Core Insights - Baijin Life Sciences (01466) has signed a strategic cooperation framework agreement with Youhuan (Suzhou) Biopharmaceutical Technology Co., Ltd. to invest in Youhuan through equity subscription, aiming to establish a leading global circRNA technology R&D platform and enhance innovation in cell therapy [1][2] Group 1: Company Overview - Youhuan (Suzhou) Biopharmaceutical Technology Co., Ltd. focuses on circRNA technology platform development and innovative drug development, also providing CRO services [2] - The company has successfully obtained U.S. patent authorization for "Circular RNAs and Preparation Methods thereof" and Chinese invention patent authorization for "A Residue-Free Sequence Circular RNA Based on Ribozyme Self-Splicing and Its Preparation Method" [2] Group 2: Collaboration Focus Areas - The initial collaboration will prioritize exploring long-acting, stable expression of cytokines and enzymes for treating liver metabolic diseases [3] - Development of circRNA delivery systems using exosome and cell delivery technologies, leveraging Baijin's exosome and cell platforms [3] - Engineering enhanced exosome and cell drugs for cardiovascular and tissue repair applications, targeting conditions such as myocardial infarction, cerebral infarction, Alzheimer's, and Parkinson's diseases [3] - Development of precise, efficient, and safe cell reprogramming and differentiation technologies for genetic disease treatment [3]

Core Insights - Eddycon Holdings Limited has signed a definitive share purchase agreement to acquire all issued shares of Crown Bio for $204 million, including performance-related payments, with the transaction expected to close by mid-2026 [1][2] - The acquisition aims to enhance Eddycon's R&D capabilities in high-growth therapeutic areas, capitalizing on the increasing demand for precision diagnostics in China and global biopharmaceutical innovation trends [1] - Post-acquisition, approximately 23.1% of the company's combined revenue will come from outside China, providing a new growth engine for Eddycon's stable diagnostic business [1] Company Strategy - The acquisition represents a key milestone in Eddycon's development, expanding its business footprint across the entire healthcare value chain, from clinical testing to drug discovery and translational research [2] - Eddycon aims to become a trusted partner in the biopharmaceutical innovation and precision diagnostics sectors, leveraging Crown Bio's world-class CRO service capabilities [2] Financial Impact - The stable cash flow generated from Eddycon's Independent Clinical Laboratory (ICL) business will complement Crown Bio's high-margin CRO services, creating a more balanced and scalable business model [1]

Core Viewpoint - The independent director of Aopumai, Tao Hua'an, voted against and abstained from two proposals related to the acquisition of 100% equity of Pengli Bio, indicating a lack of necessity for the merger at this stage [2][8]. Group 1: Acquisition Details - Aopumai plans to acquire 100% equity of Pengli Bio through a combination of issuing shares and cash payment, with a total transaction value of 14.505 billion yuan [5][6]. - The valuation of Pengli Bio's 100% equity is assessed at 14.52 billion yuan, and the company aims to raise 362 million yuan in supporting funds [6][10]. - Aopumai employs a "differentiated pricing" model for the acquisition, with 64.78% of Pengli Bio's equity priced at 1.007 billion yuan after negotiations [6][10]. Group 2: Strategic Implications - The acquisition is intended to enhance Aopumai's sales flow for cell culture products, improve customer loyalty, and gradually increase the capacity utilization of its CDMO (Contract Development and Manufacturing Organization) business [7]. - The strategic goal is to achieve synergy between cell culture products and CRDMO (Contract Research, Development, and Manufacturing) [7]. Group 3: Independent Director's Concerns - Tao Hua'an has consistently voted against or abstained from votes regarding the acquisition, citing that the company does not currently require a merger to achieve its primary objectives of improving cell culture product profitability and reducing CDMO losses [8][9]. - He expressed concerns that the acquisition would not directly enhance Aopumai's capacity utilization, which is critical for reversing the decline in CDMO performance [9].

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 ...

