10月9日，义翘神州跌0.59%，成交额8539.05万元。两融数据显示，当日义翘神州获融资买入额1334.85 万元，融资偿还1241.47万元，融资净买入93.39万元。截至10月9日，义翘神州融资融券余额合计2.87亿 元。 融资方面，义翘神州当日融资买入1334.85万元。当前融资余额2.86亿元，占流通市值的3.19%，融资余 额超过近一年90%分位水平，处于高位。 截至9月10日，义翘神州股东户数2.07万，较上期减少1.44%；人均流通股5787股，较上期增加1.46%。 2025年1月-6月，义翘神州实现营业收入3.24亿元，同比增长6.15%；归母净利润6768.63万元，同比减少 4.59%。 分红方面，义翘神州A股上市后累计派现18.02亿元。近三年，累计派现11.22亿元。 机构持仓方面，截止2025年6月30日，义翘神州十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股71.94万股，相比上期减少8.40万股。 责任编辑：小浪快报 融券方面，义翘神州10月9日融券偿还0.00股，融券卖出600.00股，按当日收盘价计算，卖出金额4.43万 元；融券余量1.22万股，融券余 ...

证 券 研 究 报 告 后备项目优质丰富，常态化发行有望维持 ——2025年北交所新股申购9月报 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 研究支持： 吕靖华 A0230124070002 2025.10.09 主要内容 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 (1) 9月3只新股上市，首日涨幅中值+304.65%，三协电机/世昌股份/锦华新材首日涨幅为+736.78%/+304.65%/+120.34%， 1-9 月 无 新 股 首 日 破 发 。 (2) 对 于 单 只 新 股 理 论 申 购 收 益 率 ， 新 股 三 协 电 机 / 世 昌 股 份 / 锦 华 新 材 分 别 为 +0.165%/+0.076%/+0.080%。 (3) 2024年北交所新股申购累计收益率+4.01%（发行新股23只），25年1-9月新股申购理 论收益率累计增厚+1.75%（发行新股14只）（注：仅考虑中签率和涨幅，不考虑产品现金冗余）。 ◼ 2025年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 (1) 2025年9月北交所发行 ...

9月26日，近岸蛋白涨5.22%，截至发稿，报43.56元/股，成交2360.52万元，换手率1.71%，总市值30.57 亿元。 融通健康产业灵活配置混合A/B（000727）基金经理为万民远。 截至发稿，万民远累计任职时间9年34天，现任基金资产总规模56.29亿元，任职期间最佳基金回报 149.47%， 任职期间最差基金回报-18.43%。 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%。 从近岸蛋白十大流通股东角度 数据显示，融通基金旗下1只基金位居近岸蛋白十大流通股东。融通健康产业灵活配置混合A/B （000727）二季度持有股数50万股，持股数量与上期相比不变，占流通股的比例为1.53%。根据测算， 今日浮盈赚取约108万元。 融通健康产业灵活配置混合A/ ...

9月26日，近岸蛋白涨5.22%，截至发稿，报43.56元/股，成交2360.08万元，换手率1.71%，总市值30.57 亿元。 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%。 从近岸蛋白十大流通股东角度 数据显示，工银瑞信基金旗下1只基金位居近岸蛋白十大流通股东。工银战略转型股票A（000991）二 季度新进十大流通股东，持有股数33.88万股，占流通股的比例为1.04%。根据测算，今日浮盈赚取约 73.17万元。 工银战略转型股票A（000991）成立日期2015年2月16日，最新规模21.71亿。今年以来收益13.86%，同 类排名3336/4220；近一年收益28.15%，同类排名3044/3824；成立以来收益295.1%。 风险提示：市场有风险，投资需 ...

