一、本期业绩预告情况 证券代码：688180 证券简称：君实生物 公告编号：临2026-003 上海君实生物医药科技股份有限公司2025年年度业绩预告 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。 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现营业收入250,000.00万元左右，与上年同期相比增长 55,168.27万元左右，同比增长28.32%左右。 2、预计2025年年度研发费用为135,300.00万元左右，与上年同期相比增长7,772.99万元左右，同比增长 6.10%左右。 3、预计2025年年度实现归属于母公司所有者的净利润-87,300.00万元左右，与上年同期相比亏损减少 40,792.64万元左右，同比亏损减少31.85%左右。预计2025年年度扣除股份支付影响后实现归属于母公 司所有者的净利润-79,900.00万元左右，与上年同期相比亏损减少48,192.64万元左右，同比亏损减少 37.62%左右。 4、预计2 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本次业绩预告相关财务数据是公司财务部门初步测算的结果，未经会计师事务所审计。公司已就本报告 期业绩预告有关事项与会计师事务所进行预沟通，双方在本次业绩预告方面不存在重大分歧。 证券代码：300436 证券简称：广生堂 公告编号：2026003 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为负值 二、与会计师事务所沟通情况 2、公司基于谨慎性原则，对报告期末合并报表范围内无形资产、存货、固定资产等资产进行减值测 试，对发生减值的资产计提减值准备。 3、报告期内，预计非经常性损益对公司归属于上市公司股东的净利润的影响约750万元，同比减少约 3,573万元，主要是政府补助大幅减少。 上述计提资产减值准备等财务数据情况未经会计师事务所审计，计提资产减值准备的相关评估工作正在 进行中，最终数据以会计师事务所审计结果为准。 四、其他相关说明 2025年年度具体财务数据将在公司2025年年度报告中详细披露， ...

证券代码：688506 证券简称：百利天恒 公告编号：2026-009 二、上年同期业绩情况和财务状况 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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年度实现营业收入为250,000.00万元左右，与上年同期相比将减少 332,271.78万元左右，同比减少57.06%左右。 2、经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润为-110,000.00万元左右，与 上年同期相比将减少480,750.46万元左右，同比减少129.67%左右。 3、经财务部门初步测算，预计2025年度实现归属于母公司所有者扣除非经常性损益后的净利润 为-120,000.00万元左右，与上年同期相比将减少483,553.75万元左右，同比减少133.01%左右。 （三）本次业绩预告未经注册会计师审计。 公司不存在影响本次业绩预告内容准确性的重大不确定因素，本次业绩预告是公司财务部门基 ...

证券代码：688176 证券简称：亚虹医药 公告编号：2026-004 江苏亚虹医药科技股份有限公司2025年年度业绩预亏公告 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。 重要内容提示： ● 江苏亚虹医药科技股份有限公司（以下简称"公司"）预计2025年度实现归属于母公司所有者的净利润 为-37,766.54万元到-45,319.85万元，与上年同期相比，净利润增加-6,913.51万元（亏损同比增长 18.00%）到639.80万元（亏损同比减少1.67%）。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润为-37,766.54万元 到-45,319.85万元，与上年同期相比，净利润增加-6,913.51万元（亏损同比增长18.00%）到639.80万元 （亏损同比减少1.67%）。 2、预计公司2025年度归属于母公司所有者扣除非经常性损益后的净利润为-39,628.87万元到-47,554.65 万元，与上年同期相比，扣除非经常性损益后的净利润增加-6,659.17万元 ...

证券代码：688166 证券简称：博瑞医药（维权） 公告编号：2026-003 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润4,130万元到6,190万元，与 上年同期（法定披露数据）相比将同比减少67.28%到78.17%。 2、预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润430万元到2,490万元，与上 年同期（法定披露数据）相比将同比减少86.21%到97.62%。 博瑞生物医药（苏州）股份有限公司 2025年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 3、BGM1812注射液：BGM1812是公司优化设计的新型长效Amylin类似物，具有良好的分子活性和药 学稳定性。Amylin（胰淀素）作为一种由37个氨基酸组成的饱腹感多肽激素，由胰腺β细胞与胰岛素协 同释放入血。它通过激活大脑饱腹感通路抑制食欲，同时延缓胃排空、抑制胰高血糖素分泌，具有多 ...

