益诺思（688710.SH） 2026 年 03 月 26 日 医药生物/医疗服务 投资评级：买入（首次） | 日期 | 2026/3/20 | | --- | --- | | 当前股价(元) | 52.13 | | 一年最高最低(元) | 72.00/29.10 | | 总市值(亿元) | 73.49 | | 流通市值(亿元) | 47.28 | | 总股本(亿股) | 1.41 | | 流通股本(亿股) | 0.91 | | 近 3 个月换手率(%) | 110.61 | 首 次 覆 盖 报 告 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2025-03 2025-07 2025-11 益诺思 沪深300 国资赋能的临床前 CRO 领先企业 ——公司首次覆盖报告 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 深耕临床前 CRO 业务，过往业绩优秀，往后值得期待 历时 15 年发展，益诺思深耕临床前 CRO 领域，塑造了独具特色的行业服务标杆。 短期看，公司募投的新增产能正逐步释放，叠加在手和新签订单的稳健增长，为 业绩复苏奠定坚 ...

医药生物/医疗服务 益诺思（688710.SH） 2026 年 03 月 26 日 投资评级：买入（首次） | 日期 | 2026/3/20 | | --- | --- | | 当前股价(元) | 52.13 | | 一年最高最低(元) | 72.00/29.10 | | 总市值(亿元) | 73.49 | | 流通市值(亿元) | 47.28 | | 总股本(亿股) | 1.41 | | 流通股本(亿股) | 0.91 | | 近 3 个月换手率(%) | 110.61 | 首 次 覆 盖 报 告 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2025-03 2025-07 2025-11 益诺思 沪深300 国资赋能的临床前 CRO 领先企业 ——公司首次覆盖报告 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 深耕临床前 CRO 业务，过往业绩优秀，往后值得期待 历时 15 年发展，益诺思深耕临床前 CRO 领域，塑造了独具特色的行业服务标杆。 短期看，公司募投的新增产能正逐步释放，叠加在手和新签订单的稳健增长，为 业绩复苏奠定坚 ...

股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 证券代码：688710 证券简称：益诺思 公告编号：2026-008 上海益诺思生物技术股份有限公司 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，上海翱鹏企业管理中心（有限合伙）（以下简称"翱 鹏合伙"）持有上海益诺思生物技术股份有限公司（以下简称"公司"）17,412,396 股，占公司总股本的 12.35%。上述股份均为公司首次公开发行前取得股份，且 已于 2025 年 9 月 3 日解除限售并上市流通。 减持计划的实施结果情况 2025 年 12 月 20 日，公司在上海证券交易所网站披露了《股东减持股份计划 公告》，翱鹏合伙计划自 2026 年 1 月 14 日至 2026 年 4 月 13 日期间通过集中竞 价交易方式减持其所持有的公司股份数量不超过 1,409,796 股股份，占公司总股 本的比例不超过 1.00%。 公司于 2026 年 3 月 25 日收到翱鹏合伙出具的书面告知函。截至 2026 年 3 月 24 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of price leadership in the pharmaceutical sector, particularly in the context of rising raw material costs due to geopolitical tensions and supply chain disruptions [2] - The report highlights the approval of China's first invasive brain-machine interface, marking a significant milestone in medical technology and potential market opportunities [5] - The report notes a strong trend in China's innovative drug exports, with a significant increase in licensing deals and collaborations, indicating robust growth in the sector [6] Summary by Sections Supply Chain and Pricing Dynamics - The report discusses the impact of macroeconomic changes on supply chains, particularly the price increases in upstream chemical products affecting pharmaceutical raw materials [2] - It mentions that 90% of monitored products saw price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] - Specific raw materials like Vitamin E and methionine have seen price increases of 40.54% and 84.66% respectively since the start of the year [2] Market Trends and Innovations - The report details the rising prices of disposable gloves due to increased costs of upstream materials, with notable price hikes in butadiene and acrylonitrile [3] - It highlights the competitive landscape for disposable gloves, noting that leading companies are leveraging their cost advantages to implement price increases [3] - The report also discusses the potential for domestic medical products to benefit from export controls on dual-use items, enhancing China's competitive edge [4] Regulatory Developments and Market Opportunities - The approval of the brain-machine interface by the National Medical Products Administration is a significant development, with a large potential patient base in China [5] - The report outlines the introduction of new pricing guidelines for invasive brain-machine interfaces, which could facilitate market entry and reimbursement [5] Investment Recommendations - The report recommends focusing on raw material producers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Yingke Medical and Blue Sail Medical in the disposable glove sector [8] - It suggests monitoring companies benefiting from resource management policies, such as Aidi Te, and those involved in the invasive brain-machine interface market, like Meihua Medical [8] - The report also emphasizes the growth potential in the small nucleic acid drug sector, recommending companies like Yuyuan Pharmaceutical and Sunshine Nuohe [8] Company Performance and Forecasts - The report provides earnings forecasts for key companies, indicating a positive outlook for several firms in the pharmaceutical sector, with specific EPS and PE ratios highlighted for investment consideration [9]

