格隆汇2月27日丨益诺思(688710.SH)公布2025年度业绩快报，报告期内，公司实现营业收入81,132.52万 元，同比下降28.94%；实现归属于母公司所有者的净利润-3,051.59万元，同比下降120.65%；实现归属 于母公司所有者的扣除非经常性损益的净利润-5,389.68万元，同比下降142.98%。 ...

益诺思表示，报告期内，受前期宏观环境变化因素影响及行业竞争加剧的叠加影响，CRO行业整体销 售订单价格承压下行，公司营业收入和净利润同比有所下降。 北京商报讯（记者 丁宁）2月27日晚间，益诺思（688710）发布2025年度业绩快报显示，报告期内，公 司实现营业收入约为8.11亿元，同比下降28.94%；归属净利润约为-3051.59万元，同比由盈转亏。 ...

证券代码：688710 证券简称：益诺思 公告编号：2026-007 上海益诺思生物技术股份有限公司 关于更换签字会计师的公告 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。 上海益诺思生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日、2025 年 9 月 23 日分别召开第三届董事会第十九次会议、2025 年第三次临时 股东大会，审议通过了《关于续聘会计师事务所的议案》，同意继续聘请立信会 计师事务所（特殊普通合伙）（以下简称"立信"）为公司 2025 年度审计机构， 为公司提供 2025 年度财务报表审计和内部控制审计服务。具体内容详见公司在 上海证券交易所网站（www.sse.com.cn）披露的《关于续聘会计师事务所的公告》 （公告编号：2025-028）、《2025 年第三次临时股东大会决议公告》（公告编号： 2025-034）。近日，公司收到立信发来的《关于更换年审签字注册会计师的告知 单》，现就具体情况公告如下： 一、本次变更签字注册会计师的基本情况 立信作为公司 2025 年度财务 ...

本公告所披露 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 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 81,132.52 | 114,166.94 | -28.94 | | 营业利润 | -1,288.62 | 15,906.18 | -108.10 | | 利润总额 | -1,629.88 | 15,881.32 | -110.26 | | 归属于母公司 | -3,051.59 | 14,777.58 | -120.65 | | 所有者的净利润 | | | | | 归属于母公司所有者的扣 | -5,389.68 | 12,538.61 | -142.98 | | 除非经常性损益的净利润 | | | | | 基本每股收益（元） | -0.22 | 1.26 | -117.46 | | | | | 降低 个百 9.05 | | 加权平均净资产收益率 | ...

益诺思发布业绩快报，2025年度实现营业收入8.11亿元，同比下降28.94%；净利润亏损3051.59万元， 同比下降120.65%。报告期内，受前期宏观环境变化因素影响及行业竞争加剧的叠加影响，CRO行业整 体销售订单价格承压下行，公司营业收入和净利润同比有所下降。 ...

2月27日，益诺思涨5.12%，截至发稿，报59.50元/股，成交3880.85万元，换手率0.74%，总市值83.88亿 元。 资料显示，上海益诺思生物技术股份有限公司位于中国(上海)自由贸易试验区郭守敬路199号106室，成 立日期2010年5月12日，上市日期2024年9月3日，公司主营业务涉及专业提供生物医药非临床研究服务 为主的综合研发服务(CRO)。主营业务收入构成为：非临床96.31%，临床3.42%，其他0.27%。 从基金十大重仓股角度 责任编辑：小浪快报 信澳优享生活混合A（017977）成立日期2023年3月14日，最新规模1.67亿。今年以来收益11.67%，同 类排名1887/8891；近一年收益43.56%，同类排名1829/8137；成立以来收益17.75%。 信澳优享生活混合A（017977）基金经理为杨珂。 截至发稿，杨珂累计任职时间5年292天，现任基金资产总规模7.06亿元，任职期间最佳基金回报 39.06%， 任职期间最差基金回报-13.42%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成 ...

