（文章来源：北京商报） 特宝生物表示，报告期内，随着公司产品派格宾联合核苷（酸）类似物用于成人慢性乙型肝炎患者的 HBsAg持续清除增加适应症的获批，以及乙肝临床治愈相关科学证据的不断积累，派格宾作为全球首个 以乙肝临床治愈为治疗目标的药物，在慢乙肝临床治愈联合治疗中的基石地位进一步凸显；新产品益佩 生获批上市并纳入《国家基本医疗保险、工伤保险和生育保险药品目录》，凭借安全、有效、便捷的优 势，产品的市场推广工作进展顺利。尽管受新产品上市初期市场拓展、核心产品加大覆盖提升等因素影 响，相关费用有所增加，但公司全力推动创新成果快速进入临床应用，整体经营仍保持稳健增长。 北京商报讯2月10日晚间，特宝生物（688278）发布2025年度业绩快报显示，公司2025年营业收入36.96 亿元，同比增长31.18％；归属净利润10.38亿元，同比增长25.39％。 ...

格隆汇2月10日丨特宝生物(688278.SH)公布2025年度业绩快报，报告期内，公司整体经营及财务状况稳 健。实现营业总收入36.96亿元，同比增长31.18%；实现归属于母公司所有者的净利润10.38亿元，同比 增长25.39%；实现归属于母公司所有者的扣除非经常性损益的净利润10.67亿元，同比增长29.09%。 报告期末公司总资产为43.69亿元，较报告期期初增长43.21%；归属于母公司的所有者权益34.56亿元， 较报告期初增长35.36%。 ...

证券代码：688278 证券简称：特宝生物 公告编号：2026-011 厦门特宝生物工程股份有限公司 2025 年度业绩快报公告 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。 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以厦门特宝生物工程股份有限公司（以下简称"公司"）2025 年年 度的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 1 | 归属于母公司所有 | | | | | --- | --- | --- | --- | | 者的每股净资产 | 8.47 | 6.28 | 34.87 | | （元） | | | | 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终结果以公司 2025 年年 度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期内公司经营情况、财务状况及影响经营业绩的主要因素 1、报告期内公司经营情况和财务状况 报告期内，公司整体经营及财务状况稳健。实现营业总收入 36 ...

特宝生物发布业绩快报，2025年度实现营业总收入36.96亿元，同比增长31.18%；净利润10.38亿元，同 比增长25.39%。报告期内，随着公司产品派格宾联合核苷（酸）类似物用于成人慢性乙型肝炎患者的 HBsAg持续清除增加适应症的获批，以及乙肝临床治愈相关科学证据的不断积累，派格宾作为全球首个 以乙肝临床治愈为治疗目标的药物，在慢乙肝临床治愈联合治疗中的基石地位进一步凸显；新产品益佩 生获批上市并纳入《国家基本医疗保险、工伤保险和生育保险药品目录》，凭借安全、有效、便捷的优 势，产品的市场推广工作进展顺利。 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The report highlights the ongoing active research in life sciences and the accelerating integration of biotechnology into economic and social development, providing new solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy sector [3][7]. Industry Performance - The Huazhong Synthetic Biology Index increased by 0.11% to 1278.44 during the week of February 2-6, 2026, outperforming the Shanghai Composite Index by 1.39 percentage points and the ChiNext Index by 3.40 percentage points [4][14]. - The report notes that the synthetic biology sector is experiencing a policy dividend, with Shenzhen proposing up to 100 million yuan in support for R&D efforts in the field [8]. Company Developments - Beijing Huaguan Bio completed a multi-hundred million yuan C-round financing to focus on new product development in the pharmaceutical and health sectors [31]. - Dejin Bio secured several million yuan in A-round financing to advance its recombinant botulinum toxin clinical research and international expansion [33]. - The report mentions that Impossible Foods is leveraging technology to drive market expansion and reshape plant-based protein [11]. Market Dynamics - The report indicates that the synthetic biology sector is witnessing a surge in financing, with nearly a hundred companies completing new rounds of financing since 2025 [31]. - The top five companies in the synthetic biology sector by stock performance during the week were Pingtan Development (+12%), Jinbo Bio (+12%), Huaxi Bio (+12%), Shandong Heda (+10%), and Yaxiang Co. (+10%) [17][21]. Policy and Regulatory Updates - The Ministry of Industry and Information Technology announced 35 examples of non-grain bio-based materials, marking a significant step towards building a new green development pattern [7]. - The National Health Commission approved 22 new food products, including a significant breakthrough in domestic human milk oligosaccharides (HMOs) technology [7]. Research and Innovation - Tsinghua University has initiated a national key R&D project focused on the intelligent design principles of efficient microbial chassis cells, aiming for breakthroughs in both fundamental theory and application demonstration [9]. - The report highlights the strategic cooperation between Tianjin University and China National Petroleum Corporation to expand in synthetic biology and other fields [9].

