027 are optimistic, with expected revenues of 5.7 billion, 8.9 billion, and 12.8 billion RMB, reflecting significant growth rates [8][10] Company Overview - The latest closing price is 30.55 RMB, with a total market capitalization of 112 billion RMB and a circulating market value of 36 billion RMB [3] - The company has a debt-to-asset ratio of 32.4% and a negative price-to-earnings ratio of -14.08 [3] Financial Projections - Expected revenue growth rates are projected at 2384.1% for 2024, 1781.5% for 2025, 57.3% for 2026, and 43.8% for 2027 [10][13] - The company anticipates a net loss of 797 million RMB in 2024, narrowing to 320 million RMB by 2027 [10][13]

Core Viewpoint - Zhixiang Jintai (688443.SH) reported a significant increase in revenue but continued to face substantial net losses, indicating ongoing financial challenges despite recent capital raising efforts [1][2]. Financial Performance - In the first half of 2025, Zhixiang Jintai achieved operating revenue of 45.39 million yuan, a substantial increase from 0.0127 million yuan in the same period last year [1]. - The net profit attributable to shareholders was -289 million yuan, an improvement from -362 million yuan year-on-year [1]. - The company's net cash flow from operating activities was -116 million yuan, also an improvement from -264 million yuan in the previous year [1]. - The company has recorded losses for four consecutive years, with net profits attributable to shareholders from 2021 to 2024 being -322 million yuan, -576 million yuan, -801 million yuan, and -797 million yuan respectively [1]. IPO and Fundraising - Zhixiang Jintai went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 20, 2023, issuing 91.68 million new shares at a price of 37.88 yuan per share [1]. - The total amount raised from the IPO was approximately 3.47 billion yuan, with a net amount of about 3.29 billion yuan after deducting issuance costs, which was 688.6 million yuan less than the originally planned amount of 3.98 billion yuan [2]. - The funds raised are intended for the expansion of the antibody industrialization base and related research projects [2]. Issuance Costs - The total issuance costs for the IPO amounted to approximately 181.44 million yuan (excluding tax), with underwriting fees constituting about 164.96 million yuan [3].

Core Insights - The stock of Zhixiang Jintai experienced a decline of 2.55% on September 23, with a trading volume of 301 million yuan [1] - The company reported a significant increase in revenue and a notable change in shareholder structure as of June 30 [2] Financing and Trading Activity - On September 23, Zhixiang Jintai had a financing buy-in amount of 29.12 million yuan and a net financing buy of 3.24 million yuan, with a total financing balance of 152 million yuan, representing 3.95% of its market capitalization [1] - The company's financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, 481 shares were repaid and 500 shares were sold on the same day, with a total lending balance of 416,900 yuan, also above the 70th percentile of the past year [1] Company Performance - For the first half of 2025, Zhixiang Jintai reported a revenue of 45.39 million yuan, marking a staggering year-on-year growth of 358,429.65%, while the net profit attributable to shareholders was a loss of 289 million yuan, reflecting a 20.07% increase compared to the previous period [2] - The number of shareholders increased by 27.44% to 11,700, while the average number of circulating shares per shareholder decreased by 19.91% to 9,946 shares [2] Shareholder Structure - As of June 30, the largest shareholder was ICBC Frontier Medical Stock A, holding 6.66 million shares, an increase of 1.66 million shares from the previous period [2] - Other notable shareholders include Penghua Medical Technology Stock A and Dongfanghong Medical Upgrade Stock A, with varying changes in their holdings [2]

