公司战略定位全球第一的生物药（抗体药、基因&细胞治疗）服务与产品供应商，全球第一的合成生物 学服务与产品供应商。公司规划以稳健现金流夯实生命科学、生物药CRDMO 与合成生物学基本盘，驱 动盈利增长；以核心技术优势加速产品化与高价值授权业务拓展，打造增长新引擎。公司聚焦高质量成 长提升盈利能力，目标2035 年实现30 亿美金收入，经营性利润率超过20%。 金斯瑞生物科技以"技术驱动"与"全球化布局"为核心发展战略，发布公司长期收入增长目标，明晰各板 块增长路径，我们看好公司的长期发展趋势。 投资要点： 维持增持评级 。我们对金斯瑞生物科技采用分部估值方法，我们预测主营业务板块2025-2027 年收入分 别为9.39、8.25、9.61 亿美元，同比增速分别为58%、-12%、16%。我们对公司主营业务板块的PS估值 采用2026 年度的营业收入PS 倍数6 倍估值，对应主营业务估值352 亿元。2025 年11 月20 日，公司持有 的美股上市公司传奇生物对应股权比例公允价值为170 亿元人民币。综上，我们给予金斯瑞生物科技目 标价每股26.21 元港币。 公司发布长期规划战略蓝图，打造全球领先的生物医药 ...

《科创板日报》11月19日讯（记者 王楚凡） 近日，之江生物（股票代码：688317）召开第二次临时股 东会。本次会议现场及网络投票股东共计112人，代表股份约7282.19万股，占公司总股本的37.9%。 根据会议表决结果，《关于开展外汇衍生品交易业务的议案》以99.52%的高票通过。其中现场参会股 东及代理人6名，持股7169.44万股；网络投票股东106名，持股112.75万股。该公司全体5名董事线上出 席会议，副总经理兼董事会秘书倪卫琴现场出席会议。 据悉，该议案主要内容为：公司及合并范围内子公司拟开展额度不超过2000万美元（或等值其他货币） 的外汇衍生品交易，业务类型包括外汇远期、掉期、期权及结构性远期等产品，交易对手限定为具备资 质、经营稳健的境内大型金融机构。该额度自股东大会审议通过之日起12个月内有效，可滚动使用。 之江生物表示，开展此项业务主要因公司进出口业务多采用美元等外币结算，汇率波动可能对经营业绩 产生影响。通过外汇衍生品交易可有效规避汇率风险，此项业务将以套期保值为目的，不进行单纯投机 性交易。 会议上，有投资者针对该公司三季报提出疑问："公司三季报显示，海外营收仅230余万元，为 ...

Financial Performance - The total revenue for ZhiJiang Bio (688317) in the 2025 mid-year report was 59.68 million yuan, a decrease of 36.91% year-on-year [1] - The net profit attributable to the parent company was -9.85 million yuan, representing a decline of 137.88% year-on-year [1] - The gross profit margin was 63.56%, down 14.76% year-on-year, while the net profit margin was -16.51%, a decrease of 160.04% year-on-year [1] - The total of selling, administrative, and financial expenses reached 26.31 million yuan, accounting for 44.09% of total revenue, an increase of 18137.82% year-on-year [1] - Earnings per share were -0.05 yuan, a decline of 135.71% year-on-year [1] Cash Flow and Debt - The company reported cash and cash equivalents of 2.506 billion yuan, a decrease of 9.42% year-on-year [1] - The accounts receivable decreased by 52.29% year-on-year to 39.89 million yuan [1] - Interest-bearing liabilities increased significantly by 12370.61% year-on-year to 2.666 million yuan [1] Business Evaluation - The company's historical median ROIC since its listing is 12.38%, with the worst year being 2024, which recorded a ROIC of -6.43% [2] - The company has experienced two years of losses since its listing, indicating a fragile business model [2] Fund Holdings - The largest fund holding ZhiJiang Bio is Dachen Jingheng Mixed A, with a scale of 397 million yuan and a recent net value of 3.405, which has increased by 97.9% over the past year [4] Research and Development - The company is focusing on vertical integration, extending its product, industry, and value chains, particularly in the development of innovative antibody drugs for cancer and autoimmune diseases [4] - The company has successfully screened several antibody drug molecules, with one entering the invention patent acceptance stage [4]