Core Viewpoint - The article discusses the significant decline in the stock prices of ten high-issue-price stocks in the A-share market, with seven of them falling below their issue prices, highlighting the risks associated with high valuations and market sentiment shifts [1][22]. Group 1: Stock Performance - Among the ten stocks, only Stone Technology, Naxin Micro, and BeiGene remain above their issue prices as of mid-February 2026 [6][8]. - The maximum decline from issue prices includes: - CanSino down 69.15% - Wanrun New Energy down 58.54% - Huabao New Energy down 54.93% - Yiqiao Shenzhou down 42.22% - Hemai down 32.82% - Foxit Software down 22.17% - Suocheng Technology down 12.83% [10]. - CanSino experienced a dramatic drop of 93% from its peak price of 797.20 yuan to 63.90 yuan [11][19]. Group 2: Company Backgrounds - Hemai, the highest issue price stock at 557.80 yuan, faced a significant decline after reaching a peak of 1877.43 yuan [12]. - Wanrun New Energy, listed at 299.88 yuan, never reached its issue price after its first day of trading [15]. - Yiqiao Shenzhou, with an issue price of 292.92 yuan, peaked at 353.83 yuan before falling to 73.38 yuan [16]. - CanSino, a COVID-19 vaccine stock, was listed at 209.71 yuan and peaked at 797.20 yuan before its decline [17]. Group 3: Market Conditions and Trends - The high issue prices were driven by market enthusiasm for sectors like hard technology, new energy, and biomedicine during the registration reform period from 2020 to 2023 [5][4]. - The overall market sentiment has shifted, leading to a decline in these stocks as the initial excitement waned [22]. - The article notes that the current new stock market shows a stark contrast, with a recent increase in participation and initial gains, but also warns of accumulating risks [24][26]. Group 4: Investment Implications - The high issue prices and P/E ratios of these stocks are no longer guarantees of company strength, but rather potential warning signs of investment risk [28]. - The article emphasizes that the era of easy profits from new stock subscriptions has ended, requiring more thorough research and disciplined investment strategies [27].

Group 1 - The core viewpoint of the news is that Yiqiao Shenzhou (301047) is participating in the 15th Cell Biology Industry Conference, which focuses on cell therapy and regenerative medicine, scheduled for March 5-6, 2026, in Chengdu [1] - The number of shareholders in Yiqiao Shenzhou increased by 2.44% as of February 9, 2026, indicating a change in investor interest [1] Group 2 - Over the past 7 days (February 6 to 11, 2026), Yiqiao Shenzhou's stock price fluctuated within a range of 0.34%, with a high of 74.77 yuan and a low of 73.14 yuan, showing a volatile trend [2] - On February 11, 2026, there was a net outflow of 1.1075 million yuan in main funds, while retail investor activity remained high [2] Group 3 - As of February 12, 2026, institutions set a comprehensive target price for Yiqiao Shenzhou at 78.00 yuan, indicating limited upside potential compared to the latest stock price [3] - The forecast for net profit in 2025 is expected to grow by 18.10%, while revenue for 2026 is projected to increase by 9.06% [3] - Market sentiment is neutral, and the frequency of institutional research is relatively low [3]

