Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The commercialization value of Oubatinib is being realized, and the pipeline of innovative drugs is steadily advancing [4] - In the first half of 2025, the company achieved operating revenue of 731 million yuan, a year-on-year increase of 74.26%, while the net profit attributable to shareholders was -30.09 million yuan [8] - Oubatinib's sales in the hematological oncology indications are rapidly increasing, with significant growth potential in sales expected [8] - The company has multiple innovative drugs in development, with a rich product pipeline and several catalysts expected in the next 1-3 years [8] Financial Summary - The company’s total share capital is 1.765 billion shares, with a total market value of 53.592 billion yuan [2] - The projected operating revenues for 2025 to 2027 are 1.51 billion yuan, 1.914 billion yuan, and 2.452 billion yuan, with year-on-year growth rates of 49.6%, 26.7%, and 28.2% respectively [9] - The projected net profit attributable to shareholders for the same period is -259 million yuan, -241 million yuan, and -251 million yuan [9] - The current price-to-earnings ratio (PE) is -256.56, with projected PE ratios for 2025, 2026, and 2027 being -207.3, -222.0, and -213.9 respectively [2][9]

Group 1 - The core viewpoint of the report is that Nuo Cheng Jian Hua (688428.SH) is given a "buy" rating due to several positive developments in its product pipeline and market approvals [1] - The approval of Obinutuzumab for 1LCLL/SLL indications in China is expected to drive rapid market growth [1] - Tafasitamab has received NMPA approval, indicating potential for commercial growth [1] - The company has initiated two registration clinical studies for ICP-248, indicating a global acceleration in its development strategy [1] - Nuo Cheng Jian Hua continues to explore multiple indications in the autoimmune field, with several innovative oral therapies progressing in development [1] - The company has submitted an NDA for ICP-732 in China and received priority review, while its first ADC candidate, ICP-B794, has been granted IND approval domestically [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [2] - Major brokerage firms are actively recruiting for autumn positions, highlighting a demand for talent in the industry [2]

Core Viewpoint - Nocera Biopharma's stock has experienced significant fluctuations, with a year-to-date increase of 141.86% but a recent decline of 11.37% over the past five trading days [1] Company Overview - Nocera Biopharma, established on November 3, 2015, and listed on September 21, 2022, is based in Beijing and focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [2] - The company's revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and minimal contributions from testing and R&D services [2] - As of June 30, 2025, Nocera Biopharma reported a revenue of 731 million yuan, reflecting a year-on-year growth of 74.26%, while the net profit attributable to shareholders was -30.09 million yuan, an increase of 88.51% year-on-year [2] Stock Performance and Trading Activity - As of August 25, Nocera Biopharma's stock price was 29.70 yuan per share, with a market capitalization of 52.41 billion yuan [1] - The stock has seen a trading volume of 160 million yuan, with a turnover rate of 1.97% [1] - The net outflow of main funds was 29.45 million yuan, with large orders showing a buy of 31.01 million yuan and a sell of 39.06 million yuan [1] Shareholder Composition - As of June 30, 2025, the number of shareholders increased by 13.80% to 15,200 [2] - Notable institutional shareholders include China Europe Medical Health Mixed A and others, with varying changes in their holdings [3]

