由此形成的权力布局，使费俭不仅在董事会层面稳坐董事长席位，还在战略决策与提名权等关键环节中 占据主导地位。值得注意的是，上述四个专门委员会的成员名单中均未出现王明俊的名字，这或许意味 着，作为砥石咨询仅次于费俭的第二大股东以及南模生物的董事，王明俊对公司影响力已大不如前。 因此，该项议案在表决通过前也遭到了王明俊的反对。根据南模生物披露的表决结果，11名董事中8名 同意，董事王明俊投反对票，董事应涛涛及独立董事许庆投弃权票。王明俊的反对理由是"议案未提前 沟通，未充分尊重其他董事意见"，两位弃权董事则均强调希望公司"充分沟通、平衡各方股东利益"。 紧接着，9月29日，南模生物董事会再度召开第二次会议。会上，公司审议通过《关于聘任总经理兼财 务总监的议案》，决定由张春明接任总经理兼任财务总监一职。 该议案的表决结果与此前类似，王明俊再次投出反对票，理由是"候选人缺乏行业认知和经验，费俭未 和公司管理层及股东充分沟通"；应涛涛、许庆弃权并再次强调"未充分交流沟通"。其中应涛涛还表 示，新任总经理此前并无公司任职经历，且仅有短暂医药企业从业经历，恐难以匹配当前市场环境。 由于董事会内部的纷争，国内"模式动物三巨头" ...

9月29日，被誉为科创板"模式动物第一股"的南模生物（688265.SH）召开今年新一届的董事会，而在这 次董事会上，迎来了公司上市后首次核心管理团队"大换血"，公司实控人之一的王明俊未能连任总经理 一职。 这一结果在几天前的临时股东大会上早已埋下伏笔，原本属于例行动作的股东大会，南模生物却将其开 成了董事会"宫斗"的公开秀：审议的11项议案中，涉及未来三年规划、管理层稳定等5项核心议案当场 被驳回，其他诸如修订治理制度等轻量级议案也均是艰难过关，现场一片"刀光剑影"。此前，针对公司 一系列非常规的动作，上交所就曾在9月12日晚给出监管问询函，"内讧"的标签也迎头而至。 南模生物曾是中国生物医药创新链条上的关键一环，也是炙手可热的"模式动物"赛道上的新锐企业。谁 料上市后却迅速陷入亏损、股价破发、战略摇摆的泥潭。笔者研究发现，其困境背后的诸多因素当中， 最令外界关注的是其一度"看似稳健"的治理设计：双实控人制度。 公司两位元老：董事长费俭与总经理王明俊，此前通过一致行动协议共同控制控股股东砥石咨询，进而 控制上市公司。这种"双话事人"结构，曾为公司带来技术与市场的互补，并有过短暂高光时刻，却在上 市后迅速演变 ...

