关于江苏诺泰澳赛诺生物制药股份有限公司 2024 年度持续督导报告书 南京证券股份有限公司 根据《证券发行上市保荐业务管理办法》和《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关法律、法规的要求，南京证券股份有限公司 （以下简称"南京证券"或"保荐机构"）作为江苏诺泰澳赛诺生物制药股份有限 公司（以下简称"诺泰生物"或"公司"）持续督导工作的保荐机构，负责诺泰生 物上市后的持续督导工作，并出具本持续督导报告书。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立并有效执行了 | | | | 持续督导制度，并制定了相应的 | | | 对具体的持续督导工作制定相应的工作计划。 | 工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐机构已与诺泰生物签订保 | | | 始前，与上市公司或相关当事人签署持续督导 | 荐协议，该协议明确了双方在持 | | | 协议，明确双方在持续督导期间的权利义务， | 续督导期间的权利和义务，并报 | | | ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology field and AI medical investment opportunities [3][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) [3][8]. - The upcoming ASCO conference is highlighted as a significant event for domestic innovative drug companies, with over 70 oral presentations and more than 10 major studies expected [3][4]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16% from April 21 to April 25, outperforming the Wind All A index and the CSI 300 index [3][8]. - Notable performers included medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][9]. - Individual stock performances showed significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, Kangfang Bio announced FDA approval for its drug Anike for the treatment of recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Bio also reported the approval of its PD-1/VEGF bispecific antibody for first-line treatment of specific lung cancer types [13]. - The digital transformation plan for the pharmaceutical industry aims to enhance competitiveness and quality management through AI and data integration by 2030 [3][4].

江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公司"）的股票自 2025 年 2 月 27 日至 4 月 2 日期间，已满足连续三十个交易日中至少有十五个交易日 的收盘价不低于"诺泰转债"当期转股价格（42.23 元/股）的 130%（含 130%， 即 54.899 元/股），根据《江苏诺泰澳赛诺生物制药股份有限公司向不特定对象 发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，已触发 "诺泰转债"的有条件赎回条款。 （二）本次可转债赎回事项公告披露情况 公司于 2025 年 4 月 2 日召开第三届董事会第二十五次会议审议通过了《关 于提前赎回"诺泰转债"的议案》，决定行使"诺泰转债"的提前赎回权，对"赎 回登记日"登记在册的"诺泰转债"全部赎回。具体内容详见公司于 2025 年 4 月 3 日在上海证券交易所网站（www.sse.com.cn）披露的《江苏诺泰澳赛诺生物 制药股份有限公司关于提前赎回"诺泰转债"的公告》（公告编号：2025-018）。 证券代码：688076 证券简称：诺泰生物 公告编号：2025-040 江苏诺泰澳赛诺生物制药股份有限公司 关于"诺泰转债"赎回结果暨股 ...

证券研究报告·公司点评报告·化学制药 诺泰生物（688076） 2024 年年报及 2025 年一季报点评：多肽 API 持续放量，定制类业务与小核酸蓄势待发 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,034 | 1,625 | 2,355 | 3,106 | 4,278 | | 同比（%） | 58.69 | 57.21 | 44.93 | 31.88 | 37.74 | | 归母净利润（百万元） | 162.94 | 404.39 | 558.80 | 710.86 | 872.54 | | 同比（%） | 26.20 | 148.19 | 38.18 | 27.21 | 22.74 | | EPS-最新摊薄（元/股） | 0.74 | 1.84 | 2.54 | 3.23 | 3.97 | | P/E（现价&最新摊薄） | 73.12 | 29.46 | 21.32 | 16.76 | 13.65 ...

诺泰生物（688076.SH）2024 年年报及 2025 年一季报点评 业绩符合预期，多肽原料药维持高速增长 2025 年 04 月 25 日 ➢ 事件：2025 年 4 月 23 日，公司公布 2024 年度及 2025 一季度报告。根据 年报，公司 24 年实现营业收入 16.3 亿元，同比增长 57.2%；实现归母净利润 4.0 亿元，同比增长 148.2%；实现扣非归母净利润 4.1 亿元，同比增长 142.6%。 根据 25Q1 报告，公司 25Q1 实现营业收入 5.7 亿元，同比增长 59.0%；实现归 母净利润 1.5 亿元（预告中枢），同比增长 130.1%；实现扣非归母净利润 1.5 亿 元（预告中枢），同比增长 131.8%。 ➢ 拆分：收入结构持续优化，推动盈利能力持续攀升。根据年报，公司 24 年 定制类产品及技术服务业务实现收入 4.9 亿元（yoy+22.3%），毛利率 56.2% （+0.6 pct）；自主选择产品实现营业收入 11.3 亿元（yoy+79.5%），毛利率 72.9%（+8.4pct）。结构占比上看，随着公司自主产品中多肽原料药的高速放 量，公司总体毛利率呈现 ...

诺泰生物（688076.SH）2024 年年报及 2025 年一季报点评 业绩符合预期，多肽原料药维持高速增长 2025 年 04 月 25 日 ➢ 事件：2025 年 4 月 23 日，公司公布 2024 年度及 2025 一季度报告。根据 年报，公司 24 年实现营业收入 16.3 亿元，同比增长 57.2%；实现归母净利润 4.0 亿元，同比增长 148.2%；实现扣非归母净利润 4.1 亿元，同比增长 142.6%。 根据 25Q1 报告，公司 25Q1 实现营业收入 5.7 亿元，同比增长 59.0%；实现归 母净利润 1.5 亿元（预告中枢），同比增长 130.1%；实现扣非归母净利润 1.5 亿 元（预告中枢），同比增长 131.8%。 ➢ 拆分：收入结构持续优化，推动盈利能力持续攀升。根据年报，公司 24 年 定制类产品及技术服务业务实现收入 4.9 亿元（yoy+22.3%），毛利率 56.2% （+0.6 pct）；自主选择产品实现营业收入 11.3 亿元（yoy+79.5%），毛利率 72.9%（+8.4pct）。结构占比上看，随着公司自主产品中多肽原料药的高速放 量，公司总体毛利率呈现 ...

