Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The PD-1/VEGF dual antibody track is progressing rapidly in clinical trials, with four drugs entering the registration clinical stage globally as of December 2025 [6][15] - In the fourth week of November, the pharmaceutical and biotechnology sector rose by 2.67%, outperforming the CSI 300 index by 1.03 percentage points, ranking 17th among 31 sub-industries [8][18] - The report recommends focusing on innovative drugs and their industrial chain (CXO + research services), with short-term attention on investment opportunities related to influenza [9] Summary by Sections Section 1: PD-1/VEGF Dual Antibody Clinical Progress - As of December 2025, four PD-1/VEGF dual antibodies have entered the registration clinical stage globally [15] - Shenzhou Cell is set to conduct a head-to-head registration Phase III clinical trial for SCTB14 against Pembrolizumab in first-line treatment for locally advanced or metastatic NSCLC [15] - Pfizer has registered over fifteen clinical trials for PD-1/VEGF dual antibodies globally from September to November 2025, including six global trials for SSGJ-707 [15] Section 2: Market Performance - The pharmaceutical and biotechnology sector increased by 2.67% in the fourth week of November, outperforming the CSI 300 index [18] - The raw material drug sector saw the highest increase of 4.9%, while the blood products sector experienced the largest decline of 0.45% [22] Section 3: Investment Recommendations - The report suggests a monthly investment portfolio including companies such as Sanofi, Innovent Biologics, and others, focusing on innovative drugs and related sectors [9][27]

Core Viewpoint - The stock of Shenzhou Cell has shown a significant increase of 41.24% year-to-date, despite recent fluctuations in trading performance and a notable decline in revenue and net profit for the first nine months of 2025 [2][3]. Group 1: Stock Performance - As of November 13, Shenzhou Cell's stock price rose by 2.01% to 51.17 CNY per share, with a trading volume of 61.31 million CNY and a turnover rate of 0.27%, resulting in a total market capitalization of 22.79 billion CNY [1]. - Year-to-date, Shenzhou Cell's stock has increased by 41.24%, with a 1.27% rise over the last five trading days, a 6.26% decline over the last 20 days, and a 21.35% drop over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Shenzhou Cell reported a revenue of 1.31 billion CNY, representing a year-on-year decrease of 32.27%. The net profit attributable to shareholders was -251 million CNY, a significant decline of 267.17% compared to the previous year [2]. - The company has appeared on the stock market's "Dragon and Tiger List" three times this year, with the most recent appearance on July 4, where it recorded a net purchase of 87.53 million CNY [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shenzhou Cell increased by 40.96% to 13,700, with an average of 32,390 circulating shares per shareholder, a decrease of 29.06% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 4.62 million shares, while Southern CSI 500 ETF holds 2.61 million shares, a decrease of 93,400 shares from the previous period [3].

Core Viewpoint - The biopharmaceutical sector experienced a slight increase of 0.44% on November 12, with significant gains from specific stocks, while the overall market indices showed a decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4000.14, down 0.07% - The Shenzhen Component Index closed at 13240.62, down 0.36% [1] Group 2: Top Gainers in Biopharmaceutical Sector - BGI Innovation (300318) led the gains with a closing price of 7.20, up 20.00% with a trading volume of 651,300 shares and a transaction value of 458 million yuan - Sanyuan Gene (920344) followed with a closing price of 33.15, up 12.45% and a trading volume of 85,300 shares [1] - Other notable gainers include: - Sangfor Biopharma (688336) at 68.50, up 6.60% - Sai Sheng Pharmaceutical (300485) at 12.88, up 4.63% [1] Group 3: Market Capital Flow - The biopharmaceutical sector saw a net inflow of 325 million yuan from institutional investors, while retail investors experienced a net outflow of 317 million yuan [2] - The top stocks by net inflow from institutional investors included: - Sangfor Biopharma (688336) with a net inflow of 136 million yuan - He Yuan Biopharma (688765) with a net inflow of 108 million yuan [3]

Core Viewpoint - Shenzhou Cell's stock has shown significant volatility, with a year-to-date increase of 40.52%, but recent declines in the short term raise concerns about its performance [1][2]. Company Overview - Shenzhou Cell, established on April 23, 2007, and listed on June 22, 2020, is based in Beijing and focuses on the research and commercialization of biopharmaceutical products for various diseases, including cancer and autoimmune disorders [1]. - The company's main business revenue is derived entirely from product sales [1]. Financial Performance - For the period from January to September 2025, Shenzhou Cell reported a revenue of 1.312 billion yuan, a year-on-year decrease of 32.27%, and a net profit attributable to shareholders of -251 million yuan, reflecting a significant decline of 267.17% [2]. - As of September 30, 2025, the number of shareholders increased by 40.96% to 13,700, while the average circulating shares per person decreased by 29.06% to 32,390 shares [2]. Stock Market Activity - As of November 10, Shenzhou Cell's stock price was 50.91 yuan per share, with a market capitalization of 22.672 billion yuan [1]. - The stock has experienced a net outflow of 4.3243 million yuan in principal funds, with significant buying and selling activity from large orders [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on July 4, where it saw a net purchase of 87.5322 million yuan [1]. Shareholder Composition - As of September 30, 2025, the sixth-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.6168 million shares as a new shareholder [2]. - The seventh-largest shareholder is Southern CSI 500 ETF, which reduced its holdings by 93,400 shares [2]. - The tenth-largest shareholder is Innovation Drug, also a new entrant with 1.7893 million shares [2].

