中庚价值领航混合（006551）基金经理为刘晟。 截至发稿，刘晟累计任职时间1年110天，现任基金资产总规模23.74亿元，任职期间最佳基金回报 29.65%， 任职期间最差基金回报29.65%。 从基金十大重仓股角度 8月28日，凯因科技跌5.04%，截至发稿，报32.40元/股，成交2.63亿元，换手率4.64%，总市值55.39亿 元。凯因科技股价已经连续3天下跌，区间累计跌幅7.73%。 资料显示，北京凯因科技股份有限公司位于北京市北京经济技术开发区荣京东街6号3号楼，成立日期 2008年8月20日，上市日期2021年2月8日，公司主营业务涉及病毒性疾病领域药品的研发、生产和销 售。主营业务收入构成为：化学药品62.13%，生物药品37.44%，技术服务0.32%，CMO/CDMO0.09%， 其他0.01%。 从凯因科技十大流通股东角度 数据显示，中庚基金旗下1只基金位居凯因科技十大流通股东。中庚价值领航混合（006551）二季度增 持7434股，持有股数450.07万股，占流通股的比例为2.63%。根据测算，今日浮亏损失约774.12万元。 连续3天下跌期间浮亏损失1287.2万元。 中庚价值领航 ...

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]

中庚价值领航混合（006551）成立日期2018年12月19日，最新规模23.74亿。今年以来收益38.73%，同 类排名1119/8194；近一年收益54.95%，同类排名2009/7963；成立以来收益206.7%。 中庚价值领航混合（006551）基金经理为刘晟。 截至发稿，刘晟累计任职时间1年109天，现任基金资产总规模23.74亿元，任职期间最佳基金回报 31.87%， 任职期间最差基金回报31.87%。 8月27日，凯因科技跌5.1%，截至发稿，报34.22元/股，成交3.31亿元，换手率5.50%，总市值58.50亿 元。 资料显示，北京凯因科技股份有限公司位于北京市北京经济技术开发区荣京东街6号3号楼，成立日期 2008年8月20日，上市日期2021年2月8日，公司主营业务涉及病毒性疾病领域药品的研发、生产和销 售。主营业务收入构成为：化学药品62.13%，生物药品37.44%，技术服务0.32%，CMO/CDMO0.09%， 其他0.01%。 从凯因科技十大流通股东角度 数据显示，中庚基金旗下1只基金位居凯因科技十大流通股东。中庚价值领航混合（006551）二季度增 持7434股，持有股数4 ...

融资方面，凯因科技当日融资买入4609.95万元。当前融资余额3.66亿元，占流通市值的5.93%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，凯因科技8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，北京凯因科技股份有限公司位于北京市北京经济技术开发区荣京东街6号3号楼，成立日期 2008年8月20日，上市日期2021年2月8日，公司主营业务涉及病毒性疾病领域药品的研发、生产和销 售。主营业务收入构成为：化学药品62.13%，生物药品37.44%，技术服务0.32%，CMO/CDMO0.09%， 其他0.01%。 截至8月20日，凯因科技股东户数1.09万，较上期增加5.23%；人均流通股15695股，较上期减少4.97%。 2025年1月-6月，凯因科技实现营业收入5.66亿元，同比减少5.05%；归母净利润4738.32万元，同比增长 11.75%。 8月26日，凯因科技（维权）跌1.72%，成交额2.82亿元。两融数据显示，当日凯因科技获融资买入额 4609. ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company reported a revenue of 566 million yuan for H1 2025, a decrease of 5.05% year-on-year, while the net profit attributable to the parent company increased by 11.75% to 47 million yuan [1] - The company is increasing its R&D investment, with R&D expenses reaching 71.41 million yuan in H1 2025, a year-on-year increase of 1.22%, accounting for 12.61% of revenue [2] - Several products are in clinical stages, including the KW-040 siRNA drug for hepatitis B, which has submitted a clinical trial application, and multiple other projects in phase II trials [2] - The company is solidifying its market position with mature products, maintaining a leading market share in interferon α2b formulations, and has initiated bulk purchasing in nearly 30 provinces [3] - The profit forecast for 2025-2027 has been adjusted downwards, with net profit estimates of 161 million, 216 million, and 238 million yuan respectively, reflecting a decrease of 6%, 2%, and 3% from previous estimates [3] Summary by Sections Financial Performance - H1 2025 revenue was 566 million yuan, down 5.05% year-on-year; net profit was 47 million yuan, up 11.75% [1] - R&D expenses were 71.41 million yuan, up 1.22% year-on-year, representing 12.61% of revenue [2] Clinical Development - The company is pursuing multiple clinical studies across various diseases, with several projects in advanced clinical stages [2] - Notable projects include KW-040 for hepatitis B and others targeting herpes, shingles, and warts [2] Market Position - The company maintains a strong market presence with its mature products, particularly in the interferon segment, and has successfully implemented bulk purchasing strategies [3] Profit Forecast and Valuation - Revised net profit forecasts for 2025-2027 are 161 million, 216 million, and 238 million yuan, with corresponding P/E ratios of 39, 29, and 27 [3]

