Group 1 - The core point of the news is that Shenzhou Cell's stock price increased by 5.01% to 55.09 CNY per share, with a trading volume of 102 million CNY and a turnover rate of 0.42%, resulting in a total market capitalization of 24.534 billion CNY [1] - Shenzhou Cell, established on April 23, 2007, and listed on June 22, 2020, is based in Beijing and focuses on the research and industrialization of biopharmaceutical products for various diseases, including malignant tumors, autoimmune diseases, infectious diseases, and genetic disorders [1] - The company's main business revenue is entirely derived from product sales, accounting for 100% of its income [1] Group 2 - From the perspective of fund holdings, Shenzhou Cell is the top holding of the Galaxy Quantitative Optimal Mixed A Fund (004250), which held 6,529 shares in the second quarter, representing 2.13% of the fund's net value [2] - The Galaxy Quantitative Optimal Mixed A Fund has a current scale of 17.7364 million CNY and has achieved a year-to-date return of 24.01%, ranking 3,463 out of 8,161 in its category [2] - The fund manager, Luo Bo, has a tenure of 15 years and 296 days, with the fund's total asset size at 2.75 billion CNY, achieving a best return of 165.8% during his tenure [2]

Core Viewpoint - Shenzhou Cell is planning to raise 600-900 million yuan through a private placement of A-shares to supplement working capital and support R&D efforts, with the controlling shareholder, Lhasa Ailike, subscribing to the entire issuance at a price of 36 yuan per share [1][2]. Fundraising Necessity and Sources - The fundraising is aimed at enhancing operational funds, ensuring R&D investments, and reducing operational and financial risks. Despite revenue growth from 2022 to the first half of 2025, the company faces significant funding needs in the biopharmaceutical and vaccine sectors, with cumulative losses reaching 3.863 billion yuan and a debt ratio of 97.03% as of June 30, 2025 [2]. - Lhasa Ailike's subscription will be financed through a combination of self-owned funds (approximately 440 million yuan) and borrowed funds, with Huanneng Guicheng Trust providing up to 600 million yuan at an interest rate of 5.8% to 7% [2]. Compliance and Stock Price Analysis - The issuance has complied with relevant decision-making procedures and disclosure obligations, aligning with legal regulations and company bylaws. Since the pricing date of June 6, 2025, the company's stock price has increased, reflecting industry trends and operational performance [3]. Previous Fundraising Projects - In the previous public offering, 99.52% of the raised funds were allocated to non-capital expenditures, with adjustments made to improve fund utilization efficiency and align with policy directions and company strategies [4]. Operational Performance Analysis - The core product, Anjia, experienced revenue and gross margin fluctuations due to centralized procurement, with sales revenue declining by 37.99% year-on-year in the first half of 2025 [5]. - R&D expenses have decreased recently as several major products have completed Phase III clinical trials, leading to reduced spending on clinical trial costs [6]. Pipeline Progress and Risks - As of June 30, 2025, the company has one recombinant protein drug and four antibody drugs approved for market, with several products in clinical and preclinical stages. However, there are inherent risks in new drug development, and the company cannot guarantee the timing or success of product approvals [7]. Sales Expense Increase - Sales expenses have risen annually due to new product launches and the expansion of the sales team, with promotional costs including professional service fees and patient welfare projects [9]. Asset and Liability Situation - The company's cash and interest income are well-matched, and there are no issues with fund occupation. The overall aging structure of accounts receivable is good, with sufficient provisions for bad debts [11][12]. - Inventory provisions have been adjusted reasonably, with a significant provision of 95.37% for COVID-19 vaccine products in 2023, which has since decreased [13]. Intangible Assets and Debt Risk - The increase in intangible assets is attributed to growth in R&D technology, and the company has established a robust financial risk management system to ensure debt repayment, despite an increase in borrowing [14][15]. Collaboration with Shiyao Group - The collaboration with Shiyao Group has been terminated, with related funds reclassified in accordance with accounting standards, and this has not adversely affected the company's operations [16].

