Group 1 - Key Point 1: As of October 29, 2025, a total of 12 institutional investors hold shares in Kexing Pharmaceutical (688136.SH), with a combined holding of 119 million shares, representing 59.24% of the total share capital [1] - Key Point 2: The top ten institutional investors account for a combined holding ratio of 59.23%, with a decrease of 13.28 percentage points compared to the previous quarter [1] Group 2 - Key Point 1: In the current period, four public funds increased their holdings, accounting for an increase of 0.21% [2] - Key Point 2: Two public funds reduced their holdings, with a decrease of 1.33% compared to the previous quarter [2] - Key Point 3: Three new public funds were disclosed in the current period, while 156 public funds were not disclosed in the current quarter [2]

Core Viewpoint - The company emphasizes the accuracy and completeness of its quarterly report, ensuring no false statements or omissions exist, and holds legal responsibility for the report's content [2][3]. Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][6]. - The report includes major accounting data and financial indicators, but specific figures are not provided in the text [3][6]. - The company reported no net profit from mergers under common control for the current and previous periods [6]. Shareholder Information - The total number of ordinary shareholders and the top ten shareholders' holdings are disclosed, with "Kexing Biological Pharmaceutical Co., Ltd. Repurchase Special Securities Account" holding 3,149,905 shares, representing 1.57% of the total [4][6]. Other Important Information - There are no significant changes in the shareholding structure or other operational reminders for the reporting period [5][6].

Group 1 - The core viewpoint of the article highlights the financial performance of Kexing Pharmaceutical in Q3 2025, showing significant growth in revenue and net profit [1] - Kexing Pharmaceutical reported a revenue of approximately 1.148 billion yuan for the first three quarters, representing a year-on-year increase of 10.54% [1] - The net profit attributable to shareholders was approximately 111 million yuan, reflecting a substantial year-on-year increase of 547.7% [1] - Basic earnings per share reached 0.56 yuan, marking a year-on-year increase of 522.22% [1] Group 2 - As of the report, Kexing Pharmaceutical has a market capitalization of 7.7 billion yuan [2]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with a revenue of 1.148 billion and a net profit of 111 million, reflecting year-on-year growth of 10.54% and 547.7% respectively [1] - In Q3 alone, the company achieved a revenue of 447 million, marking a substantial year-on-year increase of 60.65% and a quarter-on-quarter increase of 28.9% [1] - The company is focusing on research and development innovation, with multiple breakthroughs in its core pipeline and enhanced R&D efficiency through diverse collaborations [1] Group 1: R&D and Product Development - The company has made progress in the oncology field with the GB18 project, a GDF-15 targeted monoclonal antibody, which has entered clinical phase I after receiving approvals from both the FDA and NMPA [1] - Another innovative drug, GB10, aimed at treating retinal neovascular diseases, has had its clinical trial application accepted by the NMPA [1] - The company is expanding its pipeline in the immunology field, targeting large patient populations with conditions such as atopic dermatitis and inflammatory bowel disease [2] Group 2: Strategic Collaborations and Internationalization - The company is actively collaborating with renowned domestic and international institutions, enhancing its R&D efforts on a global scale [3] - It has established a joint initiative for the overseas expansion of the pharmaceutical and medical device industry, providing comprehensive services for international market entry [3] - The company has signed multiple overseas commercialization agreements focusing on major disease areas such as oncology, immunology, orthopedics, and ophthalmology, securing international market collaboration rights for several key products [3]

证券代码：688136 证券简称：科兴制药 公告编号：2025-089 科兴生物制药股份有限公司 自愿披露关于 GB18 注射液 I 期临床试验完成首例受试者入组的公告 本公司董事会及全体董事保证本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。 近日，科兴生物制药股份有限公司（以下简称"公司"）全资子公司深圳科 兴药业有限公司（以下简称"深圳科兴"）研发的"GB18注射液"I期临床研究 成功完成首例受试者入组给药。 公司子公司深圳科兴于 2025 年 5 月获得国家药品监督管理局（以下简称"国 家药监局"）签发的《药物临床试验批准通知书》（受理号：CXSL2500226）， 国家药监局同意深圳科兴 GB18 注射液按照提交的方案开展肿瘤恶病质的临床 试验。 1 公司 GB18 注射液正在开展随机、双盲、安慰剂对照的Ⅰ期临床研究，旨在 评估 GB18 注射液在健康参与者中单次皮下给药和肿瘤恶病质患者中多次皮下 给药的安全性、耐受性、药代动力学、药效学特征以及在肿瘤恶病质患者中初步 有效性，于近日成功完成首例受试者入组给药。 此外，公司 GB18 注射液 ...

