Core Viewpoint - The company, Nocare Biopharma, reported significant growth in revenue and improvements in gross margin for the first nine months of 2025, driven by the sales of its core product, Obatuzumab, and a licensing agreement with Prolium Bioscience Inc [2][3]. Financial Performance - Total revenue for the first nine months of 2025 reached 1.115 billion RMB, representing a year-on-year increase of 59.85% [2]. - The gross margin improved to 88.8%, up from 86.0% in the same period last year, an increase of 2.8 percentage points [2]. - The net loss for the same period was 72 million RMB, a reduction of 74.78% compared to the previous year [2]. Product Performance - Sales revenue from the core product, Obatuzumab, amounted to 1.010 billion RMB in the first nine months of 2025, marking a year-on-year growth of 45.77% [3]. - In April 2025, Obatuzumab received approval for a new indication for first-line treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) in adult patients [3]. - Obatuzumab is the first and only BTK inhibitor approved in China for the MZL indication and has been included in multiple recommendations in the latest CSCO lymphoma treatment guidelines [3]. Cash Position - As of September 30, 2025, the company held approximately 7.759 billion RMB in cash and cash equivalents, which supports the acceleration of its pipeline projects [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688428 证券简称：诺诚健华 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。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是√否 管理层业绩评述 诺诚健华医药有限公司（以下简称"公司"）管理层评论说："公司是一家以卓越的自主研发能力为核心 驱动力的高科技创新生物医药企业，拥有全面的研发、生产和商业化能力，专注于肿瘤和自身免疫性疾 病等存在巨大未满足临床需求的领域，在全球市场内开发具有突破性潜力的同类首创或同类最佳药物。 2025年1-9月公司总营业收入11.15亿元，比上年同期增长59.85%，毛利率为88.8%，比上年同期的86.0% 提高了2.8个百分点。营业收入与毛利率的高速增长主要为核心产品奥布替尼（宜诺凯?） ...

Core Insights - The overall performance of companies listed on the Sci-Tech Innovation Board (STAR Market) has shown a strong rebound in the first three quarters, with a significant year-on-year net profit growth of 75% in Q3 [2] - The focus on "hard technology" has led to increased R&D investments, particularly in key industries such as integrated circuits, artificial intelligence, and biomedicine, contributing to the foundation for high-level technological self-reliance [2] Performance Overview - In the first three quarters, STAR Market companies achieved a total revenue of 1.11 trillion yuan, a year-on-year increase of 7.9%, and a net profit of 49.268 billion yuan, up 8.9% [2] - Excluding four leading photovoltaic companies, overall revenue and net profit growth rates were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [2] Industry Highlights - The STAR Market's top enterprises and growth-oriented companies complement each other well, with the Sci-Tech 50 Index companies accounting for 46% of revenue and 50% of net profit [3] - The Sci-Tech 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively, becoming the "vanguard" of performance growth [3] R&D Investment - Total R&D investment by STAR Market companies reached 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-share sectors [4] - The biomedicine sector saw revenue growth of 11% and net profit growth of 48%, driven by the rapid commercialization of innovative drugs [4] - Nine first-class new drugs were approved for market entry during the reporting period, with significant international business development transactions totaling over 13 billion USD [4] Growth of Emerging Companies - 35 unprofitable companies in the Sci-Tech Growth Layer reported a revenue increase of 39% and a significant reduction in net losses by 65% [5] - These companies are focusing on R&D with a median R&D intensity of 44.3%, indicating a promising development trend [5] Competitive Advantages in Key Industries - The integrated circuit industry, crucial for technological self-reliance, saw 121 related companies achieve a revenue growth of 25% and a net profit growth of 67% [6] - Major players like SMIC and Huahong Semiconductor maintained high capacity utilization rates, with record sales revenue [6] - The AI industry has emerged as a new growth pillar, with significant revenue increases across the supply chain, particularly in computing and data transmission sectors [7] Renewable Energy Sector - In the photovoltaic sector, 17 related companies significantly reduced their net losses by 28% [7] - The lithium battery industry experienced a revenue growth of 7% and a net profit of 1.02 billion yuan, marking a return to profitability [7]

