（文章来源：证券日报） 证券日报网讯 8月14日晚间，圣诺生物发布公告称，2025年半年度公司实现营业收入337，569，910.26 元，同比增长69.69%；归属于上市公司股东的净利润为88，956，694.45元，同比增长308.29%。 ...

Group 1 - The core viewpoint of the articles highlights the recent approval of an unprofitable biopharmaceutical company for IPO under the fifth listing standard of the Sci-Tech Innovation Board, signaling a positive shift in the financing environment for similar companies [1] - The fifth listing standard, which had previously faced a "zero acceptance" situation, is now being revitalized, indicating a renewed confidence from regulators in the long-term value of hard technology [1] - There are currently four other similar companies awaiting review for IPO under the same standard, suggesting a potential increase in market activity for unprofitable biopharmaceutical firms [1] Group 2 - The Sci-Tech Innovation Board's biopharmaceutical ETF (588860) has shown active trading, with an average daily trading volume of 31.1566 million yuan as of August 14, indicating strong investor interest [1][2] - The ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which includes 50 large-cap companies in the biopharmaceutical sector, reflecting the overall performance of this industry [2] - The top three weighted industries within the index are chemical pharmaceuticals (39.7%), medical devices (33%), and biological products (18.7%), highlighting the sector's composition [2] Group 3 - The innovation drug sector is expected to maintain its growth momentum, driven by policy support, increasing global competitiveness, and the realization of commercial profitability [3] - There is an anticipated recovery in demand for the domestic market by 2025, particularly in the consumer healthcare sector, which includes medical services and traditional Chinese medicine [3] - The medical device sector is also projected to see improvements by 2025, indicating a broader recovery trend within the healthcare industry [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已经在本报告中详细阐述公司在生产经营过程中可能面临的各种风险及应对措施，具体请查阅"第 三节 管理层讨论与分析"之"四、风险因素"。敬请投资者予以关注，注意投资风险。 1.3本公司董事会及董事、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。 2.1公司简介 公司股票简况 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6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 无 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4前十名境内存托凭证持有人情况表 □适用 ...

Financing Activities - On August 14, Shanghai Laishi (002252) had a financing buy of 32.32 million yuan and a financing repayment of 28.14 million yuan, resulting in a net financing buy of 4.18 million yuan, with a financing balance of 1.10 billion yuan [1] - Over the past three trading days, the cumulative net financing buy reached 21.01 million yuan, with 14 out of the last 20 trading days showing net financing buys [1] Margin Trading - On the same day, the margin trading saw a short selling of 11,500 shares, with a repayment of 1,200 shares, leading to a net short selling of 10,300 shares and a remaining short selling volume of 498,000 shares [2] - In the last 20 trading days, there were 11 days with net short selling [2] Margin Balance - The total margin balance reached 1.11 billion yuan on August 14, reflecting an increase of 4.23 million yuan or 0.38% from the previous day [4] - The margin balance has shown a consistent upward trend over the past few days, with notable increases on August 13 and August 12 as well [4]

Core Viewpoint - Saintno Bio (688117.SH) reported its mid-year results for 2025, showing a total revenue of 338 million yuan and a net profit attributable to shareholders of 88.96 million yuan, indicating a stable financial performance in the first half of the year [1]. Financial Performance - The company's total revenue for the first half of 2025 was 338 million yuan [1]. - The net profit attributable to shareholders was 88.96 million yuan [1]. - The net cash inflow from operating activities was 81.66 million yuan [1]. Financial Ratios - The latest debt-to-asset ratio is 43.45%, which is an increase of 1.48 percentage points from the previous quarter and an increase of 3.80 percentage points from the same period last year [3]. - The latest gross profit margin is 56.89%, reflecting a decrease of 2.70 percentage points compared to the same period last year [3]. - The latest return on equity (ROE) is 8.96% [3]. Earnings Per Share - The diluted earnings per share (EPS) is 0.57 yuan [4]. Asset Management - The latest total asset turnover ratio is 0.20 times [5]. - The latest inventory turnover ratio is 0.47 times [5]. Shareholder Structure - The number of shareholders is 11,100, with the top ten shareholders holding a total of 79.91 million shares, accounting for 50.77% of the total share capital [5]. - The largest shareholder is Sichuan Saino Investment Co., Ltd., holding 30.39% of the shares [5].