港股方面，恒生生物科技指数开盘跌近 2% ，开盘后震荡下行。微创医疗、康方生物、百济 神州、药明生物、药明康德等均有明显跌幅。 【导读】突发"黑天鹅"！亚太市场医药股集体下跌 中国基金报 晨曦 9 月 26 日上午，亚太市场医药板块普遍走低。 A 股医药生物板块走低，减肥药、创新药、 CRO 等指数跌幅居前。 | 序号 代码 名称 | | 5分钟涨跌 涨跌幅 - | | --- | --- | --- | | 1 8841718 減肥药指数 | | -0.79% -1.56% | | വ 8841049 创新药指数 | | -0.61% -1.48% | | 3 8841421 CRO指数 | | -0.40% - -1.43% | | 4 884080 网络游戏指数 | | | | տ 8841867 Kimi指数 | | -0.58% -1.31% | | 6 8841087 仿制药指数 | | -0.66% -1.25% | | 7 8841690 中文语料库指数 -0.78% -1.25% | | | | 8 8841742 短剧游戏指数 -0.79% -1.22% | | | | თ | 88417 ...

Core Viewpoint - The restructuring plan of Aopumai (688293.SH) to acquire Chengli Biotechnology has faced dissent from independent director Tao Hua'an, who believes the company currently lacks the necessity for acquisitions and has not expressed an opinion on the rationality of the merger [1][3][4] Summary by Sections Restructuring Plan - Aopumai plans to acquire 100% of Chengli Biotechnology for a total consideration of approximately 14.5 billion yuan, consisting of 7.1 billion yuan in cash and 7.4 billion yuan in shares [2][5] - The valuation of Chengli Biotechnology is set at 14.52 billion yuan, with an appraisal increase rate of 56.92% [2][6] - Aopumai aims to enhance its business model from "cell culture media + CDMO" to "cell culture media + CRDMO" through this acquisition [2][5] Independent Director's Concerns - Tao Hua'an has consistently opposed the restructuring, citing that the acquisition does not align with the company's goals of improving the profitability of cell culture products and reducing losses in the CDMO business [1][4][6] - He has raised concerns about the low capacity utilization of CDMO services, which has led to declining performance, arguing that the merger will not directly improve this situation [4][6] Financial Performance - Aopumai has experienced a decline in net profit for two consecutive years, with a significant drop in CDMO service revenue in 2024, down 25.66% and a gross margin of -25.29% [5][6] - In the first half of 2025, Aopumai reported a revenue of 1.78 billion yuan, a year-on-year increase of 23.77%, but the CDMO service still faced a gross margin of -47.53% [5][6] Future Projections - The acquisition is expected to generate an additional goodwill of 6.17 billion yuan, which will account for 15.34% of the total assets and 21.76% of the net assets attributable to the parent company by the end of 2024 [6] - Chengli Biotechnology has made performance commitments for the years 2025 to 2027, with net profits not less than 52 million yuan, 65 million yuan, and 78 million yuan respectively [6]

Group 1: Financial Performance and Market Strategy - The company aims to achieve significant revenue growth from the Boston laboratory, which is a key step in its global strategy, targeting increased overseas business and enhancing existing operations [2] - The company's revenue returned to a growth trajectory in the first half of the year, with profits turning positive, despite fluctuations in the stock price due to macroeconomic factors [3] - Domestic CRO service orders increased by over 40% year-on-year in the first half of the year, indicating strong market demand [5] Group 2: Operational Updates and Challenges - The company has temporarily halted operations at the Qidong large molecule production base due to a lack of improvement in the domestic CDMO market, while the Zhangjiang facility can meet current production demands [4] - The company is actively expanding its full-package service business, with multiple projects in negotiation, typically valued in the tens of millions of RMB [5] - The company is considering the acquisition of the Qidong facility based on market conditions and existing rental agreements [4] Group 3: Investor Relations and Future Plans - The company is in the process of responding to inquiries from the Shenzhen Stock Exchange regarding its refinancing efforts, which are progressing in an orderly manner [6] - The company emphasizes that its stock price is influenced by various factors, including market sentiment and economic conditions, and advises investors to be aware of investment risks [6] - The establishment of an industrial fund aims to drive business growth by investing in innovative pharmaceutical companies, ensuring business synergy with the company's operations [5]

