Core Viewpoint - The stock of Yaokang Bio has increased by 5.05%, reaching a price of 18.72 CNY per share, with a total market capitalization of 7.675 billion CNY as of the report date [1]. Company Overview - Jiangsu Jicui Yaokang Biotechnology Co., Ltd. was established on December 29, 2017, and went public on April 25, 2022. The company is located in Nanjing, Jiangsu Province [1]. - The main business involves the research, production, and sales of laboratory animal mouse models, along with related technical services [1]. Revenue Composition - The revenue breakdown of the main business is as follows: - Commercial mouse model sales: 55.36% - Functional efficacy: 23.46% - Custom breeding: 11.32% - Model creation: 7.06% - Import and export agency and others: 2.70% - Other (supplementary): 0.09% [1]. Shareholder Information - Noan Fund's Noan Pioneer Mixed A (320003) is among the top ten circulating shareholders of Yaokang Bio. In the third quarter, it reduced its holdings by 265,200 shares, now holding 5.0687 million shares, which is 1.24% of the circulating shares [2]. - The fund has achieved a year-to-date return of 37.47%, ranking 2135 out of 8223 in its category, and a one-year return of 40.92%, ranking 1586 out of 8115 [2]. Fund Manager Profile - The fund manager of Noan Pioneer Mixed A is Yang Gu, who has a cumulative tenure of 19 years and 260 days. The fund's total asset size is 5.837 billion CNY, with the best return during his tenure being 1099.07% and the worst being 8.34% [3].

Group 1 - The provincial government emphasizes the importance of implementing the recently approved open innovation development plan for the biopharmaceutical industry in Jiangsu, aiming to enhance the province's global competitiveness in this sector [1][2][3] - The focus is on integrating technological and industrial innovation, leveraging policy advantages to boost the entire biopharmaceutical value chain, including research, manufacturing, distribution, and usage [1][2] - The government encourages collaboration between enterprises, universities, and clinical institutions to drive new drug development and technology transfer, aiming for significant breakthroughs in the industry [2][3] Group 2 - Jiangsu's biopharmaceutical industry is identified as a key area for growth, with the government aiming to create a competitive and attractive innovation ecosystem [2][3] - The implementation of the open authorization plan is expected to facilitate cross-border flows of talent, capital, and data, enhancing the province's ability to attract global resources [2] - The government calls for coordinated efforts among departments and localities to ensure the effective execution of the plan, aiming to generate replicable and scalable success stories in the biopharmaceutical sector [3]

Core Insights - Jiangsu Jicui Pharmaceutical Technology Co., Ltd. (药康生物) reported a revenue of 375 million yuan for the first half of 2025, reflecting a year-on-year growth of 10.11% [2] - The company's net profit attributable to shareholders decreased by 7.12% year-on-year, amounting to approximately 70.91 million yuan [2] - As of June 30, 2025, the number of shareholders increased by 23.68% to 7,213, with an average of 56,841 circulating shares per shareholder, up 62.56% [2] Financing and Trading Activity - On August 28, 2023, the stock price of Jiangsu Jicui Pharmaceutical fell by 0.52%, with a trading volume of approximately 93.59 million yuan [1] - The financing buy-in for the company on the same day was 11.58 million yuan, while the financing repayment was 10.71 million yuan, resulting in a net financing buy-in of 868,200 yuan [1] - The total financing and securities lending balance reached 111 million yuan, representing 1.58% of the circulating market value, indicating a high level of financing activity [1] Shareholder and Institutional Holdings - Cumulative cash dividends distributed by Jiangsu Jicui Pharmaceutical since its A-share listing amount to 139 million yuan [3] - As of June 30, 2025, the top ten circulating shareholders included several institutional investors, with notable changes in holdings, such as a decrease of 1.24 million shares by China Europe Medical Health Mixed A [3] - New institutional investors included China Europe Sci-Tech Theme Mixed A, which entered the top ten shareholders with 5.64 million shares [3]