Company Overview - TeBao Bio is located in Xiamen, Fujian Province, established on August 7, 1996, and listed on January 17, 2020 [2] - The company specializes in recombinant proteins and long-acting drugs, classified under the pharmaceutical and biological industry, specifically in the bioproducts sector [2] Stock Performance - As of August 22, TeBao Bio's stock price decreased by 2.01%, trading at 84.47 CNY per share, with a market capitalization of 34.362 billion CNY [1] - Year-to-date, the stock price has increased by 16.11%, with a recent decline of 1.32% over the last five trading days, and an increase of 11.16% over the last 20 days [2] - The stock has shown a 4.46% increase over the last 60 days [2] Financial Performance - For the period from January to June 2025, TeBao Bio reported a revenue of 1.511 billion CNY, reflecting a year-on-year growth of 26.96% [2] - The company has distributed a total of 577 million CNY in dividends since its A-share listing, with 506 million CNY distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 8,439, up by 13% from the previous period [2] - The average number of circulating shares per shareholder decreased by 11.51% to 48,204 shares [2] - Among the top ten circulating shareholders, Huaxia SSE Sci-Tech Innovation Board 50 ETF holds 8.9489 million shares, an increase of 837,500 shares compared to the previous period [2] Capital Flow - On August 22, the net inflow of main funds was 2.4143 million CNY, with large orders accounting for 20.80% of total purchases [1] - The total transaction volume reached 68.1594 million CNY, with a turnover rate of 0.20% [1]

Market Strategy - The market is experiencing fluctuations and differentiation, with notable adjustments in high-position stocks [5][7] - The overall performance of blue-chip stocks is leading, while innovative small and medium enterprises are lagging behind [7][8] Economic Insights - From January to July, the online retail sales of agricultural products increased by 7.4% year-on-year [14][15] - The People's Bank of China conducted a 7-day reverse repurchase operation of 253 billion yuan on August 21, with a net injection of 124.3 billion yuan for the day [16][17] - A total of 20 distressed real estate companies have been approved for debt restructuring, with a total debt resolution scale exceeding 1.2 trillion yuan [18][19] Industry Dynamics - In July, China's engineering machinery import and export trade amounted to 5.504 billion USD, a year-on-year increase of 19.1% [27][28] - The total electricity consumption in July increased by 8.6% year-on-year, with residential electricity consumption growing significantly [29][30] Company Performance Tracking - Salted Fish (002847.SZ) reported a 19.58% increase in revenue and a 16.70% increase in net profit for the first half of 2025 [31][32] - TeBao Bio (688278.SH) achieved a non-net profit of 431 million yuan in the first half of 2025, a year-on-year increase of 30.68% [34] - Shangtai Technology (001301.SZ) reported a 34.37% increase in net profit for the first half of 2025 [36] - JiBit (603444.SH) achieved a net profit of 645 million yuan in the first half of 2025, a year-on-year increase of 24.50% [38] - LiYuanHeng (688499) reported a revenue of 1.529 billion yuan in the first half of 2025, turning a profit with a net profit of 33.41 million yuan [41][42] - JiuZhiTang (000989.SZ) reported a net profit of 144 million yuan in the first half of 2025, a year-on-year decrease of 29.71% [43][44]

