FG-001

> 在2025年首次出现年度亏损的背景下，农药上市公司中旗股份决定不进行利润分配。这一决策并未在资本市场引发波澜，股价在公告日小幅收涨，显示出市场对其在战略投入期保留“弹药”的普遍理解。 ## 亏损1.91亿元，营收增长背后的利润侵蚀 2026年4月20日，中旗股份发布的年报显示，公司2025年实现营业收入**26.79亿元**，同比增长10.59%。然而，营收增长并未带来利润，公司归母净利润录得**亏损1.91亿元**，同比大幅下降1726.90%，扣非后净亏损为1.96亿元。 导致利润“失血”的原因是多方面的。公司解释称，**部分产品价格大幅下降**是主因之一，这直接导致公司毛利率从上年同期的14.90%骤降至6.35%，同比下降8.55个百分点。与此同时，为未来布局的各项投入显著增加了期间费用。 其中，为**14500吨/年原药及中间体**等在建产能项目融资导致的利息支出剧增，使财务费用同比激增15363.95%。公司持续扩大研发团队，加码创制农药研发，研发费用同比增长16.42%；为拓展海内外市场，销售费用也增长了17.79%。 > 董事会表示，本次利润分配预案系基于公司经营发展、资金需求及长远战略作出的合理安排。 ## 战略投入期，资金优先用于产能与研发 在不进行利润分配的公告中，中旗股份明确将资金需求指向了长期战略。公司的资金正被集中用于几个关键方向。 首先是核心产能的扩张。公司目前拥有**原药及农药中间体14500吨/年的在建产能项目**，大规模建设投入带来的折旧和财务费用，正是拖累当期利润的重要因素之一。其次是对研发创新的持续加码。 公司目前已有四款自主创制的农药产品进入登记阶段，其中**FG001预计于2026年取得登记证并投入生产**。此外，公司还通过参股方式切入医药领域，其参股公司研发的靶向抗肿瘤药物CA1257已获中美临床试验批准，目前处于临床研究阶段。 为管理战略投入期的资金与风险，公司同日公告，拟使用自有资金开展不超过**20000万美元**的外汇套期保值业务，以规避汇率波动风险。 ## 市场反应平淡，决策合理性获普遍认可 与一些公司宣布不分红后股价承压不同，中旗股份的市场反应相对平静。在发布年报及利润分配预案的4月20日，公司股价收盘报**6.17元/股**，当日上涨2.16%。今年以来，公司股价累计上涨5.49%。 主流财经媒体在报道中普遍分析了公司亏损原因，并对不分配决策表示理解。报道指出，在业绩亏损的背景下，公司将留存资金用于保障产能建设与研发项目，是符合当前发展阶段的选择。 截至公告日，深交所互动易平台暂未出现投资者就此项利润分配预案的质疑，近期投资者提问多集中于股东户数、新药研发进展等事务性信息。目前，也暂未观察到券商机构就此发布专项研报或点评。 对于中旗股份而言，2025年是一个明确的转折点：从过往的持续盈利分红，转入战略投入主导的阶段性亏损。市场用平静的股价接纳了这一转变，表明投资者更关注其产能落地与新产品上市能否如期兑现，从而驱动业绩回升。 公司正面临短期业绩压力与长期战略投入的平衡挑战，新产能的爬坡效率和创制农药的市场表现，将决定其转型的成败。

The interim data from the investigator-initiated clinical study of FG001 used in surgery of patients with meningioma and presumed low grade glioma (pLGG) have precisely been presented at international conferences: EANS (European Association of Neurosurgical Societies) 5-9 October 2025, Vienna, Austria The Tumor Section Symposium that precedes CNS (Congress of Neurological Surgeons) 10-11 October 2025, Los Angeles, USA EANO (European Association of Neuro-Oncology) 16-19 October 2025, Prague, Czech Republic 4th Clinical trials update, precision surgery intraoperative molecular imaging (PSIMI Symposia) Friday 24 November 2025, Penn Medicine, Pennsylvania. The presentation is available here. The data were presented yesterday at SNOG (Scandinavian Neuro-Oncology Group) 2026 Symposium ongoing April 9–10, 2026, in Copenhagen, Denmark, with the title “Tumor delineation – an update on fluorescent guided surgery in low grade glioma and meningioma using FG001- a uPAR-targeting fluorescent agent”. The presentation was done by principal investigator Dr Jane Skjøth-Rasmussen, MD, PhD. Meningioma and low-grade glioma Meningiomas are the most common primary brain tumors. Low-grade gliomas are slow growing but infiltrative tumors that often affect younger adults (though they occur across a wide age range) and can progress over time. In both conditions, surgery is a primary treatment; however, complete removal can be difficult because tumor tissue may be next to critical brain areas and can resemble normal brain. Any residual tumor increases the risk of recurrence and the need for additional treatment. Study design This investigator-initiated basket study evaluates FG001 as an intraoperative fluorescence imaging agent in adults undergoing surgery for meningioma or presumed low grade glioma (pLGG). Planned enrollment is 20 patients per arm, with a prespecified interim analysis after the first 10 patients of each indication. The primary endpoint is sensitivity for detection of tumor tissue using histology as the reference standard for each indication; meningioma with its dural attachment and pLGG. The fluorescent signal is quantified by tumor to background ratio (TBR). Results – meningioma The interim analysis included 10 patients with meningioma. The mean age was 59 years (range 29 to 78), with 5 males and 5 females. Tumor grades were WHO grade 1 in 6 patients and WHO grade 2 in 4 patients. FG001 was administered 23.5 hours prior to surgery. In the 10 meningioma patients analyzed, investigators observed visible fluorescence in all 10 tumors (TBR 2.48–8.30) and a 100% sensitivity for detection