对此川宁生物方面在交流中表示，从目前实验数据来看，由该AI虚拟工程师所调控的发酵罐平均产量 超出对照组3%—5%的产量，并能够实时提前预测发酵趋势，提前干预调控，显著提升生产水平的稳定 性。在合成生物学研发方面，AI大幅提升酶活与研发效率，并逐步应用到各项研发工具中进行开发使 用。 此外，在合成生物学产品订单方面，川宁生物方面也表示，2025年前三季度合成生物学产品整体收入已 达到4880万元，目前的新产品已在生产状态，由于公司市场部对市场的积极开拓和新产品的市场容量情 况，订单情况相较去年同期已有所改善。明年的收入随着疆宁生物逐渐满产，以及市场的逐步开拓，预 计合成生物学产品收入会有较大程度的改善。 12月16日晚间，川宁生物（301301）作为国内生物发酵技术领域的标杆企业公告，公司控股股东四川科 伦药业（002422）股份有限公司(下称"科伦药业")及其控制的成都科伦宁辉企业管理合伙企业(有限合 伙)(下称"科伦宁辉")基于对公司未来发展前景的信心和对公司内在价值的认可，同时本着对中小股东负 责的态度，以实际行动维护资本市场稳定和公司股东利益，进一步促进公司持续、稳定、健康发展，增 强投资者信心，自愿延 ...

Investment Chain - Prices of tin, silver, and gold have risen since November 2025. [1] - Fixed asset investment growth rate has decreased to -1.70% as of October 2025, with real estate development investment down by -14.70%. [1] - Manufacturing fixed asset investment growth rate is at 2.7%, while infrastructure investment growth rate is at 1.51%. [1] - Prices of copper, aluminum, lead, zinc, and nickel have decreased, while power coal prices slightly increased to 698 RMB/ton. [1] Consumption Chain - Consumer confidence index rose to 89.60 in September 2025. [2] - Nominal growth rate for October 2025 fell to 2.90%, with cumulative nominal growth rate down by 4.30%. [2] - Sales area of commercial housing saw a cumulative year-on-year decline of -7.63% in October 2025. [2] - Automobile sales growth rate decreased to 8.82% in October 2025, and home appliance retail sales fell by -10.25%. [2] Export Chain - Export growth rate to the US increased in October 2025, while exports to the EU, Japan, and ASEAN saw a decline. [3] - Cumulative export growth rates for products like agricultural goods, toys, furniture, and steel have decreased. [3] - The overall export growth rate fell to 20.21% in October 2025, with textile exports down by -9.10%. [3] Price Chain - Pork prices increased to 12.24 RMB/kg as of November 19, 2025, while oil prices decreased to 57.95 USD/barrel. [4] - Prices for cotton and white sugar have declined, while MDI prices showed mixed trends. [4] - New credit increased to 220 billion RMB in October 2025, with life insurance premium income growth rate down to 12.68%. [4]

Investment Chain - Since November, prices of tin, silver, and gold have increased. In October 2025, the cumulative year-on-year growth rate of fixed asset investment decreased to -1.70%, with real estate development investment declining by 14.70%. Manufacturing fixed asset investment growth rate fell to 2.7%, and infrastructure investment growth rate decreased to 1.51% [7][8] - In November 2025, prices of copper, aluminum, lead, zinc, and nickel have decreased, while the price of thermal coal slightly increased to 698 RMB/ton. The average price of ordinary cement has risen, and steel prices have decreased [7][8] Consumer Chain - The consumer confidence index rose to 89.60 in September 2025. In October 2025, the nominal year-on-year growth rate fell to 2.90%, with a cumulative nominal year-on-year growth rate decline of 4.30%. The sales area of commercial housing in October saw a year-on-year growth rate drop to -7.63% [8][9] - In October 2025, automobile sales decreased by 8.82% year-on-year, and home appliance retail sales fell by 10.25% year-on-year. In December 2024, tourism revenue in Beijing increased by 11.40% year-on-year, while in March 2024, tourism revenue in Hainan decreased by 20.03% [8][9] Export Chain - In October 2025, the year-on-year growth rate of exports to the United States increased, while exports to the EU, Japan, and ASEAN saw a decline. Cumulative year-on-year growth rates for refined oil, coke, and shipbuilding increased, while exports of agricultural products, toys, furniture, lighting, coal, steel, plastics, auto parts, and aluminum decreased [9][10] - The export amount year-on-year growth rate fell to 20.21% in October 2025, with textile exports decreasing by 9.10% and machinery exports declining by 1.10% [9][10] Price Chain - In November, pork prices decreased, and oil prices also saw a decline. As of November 25, 2025, WTI crude oil price fell to 57.95 USD/barrel. The price of PVC dropped to 4400 RMB/ton, while the price of pure MDI rose to 19350 RMB/ton and the price of polymer MDI decreased to 14550 RMB/ton [10][11]

