证券代码：688076 证券简称：诺泰生物 公告编号：2025-041 江苏诺泰澳赛诺生物制药股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 26 日(星期一)下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （一）会议召开时间：2025 年 5 月 26 日下午 13:00-14:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 投资者可于 2025 年 5 月 19 日(星期一)至 5 月 25 日(星期日)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@sinopep.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 江 ...

Group 1 - The "2025 China Listed Companies Brand Value List" was released, showcasing the brand value of listed companies in China, with a total brand value of 20.46 trillion yuan, an increase of 2.65 trillion yuan or 14.9% year-on-year [4][5] - Tencent and Alibaba ranked first and second in brand value, with values of 26,824 billion yuan and 18,335 billion yuan respectively, followed by China Mobile, Pinduoduo, and Kweichow Moutai in the top five [4] - The event also introduced the "Yangtze River Delta Listed Companies Brand Value List TOP100," highlighting the brand value and market influence of companies in that region [1][2] Group 2 - The event featured discussions on the integration of brand and cutting-edge digital technology, emphasizing the trend of brand IP (intellectual property) development [5] - A total of 30 companies were recognized as classic brand cases, including Agricultural Bank of China, Yili Group, and GAC Group, while 10 executives were awarded as Chief Brand Officers [5] - The "Daily Economic News" announced its AI strategy, aiming to create a new type of intelligent media group and enhance brand communication through innovative products [6][7]

Investment Rating - The report maintains a rating of "Buy" for the industry, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][50]. Core Viewpoints - The report emphasizes that the industry is expected to see a bottoming out and gradual improvement, with a continued focus on innovation and AI as key growth drivers. The performance of the pharmaceutical sector has shown resilience, with a year-to-date return of 1.2%, outperforming the Shanghai Composite Index by 3.4% [7][12]. - The report suggests that the innovation trend in pharmaceuticals is likely to persist, with specific recommendations for companies such as Changchun High-tech, Sanofi, and Betta Pharmaceuticals, among others [7][12]. - The report highlights the potential of AI in pharmaceuticals and healthcare, indicating that this sector is just beginning to unfold, with opportunities in drug development, diagnostic assistance, and chronic disease management [8][13]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 498 listed companies with a total market capitalization of 62,240.01 billion yuan and a circulating market value of 55,873.42 billion yuan [2][5]. Market Performance - The report notes that the Shanghai Composite Index rose by 2.00% while the pharmaceutical sector increased by 1.01%, ranking 26th among 31 sub-industries. Various sub-sectors, including medical devices and traditional Chinese medicine, also experienced gains [7][12]. Investment Opportunities - The report identifies several key areas for investment: 1. **Innovation Growth**: Focus on innovative drugs with strong technological attributes and ongoing policy support [7][12]. 2. **AI in Healthcare**: Emphasizing the emerging opportunities driven by AI in diagnostics and drug research [8][13]. 3. **Recovery in Distressed Sectors**: Highlighting potential recovery in CRO&CDMO and specialty raw materials due to improved industry policies and global order recovery [8][13]. Key Company Recommendations - The report recommends a focus on companies such as: - Changchun High-tech - Sanofi - Betta Pharmaceuticals - WuXi AppTec - Daan Diagnostics - Others in the AI and healthcare sectors [7][8][12][13].

Group 1: Industry Overview - The overall revenue growth rate for the pharmaceutical and biotechnology sector in Q1 2025 was -4.8%, with a net profit growth rate of -12.2%[3] - The raw material drug sector showed resilience with a revenue growth rate of -3.6% and a net profit growth rate of 10.5% in Q1 2025, benefiting from demand recovery and price stabilization[3] Group 2: Profitability and Financial Performance - In 2024, major raw material drug companies saw an increase in gross margin and net margin by 0.78 percentage points and 0.39 percentage points respectively, while Q1 2025 saw a decline in average gross margin and net margin by 0.64 percentage points and 1.87 percentage points respectively[5] - The average operating cash flow for major raw material drug companies reached 10.04 billion yuan in 2024, a 14.65% increase from 2023, indicating a positive trend[31] Group 3: Capital Expenditure Trends - Capital expenditure for major raw material drug companies in 2024 totaled 7.242 billion yuan, reflecting a year-over-year decrease of 4.12%[36] - The capital expenditure to depreciation ratio for the raw material drug sector decreased from 1.79 in 2023 to 1.27 in 2024, indicating ongoing capacity reduction and structural adjustments[36] Group 4: Investment Strategy - Investment recommendations focus on selecting raw material drug companies with strong growth attributes and stable competitive landscapes, particularly in bulk and specialty raw materials[44] - Companies like Guobang Pharmaceutical and Tianyu Co., Ltd. are highlighted for their favorable supply dynamics and demand recovery[44] Group 5: Risk Factors - Risks include intensified competition leading to suboptimal recovery in product prices and volumes, production safety incidents, and exchange rate fluctuations impacting profitability[47]

