【私募调研记录】世诚投资调研苑东生物、山金国际

Group 1: Yuan Dong Bio - In the first half of 2025, Yuan Dong Bio achieved revenue of 654 million, a year-on-year decrease of 2.25%, and a net profit attributable to shareholders of 137 million, down 6.77%. Excluding stock incentive expenses, net profit increased by 0.28% [1] - R&D investment was approximately 133 million, accounting for 20.25% of revenue, with new drug R&D investment amounting to 44.83 million, representing 33.83% of total R&D expenditure [1] - The company is responding to centralized procurement policies by enhancing innovation, deepening transformation, and improving operational efficiency across the value chain [1] - The ADC innovative drug YLSH003 has completed preclinical research and IND application, while HP-001 is undergoing Phase I clinical trials with overall safety deemed good [1] Group 2: Shan Jin International - Shan Jin International reported a decrease in gold production in the first half of 2023 compared to the same period last year, but is implementing various measures to recover production in the second half [2] - The trading company experienced losses primarily due to the net profit from the consolidation of overseas entities [2] - The company has strategic plans for 2023, focusing on existing mine management and resource project development to achieve its goals [2] - The Osino project is expected to commence production in the first half of 2027, with an average annual gold output of 5 tons, contributing significantly to future production growth [2] - The dividend policy remains stable, with the main gold-producing mines expected to contribute 95.87% to the company's net profit in 2024 [2]