Core Viewpoint - The pharmaceutical and biotechnology sector is expected to experience valuation recovery driven by policy and industry resonance in 2025, with the sector's PE (TTM) rising from 31x as of September 30, 2025, indicating a positive investment outlook [1][35]. Group 1: Market Review - The pharmaceutical sector's PE (TTM) has fluctuated between 21x and 53x since 2015, with an average of 33x, and has shown signs of recovery since Q1 2025 after hitting a low in September 2022 [1][11][45]. - The market capitalization of pharmaceutical stocks held by equity funds was 12.2% in Q2 2025, reflecting a 1.8 percentage point increase and indicating a recovery trend [12][49]. Group 2: Global Economic Context - The return to a rate-cutting environment globally, particularly with the Federal Reserve's rate cut in September 2025, is favorable for innovative assets, while global aging trends are driving increased healthcare spending [2][36][56]. - China's pharmaceutical innovation is gaining momentum, with expectations of capturing a larger share of the global pharmaceutical market, thus enhancing the competitiveness of the domestic industry [2][36]. Group 3: Investment Thesis - The investment strategy is framed around a three-stage clinical value model: 1. "0→1" technological breakthroughs in innovative drugs and devices, enhancing domestic capabilities [2][36]. 2. "1→10" clinical validation with high-quality domestic drugs accelerating overseas licensing [2][36]. 3. "10→100" efficiency in the Chinese pharmaceutical supply chain, with CXO companies achieving stable growth through cost advantages [2][36]. Group 4: Recommended Companies - Key companies recommended for investment include Innovent Biologics (H), Eifang Biologics (U), Tianshili, WuXi AppTec (A+H), Prasis, Mindray Medical, United Imaging Healthcare, and Weisi Medical [3][37].

益方生物公告，预计2025年度实现营业收入3732.53万元，归属于母公司所有者的净利润-3.17亿元。本 报告期主要财务数据为初步核算数据，未经会计师事务所审计。2025年度，公司业绩变化主要受到研发 投入强度与营收构成的共同影响。 ...

格隆汇2月26日丨益方生物(688382.SH)公布2025年度业绩快报，公司预计2025年度实现营业收入3732.53 万元；归属于母公司所有者的净利润-3.17亿元。 2025年，公司临床前管线转化也取得关键进展，两款具有创新性的临床前候选药物，WRN 抑制剂 YF087 和 KIF18A 抑制剂 YF550 在多项临床前研究中展现出优秀的抗肿瘤潜力，目前正在开展 IND 支 持性研究，为后续进入临床阶段做准备；与此同时，公司持续投入早期研发，包括其他候选药物的开 发、创新技术平台建设以及药物的早期发现，为长期发展积蓄动力。基于2025年的整体研发进展，公司 在报告期内持续保持了高强度的研发投入，公司本期技术授权和技术合作收入尚无法覆盖各项成本及费 用，预计2025年度将继续出现亏损的情况，但公司主营业务、核心竞争力没有发生重大不利变化。 报告期的经营情况、财务状况及影响经营业绩的主要因素：2025年度，公司业绩变化主要受到研发投入 强度与营收构成的共同影响。随着研发管线的扎实推进，多个核心临床项目已进入关键阶段，并取得积 极进展，研发投入维持在较高水平：口服选择性雌激素受体降解剂(SERD)D- 050 ...

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

经济观察网根据公开信息，名称中包含"生物"且与"正业"发音相近的A股上市公司主要有"正业科技 （300410）"(300410)和"益方生物"(688382)。经查询，在您提问的日期(2026年2月13日)附近，未有名称 为"正业生物"的股票发生重大事件。以下是两家相关公司的近期动态，供您参考。 股票近期走势 根据2026年1月25日的周评数据，该公司当周股价上涨5.29%，但主力资金呈净流出状态。 近期事件 该公司近期的主要事件是启动"A+H"股上市计划。根据公告，益方生物已于2026年1月1日向香港联合交 易所递交了上市申请。 业绩经营情况 此外，公司的两款创新药已获批上市并纳入国家医保目录，但公司仍处于研发投入阶段，2025年前三季 度净利润为负。在2月13日前后，无新的重大进展披露。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 其2025年三季报显示，公司前三季度营收与净利润同比均有增长。在您提问的日期前后，该公司未发布 需特别关注的新公告。 ...