调研纪要：天赐材料表示，美国加征关税政策对公司直接影响较小，2024年直接销售至美国的产品收入 占总营收比例较低，约1%左右。公司在美国积极推动本土化产能建设，与Honeywell合作组建合资公 司，加速电解液及六氟磷酸锂在北美市场的规模化生产。2024年LIFSI在电解液中的添加比例约为 1.9%，其在快充电池电解液配方中的用量正在持续提升。PEEK材料处于产品中试验证阶段，主要应用 于电芯结构件改性材料。3月份公司发布5V体系电解液，具备高安全性能与稳定性能，正加快客户验 证。公司开发了硫化锂路线的固态电解质，处于中试阶段。公司已有钠离子电池电解液的解决方案和技 术储备，现有产线可实现材料体系的快速切换。磷酸铁产品拥有33万吨的前驱体磷酸铁产能，具备显著 的成本优势。磷酸铁三代产品处于客户验证阶段。未来几年，国内产能投放节奏将放缓，重心转向海外 市场。 根据市场公开信息及4月24日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 1）天赐材料 （淡水泉(香港)投资管理有限公司参与公司业绩说明会） 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the high demand for GLP-1 peptide drugs, leading to sustained high growth in performance [2][3] - The company is one of the few domestic leaders focusing on peptide drugs, with a strong growth trend expected to continue into 2025 [3] - The company has established numerous strategic partnerships, enhancing its customer resource base [4] Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1] - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, an increase of 130.10% [1] - The company's gross margin improved to 67.78% in 2024, up 6.81 percentage points year-on-year [4] Business Segmentation - Revenue from self-selected products in 2024 was 1.129 billion yuan, growing by 79.49%, while customized products and technical services generated 494 million yuan, up 22.34% [4] - The CDMO/CMO segment generated 473 million yuan, while raw materials and intermediates accounted for 944 million yuan in revenue [4] - The company’s international sales reached 1.026 billion yuan in 2024, a significant increase of 129.10% year-on-year [4] Capacity and Production - The company has modern production bases in Lianyungang and Jiande, with a total capacity of 1.47 million liters [6] - The new 601 workshop for large-scale peptide production has commenced operations, with an expected capacity of 5 tons per year [6] - The company has passed international quality certifications, including EU GMP and US FDA inspections, enhancing its production credibility [6] Profit Forecast - Revenue projections for 2025-2027 are 2.175 billion yuan, 2.768 billion yuan, and 3.424 billion yuan, respectively, with net profits of 562 million yuan, 740 million yuan, and 936 million yuan [8] - The expected EPS for 2025 is 2.56 yuan, with corresponding P/E ratios of 21.36 times [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the high demand for GLP-1 peptide drugs, leading to sustained high growth in performance [2][3] - The company is one of the few domestic leaders focusing on peptide drugs, with a strong growth trend expected to continue into 2025 [3] - The company has established numerous strategic partnerships, enhancing its customer resource base [4] Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1] - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, an increase of 130.10% [1] - The company's gross margin improved to 67.78% in 2024, up 6.81 percentage points year-on-year [4] Business Segmentation - Revenue from self-selected products in 2024 was 1.129 billion yuan, growing by 79.49%, while customized products and technical services generated 494 million yuan, up 22.34% [4] - The CDMO/CMO segment generated 473 million yuan, while raw materials and intermediates brought in 944 million yuan [4] - Domestic revenue reached 597 million yuan, a 2.05% increase, while international revenue soared to 1.026 billion yuan, up 129.10% [4] Capacity and Production - The company has modern production bases in Lianyungang and Jiande, with a total capacity of 1.47 million liters [6] - The new 601 workshop for large-scale peptide production has been put into operation, with an expected capacity of 5 tons per year [6] - The company has passed international quality certifications, including EU GMP and US FDA inspections, enhancing its production credibility [6] Profitability Forecast - The company is projected to achieve revenues of 2.175 billion yuan, 2.768 billion yuan, and 3.424 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 562 million yuan, 740 million yuan, and 936 million yuan [8] - The expected EPS for 2025, 2026, and 2027 is 2.56 yuan, 3.37 yuan, and 4.26 yuan respectively, with corresponding P/E ratios of 21.36, 16.21, and 12.81 [8]

医药生物/化学制药 诺泰生物（688076.SH） 业绩表现持续亮眼，看好多肽原料药龙头全年机会 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 53.15 | | 一年最高最低(元) | 81.50/41.80 | | 总市值(亿元) | 119.38 | | 流通市值(亿元) | 119.38 | | 总股本(亿股) | 2.25 | | 流通股本(亿股) | 2.25 | | 近 3 个月换手率(%) | 133.89 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 2025-04 诺泰生物 沪深300 相关研究报告 《GLP-1 原料药已进入商业化供货阶 段，看好赛道龙头全年机会—公司信 息更新报告》-2025.3.5 《前三季度业绩维持高增长，多肽 API 业务持续发力—公司信息更新报告》 -2024.10.24 《业绩持续高增长，十吨级多肽新产 能预计提前落地—公司信息更新报 告》-2024.8.26 余汝意（分析师） 汪晋（联 ...