证券代码：688710 证券简称：益诺思 公告编号：2025-034 上海益诺思生物技术股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 23 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区郭守敬路 199 号中 心报告厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 49 | | --- | --- | | 普通股股东人数 | 49 | | 2、出席会议的股东所持有的表决权数量 | 90,768,038 | | 普通股股东所持有表决权数量 | 90,768,038 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 64.3838 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64.3838 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][33]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall decline of 2.07% from September 15 to September 19, ranking 23rd among 31 industries in the Shenwan index, underperforming the CSI 300 index by 1.63 percentage points. Year-to-date, the sector has risen by 24.17%, ranking 10th among the 31 industries and outperforming the CSI 300 index by 9.76 percentage points [3][12][16]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 31.18 times, which is at the historical median level, with a valuation premium of 136% compared to the CSI 300 index [3][19]. - The report highlights significant policy developments, including the completion of the review for the 2025 National Basic Medical Insurance Directory and the formal release of the 11th batch of national procurement documents, which includes 55 major varieties [4][27][28]. Market Performance - The pharmaceutical and biotechnology sector's performance for the week of September 15-19 showed a decline of 2.07%, with the top three declining sub-sectors being biological products (-3.47%), chemical pharmaceuticals (-2.43%), and traditional Chinese medicine II (-2.13%) [3][12]. - Year-to-date, the sector has increased by 24.17%, with the top three performing sub-sectors being medical services (46.19%), chemical pharmaceuticals (41.47%), and biological products (16.75%) [16][19]. Industry News - On September 20, the National Medical Insurance Administration completed the review of the 2025 National Basic Medical Insurance Directory and the commercial insurance innovative drug directory, moving into the core negotiation and pricing phase [4][27]. - The 11th batch of national procurement was officially released on September 20, optimizing the requirements for bidding companies and the rules for procurement, which is expected to be a significant turning point for the industry [4][28]. - The Shanghai Municipal Government issued a plan to promote the development of the high-end medical device industry, aiming to enhance innovation and international competitiveness by 2027 [4][29]. Investment Recommendations - The report suggests focusing on the progress of the medical insurance directory negotiations and the implications of the national procurement policies. It recommends investment opportunities in innovative drugs, CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][30]. - Recommended stocks include Teva Biopharmaceuticals, Rongchang Biopharmaceuticals, Betta Pharmaceuticals, Kaili Medical, and Huaxia Eye Hospital, with additional stocks to watch including Kelun Pharmaceutical, Qianhong Pharmaceutical, Yifeng Pharmacy, Baipusais, and Lingrui Pharmaceutical [5][30].

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it provides insights into market performance and trends [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.07% from September 15 to September 19, underperforming compared to the Wind All A index (-0.18%) and the CSI 300 index (-0.44%) [2][7]. - The only sub-sector that saw an increase was medical research outsourcing, which rose by 1.09%, while other segments such as biological products (-3.83%), vaccines (-3.64%), and in vitro diagnostics (-3.41%) faced declines [2][7]. - The National Healthcare Security Administration released the 11th batch of centralized drug procurement documents on September 20, emphasizing principles of "stabilizing clinical use, ensuring quality, preventing price wars, and countering internal competition" [2][10]. - The new procurement policy aims to optimize price control mechanisms and reduce the financial pressure on pharmaceutical companies by shortening the payment cycle through prepayments from healthcare insurance agencies [2][10]. Weekly Market Review - The pharmaceutical and biotechnology sector's performance from September 15 to September 19 showed a decline of 2.07%, with medical research outsourcing being the only sub-sector to gain [7]. - Notable stock performances included Yinos (23.3%), Furuida (17.8%), and Chengda Pharmaceutical (14.6%) as top gainers, while Anglikang (-13.4%), Nentech (-12.6%), and Shutaishen (-12.3%) were the biggest losers [10]. Industry News and Key Company Announcements - The report highlights significant industry events, including the release of centralized procurement documents and the announcement of various clinical trials and acquisitions by companies such as Roche and Innovent Biologics [11][14]. - The Sichuan Provincial Medical Insurance Bureau introduced a new online settlement management method for centralized procurement, which aims to improve cash flow for pharmaceutical companies [14]. - Companies like Watson Bio and Maiwei Biologics received clinical trial approvals for their respective products, indicating ongoing innovation and development within the industry [15].

