上海复旦张江生物医药股份有限公司关于变更部分募集资金投资项目的公告 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、准确性和完整性承担法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：688505股票简称：复旦张江编号：临2025-035 重要内容提示： ●原项目名称：海姆泊芬美国注册项目； ●新项目名称：光动力药物创新研发持续发展项目； ●变更募集资金投向的金额：人民币18,154.61万元（该金额为截至2025年10月30日募集资金账户余额， 含利息及理财收益，实际金额以资金转出当日计算利息收入后的剩余金额为准）； ●新项目建设周期：自公司股东大会审议通过之日起至2027年12月31日； ●公司将原"海姆泊芬美国注册项目"变更至"光动力药物创新研发持续发展项目"，能够有效控制募集资 金使用风险，聚焦优势研发领域，提升资金使用效率，快速推动在研项目研发及产业化，以期尽快为公 司贡献收入； ●本次变更募投项目不会对公司当前和未来生产经营产生重大不利影响，不存在损害公司及股东利益的 情形。公司将加强对募投项目进度的监督，以提高募集资金的 ...

2025年10月30日晚间，复旦张江（688505.SH/01349.HK）披露2025年第三季度报告。报告显示，公司第 三季度实现营业收入1.61亿元，同比增长14.40%；研发投入占营收比例超40%。 公司的研发管线聚焦于具有竞争优势的治疗领域，多项在研项目进展顺利，为长期增长蓄积潜能。公司 聚焦光动力技术和ADC药物开发两大技术平台，形成了独特的研发体系。在光动力技术领域，公司拥 有完整的知识产权布局和丰富的研发经验，正在推动该技术从治疗领域向手术可视化等创新应用场景拓 展，已开发和正在研发的药物适应症涉及尖锐湿疣、鲜红斑痣、中重度痤疮、光化性角化病、宫颈癌前 病变，同时覆盖乳腺癌、脑胶质瘤、膀胱癌等术中可视化诊断项目。在ADC平台建设方面，公司建立 了从早期研发到产业化的完整能力，为多个在研项目提供了坚实的技术支撑。 报告期内，受医药行业政策及市场竞争格局改变影响，公司主动调整营销策略以适应新的市场格局，此 举确对短期利润构成影响，但有利于维护市场地位及产品的长远生命周期。此外，不知是否是公司积极 应对市场变化的措施逐步发挥作用，公司在现金流方面取得积极成效。前三季度，公司经营活动产生的 现金流量净额 ...

Core Insights - 2025 is a pivotal year for China's innovative pharmaceuticals, transitioning from "R&D-oriented" to "commercialization" [1] - The industry saw record high License-out transaction volumes in the first half of the year, indicating enhanced global competitiveness of Chinese innovative drugs [1] - Fudan Zhangjiang (688505.SH/01349.HK) is focusing on photodynamic therapy and ADC platforms, achieving significant progress in R&D and international expansion [1] Group 1: Financial Performance - Fudan Zhangjiang reported a 14.58% year-on-year increase in R&D investment, reaching 178 million yuan, with R&D accounting for 45.63% of revenue [1] - Despite short-term performance fluctuations due to centralized procurement, the company's commitment to R&D remains strong [1] Group 2: Photodynamic Therapy Developments - The product matrix centered around Aila® and Fumeida® is expanding, with ongoing clinical trials for new indications [2] - Two projects for treating HPV-related cervical diseases and acne have completed Phase II clinical trials, with plans to advance to Phase III [2] - Research on the application of photodynamic technology in surgical visualization is ongoing, with several clinical trials concluding data collection [2] Group 3: ADC Platform Progress - The ADC platform has seen multiple projects making significant progress, including ongoing Phase III trials for anti-Trop2-SN38 [3] - Phase I trials for non-small cell lung cancer and ovarian cancer indications have been completed [3] - The company is leveraging its production base in Taizhou to enhance its development pipeline from R&D to commercialization [3] Group 4: Market Position and Future Outlook - Fudan Zhangjiang's differentiated advantages in photodynamic therapy and ADC, along with a rich R&D pipeline, are expected to open up long-term growth opportunities [3] - With increasing domestic policy support for innovative drugs and deepening international collaborations, the company is poised to secure a position in the global innovative drug market [3]

Group 1 - Fudan Zhangjiang reported a revenue of 390 million yuan for the first half of 2025, a year-on-year decrease of 4.42%, and a net profit attributable to shareholders of 5.71 million yuan, down 91.89% year-on-year [1] - The company maintained a high R&D investment of 178 million yuan, which represents 45.63% of its revenue, an increase of 7.57% year-on-year [1] - The company is a leader in photodynamic therapy, with ongoing research expanding indications for its products, including treatments for cervical diseases and acne, which have completed Phase II clinical trials [1] Group 2 - The ADC technology platform is accelerating clinical trials, with ongoing Phase III trials for the anti-Trop2 antibody conjugate SN38 for triple-negative breast cancer and other tumor types [2] - Fudan Zhangjiang's production base in Taizhou is capable of large-scale commercial production for the F0024 project, supporting the ongoing Phase III clinical trial [2] - The company has completed technology transfer for the F0034 project, which is also preparing for Phase III clinical trial sample production [2] Group 3 - Due to not winning the bid for the tenth batch of national procurement, Fudan Zhangjiang has implemented a gradual price reduction for the product Libao Duo starting May 1, 2025, which may impact short-term revenue [3] - Despite short-term performance fluctuations, the company remains committed to innovation and R&D in photodynamic and ADC technology, aiming to drive long-term value [3] - As the pipeline gradually moves towards commercialization, Fudan Zhangjiang is expected to strengthen its position in the innovative drug sector [3]