Summary of Key Points from the Conference Call Industry Overview - The overall profitability of A-shares has turned positive for the first time after years of negative growth, with a net profit growth of 11% in Q1 2025, but a decline in Q2 [1][2] - The Sci-Tech Innovation Board, financial, oil, and petrochemical sectors have negatively impacted overall profitability, while the ChiNext Board has played a positive role [2] Financial Performance - Non-financial and non-oil A-shares showed a slight improvement in operating cash flow year-on-year, but the absolute scale remains low compared to the past three years, indicating unstable cash generation capabilities [1][5] - Capital expenditure has been negative for five consecutive quarters, but the decline has narrowed, with contract liabilities showing a year-on-year growth rate decline, reflecting insufficient recovery in terminal demand [1][6] Leverage and Financial Ratios - The ratio of interest-bearing debt to shareholder equity has slowly increased to a new high since 2022, while financial expenses as a percentage of total revenue have reached a historical low, indicating effective transmission of monetary easing policies to enterprises [1][7] - The return on equity (ROE) for non-financial and non-oil A-shares was 6.44% in Q2, showing signs of stabilization, but total asset turnover has declined, indicating weakened ability to convert assets into revenue [1][8] Sector Performance - Industries with better year-on-year profit changes include agriculture, forestry, animal husbandry, steel, building materials, electronics, and computers [3][9] - The TMT sector, including electronics and computers, performed relatively well on a quarter-on-quarter basis, while cyclical sectors experienced fluctuations due to the transition of old and new driving forces [3][10] Emerging Sectors - The AI sector has shown the best performance among new tracks, with high growth rates in optical modules and copper-clad laminates, while semiconductor equipment has seen negative growth [11] - In the pharmaceutical sector, innovative drugs and medical services have improved significantly, but medical device revenues and profits have declined [12] Investment Opportunities and Risks - The financial sector shows a stable overall performance, with city commercial banks and rural commercial banks leading the growth with 6.7% and 4.4% respectively, making them more attractive compared to large state-owned banks [18][19] - The insurance industry has shown stable performance with double growth in revenue and profit, indicating a positive outlook [20] Cash Flow and Capital Expenditure - Industries with good cash flow and stable growth include education publishing, kitchen appliances, and construction, while sectors like pre-processed food and liquor need to be monitored for cash flow deterioration [21] - The current capital expenditure remains in negative growth, but the decline is narrowing, indicating potential recovery in the future [14] Market Dynamics - Large and mid-cap stocks have performed better than small-cap stocks, with mid-cap stocks showing stronger growth in both revenue and profit [22] - Different scales of enterprises show significant performance disparities, with large enterprises generally outperforming small ones in technology and manufacturing sectors [23][24] This summary encapsulates the key insights from the conference call, highlighting the performance of various sectors, financial metrics, and potential investment opportunities and risks.

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].

Core Insights - The company reported a revenue of 324 million yuan for the first half of 2025, representing a year-on-year growth of 6.15% [1] - The net profit attributable to shareholders reached 67.6863 million yuan, with a non-recurring net profit of 33.1225 million yuan, showing a significant increase of 31.85% year-on-year [1][2] - The company announced its first mid-year dividend plan, proposing a cash dividend of 40 yuan per 10 shares, totaling 487 million yuan [1][2] Financial Performance - The main driver of performance was high investment in product research and technological innovation, leading to a diverse range of reagent products that meet customer needs [2] - The non-recurring net profit saw a remarkable increase of 31.85%, marking the first positive growth since the pandemic, with a quarter-on-quarter increase of 189% in the second quarter [2] - The company has maintained a steady revenue scale and profitability since its listing four years ago, with accumulated current assets nearing 4 billion yuan and undistributed profits exceeding 1.1 billion yuan [2] Business Operations - The company has established multiple core technology platforms, enabling efficient development of diverse biological reagents tailored to market demands [2][3] - The core business areas, including recombinant proteins, antibodies, and CRO services, demonstrate resilience and long-term growth potential [3] - The company offers over 77,000 types of products, including more than 9,800 recombinant proteins and 15,000 antibodies, supporting various fields of life science research [3] Market Expansion - The company is accelerating its global market layout, having established international market and technical support teams in the US, Germany, Japan, and South Korea [4] - The acquisition of Canadian enzyme protein manufacturer SignalChem Biotech Inc. is part of its strategy to enhance global presence [4] - The company has subsidiaries in Suzhou, Taizhou, and various international locations, with products sold in over 90 countries and regions, serving more than 11,000 customers [4]