重大事项提示 2025 年 1-6 月，益诺思实现营业收入 37,522.86 万元，同比下降 38.04%； 实现归属于上市公司股东的净利润-1,518.95 万元，同比下降 115.88%；实现归属 于上市公司股东的扣除非经常性损益后的净利润-3,255.66 万元，同比下降 136.39%。主要系公司受国内医药行业投融资放缓和市场需求增长放缓的影响， 市场竞争加剧导致销售订单价格下降，毛利率同比下滑，利润空间被压缩。2025 年上半年，公司主营业务、核心竞争力、其他主要财务指标未发生重大不利变化； 所处行业不存在产能过剩、持续衰退或者技术替代等情形；持续经营能力不存在 重大风险。 国泰海通证券股份有限公司 关于上海益诺思生物技术股份有限公司 2025 年持续督导半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：益诺思 | | --- | --- | | 保荐代表人姓名：刘赛辉 陈轶超 | 被保荐公司代码：688710 | 经中国证券监督管理委员会《关于同意上海益诺思生物技术股份有限公司首 次公开发行股票注册的批复》（证监许可〔2024〕762 号）批复，上海益诺思生 物技术 ...

Market Overview - On September 19, the medical services sector declined by 0.8%, with Yaoshi Technology leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the medical services sector experienced significant declines, with Yaoshi Technology falling by 4.79% to a closing price of 41.56 [1] - Other notable declines included Zenggansi (-4.72%), Meidixi (-4.47%), and Zhaoyan New Drug (-4.43%) [1] - The trading volume for Yaoshi Technology was 163,500 shares, with a transaction value of 6.91 billion yuan [1] Capital Flow - The medical services sector saw a net outflow of 1.777 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.592 billion yuan [3] - Notable stocks with significant capital flow included Yingkang Life, which had a net inflow of 24.85 million yuan from institutional investors [3] - New Mileage experienced a net inflow of 16.46 million yuan from retail investors, despite a net outflow from institutional and speculative investors [3]

Company Overview - Full Name: Shanghai Yinuosi Biotechnology Co., Ltd [1] - Abbreviation: Yinuosi [1] - Stock Code: 688710.SH [1] - IPO Application Date: December 29, 2022 [1] - Listing Date: September 3, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Research and Experimental Development [1] - IPO Sponsor: Haitong Securities [1] - Lead Underwriters: Haitong Securities [1] - Legal Advisor: Guohao Law Firm (Shanghai) [1] - Audit Firm: Lixin Certified Public Accountants (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: The actual controller, China National Pharmaceutical Group, has inconsistencies in the main business of its subsidiary related to the issuer, requiring clarification on the completeness of similar business entities [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: Yinuosi's listing cycle is 614 days, shorter than the average of 629.45 days for A-share companies in 2024 [2] - Multiple Applications: Yinuosi is not categorized as having multiple applications [2] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 44.4235 million yuan, with a commission rate of 6.61%, lower than the average of 7.71% [3] - First Day Performance: The stock price increased by 41.61% on the first day of listing [3] - Three-Month Performance: The stock price rose by 108.39% within three months of listing [4] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 15.40 times, which is 83.83% of the industry average of 18.37 times [5] - Actual Fundraising: Expected fundraising is 1.664 billion yuan, but actual fundraising is only 672 million yuan, a decrease of 59.63% [6] Short-term Performance - Revenue Growth: In 2024, the company's revenue increased by 9.94% year-on-year [7] - Net Profit Decline: The net profit attributable to the parent company decreased by 24.00% year-on-year, and the non-recurring net profit dropped by 28.12% year-on-year [7] - Abandonment Rate: The abandonment rate is 0.23% [7] Overall Score - Total Score: Yinuosi's IPO project received a total score of 86, classified as B-level [7] - Negative Factors: The score is impacted by the need for improved disclosure quality, significant reduction in actual fundraising, decline in net profit in the first accounting year, and the abandonment rate of 0.23% [7]

两融数据显示，该股最新（9月18日）两融余额为7728.90万元，其中，融资余额为7728.90万元，近10日 减少1307.17万元，环比下降14.47%。 机构评级来看，近10日共有1家机构对该股进行评级，9月12日东方证券发布的研报给予公司目标价为 43.24元。 公司发布的半年报数据显示，上半年公司共实现营业收入3.75亿元，同比下降38.04%，实现净利 润-1518.95万元，同比下降115.88%，基本每股收益为-0.1100元。（数据宝）注：本文系新闻报道，不 构成投资建议，股市有风险，投资需谨慎。 （原标题：益诺思创历史新高，融资客减仓） 益诺思股价创出历史新高，截至10:09，该股上涨7.66%，股价报49.78元，成交量157.01万股，成交金额 7555.59万元，换手率1.73%，该股最新A股总市值达70.18亿元，该股A股流通市值45.15亿元。 证券时报•数据宝统计显示，益诺思所属的医药生物行业，目前整体跌幅为0.77%，行业内，目前股价上 涨的有60只，涨幅居前的有益诺思、首药控股、百诚医药等，涨幅分别为7.66%、5.20%、4.61%。股价 下跌的有428只，跌幅居前的有塞 ...