Core Viewpoint - The current flu season in China is experiencing a rapid increase in activity, with the H3N2 virus remaining dominant, and experts clarify that there are no new pathogens causing emerging infectious diseases [1][2][3]. Group 1: Flu Virus Characteristics - The H3N2 subtype is not new and is a common variant, with seasonal fluctuations between H1N1, H3N2, and B-type flu viruses [3]. - Influenza viruses undergo "antigenic drift," leading to seasonal outbreaks, but this does not imply that the virus is becoming increasingly virulent [4][5]. Group 2: Vaccination Insights - With the flu season in full swing, vaccination remains beneficial, even for those who have experienced flu-like symptoms but have not been diagnosed [6][8]. - It is advised not to vaccinate during the acute phase of infection, but individuals can receive the vaccine after recovery from flu-like symptoms [7]. Group 3: Treatment and Symptoms in Children - Antibiotics are ineffective against viral infections like the flu, and treatment should focus on rest, hydration, and symptomatic relief [9]. - Symptoms in children can vary significantly, with older children showing symptoms similar to adults, while younger children may exhibit different signs such as digestive issues [9].

央视网消息：冬季是呼吸道传染病的高发期。当前，全国的流感活动进入较快上升阶段。流感病毒出现变异了吗？H3N2是新病 毒吗？针对这些疑问，来听听中国疾控中心专家的解读。 现在接种疫苗仍有保护作用 现阶段检出的病原体均为已知常见病原体 目前，全国报告的托幼机构、学校流感聚集性疫情显著增多，5—14岁病例组的流感检测阳性率明显高于其他年龄组。专家预 测，在未来一段时间内，流感活动还将进一步上升。专家介绍，虽然流感病毒传播已进入高发季，但现在接种疫苗也是有意义的，不 过不建议正处在急性发作期的患者接种。北京儿童医院呼吸中心主任医师秦强称，此次流感的病人特别多，流行期就会很长。流行期 间再接种也是有意义的。接种疫苗也有保护作用。 中国疾控中心流感监测周报数据显示，当前，甲型H3N2病毒在中国依然占有流行优势，现阶段检出的病原体均为已知常见病原 体，没有发现未知病原体及其导致的新发传染病。中国疾病预防控制中心病毒病所研究员王大燕表示，H3N2亚型不是一个新的亚 型，比较常见。专家介绍，流感病毒容易发生"抗原漂移"现象，产生季节性的流行，但这样的变化不代表病毒会越变越强。 一感冒就吃消炎药的做法并不科学 还有很多人想知道吃 ...

Core Viewpoint - The current flu season in China is experiencing a rapid increase in activity, with the H3N2 virus remaining dominant, and experts clarify that there are no new pathogens detected [1][3]. Group 1: Flu Virus Characteristics - The H3N2 subtype is not new and is a common variant, with known pathogens circulating rather than unknown ones [3]. - Influenza viruses undergo "antigenic drift," leading to seasonal outbreaks, but this does not imply that the virus is becoming stronger over time [5]. Group 2: Vaccination Insights - Despite the flu season being in full swing, it is still beneficial to receive the flu vaccine, especially for those who have recovered from flu-like symptoms [7][9]. - Vaccination is recommended after symptoms have subsided, and it is not advisable to vaccinate during the acute phase of infection [7]. Group 3: Prevention Strategies - A dual prevention strategy of vaccination and maintaining good hygiene practices is advised to mitigate flu transmission [11]. - Antibiotics are ineffective against viral infections like the flu, and symptomatic treatment is recommended instead [12][14]. Group 4: Pediatric Considerations - Symptoms of flu in children can differ from adults, with younger children potentially showing less typical signs [15]. - Parents should monitor for severe symptoms in children and seek medical attention if necessary [17].

