来源：新浪证券-红岸工作室 3、2023年7月14日互动易：公司已经关注猴痘病毒传播情况，并启动相关产品的开发工作，目前以已上 线多款重组蛋白、抗体以及试剂盒产品，助力相关预防性疫苗及治疗性药物的开发。 4、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 5、根据2024年年报，公司海外营收占比为66.46%，受益于人民币贬值。 10月31日，百普赛斯涨4.25%，成交额1.77亿元，换手率2.18%，总市值108.72亿元。 异动分析 细胞免疫治疗+重组蛋白+猴痘概念+专精特新+人民币贬值受益 1、根据2025年5月9日公告：针对目前CAR-T细胞治疗领域中应用最广泛的靶点CD19，公司推出特异性 靶向FMC63 scFv抗原识别表位的抗独特型抗体，此抗体灵敏度高、特异性好，进一步丰富了FMC63 CAR的检测手段。同时，公司不断拓宽细胞与基因治疗相关的产品，包 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 61,298.54 million yuan, representing a year-on-year growth of 32.26% [1] - The net profit attributable to shareholders for the same period was 13,242.64 million yuan, with a year-on-year increase of 58.61% [1] - In Q3 2025, the company reported a revenue of 22,562.05 million yuan, reflecting a year-on-year growth of 37.50% [1] - The net profit attributable to shareholders in Q3 2025 was 4,862.24 million yuan, showing a significant year-on-year increase of 81.46% [1] Strategic Initiatives - The company is focusing on antibody drugs and cell immunotherapy, enhancing its core business and global strategy [1] - Plans to issue H shares and list on the Hong Kong Stock Exchange are aimed at leveraging global resources and enhancing brand recognition [1][2] - The company aims to strengthen its position in the global biopharmaceutical industry and support future overseas capacity expansion and cross-border mergers [1] Market Growth Factors - Domestic business growth is driven by supportive national policies, significant license transactions, and accelerated industry consolidation [3] - The demand for recombinant proteins and related services is increasing due to the recovery of the innovative drug market [3] Cell and Gene Therapy (CGT) Development - The company is well-positioned in the CGT field, providing comprehensive solutions from drug target discovery to commercial production [4] - It has developed nearly 60 high-quality GMP-grade products suitable for CGT drug CMC, commercial production, and clinical research [6] Antibody-Drug Conjugates (ADC) Focus - ADCs are highlighted as a core area of development due to their potential in targeted cancer therapy [7] - The company offers a range of high-quality products and services to support ADC drug development, covering the entire research and development chain [7]

Core Insights - The company participated in a collective reception day and mid-year performance briefing, emphasizing its commitment to value communication and future confidence [1] Group 1: R&D and Product Development - The company has been continuously investing in R&D in the antibody field, leading to a rich portfolio of raw material antibodies and protein products [1] - As of mid-2025, the company's Hangzhou antibody R&D center has developed over 4,200 SPUs, while the Nanjing protein R&D center has developed over 1,800 SPUs [1] Group 2: Brand Growth and Revenue - The company’s self-owned brand products, including Absin, LabEx, STARTER, and UA, achieved over 20% growth in the previous year, contributing to an increased share of self-owned brand revenue [1]

