中信证券股份有限公司 关于北京神州细胞生物技术集团股份公司 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年八月 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票申请文件 上市保荐书 声 明 中信证券股份有限公司接受北京神州细胞生物技术集团股份公司的委托，担 任其 2025 年度向特定对象发行 A 股股票的保荐人。 中信证券及保荐代表人已根据《中华人民共和国公司法》《中华人民共和国 证券法》《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司证券发行与 承销业务实施细则》等法律法规和中国证券监督管理委员会及上海证券交易所的 有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范 出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐书中如无特别说明，相关用语与《北京神州细胞生物技术集团股 份公司 2025 年度向特定对象发行 A 股股票募集说明书》中的含义相同。 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A ...

上海奥浦迈生物科技股份有限公司 2025 年半年度报告 公司代码：688293 公司简称：奥浦迈 上海奥浦迈生物科技股份有限公司 二〇二五年八月 上海奥浦迈生物科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险。具体内容详见本报告第三节"管理层讨论 与分析"之"四、风险因素"，敬请广大投资者查阅。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人肖志华、主管会计工作负责人倪亮萍及会计机构负责人（会计主管人员）倪亮萍 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 关于公司 2025 年中期利润分配预案具体如下： 会第七次会议以及 2024 年年度股东大会，审议通过了《关于公司 2024 年度利润分配预案的议 案》，其中，为进一步回报广大股东，若公司 2025 年上半年盈利且满足现金分 ...

Core Viewpoint - Shenzhou Cell (688520.SH) has achieved its first profit in 2024 and plans to raise up to 900 million yuan through a private placement to its controlling shareholder, Lhasa Ailike, to enhance liquidity and reduce financial risks [2][6][9] Group 1: Fundraising and Shareholding Structure - Shenzhou Cell plans to issue shares at 36 yuan per share, raising no more than 900 million yuan, which will be used entirely for replenishing working capital [3][4] - After the issuance, Lhasa Ailike's direct shareholding in Shenzhou Cell will increase to 62.98%, while the total control by its actual controller, Xie Liangzhi, and his concerted parties will rise to 70.86% [4][6] - This is the second time Shenzhou Cell has planned a private placement since its IPO, with the first occurring in June 2020, raising 1.282 billion yuan [5] Group 2: Financial Performance and Profitability - In 2024, Shenzhou Cell achieved revenue of 2.513 billion yuan, a year-on-year increase of 33.13%, and a net profit of 112 million yuan, up 128.27% [2][7] - The company’s R&D expenditure in 2024 was 936 million yuan, accounting for 37.25% of its revenue, reflecting a 23.11% decrease from the previous year [9] - Shenzhou Cell's cumulative losses reached 3.76 billion yuan by March 2025, with a debt ratio of 94.25%, indicating a need for capital and operational funding [9] Group 3: Product Development and Market Strategy - Shenzhou Cell focuses on developing biopharmaceutical products for various diseases, including cancer and autoimmune diseases, and has seen a stable sales increase of its core product, Anjain, which generated 1.89 billion yuan in sales in 2024 [6][7] - The sales of three other products, Anpingxi, Anjairun, and Anbeizhu, exceeded 620 million yuan in 2024, marking a significant year-on-year growth of 499.80% [8] - The company has implemented effective market strategies to ensure stable revenue growth despite pricing pressures from regional procurement [7][8]

Core Viewpoint - Maiwei Biotech and DeepMind Technology have announced a strategic partnership to leverage their strengths in biopharmaceutical research and artificial intelligence to create a new paradigm for drug development [2][4]. Group 1: Company Strengths - Maiwei Biotech has significant advantages in ADC technology platform construction and the discovery of single/double antibody molecules, having established a complete industry chain from research and development to production [3]. - The company’s self-developed IDDC platform and Mtoxin toxin technology have been validated in multiple projects [3]. Group 2: Collaboration Details - The collaboration will focus on two main areas: the construction of a knowledge engine using the Uni-SMART multimodal scientific literature model to enhance research efficiency and the exploration of innovative targets through the RiDYMO® platform, which can significantly improve molecular simulation sampling efficiency [3]. - The partnership aims to combine Maiwei Biotech's ADC technology advantages with DeepMind's RiDYMO® platform to accelerate the discovery of drug molecules from concept to realization [3]. Group 3: Industry Impact - This collaboration is expected to shift biopharmaceutical research from an "experiment-driven" approach to a "computational-driven" model, enhancing research efficiency and providing better accessibility to innovative drugs for patients [4]. - The initiative aims to meet the unmet clinical needs globally by delivering more effective biopharmaceutical innovations [4].

Core Viewpoint - The report highlights Shenzhou Cell's strong performance driven by eight key products, achieving profitability for the first time and showcasing a rich pipeline for future growth [1][3]. Financial Performance - In 2024, the company reported revenue of 2.513 billion, net profit attributable to shareholders of 112 million, and a non-recurring net profit of 474 million, marking a 33% year-on-year revenue growth [2][3]. - For Q1 2025, the company recorded revenue of 519 million, net profit attributable to shareholders of 64 million, and a non-recurring net profit of 24 million, reflecting a year-on-year decline of 15%, 14%, and 85% respectively [2]. Operational Analysis - The restructuring of the eight key products led to a revenue of nearly 2.5 billion in 2024, with the first-ever achievement of positive profitability [3]. - The product Anjain achieved stable sales of 1.89 billion, growing by 6.18% year-on-year, despite price reductions in regional and alliance collective procurement [3]. - Sales of three antibody products exceeded 620 million, with a remarkable year-on-year growth of 499.80% [3]. Research and Development - In 2024, the company invested 936 million in R&D, focusing on clinical studies for products like SCT1000, SCT650C, and SCTB14, as well as preclinical development of multiple pipeline products [4]. - The monoclonal antibody SCT-I10A was approved for marketing in China in February 2025 for treating head and neck squamous cell carcinoma and liver cancer [4]. - Several innovative biologics and vaccines are in development, including SCT650C for autoimmune diseases and SCTB14 for solid tumor immunotherapy, with Phase II clinical trials initiated [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 and 2026 have been adjusted downwards by 7% and 17% to 3 billion and 3.9 billion respectively, with net profit forecasts reduced by 47% and 39% to 224 million and 450 million [5]. - The company is expected to achieve a revenue of 4.9 billion and a net profit of 789 million by 2027 [5]. - The rating for the company remains "Buy" [5].