Core Viewpoint - 凯因科技 is a high-tech biopharmaceutical company focused on viral and immune diseases, with a strong emphasis on innovative drug development and research [1] Financial Performance - For the first half of 2025, 凯因科技 reported revenue of 566 million yuan and a net profit attributable to shareholders of 47.38 million yuan, representing a year-on-year growth of 11.75% [1] - The company's R&D investment amounted to 71.41 million yuan, accounting for 12.61% of its revenue [1] Stock Performance - As of August 15, 2025, 凯因科技's stock price was 35.71 yuan, down 0.72 yuan or 1.98% from the previous trading day [1] - The stock opened at 36.40 yuan, reached a high of 36.42 yuan, and a low of 34.61 yuan, with a trading volume of 126,800 hands and a transaction value of 448 million yuan [1] Research and Development - The company has successfully developed proprietary drugs such as the all-oral pan-genotype hepatitis C drug and pegylated interferon α-2 injection [1] - Currently, 凯因科技 is focusing on the research and development of functional cure drug combinations for hepatitis B [1] - Several ongoing projects have made progress, including the phase III clinical trial for pegylated interferon α-2 injection for low-replication chronic HBV infection, which has been submitted for registration [1] Capital Flow - On the reporting day, the net outflow of main funds for 凯因科技 was 3.64 million yuan, accounting for 0.06% of its circulating market value [1] - Over the past five days, the net inflow of main funds was 27.79 million yuan, representing 0.46% of its circulating market value [1]

Group 1 - The core point of the article is that Kaiyin Technology reported a decline in revenue for the first half of 2025, while net profit showed an increase compared to the previous year [2] - The company's operating revenue for the first half of 2025 was approximately 566.46 million yuan, representing a year-on-year decrease of 5.05% [2] - The net profit attributable to shareholders of the listed company was approximately 47.38 million yuan, reflecting a year-on-year growth of 11.75% [2]

Group 1 - The core viewpoint of the report is a recommendation for Kaiyin Technology (688687.SH) with a target price of 35.41 yuan, highlighting strong profit growth expected in the first half of 2025 [2] - The company maintains a high proportion of R&D investment, focusing on deepening its layout in the hepatitis B field [2] - Key product sales are stable, contributing to the overall financial health of the company [2] - Cost reduction and efficiency improvement strategies are enhancing profit margins [2]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Viewpoints - The company achieved a net profit of 0.47 billion yuan in the first half of 2025, representing a year-on-year growth of 11.75%, despite a 5.05% decline in revenue to 5.66 billion yuan [1] - The company continues to invest heavily in R&D, with an expenditure of 71.41 million yuan in the first half of 2025, accounting for 12.61% of revenue, and is advancing multiple clinical projects in the hepatitis B treatment field [2] - Sales of key products remain robust, with the company implementing effective market strategies and achieving strong performance in the hepatitis C market [3] - Cost reduction and efficiency improvements have led to an increase in net profit margin to 8.36%, up 1.25 percentage points year-on-year [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 5.66 billion yuan, a decrease of 5.05% year-on-year, while the net profit attributable to shareholders was 0.47 billion yuan, an increase of 11.75% [1] - The company expects revenues of 13.59 billion yuan, 16.06 billion yuan, and 19.49 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.64 billion yuan, 1.94 billion yuan, and 2.37 billion yuan for the same years [4] R&D and Product Development - The company has maintained a high level of R&D investment, with a 1.22% increase in R&D spending year-on-year, and is progressing with several clinical trials for hepatitis B treatments [2] - Key products such as Jinshuxi and Kaiyin Yisheng are showing strong sales performance, supported by effective market strategies and collaborations with experts in the liver disease field [3] Profitability and Efficiency - The company has successfully reduced sales expenses by 11.68% year-on-year, leading to an improved net profit margin of 8.36% in the first half of 2025 [3] - The report highlights the positive impact of cost reduction measures on profitability, with a notable decrease in sales expense ratio [3]

Group 1 - The core viewpoint of the article highlights the movements of social security funds in the stock market, particularly their investments in eight stocks on the Sci-Tech Innovation Board, with a total holding of 30.19 million shares valued at 1.364 billion yuan [1] - Social security funds increased their holdings in five stocks, entered one new stock, and reduced their holdings in one stock, while one stock's holding remained unchanged [1] - The stocks with the highest holdings by social security funds include Nanwei Medical and Kaili New Materials, with holdings of 9.1785 million shares and 6.3642 million shares, respectively [1][3] Group 2 - In terms of performance, eight stocks held by social security funds reported year-on-year net profit growth in the first half of the year, with the highest growth seen in Rongzhi Rixin at 14.2355 million yuan, reflecting a staggering increase of 2063.42% [2] - The social security funds' holdings are primarily concentrated in the pharmaceutical and basic chemical industries, with two stocks from each sector appearing on the list [3] - Since July, the average increase in the stocks held by social security funds on the Sci-Tech Innovation Board has been 25.90%, with Dingtong Technology showing the highest cumulative increase of 75.47% [3]