Core Viewpoint - The report outlines the continuous supervision and compliance of Suzhou Nearshore Protein Technology Co., Ltd. after its IPO on the Sci-Tech Innovation Board, emphasizing the company's adherence to regulations and its operational performance despite financial losses. Continuous Supervision Work - The sponsor has established a robust continuous supervision system and work plan for the company, ensuring compliance with relevant regulations and effective communication [1][2] - The sponsor conducted regular visits, due diligence, and checks to monitor the company's operations and compliance with laws and regulations [1][2] - Throughout the supervision period, the company did not encounter any violations or breaches of commitments that required public disclosure [1][2] Financial Performance - For the first half of 2025, the company reported revenue of approximately 72.09 million, a year-on-year increase of 20.85% [8] - The net loss attributable to shareholders was approximately 24.22 million, with a net profit excluding non-recurring items of about -26.68 million [8] - The company’s cash flow from operating activities was -14.08 million, indicating a significant decline compared to the previous year [8] Core Competitiveness - The company has developed seven comprehensive technology platforms and 23 core technologies, which are crucial for maintaining its market competitiveness [5][9] - The company emphasizes the importance of protecting its core technologies to prevent leakage, which could adversely affect its operations [5][9] - A skilled and stable technical team is essential for sustaining technological leadership and core competitiveness [5][9] Industry Risks - The RNA vaccine and drug industry is still maturing, with uncertainties in demand for mRNA raw materials and reagents in various applications [7][8] - The company faces intense competition from both domestic and international players, which could impact its market position and profitability [6][7] Research and Development - The company invested approximately 26.1 million in R&D in the first half of 2025, accounting for 36.21% of its revenue, reflecting a slight decrease from the previous year [16] - As of June 30, 2025, the company holds 38 invention patents, 22 utility model patents, and 18 software copyrights, indicating a strong focus on innovation [16] Use of Raised Funds - The company raised approximately 186.30 million through its IPO, with 174.22 million remaining after deducting issuance costs, and has complied with regulations regarding the use of these funds [17][18]

Core Insights - The company You Ning Wei (301166) reported a significant decline in net profit for the first half of 2025, with a year-on-year decrease of 188.64% [1] - Total revenue for the company was 505 million yuan, down 8.63% compared to the previous year [1] - The financial performance indicators showed a decrease in gross margin and net margin, indicating challenges in profitability [1] Financial Performance - Total revenue for 2025 was 505 million yuan, a decrease of 8.63% from 553 million yuan in 2024 [1] - Net profit attributable to shareholders was -13.38 million yuan, a decline of 188.64% from 15.10 million yuan in 2024 [1] - Gross margin was 18.14%, down 4.68% year-on-year, while net margin was -2.65%, a decrease of 197.01% [1] - Total expenses (selling, administrative, and financial) amounted to 82.13 million yuan, accounting for 16.27% of revenue, an increase of 13.35% [1] Cash Flow and Assets - Cash and cash equivalents decreased by 63.8% due to an increase in cash management products that were not yet due [3] - Operating cash flow per share was -0.71 yuan, a decrease of 149.14% from -0.28 yuan in the previous year [1][14] - The company reported a significant drop in other receivables by 82.95% due to the maturity of deposit interest [9] Business Model and Strategy - The company relies heavily on research and marketing for its business performance, necessitating a thorough examination of these driving factors [13] - The company has a plan for stock repurchase, utilizing 25.99 million yuan to buy back 927,600 shares, aimed at employee stock ownership plans [15][16] - Future acquisitions will focus on synergistic opportunities within the antibody-related upstream and downstream product companies [16] Research and Development - The company is investing in R&D primarily in the fields of antibodies and proteins, with over 2,900 antibody products developed at the Hangzhou center and over 1,700 at the Nanjing center [15] - The gross margin for the company's proprietary brands is approximately 50%, with a year-on-year revenue growth of nearly 30% expected [14]

