【药康生物】25年业绩超预期，海外及药效服务高增长，看好临床前CRO复苏【东吴医药朱国广团队】 2月3日业绩快报：25FY营收7.93亿元（+15.5%），归母1.44亿元（+31.5%），扣非1.18亿元（+55.8%）；25Q4营 收2.18亿元（+22.9%），归母0.35亿元（+197%），扣非0.25亿元。 点评：小鼠模型销售双位数增长，功能药效CRO增速30-40%。 1）国内行业景气度提升，工业端需求恢复，26Q1国内趋势持续向好；2）海外增速40-50%，欧美亚三大区域网络 不断完善，预期26年保持海外高增长。 总结：短期看好26年临床前CRO贝塔，长期看好中国工程师红利下，基因编辑小鼠全球领先的业务模式。 标的推荐：百奥赛图、药康生物、南模生物。 2月3日业绩快报：25FY营收7.93亿元（+15.5%），归母1.44亿元（+31.5%），扣非1.18亿元（+55.8%）；25Q4营 收2.18亿元（+22.9%），归母0.35亿元（+197%），扣非0.25亿元。 点评：小鼠模型销售双位数增长，功能药效CRO增速30-40%。 < 【药康生物】25年业绩超预期，海外及药效服务高增长，看好临 ...

2.以上财务数据及指标以合并报表数据填列，但未经审计，最终数据以公司2025年年度报告中披露的数 据为准。 二、经营业绩和财务状况情况说明 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以江苏集萃药康 生物科技股份有限公司（以下简称"公司"）2025年年度的定期报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 （一）报告期的经营情况、财务状况 报告期内，公司实现营业收入79,325.46万元，比上年同期增加15.49%；实现归属于母公司所有者的净 利润14,439.76万元，比上年同期增加31.49%；实现归属于母公司所有者的扣除非经常性损益的净利润 11,800.96万元，比上年同期增加55.80%。 报告期末总资产287,275.94万元，较本报告期初增加11.67%；归属于母公司的所有者权益222,949.53万 元，较本报告期初增长4.44%。 ...

2月3日晚间重要公告摘要 | 类型 | 公司 | 主要内容 | | --- | --- | --- | | 聚焦 | 智洋创新 | 筹划购买灵明光子控制权 4日起停牌 | | | 凯龙高科 | 拟购买金旺达70%股权4日起复牌 | | | *ST立方 | 完成停牌核查 4日起复牌 | | 业绩精选 | 药康生物 业绩快报 | 2025年净利润同比增长31.49% | | | 卓越新能 业绩快报 | 2025年净利润同比增长14.16% | | | 旭光电子 | 拟定增募资不超10亿元 | | 定增&重组 | *ST블降 | 公司重整计划获得法院裁定批准 | | | *ST金灵 | 公司重整计划获得法院裁定批准 | | | 韩建河山 | 拟购买兴福新材99.9978%股份 4日起复牌 | | | 嘉事堂 | 控股股东拟变更为同仁堂集团 4日起复牌 | | | 富临精工 | 拟与宁德时代共同对子公司江西升华增资扩股 | | | 微芯生物 | 与Nizhpharm就西达本胺签署许可及分销协议 | | 重要事项 | 汽解放 | 拟使用不超100亿元自有资金进行委托理财 | | | 宁德时代 | 已耗资43.86亿元回 ...