Core Viewpoint - The financial performance of Beijing Shenzhou Cell Biotechnology Group Co., Ltd. has shown significant fluctuations, with a notable decline in revenue and net profit due to price reductions from centralized procurement and medical insurance cost control measures. The company is also advancing its product pipeline but faces inherent risks in new drug development [2][3]. Group 1: Operating Performance - The company's operating revenue for the reporting period was 1,023.18 million yuan, 1,887.35 million yuan, 2,512.71 million yuan, and 519.74 million yuan, with net profits of -518.99 million yuan, -396.86 million yuan, 111.93 million yuan, and 64.06 million yuan respectively [2]. - In the first half of 2025, the company reported operating revenue of 972.02 million yuan and a net loss of -33.86 million yuan, marking a year-on-year decline of 37.99% in sales revenue due to the impact of centralized procurement and medical insurance cost control [2]. - Research and development expenses decreased in 2024 and the first half of 2025, primarily due to the completion of Phase III clinical trials for several products and other pipelines being in early stages [2][3]. Group 2: Asset and Liability Situation - As of June 30, 2025, the company had cash and cash equivalents of 302.87 million yuan, accounts receivable of 795.72 million yuan, inventory of 281.61 million yuan, and intangible assets of 176.20 million yuan [4]. - The company’s short-term borrowings amounted to 1,235.41 million yuan, with a total debt increase primarily for advancing research and industrialization projects and supplementing working capital [4]. - The company has a decreasing debt-to-asset ratio, with sufficient bank credit lines and a well-arranged repayment plan for short-term borrowings, indicating manageable debt repayment risks [4]. Group 3: Other Matters - As of June 30, 2025, the company had no significant financial investments, and there were no new or planned financial investments in the six months prior to the board resolution for this issuance [5]. - The company has timely and accurately transitioned construction in progress to fixed assets, with prepaid expenses mainly related to material procurement and service payments [5].

点击查看公告原文>> 登录新浪财经APP 搜索【信披】查看更多考评等级 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 9月5日，神州细胞收到上交所出具的《关于北京神州细胞生物技术集团股份公司向特定对象发行股票申 请文件的审核问询函》。10月15日，公司披露对该审核问询函的回复。 责任编辑：小浪快报 据公告，神州细胞会同相关中介机构对审核问询函所列问题进行研究落实，结合2025年半年度财务报告 更新申请文件，并按要求对有关问题说明论证。相关回复及申请文件已公开披露。 不过，公司本次向特定对象发行股票事项，尚需通过上交所审核，并获得中国证监会同意注册决定方可 实施。最终能否通过上交所审核并获得中国证监会同意注册及其时间，均存在不确定性。公司将及时履 ...

股票简称：神州细胞 股票代码：688520 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 北京神州细胞生物技术集团股份公司 2025年度向特定对象发行A股股票募集说明书 声 明 本公司及全体董事、高级管理人员承诺募集说明书内容真实、准确、完整， 不存在任何虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担 相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格 ...

关于北京神州细胞生物技术集团股份公司 向特定对象发行股票申请文件的 审核问询函的回复 关于北京神州细胞生物技术集团股份公司 向特定对象发行股票申请文件的 审核问询函的回复 XYZH/2025BJAA1F0274 北京神州细胞生物技术集团股份公司 上海证券交易所： 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和、申报会计师或我 们"）作为北京神州细胞生物技术集团股份公司（以下简称"神州细胞"、"发行人"、"公 司"）向特定对象发行股票的申报会计师，已就贵所于 2025 年 9 月 5 日出具的上证科审 （再融资）〔2025〕114 号《关于北京神州细胞生物技术集团股份公司向特定对象发行股 票申请文件的审核问询函》（以下简称"问询函"）中要求申报会计师进行核查的相关问 题或事项进行了审慎核查。提供真实、完整的相关资料并如实回复问询函所问询的问题 或事项是北京神州细胞生物技术集团股份公司管理当局的责任，我们的责任是在执行神 州细胞 2024 年度审计工作的基础上，通过对发行人提供的相关资料和回复内容进行核 查，对问询函中要求申报会计师核查的相关问题或事项发表核查意见。 我们现将问询函中要求申报会计师核查的 ...