2025 年 08 月 25 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 诺诚健华 688428.SH | 截至 | 2025 | 年 | 月 8 | 日 22 | | | --- | --- | --- | --- | --- | --- | | 当前股价 | | | | 30.37 | 元 | | 投资评级 | | | | | 买入 | | 评级变动 | | | | | 维持 | | 总股本 | | | | 17.65 | 亿股 | | 流通股本 | | | | 2.68 | 亿股 | | 总市值 | | | | 535.92 | 亿元 | | 流动市值 | | | | 81.50 | 亿元 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址： 奥布替尼持续快速放量，核心管线成果逐步兑现 事件：公司发布2025年中报：2025上半年公司实现营收7.31亿元，同比 增长74.26%，其中，药品销售收入 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved strong revenue growth in H1 2025, with a revenue of 731 million yuan, representing a year-on-year increase of 74.26%. The core product, Aobutini, saw a sales revenue of approximately 641 million yuan, up 53.5% year-on-year [6] - The company is focusing on building a product matrix in the hematology field centered around Aobutini, with promising early data for its BCL-2 inhibitor ICP-248 [6] - There is optimism regarding Aobutini's potential in international markets, particularly in the autoimmune sector, with ongoing clinical trials for multiple indications [7] Financial Summary - Revenue projections for 2025-2027 are 1.47 billion yuan, 1.79 billion yuan, and 2.21 billion yuan, reflecting year-on-year growth rates of 45.7%, 21.7%, and 23.3% respectively [6] - The company is expected to maintain a gross margin of around 87.3% in 2025, with a net margin projected to improve to -23.2% [9][12] - The company's total market capitalization is approximately 53.59 billion yuan, with a current stock price of 30.37 yuan [1]

Core Insights - Nocare Biopharma reported a revenue of 731 million yuan for the first half of 2025, marking a year-on-year increase of 74.26% [1] - The company incurred a net loss of 30 million yuan attributable to shareholders, with a net loss of 82 million yuan after excluding non-recurring gains and losses [1] - The primary reason for the continued losses is that most of the company's product pipeline is still in the new drug development stage, leading to significant R&D expenditures [1][2] Financial Performance - Revenue for the first half of 2025 reached 731 million yuan, a 74.26% increase compared to the previous year [1] - Product sales revenue was 641 million yuan, reflecting a 53.47% year-on-year growth [1] - The net profit attributable to shareholders was -30 million yuan, and the net profit after excluding non-recurring items was -82 million yuan [1] Product Development - Nocare Biopharma was established in 2015 and has made progress in its product pipeline, with one of its main products, Obatoclax, receiving conditional approval from the National Medical Products Administration [1] - The company has also received approval for the listing application of Tanshinone combined with Lenalidomide therapy, with multiple products in various stages of clinical trials [1] - Clinical trials are progressing smoothly in both China and the United States [1]

Core Viewpoint - The core philosophy of the company is to meet unmet medical needs in the field of innovative drug development, as emphasized by the co-founder and CEO, Dr. Cui Jisong, during the company's tenth anniversary [2] Group 1: Company Background and Development - Dr. Cui Jisong has a solid research foundation, having obtained a PhD in molecular biology abroad and accumulated over a decade of experience in multinational pharmaceutical companies, which laid the groundwork for her entrepreneurial journey [3] - In 2015, the company was founded with a focus on differentiated paths in the innovative drug industry, particularly targeting hematological malignancies and autoimmune diseases, which have significant unmet needs [3] - The company's flagship product, Oubatinib (a BTK inhibitor), was initially designed for autoimmune diseases but showed great potential in treating hematological malignancies, thus enhancing research efficiency by covering two therapeutic areas [3][4] Group 2: Product Performance and Market Impact - Oubatinib has been approved for four hematological indications in China, with three of them included in the medical insurance system, marking it as the first BTK inhibitor approved for treating marginal zone lymphoma [4] - The sales revenue of Oubatinib reached 640 million yuan in the first half of the year, representing a year-on-year increase of 52.8%, contributing to a 74.3% increase in the company's total revenue, which reached 730 million yuan [4] - Oubatinib is also the first BTK inhibitor globally to show efficacy in phase II clinical trials for systemic lupus erythematosus (SLE) and has initiated global phase III studies for progressive multiple sclerosis [4] Group 3: Internationalization Strategy - The company aims for true internationalization, which involves strategically integrating global top resources and establishing its position in global competition, rather than merely selling products abroad [5] - The company has adopted a "dual-track" internationalization strategy, focusing on independently controlling global rights to core products while leveraging open cooperation to expand resources [6] - Successful business development (BD) is based on partnerships with leaders in relevant fields, ensuring efficient project execution, with a long-term focus on value rather than short-term gains [6] Group 4: Future Goals - The company is entering its "2.0 phase," aiming for a product harvest period with 5 to 6 competitive innovative drugs expected to be approved in the next 3 to 5 years, significantly boosting commercialization revenue [7][8] - The company plans to push 3 to 4 core products into global markets, with Oubatinib's advancements in autoimmune disease treatment being a key driver for this strategy [8] - The company will continue to ensure sustained innovation by focusing on developing drugs with significant clinical differentiation, particularly in urgent areas like solid tumors, to build a unique competitive advantage [8]