Core Viewpoint - 诺诚健华 reported a revenue of 383.94 million yuan for Q3 2025, marking a year-on-year increase of 38.09%, but incurred a net loss of 34.32 million yuan [1][4] Financial Performance - Revenue for Q3 2025 was 383.89 million yuan, up 38.09% year-on-year, while total revenue for the first nine months reached 1.11 billion yuan, a 59.85% increase [3][4] - The company reported a net loss of 34.32 million yuan for Q3 2025, with a net loss of 72 million yuan for the first nine months, a 74.78% reduction compared to the previous year [4][6] - Gross margin improved to 88.8%, up from 86.0% year-on-year [3] Product Performance - The growth in revenue is primarily attributed to the sales of the core product, Acalabrutinib, which generated 1.01 billion yuan in sales for the first nine months, a 45.77% increase [4][7] - Acalabrutinib has been approved for four hematological indications in China and is the first BTK inhibitor approved for relapsed/refractory marginal zone lymphoma [4][5] Market Dynamics - Acalabrutinib's sales are expected to continue growing, with projected revenues of 2.41 billion yuan in 2021, 5.66 billion yuan in 2022, 6.71 billion yuan in 2023, and 10 billion yuan in 2024 [7] - The domestic BTK inhibitor market is becoming increasingly competitive, with five approved products, including Acalabrutinib and others from major pharmaceutical companies [8] - The patent for Ibrutinib, a competing product, will expire in December 2026, potentially leading to an influx of generic versions and intensifying market competition [8] Research and Development - R&D expenses totaled 226.35 million yuan in Q3 2025, accounting for 58.96% of revenue, a decrease from the previous year [3][4] - The company is expanding Acalabrutinib's indications, with ongoing clinical trials for multiple sclerosis and immune thrombocytopenic purpura [7][8]

Group 1: Overall Performance of Sci-Tech Innovation Board Companies - In the first three quarters, Sci-Tech Innovation Board companies achieved operating revenue of 1.105 trillion yuan, a year-on-year increase of 7.9% [1] - Net profit reached 49.268 billion yuan, growing by 8.9% year-on-year, with a significant 75% increase in net profit for the third quarter alone [1] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit growth, with 158 companies experiencing net profit increases exceeding 50% [1] Group 2: R&D Investment and Industry Performance - The total R&D investment for the Sci-Tech Innovation Board in the first three quarters was 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4% [2] - The integrated circuit industry showed strong performance, with 121 related companies achieving a 25% year-on-year revenue increase and a 67% rise in net profit [2] - The artificial intelligence industry emerged as a new growth driver, with significant revenue increases in computing power and related sectors [2] Group 3: Sector-Specific Insights - The biopharmaceutical industry saw an 11% increase in revenue and a 48% rise in net profit, driven by the approval of new drugs and international business development [3] - The renewable energy sector is experiencing a reduction in losses, particularly in the photovoltaic field, with some companies turning profitable [3] - The lithium battery industry is witnessing a recovery in demand and prices, with 19 related companies reporting a 7% increase in revenue and a return to profitability [3]

Core Viewpoint - Nuo Cheng Jian Hua is optimistic about its future development, expecting to achieve breakeven in 2025, two years ahead of its profitability target, supported by strong revenue growth and a significant licensing deal with Zenas [1][2]. Financial Performance - The company reported a 59.8% year-on-year increase in total revenue for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales of its core product, the BTK inhibitor Aobutini [1]. - Aobutini's revenue for the same period rose by 45.8% to 1.01 billion yuan, surpassing last year's total revenue [1]. - The company's losses narrowed significantly by 74.8%, down to 70 million yuan, due to rapid revenue growth and improved cost efficiency [1]. Strategic Partnerships - The licensing agreement with Zenas, valued at over 2 billion USD, is expected to enhance Nuo Cheng Jian Hua's financial performance and support its global expansion efforts [2][3]. - Zenas is advancing global Phase III clinical trials for Aobutini targeting primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) patients, with trials set to start in Q1 2026 [2]. Product Pipeline and Market Potential - Nuo Cheng Jian Hua is focusing on three key therapeutic targets: BTK, CD19, and BCL2, to strengthen its position in the hematological oncology market [4]. - The CD19 monoclonal antibody, Tanshizhuo, has been commercially launched in China, filling a gap in the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) [5]. - The BCL2 inhibitor, Mesutoclax, is undergoing multiple clinical trials, showing promise in treating various hematological malignancies [6][7]. Expansion into Autoimmune Diseases - The global market for autoimmune diseases is projected to reach 185 billion USD by 2029, with Nuo Cheng Jian Hua actively advancing multiple Phase III clinical trials for its pipeline products [8]. - Aobutini is the first BTK inhibitor to show efficacy in systemic lupus erythematosus (SLE) in Phase II trials, with data expected to be released in Q4 2025 [8]. Research and Development - The company has increased its R&D expenditure by 9.9% year-on-year to 680 million yuan, with plans to submit 5 to 7 clinical trial applications for new drug candidates by 2026 [10][11]. - Nuo Cheng Jian Hua is developing a new ADC drug, ICP-B794, which has completed its first patient dosing, and aims to leverage its ADC platform for further innovations [10][11].