中信证券股份有限公司 关于北京神州细胞生物技术集团股份公司 2025年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票申请文件 上市保荐书 声 明 中信证券股份有限公司接受北京神州细胞生物技术集团股份公司的委托，担 任其 2025 年度向特定对象发行 A 股股票的保荐人。 中信证券及保荐代表人已根据《中华人民共和国公司法》《中华人民共和国 证券法》《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司证券发行与 承销业务实施细则》等法律法规和中国证券监督管理委员会及上海证券交易所的 有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范 出具上市保荐书，并保证所出具文件真实、准确、完整。 本上市保荐书中如无特别说明，相关用语与《北京神州细胞生物技术集团股 份公司 2025 年度向特定对象发行 A 股股票募集说明书》中的含义相同。 3-2-1 | 声 明 1 | ...

中信证券股份有限公司 关于北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票申请文件 发行保荐书 声 明 本保荐人及保荐代表人根据《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》（以下简称《证券法》）、《证券发行上市保荐业务 管理办法》《上市公司证券发行注册管理办法》（以下简称《注册管理办法》）、 《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、《上海证 券交易所上市公司证券发行与承销业务实施细则》等有关法律、行政法规和中国 证券监督管理委员会、上海证券交易所的规定，诚实守信，勤勉尽责，严格按照 依法制定的业务规则和行业自律规范出具发行保荐书，并保证所出具文件真实、 准确、完整。 本发行保荐书如无特别说明，相关用语具有与《北京神州细胞生物技术集团 股份公司 2025 年度向特定对象发行 A 股股票募集说明书》中相同的含义。 3-1-1 | 声 | 明 1 | | ...

北京市金杜律师事务所 关于北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（二） 致：北京神州细胞生物技术集团股份公司 北京市金杜律师事务所（以下简称"本所"）接受北京神州细胞生物技术集团 股份公司（以下简称"发行人"）委托，担任发行人 2025 年度向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾问。 本所根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司证券发行注册管理办 法》（以下简称"《证券发行注册管理办法》"）、《律师事务所从事证券法律业 务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所证券法 律业务执业规则（试行）》（以下简称"《证券法律业务执业规则》"）、《上海 证券交易所科创板股票上市规则》（以下简称"《科创板股票上市规则》"）等中 国境内现行有效的法律、行政法规、规章、规范性文件和中国证券监督管理委员会 （以下简称"中国证监会"）的有关规定，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，已于 2025 年 8 月 22 日出具《北京市金杜律 ...

关于北京神州细胞生物技术集团股份公司 2025 年度向特定对象发行 A 股股票 申请文件的审核问询函的回复报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 上海证券交易所： 贵所于 2025 年 9 月 5 日出具的上证科审（再融资）〔2025〕114 号《关于 北京神州细胞生物技术集团股份公司向特定对象发行股票申请文件的审核问询 函》（以下简称"问询函"）已收悉，北京神州细胞生物技术集团股份公司 （以下简称"神州细胞""发行人""公司"）、中信证券股份有限公司（以 下简称"保荐机构""中信证券"）对问询函中的相关问题逐项进行了研究和 落实，现对问询函问题回复如下，请予审核。 如无特别说明，本问询函回复报告中的简称或名词的释义与募集说明书 （申报稿）中的相同。 | 黑体（加粗） | 问询函所列问题 | | --- | --- | | 宋体（不加粗） | 对问询函所列问题的回复 | | 楷体（不加粗） | 对募集说明书的引用 | | 楷体（加粗） | 对募集说明书的修改或补充披露 | 本回复报告的字体： 7-1-1 问题 1. 关于本次募投项目 根据申报材料， ...