（文章来源：证券日报） 证券日报网讯 2月27日，键凯科技发布2025年度业绩快报公告称，公司2025年度实现营业总收入316， 085，006.71元，同比增长39.19%；归属于母公司所有者的净利润63，393，506.15元，同比增长 112.46%。 ...

报告期内，营业总收入与利润实现同步增长，主要得益于公司海外业务显著增长。一方面，海外新药客 户产品上市后销售持续放量，相关订单收入实现显著增长;另一方面，海外医疗器械第一大客户的订单 量较上年同期明显提升，带动公司海外医疗器械销售收入稳步增长。在海外新药与医疗器械两大板块的 共同推动下，公司营业总收入与净利润均实现良好增长。 键凯科技(688356.SH)发布2025年度业绩快报，报告期内，公司实现营业总收入31,608.50万元，同比增 长39.19%;实现归属于母公司所有者的净利润6339.35万元，同比增长112.46%。 ...

智通财经APP讯，键凯科技(688356.SH)发布2025年度业绩快报，报告期内，公司实现营业总收入 31,608.50万元，同比增长39.19%;实现归属于母公司所有者的净利润6339.35万元，同比增长112.46%。 报告期内，营业总收入与利润实现同步增长，主要得益于公司海外业务显著增长。一方面，海外新药客 户产品上市后销售持续放量，相关订单收入实现显著增长;另一方面，海外医疗器械第一大客户的订单 量较上年同期明显提升，带动公司海外医疗器械销售收入稳步增长。在海外新药与医疗器械两大板块的 共同推动下，公司营业总收入与净利润均实现良好增长。 ...

格隆汇2月27日丨键凯科技(688356.SH)公布2025年年度业绩快报，报告期内，公司实现营业总收入 31,608.50万元，同比增长39.19%；实现归属于母公司所有者的净利润6,339.35万元，同比增长 112.46%；实现归属于母公司所有者的扣除非经常性损益的净利润4,943.82万元，同比增长153.79%。 报告期内，营业总收入与利润实现同步增长，主要得益于公司海外业务显著增长。一方面，海外新药客 户产品上市后销售持续放量，相关订单收入实现显著增长；另一方面，海外医疗器械第一大客户的订单 量较上年同期明显提升，带动公司海外医疗器械销售收入稳步增长。在海外新药与医疗器械两大板块的 共同推动下，公司营业总收入与净利润均实现良好增长。 ...

证券代码：688356 证券简称：键凯科技 公告编号：2026-005 北京键凯科技股份有限公司 2025 年度业绩快报公告 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，具体数据以公司2025年年度的定期报告为准，提请投资者注意投资风险。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 316,085,006.71 | 227,096,825.17 | 39.19 | | 营业利润 | 70,861,273.76 | 33,803,851.61 | 109.62 | | 利润总额 | 70,103,322.24 | 32,670,682.36 | 114.58 | | 归属于母公司所有者 的净利润 | 63,393,506.15 | 29,837,797.00 | 112.46 | | 归属于母公司所有者 的扣除非经常性损益 | 49, ...

