融资方面，近岸蛋白当日融资买入85.11万元。当前融资余额5693.89万元，占流通市值的4.35%，融资 余额低于近一年10%分位水平，处于低位。 分红方面，近岸蛋白A股上市后累计派现7017.54万元。 融券方面，近岸蛋白12月31日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，苏州近岸蛋白质科技股份有限公司位于江苏省苏州市吴江经济技术开发区云创路228号3层,4 层，成立日期2009年9月7日，上市日期2022年9月29日，公司主营业务涉及靶点及因子类蛋白、重组抗 体、酶及试剂的研发、生产、销售，并提供相关技术服务。主营业务收入构成为：靶点及因子类蛋白 58.04%，酶及试剂25.63%，CRO服务11.87%，重组抗体2.67%，其他(补充)1.79%。 截至11月10日，近岸蛋白股东户数6056.00，较上期减少0.53%；人均流通股5395股，较上期增加 0.53%。2025年1月-9月，近岸蛋白实现营业收入1.12亿元，同比增长21.48%；归母净利润-2885.93万 元， ...

Group 1 - The stock price of Nearshore Protein increased by 5.23% to 41.68 CNY per share, with a trading volume of 16.58 million CNY and a turnover rate of 1.26%, resulting in a total market capitalization of 2.925 billion CNY [1] - Suzhou Nearshore Protein Technology Co., Ltd. was established on September 7, 2009, and went public on September 29, 2022. The company specializes in the research, development, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with providing related technical services [1] - The revenue composition of the company's main business includes: target and factor proteins (58.04%), enzymes and reagents (25.63%), CRO services (11.87%), recombinant antibodies (2.67%), and other (1.79%) [1] Group 2 - According to data from the top ten holdings of funds, one fund under China Merchants Fund holds a significant position in Nearshore Protein. The fund, China Merchants Anze Stable Profit 9-Month Holding Period Mixed A (019698), held 156,100 shares in the third quarter, accounting for 0.8% of the fund's net value, making it the fourth-largest holding [2] - The fund has a current scale of 516 million CNY and has achieved a return of 11.05% this year, ranking 5426 out of 8098 in its category. Over the past year, it has returned 10.29%, ranking 5409 out of 8067, and since its inception, it has returned 20.01% [2] Group 3 - The fund managers of China Merchants Anze Stable Profit 9-Month Holding Period Mixed A are Teng Yue and Wang Juanjuan. Teng Yue has a tenure of 8 years and 286 days, managing assets totaling 24.98 billion CNY, with the best fund return during his tenure being 51.01% and the worst being -3.32% [3] - Wang Juanjuan has a tenure of 3 years and 355 days, managing assets totaling 28.123 billion CNY, with the best fund return during her tenure being 22.78% and the worst being 1.23% [3]

Core Viewpoint - Nearshore Protein, established in September 2009 and listed on the Shanghai Stock Exchange in September 2022, is a leading provider of protein and related technology services in China, specializing in the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with related technical services [1]. Financial Performance - For Q3 2025, Nearshore Protein reported revenue of 112 million yuan, ranking 33rd in the industry, significantly lower than the industry leader Changchun High-tech's 9.807 billion yuan and second-ranked Kanghong Pharmaceutical's 3.624 billion yuan, as well as below the industry average of 1.26 billion yuan and median of 734 million yuan [2]. - The main business composition includes target and factor proteins at 41.846 million yuan (58.04%), enzymes and reagents at 18.475 million yuan (25.63%), CRO services at 8.555 million yuan (11.87%), recombinant antibodies at 1.928 million yuan (2.67%), and others at 1.291 million yuan (1.79%) [2]. - The net profit for Q3 2025 was -28.8593 million yuan, ranking 27th in the industry, far below the industry leader Tonghua Dongbao's 1.188 billion yuan and second-ranked Changchun High-tech's 1.06 billion yuan, as well as below the industry average of 166 million yuan and median of 56.6337 million yuan [2]. Financial Ratios - As of Q3 2025, Nearshore Protein's debt-to-asset ratio was 5.23%, up from 4.85% in the previous year, which is significantly lower than the industry average of 26.88%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 64.84%, slightly up from 64.54% year-on-year, but still below the industry average of 70.17% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.65% to 6,094, while the average number of circulating A-shares held per household increased by 5.99% to 5,361.9 [5]. - Among the top ten circulating shareholders, Huashang Lexiang Flexible Allocation Mixed A ranked third with 604,700 shares, down by 14,800 shares from the previous period [5].