Core Viewpoint - The recent financial report of TeBao Bio (688278) shows significant growth in both revenue and net profit for the first half of 2025, indicating a strong performance driven by increased patient acceptance of its core product, Pegasys [1][3]. Financial Performance - Total revenue reached 1.511 billion yuan, a year-on-year increase of 26.96% - Net profit attributable to shareholders was 428 million yuan, up 40.6% - In Q2 alone, revenue was 837 million yuan, reflecting a 29.91% increase year-on-year, while net profit for the quarter was 246 million yuan, up 40.01% [1]. - Gross margin stood at 92.98%, a slight decrease of 0.41%, while net margin improved to 28.33%, an increase of 10.74% [1]. - Total operating expenses were 737 million yuan, accounting for 48.76% of revenue, down 6.08% year-on-year [1]. Cash Flow and Assets - Cash flow from operating activities saw a remarkable increase of 397.97%, attributed to a significant rise in cash received from product sales [4]. - The company experienced a 42.27% increase in cash and cash equivalents due to improved collections and the redemption of financial products [2]. - Trade receivables surged by 215.76%, reflecting expanded revenue scale and increased customer bill settlements [2]. R&D and Market Strategy - R&D expenses rose by 53.46%, driven by ongoing projects and increased personnel costs [4]. - The company emphasizes a customer-centric approach in its sales strategy, focusing on unmet market needs and enhancing product differentiation through innovation [10][11]. - The pricing strategy for its long-acting growth hormone, Yipeisheng, is set at 1798 yuan per 5mg, based on market research [12]. Market Position and Future Outlook - The company has a strong return on invested capital (ROIC) of 37.11%, indicating high capital efficiency [6]. - Analysts project a revenue of 1.117 billion yuan and an earnings per share of 2.75 yuan for 2025 [8]. - The company is strategically positioned in the immune and metabolic fields, focusing on innovative solutions for major diseases [17][20]. Fund Holdings - The largest fund holding TeBao Bio is Dongfanghong Ruifeng LOF, with a scale of 1.751 billion yuan and a recent net value of 1.705, reflecting a 55.32% increase over the past year [9].

Core Viewpoint - The company reported record-high revenue and net profit for the first half of 2025, driven by its innovative long-acting protein drug development and significant R&D investment [1][2]. Financial Performance - The company achieved operating revenue of 1.511 billion yuan, representing a year-on-year growth of 26.96% [1]. - The net profit attributable to shareholders also reached a new high, although specific figures were not disclosed [1]. R&D and Innovation - The company focuses on long-acting protein drug research and has a significant advantage in polyethylene glycol modification technology [1]. - In the first half of 2025, R&D investment amounted to 202 million yuan, reflecting a substantial year-on-year increase of 48.77% [1]. Product Development - The company received approval for a new Class 1 drug, Yipeisheng, which is designed to treat growth hormone deficiency in children aged three and above [1]. - The company has established three core technology platforms: polyethylene glycol modification of recombinant proteins, protein drug production, and drug screening and optimization [2]. Strategic Acquisitions - The company’s wholly-owned subsidiary, Borsai Gene, completed the acquisition of Jiutian Biology, enhancing its capabilities in the biotechnology sector [2].

Core Viewpoint - Xiamen Te Bao Biological Engineering Co., Ltd. has received approval from the National Medical Products Administration for clinical trials of its product Yipeisheng (generic name: Yipei Growth Hormone Injection) for a new indication of Adult Growth Hormone Deficiency (AGHD) [1][2] Group 1: Drug Information - The product Yipeisheng is a long-acting growth hormone developed by the company, utilizing a 40kD Y-shaped branched polyethylene glycol for single-molecule modification [1] - Yipeisheng was previously approved for treating growth hormone deficiency in children aged 3 and above, with the approval granted in May 2025 [1] Group 2: Clinical Significance - Adult Growth Hormone Deficiency is caused by hypothalamic-pituitary dysfunction, leading to insufficient synthesis or secretion of growth hormone, resulting in growth and metabolic disorders [2] - Clinical features of AGHD include abnormal body composition and function, often accompanied by multiple complications that impair physical and mental health and affect quality of life [2] - Yipeisheng has the potential to provide effects equivalent to endogenous growth hormone for treating AGHD [2] Group 3: Company Impact - The approval for clinical trials does not have a significant immediate impact on the company's operating performance [2] - The drug development process is characterized by long cycles, high investment, and substantial risks, with many uncertainties regarding subsequent research progress and approval outcomes [2]

Group 1 - The core point of the article is that Teabo Bio (SH 688278) has received approval from the National Medical Products Administration for a new indication of its product Yipei Sheng for "Adult Growth Hormone Deficiency (AGHD)" [2] - Teabo Bio's revenue composition for the year 2024 is projected to be 99.73% from biopharmaceuticals and 0.27% from other businesses [2]

Core Viewpoint - The company Teva Biopharmaceuticals (688278.SH) has received approval from the National Medical Products Administration for a new indication of its product Yipeisheng (generic name: Yipei Growth Hormone Injection) for "Adult Growth Hormone Deficiency (AGHD)" [1] Group 1 - Yipeisheng is a long-acting growth hormone developed by the company, utilizing 40kD Y-type branched polyethylene glycol for single-molecule modification [1] - The product was previously approved for treating growth hormone deficiency in children aged 3 years and older, with market approval expected by May 2025 [1] - The newly approved clinical trial application expands the indication to include treatment for Adult Growth Hormone Deficiency (AGHD) [1]