Core Viewpoint - DIZHE Pharmaceutical (688192.SH) is pursuing an "A+H" listing by submitting an application to the Hong Kong Stock Exchange, aiming to raise funds for clinical development, sales, and operational expenses, while currently being in the commercialization phase with two approved products [2][3]. Financial Performance - The company raised approximately 2.1 billion yuan in its 2021 IPO and 1.8 billion yuan through a private placement in April 2025 [2]. - DIZHE expects to achieve revenue of around 800 million yuan in 2025, representing a year-on-year growth of approximately 122.28%, with a projected net loss of about 770 million yuan [2][5]. - The company reported a net profit of approximately -1.1 billion yuan in 2023 and -846 million yuan in 2024, with an expected reduction in net loss by about 75.96 million yuan in 2025 [7]. Product Pipeline and Market Strategy - DIZHE has two approved products, Shuwotini (舒沃哲) and Gelixitini (高瑞哲), which are expected to significantly enhance patient accessibility after being included in the national medical insurance catalog [4][5]. - The company is focusing on expanding the indications for its existing products and advancing its pipeline, which includes seven products currently in clinical stages [8]. R&D Investment and Challenges - DIZHE is in the early stages of commercialization and continues to incur significant R&D expenses, with an expected R&D expenditure of around 860 million yuan in 2025, reflecting a year-on-year increase of approximately 18.84% [7]. - The company is facing challenges in achieving positive operating cash flow, as it continues to invest heavily in R&D while striving for commercial profitability [6][8]. Market Position and Future Outlook - DIZHE aims to leverage its products' inclusion in the medical insurance directory to enhance market penetration and drive revenue growth, with a sales expense ratio significantly reduced to 72% in the first three quarters of 2025 [6]. - The company is committed to ensuring the advancement of its core global pipeline and key market development while maintaining a focus on sustainable high-quality profitability [8][9].

Investment Rating - The report maintains a positive outlook on the overseas education sector, particularly highlighting key companies in the education and training industry [1]. Core Insights - The overseas education sector has shown significant improvement in operational efficiency, with a focus on key companies in the education and training industry [1]. - New Oriental (09901.HK) reported a revenue of $1.191 billion for Q2 FY26, a year-on-year increase of 14.7%, with a Non-GAAP net profit of $73 million, reflecting a 68.6% increase [6]. - Oriental Selection (01797.HK) achieved a revenue of 2.31 billion yuan in 1H FY26, up 5.7% year-on-year, and turned a profit with a net profit of 239 million yuan [9]. Summary by Sections 1. Overseas Education - The education index surged by 7.2% in the week of January 23-29, outperforming the Hang Seng Index by 2.2 percentage points [5]. - New Oriental's education business (including cultural tourism) generated $974 million, a 13% increase year-on-year, while other businesses (mainly Oriental Selection) saw a 22.9% revenue growth [6]. - The study abroad business's revenue growth has stabilized, with a 1% increase year-on-year, although it has slowed compared to previous periods [6]. 2. Oriental Selection - The company reported a revenue of 2.31 billion yuan in 1H FY26, marking a 5.7% increase year-on-year, and achieved profitability with a net profit of 239 million yuan [9]. - The gross merchandise volume (GMV) from self-operated products reached 2.16 billion yuan, with a significant improvement in gross margin from 21.5% to 33.7% year-on-year [10]. - The company is expanding its product offerings and enhancing operational efficiency, with a focus on increasing the utilization rate of existing teaching sites [7]. 3. Overseas Pharmaceuticals - The report highlights a strategic R&D collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at $18.5 billion, focusing on innovative long-acting peptide drugs [3][19]. - The agreement includes a $1.2 billion upfront payment and potential milestone payments totaling up to $13.8 billion, along with sales royalties based on net sales [19]. 4. Overseas Social Services - Macau's gaming revenue maintained double-digit growth, with December's gross gaming revenue reaching 20.9 billion MOP, a 14.8% year-on-year increase [23]. - The total visitor count for Macau in 2025 reached 40.06 million, a 14.7% increase year-on-year, marking a historical high [23].