Core Insights - The stock of Nearshore Protein experienced a decline of 1.46% on October 13, with a trading volume of 13.18 million yuan [1] - The company reported a net financing outflow of 2.93 million yuan on the same day, with total financing and securities lending balance at 69.15 million yuan [1] Financing and Trading Activity - On October 13, Nearshore Protein had a financing buy-in of 1.55 million yuan, while the current financing balance is 69.15 million yuan, accounting for 5.05% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1] - There were no shares sold or repaid in the securities lending market on October 13, with the lending balance also at zero, suggesting a high position relative to the 90th percentile level over the past year [1] Company Overview - Nearshore Protein, established on September 7, 2009, and listed on September 29, 2022, is located in Suzhou, Jiangsu Province [1] - The company's main business includes the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with related technical services [1] - The revenue composition is as follows: target and factor proteins 58.04%, enzymes and reagents 25.63%, CRO services 11.87%, recombinant antibodies 2.67%, and others 1.79% [1] Financial Performance - For the period from January to June 2025, Nearshore Protein achieved a revenue of 72.09 million yuan, representing a year-on-year growth of 20.85%, while the net profit attributable to the parent company was -24.22 million yuan, a decrease of 172% year-on-year [2] - Since its A-share listing, the company has distributed a total of 70.18 million yuan in dividends [3] Shareholder Information - As of August 20, the number of shareholders for Nearshore Protein was 6,459, a decrease of 4.41% from the previous period, with an average of 5,058 circulating shares per person, an increase of 4.61% [2] - As of June 30, 2025, notable institutional shareholders include Huashang LeXiang Flexible Allocation Mixed A, which increased its holdings by 41,500 shares, and several new institutional shareholders have entered the top ten list [3]

Core Insights - The stock of Nearshore Protein experienced a decline of 3.19% on October 10, with a trading volume of 26.32 million yuan [1] - The company reported a financing buy-in of 3.68 million yuan and a net financing buy of 849,000 yuan on the same day [1] - As of October 10, the total financing and securities lending balance for Nearshore Protein was 72.08 million yuan, representing 5.19% of its market capitalization [1] Financing and Securities Lending - On October 10, Nearshore Protein had a financing buy-in of 3.68 million yuan, with a total financing balance of 72.08 million yuan, which is above the 60th percentile level over the past year [1] - There were no securities lent or repaid on that day, indicating a high level of securities lending activity, with the balance at 0.00 yuan, exceeding the 90th percentile level over the past year [1] Company Overview - Nearshore Protein, established on September 7, 2009, is located in Suzhou, Jiangsu Province, and was listed on September 29, 2022 [1] - The company's main business includes the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with related technical services [1] - The revenue composition is as follows: target and factor proteins 58.04%, enzymes and reagents 25.63%, CRO services 11.87%, recombinant antibodies 2.67%, and others 1.79% [1] Shareholder and Financial Performance - As of August 20, the number of shareholders for Nearshore Protein was 6,459, a decrease of 4.41%, while the average number of circulating shares per person increased by 4.61% to 5,058 shares [2] - For the first half of 2025, the company achieved a revenue of 72.09 million yuan, a year-on-year increase of 20.85%, but reported a net profit attributable to shareholders of -24.22 million yuan, a decrease of 172.00% year-on-year [2] Dividend and Institutional Holdings - Since its A-share listing, Nearshore Protein has distributed a total of 70.18 million yuan in dividends [3] - As of June 30, 2025, the top ten circulating shareholders included several institutional investors, with notable increases in holdings from certain funds [3]

Group 1 - The stock price of Nearshore Protein increased by 5.22% to 43.56 CNY per share, with a trading volume of 23.61 million CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 3.057 billion CNY [1] - Nearshore Protein Technology Co., Ltd. was established on September 7, 2009, and went public on September 29, 2022. The company specializes in the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with providing related technical services [1] - The revenue composition of Nearshore Protein includes: target and factor proteins (58.04%), enzymes and reagents (25.63%), CRO services (11.87%), recombinant antibodies (2.67%), and other (1.79%) [1] Group 2 - Among the top ten circulating shareholders of Nearshore Protein, a fund under Rongtong Fund holds 500,000 shares, unchanged from the previous period, representing 1.53% of the circulating shares, with an estimated floating profit of approximately 1.08 million CNY [2] - The Rongtong Health Industry Flexible Allocation Mixed A/B fund (000727) was established on December 25, 2014, with a latest scale of 2.074 billion CNY. Year-to-date returns are 18.29%, ranking 4813 out of 8171 in its category, while the one-year return is 38.27%, ranking 4040 out of 8004 [2] Group 3 - The fund manager of Rongtong Health Industry Flexible Allocation Mixed A/B is Wan Minyuan, who has been in the position for 9 years and 34 days. The total asset scale of the fund is 5.629 billion CNY, with the best return during his tenure being 149.47% and the worst being -18.43% [3]

