Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company's performance has exceeded expectations, with multiple strategic collaborations established and accelerated capacity release, indicating a sustained high growth trajectory [2][5]. - The revenue forecast for 2024-2026 has been adjusted to 16.67 billion, 23.53 billion, and 35.65 billion yuan, reflecting growth rates of 61.29%, 41.15%, and 51.52% respectively [2][4]. - The net profit forecast for the same period is adjusted to 4.13 billion, 5.65 billion, and 8.01 billion yuan, with growth rates of 153.62%, 36.68%, and 41.84% respectively [2][4]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 8.32 billion yuan, a year-on-year increase of 107.47%, and a net profit of 2.27 billion yuan, up 442.77% [4][5]. - The second quarter of 2024 saw revenue of approximately 4.76 billion yuan, representing a 146.82% increase, and a net profit of about 1.61 billion yuan, up 671.78% [5][6]. - The company has established several strategic partnerships, contributing to a robust growth in its self-selected product line, particularly in the peptide and specialty raw materials sectors [5][6]. Earnings Forecast and Valuation - The earnings per share (EPS) is projected to increase from 0.76 yuan in 2023 to 3.76 yuan in 2026 [1][2]. - The price-to-earnings (P/E) ratio is expected to decrease from 81.24 in 2023 to 16.52 in 2026, indicating improved valuation metrics over time [1][2]. - The return on equity (ROE) is forecasted to rise from 7.51% in 2023 to 21.11% in 2026, reflecting enhanced profitability [1][2]. Strategic Developments - The company has made significant advancements in its C(D)MO technology platform, establishing long-term partnerships with major pharmaceutical companies, which is expected to drive future revenue growth [5][6]. - New production facilities are being developed, with a multi-peptide workshop expected to be operational by the end of 2024, further enhancing production capacity [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved significant growth in revenue and net profit in the first half of 2024, with revenue reaching 831 million yuan, a year-on-year increase of 107.5%, and net profit of 227 million yuan, up 442.8% [2]. - The company has successfully expanded its global business development (BD) efforts, resulting in a notable increase in orders for its GLP-1 products across various international markets [2]. - The company is accelerating the construction of its ten-ton level peptide production capacity, leveraging advanced production technology to meet strong downstream demand [2]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 831 million yuan, with a year-on-year growth of 107.5%, and a net profit of 227 million yuan, reflecting a 442.8% increase [2]. - The company's CDMO revenue reached 286 million yuan, growing by 88.2%, while self-selected product revenue was 545 million yuan, up 119.8% [2]. - The projected revenues for 2024, 2025, and 2026 are 1.602 billion yuan, 2.303 billion yuan, and 3.211 billion yuan, respectively, with growth rates of 55.0%, 43.8%, and 39.4% [5]. Production Capacity and Technological Advancements - The company has established a large-scale peptide production technology platform, with single-batch production exceeding 10 kg for several long-chain modified peptide drugs [2]. - The company is expanding its production capacity with the completion of the 601 peptide workshop expected by the end of 2024, which will add an annual capacity of 5 tons [2]. - The new oral solid dosage form production line has passed GMP inspection, with an annual capacity of 4.5 billion capsules for oseltamivir [2].

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-076 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | 本次利润分配以实施权益分派股权登记日总股本为基数，具体日期将在 权益分派实施公告中明确。 江苏诺泰澳赛诺生物制药股份有限公司 关于 2024 年半年度利润分配方案的公告 本公司董事会及全体董事保证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： 每股分配比例：每 10 股派发现金红利 1.00 元（含税），本次利润分配不 送红股，不以公积金转增股本。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 根据公司 2024 年半年度财务报告（未经审计），截至 2024 年 6 月 30 日，公 司实现归属于母公司所有者的净利润 227,161,523.34 元，其中母公司实现净利 润 181,810,474.00 元，累计期末可供分配利润为人民币 298,809,614.19 元。经 ...