关于2026年第一次临时股东会取消部分议案的公告 本公司董事会及全体董事保证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。 一、股东会有关情况 1、股东会的类型和届次： 2026年第一次临时股东会 2、取消议案原因 证券代码：688382 证券简称：益方生物 公告编号：2026-008 益方生物科技（上海）股份有限公司 由于公司2025年限制性股票激励相关事项需统筹相关工作安排，基于综合评估和审慎考虑，经董事会薪 酬与考核委员会提议，2026年第一次临时股东会召集人公司董事会决定取消《关于〈益方生物科技（上 海）股份有限公司2025年限制性股票激励计划（草案）〉及其摘要的议案》《关于〈益方生物科技（上 海）股份有限公司2025年限制性股票激励计划实施考核管理办法〉的议案》《关于提请股东会授权董事 会办理公司2025年限制性股票激励计划相关事宜的议案》三项议案，上述三项议案暂不提交2026年第一 次临时股东会审议。 本次取消股东会议案符合《上市公司股东会规则》《上海证券交易所科创板股票上市规则》等相关法律 法规及《公司章程》的规定。 三、除了上述取消议 ...

一、 股东会有关情况 1、 股东会的类型和届次： 证券代码：688382 证券简称：益方生物 公告编号：2026-008 益方生物科技（上海）股份有限公司 关于2026年第一次临时股东会取消部分议案的公告 本公司董事会及全体董事保证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。 2026年第一次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688382 | 益方生物 | 2026/2/13 | 二、 取消议案的情况说明 1、 取消议案名称 | 序号 | 议案名称 | | --- | --- | | 1 | 关于《益方生物科技（上海）股份有限公司 年限制性股票激励计 2025 | | | 划（草案）》及其摘要的议案 | | 2 | 关于《益方生物科技（上海）股份有限公司 2025 年限制性股票激励计 | | | 划实施考核管理办法》的议案 | | 3 | 关于提请股东会授权董事会办理公司 2025 年限制性股票激励计划相关 | | | 事宜的议案 | 2、 ...

证券代码：688382 证券简称：益方生物 益方生物科技（上海）股份有限公司 2026 年第一次临时股东会会议资料 | 2026 年第一次临时股东会会议须知 . | | --- | | 2026 年第一次临时股东会会议议程 . | | 议案一 关于调整部分募集资金投资项目内部投资结构的议案 | 二〇二六年二月 六、股东及股东代理人要求发言或提问时，不得打断会议报告人的报告或其 他股东及股东代理人的发言。在股东会进行表决时，股东及股东代理人不再进行 发言。股东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止； 益方生物科技（上海）股份有限公司 2026 年第一次临时股东会会议须知 为了维护公司全体股东的合法权益，确保股东会的正常秩序和议事效率，保 证会议的顺利进行，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》《上市公司股东会规则》以及《益方生物科技（上海） 股份有限公司章程》（以下简称《公司章程》）等相关规定，益方生物科技（上 海）股份有限公司（以下简称"公司"）特制定本次股东会会议须知： 一、股东会设会务组，由公司董事会秘书负责会议的程序安排和会务工作； 二、为保证本次 ...

Group 1 - The company held its second board meeting on February 10, 2026, where it approved several key proposals, including adjustments to its fundraising investment structure [1][2][4] - The board approved the addition of a new sub-project "YF550" under the "New Drug Research and Development Project" while maintaining the total investment amount unchanged [2][12] - The board also approved the establishment of a "Market Value Management System" to enhance investor returns and protect investor interests [5][6] Group 2 - The company plans to increase funding for the D-2570 project, a TYK2 inhibitor for treating autoimmune diseases, by approximately 23,210.95 million RMB to support ongoing clinical trials [16][24] - Additional funding of 4,720.00 million RMB will be allocated for the clinical research of YF087, a candidate drug in the preclinical stage [18][25] - The company will also invest 4,290.00 million RMB in YF550, another candidate drug, to prepare for its Phase I clinical trial [19][25] Group 3 - The adjustments in funding are aimed at optimizing resource allocation and ensuring that the investment aligns with the company's research and development strategy [23][26] - The market for autoimmune disease treatments is projected to grow significantly, with the global market expected to reach approximately 194.8 billion USD by 2030, indicating a strong demand for innovative therapies [27][28] - The company is focusing on developing drugs that target unmet clinical needs, particularly in the areas of autoimmune diseases and gout, which are seeing rising patient numbers [29][30]

Core Viewpoint - The company has approved an internal restructuring of its fundraising investment projects to optimize the investment structure for its "new drug research and development projects" while keeping the total fundraising amount unchanged [1] Investment Structure Adjustment - The company will add the preclinical candidate drug "YF550" as a sub-project and reallocate funds among various sub-projects [1] - An additional investment of 232.1095 million yuan will be allocated to the oral TYK2 inhibitor D-2570 project to advance clinical trials for multiple autoimmune diseases, including psoriasis and ulcerative colitis [1] - New investments of 47.2 million yuan, 42.9 million yuan, and 20 million yuan will be made for the preclinical projects YF087, YF550, and exploratory research, respectively [1] - Funding for the URAT1 inhibitor D-0120 project will be reduced by 342.2095 million yuan [1] Strategic Focus - The adjustments aim to concentrate resources on core pipelines with faster research and development progress and greater market potential to enhance funding efficiency and accelerate product development [1] - The proposal is subject to approval at the company's shareholder meeting [1]