Group 1 - The core viewpoint of the report is to provide a detailed account of the fundraising activities and the management of raised funds by Chengdu Saintno Biological Technology Co., Ltd. for the first half of 2025 [4][6][26] - The company successfully raised a total of RMB 358 million through the issuance of 20 million shares at a price of RMB 17.90 per share, with a net amount of RMB 285.2 million after deducting issuance costs [4][6] - As of June 30, 2025, the company has utilized RMB 12.57 million of the raised funds for investment projects, with a cumulative usage of RMB 295.9 million [6][8] Group 2 - The company has established a management system for the raised funds, ensuring they are stored in dedicated accounts and used according to regulatory requirements [7][25] - There were no instances of changing the use of raised funds or using idle funds for temporary liquidity needs during the reporting period [10][13] - The company has a plan to use up to RMB 70 million of temporarily idle self-owned funds for entrusted financial management, aiming to enhance the efficiency of fund usage without affecting daily operations [20][26]

Group 1 - The company, Saintno Biotech, announced the use of up to RMB 700 million of idle funds for entrusted wealth management [1] - The investment period for the allocated funds will not exceed 12 months, allowing for rolling usage within this timeframe [1] - The company plans to purchase investment products from financial institutions with good liquidity and legal operating qualifications, including but not limited to structured deposits, notice deposits, large certificates of deposit, money market funds, and income vouchers [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is recognized as a leading innovative drug enterprise, with projected revenues of 889 million RMB, 1,131 million RMB, and 1,699 million RMB for the years 2025, 2026, and 2027 respectively. The net profit attributable to the parent company is expected to be -459 million RMB, -379 million RMB, and 5 million RMB for the same years [7][8] Financial Performance Summary - Revenue for 2023 is reported at 705 million RMB, with a growth rate of 54.9%. The revenue is expected to grow at rates of 5.4%, 19.6%, 27.2%, and 50.2% for the years 2024 to 2027 respectively [6][8] - The net profit for 2023 is -395 million RMB, with projections of -510 million RMB for 2024, -459 million RMB for 2025, -379 million RMB for 2026, and a turnaround to 5 million RMB in 2027 [6][8] - Earnings per share (EPS) is forecasted to be -0.95 RMB for 2023, -1.23 RMB for 2024, -1.11 RMB for 2025, -0.91 RMB for 2026, and a positive 0.01 RMB for 2027 [6][8] Recent Developments - The company has received clinical trial approval for BAT1308, BAT4706, and BAT8008 for the treatment of advanced solid tumors. BAT1308 is a humanized anti-PD-1 monoclonal antibody, while BAT4706 targets CTLA-4, and BAT8008 is an antibody-drug conjugate targeting Trop2 [7] - BAT5906 has received approval for new indications, including retinal central vein occlusion and pathological myopia, with multiple clinical trials already underway [7]

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2][3]. Company Overview - Junshi Biosciences, founded on December 27, 2012, and listed on July 15, 2020, specializes in the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7]. - The company's main revenue sources include drug sales (84.18%), technology licensing (12.08%), and other income (3.73%) [7]. Product Development - The company has developed a promising drug portfolio, including its core product, Toripalimab, which is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [2]. - Toripalimab is also the first innovative biologic drug developed and produced in China to receive FDA approval, with approvals in multiple regions including the U.S., EU, and Australia [2]. - Junshi's self-developed Tifcemalimab is the first anti-tumor anti-BTLA monoclonal antibody to enter clinical development, currently undergoing two Phase III registration clinical trials [2]. Vaccine Development - The company is collaborating with various research institutions and universities to develop vaccine-related products, including monkeypox and Zika vaccines, which are currently in preclinical development [3]. - On October 27, 2023, Junshi announced a partnership with Peking University and other institutions to jointly develop a recombinant protein vaccine for monkeypox [3]. Financial Performance - For the period from January to March 2025, Junshi Biosciences reported revenue of 5.01 billion yuan, a year-on-year increase of 31.46%, while the net profit attributable to shareholders was -2.35 billion yuan, reflecting a year-on-year increase of 17.01% [8]. Market Position - As of March 31, 2025, Junshi Biosciences had 29,400 shareholders, with an average of 25,987 circulating shares per person, indicating a slight decrease in share distribution [8]. - The company operates within the pharmaceutical and biotechnology sector, specifically in the biopharmaceuticals category, and is involved in various concepts including monkeypox, precision medicine, and mid-cap stocks [8].

Group 1 - The company currently has 22 plasma collection stations under construction [2] - The distribution of these stations includes 11 in Lanzhou, 9 in Shanghai, and 2 in Wuhan [2] - The company is actively communicating with industry regulatory authorities to promote the construction and operational application of its plasma stations [2]