Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY based on a 46x PE for 2026 [3][5]. Core Insights - The company has seen a significant increase in new orders, with a year-on-year growth of 29.4% in new signed orders for the first three quarters of 2025, indicating a clear turning point in performance [9]. - The company’s revenue for the first three quarters of 2025 was 570 million CNY, a decrease of 35.3% year-on-year, primarily due to intense domestic market competition and pricing factors [9]. - The company is expected to reach an upward performance inflection point in 2026, driven by new capacity ramp-up and strong demand for new molecular entities in the industry [9]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 855 million CNY, 1,046 million CNY, and 1,305 million CNY respectively, with corresponding EPS estimates of 0.14 CNY, 1.02 CNY, and 1.59 CNY [3]. - The company’s gross margin is projected to improve from 27.9% in 2025 to 39.5% in 2027, while net profit margin is expected to rise from 2.4% in 2025 to 17.2% in 2027 [4]. - The company’s net profit attributable to the parent company is forecasted to be 20 million CNY in 2025, with a significant recovery to 143 million CNY in 2026 and 224 million CNY in 2027 [4].

一、本次询价转让初步定价 （一）经向机构投资者询价后，本次询价转让初步确定的转让价格为 35.49 元/股。 （二）参与本次询价转让报价的机构投资者家数为 17 家，涵盖了基金管理 公司、合格境外投资者、证券公司及私募基金管理人等专业机构投资者，合计有 效认购股份数量为 6,728,000 股，对应的有效认购倍数约为 1.59 倍。 （三）本次询价转让拟转让股份已获全额认购，初步确定受让方为 15 家机 构投资者，拟受让股份总数为 4,229,388 股。 证券代码：688710 证券简称：益诺思 公告编号：2025-039 上海益诺思生物技术股份有限公司 股东询价转让定价情况提示性公告 上海张江生物医药基地开发有限公司（以下简称"张江生药基地"或"转让 方"）保证向上海益诺思生物技术股份有限公司（以下简称"益诺思"或"公司"） 提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 根据2025年11月5日询价申购情况，初步确定的益诺思股东询价转让（以 下简称"本次询价转让 ...

Core Viewpoint - Yinos (688710.SH) has disclosed the pricing situation for the transfer of shares through a shareholder inquiry, with the preliminary transfer price set at 35.49 CNY per share [1] Group 1 - The inquiry transfer has been fully subscribed, with a total of 4.2294 million shares to be transferred [1] - The preliminary determined transferees are 15 institutional investors [1]

Core Viewpoint - The announcement details the planned share transfer of 4,229,388 shares, representing 3.00% of the total share capital of Shanghai Yinos Technology Co., Ltd. (益诺思), by Shanghai Zhangjiang Biopharmaceutical Base Development Co., Ltd. (张江生药基地) to institutional investors through a pricing inquiry transfer method [3][9]. Group 1: Share Transfer Details - The total number of shares to be transferred is 4,229,388, which accounts for 3.00% of Yinos's total share capital as of October 31, 2025 [3][9]. - The transfer will not occur through centralized bidding or block trading, and the shares acquired through this transfer cannot be transferred within six months [3][9]. - The transfer is motivated by the seller's need for funds [9]. Group 2: Seller Information - The seller, Shanghai Zhangjiang Biopharmaceutical Base Development Co., Ltd., holds more than 5% of Yinos's shares but is not a controlling shareholder or a member of the company's board or senior management [5][6]. - The seller has confirmed that the shares are free from any restrictions or prohibitions on transfer and that they have fulfilled all relevant obligations [6][7]. Group 3: Pricing and Transfer Process - The minimum transfer price will not be lower than 70% of the average trading price over the 20 trading days prior to November 4, 2025 [9][10]. - If the total number of valid subscriptions exceeds the number of shares available for transfer, the pricing will follow a priority system based on price, quantity, and time of submission [10]. Group 4: Investor Eligibility - Eligible investors for this transfer include institutional investors with appropriate pricing capabilities and risk tolerance, such as securities companies, fund management companies, and qualified foreign institutional investors [11]. Group 5: Company Status - Yinos does not face any operational risks that require disclosure under the relevant stock exchange rules, and the share transfer will not lead to a change in control of the company [12].