证券代码：688278 证券简称：特宝生物 公告编号：2025-028 厦门特宝生物工程股份有限公司 关于益佩生新增适应症获得药物临床试验批准通知书 的公告 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。 厦门特宝生物工程股份有限公司（以下简称"公司"）于近日收到国家药品监 督管理局（以下简称"国家药监局"）核准签发的关于公司产品益佩生（通用名 称：怡培生长激素注射液）新增适应症"成人生长激素缺乏症（AGHD）"的《药 物临床试验批准通知书》，现将有关情况公告如下： 一、药品基本情况 商品名称：益佩生® 通用名称：怡培生长激素注射液 受理号：CXSL2500493 申请人：厦门特宝生物工程股份有限公司 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年 6月16日受理的怡培生长激素注射液临床试验申请符合药品注册的有关要求，同意 本品在成人生长激素缺乏症患者中开展临床试验。 二、药品相关情况 益佩生是公司自主研发的一款采用40kD Y型分支聚乙二醇进行单分子修饰的长 效生长激素，是治疗用生物制品1类新药， ...

Core Viewpoint - The company has received approval from the National Medical Products Administration for a new indication of its product Yipeisheng (generic name: Yipei Growth Hormone Injection) for "Adult Growth Hormone Deficiency (AGHD)" [1] Group 1: Product Development - Yipeisheng is a long-acting growth hormone developed by the company, utilizing 40kD Y-type branched polyethylene glycol for single-molecule modification [1] - The product is classified as a Class 1 new drug for therapeutic biological products [1] Group 2: Market Approval - The existing indication for Yipeisheng, which is "for the treatment of growth retardation due to growth hormone deficiency in children aged 3 years and older," was approved for market launch in May 2025 [1] - The newly approved clinical trial application expands the indication to include "Adult Growth Hormone Deficiency (AGHD)" [1]

Market Performance - The pharmaceutical sector experienced a slight decline of -0.07% on August 20, 2025, underperforming the CSI 300 index by 1.21 percentage points, ranking 31st among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, hospitals (+0.63%), blood products (+0.30%), and medical research outsourcing (+0.29%) showed positive performance, while other biopharmaceuticals (-1.02%), in vitro diagnostics (-0.46%), and medical consumables (-0.38%) lagged behind [1] - Top three gainers in individual stocks were Huabang Health (+10.11%), Jimin Health (+10.02%), and Tianmu Pharmaceutical (+10.01%), while the biggest losers were Xintian Pharmaceutical (-10.01%), Fuyuan Pharmaceutical (-10.00%), and Chengyi Pharmaceutical (-9.99%) [1] Industry News - Madrigal announced that the European Commission has conditionally approved its drug Rezdiffra (resmetirom) for treating adult patients with moderate to severe liver fibrosis due to non-alcoholic steatohepatitis (MASH) [2] - Resmetirom is a "first-in-class" oral thyroid hormone receptor (THR)-β selective agonist targeting the underlying causes of MASH [2] - This approval marks the first MASH therapy to receive EU approval, based on results from the pivotal MAESTRO-NASH Phase 3 clinical trial, which showed that 25.9% and 29.9% of patients in the 80mg and 100mg Resmetirom groups, respectively, achieved symptom resolution without worsening liver fibrosis at week 52, compared to 9.7% in the placebo group (P<0.001) [2] Company News - Heng Rui Medicine (600276) reported a revenue of 15.761 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with a net profit attributable to shareholders of 4.450 billion yuan, up 29.67% [3] - Lizhu Group (000513) posted a revenue of 6.272 billion yuan for the first half of 2025, a slight decline of 0.17%, while net profit attributable to shareholders increased by 9.40% to 1.281 billion yuan [3] - Te Bao Biological (688278) achieved a revenue of 1.511 billion yuan, reflecting a growth of 26.96%, with a net profit of 428 million yuan, up 40.60% [3] - Zhong Yao Holdings (000950) reported a revenue of 41.188 billion yuan, a growth of 3.54%, and a net profit of 282 million yuan, increasing by 18.56% [3]