Core Insights - The company, Nuo Cheng Jian Hua, reported a strong revenue growth of 59.8% year-on-year for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales of its core product, the BTK inhibitor, Obinutuzumab [1] - The company expects to achieve breakeven for the full year of 2025, two years ahead of its profitability target, thanks to effective cost management and a significant licensing deal with Zenas [1] - The loss for the first three quarters of 2025 narrowed significantly by 74.8% to 70 million yuan, attributed to rapid revenue growth and improved cost efficiency [1] Group 1 - The licensing agreement with Zenas, valued at over 2 billion USD, is expected to enhance the company's financial performance and strategic value [1] - Zenas is advancing global Phase III clinical trials for Obinutuzumab in multiple sclerosis patients, which will further validate the drug's potential in autoimmune diseases [2] - The collaboration with Zenas alleviates future overseas development costs and allows the company to leverage Zenas's expertise in the autoimmune field [2] Group 2 - Nuo Cheng Jian Hua is strengthening its leadership in hematologic oncology with key therapies including Obinutuzumab, Tanibrutinib, and Mesutoclax [3] - The approval of Obinutuzumab for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma is expected to benefit more lymphoma patients [3] - The company aims to accelerate its globalization process and plans to push five to six innovative drugs for approval, with three to four products targeting global markets [3]

Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter, indicating strong resilience and growth quality among "hard tech" companies [1][3]. Financial Performance - In the first three quarters of 2025, STAR Market companies achieved operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit growth rates for the STAR Market were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2]. Growth Characteristics - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [3]. - The STAR 50 Index companies accounted for 46% of the board's revenue and 50% of net profit, while the STAR 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively [3]. R&D Investment - The total R&D investment of STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-shares in R&D efforts [3]. Sector Performance - The integrated circuit industry saw a 25% year-on-year revenue increase and a 67% net profit increase among 121 related companies, with major players like SMIC and Hua Hong maintaining high capacity utilization [5]. - The artificial intelligence (AI) sector emerged as a new growth pillar, with significant revenue increases in various segments, including a nearly 24-fold increase for Cambrian and a 55% increase for Haiguang Information [6]. - The biopharmaceutical sector reported an 11% revenue increase and a 48% net profit increase, driven by the approval of new drugs and accelerated commercialization [7]. Policy Impact - The ongoing "1+6" reform and the establishment of the Sci-Tech Growth Layer have provided targeted support for unprofitable tech companies, with 35 companies in this layer reporting a 39% revenue increase and a significant reduction in net losses [3].

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

Core Viewpoint - The announcement from Nocera Health indicates significant changes in the top ten circulating shareholders as of September 30, 2025, with new entrants and exits among major shareholders [1][2][3] Shareholder Changes - HKSCC NOMINEES LIMITED has entered as a new shareholder, holding 892 million shares, representing 50.55% of circulating shares [1][3] - Sunny View Holdings Limited and Renbin Zhao family have maintained their position with 145 million shares, accounting for 8.21% [1][3] - Sunland BioMed Ltd and Jisong Cui family also entered with 127 million shares, making up 7.2% [1][3] - King Bridge Investments Limited and its concerted actions hold 122 million shares, representing 6.92% [1][3] - Other new shareholders include Wan Jia You Xuan with 10 million shares (0.57%) and Ping An Medical Health Mixed A with 8.63 million shares (0.49%) [1][3] Shareholder Exits and Reductions - HKSCC NOMINEES LIMITED previously held 882 million shares (50.02%) before exiting [2][3] - King Bridge Investments Limited and its concerted actions reduced their holdings from 133 million shares (7.54%) [2][3] - The report notes a reduction in holdings for 富国精准医疗灵活配置混合A, decreasing by 3.39% to 12.15 million shares [2][3] - 汇添富创新医药混合A also saw a reduction of 9.78% to 6.86 million shares [2][3] Overall Shareholder Composition - The top ten circulating shareholders collectively hold 1.54 billion shares, accounting for 87.28% of circulating shares, which is a decrease of 6.9795 million shares from the previous report [3]