Core Points - The company will hold a Q3 2025 earnings presentation on November 17, 2025, from 10:00 to 11:00 AM [2][4] - The presentation will be conducted in an online interactive format, allowing investors to engage and ask questions [3][5] - Investors can submit questions from November 10 to November 14, 2025, through the Shanghai Stock Exchange's roadshow center or via the company's email [2][5] Meeting Details - The meeting will take place on November 17, 2025, from 10:00 to 11:00 AM [4] - It will be held online via the Shanghai Stock Exchange's roadshow center [4][5] - Key participants include the company's Chairman and General Manager, Dr. Xie Liangzhi, and other senior executives [4] Investor Participation - Investors can join the earnings presentation online on the specified date and time [5] - Questions can be pre-submitted through the roadshow center or the company's email before the deadline [5] Contact Information - The contact department for inquiries is the Securities Department, reachable at 010-50812198 [6] - Additional inquiries can be directed to the company's email: ir@sinocelltech.com [7]

Core Viewpoint - The company, Beijing Sinocell Technology Group Co., Ltd., is set to hold a Q3 2025 earnings presentation on November 17, 2025, to discuss its operational results and financial status with investors [2][3][4]. Group 1: Meeting Details - The earnings presentation will take place on November 17, 2025, from 10:00 to 11:00 AM [4]. - The format of the meeting will be an online text interaction, hosted on the Shanghai Stock Exchange's roadshow center [4][5]. - Participants will include the company's Chairman and General Manager, Dr. Xie Liangzhi, along with other key executives [4]. Group 2: Investor Participation - Investors can participate in the earnings presentation by logging into the Shanghai Stock Exchange's roadshow center on the scheduled date [5]. - A pre-question submission period is available from November 10 to November 14, 2025, allowing investors to submit questions via the roadshow center or the company's email [5]. Group 3: Contact Information - The contact department for inquiries is the Securities Department, reachable at phone number 010-50812198 and email ir@sinocelltech.com [7].

投资者可于 2025 年 11 月 10 日（星期一）至 11 月 14 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@sinocelltech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 证券代码：688520 证券简称：神州细胞 公告编号：2025-041 北京神州细胞生物技术集团股份公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 线上文字互动平台：上海证券交易所上证路演中心（https://roadshow.ss einfo.com/） （三）线上文字互动平台：上海证券交易所上证路演中心（http://roadshow. sseinfo.com/） 三、参加人员 公司董事长兼总经理谢良志博士，董事、副总经理、董事会秘书唐黎明先生， 财务总监马洁女士，独立董事贾凌云女士（如有特殊情况，参会人员可能进行调 整）。 北京神州细胞生物技术集团股份公司（以下简称"公司"）已于 2025 ...

Group 1 - The core viewpoint of the article highlights a collective decline in the A-share market for innovative drug concept stocks, with significant drops in several companies [1] Group 2 - Changshan Pharmaceutical experienced a decline of over 19%, with a total market capitalization of 51.7 billion and a year-to-date increase of 181.54% [2] - Zicheng Pharmaceutical and Baiyang Pharmaceutical both fell by over 7%, with market capitalizations of 6.984 billion and 13.3 billion respectively, and year-to-date increases of 68.53% and 9.05% [2] - Other companies such as Bibete-U, Kangchen Pharmaceutical, and Kanghong Pharmaceutical saw declines exceeding 5%, with market capitalizations of 14.3 billion, 28.8 billion, and respective year-to-date increases of 79.30% and 62.53% [2] - The article also notes that MACD golden cross signals have formed, indicating potential upward momentum for some stocks [1]

Group 1 - Shenzhou Cell (688520.SH) reported its Q3 2025 results, with 17 institutional investors holding a total of 332 million shares, representing 74.53% of the company's total share capital [1] - The top ten institutional investors collectively hold 74.49% of the shares, with a slight decrease of 0.64 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, namely the Innovative Medicine fund, increased its holdings, while two funds, including Southern CSI 500 ETF and Galaxy Quantitative Preferred Mixed A, reduced their holdings [2] - Six new public funds were disclosed this period, including Qianhai Kaiyuan Refinance Stock and Zheshang Smart Selection Leading Three-Year Holding Period A [2] - A total of 258 public funds were not disclosed this period, including China Europe Medical Health Mixed A and China Merchants National Bio-Medical Index A [2]

Group 1 - The core viewpoint of the article highlights that Shenzhou Cell reported a significant decline in revenue and incurred losses in the third quarter of 2023 [1] - For the first three quarters of 2025, the company's revenue was approximately 1.312 billion yuan, representing a year-on-year decrease of 32.27% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 251 million yuan, with basic earnings per share reflecting a loss of 0.6 yuan [1] - As of the report, Shenzhou Cell's market capitalization stood at 23.6 billion yuan [1]