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].

10月13日，近岸蛋白跌1.46%，成交额1317.91万元。两融数据显示，当日近岸蛋白获融资买入额155.17 万元，融资偿还448.58万元，融资净买入-293.40万元。截至10月13日，近岸蛋白融资融券余额合计 6914.73万元。 截至8月20日，近岸蛋白股东户数6459.00，较上期减少4.41%；人均流通股5058股，较上期增加4.61%。 2025年1月-6月，近岸蛋白实现营业收入7209.46万元，同比增长20.85%；归母净利润-2422.36万元，同 比减少172.00%。 责任编辑：小浪快报 融券方面，近岸蛋白10月13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 ...

10月10日，近岸蛋白跌3.19%，成交额2632.64万元。两融数据显示，当日近岸蛋白获融资买入额368.48 万元，融资偿还283.58万元，融资净买入84.90万元。截至10月10日，近岸蛋白融资融券余额合计 7208.14万元。 融资方面，近岸蛋白当日融资买入368.48万元。当前融资余额7208.14万元，占流通市值的5.19%，融资 余额超过近一年60%分位水平，处于较高位。 融券方面，近岸蛋白10月10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8月20日，近岸蛋白股东户数6459.00 ...

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].