Core Viewpoint - The company has received clinical trial approval from the National Medical Products Administration (NMPA) for its innovative drug BIOS-0625, aimed at treating ulcerative colitis [1] Group 1 - The drug BIOS-0625 is classified as a Class 1 medication [1] - The clinical trial application for BIOS-0625 was accepted by NMPA on August 28, 2025 [1] - The clinical trials will focus on the treatment of ulcerative colitis [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 杭州百诚医药科技股份有限公司（以下简称"公司"）近日获悉，公司自主研发 的创新药 BIOS-0625 片获得国家药品监督管理局（NMPA）临床试验批准通知书。现将 情况公告如下： 杭州百诚医药科技股份有限公司 关于创新药BIOS-0625片获得临床试验批准通知书的公告 证券代码：301096 证券简称：百诚医药 公告编号：2025-056 受理号：CXHL2500907、CXHL2500908 一、药品基本情况 目前所处审批阶段：IND 获批（临床试验获批） 审批结论：根据《中华人民共和国药品管理法》及有关规定， 2025 年 8 月 28 日受理的 BIOS-0625 片临床试验申请符合药品注册的有关要求，同意本品开展用于治 疗溃疡性结肠炎的临床试验。 二、药品的其他情况 溃疡性结肠炎作为一种慢性复发性肠道炎症性疾病，其"不可根治、反复发作"的 病程特征构成了持久的治疗挑战。传统药物虽能短期缓解症状，却长期受制于三大瓶 颈：疗效天花板低、不良反应显著、患者耐受性差。新分子，新疗法既是改善患者生 活质量的基石，更 ...

Core Insights - On November 6, Baicheng Pharmaceutical experienced a decline of 3.41% with a trading volume of 706 million yuan, indicating market volatility [1] - The company reported a financing buy-in of 78.38 million yuan and a financing repayment of 133 million yuan on the same day, resulting in a net financing outflow of 54.65 million yuan [1] - As of November 6, the total margin balance for Baicheng Pharmaceutical was 400 million yuan, representing 6.77% of its market capitalization, which is above the 90th percentile of the past year [1] Financial Performance - For the period from January to September 2025, Baicheng Pharmaceutical achieved a revenue of 510 million yuan, reflecting a year-on-year decrease of 29.33% [2] - The net profit attributable to the parent company was 6.12 million yuan, showing a significant decline of 95.68% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Baicheng Pharmaceutical was 10,100, a decrease of 15.05% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.15% to 8,242 shares [2] Dividend Distribution - Since its A-share listing, Baicheng Pharmaceutical has distributed a total of 184 million yuan in dividends, with 119 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of Baicheng Pharmaceutical saw the exit of the Rongtong Health Industry Flexible Allocation Mixed A/B fund from the list [3]

证券研究报告 | 2025年11月06日 百诚医药（301096.SZ） 优于大市 业绩承压，持续推进创新转型 2025 年前三季度业绩承压。2025 年前三季度公司实现营收 5.10 亿元 （-29.33%），归母净利润 0.06 亿元（-95.68%），扣非归母净利润-0.14 亿元（-111.13%）。2025Q3 单季营收 1.78 亿元（-9.62%），归母净利 润 0.03 亿元（-59.36%），扣非归母净利润-0.02 亿元（-221.57%）。 2025 年三季度收入端个位数下滑，由于传统仿制药 CRO 竞争加剧、MAH 监管趋严，利润端持续承压。 毛利率有所下降，费用率有所增长。2025 年前三季度毛利率 48.98% （-12.19pp），受价格竞争以及赛默产能利用率较低的影响，毛利率下 滑较多。销售费用率 1.46%（-0.11pp），管理费用率 16.15%（+9.85pp）， 研发费用率 27.32%（-5.26pp），财务费用率 2.47%（+2.28pp），四费 率 47.39%（+6.77pp），管理费用率增长明显。 赛默制药产能利用率有望提升，创新药转型持续推进。在全国第十 ...

Core Viewpoint - Baicheng Pharmaceutical (301096.SZ) is currently experiencing a decline in stock price, closing at 54.08 yuan with a drop of 3.41%, indicating it is in a state of underperformance since its IPO [1] Group 1: IPO Details - Baicheng Pharmaceutical was listed on the Shenzhen Stock Exchange's ChiNext board on December 20, 2021, with an initial issuance of 27.0417 million shares at a price of 79.60 yuan per share [1] - The stock reached a peak price of 120 yuan on its first trading day, marking the highest price since its listing [1] - The total funds raised from the IPO amounted to 2.153 billion yuan, with a net amount of 1.863 billion yuan after deducting issuance costs, exceeding the original plan by 1.213 billion yuan [1] Group 2: Fund Utilization - The company intended to raise 651 million yuan, which was planned to be used entirely for the headquarters and R&D center project of Hangzhou Baicheng Pharmaceutical Technology Co., Ltd. [1] - The total issuance costs for the IPO were 289 million yuan, including underwriting and sponsorship fees of 262 million yuan [1]

