每经记者｜彭斐 每经编辑｜文多 在因筹划控制权变更事项停牌数日后，A股环保企业中环环保（SZ 300692，股价8.86元，市值37.61亿元）的控制权将发生变更。 10月9日晚间，中环环保发布的公告显示，公司控股股东、实际控制人张伯中及其一致行动人安徽中辰投资控股有限公司，已与两家具有同一实控人的合伙 企业签署《股份转让协议》。 本次交易的核心内容包括两部分：一是以总对价约5.98亿元转让公司16.6171%的股权；二是原实控人张伯中承诺，在交易完成后将不可撤销地放弃其所持 部分股份对应的表决权。 通过 "股权转让＋表决权放弃"的组合安排，一位来自生物医药领域的资本新贵——刘杨，将正式成为中环环保的新任实际控制人。 《每日经济新闻》记者注意到，刘杨是国家级专精特新"小巨人"企业北京赛赋医药研究院有限公司（以下简称赛赋医药）的创始人及董事长，其入主不仅 意味着中环环保将迎来新的掌舵者，更标志着生物医药资本跨界控股一家主营业务为环保的上市公司。 "5.98亿元收购"加"表决权放弃" 中环环保披露，此次交易的转让方为公司现控股股东、实控人张伯中及其一致行动人安徽中辰投资控股有限公司（以下简称中辰投资），受让方为北 ...

文/华夏ESG观察联盟 在合规流程优化方面，公司财税合规组与相关业务及职能部门协同合作，系统梳理采购业务中的税务合 规要点、财务审核流程及法律风险防控措施，并据此完善合规管理机制。在授权管理方面，公司全面梳 理了内部11项关键业务环节的授权流程，与各相关部门对现状和潜在的风险进行评估并进行相应的调 整，确保批准相关活动或决策的信息可追溯，防止滥用权限和潜在的不当行为。 公司制定并执行覆盖全员的《泰格医药反贪污与反贿赂政策》。2024年，开展面向全员的反腐败培训和 面向关键部门的专项培训，并在《员工行为准则》中对商业道德与反腐败行为规范作出明确要求。与此 同时，公司强化采购环节对供应商反腐败的管理，要求新增供应商在准入阶段签订《供应商行为准则》 及《反贿赂反腐败承诺》，以保障供应商知悉公司的反贪污与反贿赂政策。 公司持续优化数据安全管理机制，由专项合规组及数据保护官（DPO）从集团层面搭建数据安全管理体 系。通过强化网络安全防护、优化数据生命周期管理、加强信息访问权限控制等手段，严格执行数据合 规要求，确保隐私信息和商业机密的有效保护。公司ISO 27001:2013信息安全管理体系认证截至目前持 续有效，三项 ...

格隆汇9月15日丨美迪西(688202.SH)公布，公司于2025年9月15日召开的第四届董事会第七次会议，审 议通过了《关于向2025年限制性股票激励计划激励对象首次及预留授予限制性股票的议案》，同意确定 以2025年9月15日为首次及预留授予日，向符合授予条件的385名激励对象首次授予80.00万股限制性股 票，向符合授予条件的4名激励对象预留授予20.00万股限制性股票，授予价格均为31.37元/股。 ...

Core Viewpoint - The company is facing internal dissent regarding its proposed acquisition of 100% equity in Chengli Bio, with independent director Tao Hua'an expressing concerns about the necessity of the merger at this stage [1][2][3]. Group 1: Acquisition Proposal - The company plans to acquire 100% equity of Chengli Bio for a total transaction price of 1.4505 billion yuan, with 710 million yuan to be paid in cash [3]. - The acquisition aims to enhance the company's client resources in preclinical research and expand its customer base for cell culture products and CDMO services [4]. - Tao Hua'an has consistently voted against or abstained from the acquisition proposals, arguing that the company does not currently require such a merger [2][5]. Group 2: Financial Performance - The company's net profit for 2024 was reported at 21.0523 million yuan, a decrease of 61.04% year-on-year, while the net profit after deducting non-recurring gains and losses was 6.5859 million yuan, down 81.03% year-on-year [4]. - The company has faced significant losses in its CDMO business, with a 40.80% year-on-year decrease in operating profit [4]. - The company reported a substantial impairment loss of 9.5369 million yuan for its CDMO asset group, marking a 2176% increase year-on-year [6]. Group 3: Market Conditions - The CRO business of Chengli Bio is facing intense competition domestically, and there are uncertainties in its overseas operations [5]. - The global CDMO industry has entered a downturn since 2023, leading to a reassessment of the company's investment strategies and a reduction in planned capacity [6].