（文章来源：证券日报） 证券日报网讯 2月9日，义翘神州在互动平台回答投资者提问时表示，根据中国证券登记结算有限责任 公司提供数据（未合并融资融券信用账户），2026年1月30日股东人数为20081户。 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Core Viewpoint - Yiqiao Shenzhou's stock price experienced a slight decline of 0.17% on January 29, with a trading volume of 97.49 million yuan, indicating a mixed market sentiment towards the company [1]. Financing Summary - On January 29, Yiqiao Shenzhou had a financing buy-in amount of 8.13 million yuan and a financing repayment of 11.76 million yuan, resulting in a net financing outflow of 3.64 million yuan [1]. - The total financing and securities balance for Yiqiao Shenzhou reached 258 million yuan, with the financing balance accounting for 2.80% of the circulating market value, which is above the 60th percentile of the past year [1]. - The company had a low short-selling balance of 709,800 yuan, indicating a lower level of short-selling activity compared to the past year [1]. Business Performance - As of January 9, Yiqiao Shenzhou had 19,600 shareholders, reflecting a 1.43% increase, while the average circulating shares per person decreased by 1.41% to 6,100 shares [2]. - For the period from January to September 2025, Yiqiao Shenzhou reported a revenue of 511 million yuan, representing a year-on-year growth of 10.00%, and a net profit attributable to shareholders of 110 million yuan, with a growth of 10.94% [2]. Dividend Information - Since its A-share listing, Yiqiao Shenzhou has distributed a total of 1.802 billion yuan in dividends, with 1.122 billion yuan distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, increasing its holdings by 200,200 shares to 919,600 shares [3].

Group 1 - The biopharmaceutical sector increased by 0.19% on January 21, with Nearshore Protein leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the biopharmaceutical sector showed significant price increases, with Nearshore Protein rising by 6.37% to a closing price of 48.76 [1] Group 2 - The biopharmaceutical sector experienced a net inflow of 77.04 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Major stocks like Watson Bio and Ganli Pharmaceutical attracted significant institutional investment, with net inflows of 64.45 million yuan and 55.25 million yuan, respectively [3] - Retail investors showed a negative trend in several stocks, with Watson Bio and Ganli Pharmaceutical experiencing net outflows of 33.30 million yuan and 39.14 million yuan, respectively [3]

Group 1 - The company Yiqiao Shenzhou stated that as of December 31, 2025, the number of shareholders is expected to reach 19,326 households [2]

证券日报网讯1月13日，义翘神州（301047）在互动平台回答投资者提问时表示，根据中国证券登记结 算有限责任公司提供数据(未合并融资融券信用账户)，2026年1月9日股东人数为19，603户。 ...

从资金流向上来看，当日生物制品板块主力资金净流入3.99亿元，游资资金净流出6286.66万元，散户资 金净流出3.36亿元。生物制品板块个股资金流向见下表： 证券之星消息，1月13日生物制品板块较上一交易日上涨1.15%，康乐卫士领涨。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 920575 | 康乐卫士 | 11.99 | 29.90% | 35.12万 | | 4.02亿 | | 688331 | 荣昌生物 | 114.46 | 20.00% | 21.22万 | | 23.69亿 | | 688137 | 沂岸蛋白 | 49.60 | 15.43% | 5.81万 | | 2.91亿 | | 920344 | 三元基因 | 28.45 | 11.44% | 6.86万 | | 1.94亿 | | 301047 | 义翘神州 | 82.02 | ...

近日，北京义翘神州科技股份有限公司(以下简称：义翘神州)获得Scientist.com平台颁发的"2025年度供 应商绩效认可奖"(2025 Supplier Performance Recognition Award)，旨在表彰义翘神州在推动全球药物发 现研究方面做出的杰出贡献和卓越表现。 义翘神州通过哺乳动物细胞、杆状病毒-昆虫细胞、大肠杆菌及无细胞表达(CFPS)四大系统，为您提供 从基因合成到蛋白表达、纯化的一站式服务，是您定制重组蛋白表达的理想合作伙伴。义翘神州构建的 杂交瘤、Beacon®、流式单B、噬菌体和兔多抗技术五大抗体发现平台，成功开发30000+抗体，与很多 国际制药企业建立了良好的合作关系。 义翘神州美国公司首席商务官Rob Burgess表示： "我们深感荣幸能够获得Scientist.com的认可与肯定。也为双方长期而富有成效的合作深感自豪。这一奖 项充分彰显了我们团队致力于为全球科学界提供可靠、及时、创新解决方案的坚定承诺。未来，我们将 继续致力于赋能科研人员，为生命科学研究的进步贡献更大力量。" Scientist.com是全球大型的智能化生命科学研发采购平台，整合6000多家 ...