Core Viewpoint - The company, Nuo Cheng Jian Hua, experienced a stock decline of over 4% following the release of its interim financial results, despite reporting significant revenue growth and reduced losses [1]. Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 731 million, representing a year-on-year increase of 74.26% [1]. - The adjusted loss for the period was RMB 15.5 million, a decrease of 93.62% compared to the previous year [1]. - The loss attributable to the parent company was RMB 30.1 million, down 88.51% year-on-year [1]. - The earnings per share were reported at a loss of RMB 0.02 [1]. Revenue Drivers - The increase in revenue was primarily driven by strong sales of Obutuzumab and licensing income from Prolium [1]. - Revenue from Obutuzumab rose from RMB 417 million for the six months ending June 30, 2024, to RMB 637 million for the same period in 2025, marking a growth of 52.8% due to an expanded coverage and an increase in treated patients [1].

Core Viewpoint - The company reported strong performance in 1H25, with revenue of 731 million yuan, a year-on-year increase of 74.26%, despite a net loss of 30.09 million yuan, driven by high growth of its core product, Orelabrutinib, and the confirmation of an upfront payment from Prolium for licensing [1][2]. Financial Performance - Revenue for 1H25 reached 731 million yuan, representing a 74.26% year-on-year growth [1]. - The net loss for the period was 30.09 million yuan, indicating a significant narrowing of losses [2]. - Gross margin improved to 89.5%, up 3.8 percentage points year-on-year, primarily due to the rapid growth of Orelabrutinib and the licensing agreement with Prolium [2]. - Sales expenses increased by 55.3% to 244 million yuan, while R&D expenses rose by 5.7% to 450 million yuan [2]. Product Development and Market Expansion - Orelabrutinib sales exceeded expectations, generating 637 million yuan in revenue for 1H25, a 52.8% increase, benefiting from the continued growth of its exclusive indication for MZL [2]. - The company received approval for Tafasitamab for treating DLBCL in May 2025, marking it as the first CD19 monoclonal antibody approved for R/R DLBCL in China [2]. - Orelabrutinib has expanded its indications, receiving a level I recommendation in the CSCO guidelines for 1L CLL/SLL and is set to participate in this year's medical insurance negotiations [2]. - Ongoing global Phase III clinical trials for Orelabrutinib in treating PPMS and SPMS are being initiated, with NDA submission expected in 1H26 for ITP indication [3]. Profit Forecast and Valuation - The company has revised its 2025 loss forecast from 415 million yuan to 319 million yuan and the 2026 forecast from 225 million yuan to 203 million yuan due to better-than-expected sales of Orelabrutinib [4]. - The target prices for A/H shares have been raised by 36.0% and 77.3% to 35.00 yuan and 22.00 HKD, respectively, indicating an upside potential of 10.0% and 10.8% from current prices [4].

2025年8月20日，诺诚健华(688428.SH)发布2025年半年度报告。截至2025年8月19日，共有53个机构投 资者披露持有诺诚健华A股股份，合计持股量达1.08亿股，占诺诚健华总股本的6.11%。其中，前十大 机构投资者包括中国工商银行股份有限公司-中欧医疗健康混合型证券投资基金、中国建设银行股份有 限公司-富国精准医疗灵活配置混合型证券投资基金、中国农业银行股份有限公司-鹏华医药科技股票型 证券投资基金、中国银行股份有限公司-易方达医疗保健行业混合型证券投资基金、中国建设银行股份 有限公司-汇添富创新医药主题混合型证券投资基金、汇添富医疗服务灵活配置混合A、万家经济新动 能混合A、平安医疗健康混合A、易方达医药生物股票A、汇添富达欣混合A，前十大机构投资者合计持 股比例达4.48%。相较于上一季度，前十大机构持股比例合计下跌了0.60个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计8个，主要包括中欧医疗健康混合A、中航优选 领航混合发起A、诺安精选价值混合A、银华中证全指医药卫生指数增强发起式、平安核心优势混合A 等，持股增加占比达0.34%。本期较上一季度持股减少的公募基金共计19 ...

Group 1 - Yiling Pharmaceutical's new drug application for "Children's Lianhua Qingwen Granules" has been accepted by the National Medical Products Administration, indicating the company's efforts to expand its respiratory product line [1] - During the COVID-19 pandemic, Yiling Pharmaceutical experienced significant revenue growth due to Lianhua Qingwen, but performance has normalized as demand decreased [1] Group 2 - East China Pharmaceutical reported a revenue of 21.675 billion yuan for the first half of 2025, a year-on-year increase of 3.39%, and a net profit attributable to shareholders of 1.815 billion yuan, up 7.01% [2] - The company is focusing on innovation in weight loss, oncology, and autoimmune disease sectors, which may lead to a valuation shift from "stable" to "growth" as new products are launched [2] Group 3 - Innovent Biologics reported a revenue of 731 million yuan for the first half of 2025, a 74.26% increase year-on-year, but incurred a net loss of 30.0914 million yuan, an improvement from a loss of 262 million yuan in the same period last year [3] - The strong growth in revenue is attributed to increased sales of its core product, Aobutini, which reached 637 million yuan, a 52.84% year-on-year increase [3] - Future sales growth is expected as the indications for Aobutini expand [3] Group 4 - Zai Lab announced that its investigational product ZGGS34 has received FDA approval for clinical trials aimed at treating advanced solid tumors, marking a significant step in the company's international innovation efforts [4] - Preclinical studies have shown that ZGGS34 exhibits significant tumor suppression effects across various cancer models [4] - However, ZGGS34 is still in the early stages of clinical development, and the path to market remains lengthy, with inherent risks associated with drug development [4]

