Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 80.49 CNY per share, indicating a potential upside from the current price of 72.80 CNY [25][24]. Core Insights - The company has a competitive advantage in the peptide drug sector due to its innovative synthesis strategies, which have significantly reduced production costs. For instance, the average sales cost of its liraglutide products decreased from 450.35 thousand CNY/kg in 2018 to 68.76 thousand CNY/kg in 2020 [22]. - The company is well-positioned in the peptide market, having established a comprehensive supply chain from intermediates to active pharmaceutical ingredients (APIs) and formulations [22][40]. - Future revenue growth is expected as the company's core peptide products gain traction with end customers, with projected net profits of 381 million CNY, 530 million CNY, and 695 million CNY for 2024, 2025, and 2026, respectively [24][51]. Financial Summary - The company reported a revenue of 1,034 million CNY in 2023, with a growth rate of 58.7% compared to the previous year. The projected revenues for the next three years are 1,887 million CNY in 2024, 2,441 million CNY in 2025, and 3,074 million CNY in 2026 [51]. - The net profit for 2023 was 163 million CNY, with an expected increase to 381 million CNY in 2024, reflecting a growth rate of 134% [51]. - The earnings per share (EPS) are projected to be 1.79 CNY in 2024, 2.49 CNY in 2025, and 3.26 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 40.70, 29.27, and 22.34 [24][51]. Industry Position - The company is recognized as the only listed entity among CDE registered enterprises in its sector, highlighting its unique market position [50]. - The company has successfully registered multiple products with the FDA, including liraglutide and semaglutide, which enhances its credibility and market access [50][42].

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-045 | | --- | --- | | 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 关于可转债投资者适当性要求的风险提示公告 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。 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之 日（2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起 至可转债到期日（2029 年 12 月 14 日）止（如遇法定节假日或休息日延至其后 的第 1 个交易日；顺延期间付息款项不另计息）。 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，参与本次可转债转股的投资者，应当符合科创板股 票投资者适当性管理要求。参与科创板可转债的投资者，可将其持有的可转债进 行买入或卖出操作。但不符合科创板股票投资者适当性管理要求的投资者，不能 将其所持的可转债转换为公司股票。投资者需关 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 180 million and 250 million CNY, representing an increase of 138.15 million to 208.15 million CNY compared to the same period last year, a year-on-year increase of 330.08% to 497.34%[4] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of 2024 is also projected to be between 180 million and 250 million CNY, reflecting an increase of 136.99 million to 206.99 million CNY year-on-year, which corresponds to a growth of 318.59% to 481.38%[4] - In the same period last year, the total profit was 47.88 million CNY, with a net profit attributable to shareholders of 41.85 million CNY and a net profit after deducting non-recurring gains and losses of 43.00 million CNY[6] Performance Drivers - The significant growth in the company's performance is attributed to the continuous increase in the volume and revenue share of self-selected products[7] Audit and Risks - The performance forecast has not been audited by a registered accountant, indicating preliminary estimates[5] - There are risks associated with the recognition of revenue due to potential delays in shipping and logistics, which may affect some orders[9] - The forecast data is preliminary and the final financial data will be disclosed in the official 2024 semi-annual report[10]

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-043 | | --- | --- | --- | | 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 关于可转债投资者适当性要求的风险提示公告 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： 根据相关法律规定及江苏诺泰澳赛诺生物制药股份有限公司（以下简称 "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，公司发行的"诺泰转债"自 2024 年 6 月 21 日起可转换为本公 司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合科创板股票投资 者适当性要求的公司可转债投资者所持"诺泰转债"不能转股的风险，提示性公 告如下： 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意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注册的批复》（证监许可〔2023〕2506 号）， 公司于 2023 年 12 月 15 日向 ...

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-042 | | --- | --- | | 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 关于可转债投资者适当性要求的风险提示公告 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。 为"诺泰转债"，转债代码为"118046"。 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之 日（2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起 至可转债到期日（2029 年 12 月 14 日）止（如遇法定节假日或休息日延至其后 的第 1 个交易日；顺延期间付息款项不另计息）。 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 公司为科创板上市公司，参与本次可转债转股的投资者，应当符合科创板股 票投资者适当性管理要求。参与科创板可转债的投资者，可将其持有的可转债进 行买入或卖出操作。但不符合科创板股票投资者适当性管理要求的投资者，不 ...