Investment Rating - The report maintains a "Buy" rating for WuXi AppTec (2268 HK) with a target price of HKD 82.24 [7][12] Core Insights - The demand for ADC (Antibody-Drug Conjugates) continues to grow, with the company experiencing significant order increases and steady capacity expansion [1][2] - WuXi AppTec is reaffirmed as a leader in the global ADC/XDC CRDMO (Contract Research, Development, and Manufacturing Organization) sector, with strong upward momentum in performance [1][7] Financial Performance - For the first half of 2025, the company reported revenues of RMB 2.701 billion, a year-on-year increase of 62%, and adjusted net profit of RMB 733 million, up nearly 70% [2] - The overseas revenue contribution reached 82%, an increase of 8 percentage points compared to 2024 [2] - The company's market share in the global ADC CRDMO market rose from 9.9% in 2022 to 22.2% in the first half of 2025 [2] Industry Dynamics - The ADC/XDC sector shows strong long-term growth potential, with four ADC products approved for market from Q4 2024 to H1 2025, and many more expected in the next 3-5 years [2] - There are approximately 2,200 candidate conjugated drugs globally, with 21% being new ADCs, indicating a robust pipeline for future development [2] Client Expansion and Orders - In H1 2025, the company signed 37 new iCMC contracts, a historical high for the period, with expectations for the total number of new projects in 2025 to exceed the previous two years [3] - The backlog of orders reached USD 1.329 billion, a year-on-year increase of 57.9%, with North America leading in new contracts [3] - The company added 64 new clients in H1 2025, maintaining active collaborations with 13 of the top 20 multinational corporations, contributing approximately 33% of revenue [3] Capacity Expansion and Operational Efficiency - WuXi AppTec is set to launch new production facilities in Wuxi and Singapore, with a planned capital expenditure exceeding RMB 7 billion by 2029 [4] - The gross margin for H1 2025 was 36.1%, an increase of 4 percentage points year-on-year, with expectations for further improvement in 2025 [4] - The adjusted net profit margin for H1 2025 was 27.1%, reflecting a positive trend amid company growth [4] Profit Forecast and Valuation - The adjusted net profit forecast for 2025-2027 is RMB 1.72 billion, RMB 2.37 billion, and RMB 2.80 billion, respectively, with a CAGR of 34% [5] - The target price is based on a PEG ratio of 1.59x, consistent with comparable company expectations [5][12]

Core Viewpoint - The overall performance of the company is steadily growing, with laboratory services and CMC services contributing the main incremental growth [2] Group 1: Financial Performance - The revenue from large multinational clients has significantly increased, indicating a positive trend in demand [2] - There is a noticeable recovery in demand from Chinese clients, suggesting a potential market rebound [2] Group 2: Industry Context - The company faces risks related to geopolitical uncertainties and tariffs, which could impact future performance [2] - The investment and financing in the biopharmaceutical industry are below expectations, posing a challenge for growth [2] - The competitive landscape in the industry is intensifying, which may affect market positioning [2]

Core Viewpoint - 百奥赛图-B (02315) reported a significant increase in revenue and profitability for the first half of 2025, driven by innovation, market expansion, and optimized management strategies [1] Financial Performance - The company expects revenue for the first half of 2025 to reach between RMB 616 million and RMB 626 million, representing a year-on-year growth of approximately 50.1% to 52.5% [1] - Research and development expenses are projected to be between RMB 206.1 million and RMB 216.1 million, reflecting a year-on-year increase of about 27.5% to 33.6% [1] - The anticipated net profit is between RMB 42.7 million and RMB 52.7 million, indicating a turnaround from previous losses [1] Market Expansion - The company has strengthened its overseas market presence by expanding its sales team and improving its sales system, leading to rapid growth in international business [1] - The release of R&D demand from domestic biopharmaceutical companies has provided development opportunities, particularly in preclinical products and services [1] Technological Edge - 百奥赛图 has established a strong technological barrier with its unique gene editing technology and animal model platform, focusing on over 20 key disease areas and thousands of high-value target models [3] - The company serves nearly 900 pharmaceutical and research institutions globally, completing over 5,300 drug evaluation projects, which supports its preclinical products and services business [3] Diversified Revenue Streams - The antibody licensing and development business is supported by the RenMice platform, which has created a resource library of over one million fully human antibody molecules [4] - By the end of 2024, the company has established around 200 cooperation agreements with various domestic and international pharmaceutical companies, with over 50 licensed projects covering multiple innovative targets [4] - The ongoing expansion of clinical pre-service scale and growth in antibody licensing business is expected to enhance the company's value in the innovative drug industry chain [4]

Group 1 - The core viewpoint of the news is that Hongtu Innovation Fund has conducted research on a listed company, He Yuan Biological, focusing on its CRO business and financial projections for 2024 [1] - He Yuan Biological's CRO business primarily provides various services for basic research in cell and gene therapy, with expected revenue of 85.82 million yuan in 2024 [1] - The company has a significant reliance on CDMO services, with an outsourcing penetration rate of 65%, and new CDMO orders exceeding 270 million yuan in 2024 [1] - He Yuan Biological has assisted clients in obtaining 44 IND approvals and is managing over 450 CDMO projects [1] - The company is gradually increasing domestic replacements for key imported equipment and consumables through collaboration with local suppliers [1] - Management expenses for 2024 are projected to be 81.08 million yuan, reflecting a year-on-year increase of 27.48% due to the operation of the Lingang Industrial Base [1] - The accounts receivable aging structure is reasonable, with slightly extended customer payment terms but low bad debt risk [1] - The company plans to maintain a workforce of 692 employees by enhancing productivity through training systems and incentive mechanisms [1] - Shareholder Hua Rui Sheng Yin intends to reduce holdings by no more than 6,490,367 shares, accounting for no more than 1% of the total share capital [1] Group 2 - Hongtu Innovation Fund was established in 2014 and currently has an asset management scale of 18.045 billion yuan, ranking 123 out of 210 [2] - The fund's non-monetary public fund asset management scale is 8.548 billion yuan, ranking 128 out of 210 [2] - The fund manages 39 public funds, ranking 111 out of 210, with 13 public fund managers, ranking 94 out of 210 [2] - The best-performing public fund product in the past year is Hongtu Innovation Medical (002173), with a latest unit net value of 1.55 and a growth of 69.34% over the past year [2]