of tumor. Dural fluorescence was observed in 9 of 10 cases on the dura; in the non-fluorescent case, the meningioma was attached to the falx and not the convexity thus the meninges were not invaded by meningioma cells confirmed by histology. A total of 75 biopsies (from tumors and surrounding tissue) were pathologically scored in a double-blinded manner by two expert neuropathologists. On a biopsy basis (n=75), sensitivity was 93% and specificity was 72%; the negative predictive value (NPV) was 94%. All postoperative MRI scans showed complete removal of the tumor. FG001 demonstrated a high sensitivity for detection of not only tumor but also the invasion into meningeal tissue known as dural tail. The potential benefit of using FG001 in surgery for meningioma is to tailor the removal of tumor and only the part of meninges with a true invasion of meningeal cells hindering to the largest extent recurrence and keeping the adverse events of dura removal to the lowest possible level. Results – low-grade glioma Among 10 patients with presumed low-grade glioma (pLGG), investigators conducted a case review. The prespecified interim analysis for this cohort is ongoing and has not yet been finalized. Visible fluorescence was observed in the resection cavity in 9 of 10 patients (90%), and fluorescence at the brain surface was noted in some cases. These findings are encouraging in a type of tumor where intraoperative identification can be challenging. In this cohort, fluorescence was observed even when preoperative MRI showed no contrast enhancement, and investigators noted that blood–brain barrier disruption did not appear to be required for FG001 uptake. Quantitative tumor-to-background ratio (TBR) values in the pLGG cohort were more variable than in the meningioma cohort. Given this variability, the interim review recommended continuing enrollment to better characterize fluorescence performance. Dr Jane Skjøth-Rasmussen, MD said: “There is a large unmet need in visualizing those tumors during surgery and the interim data from our study of FG001 to guide surgery in patients with meningioma and non-contrast. Enhanced low-grade glioma are encouraging”. Morten Albrechtsen, CEO of FluoGuide said: “It is encouraging interim result of this investigator-initiated study which we are following with interest”. For further information, please contact: Morten Albrechtsen, CEO FluoGuide A/S Phone: +45 24 25 62 66, E-mail: ma@fluoguide.com About Meningioma and Low-Grade Glioma Meningiomas are the most common primary tumors of the central nervous system, accounting for approximately one-third of all primary brain tumors. They arise from the meninges, the membranes that surround the brain and spinal cord. While many meningiomas are benign, their location in sensitive areas of the brain or spine can lead to significant neurological symptoms. Surgical removal is often a standard treatment, but complete resection can be challenging due to the tumor’s proximity to critical structures. Residual tumor tissue may increase the risk of recurrence and the need for additional surgeries. Low-grade gliomas are slow-growing brain tumors that often affect younger adults. Although they progress gradually, they are invasive and can transform into more aggressive forms over time. Surgical removal is a cornerstone of treatment, but complete resection is difficult because the tumors infiltrate healthy brain tissue. Residual tumor increases the risk of recurrence and further interventions. Fluorescence-guided surgery (FGS) is an innovative approach that enhances the surgeon’s ability to distinguish tumor tissue from healthy tissue in real time. By administering a fluorescent agent that selectively accumulates in cancer cells, the tumor can light up under a specialized surgical microscope. This can provide the surgeon with a clear visual differentiation, enabling more precise removal of the tumor while preserving healthy tissue.