第三季度财务报表是否经审计 □是 √否 一、主要财务数据 科兴生物制药股份有限公司 2025 年第三季度报告 证券代码：688136 证券简称：科兴制药 科兴生物制药股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 期末比上年 | | | | 减变动幅度 | | 同期增减变 | | | | (%) | | 动幅度(%) | | 营业收入 | 447,174,374.72 | 60.65 | 1,147, ...

Core Viewpoint - The announcement indicates that the Phase I clinical trial for "GB18 Injection," developed by Shenzhen Kexing Pharmaceutical Co., Ltd., a wholly-owned subsidiary of Kexing Pharmaceutical, has successfully completed the enrollment and administration of the first subject [1] Group 1 - The clinical trial is a significant milestone for the company, showcasing its progress in drug development [1] - "GB18 Injection" is part of the company's ongoing efforts to expand its product pipeline and enhance its market position [1]

Core Insights - The report emphasizes the significant role of phosphoramidite monomers in the small nucleic acid industry chain, highlighting their impact on the development of small nucleic acid drugs, which are considered promising candidates for treating various diseases due to their unique molecular structures and therapeutic mechanisms [1][6][10] - The report predicts robust growth in the demand for phosphoramidite monomers, with multinational pharmaceutical companies likely to benefit from this trend, as the global nucleotide market is projected to reach USD 730 million in 2023, with China being the largest production market [10][11] Section Summaries Phosphoramidite Monomer's Role - Phosphoramidite monomers are crucial raw materials for synthesizing small nucleic acid drugs, enhancing their stability and biological activity, and driving innovation in drug development [6][9] - The solid-phase phosphoramidite method is the mainstream technique for synthesizing oligonucleotides, which are a major cost component in nucleic acid drug production [9] Market Dynamics - The report notes that 90% of global nucleotides are used for nucleic acid drug production, with only about 10% allocated to health foods and agriculture [10] - The small nucleic acid drug market is primarily dependent on major multinational pharmaceutical companies, indicating potential benefits for companies within their supply chains [11] Investment Recommendations - The report suggests focusing on innovative drug companies such as Furuya Co., OncoOne, and others, as well as raw material suppliers like WuXi AppTec and others, indicating a diverse range of investment opportunities in the sector [10]

Core Viewpoint - The company is actively promoting its innovative drug, Anladiwei, for the treatment of influenza, with positive clinical trial results and plans for international market expansion [2][4]. Financial Performance - As of October 24, 2025, the company's stock closed at 17.96 yuan, down 2.55%, with a turnover rate of 5.9%, trading volume of 449,200 shares, and a transaction amount of 811 million yuan [1]. Product Development - Anladiwei is the world's first targeted drug for the PB2 subunit of the influenza A virus, showing rapid and effective treatment capabilities with low resistance [2]. - The drug has completed Phase III clinical trials, demonstrating significant efficacy against various influenza virus strains, including H1 and H3 subtypes [4]. Market Strategy - The company has established a commercialization partnership for Anladiwei in Macau and is exploring further international market opportunities [3][4]. - The company is monitoring disease dynamics and is prepared to enhance production and sales efforts [4]. Investor Engagement - The company has clarified that there are no current financing plans and emphasized adherence to disclosure obligations [2]. - The company is open to suggestions regarding marketing strategies to increase awareness of Anladiwei's efficacy [2]. Market Activity - On October 24, there was a net outflow of 132 million yuan from major funds, while retail investors saw a net inflow of 14 million yuan [5].

Core Viewpoint - The company is focusing on international market opportunities for its pharmaceuticals, particularly through a collaboration with Sinovac Biotech for the commercialization of Anglatavir tablets in Macau [1] Group 1: International Expansion - The company has established a commercial partnership with Sinovac Biotech for Anglatavir tablets in Macau, aiming to leverage regional presence for brand expansion [1] - The company plans to explore further international market opportunities and accelerate its globalization efforts [1] Group 2: Market Monitoring and Production - The company is closely monitoring disease dynamics to ensure effective production and sales of its pharmaceuticals [1]