Group 1 - The company is a high-tech innovative biopharmaceutical enterprise focusing on unmet clinical needs in oncology and autoimmune diseases, with strong R&D capabilities [1][2] - In the first half of 2025, the company achieved a net profit attributable to shareholders of -30 million yuan, a significant improvement of 88.51% compared to -262 million yuan in the same period last year [1] - The company increased its R&D investment to 450 million yuan, up 6.71% year-on-year, reflecting its commitment to new technology platform development and clinical trials [1] Group 2 - The company plans to use its own funds not exceeding 476.336 million yuan to acquire the remaining 7% equity of its subsidiary Guangzhou Nocare Pharmaceutical Technology Co., Ltd., aiming for 100% ownership [31][34] - This acquisition does not constitute a related party transaction or a major asset restructuring as defined by regulations [31][32] - The board of directors approved the acquisition without needing shareholder meeting approval, indicating a streamlined decision-making process [32][33] Group 3 - The company announced a delay in the "Information Technology Construction Project" to September 2027 and plans to inject 107 million yuan into its wholly-owned subsidiary Beijing Tianshi Pharmaceutical Technology Co., Ltd. to support project implementation [46][49] - The delay is attributed to the complexity of the project and the need for adjustments to ensure quality and effectiveness [49][54] - The company will continue to manage the raised funds strictly according to regulatory requirements, ensuring transparency and accountability [53][54] Group 4 - The company has revised and established certain internal governance systems in accordance with A-share listing rules, enhancing its governance framework [60] - The revised governance documents will be disclosed on the Shanghai Stock Exchange website, ensuring compliance and transparency [60] Group 5 - A significant shareholder, King Bridge Investments Limited, reduced its stake from 7.00% to 6.92%, which does not trigger a mandatory tender offer and does not affect the company's control structure [61][62] - The company will continue to monitor and disclose any further changes in shareholder equity as required [62]

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but continued to face net losses and negative cash flow from operating activities. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 731.43 million, compared to 419.74 million in the same period last year, representing a year-on-year increase of 74.2% [2] - Pharmaceutical sales revenue was approximately 641.23 million, up from 417.82 million year-on-year [2] - The total profit for the period was a loss of approximately 30.58 million, an improvement from a loss of 267.92 million in the previous year [2] - The net profit attributable to shareholders was a loss of approximately 30.09 million, compared to a loss of 261.84 million in the same period last year [2] - The net cash flow from operating activities was a loss of approximately 61.82 million, an improvement from a loss of 282.53 million year-on-year [2] Profitability Metrics - The company's weighted average return on equity for the first half of 2025 was -0.45%, an increase of 3.28 percentage points year-on-year [19] - The return on invested capital for the first half of 2025 was -0.82%, an increase of 4.09 percentage points compared to the same period last year [19] Cash Flow Analysis - The net cash flow from financing activities was approximately 28.33 million, an increase of 60.90 million year-on-year [23] - The net cash flow from investment activities was approximately 62.30 million, compared to a loss of 118 million in the previous year [23] Asset and Liability Changes - As of the end of the first half of 2025, the company's cash and cash equivalents increased by 11.86% compared to the end of the previous year, while trading financial assets decreased by 90.11% [33] - Short-term borrowings decreased by 41.73%, while accounts payable increased by 38.71% [36] Shareholder Composition - New shareholders include E Fund Medical Healthcare Industry Mixed Securities Investment Fund and Huatai-PineBridge Innovation Medicine Theme Mixed Securities Investment Fund, replacing previous shareholders [52] - HKSCC NOMINEES LIMITED holds 50.02% of the total share capital, with a slight increase of 1.46 percentage points [53]