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the innovative drug sector, with significant gains in the ChiNext Innovative Drug ETF [1][3]. Group 1: Market Performance - As of 11:08 on February 10, the ChiNext Innovative Drug ETF (589120) surged by 2%, marking a potential two-day consecutive rise [1]. - Major component stocks of the ETF, such as Rongchang Biopharma and Baili Tianheng, saw increases exceeding 5%, while others like Baijie Shenzhou rose over 4% [3]. Group 2: Key Component Stocks - The top ten component stocks of the ChiNext Innovative Drug ETF include: - J-Z**KD with a 4.04% increase and an estimated weight of 10.43% - Baili Tianheng with a 5.10% increase and an estimated weight of 7.89% - Rongchang Biopharma with a 5.51% increase and an estimated weight of 6.35% [4]. Group 3: Industry Developments - Innovent Biologics announced the approval of its ICP-538, a VAV1 molecular glue degrader, for clinical research, marking it as the first of its kind in China and the second globally [4]. - Baili Tianheng's recent shareholder meeting approved significant resolutions, including the issuance of debt financing tools and extending the validity of H-share issuance [5]. Group 4: Strategic Collaborations - Innovent Biologics entered a strategic partnership with Eli Lilly to advance the global development of innovative drugs in oncology and immunology, receiving an upfront payment of $350 million and potential milestone payments totaling up to $8.5 billion [5]. Group 5: Industry Growth and Trends - The Chinese innovative drug sector is transitioning from "pipeline expectations" to "performance realization," with over 70% of companies projected to achieve revenue growth by 2025 [8]. - The total value of License-out transactions for Chinese innovative drugs skyrocketed from $2.562 billion in 2017 to an estimated $140.274 billion by 2025, indicating a significant increase in global recognition [6]. Group 6: Investment Opportunities - Three key investment themes for 2026 in the innovative drug sector include: 1. Accelerated BD (Business Development) overseas, focusing on ADC, dual antibodies, and GLP-1RA [9]. 2. Policy support for innovative drug development, enhancing commercialization opportunities [9]. 3. Monitoring critical clinical data and commercialization milestones for new drugs [10].

