2025年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年年 度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 证券代码：688098 证券简称：申联生物公告编号：2026-007 申联生物医药（上海）股份有限公司 单位：人民币 万元 ■ 注：1．本报告期初数同法定披露的上年年末数。 2．每股收益、每股净资产计算时发行在外的总股本以扣减回购专用账户中的股份后的股本数为准。以 上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 3．以上数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 报告期内，公司实现营业收入28,826.65万元，较上年减少4.99%；归属于母公司所有者的净利 润-1,909.07万元，较上年减亏57.33%。 报告期末，总资产为15 ...

其中，中集醇科是全球最大的罐体、工艺技术与集成系统的智造生产线的企业之一，是国家专精特 新"小巨人"企业，为全球酿造、蒸馏、生物医药等行业领导企业提供设计、制造和集成系统的"交钥 匙"工程解决方案。公司在2024年挂牌后，通过新三板市场定向发行工具融资1.1亿元，缓解公司资金压 力，优化公司财务结构，该公司已于2026年1月报送北交所辅导备案，踏上资本市场进阶之路。 科州药物专注于Ⅰ类抗肿瘤创新药研发，契合新兴产业发展方向，2025年公司实现挂牌，并定向发行融 资6500万元，为创新药研发持续投入提供资本保障。目前，科州药物北交所上市申请已获受理，并进入 问询环节。 业内人士表示，新三板以灵活包容的制度供给，打通中小企业融资"最后一公里"，随着北交所与新三板 协同效应不断增强，市场将持续发挥培育孵化功能，引导金融活水精准流向实体经济，助力更多优质中 小企业借助资本市场实现高质量发展。 作为多层次资本市场服务创新型中小企业的重要平台，新三板持续以制度创新适配中小企业"小、急、 频"融资需求，为实体经济高质量发展注入动能。记者从全国股转公司获悉，2025年新三板优化自办发 行机制，简化审核流程，提升融资效率，全年 ...

其中，中集醇科是全球最大的罐体、工艺技术与集成系统的智造生产线的企业之一，是国家专精特 新"小巨人"企业，为全球酿造、蒸馏、生物医药等行业领导企业提供设计、制造和集成系统的"交钥 匙"工程解决方案。公司在2024年挂牌后，通过新三板市场定向发行工具融资1.1亿元，缓解公司资金压 力，优化公司财务结构，该公司已于2026年1月报送北交所辅导备案，踏上资本市场进阶之路。 科州药物专注于Ⅰ类抗肿瘤创新药研发，契合新兴产业发展方向，2025年公司实现挂牌，并定向发行融 资6500万元，为创新药研发持续投入提供资本保障。目前，科州药物北交所上市申请已获受理，并进入 问询环节。 业内人士表示，新三板以灵活包容的制度供给，打通中小企业融资"最后一公里"，随着北交所与新三板 协同效应不断增强，市场将持续发挥培育孵化功能，引导金融活水精准流向实体经济，助力更多优质中 小企业借助资本市场实现高质量发展。 经纬科技作为国家专精特新"小巨人"企业，业务聚焦电解铝行业绿色化、智能化解决方案，2025年公司 依托自办发行制度发布定增方案，向郑州天健人才创业投资基金合伙企业(有限合伙)发行股票57.79万 股，融资950万元，用于补充流动 ...

"第一次与市领导同坐主席台，让我感受到南京对企业的尊重和支持。"南京维立志博生物科技股份有限 公司董事长康小强表示。11年前，他从美国来南京创业，专注于创新药研发，去年公司登陆资本市场。 "对企业家而言，坐在什么位置也许没那么重要，但一座城市以最朴素、真诚的方式来表达尊重，这件 事无比重要。""南京发布"称，政府与企业家是同舟共济、肝胆相照的伙伴，座次相邻，心意更相通， 让彼此的激情相互感染，共同捍卫城市荣耀。 "新春第一会"上发布的《2026年优化营商环境行动方案》也展现了南京尊商、重商、亲商的诚意。《行 动方案》提出建立市、区、园区（街道）三级企业综合服务中心，实施"重点企业服务专员"制度，企业 办事可通过专员代办，检查事项需经专员提前确认，"无事不扰，有求必应"，减轻企业事务性负担。 新春第一会，企业家坐"C位"。 2月24日是春节后首个工作日，长三角多座城市召开全市大会，主题多集中于营商环境、高质量发展、 两创融合等。江苏南京、淮安、宿迁，安徽阜阳等地的"新春第一会"在座次安排上打破常规，请企业家 在主席台就座，与主要领导并肩坐"C位"。 "南京发布"发文表示，企业家们落座主席台，目光迎接的是城市投来 ...