Core Insights - Yiqiao Shenzhou's stock price decreased by 0.59% on October 9, with a trading volume of 85.39 million yuan [1] - The company reported a financing buy-in of 13.35 million yuan and a net financing buy of 0.93 million yuan on the same day [1][2] - As of October 9, the total financing and securities lending balance for Yiqiao Shenzhou reached 287 million yuan, indicating a high level of financing activity [1] Financing Overview - On October 9, Yiqiao Shenzhou had a financing buy-in of 13.35 million yuan, with a current financing balance of 286 million yuan, accounting for 3.19% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - The company had no shares repaid in securities lending on October 9, with 600 shares sold, amounting to 44,300 yuan at the closing price [1] Business Performance - For the first half of 2025, Yiqiao Shenzhou achieved a revenue of 324 million yuan, representing a year-on-year growth of 6.15% [2] - The net profit attributable to the parent company was 67.69 million yuan, showing a year-on-year decrease of 4.59% [2] - The company's main business revenue composition includes: recombinant proteins (45.04%), CRO services (30.74%), antibodies (13.68%), and others [1] Shareholder Information - As of September 10, the number of shareholders for Yiqiao Shenzhou was 20,700, a decrease of 1.44% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.46% to 5,787 shares [2] - The company has distributed a total of 1.802 billion yuan in dividends since its A-share listing, with 1.122 billion yuan in the last three years [3]

Financing & Review - In September 2025, the Beijing Stock Exchange (BSE) issued 4 new stocks, raising a total of CNY 1.089 billion; from January to September 2025, a total of 16 new stocks were issued, raising CNY 5.027 billion[5] - As of the end of September, there are 9 companies that have passed the review but not yet registered, with a proposed fundraising of CNY 2.588 billion; 6 companies have been registered but not yet issued, with a proposed fundraising of CNY 1.210 billion[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in September was +304.65%, with individual increases of +736.78%, +304.65%, and +120.34% for Sanxie Electric, Shichang Co., and Jinhua New Materials respectively[3] - The theoretical subscription yield for the new stocks Sanxie Electric, Shichang Co., and Jinhua New Materials was +0.165%, +0.076%, and +0.080% respectively[3] Market Trends & Predictions - The cumulative yield for new stock subscriptions in 2024 is +4.01% (23 new stocks issued), while the cumulative theoretical yield for new stock subscriptions from January to September 2025 is +1.75% (14 new stocks issued)[3] - The average top subscription amount in September 2025 was CNY 12.93 million, with a median capital freeze range of CNY 649.59 billion to CNY 851.19 billion[5] Investment Analysis - The BSE is expected to maintain a regular issuance pace, with 7 companies registered and 4 approved in September; the outlook suggests a weekly issuance rhythm is likely to continue[6] - There are currently 15 companies that have passed the review and are awaiting issuance, indicating a rich pipeline of quality projects[6] Risk Factors - Potential risks include slower-than-expected issuance speed, lower-than-expected stock price increases, macroeconomic downturns, and rapid growth in new stock subscription accounts[6]

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 pharmaceutical sector in the Asia-Pacific market experienced a significant decline, particularly in China, with various indices related to weight-loss drugs, innovative drugs, and CROs showing notable drops [1][5]. Group 1: Market Performance - The A-share pharmaceutical and biotechnology sector saw a downturn, with the weight-loss drug index dropping by 1.56%, the innovative drug index by 1.48%, and the CRO index by 1.43% [2]. - Individual stocks such as Sunflower fell over 10%, while other companies like Aosaikang, Guangshengtang, and Jiming Health also reported significant declines [3]. Group 2: Stock Details - Specific stock performances included: - Sunflower (300111) at 7.90, down 12.22% [3] - Aosaikang (002755) at 21.18, down 9.02% [3] - Guangshengtang (300436) at 113.59, down 6.56% [3] - Jiming Health (603222) at 10.98, down 6.15% [3] - In the Hong Kong market, the Hang Seng Biotechnology Index opened nearly 2% lower, with companies like MicroPort Medical, CanSino Biologics, and BeiGene showing significant declines [4]. Group 3: External Factors - A major contributing factor to the decline was the announcement by U.S. President Trump regarding new tariffs, including a punitive 100% tariff on pharmaceutical products, effective October 1 [5].