Financial Performance - In the first half of 2025, the company achieved a revenue of 38,736.49 million CNY, representing a year-on-year growth of 29.38% [1] - The net profit attributable to shareholders was 8,380.40 million CNY, with a year-on-year increase of 47.81% [1] - The net profit excluding non-recurring items was 8,412.87 million CNY, reflecting a growth of 45.82% [1] - In Q1 2025, revenue was 18,649.04 million CNY, up 27.73% year-on-year, while net profit was 4,057.85 million CNY, increasing by 32.30% [1] - In Q2 2025, revenue reached 20,087.45 million CNY, a 30.95% year-on-year growth, with net profit at 4,322.54 million CNY, marking a significant increase of 66.10% [1] Business Growth Drivers - The rapid growth in domestic business is attributed to supportive national policies, significant license transactions, and accelerated industry mergers and acquisitions [2] - The demand for recombinant proteins and related biological reagents continues to rise, driven by the recovery of the innovative drug market and increased industry investment [2] CGT Field Development - The company is well-positioned in the cell and gene therapy (CGT) sector, providing comprehensive solutions from drug target discovery to commercial production [3] - It has developed a range of recombinant proteins and unique antibodies for CAR-T product development, enhancing the quality and activity assessment of related products [4] ADC Field Development - Antibody-drug conjugates (ADC) are highlighted as a key focus area, combining targeted antibodies with potent cytotoxic agents to improve treatment efficacy while minimizing side effects [6] - The development of ADCs relies on five critical elements: suitable antigen targets, highly specific antibodies, effective toxin molecules, quality linkers, and precise drug-antibody ratios (DAR) [7] - The company offers a variety of high-quality products and services to support ADC drug development, covering the entire research and development chain from antibody preparation to production quality control [7]

Group 1: Company Overview - Shanghai Youningwei Biotechnology Co., Ltd. operates as a one-stop service provider in life sciences, offering reagents, consumables, instruments, and laboratory services, integrating both domestic and international well-known brands and its own brand [2] - The company primarily focuses on agency products, supplemented by its own brand products, with a significant emphasis on meeting customer needs for comprehensive life science services [2] Group 2: R&D Investment - Since its listing, the company has continuously increased its investment in R&D for its own brand, with R&D expenditure reaching 62.7696 million yuan in 2024, a year-on-year increase of 7.10%, representing 5.62% of total revenue [2][3] - The company has developed over 1,700 SPUs (Stock Keeping Units) for its own brand, including new products like one-step Elisa kits and various antibody derivatives [2] Group 3: Financial Performance - The overall gross margin for the company's own brand is approximately 50%, with a revenue growth of nearly 30% year-on-year in 2024, indicating a positive growth trend [2][3] - The revenue contribution from the company's own brand remains relatively low but is expected to increase as sales resources are allocated more effectively [2][3] Group 4: Share Buyback and Capital Management - In 2024, the company initiated a share buyback plan, utilizing 25,987,076 yuan to repurchase 927,600 shares, aimed at employee stock ownership plans [3] - A new share buyback plan is set to use between 15 million and 30 million yuan for further repurchases, intended for capital reduction [3] Group 5: Market Expansion and Strategy - The company primarily focuses on the domestic market but plans to accelerate the international expansion of its own brand products, including establishing subsidiaries abroad, with a new company set up in Singapore in 2024 [3] - The company aims to enhance its channel capabilities and R&D through strategic acquisitions, targeting potential upstream and downstream companies in the antibody-related sector to strengthen its product matrix [3]

Financial Performance - In 2024, the company achieved a revenue of 645.02 million CNY, a year-on-year increase of 18.65%, with overseas revenue (excluding specific acute respiratory disease-related products) growing over 20% [1] - For Q1 2025, the company reported a revenue of 186.49 million CNY, reflecting a year-on-year growth of 27.73%, and a net profit of 40.58 million CNY, up 32.30% [1] Business Strategy - The company focuses on biomedicine and cell immunotherapy, emphasizing a market-oriented, customer-first, and innovation-driven R&D approach [1] - A comprehensive internal management optimization has been implemented to enhance the marketing network and overall competitiveness [1] Global Operations - The company has established a logistics system covering nearly 80 countries and regions, serving over 10,000 industrial and research clients [3] - A robust internal communication mechanism supports seamless collaboration across global branches [3] Cell and Gene Therapy (CGT) - The company offers comprehensive solutions for CGT, leveraging its extensive protein pipeline and technical expertise [4] - Over 50 high-quality GMP-grade products have been developed, supporting clinical research and commercial production [6] Antibody-Drug Conjugates (ADC) - ADCs are highlighted as a key focus area, combining targeted antibodies with potent chemotherapy agents to enhance treatment efficacy while minimizing side effects [7] - The company provides a range of products and services for ADC development, covering the entire process from antibody preparation to quality control [8] Neuroscience Research - The company is actively involved in neuroscience, providing high-quality recombinant proteins and pre-formed fibrils (PFFs) for research on neurodegenerative diseases [9] - Products developed for Alzheimer's, Parkinson's, and Huntington's diseases support both treatment and diagnostic research [9]