Core Points - Baicheng Pharmaceutical announced on November 5 that its directors and senior management plan to reduce their shareholdings [1] Summary by Category Shareholding Reduction - Director and senior management member Jia Fei holds 48,908 shares (0.0451% of total shares) and plans to reduce his holdings by up to 12,200 shares (0.0112% of total shares) within three months after the disclosure of the reduction plan [1] - Senior management member Chen An holds 45,000 shares (0.0415% of total shares) and plans to reduce his holdings by up to 11,200 shares (0.0103% of total shares) within the same timeframe [1] - The company has received notifications from Jia Fei and Chen An confirming the completion of their share reduction plans [1]

Company Overview - Baicheng Pharmaceutical (SZ 301096) announced on November 5 that directors and senior management, Mr. Jia Fei and Mr. Chen An, have completed their share reduction plan, collectively reducing approximately 23,400 shares, which accounts for 0.0215% of the company's total shares [1] Financial Performance - For the first half of 2025, Baicheng Pharmaceutical's revenue composition is as follows: CRO business accounts for 86.22%, commercial production accounts for 10.28%, and CDMO business accounts for 3.5% [1] - As of the report date, Baicheng Pharmaceutical's market capitalization is 6.1 billion yuan [1]

Summary of Key Points Core Viewpoint - Baicheng Pharmaceutical (301096.SZ) experienced a significant decline in stock price, closing at 55.99 yuan with a drop of 9.03%, indicating a state of breaking down [1]. Company Overview - Baicheng Pharmaceutical was listed on the Shenzhen Stock Exchange's ChiNext board on December 20, 2021, with an initial issuance of 27.04 million shares at a price of 79.60 yuan per share [1]. - The stock reached a peak price of 120 yuan on its first trading day, marking the highest price since its listing [1]. Fundraising Details - The total amount raised from the initial public offering (IPO) was 2.153 billion yuan, with a net amount of 1.863 billion yuan after deducting issuance costs [1]. - The net amount raised exceeded the original plan by 1.213 billion yuan, as the company initially aimed to raise 651 million yuan for its headquarters and R&D center in Hangzhou [1]. - The total issuance costs for the IPO were 289 million yuan, which included underwriting and sponsorship fees of 262 million yuan [1].

Market Overview - The medical services sector experienced a decline of 0.34% on November 5, with Bai Cheng Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the medical services sector included: - Yinos (688710) with a closing price of 45.33, up 4.93% [1] - Berry Genomics (000710) at 14.13, up 4.20% [1] - New Mileage (002219) at 2.33, up 2.19% [1] - Significant decliners included: - Zicheng Pharmaceutical (301096) at 66.55, down 9.03% [2] - Digital Human (920670) at 17.93, down 6.42% [2] - Chengda Pharmaceutical (301201) at 31.10, down 6.13% [2] Capital Flow - The medical services sector saw a net outflow of 847 million yuan from institutional investors, while retail investors contributed a net inflow of 812 million yuan [2][3] - The table of capital flow indicates that: - Berry Genomics had a net outflow of 53.09 million yuan from institutional investors [3] - New Mileage experienced a net inflow of 10.47 million yuan from institutional investors [3] - Medical domain stocks like Meidi (688202) and Boji Pharmaceutical (300404) also showed varied capital flows [3]

Core Points - The latest financing balance of the ChiNext market is 526.03 billion yuan, a decrease of 1.62 billion yuan compared to the previous period, with 17 stocks experiencing a financing balance increase of over 10% [1] - On November 4, the ChiNext index fell by 1.96%, with a total margin balance of 527.88 billion yuan, down 1.61 billion yuan from the previous trading day [1] - Among the stocks with increased financing balances, 462 stocks saw growth, with the largest increase being 46.83% for Zhongfu Circuit, which also rose by 9.95% in price [1][3] - The average increase for stocks with over 10% financing balance growth was 1.85%, with notable performers including Zhongfu Circuit, Kexiang Co., and Dongya Machinery [1][3] Financing Balance Changes - The stocks with the largest financing balance increases include Zhongfu Circuit (673.41 million yuan, +46.83%), Baicheng Pharmaceutical (410.75 million yuan, +27.52%), and Boying Welding (182.19 million yuan, +24.85%) [3] - Conversely, 484 stocks experienced a decrease in financing balance, with 51 stocks declining by over 5%. The largest decrease was 21.42% for Jundingda, with a financing balance of 15.92 million yuan [4] - Other significant declines were seen in Xice Testing (-19.55%) and Huaxing Chuangye (-19.11%) [4] Capital Flow - On November 4, among the stocks with increased financing balances, 13 stocks saw net inflows of main funds, with Kexiang Co. leading at 116 million yuan, followed by Zhongke Information and Boke New Materials [2] - In contrast, four stocks experienced net outflows, with Baicheng Pharmaceutical seeing the largest outflow of 326 million yuan [2]