Core Viewpoint - The article discusses the challenges and advancements in the preclinical evaluation of drugs targeting Th2-type immune response diseases, specifically atopic dermatitis and asthma, highlighting the need for improved animal models and evaluation systems [1][2]. Group 1: Disease Mechanisms and Challenges - Atopic dermatitis and asthma are chronic inflammatory diseases driven by abnormal Th2 immune responses, involving pathways such as IL-4, IL-13, and IL-5, as well as epidermal barrier dysfunction and neuroimmune dysregulation [1]. - Despite the clinical application of targeted biologics improving patient outcomes, issues such as individual response variability, acquired resistance, and long-term safety remain unresolved [1]. Group 2: Preclinical Research Dilemmas - Key questions in preclinical research include how to establish more accurate animal models that simulate skin barrier defects in atopic dermatitis and airway hyperreactivity in asthma [1]. - There is a need to optimize the drug efficacy evaluation system for Th2 immune responses to enhance clinical translation rates [1]. - New technologies are required to overcome existing model limitations in simulating neuroimmune interactions [1]. - Personalized preclinical evaluation plans must be designed for candidate drugs with different mechanisms of action [1]. Group 3: Online Course Information - An online course titled "Preclinical Drug Evaluation Models for Th2 Immune Response Diseases: Aiding New Drug Development for Atopic Dermatitis and Asthma" will delve into these topics [2]. - Participants will learn about the latest research advancements in Th2 immune diseases, methods for constructing clinically relevant animal models, and key challenges in developing innovative mouse models [2]. - The course will also cover technical solutions and case studies related to autoimmune disease efficacy platforms, along with an interactive Q&A session with the lecturer [2]. Group 4: Instructor Background - Dr. Yu Jing, a senior scientist in the pharmacodynamics research department at Saiye Bio, specializes in the development of animal models for immune reconstruction, tumor models, metabolic diseases, and autoimmune diseases, with extensive experience in efficacy validation [7]. Group 5: Efficacy Evaluation Platform - Saiye Bio offers a stable efficacy evaluation platform for autoimmune and inflammatory diseases, providing comprehensive pharmacodynamic evaluation and mechanism research services [12]. - The platform includes various models such as induced models, gene editing, and humanized models, focusing on physiological and biochemical indicators, pathological analysis, and immune cell function assessment [9][12].

Core Viewpoint - Aopu Mai is planning to acquire 100% of Chengli Bio for a combination of cash and stock, raising up to 730 million yuan, despite having significant cash reserves and a low debt ratio. The acquisition has raised concerns due to the presence of a dissenting independent director and discrepancies in valuation among different stakeholders [1][4][15]. Group 1: Acquisition Details - Aopu Mai intends to acquire Chengli Bio for a total valuation of 1.45 billion yuan, with a significant portion of the payment being in shares and cash [5][6]. - The acquisition involves 31 different counterparties, with notable discrepancies in the pricing offered to different stakeholders, leading to a "same stock different price" situation [6][8]. - Chengli Bio's financial performance has been declining, with projected net profit for 2024 expected to drop by 30% compared to the previous year [3][4]. Group 2: Financial Performance - Aopu Mai's revenue for 2023 and 2024 is reported at 243 million yuan and 297 million yuan, respectively, with year-on-year changes of -17.41% and +22.26% [2]. - The net profit for Aopu Mai has significantly decreased, with a drop of 48.72% in 2023 and 61.04% in 2024, leading to concerns about the necessity of the acquisition [2][3]. - Chengli Bio's revenue for 2022, 2023, and 2024 is reported at 256 million yuan, 318 million yuan, and 331 million yuan, respectively, with net profits of 57 million yuan, 65 million yuan, and 45 million yuan [3]. Group 3: Governance and Compliance Issues - An independent director, Tao Hua'an, voted against the acquisition, citing a lack of necessity for the merger at this stage, although specific reasons were not disclosed [4][5]. - Concerns have been raised regarding the relationship between the controlling shareholder of Chengli Bio and the largest stakeholder in the acquiring company, which may affect the compliance and governance of the transaction [10][13][14]. - The valuation discrepancies and the relationships among the stakeholders raise questions about the fairness and transparency of the acquisition process [8][13].