神州细胞公告，2025年上半年营业收入9.72亿元，同比下降25.50%。净利润亏损3377.11万元，上年同 期净利润1.26亿元。 ...

Group 1 - The recent court ruling revealed a fraudulent insurance scheme involving Shenzhou Cell's subsidiary, where sales staff induced patients to falsely claim medical conditions for profit [1] - The core product involved in the fraud is "Anjain," a recombinant coagulation factor VIII product, which has become a significant revenue driver for Shenzhou Cell since its launch in 2021 [1] - Anjain's sales skyrocketed from 134 million to 1.89 billion, accounting for over 75% of the company's total revenue of 2.5 billion in 2024, while sales expenses surged nearly 20 times from 24.77 million in 2021 to 456 million in 2024 [1] Group 2 - In Q1 2025, Shenzhou Cell's revenue declined by 15.15% year-on-year, and net profit fell by 14.06%, attributed to price reductions and cost controls in the healthcare sector [2] - The price of Anjain has dropped to around 2000 yuan due to competitive bidding, nearing the price of human-derived factor VIII, highlighting the intense price war in the market [2] - The misalignment between healthcare policies and clinical needs poses a challenge for Shenzhou Cell, as the current reimbursement policy restricts coverage to cases of bleeding, while preventive treatment is crucial for patients [2]

Market Overview - The biopharmaceutical sector experienced a decline of 2.85% on August 27, with Kanghua Biotech leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Wuwei Biotech (300357) saw a significant increase of 5.38%, closing at 30.95 with a trading volume of 299,000 shares and a transaction value of 915 million yuan [1] - Kanghua Biotech (300841) reported a notable decline of 8.89%, closing at 76.60 with a trading volume of 125,200 shares and a transaction value of 993 million yuan [2] - Anke Biotech (300009) also faced a drop of 5.59%, closing at 11.14 with a trading volume of 862,300 shares and a transaction value of 990 million yuan [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 1.853 billion yuan from institutional investors, while retail investors saw a net inflow of 1.543 billion yuan [2] - The capital flow for individual stocks indicates that Hualan Biotech (002007) had a net inflow of 32.28 million yuan from institutional investors, while it faced a net outflow of 40.67 million yuan from speculative funds [3] - The overall trend shows that retail investors are actively investing in the sector despite the institutional outflows [2][3]

Overview - The monoclonal antibody (mAb) market in China is still in its early stages, with many overseas mAbs not yet approved domestically. The high cost of these drugs limits accessibility for many patients with lower payment capabilities. However, the market penetration of mAbs is gradually increasing due to their significant advantages over traditional drugs, updates to the national medical insurance catalog, and rising national income levels. The market size of China's mAb industry is projected to reach 131.5 billion yuan in 2024, representing a year-on-year growth of 30.85% [1][5]. Industry Chain - The upstream of the mAb industry includes suppliers of raw materials such as cell culture media, enzymes, antibodies, reagents, consumables, and packaging materials, as well as core equipment suppliers like bioreactors and purification devices. The midstream consists of mAb research and production companies, while the downstream includes hospitals, DTP pharmacies, retail pharmacies, and online channels. Hospitals are the most critical distribution channel for mAbs in China, especially for drugs listed in the medical insurance catalog [3][5]. Development Background - The application of mAbs in cancer treatment is widespread, with the number of new cancer cases in China projected to reach 5.064 million in 2024, a year-on-year increase of 2.61%. This growing cancer population drives the demand for mAbs. Additionally, mAbs have shown efficacy in treating other diseases, such as asthma and inflammatory bowel diseases, providing new development opportunities for the mAb industry [4][5]. Current Status - Since the launch of the first therapeutic mAb in 1986, the mAb market has rapidly developed, with significant products like trastuzumab and adalimumab emerging. By 2024, the global mAb market size is expected to reach 273.3 billion USD, with a year-on-year growth of 9.15% [4][5]. Competitive Landscape - In the global pharmaceutical market, mAbs are becoming a cornerstone of biopharmaceuticals, with 8 mAbs appearing in the top 20 global drug sales rankings in 2024. The success of mAbs in treating tumors and immune diseases is notable, and advancements in biopharmaceutical technology may expand their role in treating infectious diseases [5][6]. Domestic Market Dynamics - In 2024, only 7 mAbs are among the top 30 chemical and biological drugs sold in Chinese hospitals, indicating significant room for growth in the domestic mAb market. The market is expected to expand further as domestic companies gain market share [7][8]. Company Analysis - Domestic companies like BeiGene, Innovent Biologics, Junshi Biosciences, and others are increasingly capturing market share previously dominated by multinational corporations. For instance, BeiGene's Tislelizumab leads in the PD-1 mAb market in China, while Innovent's Sintilimab and Junshi's Toripalimab also hold significant positions [8][9]. Future Trends - The quality and efficacy of domestic mAbs are expected to improve with ongoing advancements in research and production technologies. This may lead to a further increase in market share, breaking the monopoly of multinational companies. Additionally, the application of mAbs is anticipated to expand beyond cancer and autoimmune diseases to include infectious and transmissible diseases [11].

