3、2023年9月21日互动易回复：公司为欧美生物创新药公司提供阿尔茨海默相关中间体服务。 4、2025年7月9日互动易，公司现有氟化生产能力包括特殊氟化剂氟化（如四氟化硫、氟化氢吡啶、氟 化氢三乙胺）、氟化氢氟化、氟化钾氟化等。 来源：新浪证券-红岸工作室 2月27日，金凯生科跌1.85%，成交额1.40亿元，换手率6.30%，总市值47.24亿元。 异动分析 CRO概念+减肥药+阿尔茨海默概念+氟化工概念+人民币贬值受益 1、公司的主营业务是为全球知名原研药厂的新药研发项目提供小分子药物中间体以及少量原料药的定 制研发生产服务。公司的主要产品是含氟类CDMO业务、非含氟类CDMO业务。 2、2023年8月8日互动易回复：公司上市的募投项目"医药中间体项目"和"年产 190 吨高端医药产品项目 包含司美格鲁肽（Semaglutide）口服制剂小分子吸收增强剂 SNAC 的中间体。 区间今日近3日近5日近10日近20日主力净流入-1575.73万-2528.60万-2748.99万-9459.02万-1.06亿 5、根据2024年年报，公司海外营收占比为61.18%，受益于人民币贬值。 (免责声明：分析内容来 ...

（文章来源：证券日报） 证券日报网讯 2月25日，金凯生科在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 数为14635户。 ...

Summary of Key Points Core Viewpoint - On February 13, Jin Kai Biotechnology executed a block trade of 785,800 shares, amounting to 28.1867 million yuan, which represented 10.79% of the total trading volume for the day. The transaction price was 35.87 yuan, reflecting a discount of 10.01% compared to the market closing price of 39.86 yuan [1]. Group 1: Trading Details - The block trade involved multiple transactions with a total volume of 785,800 shares at a price of 35.87 yuan per share [2]. - The total transaction value was 28.1867 million yuan, indicating significant trading activity for Jin Kai Biotechnology on that day [1][2]. - The trade was executed at a discount of 10.01% compared to the closing price, suggesting potential investor interest at a lower price point [1]. Group 2: Buyer and Seller Information - The buyers included various brokerage firms such as China Merchants Securities and institutional investors, indicating a mix of retail and institutional participation in the trade [2]. - The selling side was primarily represented by China Zhongjin Wealth Securities, highlighting the role of this firm in the transaction [2]. - The presence of institutional buyers suggests confidence in the stock despite the discount, which may indicate a strategic investment approach [2].

Core Viewpoint - The company, Jinkai (Liaoning) Life Science Technology Co., Ltd., specializes in providing custom development and production services for small molecule drug intermediates and a small amount of raw materials for global pharmaceutical companies, with a focus on fluorinated and non-fluorinated CDMO businesses [2][8]. Group 1: Business Overview - The main products of the company include fluorinated CDMO services and non-fluorinated CDMO services [2]. - The company has a significant project involving the production of intermediates for Semaglutide oral formulations, which is part of its fundraising projects [2][3]. - As of the 2024 annual report, overseas revenue accounted for 61.18% of total revenue, benefiting from the depreciation of the RMB [4]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 488 million yuan, representing a year-on-year growth of 25.96%, and a net profit attributable to shareholders of 103 million yuan, with a remarkable year-on-year increase of 163.24% [8]. - The company has distributed a total of 117 million yuan in dividends since its A-share listing [9]. Group 3: Market Activity - On February 12, the company's stock price decreased by 0.21%, with a trading volume of 93.35 million yuan and a turnover rate of 4.24%, resulting in a total market capitalization of 4.659 billion yuan [1]. - The stock has seen a net outflow of 4.177 million yuan from major investors today, with a ranking of 31 out of 52 in its industry [5][6].

Core Viewpoint - The company, Jinkai Biotechnology (301509), is committed to aligning its production capacity with market information and customer demand, ensuring that key projects meet capacity requirements [1] Group 1 - The company will reasonably plan and arrange production capacity based on market information and customer needs [1] - Specific project information and capacity details will be disclosed in the company's regular reports and other public disclosures [1]

Core Viewpoint - The company Jin Kai Sheng Ke (301509.SZ) has clarified that it does not currently have any products related to Eli Lilly's weight loss medication [1] Group 1 - The company stated that the patent protection for original drug manufacturers typically involves multiple mechanisms, including compound patents, formulation and composition patents, and medical use patents [1] - The impact of the expiration of a single compound patent is currently difficult to predict accurately [1] - The company will continue to monitor relevant changes in the patent landscape [1]

Summary of Key Points Core Viewpoint - On February 6, a block trade of 682,000 shares of Jinkai Biotechnology was executed at a price of 35.43 yuan, representing a discount of 10.01% compared to the market closing price of 39.37 yuan, with a total transaction value of 24.16 million yuan, accounting for 5.48% of the total trading volume for the day [1]. Group 1: Transaction Details - The block trade involved a total of 682,000 shares at a price of 35.43 yuan per share [1]. - The total transaction amount was 24.16 million yuan, which is approximately 3.67 million USD [1]. - The transaction represented 5.48% of the total trading volume on that day [1]. Group 2: Price Comparison - The executed price of 35.43 yuan was 10.01% lower than the market closing price of 39.37 yuan [1].

Group 1 - The core transaction involved 57,000 shares of Jinkai Biotechnology, with a total transaction value of 2.0235 million yuan, representing 0.5% of the total trading volume on that day [1][2] - The transaction price was 35.5 yuan per share, which is a discount of 7.74% compared to the market closing price of 38.48 yuan [1][2]

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]

Group 1 - The core viewpoint of the article is that Jinkai Biotechnology (301509.SZ) has a pipeline of clinical projects focused on various disease treatment areas, including oncology and immunology [1] - The company emphasizes its commitment to strictly adhere to information disclosure regulations when providing updates on project information [1] Group 2 - The clinical projects in the company's pipeline are related to multiple disease treatment fields, indicating a diversified approach to research and development [1] - The company is actively engaging with investors through an interactive platform, showcasing transparency in its operations [1]