China Chengxin International Credit Rating Co.,Ltd. [2025]152 中诚信国际关于终止江苏诺泰澳赛诺生物制药股份有限公司 主体和相关债项信用评级的公告 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"） 发行的"诺泰转债"由中诚信国际信用评级有限责任公司（以下简称"中诚信国 际"）进行相关评级工作。2024 年 5 月 27 日，中诚信国际对公司及上述债券进 行定期跟踪评级，维持诺泰生物主体信用等级为 A + k，评级展望为稳定，维持"诺 泰转债"债项信用等级为 A + k。 近日，公司发布公告称，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》的约定，已触发"诺泰转债"的有条 件赎回条款，且经公司董事会审议，公司决定行使"诺泰转债"的提前赎回权， 对赎回登记日（即 2025 年 4 月 24 日）登记在册的"诺泰转债"全部赎回。截至 2025 年 4 月 24 日（赎回登记日收市后），累计共有 429,956,000 元"诺泰转债" 已转换为公司股本，累计转股数为 10,168,365 股，占"诺泰 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - 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 attributable to shareholders of 404.39 million yuan, which is an increase of 148.19% [8] - The revenue from the self-selected product segment grew significantly, with the peptide API segment achieving a revenue of 948 million yuan, up 127.72% [8] - The custom products segment maintained a high growth rate, with revenue reaching 494 million yuan, an increase of 22.34% [8] - The company is expected to benefit from the high demand in the peptide API industry, with projected net profits of 5.59 billion yuan in 2025 and 7.11 billion yuan in 2026 [8] Financial Summary - Total revenue forecast for 2023A is 1.034 billion yuan, increasing to 4.278 billion yuan by 2027E, with a compound annual growth rate (CAGR) of 37.74% [8] - The net profit attributable to shareholders is expected to grow from 162.94 million yuan in 2023A to 872.54 million yuan in 2027E, reflecting a CAGR of 22.74% [8] - The latest diluted EPS is projected to rise from 0.74 yuan in 2023A to 3.97 yuan in 2027E [8] - The current P/E ratio is 29.46 for 2024A, decreasing to 13.65 by 2027E [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company achieved a revenue of 1.63 billion yuan in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 400 million yuan, up 148.2% year-on-year [1]. - For Q1 2025, the company reported a revenue of 570 million yuan, a 59.0% increase year-on-year, and a net profit of 150 million yuan, reflecting a growth of 130.1% year-on-year [1]. - The revenue structure is continuously optimized, with customized products and technical services generating 490 million yuan in revenue (up 22.3% year-on-year) and a gross margin of 56.2% [2]. - The raw material drug and intermediate business saw a revenue of 940 million yuan, a significant increase of 127.0% year-on-year, with a gross margin of 76.7% [3]. - The CDMO/CMO business generated 470 million yuan in revenue, growing by 21.0% year-on-year, with a gross margin of 55.9% [4]. - The formulation business experienced a revenue decline of 13.4% year-on-year, but new products are expected to drive growth in 2025 [4]. - The company is projected to achieve net profits of 540 million yuan, 700 million yuan, and 900 million yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 32.5%, 30.0%, and 28.6% [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.63 billion yuan and a net profit of 404 million yuan, with significant growth rates of 57.2% and 148.2% respectively [1][6]. - For Q1 2025, the company achieved a revenue of 570 million yuan and a net profit of 150 million yuan, marking year-on-year growth of 59.0% and 130.1% [1]. Revenue Structure - The customized products and technical services segment generated 490 million yuan in revenue, while the self-selected products segment achieved 1.13 billion yuan, reflecting a year-on-year growth of 79.5% [2]. - The overall gross margin improved, reaching 62.2% in Q4 2024 and 70.2% in Q1 2025 [2]. Business Segments - The raw material drug business reported a revenue of 940 million yuan, with a gross margin of 76.7%, driven by strong order expansion and capacity release [3]. - The CDMO/CMO business generated 470 million yuan in revenue, with a focus on major disease treatment areas and partnerships with well-known international pharmaceutical companies [4]. - The formulation segment's revenue declined to 180 million yuan, but new product registrations are expected to revitalize growth [4]. Future Projections - The company forecasts net profits of 540 million yuan in 2025, with a year-on-year growth rate of 32.5%, and further growth expected in subsequent years [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.21 CNY [7]. Core Insights - The company achieved a revenue of 1.63 billion CNY in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 400 million CNY, up 148.2% [1]. - For Q1 2025, the company reported a revenue of 570 million CNY, a 59.0% increase year-on-year, with a net profit of 150 million CNY, reflecting a growth of 130.1% [1]. - The revenue structure is continuously optimizing, with custom products and technical services generating 490 million CNY in 2024, a 22.3% increase, and a gross margin of 56.2% [2]. - The raw material drug and intermediate business saw a revenue of 940 million CNY in 2024, a significant increase of 127.0%, with a gross margin of 76.7% [3]. - The CDMO/CMO business generated 470 million CNY in revenue, growing by 21.0%, with a gross margin of 55.9% [4]. - The formulation business experienced a decline in revenue to 180 million CNY, down 13.4%, but new products are expected to drive growth in 2025 [4]. - The company forecasts net profits of 540 million CNY, 700 million CNY, and 900 million CNY for 2025, 2026, and 2027, respectively, with corresponding growth rates of 32.5%, 30.0%, and 28.6% [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.63 billion CNY and a net profit of 400 million CNY, with significant growth rates of 57.2% and 148.2% respectively [1][6]. - For Q1 2025, the revenue was 570 million CNY, with a net profit of 150 million CNY, indicating strong performance [1]. Revenue Structure - The custom products and technical services segment generated 490 million CNY in 2024, while the self-selected products segment achieved 1.13 billion CNY, marking a 79.5% increase [2]. - The overall gross margin improved to 62.2% in Q4 2024 and 70.2% in Q1 2025 [2]. Business Segments - The raw material drug business reported a revenue of 940 million CNY in 2024, with a gross margin of 76.7% [3]. - The CDMO/CMO segment achieved 470 million CNY in revenue, with a focus on major disease treatments [4]. - The formulation segment's revenue declined to 180 million CNY, but new product registrations are expected to revitalize growth [4]. Future Projections - The company anticipates net profits of 540 million CNY in 2025, with a growth rate of 32.5%, and further growth in subsequent years [4][6].

Group 1: Tianqi Materials - Tianqi Materials reported that the impact of the US tariff policy is minimal, with direct sales to the US accounting for approximately 1% of total revenue in 2024 [1] - The company is actively promoting local production capacity in the US, collaborating with Honeywell to establish a joint venture for the large-scale production of electrolytes and lithium hexafluorophosphate in North America [1] - The addition ratio of LIFSI in electrolytes is expected to be around 1.9% in 2024, with increasing usage in fast-charging battery electrolyte formulations [1] - PEEK materials are currently in the product trial verification stage, primarily used for modifying materials in battery cell structural components [1] - The company launched a 5V electrolyte system in March, which features high safety and stability, and is accelerating customer verification [1] - A lithium sulfide route for solid electrolytes is under trial production, and the company has solutions and technical reserves for sodium-ion battery electrolytes, with existing production lines capable of rapid material system switching [1] - The company has a significant cost advantage with a production capacity of 330,000 tons for precursor iron phosphate, and the third-generation iron phosphate products are in the customer verification stage [1] - In the coming years, domestic capacity expansion will slow down, with a focus shifting towards overseas markets [1] Group 2: Nuotai Biological - Nuotai Biological reported a main revenue of 566 million yuan for Q1 2025, representing a year-on-year increase of 58.96% [2] - The net profit attributable to shareholders reached 153 million yuan, up 130.1% year-on-year [2] - The net profit after deducting non-recurring items was 152 million yuan, reflecting a 131.79% increase compared to the previous year [2] - The company's debt ratio stands at 47.86%, with investment income of 647,500 yuan and financial expenses of 8.2452 million yuan [2] - The gross profit margin is reported at 70.2% [2]

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]