证 券 研 究 报 告 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 23 日收盘价 港股公司 生物医药Ⅲ 2026 年 02 月 24 日 目标价：11.26 港元 当前价：6.37 港元 华创证券研究所 证券分析师：刘浩 邮箱：liuhao@hcyjs.com 执业编号：S0360520120002 加科思-B（01167.HK）深度研究报告 强推（首次） pan-KRAS 抑制剂价值重估空间大 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 156 | 234 | 627 | 508 | | 同比增速(%) | 145.1% | 50.5% | 167.6% | -19.1% | | 归母净利润(百万元) | -156 | -15 | 313 | 192 | | 同比增速(%) | 56.6% | 90.7% | 2,258.6% | -38.6% | | 每股盈利(元) | -0.20 | - ...

创新药审批加速等政策持续优化，生物技术板块情绪可能受到提振。公司作为双特异性抗体研发企业， 其技术平台和管线价值在行业创新周期中可能被重估。 公司注射用重组抗EpCAM/CD3双特异性抗体M701获得美国FDA的临床试验申请批准，用于治疗恶性胸 腔积液。该药物在中国开展的II期临床试验数据显示其能显著延长患者无穿刺生存时间，国际化进展可 能成为股价催化因素。此外，其用于A型血友病治疗的舒友立乐生物类似药Y225的临床试验申请获中国 国家药监局批准，进一步拓展了管线布局。 公司结构与治理 经济观察网友芝友生物-B近期核心产品研发取得进展，公司治理与财务表现出现改善信号，同时市场与 政策环境存在利好。 2025年上半年财报显示净亏损同比收窄，主要得益于与正大天晴的许可合作带来的研发服务收入增长。 后续商业化合作进展及现金流改善情况值得跟踪。 产品研发进展 行业政策与环境 职工代表监事王涛博士因个人职业发展原因辞职，由转化医学部总监石剑博士接任。此类人事变动需关 注后续公司治理稳定性。 业绩经营情况 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - Hite Bio plans to acquire a 23.08% stake in Beijing Shadong Biotechnology Co., Ltd. for 62.019 million yuan, increasing its ownership to 98.84%, nearly achieving full control over the company and paving the way for the commercialization of its core drug candidate CPT [2][4]. Group 1: Acquisition Details - The acquisition process began in December 2014 with a signed equity acquisition agreement involving multiple stakeholders [3]. - Hite Bio's gradual increase in stake included cash rewards and management of unexercised incentive shares to optimize Beijing Shadong's equity structure [3]. - By April 2024, Hite Bio's stake reached 75.76% through significant share acquisitions, leading to the current acquisition announcement [4]. Group 2: Strategic Importance - The primary motivation for Hite Bio's investment in Beijing Shadong is the core asset, the innovative drug CPT, which is a recombinant biologic for tumor treatment [5]. - Controlling Beijing Shadong allows Hite Bio to directly manage a valuable drug development pipeline, supporting its transition to an innovation-driven biopharmaceutical company [5]. - The acquisition will enable better resource integration and decision-making processes, preparing for CPT's clinical trials and commercialization [5]. Group 3: Future Implications - Successful approval and commercialization of CPT could significantly enhance Hite Bio's revenue and market position in the oncology sector [5]. - Full consolidation of Beijing Shadong into Hite Bio's financial statements will facilitate future planning and value maximization for the drug in global markets [5].