每经记者｜许立波 每经编辑｜董兴生 因股东大会上多项议案未获通过，国内"模式动物三巨头"之一的南模生物（688265.SH）引起市场关 注。 9月23日，南模生物举行2025年第二次临时股东大会，共审议11项议案。根据会后披露的决议公告，除 最后两项涉及董事会换届选举的议案外，剩余9项议案中第4至第8共计5项议案未获通过，涉及公司未来 三年发展规划、保持现有管理层稳定、制定股东沟通机制等，仅部分常规议案过关。 此外，根据修订后的公司章程，公司董事会由11名董事组成。根据股东大会审议结果，费俭、王明俊、 孙瑞林、房永生、杨利华、应涛涛6人当选公司第四届董事会非独立董事；尹向东、郑依彤、于谦龙、 许庆4人当选公司第四届董事会独立董事。 《每日经济新闻》记者注意到，今年6月以来，南模生物的股权结构显示出进一步集中的态势，特别是 新进股东苏州海望合纵一号股权投资合伙企业（有限合伙）（以下简称"海望合纵"）通过受让南模生物 原股东海润荣丰、康君宁元、张江集体股权的方式，共计取得公司股份867.97万股，占公司总股本的 11.13%。8月12日，南模生物公告称，该股份协议转让过户登记手续已办理完毕。 此外，海望合纵还与持 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **global and Chinese laboratory animal market**, highlighting a pre-pandemic growth rate of **5%-7%** globally, with China reaching **15%-20%**. Post-pandemic, China's growth has slowed to **5%-7%** primarily due to price increases, not volume changes. The domestic market size is approximately **40 billion RMB**, with ancillary services generating around **20 billion RMB** in revenue [1][2]. Core Insights and Arguments - **Price Increases**: The rise in laboratory animal prices is attributed to multiple factors, including increasing labor, feed, energy costs, and testing fees [4]. - **Market Dynamics**: If internal demand from pharmaceutical companies is included, the overall market space would significantly expand, although specific data is currently unavailable [5]. - **Outsourcing Trends**: Pharmaceutical companies are reducing outsourcing to cut costs but are increasingly adopting one-stop services to enhance R&D efficiency. Many firms are opting for phased outsourcing, keeping early research in-house while outsourcing evaluation stages to ensure objectivity [6]. - **Market Leaders**: In the U.S., key players include **Jackson Laboratory**, **Charles River Laboratories**, and **Taconic Biosciences**, each with distinct market strategies and growth trajectories [7][8]. - **Regulatory Impact**: New U.S. policies from **FDA** and **NIH** limiting animal use may lead to a contraction in the U.S. market, shifting focus towards cell or organoid projects [10]. Additional Important Content - **European Market**: The European laboratory animal industry is fragmented, with strict animal welfare regulations leading to a shift towards cell-based alternatives [9]. - **Gene Editing Technologies**: The conference highlights the dominance of **CRISPR/Cas9** technology in gene editing, with companies like **百奥** and **博** leading in humanized antibody mouse technology [3][14]. - **Market Trends**: Demand for laboratory animals is increasing from pharmaceutical companies, with a **10%** year-on-year sales growth noted, particularly for specific strains like **C57** and **SD rats** [21]. - **CRO Challenges**: The decline in orders from Contract Research Organizations (CROs) is linked to U.S. government restrictions on using Chinese CROs, leading to a shift in orders to South Korea and Japan [22]. - **Future Directions**: The laboratory animal industry is expected to consolidate, with smaller companies potentially being acquired by larger firms, emphasizing the importance of scale in reducing costs [28][29]. - **Emerging Research Areas**: While tumor immunology has been a focus, research into metabolic diseases is gaining traction, indicating a shift in research priorities [30]. Conclusion The laboratory animal market is experiencing significant changes driven by regulatory shifts, cost pressures, and evolving research needs. The consolidation trend suggests that larger firms will dominate, while emerging areas of research may redefine market dynamics in the coming years.

Core Insights - The company reported a revenue of 687 million yuan for 2024, representing a year-over-year increase of 10.39%, but the net profit attributable to shareholders decreased by 30.89% to 110 million yuan [1] - For Q1 2025, the company achieved a revenue of 171 million yuan, up 8.76% year-over-year, with a net profit of 30 million yuan, reflecting a slight increase of 1.7% [1] Revenue Breakdown - The revenue from the commercialization of mouse models was 400 million yuan, up 9.0% year-over-year; functional efficacy revenue was 150 million yuan, up 14.6%; custom breeding revenue was 85 million yuan, up 8.0%; and model customization revenue was 34 million yuan, down 3.4% [2] - The overall gross margin for the main business in 2024 was 62.0%, a decrease of 5.6 percentage points from 2023 [2] Regional Performance - Domestic revenue reached 572 million yuan in 2024, with a gross margin of 59.4%, reflecting an 8.3% year-over-year increase [3] - The company expanded its overseas market, generating 114 million yuan in revenue, a 22.5% year-over-year increase, with a gross margin of 75.3%, outperforming domestic business [3] - The overall sales expense ratio increased by 2.39 percentage points to 15.60%, impacting net profit, although the sales net profit margin improved in Q1 2025 to 17.55%, up 1.56 percentage points from 2024 [3] Global Capacity Planning - By the end of 2024, the company had seven major bases in China with a total capacity of approximately 280,000 cages, achieving full coverage [4] - New production capacity of 80,000 cages in Shanghai, Beijing, and Guangdong was nearly fully utilized [4] - The company plans to enhance its overseas presence by seeking suitable areas in Europe for animal facility leasing, in addition to its existing facility in San Diego, USA [4] - The company has established sales in over 20 countries and collaborated with eight of the top ten global pharmaceutical companies, while also adding over 200 research users and 600 industrial clients domestically, and 80 research users and 90 industrial clients overseas [4] Profit Forecast and Valuation - Due to weak global biopharmaceutical R&D investment and increased overseas expenditures, the EPS forecasts for 2025 and 2026 have been revised down to 0.34 yuan and 0.40 yuan, respectively, representing reductions of 48% and 50% [4] - An additional EPS forecast for 2027 is set at 0.47 yuan, with corresponding PE ratios of 33, 28, and 24 for 2025-2027 [4] - Given the significant stock price correction and the current low valuation, along with steady progress in overseas business, the company maintains a "buy" rating [4]