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].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company has experienced a significant increase in new orders, driven by the demand for new drug research, with total new orders reaching 1.135 billion yuan in 2025, a year-on-year increase of 38.62% [5]. - The company is expected to incur a net loss attributable to shareholders of between -39.85 million yuan and -26.79 million yuan for the fiscal year 2025 [4]. - The company is in the process of acquiring a controlling stake in its subsidiary, which will enhance its capabilities in safety evaluation and clinical CRO services [9]. Summary by Sections Market Performance - The company’s stock price is currently at 57.99 yuan, with a total market capitalization of 8.2 billion yuan [1]. Order Growth - As of the end of 2025, the company’s backlog of orders increased to 1.248 billion yuan, a growth of 28.23% compared to the end of 2024 [5]. - The increase in orders is attributed to a recovery in the global and Chinese biopharmaceutical investment environment, with the healthcare sector seeing a financing amount of 122.779 billion yuan, up 46.41% year-on-year [5]. Financial Performance - The company’s net profit for Q4 2025 is projected to be between -25.06 million yuan and -12 million yuan, primarily due to the execution of low-price contracts from previous periods [6]. - The gross margin is expected to recover to over 30% as the industry’s demand and supply dynamics improve [6]. Strategic Projects - The company’s strategic project in Nantong has successfully launched, covering an area of 24,000 square meters and planning to build 130 international standard animal rooms [7]. - The Shanghai project is expected to complete its construction by Q1 2026, significantly enhancing the company’s order capacity [7]. Acquisition and Collaboration - The acquisition of the subsidiary will facilitate the integration of safety evaluation and clinical CRO services, creating a comprehensive service solution [9]. - The company has established a strategic partnership with YaoKang Bio to explore joint international pathways for animal and drug evaluation [9]. Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 792 million yuan, 1.098 billion yuan, and 1.402 billion yuan, respectively, with corresponding EPS of -0.23 yuan, 0.90 yuan, and 1.63 yuan [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10] Core Insights - The company expects a significant increase in new orders driven by the demand for new drug research, with total new orders reaching 1.135 billion yuan in 2025, a year-on-year increase of 38.62% [5] - The company is set to recover from previous losses, with a projected net profit range for 2025 of -39.85 million to -26.79 million yuan, influenced by the execution of low-price contracts from prior periods [4][6] - The company is expanding its capacity with strategic projects, including a new facility in Nantong and ongoing construction in Shanghai, which will enhance its order-taking capabilities [7][9] Summary by Sections Financial Performance - The company reported a net profit of 5.52 million yuan in Q1 2025, a loss of 20.71 million yuan in Q2, and a profit of 0.40 million yuan in Q3, with an expected Q4 net profit ranging from -25.06 million to -12.00 million yuan [6] - The total revenue forecast for 2025-2027 is 792 million, 1.098 billion, and 1.402 billion yuan respectively, with EPS projected at -0.23, 0.90, and 1.63 yuan [10][12] Market Dynamics - The company is benefiting from a recovering investment environment in the biopharmaceutical sector, with a 46.41% year-on-year increase in financing in the healthcare sector, amounting to 122.779 billion yuan in 2025 [5] - The company has also strengthened its overseas market presence, with new orders from international markets totaling 74.772 million yuan, accounting for 6.59% of total orders [5] Strategic Initiatives - The company plans to acquire a controlling stake in its subsidiary, Yilin Si, which will enhance its capabilities in safety evaluation and clinical research, creating an integrated service solution [9] - A strategic partnership was established with YaoKang Bio in November 2025 to explore joint international pathways for animal testing and drug evaluation [9]

Financial Performance - The company expects to report a loss for the fiscal year 2025, with net profit projected to decline by over 50% compared to the previous year [1] - Estimated net profit attributable to shareholders for 2025 is projected to be between -39.85 million and -26.79 million yuan, a decrease of 174.56 million to 187.62 million yuan year-on-year, representing a decline of 118.13% to 126.97% [1] - The net profit after deducting non-recurring gains and losses for 2025 is expected to be between -68.73 million and -45.82 million yuan, a decrease of 171.21 million to 194.12 million yuan year-on-year, reflecting a decline of 136.54% to 154.82% [1] - In 2024, the company achieved operating revenue of 1.142 billion yuan, a year-on-year increase of 9.94%, while net profit attributable to shareholders decreased by 24% to 148 million yuan [1] IPO and Fundraising - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 3, 2024, issuing 35.24 million shares at a price of 19.06 yuan per share, representing 25% of the total share capital post-issuance [2] - Total funds raised from the IPO amounted to 671.77 million yuan, with a net amount of 609.65 million yuan after deducting issuance costs, which was 992.36 million yuan less than the original plan [2] - The company intended to raise 1.602 billion yuan for projects including the headquarters and innovation transformation center, a high-quality non-clinical innovative drug comprehensive evaluation platform expansion, and to supplement working capital [2]