Novoprotein(SH:688137) Xin Lang Cai Jing·2025-10-30 13:22Core Viewpoint - Nearshore Protein, established in September 2009 and listed on the Shanghai Stock Exchange in September 2022, is a leading provider of protein and related technology services in China, specializing in the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with related technical services [1]. Financial Performance - For Q3 2025, Nearshore Protein reported revenue of 112 million yuan, ranking 33rd in the industry, significantly lower than the industry leader Changchun High-tech's 9.807 billion yuan and second-ranked Kanghong Pharmaceutical's 3.624 billion yuan, as well as below the industry average of 1.26 billion yuan and median of 734 million yuan [2]. - The main business composition includes target and factor proteins at 41.846 million yuan (58.04%), enzymes and reagents at 18.475 million yuan (25.63%), CRO services at 8.555 million yuan (11.87%), recombinant antibodies at 1.928 million yuan (2.67%), and others at 1.291 million yuan (1.79%) [2]. - The net profit for Q3 2025 was -28.8593 million yuan, ranking 27th in the industry, far below the industry leader Tonghua Dongbao's 1.188 billion yuan and second-ranked Changchun High-tech's 1.06 billion yuan, as well as below the industry average of 166 million yuan and median of 56.6337 million yuan [2]. Financial Ratios - As of Q3 2025, Nearshore Protein's debt-to-asset ratio was 5.23%, up from 4.85% in the previous year, which is significantly lower than the industry average of 26.88%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 64.84%, slightly up from 64.54% year-on-year, but still below the industry average of 70.17% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.65% to 6,094, while the average number of circulating A-shares held per household increased by 5.99% to 5,361.9 [5]. - Among the top ten circulating shareholders, Huashang Lexiang Flexible Allocation Mixed A ranked third with 604,700 shares, down by 14,800 shares from the previous period [5].