Core Viewpoint - King’s Ray Biotechnology focuses on "technology-driven" and "global layout" as its core development strategy, aiming for long-term revenue growth and clear growth paths for various segments [1] Group 1: Financial Projections - The company maintains a "buy" rating, predicting revenue for its main business segments to be $939 million, $825 million, and $961 million for 2025-2027, with year-on-year growth rates of 58%, -12%, and 16% respectively [1] - The estimated PS valuation for the main business segment is based on a 6x PS multiple for 2026 revenue, leading to a valuation of 35.2 billion RMB [1] - The fair value of the company's stake in Legend Biotech, a US-listed company, is estimated at 17 billion RMB as of November 20, 2025 [1] Group 2: Strategic Goals - The company aims to be the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products [2] - The strategic plan includes solidifying cash flow to support life sciences, biopharmaceutical CRDMO, and synthetic biology, driving profit growth [2] - The long-term revenue target is set at $3 billion by 2035, with an operating profit margin exceeding 20% [2] Group 3: Business Development Focus - The company is focused on ensuring steady growth in its core businesses, particularly in gene & plasmid services, aiming to expand downstream applications [2] - The antibody protein business aims to enhance core competitiveness and capture the non-outsourcing market by providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to leverage the rebound in China's biotech sector, accumulate more projects, and enhance sales capabilities in Europe and the US [2] Group 4: Growth Strategy - The company seeks to consolidate its business capabilities by transforming mature services into one-stop solutions, accelerating productization for downstream clients [3] - There is a focus on high-margin products in enzyme preparations, particularly in starch sugar, alcohol, and home care sectors [3] - The company is looking for explosive industry opportunities through innovative protein/enzyme preparations and collaborative development of licensed products [3]

《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]