尤为值得关注的是，公告首次披露了口服BGM1812、口服BGM1962、MSTN环肽注射液及ALK7靶向 siRNA项目4项创新药研发进展。口服BGM1812利用获授权的Macoral口服多肽制剂平台开发，具备每周 给药一次潜力，目前处于临床前研究阶段。BGM1962是公司自主研发的新型长效选择性胰岛淀粉样肽 受体激动剂，经肽序列优化结合脂肪酸修饰技术开发，体外研究显示其对AMY1R激动活性远高于 CTR，在动物模型中半衰期优势突出，具备每月一次低频给药潜力，有望为肥胖症患者提供长效、安全 的治疗新选择，当前处于临床前研究阶段。 MSTN环肽注射液是自主研发的高选择性肌生成抑制素环肽抑制剂，旨在与减重疗法联用，实现减重的 同时维持或增加瘦体重。体外实验表明其对GDF8有强效选择性抑制活性，在饮食诱导肥胖小鼠模型 中，与BGM0504联用4周，能在减重的同时显著维持瘦体重，且在大鼠中皮下给药后半衰期达23.9小 时，支持每周或更低频给药方案，目前处于PCC(临床前候选化合物)阶段。ALK7靶向siRNA项目拟用于 超重/肥胖适应症，计划与GLP-1类药物联用提升疗效，采用脂肪靶向递送技术，临床前研究显示单次皮 ...

Core Viewpoint - Guangshengtang (300436) forecasts a net profit attributable to shareholders of -170 million to -240 million yuan for the year 2025, indicating a challenging financial outlook due to high R&D and management expenses [1] Group 1: Financial Performance - The company expects a net profit loss between -170 million and -240 million yuan for 2025 [1] - The high level of R&D and management expenses is attributed to significant prior fixed asset investments [1] Group 2: R&D and Clinical Trials - Guangshengtang continues to adhere to its innovative drug development strategy, with ongoing investments in R&D to expedite clinical research [1] - The Phase III clinical trial for the hepatitis B treatment drug GST-HG141 has successfully enrolled 526 participants, meeting the planned enrollment target [1] - The company anticipates completing the total enrollment by mid-February, with a possibility of slightly exceeding the original target [1] Group 3: Asset Management - The company has conducted impairment tests on intangible assets, inventory, and fixed assets at the end of the reporting period, and has made provisions for any identified impairments [1]

Group 1 - The company, Anglikang, forecasts a net profit attributable to shareholders for 2025 between 110 million to 138 million yuan, representing a year-on-year growth of 36.93% to 71.78% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 71 million to 99 million yuan, with a year-on-year increase of 46.68% to 104.52%, indicating a significant improvement in core profitability [1] - The growth in performance is attributed to the company's proactive reduction in new project approvals for generic drugs and a decrease in R&D expenses, alongside the deferral of a 100 million yuan upfront payment due to internal approval delays for the ALK-N002 project [1] Group 2 - Anglikang has established a comprehensive industrial chain from pharmaceutical intermediates and raw materials to finished formulations, focusing on key therapeutic areas such as cardiovascular, oral cephalosporins, and nephrology [2] - The company has developed several market-leading products, including the first domestic cephalosporin sustained-release tablet to pass the consistency evaluation, maintaining a leading market share [2] - In response to national policies promoting innovative drug development, Anglikang is actively exploring the development of modified new drugs and innovative drugs, accelerating its strategic push in this area [2] Group 3 - The company plans to raise 1.16 billion yuan through a private placement of A-shares to fund "innovative drug research and industrialization projects," focusing on clinical development and commercialization of innovative drugs for cancer treatment [3] - The injection drug ALK-N001 has received clinical trial approval and is currently in Phase I trials, with plans to advance clinical trials for ALK-N001 and ALK-N002 in relevant indications [3] - Anglikang has been recognized in 2025 as one of the top 200 companies in R&D investment and patent inventions in Zhejiang Province, reflecting its comprehensive strength in innovation [3]