证券之星消息，8月19日生物制品板块较上一交易日上涨0.27%，欧林生物领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 688319 | 欧林生物 | 31.21 | 12.71% | 27.56万 | | 8.31亿 | | 430047 | 诺思兰德 | 28.44 | 11.53% | 21.17万 | | 6.22亿 | | 603087 | 甘李药业 | 68.03 | 6.95% | 40.61万 | | 27.93亿 | | 837344 | 三元基因 | 32.65 | 6.53% | 7.51万 | | 2.50亿 | | 002581 | ST未名 | 7.69 | 5.05% | 10.63万 | | 8072.66万 | | 688687 | 凯因科技 | 38.59 | 4.95% | 13.46万 | | 5.24亿 ...

（文章来源：每日经济新闻） 每经AI快讯，重组蛋白板块领涨，上涨3.07%，其中凯因科技上涨8.7%，赛升药业上涨7.3%，迈威生物 上涨6.86%，百普赛斯、海特生物、睿智医药涨超4%。 ...

Group 1 - The report highlights that Kaiyin Technology achieved a year-on-year increase in net profit of 11.75% in the first half of 2025, despite a slight decline in revenue [3][4] - The company reported a revenue of 5.66 billion yuan in H1 2025, with a net profit of 0.47 billion yuan, indicating a strong performance in profitability [4][5] - The company is increasing its R&D investment, with a total of 71.41 million yuan in H1 2025, which is expected to support the launch of innovative products [5] Group 2 - Dingyang Technology reported a revenue of 2.79 billion yuan in H1 2025, representing a year-on-year growth of 24.61%, and a net profit of 0.77 billion yuan, up 31.54% [6][7] - The company’s high-end products saw a revenue increase of 71.92%, with high-end products now accounting for 30% of total revenue [7][8] - The overall gross margin for Dingyang Technology was 60.06%, with a net margin increase to 27.57% [8] Group 3 - Baiya Co. achieved a revenue of 17.64 billion yuan in H1 2025, a 15.12% increase year-on-year, with a net profit of 1.88 billion yuan, up 4.64% [9][10] - The company is focusing on optimizing its product structure and expanding its offline channels, which have shown steady growth despite challenges in online sales [10][11] - The gross margin for Baiya Co. was 53.24%, with a net margin of 10.66% [11][12] Group 4 - Darentang reported a revenue of 26.51 billion yuan in H1 2025, a decrease of 33.15%, but a significant net profit increase of 193.08% to 19.28 billion yuan due to asset transfers [13][14] - The company’s core product sales, particularly the fast-acting heart-saving pill, showed robust growth, with sales reaching 11.28 billion yuan [14][15] - Darentang is actively expanding its retail presence and promoting new retail strategies to drive growth [15] Group 5 - The automotive industry saw a 14.7% year-on-year increase in passenger car wholesale sales in July 2025, with a total of 228.7 million units sold [17][19] - The new Wanjie M7 model is set to launch in September 2025, indicating ongoing innovation in the automotive sector [18][19] - The report suggests a positive outlook for the automotive sector, driven by policies supporting vehicle upgrades and a shift towards high-end and intelligent vehicles [20] Group 6 - Beite Technology reported a revenue of 11.13 billion yuan in H1 2025, a 15% increase year-on-year, with a net profit of 0.55 billion yuan, up 45% [22][23] - The company is focusing on cost reduction and efficiency improvements, which have positively impacted its profitability [23][24] - Beite Technology is expanding its global production capacity, particularly in the robotics sector, which is expected to contribute significantly to future growth [24][25] Group 7 - Geely Automobile achieved a revenue of 150.28 billion yuan in H1 2025, a 