Shu Tai Shen: Multiple research projects are innovative biological products, and their achievement of expected goals cannot be guaranteed.

（Source: Caixin）

The company’s stock trading has shown an abnormal fluctuation, with the cumulative closing price increase in deviation exceeding 30% over three consecutive trading days. According to the “Shenzhen Stock Exchange Trading Rules” and other relevant regulations, this situation constitutes an abnormal fluctuation in stock trading.

On March 31, Shoutai Shen (300204.SZ) released an announcement regarding abnormal stock trading fluctuations. The company’s stock trading has shown an abnormal fluctuation, with the cumulative closing price increase in deviation exceeding 30% over three consecutive trading days. According to the “Shenzhen Stock Exchange Trading Rules” and other relevant regulations, this situation constitutes an abnormal fluctuation in stock trading.

The company’s board of directors has verified the issue of abnormal fluctuations in the company’s stock trading in the recent period with respect to the company, its controlling shareholder, and its actual controller. Specifically, the information disclosed by the company in the earlier stage does not require correction or supplementation; the company has not found any undisclosed material information that may have a significant impact on the trading price of the company’s stock reported by public media in the recent period; the company’s current operating condition and internal operating environment have not undergone any major changes; following verification, the company, its controlling shareholder, and its actual controller do not have any major matters that should be disclosed but have not been disclosed regarding the company, and there are no major matters currently at the planning stage; following verification, during the period of abnormal stock fluctuation, the company, its controlling shareholder, and its actual controller do not engage in any trading activities involving the company’s stock.

The company has highlighted multiple risks. First, since 2020, the company has maintained a relatively high level of R&D investment. At the same time, affected by the decline in operating revenue, the net profits attributable to shareholders of the listed company and the net profits attributable to shareholders of the listed company excluding non-recurring gains and losses for each reporting period are both negative, indicating a situation of ongoing losses over the long term. The company disclosed the “2025 Annual Performance Forecast” on January 28, 2026. As of the date of this announcement, there is no situation in which the above performance forecast needs to be amended. According to the “2025 Annual Performance Forecast,” during the reporting period, due to factors such as the external environment and industry policies, the revenue from the company’s Shutaqing product decreased, resulting in a decline in the company’s overall operating revenue. The company expects the net profit for the reporting period to be negative. The company plans to disclose its “2025 Annual Report” on April 28, 2026. For specific operating conditions and financial data, please refer to the company’s periodic reports.

Second, multiple R&D projects currently underway by the company are innovative biological products. Innovative biopharmaceuticals are characterized by high technology, high risk, and high added value. The development cycle—from research and development, to clinical trials, to filing and approval, and then to production—is long and involves many stages, making it easy to be influenced by various factors such as technology, approvals, and policies. The specific related risks include: the uncertainty of global special circumstances, which cannot guarantee that the product R&D strategy formulated by the company can achieve the expected targets; drug clinical trials generally require Phase I, Phase II, and Phase III clinical trials before an application for drug marketing approval can be filed, and the progress of clinical trials may not meet expectations, which may allow competitors to launch similar products targeting the same indications in the market before the company, thereby significantly weakening the company’s commercialization capability for the corresponding R&D projects and creating the risk that sales revenue will not meet expectations; clinical trial results may not meet expectations, which may lead to the company being unable to launch products as expected, or, after launching products with efficacy that does not meet expectations, being unable to obtain the expected market sales share in market competition; regarding the approval of drug marketing applications, the company may be unable to complete the review and approval process for the corresponding R&D projects, or the timeline and outcome of the review and approval may not meet expectations, resulting in the new drug marketing application possibly failing to obtain regulatory approval within the expected timeframe or at all, or facing the risk that regulators will not approve it.

Finally, the company’s share price has risen significantly in the short term; however, the company’s current production and operation is stable and has not experienced any obvious changes. Short-term fluctuations in the company’s share price may lack support from the fundamentals of performance. The company’s related R&D projects are in progress; please pay attention to the subsequent periodic reports and project progress announcements for updates on related projects. Investors are reminded to be aware of investment risks.

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