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

Core Viewpoint - Changchun High-tech has reported its worst performance in nearly two decades, with a projected net profit of 150 million to 220 million yuan for 2025, representing a year-on-year decline of 91.48% to 94.19% [2] Financial Performance - The company experienced a significant decline in net profit for the first three quarters of 2025, amounting to 1.165 billion yuan, a decrease of 58.23% year-on-year [2] - The fourth quarter is expected to incur a massive loss of 945 million to 1.015 billion yuan, with a year-on-year increase in losses of 358.74% to 392.72% [2] Business Dependency - The core issue behind the performance decline is the company's heavy reliance on its growth hormone business, which has historically contributed nearly 100% of its net profit [2] - The net profits of Jinsai Pharmaceutical, a subsidiary responsible for the growth hormone business, were 4.217 billion yuan and 4.514 billion yuan in 2022 and 2023, respectively, closely aligning with the overall net profit of Changchun High-tech during the same periods [2] Market Changes - The long-acting growth hormone Jinsai was included in the national medical insurance directory, with a significant price reduction of approximately 75% for the 9mg specification [3] - The inclusion in the medical insurance directory has ended the high-profit era for this business, leading to a drastic compression of profit margins [3] - The market landscape for growth hormones has fundamentally changed, with competitors like Teva Biopharma and Novo Nordisk entering the market, further intensifying price competition [3] R&D and Sales Strategy - To reduce dependency on a single product, the company has increased R&D investment, reaching 2.69 billion yuan in 2024, accounting for 20.0% of revenue [4] - In the first three quarters of 2025, R&D investment was 1.733 billion yuan, a year-on-year increase of 22.96%, representing 17.68% of revenue [4] - Sales expenses have also risen significantly, reaching 3.764 billion yuan in the first three quarters of 2025, accounting for 38.38% of revenue, up from 32.96% in 2024 [4] Transition Challenges - The company is currently facing a transitional phase characterized by the loss of its "old engine" (growth hormone business) and the underperformance of new products [4] - Short-term risks include uncertainties in innovative drug development and underwhelming commercialization of new products, which may prolong the period of performance stabilization [4] - However, in the long term, the short-term impact of price reductions from medical insurance is expected to be absorbed, with the growth hormone business potentially maintaining stable cash flow as prices stabilize and market penetration increases [4]

Core Viewpoint - Tonghua Dongbao Pharmaceutical Co., Ltd. has received an administrative regulatory measure from the Jilin Securities Regulatory Bureau, addressing issues related to the mixed use of properties with its controlling shareholder, lack of lease agreements, and rent payments, which the company is committed to rectify [1] Group 1: Regulatory Measures - The company acknowledges the regulatory measures and emphasizes its commitment to comply with relevant laws and regulations, aiming to enhance corporate governance [1] - The identified issues reflect weaknesses in the company's governance structure and independent management, prompting a comprehensive internal management system improvement [1] - The regulatory measures are characterized as routine oversight and are not expected to impact the company's normal production and operational activities [1] Group 2: Financial Performance and Growth - The company forecasts a net profit of approximately 1.242 billion yuan for 2025, indicating a turnaround from losses compared to the previous year [2] - The anticipated profit increase is primarily driven by the company's competitive advantage in insulin procurement, leading to rapid market share growth for insulin products [2] - The company has also seen significant growth in other products, such as liraglutide injection and empagliflozin tablets, contributing to a substantial rise in domestic sales revenue [2] Group 3: Strategic Focus - As a leading player in the domestic insulin market, the company plans to continue focusing on its core business, increasing R&D investment, and advancing international expansion [2] - The company aims to optimize its product structure and enhance core competitiveness while maintaining stable operational performance and improving corporate governance [2]

消息面上，近日，由脑机交互与人机共融海河实验室周鹏智慧中医团队牵头，天津中医药大学第一附属 医院、天津市滨海新区中医医院、天津中医药大学、天中依脉公司等多家优势单位联合研发的全国首个 脑控针灸融合神经康复装备平台"神工-华佗"落地。团队创新性研发了"脑机接口+智能穿戴式针灸"融合 技术，相关研究已获国家载人航天实验项目等多项前期项目支撑。 截至2026年2月4日 13:13，中证医药及医疗器械创新指数(931484)成分股方面涨跌互现，东阿阿胶领涨 3.35%，恩华药业上涨1.14%，康弘药业上涨1.03%；特宝生物领跌。医疗创新ETF(516820)最新报价0.36 元。 华金证券认为，政策端持续加码——国家药监局首次将"人工智能医疗器械"列为四大重点发展领域，技 术端DeepSeek-R1等开源大模型显著降低开发门槛，共同推动国内AI+医疗市场进入高速增长通道；全 球AI医疗市场规模预计2022–2030年CAGR达35.5%，至2030年将达1553亿美元。 从资金净流入方面来看，医疗创新ETF近13天获得连续资金净流入，最高单日获得4182.65万元净流 入，合计"吸金"2.46亿元，日均净流入达18 ...