Group 1 - The emergence of a new variant K sub-branch of the H3N2 influenza virus is leading to a more severe flu season in some countries [1] - In China, H3N2 is the dominant strain, with 3362 out of 3439 positive samples in southern provinces and 3535 out of 3563 in northern provinces being H3N2 [1] - Current flu activity is at a seasonal level, and there are no new infectious diseases caused by unknown pathogens detected [1] Group 2 - The national flu center's antigenic analysis shows that 43.6% of H3N2 strains are similar to the WHO-recommended vaccine component, indicating high vaccine match [2] - The flu vaccine covers multiple subtypes, and it is recommended to get vaccinated early to reduce the risk of infection and severe illness [2] - The flu activity in China is rising rapidly, with many provinces reaching moderate to high epidemic levels, particularly among children aged 5-14 [3] Group 3 - Misconceptions about treating flu symptoms, such as the rush to reduce fever, can hinder proper diagnosis and treatment [3] - Antibiotics like amoxicillin and cephalosporins are ineffective against viral infections, highlighting the need for targeted treatment [3]

Core Viewpoint - Chuaning Bio announced that its three major intermediates are operating at full capacity, despite an 8% year-on-year decline in overall shipment volume, with a significant improvement compared to the second quarter [2] Group 1: Company Performance - The company reported that the shipment volume of its products has decreased by approximately 8% compared to the same period last year [2] - However, there has been a noticeable improvement in shipment volume on a quarter-on-quarter basis [2] Group 2: Market Outlook - The price of penicillin products is currently at a historical low, with expectations that the market may see a recovery in demand as outdated production capacity gradually ceases or reduces output [2] - The fourth quarter is anticipated to bring increased demand from downstream markets due to the traditional peak season, potentially leading to a shift from market observation to purchasing [2] - The overall situation for penicillin is expected to trend positively, while the conditions for thiocyanate erythromycin and cephalosporins are projected to remain stable [2]

Group 1: Market Performance and Product Pricing - The price of erythromycin thiocyanate has remained stable, consistent with the same period last year, due to stable market demand and supply in 2024 [2] - The prices of 6-APA and industrial salt for penicillin products have returned to near five-year historical lows, with expectations for a price rebound as outdated production capacity is phased out [3] - The overall price of cephalosporin products has shown minor fluctuations since the beginning of the year, with future adjustments based on market demand and production capacity [4] Group 2: AI Applications in Production - AI-controlled fermentation tanks have shown a 3%-5% increase in yield compared to traditional methods, with ongoing data iterations expected to further enhance production efficiency [3] - The AI system can predict fermentation trends in real-time, allowing for proactive adjustments to maintain production stability and reduce fluctuations [3] Group 3: Revenue and Order Projections - Revenue from synthetic biology products reached CNY 48.8 million in the first three quarters of 2025, with improved order conditions compared to the same period last year [4] - Future revenue is expected to significantly improve as production capacity increases and market expansion continues [4] Group 4: Cost and Expense Management - Overall expenses increased by 26% year-on-year in the first three quarters of 2025, primarily due to R&D costs associated with new product development [6] - Anticipated cost reductions in the fourth quarter due to the absence of one-time expenses and decreasing trial production costs [6] Group 5: Raw Material and Energy Costs - The price of corn, a primary raw material, is projected to be CNY 1.9-2.0 per kg (excluding tax), reflecting an increase compared to last year [6] - Energy costs, primarily from coal, are expected to remain stable over the next two years despite regional influences [6] Group 6: Profit Margin Trends - The overall gross margin for the first three quarters of 2025 was 32.8%, a decrease of 3.1% compared to the first half of the year, influenced by price and cost fluctuations [7] - Anticipated recovery in gross margins in the fourth quarter due to increased market demand during the peak season [8]

Company Performance - In the first three quarters, the company achieved revenue of 7.764 billion yuan, a year-on-year decrease of 16.43%, and a net profit attributable to shareholders of 700 million yuan, down 19.48% [1] - In Q3 alone, the company reported revenue of 2.319 billion yuan, a decline of 18.94%, and a net profit of 137 million yuan, down 43.95% [1] - The company's stock price closed at 15.2 yuan per share, down 5.41%, with a market capitalization of approximately 17.6 billion yuan [1] Business Segments - The company's main business, the API (Active Pharmaceutical Ingredient) segment, accounted for over 60% of total revenue, with Q3 API revenue at 5.2 billion yuan, and a historical low gross margin of about 20% [3] - The CDMO (Contract Development and Manufacturing Organization) segment showed strong performance, with revenue of 1.69 billion yuan in the first three quarters, a year-on-year increase of nearly 20%, and a gross margin of 44.5% [6] - The pharmaceutical segment reported revenue of 830 million yuan in the first three quarters, a decline of approximately 10%, primarily due to the impact of domestic centralized procurement [7] Industry Context - The API sector has faced slight pressure this year, with a reported revenue decline of 2.88% among 32 selected companies in the sector [4] - Price declines in certain products, including cephalosporins and penicillins, have affected the performance of companies in the API sector, including the company [4] - The company anticipates an improvement in API gross margins next year, with plans to phase out low-margin trading businesses over the next two years [4]