Group 1 - The company reported a total operating revenue of 566 million yuan, a decrease of 30.12 million yuan compared to the same period last year, representing a year-on-year decline of 5.05% [1] - The net profit attributable to the parent company was 47.38 million yuan, with a net cash inflow from operating activities of 12.26 million yuan [1] Group 2 - The latest debt-to-asset ratio is 28.23%, an increase of 3.94 percentage points from the previous quarter and an increase of 1.53 percentage points from the same period last year [3] - The latest gross profit margin is 83.89%, and the return on equity (ROE) is 2.56% [3] - The diluted earnings per share are 0.28 yuan [3] Group 3 - The total asset turnover ratio is 0.22 times, a decrease of 0.03 times compared to the same period last year, representing a year-on-year decline of 11.46% [3] - The inventory turnover ratio is 0.60 times, a decrease of 0.15 times compared to the same period last year, representing a year-on-year decline of 20.49% [3] Group 4 - The number of shareholders is 9,948, with the top ten shareholders holding a total of 56.37 million shares, accounting for 32.97% of the total share capital [3] - The top ten shareholders and their respective holdings are detailed in the report, with the largest shareholder being Beijing Song'an Investment Management Co., Ltd. holding 22.4 million shares [3]

Group 1 - The company held its sixth board meeting on August 14, 2025, with all seven directors present, and the meeting complied with relevant regulations [5][6]. - The board approved the 2025 semi-annual report and summary, confirming that the report accurately reflects the company's financial status and operational results [6][8]. - The board also approved the special report on the storage and use of raised funds, affirming compliance with regulations and proper management of the funds [9][10]. Group 2 - The company raised a total of RMB 805,890,800.00 from its initial public offering, with a net amount of RMB 725,866,140.61 after deducting issuance costs [13][14]. - As of June 30, 2025, the company had utilized RMB 562,780,017.53 of the raised funds, leaving a balance of RMB 187,562,491.34 [15]. - The company has implemented a cash management plan for temporarily idle raised funds, with a balance of RMB 156,900,000.00 as of June 30, 2025 [21][22]. Group 3 - The supervisory board confirmed that the procedures for compiling and reviewing the semi-annual report were in accordance with legal requirements, ensuring the report's accuracy and completeness [27][28]. - The supervisory board also approved the special report on the storage and use of raised funds, affirming that the company adhered to regulations and did not misuse the funds [29][30]. - The supervisory board evaluated the semi-annual assessment report on the quality improvement and efficiency enhancement action plan, confirming its alignment with the company's strategic goals [31][32].

证券代码：688687 证券简称：凯因科技 公告编号：2025-026 北京凯因科技股份有限公司 第六届董事会第八次会议决议公告 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。 一、董事会会议召开情况 北京凯因科技股份有限公司（以下简称"公司"）第六届董事会第八次会议 于2025年8月14日在公司会议室以现场结合通讯表决方式召开，会议通知于2025 年8月4日以电子邮件、电话方式送达。会议应出席董事7名，实际出席董事7名。 会议由董事长周德胜先生主持。公司监事、高级管理人员列席了本次会议。会议 的召集、召开程序符合《公司法》《公司章程》和《董事会议事规则》的相关规 定。 经审议，董事会认为：公司 2025 年半年度募集资金的存放与使用情况符合 《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》的规定及公司《募集资金管理制度》的要求，公司对募集 资金进行了专项存储，不存在变相改变募集资金用途和损害股东利益的情况，不 存在违规使用募集资金的情形。 二、董事会会议审议情况 会议以投票 ...

证券代码：688687 证券简称：凯因科技 公告编号：2025-027 经审核，监事会认为董事会编制和审核公司 2025 年半年度报告的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 北京凯因科技股份有限公司 第六届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 北京凯因科技股份有限公司（以下简称"公司"）第六届监事会第六次会议 于2025年8月14日以现场结合通讯表决方式在公司会议室召开，会议通知于2025 年8月4日以电子邮件、电话方式送达。会议应出席监事3名，实际出席监事3名。 会议由监事会主席吴垠先生主持。会议的召集、召开符合《公司法》 《公司章程》 和《监事会议事规则》的有关规定。 二、监事会会议审议情况 会议以投票表决方式审议并通过了如下决议： （一） 审议通过了《关于公司2025年半年度报告及摘要的议案》 监事会认为：公司编制的《关于 2025 年度提质增效重回报专项行动 ...

证券日报网讯 8月14日晚间，凯因科技发布公告称，公司第六届董事会第八次会议审议通过了《关于公 司2025年度提质增效重回报专项行动方案的半年度评估报告的议案》等多项议案。 （文章来源：证券日报） ...