Group 1 - Qianyu Medical's shareholder QM5 LIMITED plans to transfer approximately 6.6693 million shares, accounting for 2% of the company's total share capital [1] - Guizhou Platinum Industry intends to raise no more than 1.291 billion yuan for technological innovation platform construction, industrial transformation, and working capital [1] - Guangdong Construction has won a bid for the Guangzhou Financial City East District project with a contract value of 1.924 billion yuan [1] Group 2 - Sanfu New Science plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 15 million yuan [3] - Baiyun Mountain's subsidiary has entered the II phase of clinical trials for children's Xiao Chai Hu granules, aimed at treating pediatric gastrointestinal colds [4] - Lepu Medical has signed a strategic cooperation agreement with Hanhai Information for market promotion and operation rights in mainland China [5] Group 3 - Daotong Technology plans to transfer 46% of its stake in Saifang Technology for a total consideration of 109 million yuan [7] - Rizhao Port's shareholder Shandong Energy Group intends to reduce its stake by up to 3% [8] - Saiwei Electronics reports that the National Integrated Circuit Fund has reduced its stake by 6.3481 million shares, representing 0.87% of the total share capital [10] Group 4 - Changji Logistics proposes a cash dividend of 0.31 yuan per share for the 2025 interim period [11] - Xuelong Group's shareholder plans to reduce its stake by up to 1.95% [13] - Lianxiang Co. plans to reduce its stake by a total of 3.74% [15] Group 5 - Yingfeite's actual controller plans to reduce its stake by up to 2.82% [16] - Baolong Technology's director plans to reduce his stake by up to 0.11% [17] - China Electric Research's shareholder plans to transfer 2% of the company's shares through an inquiry transfer [18] Group 6 - Oriental Pearl plans to participate in establishing an investment fund with a total fundraising scale of 714 million yuan [19] - Tianqin Equipment's shareholder plans to reduce its stake by up to 1% [21] - Crystal Optoelectronics' shareholder plans to reduce its stake by up to 0.99% [22] Group 7 - Changchun Technology expects a net profit increase of 131.39% to 145.38% for the first three quarters of 2025 [22] - Jinhai Tong's shareholder plans to reduce its stake by up to 1% [24] - Zhongdian Electric's shareholder plans to reduce its stake by up to 3% [26] Group 8 - Zhixiang Jintai has signed exclusive cooperation agreements for two monoclonal antibody injections [27] - Chuangli Group's director plans to reduce his stake by up to 0.7% [28] - Henghui Security's shareholders plan to reduce their stake by a total of 2.34% [29] Group 9 - Tianci Materials' subsidiary has signed a supply cooperation agreement for no less than 800,000 tons of electrolyte products [29] - Tianci Materials has submitted an application for H-share listing on the Hong Kong Stock Exchange [30] - Zhongke Haixun has signed a strategic cooperation agreement with Beibu Gulf Port Group [30] Group 10 - China CNR has elected Sun Yongcai as the chairman of the board [31] - Baiwei Storage plans to issue H-shares and list on the Hong Kong Stock Exchange [32] - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion yuan [33] Group 11 - Zhongjing Electronics plans to raise no more than 700 million yuan for various projects [35] - Dingxin Communications clarifies that its technology authorization from Pingtouge is unrelated to AI intelligent reasoning chips [37] - Rihai Intelligent's major shareholder plans to reduce its stake by up to 2.77% [38] Group 12 - Rihai Optical's actual controller plans to reduce his stake by up to 3% [39] - Xilong Science's actual controllers plan to reduce their stake by a total of 3% [40] - Honggong Technology plans to sign a project contract with a maximum investment of 450 million yuan [41] Group 13 - Mankang Pharmaceutical has signed a strategic cooperation agreement with Nanjing Haijing Pharmaceutical [42] - Mankang Pharmaceutical plans to raise no more than 1.033 billion yuan through a private placement [42] - Kaidi Co.'s shareholder plans to reduce its stake by up to 38,030 shares [43] Group 14 - Hesheng Co. has launched a stock option and restricted stock incentive plan totaling 3.6 million shares [44] - ST Yigou's shareholder plans to reduce its stake by up to 2.85% [46] - Jinziham's subsidiary plans to invest up to 300 million yuan in Zhongzheng Microelectronics [49]