Summary of Key Points from Conference Call Industry Overview - The military trade market is experiencing long-term demand growth due to increased regional conflicts and geopolitical tensions, which are expected to persist over the next 5-10 years [1][4] - Current geopolitical conflicts include the India-Pakistan, Israel-Palestine, Iran, and Russia-Ukraine situations, as well as recent events in Venezuela, indicating unresolved core issues and ongoing tensions [5] Core Insights and Arguments - The absence of a "world police" due to the U.S. focusing on domestic issues under the Trump 2.0 era is leading to heightened insecurity and more regional conflicts, thus driving military trade demand [3][11] - Europe faces ongoing threats from Russia, necessitating increased military spending and autonomy [5] - In the Middle East, the failure of U.S.-Iran negotiations keeps tensions high, while countries like Japan are significantly increasing military budgets [5] - The U.S. is shifting its strategic focus towards South America, making it a new focal point for military trade [5] China's Military Trade Developments - China has made progress in international military trade orders, with potential agreements emerging from events like the Saudi Housing Exhibition [6] - Reports indicate that China has signed procurement agreements with at least six countries, including Pakistan's expected purchase of the HD-1 hypersonic missile and air defense systems [7] - Companies such as Guorui Technology and Gaode Infrared have reported significant increases in related transactions, reflecting a rise in new orders [7] Investment Opportunities - Investors are encouraged to focus on companies with clear military trade order expectations, such as Guangdong Hongda, Hongdu Aviation, Gaode Infrared, Inner Mongolia First Machinery, and AVIC Chengfei [9] - Companies involved in dual-use technologies, like Ruichuang Weina, Beihua Co., Optoelectronics Co., and Zhongrun Optics, are also highlighted for their strong performance [9] - Strategic recommendations include companies like AVIC Shenyang Aircraft, Guorui Technology, Aerospace Nanhua, and AVIC Xifei, which have long-term growth potential [9] Strategic Military Trade Orders - The cycle for strategic military trade orders is lengthy, with significant performance improvements in listed companies expected over time [10] - Long-term investment strategies should consider the gradual replacement of Russian military trade by Chinese products, particularly high-end aircraft and air defense missiles [10] U.S. Military Strategy Characteristics - The Trump 2.0 era is characterized by increased military spending, reaching historical highs, and a focus on asymmetric warfare, including the establishment of a Space Force [12] - The U.S. is exhibiting a trend of strategic withdrawal, with a reduction in large-scale wars but an increase in regional conflicts [12] Middle East Dynamics - The Middle East is characterized by four power centers: Israel, Iran, Turkey, and Arab states, forming three main camps: anti-U.S., pro-U.S., and reformist [13] - Wealthy Middle Eastern countries like Saudi Arabia, UAE, Qatar, and Algeria have significant military budgets and procurement needs, with Egypt also being a key military purchaser [14] Potential Military Trade Demand - Iran, as a central figure in the anti-U.S. camp, faces unresolved core issues with the U.S., while Turkey serves as a major hub for military equipment exports [15] - Potential new military trade demand in the Middle East is expected to focus on complete systems, while Europe will lean towards midstream needs like electronic components and materials [15]

Group 1 - The core point of the announcement is that shareholder Wu Kaiti has reduced his stake in Beijing Jiankai Technology Co., Ltd. by 89,392 shares, bringing his total holdings from 7,932,833 shares to 7,843,441 shares, which is a decrease from 13.08% to 12.93% of the total share capital [2][4] - The reduction in shareholding touches the 1% threshold, but it does not trigger a mandatory tender offer [2] - This change in equity does not affect the company's controlling shareholder or actual controller, and it will not have a significant impact on the company's governance structure or ongoing operations [2][3] Group 2 - The company received a notification from shareholder Wu Kaiti regarding the equity change on February 9, 2026, with the reduction occurring between February 6 and February 9, 2026 [2] - The company will continue to monitor the shareholder's compliance with the relevant regulations regarding share reduction and information disclosure obligations [2]

证券代码：688356 证券简称：键凯科技 公告编号：2026-004 北京键凯科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 投资者吴凯庭保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、 信息披露义务人及其一致行动人的基本信息 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 吴凯庭 | □ | 控股股东/实控人 | 不适用 ☑ | | | □ | 控股股东/实控人的一致 | | | | 行动人 | | | | | ☑ | 其他直接持股股东 | | 重要内容提示： 权益变动方向 比例增加□ 比例减少☑ 权益变动前合计比例 13.08% 权益变动后合计比例 12.93% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否☑ 是否触发强制要约收购义务 是□ 否☑ 3.一致行动人信息 上述权益变动主体无一致行动人。 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | ...

Core Viewpoint - JianKai Technology (688356.SH) announced a shareholding change involving a reduction in shares held by shareholder Wu Kaiting, which has triggered a 1% threshold change in equity [1] Group 1: Shareholding Changes - Shareholder Wu Kaiting reduced his holdings by 89,400 shares from 7,932,833 shares to 7,843,441 shares [1] - The percentage of total shares held by Wu Kaiting decreased from 13.08% to 12.93% [1] - The reduction in shareholding occurred between February 6, 2026, and February 9, 2026, through centralized bidding [1]

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]