Group 1 - The company, Chengdu XianDao Pharmaceutical Development Co., Ltd., will hold its first extraordinary general meeting of shareholders in 2026 on March 2, 2026, at 14:00 [1][4] - The meeting will be conducted using a combination of on-site and online voting methods [1][3] - The on-site meeting will take place at the company's office located in Chengdu, Sichuan Province [1][4] Group 2 - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 to 15:00 on the day of the meeting [2][3] - Shareholders must register to attend the meeting by submitting required documents by February 27, 2026 [12][14] - The company will disclose meeting materials on the Shanghai Stock Exchange website prior to the meeting [4] Group 3 - There are no special resolutions or proposals for minority shareholders to vote separately [5] - Certain related shareholders are required to abstain from voting on specific proposals [5] - The meeting will be attended by registered shareholders, company directors, senior management, and appointed lawyers [8][9]

Core Viewpoint - Recent stock price rebound for Hotgen Biotech as innovative drug development enters a critical phase, but the company's 2025 earnings forecast indicates potential for increased losses [1] Stock Performance - On February 10, 2026, Hotgen Biotech's stock rose by 5.06%, closing at 146.44 CNY per share, with a trading volume of 134 million CNY and a total market capitalization of approximately 13.576 billion CNY [2] - Year-to-date, the stock has declined by 12.22%, but has shown a rebound trend over the last five trading days [2] - As of February 2, 2026, the company's financing balance was 154 million CNY, accounting for 1.21% of the circulating market value, which is at a relatively low level for the past year [2] Institutional Holdings Analysis - Shenwan Hongyuan Fund's product "Shenwan Hongyuan Medical Pioneer Stock A" increased its holdings in Hotgen Biotech in Q4 2025, holding 70,600 shares as of February 10, 2026, which represents 5.13% of the fund's net value, making it the third-largest holding [3] Product Development Progress - The company's globally first acute myocardial infarction therapeutic drug SGC001 has entered Phase II clinical trials, regarded as a potential catalyst in the market [4] - This pipeline is a core part of the company's "diagnostics + innovative drugs" dual-drive strategy [4] Strategic Advancement - On January 9, 2026, Hotgen Biotech signed a strategic cooperation agreement with Hebei Medical University School of Pharmacy to deepen collaboration in cutting-edge biomedical research and talent cultivation [5] - The company may benefit from industrial funds and customs facilitation policies due to its layout in the Beijing-Tianjin-Hebei region, aiding overseas market expansion [5] Performance and Operational Situation - According to earnings forecasts released on January 16 and 17, 2026, the company expects a net profit loss attributable to shareholders of 210 million to 230 million CNY for 2025, representing an increase in losses of 9.94% to 20.42% year-on-year [6] - Projected operating revenue is expected to decline to 400 million to 420 million CNY, a year-on-year decrease of 17.79% to 21.71% [6] Company Project Advancement - In December 2025, the company announced plans to invest 371 million CNY to gain controlling interest in its subsidiary Shunjing Pharmaceutical to accelerate the development of its innovative drug pipeline [7]

Core Insights - The Chinese biopharmaceutical industry is at a pivotal moment as it transitions from "scale and speed" to "quality and value" during the end of the 14th Five-Year Plan and the beginning of the 15th Five-Year Plan [1][3] - The company emphasizes the importance of innovation, dual-track development, and value orientation to navigate the challenges and opportunities in 2026 [1][4] Group 1: Industry Transition - The industry is experiencing a transformation focused on quality and value, moving away from previous growth models based on scale and speed [1][3] - The company aims to address the challenges of homogenization and competition by focusing on original innovation and differentiated strategies [3][4] Group 2: Globalization and Market Expansion - The company has established a global commercialization network covering over 80 countries and regions, with products launched in 40 international markets [2] - The strategy includes enhancing local patient access while expanding global partnerships to overcome international market entry barriers [4] Group 3: Innovation and Technology - The company is committed to deepening its innovation in the field of tumor immunotherapy, particularly in addressing PD-(L)1 inhibitor resistance [3] - AI technology is being leveraged to optimize operational efficiency and enhance quality, aligning with the industry's focus on sustainable development [4]