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-075 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 本公司监事会及全体监事保证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。 根据中国证券监督管理委员会印发的《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》（证监会公告[2022]15 号）、《上海证券交易 所科创板上市公司自律监管规则适用指引第 1 号——规范运作》等相关法律法规 及要求，江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公司"或"诺泰生 物"）董事会将公司 2024 半年度募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 发行价格为每张面值 100 元人民币，按面值发行，募集资金共计人民币 434,000,000.00 元，扣除未支付的承销费用（不含增值税）人民币 4,905,660.38 元后，公司实际收到的募集资金为人民币 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching RMB 500 million, representing a 25% growth compared to the same period in 2023[14]. - The company's operating revenue for the first half of 2024 reached ¥831,498,746.79, representing a 107.47% increase compared to ¥400,781,544.83 in the same period last year[18]. - Net profit attributable to shareholders increased by 442.77% to ¥227,161,523.34 from ¥41,852,470.85 year-on-year[18]. - The net profit after deducting non-recurring gains and losses rose by 433.45% to ¥229,389,895.66 compared to ¥43,001,371.25 in the previous year[18]. - Basic earnings per share increased by 430.00% to ¥1.06 from ¥0.20 in the same period last year[19]. - The weighted average return on equity increased by 7.77 percentage points to 9.94% from 2.17% year-on-year[19]. - The company anticipates a revenue guidance of RMB 1.2 billion for the full year 2024, representing a 20% increase from 2023[14]. - The company achieved a revenue of 831 million CNY in the first half of 2024, an increase of 107.47% year-on-year, with self-selected products contributing 545 million CNY, up 119.76%[41]. Research and Development - Research and development expenses accounted for 20% of total revenue, highlighting the company's focus on innovation and new technology[14]. - R&D investment increased by 166.91% compared to the same period last year, totaling approximately CNY 149.31 million[33]. - The proportion of R&D investment to operating income rose to 17.96%, an increase of 4.00 percentage points year-on-year[33]. - The number of R&D personnel increased to 323, accounting for 18.16% of the total workforce[38]. - The average salary of R&D personnel rose to CNY 8.94 million, up from CNY 7.57 million in the previous year[38]. - The company is currently working on 17 projects, with a total expected investment of CNY 52.05 million[36]. - The company has developed a solid-liquid fusion technology platform for large-scale peptide production, addressing challenges in synthesizing difficult sequences and improving yield and efficiency[25]. - The company has developed a GLP-1 receptor agonist for diabetes and weight loss, which has received clinical trial approval[30]. Market Expansion and Product Development - The company is expanding its market presence in Europe, with a projected increase in sales by 30% in that region for the next fiscal year[14]. - The company plans to launch three new products in the next quarter, targeting a market size of approximately RMB 1 billion[14]. - The company has established partnerships with two major pharmaceutical firms to enhance its distribution network, aiming for a 10% increase in market share[14]. - The company has established a rich product pipeline focusing on diabetes, cardiovascular diseases, and oncology, with key products including Semaglutide and Liraglutide, achieving batch production levels exceeding 10 kilograms for certain long-chain peptides[24]. Compliance and Governance - The board of directors has confirmed that the financial report is true, accurate, and complete, with no significant omissions or misleading statements[2]. - The company has confirmed that all directors attended the board meeting where the report was approved[3]. - The company has established a commitment to resolve related party transactions and competition issues involving its actual controllers and associated entities[90]. - The company has a structured approach to managing share restrictions, with specific timelines and conditions outlined for compliance[89]. Environmental and Social Responsibility - The company has invested RMB 11.17 million in environmental protection during the reporting period[73]. - The company has established a dedicated EHS department to manage environmental and occupational health safety matters[73]. - The company is actively monitoring and reducing emissions of hazardous substances, including dioxins and heavy metals, to comply with regulatory standards[76]. - The company has implemented a comprehensive environmental management system, ensuring that all emissions from production processes meet regulatory standards[86]. Shareholder and Equity Management - The company plans to distribute cash dividends of RMB 1.00 per 10 shares, totaling RMB 21,977,981.40 based on a total share capital of 219,779,814 shares as of July 31, 2024[4]. - The company completed the first vesting period of its 2023 restricted stock incentive plan, granting 1,518,750 shares to 65 eligible participants[70]. - The company has a long-term commitment from its actual controllers and senior management regarding share restrictions, ensuring stability in ownership[90]. - The company will ensure compliance with all relevant laws and regulations regarding shareholding and transfers[95]. Financial Position and Assets - Total assets at the end of the reporting period were ¥4,015,461,448.13, a 13.20% increase from ¥3,547,245,952.44 at the end of the previous year[18]. - The company's total assets amounted to 4.015 billion RMB, with total liabilities of 1.595 billion RMB, resulting in a debt-to-asset ratio of 39.72%[167]. - The company reported a total of 1,151,411,389.39 CNY in bond projects, with 704,811,718.25 CNY utilized as of the reporting date[140]. - The company has a retained earnings balance of 202,272,660.19 RMB, which supports future growth initiatives[199].