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 黄山旅游：拟投资约5.3亿元建设黄山滨江东路12号酒店项目 黄山旅游公告，公司于2026年2月3日召开第九届董事会第十九次会议，审议通过了《关于投资建设黄山滨江东路12号酒店项目的议案》，同意公司投资建设 黄山滨江东路12号酒店项目，预计投资金额约为5.3亿元，资金来源为公司自筹资金。该项目位于黄山市中心政务区及商务区核心，总建筑面积79178.15平方 米，目前建筑主体已完成。公司将对既有建筑实施全面改造与品质升级，打造高端酒店。项目建设周期预计为24个月，静态投资回收期为16.14年。 杭电股份：公司股票价格短期涨幅较大 存在交易风险 杭电股份公告称，公司股票价格短期涨幅较大，2026年1月30日至2月3日，公司股票已连续3个交易日以涨停价收盘，公司股票价格涨幅累计达32.97%，显 著高于同行业上市公司。公司最新滚动市盈率为负，市盈率绝对值远高于同行业。公司预计2025年年度实现归属于上市公司股东的净利润-30,000万元左 右，存在经营业绩下降风险。公司特别提醒投资者注意二级市场交易风险，理性决策，审慎投资。 旭光电子：拟定增募资不超过1 ...

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]

| | | | 单位：人民币万元 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | | | | （％） | | 营业总收入 | 79,325.46 | 68,683.70 | 15.49 | | 营业利润 | 16,455.34 | 11,936.78 | 37.85 | | 利润总额 | 16,435.75 | 11,921.50 | 37.87 | | 归属于母公司所有者 的净利润 | 14,439.76 | 10,981.98 | 31.49 | | 归属于母公司所有者 | | | | | 的扣除非经常性损益 | 11,800.96 | 7,574.31 | 55.80 | | 的净利润 | | | | | 基本每股收益（元） | 0.35 | 0.27 | 29.63 | | 加权平均净资产收益 | | | 增加 1.45 个百 | | 率 | 6.63% | 5.18% | 分点 | | | | | 增减变动幅度 | | | 本报告期末 | 本报告期初 | | | | | | （％） | | 总 资 产 | 287,275.94 ...

药康生物(688046.SH)披露2025年度业绩快报，2025年度公司实现营业收入7.93亿元，同比增长15.49%; 归属于母公司所有者的净利润1.44亿元，同比增长31.49%。 报告期内，公司营业收入同比增加15.49%，主要原因系：1、海外方面，销售网络不断完善，覆盖北 美、欧洲、亚太三大区域，客户数量持续增加，品牌知名度逐步提升，海外收入保持快速增长;2、国内 方面，受益于行业景气度提升及下游工业客户研发投入增加，工业客户需求复苏明显，公司功能药效业 务持续发力，收入增速较快。 报告期内，公司围绕国际化与创新两大核心战略，持续开拓海外市场，坚持高强度研发投入，保持技术 与产品的行业领先地位。在夯实主业的同时，基于通用底层技术，培育全人源抗体平台、菌群研创平台 等新平台，加速研发成果转化，为公司发展提供新的增长点。 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

药康生物首次公开发行股票的发行费用总额为1.00亿元，其中，保荐承销费8278.75万元。 (责任编辑：马欣) 中国经济网北京1月19日讯 药康生物(688046.SH)今日股价下跌，截至收盘，该股报18.14元，跌幅 4.07%。 药康生物于2022年4月25日在上交所科创板上市，发行价格为22.53元/股，公开发行股票数量5000万 股，保荐机构（主承销商）为华泰联合证券有限责任公司，保荐代表人为季李华、洪捷超。该股目前处 于破发状态。 药康生物首次公开发行股票募集资金总额为11.27亿元，募集资金净额为10.26亿元。药康生物最终募集 资金净额比原计划多2.06亿元。药康生物于2022年4月18日披露的招股说明书显示，该公司拟募集资金 8.20亿元，分别用于模式动物小鼠研发繁育一体化基地建设项目、真实世界动物模型研发及转化平台建 设项目。 ...

证券日报网讯 1月16日，药康生物在互动平台回答投资者提问时表示，公司已组建约40人海外BD团 队，覆盖北美、欧洲及亚太三大区域，在超20个国家实现销售。公司在欧洲区域设有办公室，以直销为 主，覆盖德国、英国、法国、瑞士、意大利等国家，2025年欧洲区域增长良好，市场渗透率持续提升。 具体财务数据请关注公司相关公告。 ...