Core Viewpoint - Nocera Biopharma (09969.HK) reported a significant revenue increase of 74.26% year-on-year for the first half of 2025, driven by the sales growth of its core product, Obinutuzumab (brand name: Yinuokai), and a licensing agreement with Prolium [1] Financial Performance - The company's revenue for the first half of 2025 reached 731 million yuan, while the net profit attributable to shareholders was a loss of 30.09 million yuan, which represents a narrowing of losses compared to the previous year [1] - Drug revenue increased by 53.5% year-on-year to 640 million yuan, with Obinutuzumab's revenue growing by 52.8% to 637 million yuan [2] Product Development and Approvals - Obinutuzumab has been approved for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) in adult patients, marking its first indication as a first-line therapy [2] - The company’s other product, Tanshimab (brand name: Mingnuokai), received approval for use in combination with Lenalidomide for adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) [2] Commercialization Efforts - Nocera Biopharma increased its sales and distribution expenses by approximately 55% year-on-year to 244 million yuan, primarily due to commercial expansion and share-based payment adjustments [3] - The company has submitted an application for Tanshimab to be included in the commercial insurance innovative drug directory, which has passed preliminary review [3] Strategic Initiatives - The company announced its second business development (BD) transaction in January, partnering with Connoa to license Prolium for the development and commercialization of a bispecific antibody [4] - Nocera Biopharma aims to enhance its global presence and plans to accelerate innovation, commercialization, and internationalization over the next 3-5 years, targeting multiple new drug approvals and international expansions [4] Research and Development - The company’s R&D expenses increased by 6.9% year-on-year to 450 million yuan, reflecting its commitment to advancing clinical projects and building a differentiated research platform [4] - Nocera Biopharma is advancing its BCL2 inhibitor "mesutoclax (ICP-248)" and a new generation TRK inhibitor zurletrectinib (ICP-723), with the latter's new drug application accepted for priority review in China [5][6] Financial Position - As of June 30, 2025, the company held approximately 7.68 billion yuan in cash and cash equivalents, indicating a strong financial position within the biotech sector [6]

此外，诺诚健华上半年亏损同比降低86.7%，减少至0.36亿元，亏损大幅缩窄是源于营业收入的增加以 及成本效率进一步提升。（智通财经记者 李潇潇） 8月19日，诺诚健华（9969.HK；688428.SH）发布2025年半年报，上半年收入同比增长74.3%，达到7.3 亿元。公司称，收入增长主要归功于核心产品奥布替尼的持续放量以及公司与Prolium达成授权许可获 得的首付款。药品收入上半年同比增长53.5%，达到6.4亿元，主要是源于奥布替尼纳入国家医保后持续 放量，尤其是独家适应证边缘区淋巴瘤惠及更多患者，以及商业化团队执行能力的不断强化。 ...

（编辑 李家琪） 证券日报网讯 8月19日晚间，诺诚健华发布公告称，公司拟以自有资金不超过人民币4.76336亿元收购广 州高新区科技控股集团有限公司持有的公司控股子公司广州诺诚健华医药科技有限公司7%的剩余全部 股权。若收购成功，公司将持有广州诺诚健华100%的股权。 ...

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 reached RMB 3,731 million, representing a year-on-year increase of 74.3% [4] - Drug sales achieved RMB 641 million with a year-on-year growth of 53.5% [4][14] - Net loss for 2025 significantly narrowed to RMB 35.6 million, a year-on-year decrease of 86.7% [4][15] - Cash position stood at RMB 7,600 million, equivalent to approximately USD 1,100 million [16] Business Line Data and Key Metrics Changes - The company reported strong performance in its drug sales, particularly from relabotinib, which contributed significantly to revenue growth [14][19] - Tafasitamab was highlighted as a new growth driver, approved for treating DLBCL patients in China [15] - The company is transitioning to a diversified multi-franchise portfolio with several late-stage drivers expected to contribute to long-term revenue growth [15] Market Data and Key Metrics Changes - The market potential for ITP is estimated to be around RMB 1 billion to 1.5 billion in China, while the potential for SLE is around RMB 3 billion [64] - The company anticipates that the first-line CLL indication will significantly enhance its market position and sales potential [62] Company Strategy and Development Direction - The company aims to expand its international presence through strategic collaborations, such as the partnership with Prolyom for developing specific antibodies [17][18] - The focus is on advancing its clinical pipeline, particularly in hematology and autoimmune diseases, with several drugs in late-stage trials [24][50] - The company is committed to maintaining a strong R&D backbone, with R&D expenses increasing to RMB 450 million in the first half of 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving at least 35% growth for Orillah in 2025, driven by strong market demand and unique product positioning [21][62] - The company is optimistic about the upcoming approvals and market entries for its drugs, particularly in the autoimmune disease segment [23][64] - Management highlighted the importance of patient enrollment and clinical trial progress as critical factors for future success [10][12] Other Important Information - The company has made significant progress in its R&D pipeline, with multiple drugs in various stages of clinical trials, including BCL-2 inhibitors and BTK inhibitors [24][50] - The company is actively pursuing global clinical trials for its drugs, particularly in the AML and MDS indications, which are expected to enhance its market presence [78] Q&A Session Summary Question: Regarding the performance of Orillah and potential guidance adjustments - Management noted that Orillah's revenue exceeded 50% growth in the first half, indicating confidence in surpassing the 35% annual guidance [62][63] Question: Expectations for pricing negotiations related to new indications - Management is preparing for negotiations and believes that the unique value of their products will support strong sales momentum [70][71] Question: R&D expenses outlook considering global trials - Management indicated that R&D expenses are expected to grow by 15% to 20% over the next two years, with a focus on late-stage clinical trials [73][74] Question: Global trial plans for BCL-2 inhibitors - Management clarified that while they are focusing on the Chinese market for first-line CLL, they are prioritizing global trials for AML and MDS due to urgent market needs [78] Question: Progress on lupus indication and phase three trials - Management expects to have top-line results from the phase two trial by September, which will inform decisions on phase three trials [91]