Summary of Key Points Core Viewpoint - The incentive plan proposed by Nocera Pharmaceutical Co., Ltd. involves the allocation of restricted stock to various incentive recipients, with a total of 246.7550 million shares being allocated, representing 20.00% of the reserved shares for the plan [1]. Group 1: Incentive Plan Details - The incentive plan includes a distribution of restricted stock among different incentive recipients, with specific allocations detailed in the accompanying table [1]. - The total number of restricted shares granted to other employees, deemed necessary for motivation by the board, is 246.7550 million shares, which constitutes 20.00% of the total reserved shares [1]. - The cumulative number of shares granted to any individual recipient through the company's equity incentive plan will not exceed 1% of the total shares issued by the company at the time of the plan's submission for shareholder approval [1]. Group 2: Compliance and Limitations - The total number of shares involved in all equity incentive plans will not exceed 20% of the total shares issued by the company at the time of the plan's submission for shareholder approval [1]. - The total number of shares that can be issued under all incentive plans will not exceed 10% of the total shares issued by the company at the time of the plan's submission for shareholder approval [1].

A 股代码：688428 A 股简称：诺诚健华 公告编号：2025-035 港股代码：09969 港股简称：诺诚健华 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 诺诚健华医药有限公司 关于向激励对象授予预留限制性股票的公告 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。 重要内容提示： ? 限制性股票预留授予日：2025 年 8 月 20 日 ? 限制性股票预留授予数量：246.7550 万股，约占目前公司已发行股份总数 ? 股权激励方式：第二类限制性股票 诺诚健华医药有限公司（以下简称"诺诚健华"或"公司"）《2024 年科创 板限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"）规定 的公司 2024 年科创板限制性股票激励计划（以下简称"本次激励计划"或"本激 励计划"）的预留授予条件已经成就，根据公司 2024 年第一次临时股东大会（股 东特别大会）的授权，公司于 2025 年 8 月 20 日召开董事会审议通过了《根据 2024 年科创板限制性股票激励计划向激励对象 ...

Core Viewpoint - The remuneration committee of the board of directors of Nuo Cheng Jian Hua Pharmaceutical Co., Ltd. has reviewed and approved the list of reserved grant incentive objects for the 2024 Science and Technology Innovation Board restricted stock incentive plan, confirming that all selected individuals meet the necessary legal and regulatory conditions [1][2]. Group 1: Incentive Plan Overview - The incentive plan is based on various legal frameworks, including the Company Law and the Securities Law of the People's Republic of China, as well as specific regulations governing stock incentives on the Science and Technology Innovation Board [1]. - The plan includes a reserved grant date set for August 20, 2025, with a grant price of 6.65 yuan per share for 246,755 shares of restricted stock to 91 eligible incentive objects [2]. Group 2: Eligibility Criteria - Individuals who have been deemed inappropriate candidates by the stock exchange or the China Securities Regulatory Commission (CSRC) within the last 12 months are excluded from being incentive objects [1]. - Those who have faced administrative penalties or market entry bans due to significant violations of laws and regulations in the past year are also ineligible [1]. - The eligibility criteria further include compliance with the stipulations of the Company Law and other relevant laws that prohibit certain individuals from participating in stock incentive plans [1].