Group 1 - The stock price of Nearshore Protein increased by 5.22% to 43.56 CNY per share, with a trading volume of 23.6 million CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 3.057 billion CNY [1] - Nearshore Protein Technology Co., Ltd. was established on September 7, 2009, and went public on September 29, 2022. The company specializes in the research, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, along with providing related technical services [1] - The revenue composition of Nearshore Protein includes: target and factor proteins (58.04%), enzymes and reagents (25.63%), CRO services (11.87%), recombinant antibodies (2.67%), and other (1.79%) [1] Group 2 - ICBC Credit Suisse Fund's ICBC Strategic Transformation Stock A (000991) entered the top ten circulating shareholders of Nearshore Protein, holding 338,800 shares, which is 1.04% of the circulating shares, with an estimated floating profit of approximately 731,700 CNY [2] - ICBC Strategic Transformation Stock A was established on February 16, 2015, with a latest scale of 2.171 billion CNY. The fund has achieved a year-to-date return of 13.86% and a one-year return of 28.15% [2] Group 3 - The fund manager of ICBC Strategic Transformation Stock A is Du Yang, who has been in the position for 10 years and 226 days, managing a total fund size of 10.739 billion CNY, with the best fund return during his tenure being 290% and the worst being -37.97% [3]

Core Viewpoint - The company is committed to enhancing operational quality and investor returns through its "Quality Improvement and Efficiency Enhancement Action Plan" for 2025, focusing on core competencies in recombinant protein technology and applications [1][2]. Group 1: Business Performance - The company achieved a revenue of 72.09 million yuan in the first half of 2025, representing a year-on-year increase of 20.85%, driven by improved management, product quality, and expansion into overseas markets [2]. - The recombinant protein business saw a significant growth of 43.66% year-on-year, while the overall customer base increased by 4.2% [2][6]. - The net profit attributable to shareholders was -24.22 million yuan, primarily due to high R&D and marketing investments aimed at high-quality development and reduced government subsidies [2][6]. Group 2: R&D and Innovation - The company emphasizes self-innovation, with 23 core technologies forming 7 comprehensive technology platforms, enhancing its capabilities in product development, production, and quality control [6][7]. - The company is actively developing solutions for various drug types, including RNA vaccines and antibody drugs, and is focusing on areas like organoids and three-dimensional genomics in life sciences [7][8]. Group 3: Investor Relations and Governance - The company has repurchased 404,337 shares for a total of approximately 11.96 million yuan to enhance investor confidence and maintain long-term investment value [8][9]. - The company adheres to strict information disclosure practices, ensuring transparency and communication with investors through multiple channels [9][10]. - The governance structure is continuously optimized to ensure compliance with legal regulations and to protect shareholder rights [10][11]. Group 4: Market Expansion - The company is expanding its overseas market presence by building localized teams and participating in international exhibitions related to antibody drugs and gene therapies [4][5]. - The number of overseas customers increased significantly, reflecting the company's successful market penetration strategies [5]. Group 5: Operational Efficiency - The company is implementing cost-reduction measures and enhancing production efficiency through supply chain integration and local sourcing of raw materials [3][6]. - Quality management systems such as GMP and ISO standards are strictly followed to ensure product safety and effectiveness [3][6]. Group 6: Future Outlook - The company plans to continue evaluating the execution of its action plan while focusing on core business areas and exploring new profit growth points [11]. - The commitment to sustainable long-term returns for investors remains a priority, alongside maintaining operational excellence [11].

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Suzhou Novoprotein Scientific Inc. for the first half of 2025, emphasizing its focus on innovation and market adaptation in the biopharmaceutical sector [4][6]. Financial Performance - The company's revenue for the first half of 2025 was approximately 72.09 million RMB, representing a 20.85% increase compared to 59.66 million RMB in the same period last year [5]. - The total profit for the period was a loss of approximately 28.92 million RMB, compared to a loss of 16.48 million RMB in the previous year [5]. - The net profit attributable to shareholders was approximately -24.22 million RMB, compared to -8.91 million RMB in the same period last year [5]. - The net cash flow from operating activities was -14.08 million RMB, a significant decrease from 23.30 million RMB in the previous year, reflecting a 160.45% decline [5]. Business Overview - The company specializes in the research, development, production, and sales of target and factor proteins, recombinant antibodies, enzymes, and reagents, providing comprehensive solutions in biopharmaceuticals, in vitro diagnostics, and life sciences [6][8]. - The company has developed a total of 3,566 types of target and factor proteins, focusing on areas such as oncology, metabolism, and autoimmune diseases [8][9]. - The company has 166 types of recombinant antibodies, which are used in immunodiagnostic reagents, new vaccines, and antibody drugs [9]. Strategic Initiatives - The company is actively engaging in gene and cell therapy, leveraging its GMP production technology to provide tools and solutions for gene editing [6][8]. - The company is enhancing its RNA production processes and expanding its product offerings in RNA applications to meet diverse customer needs [6][8]. - The company aims to address the "bottleneck" issues in basic biopharmaceutical raw materials by integrating its seven comprehensive technology platforms and 23 core technologies [8]. Industry Context - The Chinese government is promoting the integration of biotechnology and information technology, aiming to strengthen the biopharmaceutical industry and support innovation in drug development [7][8]. - Recent government initiatives, including the "High-Quality Development Action Plan for the Pharmaceutical Industry," are expected to boost confidence in the pharmaceutical sector and support the development of innovative drugs [7].