Core Insights - The "2025 China Listed Companies Brand Value List" was released at a conference themed "Digital Intelligence Upgrading, Brand Resonance" in Shanghai, marking the ninth edition of this event [1][3] - The total brand value of the top 100 companies on the list reached 20.46 trillion yuan, an increase of 2.65 trillion yuan or 14.9% year-on-year [7] - Tencent and Alibaba retained the top two positions with brand values of 26,824 billion yuan and 18,335 billion yuan, respectively [7] Brand Value Rankings - The event introduced a new "Yangtze River Delta Listed Companies Brand Value List TOP100," showcasing the brand value and market influence of companies in this economically significant region [1][12] - The Yangtze River Delta region's listed companies collectively have a brand value of 64,965 billion yuan, with eight companies exceeding 1,000 billion yuan in brand value [12] Brand Development Trends - Media communication is emphasized as a key accelerator for brand building, with companies encouraged to collaborate for mutual growth [2] - The integration of digital technologies and traditional brand promotion is reshaping brand strategies, leading to a trend towards brand IP (intellectual property) development [14][19] Investment Opportunities - The "Everyday Brand 100 Index," launched in May 2022, has shown strong performance, with significant excess returns compared to major indices [13] - The index's sample companies have an average market capitalization of 353.7 billion yuan, indicating a strong large-cap focus [13] Strategic Insights - The conference highlighted the importance of aligning brand values with local culture and consumer engagement for international brands operating in China [16] - The rise of AI in marketing is seen as a transformative opportunity for Chinese brands to expand globally, with companies like BlueFocus leveraging AI to enhance operational efficiency [19][20] Media and Technology Integration - The "Everyday Economic News" is adopting an AI-driven strategy to redefine media boundaries and enhance brand communication [20][23] - The establishment of a national first "Media Intelligence Incubator Platform" aims to create practical media solutions through human-machine collaboration [23]

[Table_Reportdate] 2025年05月09日 [诺泰生物（ Table_NewTitle] 688076）：业绩保持高增长， 多肽领先地位持续巩固 ——公司简评报告 [table_main] 投资要点 22% [Table_QuotePic] -30% -20% -9% 1% 12% 33% 43% 24-05 24-08 24-11 25-02 诺泰生物 沪深300 [相关研究 Table_Report] 《诺泰生物（688076）：多肽优势持 续扩大，业绩显著超预期——公司简 评报告》 2024.08.27 《诺泰生物（688076）：业绩强劲增 长，产销研齐头并进——公司简评报 告》 2024.04.02 《诺泰生物（688076）：业绩超预期， 自主产品为主要增长引擎——公司 简评报告》 2023.10.23 公 司 简 评 医 药 生 物 [Table_invest] 买入（维持） 报告原因：业绩点评 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 公 司 研 究 [证券分析师 Table_Authors] 杜永宏 S06305 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company has demonstrated impressive performance, with profit growth outpacing revenue growth. In 2024, the company achieved revenue of 1.625 billion yuan (+57.21%) and a net profit attributable to shareholders of 404 million yuan (+148.19%) [1][9]. - The company has a leading capacity layout in the peptide sector, with its raw material production capacity reaching a ton-level. The company has strengthened its quality capacity construction, with multiple production lines passing GMP inspections [3][27]. - The company is expanding its matrix sales model, which is expected to lead to continuous breakthroughs in orders and performance [4][28]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.625 billion yuan (+57.21%) and a net profit of 404 million yuan (+148.19%). The first quarter of 2025 continued this trend with a revenue of 566 million yuan (+58.96%) and a net profit of 153 million yuan (+130.10%) [1][9]. - The company’s gross margin improved to 67.68% (+6.72 percentage points) in 2024, driven by the rapid growth of peptide raw materials [23]. Business Segments - The self-selected product segment generated revenue of 1.13 billion yuan in 2024, a year-on-year increase of 80%, with raw materials and intermediates contributing 940 million yuan (+127%) [2][13]. - Customized products and services achieved revenue of 490 million yuan, a 22% increase, primarily due to a large order from a major European pharmaceutical company [2][13]. Capacity and Production - The company has invested in leading production capacity, with a ton-level peptide workshop already in operation, achieving an annual capacity of 5 tons. Additional workshops are under construction, expected to be completed in 2025 [3][27]. Profit Forecasts - The company has adjusted its profit forecasts for 2025 and 2026, now expecting revenues of 2.28 billion yuan and 3.0 billion yuan respectively, with net profits of 580 million yuan and 794 million yuan [4][28].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4] Core Insights - The innovative drug sector is expected to continue its growth, supported by strong technological attributes and favorable policies, with commercial insurance and Class B medical insurance providing further catalysts [6][11] - The AI-driven medical and pharmaceutical industry is just beginning, with potential investment opportunities emerging in drug development, assisted diagnosis, and chronic disease care [6][11] - The report highlights a recovery in performance for certain segments, including CRO&CDMO and specialty APIs, driven by improved industry policies and global order recovery [6][11] Summary by Sections May Industry Investment Outlook - The innovative growth of drugs is supported by strong technology and ongoing policy support, with recommendations for companies like Changchun High-tech and Three Life Pharmaceuticals [11] - AI in medicine is expected to create numerous investment opportunities, particularly in diagnostics and medical services [11] - Recovery is anticipated in segments like CRO&CDMO, with companies such as WuXi AppTec and Tianyu Co. being highlighted for their potential [11] April Review and Analysis - The pharmaceutical sector saw a decline of 2.1% in April, outperforming the Shanghai Composite Index, which fell by 3.0% [12] - The report notes that innovative drugs are leading the market, with a positive outlook for the remainder of the year [12] - The report anticipates a gradual improvement in performance across various sub-sectors, with some beginning to show signs of recovery [12] Key Recommendations - The report recommends focusing on companies such as WuXi AppTec, Changchun High-tech, and Three Life Pharmaceuticals for potential growth [13] - It emphasizes the importance of monitoring the performance of companies in the AI and medical sectors, including Dian Diagnostics and Meinian Health [11][13] Financial Performance Overview - In 2024, the pharmaceutical sector is projected to see a revenue decline of 0.8% and a profit drop of 9.9%, with a further decline in Q1 2025 [16] - The report indicates that while some segments are under pressure, the innovative drug industry is thriving, with significant growth in exports and BD opportunities [16] - The overall cash flow for the pharmaceutical sector is expected to decline, with notable variations across different segments [24][25]

Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, indicating strong operational performance and market demand for its products [1][2]. 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, reflecting a 130.10% increase [1][2]. - The gross margin for 2024 was 67.68%, an increase of 6.71 percentage points, while the net profit margin was 24.61%, up 8.60 percentage points [2]. Product and Market Development - The company's self-selected products, including peptides, oligonucleotides, and formulations, showed robust growth, with revenue from self-selected products reaching 1.129 billion yuan, a 79.49% increase [4]. - Strategic collaborations have been established for various innovative drug raw materials and formulations, enhancing market presence and growth potential [4]. - The company is expanding its production capacity, with new facilities expected to contribute significantly to output in the coming years [4]. CDMO Business - The CDMO segment generated revenue of 494 million yuan in 2024, a 22.34% increase, with large orders being progressively delivered [5]. - Long-term contracts with major pharmaceutical companies, including a $100 million contract with a European firm, have commenced delivery, indicating strong demand for CDMO services [5]. Future Projections - Revenue forecasts for 2025-2027 are projected at 2.276 billion yuan, 3.218 billion yuan, and 4.576 billion yuan, with growth rates of 40.06%, 41.42%, and 42.19% respectively [5]. - Net profit estimates for the same period are 559 million yuan, 755 million yuan, and 1.027 billion yuan, with growth rates of 38.20%, 35.09%, and 36.02% respectively [5].

Group 1 - The core viewpoint is that Noratech Biotech has benefited from the growth in the weight loss drug market, with over 60% of its revenue coming from overseas in 2024 [1][2] - The company reported a revenue of 1.625 billion yuan in 2024, representing a year-on-year growth of 57.21%, and a net profit of 404 million yuan, up 148.19% year-on-year [2] - Noratech Biotech is focusing on expanding its production capacity and entering emerging markets such as Southeast Asia, South America, and Russia to meet the high demand for peptide raw materials [2] Group 2 - The company has implemented several strategies to address market challenges, including global expansion, flexible trade arrangements, customer pricing strategies, and continuous cost reduction through technological innovation [2] - The demand for peptide raw materials is significant, and the company has established strategic partnerships with global clients, expanding beyond traditional markets to include Latin America and the Middle East [2] - The platform for imported chronic disease medications is experiencing strong supply and demand, with stable supply of original imported drugs and measures in place to ensure price stability [3]