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-074 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | 江苏诺泰澳赛诺生物制药股份有限公司 第三届监事会第十八次会议决议公告 本公司监事会及全体监事保证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。 江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公司"） 第三届监事会 第十八次会议于 2024 年 8 月 22 日上午 11:00 以现场与通讯会议方式召开，会议 通知于 2024 年 8 月 12 日以电子邮件方式送达全体监事。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席刘标先生主持。会议的召开程序符合 有关法律法规、规范性文件和《公司章程》的规定，会议合法、有效。 经全体与会监事审议，本次会议以投票表决方式审议通过了以下议案： 一、审议通过了《关于<2024 年半年度报告>及其摘要的议案》 议案内容：详见《江苏诺泰澳赛诺生物制药股份有限公司 2024 年半年度报 告》及《江苏诺泰澳赛诺生物制药股份有限公司 2024 ...

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-073 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 关于自愿披露通过药品 GMP 符合性检查的公告 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。 2、工厂地址：连云港经济技术开发区临浦路 28 号 3、用于出口欧盟的人用原料药：利拉鲁肽(Liraglutide) 4、检查时间：2024 年 6 月 4 日至 2024 年 6 月 6 日 5、兹证明：该企业所实施的 GMP 符合中国药品 GMP 要求，等同于欧盟、世 界卫生组织以及 ICH Q7 药品 GMP 要求；该生产工厂接受定期、严格和透明的监 管以及有效地执行药品 GMP 监管措施，包括反复的飞行检查，确保保护公众健康， 其水平与欧盟相当；并且如发现不合规情况，将会及时通报欧盟有关部门。 一、本次 GMP 检查的相关情况 （二）《药品 GMP 符合性检查告知书》（苏药监药生告知[2024]231 号 ...

江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公司"）根据《上海证 券交易所上市公司自律监管指引第 12 号——可转换公司债券》等相关规定，现 就公司 2024 年累计新增借款情况公告如下： 一、主要财务数据概况 | 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-072 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 关于累计新增借款的公告 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。 公司2024年1月1日至2024年7月31日新增借款分类明细如下： 单位：万元 | | | 款金额 | 市公司股东的净资产的比例 | | --- | --- | --- | --- | | 序号 1 | 借款类型 银行借款 | 累计新增借 87,439.05 | 累计新增借款占2023年末归属于上 40.29% | 截至2023年末，公司经审计归属于上市公司股东的净资产为217,026.83万 元，借款余额 （合并报表口径 ...

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-071 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 关于"诺泰转债"回售结果的公告 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： 2024 年 7 月 12 日，江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公 司"）召开了 2024 年第一次临时股东大会及"诺泰转债"2024 年第一次债券持 有人会议，审议通过了《关于部分募投项目变更的议案》。根据公司《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，"诺 泰转债"附加回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上 海证券交易所科创板股票上市规则》和公司《募集说明书》的规定，就本次回售 结果公告如下： 一、本次可转债回售的公告情况 2024 年 7 月 15 日，公司在上海证券交易所网站（www.sse.com.cn）披露 ...

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-069 | | --- | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 江苏诺泰澳赛诺生物制药股份有限公司 关于"诺泰转债"可选择回售的第三次提示性公告 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： 风险提示：投资者选择回售等同于以 100.12 元人民币/张(含当期利息) 卖出持有的"诺泰转债"。截至本公告披露日,"诺泰转债"的收盘价格高于本次 回售价格,投资者选择回售可能会带来损失，敬请投资者注意风险。 2024 年 7 月 12 日，江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公 司"）召开了 2024 年第一次临时股东大会及"诺泰转债"2024 年第一次债券持 有人会议，审议通过了《关于部分募投项目变更的议案》。根据公司《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，"诺 泰转债"附加回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券 ...