Market Overview - On September 17, the medical services sector rose by 0.02% compared to the previous trading day, with Yinos leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Medical Services Sector - Yinos (688710) closed at 46.85, with an increase of 8.65% and a trading volume of 46,200 lots, amounting to a transaction value of 207 million [1] - New Mileage (002219) closed at 2.49, up 4.18%, with a trading volume of 2,568,500 lots and a transaction value of 638 million [1] - Prasis (301257) closed at 50.33, increasing by 3.52% with a trading volume of 50,700 lots, totaling 249 million [1] Top Losers in Medical Services Sector - Medisi (688202) closed at 76.00, down 5.41%, with a trading volume of 91,400 lots and a transaction value of 700 million [2] - Yaoshi Technology (300725) closed at 44.74, decreasing by 5.11%, with a trading volume of 262,900 lots and a transaction value of 1.18 billion [2] - Zhaoyan New Drug (603127) closed at 40.40, down 4.27%, with a trading volume of 444,300 lots and a transaction value of 1.806 billion [2] Fund Flow Analysis - On the same day, the medical services sector experienced a net outflow of 626 million from institutional investors, while retail investors saw a net inflow of 482 million [2] - The top stocks by net inflow from institutional investors included Yinos (688710) with a net inflow of 26.06 million, and New Mileage (002219) with 38.30 million [3] - Conversely, the top stocks with net outflow from institutional investors included Yao Ming Kande (603259) with a net outflow of 428 million [3]

Core Insights - Yinos Bio's stock price increased by 5.01% on September 17, reaching 45.28 CNY per share, with a trading volume of 1.21 billion CNY and a turnover rate of 3.06%, resulting in a total market capitalization of 6.384 billion CNY. The stock has risen for five consecutive days, with a cumulative increase of 14.8% during this period [1] Company Overview - Shanghai Yinos Biotechnology Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on May 12, 2010. The company went public on September 3, 2024. Its main business involves providing comprehensive research and development services (CRO) focused on non-clinical research services in biomedicine [1] - The revenue composition of Yinos Bio is as follows: non-clinical services account for 96.31%, clinical services for 3.42%, and other services for 0.27% [1] Shareholder Information - Among Yinos Bio's top ten circulating shareholders, one fund from Harvest Fund Management, the Harvest Medical Health Stock A (005303), entered the top ten in the second quarter, holding 344,300 shares, which represents 1.22% of the circulating shares. The estimated floating profit today is approximately 743,700 CNY, with a total floating profit of 1.9145 million CNY during the five-day increase [2] - The Harvest Medical Health Stock A fund was established on December 4, 2017, with a current scale of 786 million CNY. Year-to-date returns are 46.61%, ranking 574 out of 4222 in its category; the one-year return is 62.24%, ranking 1519 out of 3804; and since inception, the return is 99.77% [2] Fund Manager Performance - The fund manager of Harvest Medical Health Stock A is Sun Xiaohui, who has been in the position for 160 days, managing assets totaling 985 million CNY, with the best fund return during this period being 41.81% and the worst being 41.31% [3] - Co-manager Hao Miao has been in the role for 6 years and 246 days, managing assets of 3.652 billion CNY, with the best fund return during this period being 183.83% and the worst being -27.96% [3]

Core Viewpoint - Yinos's stock price has shown significant growth this year, with a notable increase in recent trading days, indicating positive market sentiment towards the company [2]. Group 1: Stock Performance - Yinos's stock price increased by 25.04% year-to-date, with a 13.11% rise in the last five trading days, 5.09% in the last 20 days, and 36.90% over the last 60 days [2]. - As of September 17, Yinos's stock was trading at 44.00 CNY per share, with a market capitalization of 6.203 billion CNY [1]. Group 2: Financial Performance - For the first half of 2025, Yinos reported a revenue of 375 million CNY, a year-on-year decrease of 38.04%, and a net profit attributable to shareholders of -15.1895 million CNY, down 115.88% year-on-year [2]. - Cumulative cash dividends paid by Yinos since its A-share listing amount to 45.1135 million CNY [3]. Group 3: Shareholder Information - As of June 30, 2025, Yinos had 5,386 shareholders, a decrease of 0.90% from the previous period, with an average of 5,235 circulating shares per shareholder, an increase of 0.91% [2]. - Notable changes in institutional holdings include ICBC Medical Health Stock becoming the seventh largest shareholder, increasing its holdings by 72,300 shares, while new shareholders include ICBC Strategic Transformation Stock and Harvest Medical Health Stock [3].