Core Viewpoint - The report outlines the ongoing supervision and compliance of Suzhou Nearshore Protein Technology Co., Ltd. following its IPO on the Sci-Tech Innovation Board, highlighting the company's financial performance, governance, and compliance with regulatory requirements [1][2][3]. Continuous Supervision Work - The sponsoring institution has established a robust supervision system and executed a work plan to ensure compliance with relevant regulations [1]. - Regular communication, site visits, and due diligence have been conducted to monitor the company's operations [1][2]. - The company has faced issues related to unauthorized share reductions by shareholders, leading to public apologies and share repurchases [2][3]. Financial Performance - The company reported a significant decline in net profit, with a loss of 54.42 million yuan, a decrease of 523.68% year-on-year, attributed to macroeconomic conditions and increased operational costs [11][12]. - Revenue for the year was 127.56 million yuan, down 16.73% from the previous year, indicating challenges in market demand and operational efficiency [11][12]. Core Competitiveness - The company has developed 23 core technologies and established seven comprehensive technology platforms, which are crucial for maintaining its competitive edge in the recombinant protein industry [12][13]. - The company emphasizes innovation and has a strong focus on R&D, with R&D expenses accounting for 39.14% of revenue, reflecting a commitment to technological advancement [20]. Industry Risks - The recombinant protein industry is characterized by intense competition and rapid technological changes, which may pose risks to the company's market position if it fails to keep pace with innovations [8][9]. - Regulatory changes and market dynamics, particularly in the mRNA vaccine sector, present uncertainties that could impact the company's sales and operational stability [10]. Governance and Compliance - The company has implemented a comprehensive internal control system and governance structure to ensure compliance with legal and regulatory standards [4][5]. - Continuous monitoring of the company's adherence to commitments and regulatory requirements is a priority for the sponsoring institution [5][6]. Talent and R&D Development - The company has a strong technical team and management, which is essential for sustaining its innovation and competitive advantage [19]. - Ongoing investments in R&D are aimed at enhancing product offerings and expanding market reach, with a focus on mRNA and diagnostic products [13][14].

Financial Performance - In 2024, the company's operating revenue decreased by 8.82% year-on-year, while net profit attributable to shareholders dropped by 74.83%, with a non-recurring net profit of -15.11 million yuan [2] - The decline in revenue is attributed to changes in downstream market demand, intensified competition in the domestic life sciences service market, and increased operational costs due to the completion of the self-owned brand product production base project [2][3] Brand Performance - Revenue from self-owned brands (Absin, LabEx, etc.) grew by nearly 30% year-on-year, while revenue from third-party brands declined significantly due to market competition [3][6] - The self-owned brand business, which accounts for over 90% of total revenue, faced substantial impacts from the downturn in third-party brand sales [3] Strategic Initiatives - The company aims to enhance its core competitiveness through a dual strategy of internal growth and external expansion, focusing on product pipeline enhancement, supply chain investment, and information technology [4] - Plans to accelerate the overseas expansion of self-owned brands, including the establishment of a subsidiary in Singapore and participation in online and offline promotional activities [4][5] Cost Management - The company continues to invest in marketing, product expansion, supply chain, and R&D to maintain service capabilities and improve the revenue share of self-owned products [2][4] - Direct sales decreased by 12.74%, prompting a shift towards distribution channels to reach price-sensitive customers [4] R&D and Innovation - As of the end of 2024, the company’s antibody R&D center in Hangzhou has developed over 2,900 products, while the protein R&D center in Nanjing has developed over 1,700 products [5] - The company is committed to leveraging information technology to enhance operational efficiency and customer service [7] Compliance and Safety - The company has established safety management systems and protocols to ensure compliance and safety in hazardous waste management [7]