格隆汇2月27日丨益诺思(688710.SH)公布2025年度业绩快报，报告期内，公司实现营业收入81,132.52万 元，同比下降28.94%；实现归属于母公司所有者的净利润-3,051.59万元，同比下降120.65%；实现归属 于母公司所有者的扣除非经常性损益的净利润-5,389.68万元，同比下降142.98%。 ...

Group 1 - The core point of the article is that Yinos (688710) reported a significant decline in both revenue and net profit for the fiscal year 2025, indicating challenges faced by the company and the industry as a whole [1] - The company achieved an operating revenue of approximately 811 million yuan, representing a year-on-year decrease of 28.94% [1] - The net profit attributable to shareholders was approximately -30.52 million yuan, marking a shift from profit to loss compared to the previous year [1] Group 2 - The decline in revenue and profit is attributed to changes in the macroeconomic environment and intensified competition within the Contract Research Organization (CRO) industry [1] - The overall sales order prices in the CRO industry have been under pressure, contributing to the company's financial downturn [1]

证券代码：688710 证券简称：益诺思 公告编号：2026-007 上海益诺思生物技术股份有限公司 关于更换签字会计师的公告 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。 上海益诺思生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日、2025 年 9 月 23 日分别召开第三届董事会第十九次会议、2025 年第三次临时 股东大会，审议通过了《关于续聘会计师事务所的议案》，同意继续聘请立信会 计师事务所（特殊普通合伙）（以下简称"立信"）为公司 2025 年度审计机构， 为公司提供 2025 年度财务报表审计和内部控制审计服务。具体内容详见公司在 上海证券交易所网站（www.sse.com.cn）披露的《关于续聘会计师事务所的公告》 （公告编号：2025-028）、《2025 年第三次临时股东大会决议公告》（公告编号： 2025-034）。近日，公司收到立信发来的《关于更换年审签字注册会计师的告知 单》，现就具体情况公告如下： 一、本次变更签字注册会计师的基本情况 立信作为公司 2025 年度财务 ...

本公告所披露 2025 年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以公司 2025 年年度报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 81,132.52 | 114,166.94 | -28.94 | | 营业利润 | -1,288.62 | 15,906.18 | -108.10 | | 利润总额 | -1,629.88 | 15,881.32 | -110.26 | | 归属于母公司 | -3,051.59 | 14,777.58 | -120.65 | | 所有者的净利润 | | | | | 归属于母公司所有者的扣 | -5,389.68 | 12,538.61 | -142.98 | | 除非经常性损益的净利润 | | | | | 基本每股收益（元） | -0.22 | 1.26 | -117.46 | | | | | 降低 个百 9.05 | | 加权平均净资产收益率 | ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the fiscal year 2025, attributed to macroeconomic changes and intensified industry competition [1] Group 1: Financial Performance - The company achieved a revenue of 811 million yuan for the fiscal year 2025, representing a year-on-year decrease of 28.94% [1] - The net profit for the company was a loss of 30.52 million yuan, reflecting a year-on-year decline of 120.65% [1] Group 2: Industry Context - The overall sales order prices in the CRO industry are under pressure due to changes in the macroeconomic environment and increased competition [1]