〔2025〕104 号），上交所依据相关规定对公司报送的科创板上市公司发行 证券的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法 定形式，决定予以受理并依法进行审核。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投 资者注意投资风险。 特此公告。 北京神州细胞生物技术集团股份公司董事会 证券代码：688520 证券简称：神州细胞 公告编号：2025-038 北京神州细胞生物技术集团股份公司 关于 2025 年度向特定对象发行 A 股股票申请获得 上海证券交易所受理的公告 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、准确性和完整性依法承担法律责任。 北京神州细胞生物技术集团股份公司（以下简称"公司"）于 2025 年 8 月 胞生物技术集团股份公司科创板上市公司发行证券申请的通知》（上证科审（再 融资） ...

Core Viewpoint - The company, Sinocelltech Group Limited, is preparing for a specific issuance of A-shares in 2025, aiming to raise up to 900 million RMB to enhance its liquidity and support its ongoing research and development in the biopharmaceutical sector [1][18][24]. Company Overview - Sinocelltech Group Limited was established on April 23, 2007, and became a joint-stock company on March 19, 2019, with a registered capital of 445.34 million RMB [2][3]. - The company focuses on the research and development of innovative biopharmaceuticals, particularly in the treatment of malignant tumors, autoimmune diseases, infectious diseases, and genetic disorders [3][4]. Business Operations - The company has developed a high-efficiency, high-throughput technology platform for biopharmaceutical research and production, with a diverse pipeline including monoclonal antibodies, recombinant proteins, and innovative vaccines [3][4][5]. - As of the date of the report, the company has one recombinant protein drug and four antibody drugs approved for market, with three vaccine products included for emergency use, and several others in clinical research [3][7]. Financial Performance - The company reported revenues of 102.32 million RMB, 188.73 million RMB, and 251.27 million RMB for the years 2022, 2023, and 2024 respectively, indicating a significant growth trajectory [7][8]. - The total assets as of December 31, 2024, were approximately 344.96 million RMB, with total liabilities of about 325.11 million RMB, resulting in shareholders' equity of 19.85 million RMB [8][9]. Issuance Details - The upcoming issuance will involve the sale of up to 25 million shares at a price of 36.00 RMB per share, which is not less than 80% of the average trading price over the 20 trading days prior to the pricing date [17][18]. - The funds raised will be used entirely to supplement the company's working capital [18][24]. Regulatory Compliance - The company has undergone due diligence and has been deemed compliant with relevant laws and regulations governing securities issuance and listing [22][24]. - The issuance is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [24].

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、准确性和完整性依法承担法律责任。 北京神州细胞生物技术集团股份公司（以下简称"公司"）于 2025 年 8 月 26 日收到上海证券交易所（以下简称"上交所"）出具的《关于受理北京神州细 胞生物技术集团股份公司科创板上市公司发行证券申请的通知》（上证科审（再 融资）〔2025〕104 号），上交所依据相关规定对公司报送的科创板上市公司发行 证券的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法 定形式，决定予以受理并依法进行审核。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投 资者注意投资风险。 特此公告。 证券代码：688520 证券简称：神州细胞 公告编号：2025-038 北京神州细胞生物技术集团股份公司 关于 2025 年度向特定对象发行 A 股股票 ...

股票简称：神州细胞 股票代码：688520 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 北京神州细胞生物技术集团股份公司 2025年度向特定对象发行A股股票募集说明书 声 明 本公司及全体董事、高级管理人员承诺募集说明书内容真实、准确、完整， 不存在任何虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担 相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格 ...

中信证券股份有限公司 关于北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票申请文件 发行保荐书 声 明 本保荐人及保荐代表人根据《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》）、《证券发行上市保荐业务 管理办法》《上市公司证券发行注册管理办法》（以下简称《注册管理办法》）、 《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、《上海证 券交易所上市公司证券发行与承销业务实施细则》等有关法律、行政法规和中国 证券监督管理委员会、上海证券交易所的规定，诚实守信，勤勉尽责，严格按照 依法制定的业务规则和行业自律规范出具发行保荐书，并保证所出具文件真实、 准确、完整。 本发行保荐书如无特别说明，相关用语具有与《北京神州细胞生物技术集团 股份公司 2025 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-1-1 | 声 | 明 …………… ...

中信证券股份有限公司 关于北京神州细胞生物技术集团股份公司 2025年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票申请文件 上市保荐书 声 明 中信证券股份有限公司接受北京神州细胞生物技术集团股份公司的委托，担 任其 2025 年度向特定对象发行 A 股股票的保荐人。 中信证券及保荐代表人已根据《中华人民共和国公司法》《中华人民共和国 证券法》《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司证券发行与 承销业务实施细则》等法律法规和中国证券监督管理委员会及上海证券交易所的 有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范 出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐书中如无特别说明，相关用语与《北京神州细胞生物技术集团股 份公司 2025 年度向特定对象发行 A 股股票募集说明书》中的含义相同。 3-2-1 北京神州细胞生物技术 ...