Core Viewpoint - Yinos (688710.SH) plans to participate in the pre-IPO share transfer inquiry, with the seller being Shanghai Zhangjiang Biopharmaceutical Base Development Co., Ltd. [1] Group 1 - The total number of shares to be transferred by the seller is 4,229,388 shares [1] - The shares represent 3.00% of Yinos' total share capital [1]

证券代码：688710 证券简称：益诺思 公告编号：2025-038 上海益诺思生物技术股份有限公司 股东询价转让计划书 上海张江生物医药基地开发有限公司（以下简称"张江生药基地"或"出让 方"）保证向上海益诺思生物技术股份有限公司（以下简称"公司"或"益诺思"） 提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 出让方委托国泰海通证券股份有限公司（以下简称"国泰海通"）组织实施本 次询价转让。截至 2025 年 10 月 31 日，转让方所持公司股份的数量、比例情况 如下： | 序号 | 拟参与转让股东的名称 | 持股数量（股） | 持股占总股本比例 | | --- | --- | --- | --- | | 1 | 张江生药基地 | 15,250,141 | 10.82% | 注：以上持股比例按 2025 年 10 月 31 日公司总股本 140,979,615 股计算。 （二）关于出让方是否为益诺思控股股东、实际控制人、持股 5%以上的股 东、董事及高级管理人员 本次询价转让的出让方持有益诺思的股份比例超过 5%，非公司控股股东、 实际控制人及其 ...

国泰海通证券股份有限公司 关于上海益诺思生物技术股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 中国（上海）自由贸易试验区商城路 618 号 1 国泰海通证券股份有限公司（以下简称"国泰海通"）受上海益诺思生物技术 股份有限公司（以下简称"益诺思"或"公司"）股东上海张江生物医药基地开发有 限公司（以下简称"张江生药基地"或"出让方"）委托，组织实施本次益诺思首 发前股东向特定机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》、《科 创板上市公司持续监管办法（试行）》、《上海证券交易所科创板股票上市规则》、 《上海证券交易所科创板上市公司自律监管指引第 4 号——询价转让和配售 （2025 年 3 月修订）》（以下简称"《询价转让和配售指引》"）等相关规定， 国泰海通对参与本次询价转让股东的相关资格进行核查，并出具本核查意见。 一、本次询价转让的委托 国泰海通收到出让方关于本次询价转让的委托，委托国泰海通组织实施本次 询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 根据相关法规要求，国泰海通对出让方的相 ...

Group 1 - The core point of the article is that Yinos (688710.SH) has disclosed a shareholder inquiry transfer plan, indicating a significant movement in its shareholding structure [1] - The shareholder involved in this transfer is Shanghai Zhangjiang Biopharmaceutical Base Development Co., Ltd., which plans to transfer a total of 4.2294 million shares [1] - The shares to be transferred represent 3% of the company's total share capital, highlighting a notable percentage of ownership being divested [1]

Group 1 - The core point of the article is that Yinos (688710.SH) has disclosed a shareholder inquiry transfer plan, indicating a significant movement in its shareholding structure [1] - The shareholder involved in this transfer is Shanghai Zhangjiang Biomedicine Base Development Co., Ltd., which plans to transfer a total of 4.2294 million shares [1] - The shares to be transferred represent 3% of the company's total share capital, highlighting a notable change in ownership [1]

Core Viewpoint - The company, Shanghai Yinos Biotechnology Co., Ltd., reported strong financial performance in its third-quarter results, highlighting significant growth in revenue and new orders, indicating a robust market position and operational efficiency [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 571 million yuan, with third-quarter revenue reaching 195 million yuan, reflecting a quarter-on-quarter growth of 17.71% [1]. - The new order amount increased by 29.37% year-on-year, with the number of new drug clinical trial applications (IND) and new drug marketing applications (NDA) rising by 30.71% [1]. Order and Contract Growth - The contract amount for new drug applications grew by 23.06% year-on-year, and the total order amount on hand increased by nearly 20% compared to the end of 2024 [1]. Industry Position and Strategy - As a leading player in the CRO industry, the company leverages its technological advantages and comprehensive service offerings to meet high-end market demands, capitalizing on the current high-growth cycle in the global CRO sector [2]. - The company has established a dual-driven model of "market demand + forward-looking research," creating a solid technological barrier in the non-clinical evaluation field, reinforcing its leading position in domestic non-clinical safety evaluations [2]. International Market Expansion - The company is actively expanding into international markets through diverse marketing channels, including partnerships with industry capital and collaboration with upstream and downstream players in the industry, resulting in a significant increase in new orders from overseas markets [2]. Focus on Innovative Drug Development - The company continues to focus on high-potential areas in innovative drug development, particularly in emerging categories such as in vivo CAR-T, small nucleic acids, bispecific/multispecific antibodies, and radioactive drugs, with significant year-on-year growth in contract amounts for these innovative categories [2].