26.5% increase, with a core net profit of 66.6 billion yuan, up 101.7% [26][27] - The company is launching several new models in the second half of 2025, which is expected to boost sales further [28][29] - Geely's strategy includes integrating its resources with Zeekr to enhance operational efficiency and reduce costs [29][30] Group 8 - Jingfeng Mingyuan reported a revenue of 7.31 billion yuan in H1 2025, with a net profit of 15.76 million yuan, marking a significant turnaround [32][33] - The company’s high-performance computing power supply and motor drive chips have seen substantial growth, contributing to improved profitability [33][34] - Jingfeng Mingyuan is planning to acquire Yichong Technology to enhance its product offerings and market competitiveness [35][36] Group 9 - China Hongqiao reported a revenue of 81.04 billion yuan in H1 2025, a 10.1% increase, with a net profit of 12.36 billion yuan, up 35% [39][40] - The growth in revenue is attributed to increased sales and prices of aluminum and alumina products [40][41] - The company plans to repurchase shares worth at least 3 billion HKD, reflecting confidence in its long-term prospects [41][42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase in net profit for the first half of 2025, driven by innovative products that are expected to deliver results [1][6] - The company is focusing on the development of innovative drugs in the field of viral hepatitis, with significant progress in clinical trials for new products [6][8] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 566 million yuan, a decrease of 5.05% year-on-year, while the net profit attributable to the parent company was 47 million yuan, an increase of 11.75% year-on-year [2][6] - The second quarter of 2025 saw operating revenue of 335 million yuan, down 12.77% year-on-year, and a net profit of 22 million yuan, up 7.19% year-on-year [6] - The gross profit margin for Q2 2025 was 84.53%, a decrease of 0.72 percentage points year-on-year, while the net profit margin improved to 10.64%, an increase of 2.66 percentage points year-on-year [6] Research and Development - The company increased its R&D investment to 71.41 million yuan in the first half of 2025, a year-on-year increase of 1.22%, representing 12.61% of operating revenue [6] - The company has submitted a registration application for its innovative drug, interferon α-2 injection, for the treatment of chronic HBV infection, which is currently undergoing clinical trials [6][8] Future Earnings Forecast - The company is projected to achieve revenues of 1.419 billion yuan, 1.655 billion yuan, and 1.928 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 167 million yuan, 201 million yuan, and 258 million yuan [7][8] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 36.57X, 30.39X, and 23.68X, respectively [8]

证券研究报告 凯因科技 (688687 CH) 利润持续增长，期待派益生顺利获批 2025 年 8 月 17 日│中国内地 生物医药 公司公布上半年业绩：收入 5.7 亿元，同比-5%；归母净利润 0.5 亿元，同 比+12%。其中二季度公司实现收入 3.3 亿元，同比-13%；归母净利润 0.2 亿元，同比+7%。公司利润持续释放，siRNA 已于 7M25 获批开展乙肝临床 实验，派益生（长效干扰素）有望 25 年内获批。我们看好公司作为国内肝 病领域领先力量，派益生顺利获批、持续扩充产品、进军乙肝大市场，维持 "买入"评级。 存量品种表现稳健，费用率持续优化 1）根据 PDB 样本医院数据，1Q25 金舒喜、凯因益生市场份额持续保持领 先，凯力唯在肝病专家学术合作+下沉县域市场的有效策略下展现较强韧性； 2）公司控费同时加码研发，2Q25 销售、管理、研发费用率分别为 48%、 11%、13%（环比-1 pct、-1 pct、+3 pct）。我们看好公司持续优化费率、 重视研发，在提高利润率水平的同时布局长远。 聚焦乙肝功能性治愈，长效干扰素蓄势待发 1）公司聚焦乙肝功能性治愈，KW040 已于 7M2 ...