| 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-040 | | --- | --- | | 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 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之 日（2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起 至可转债到期日（2029 年 12 月 14 日）止（如遇法定节假日或休息日延至其后 的第 1 个交易日；顺延期间付息款项不另计息）。 二、不符合科创板股票投资者适当性要求的公司可转债投资者所持本次可 转债不能转股的风险 关于可转债投资者适当性要求的风险提示公告 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： 根据相关法律规定及江苏诺泰澳赛诺生物制药股份有限公司（以下简称 "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，公司发行的"诺泰转债"自 2024 年 6 月 21 日起可转换为本公 司股份。 ...

| 证券代码：688076 | 证券简称：诺泰生物 | 公告编号：2024-039 | | --- | --- | --- | | 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 2023 年年度权益分派调整可转债转股价格 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： 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可〔2023〕2506 号） 同意注册，江苏诺泰澳赛诺生物制药股份有限公司（以下简称"公司"）于 2023 年 12 月 15 日向不特定对象发行了 4,340,000 张可转换公司债券，并于 2024 年 1 月 18 日在上海证券交易所上市交易（转债简称"诺泰转债"，转债代码"118046"）。 根据《募集说明书》的约定，公司本次发行的可转债转股期限自发行结束之日 （2023 年 12 月 21 日）起满六个月后的第一个交易日（2024 年 6 月 21 日）起至 ...

重要内容提示： | 证券代码：688076 | 证券简称：诺泰生物 公告编号：2024-038 | | --- | --- | | 转债代码：118046 | 转债简称：诺泰转债 | | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/6/14 | 2024/6/17 | 2024/6/17 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 30 日的 2023 年年度股东大会审议通 过。 江苏诺泰澳赛诺生物制药股份有限公司 2023 年年 度权益分派实施公告 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。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以实施权益分派股权登记日登记的总股本 213,183,800 股为基数， 是否涉及 ...

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 第一次临时受托管理事务报告 （2024 年度） 股票简称：诺泰生物 股票代码：688076 债券简称：诺泰转债 股票代码：118046 债券受托管理人 （南京市江东中路 389 号） 二零二四年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 《江苏诺泰澳赛诺生物制药股份有限公司与南京证券股份有限公司关于江苏诺 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之受托管理 协议》（以下简称"《受托管理协议》"）、《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》"）等相关文件，由本次债券受托管理人南京证券股份有限公司（以下简称 "南京证券"）编制。南京证券对本报告中所包含的从上述文件中引述内容和信 息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的内容据以作为南京证券所作的承诺或声 明。请投 ...

Investment Rating - The report assigns a "Buy" rating to the company, highlighting its strong position in the peptide API market and its potential for growth driven by the GLP-1 drug trend [61] Core Viewpoints - The company is well-positioned to benefit from the rapid growth of the peptide drug market, particularly due to the increasing demand for GLP-1 drugs like semaglutide and tirzepatide [30][61] - The company's early entry into the peptide field, strong technical capabilities, and expanding production capacity are key competitive advantages [30][61] - The company's self-selected products, particularly in the peptide API and intermediate sectors, are driving significant revenue growth, with a 145.48% YoY increase in 2023 [15][16] - The company is strategically expanding into oligonucleotide drugs, aiming to establish a new growth engine [77] Business Overview - The company focuses on peptide drugs and small molecule chemical drugs, with a dual-track development model of self-selected products and custom services [6] - Self-selected products, particularly in the peptide API and intermediate sectors, have seen rapid growth, contributing 61% of total revenue in 2023 [15][16] - Custom services, including CDMO/CMO, have remained stable, with a 3.07% YoY increase in 2023 [22] Financial Performance - In 2024Q1, the company achieved a gross margin of 67.26%, a YoY increase of 11.33 percentage points, and a net profit margin of 18.64%, a YoY increase of 8.54 percentage points [10] - The company's operating cash flow improved significantly in 2023, reaching 350 million yuan, driven by increased revenue and profit [12] - The company's revenue grew from 372 million yuan in 2019 to 1.034 billion yuan in 2023, with a CAGR of 29.15% [47] Technical and Production Capabilities - The company has established a solid technical foundation in peptide production, with a platform capable of producing large-scale peptide drugs, including semaglutide, with a single batch yield exceeding 18 kg [61] - The company is expanding its production capacity, with plans to reach several tons of peptide API production by the end of 2025 [30][61] - The company has developed multiple technology platforms, including a peptide drug R&D platform and an oligonucleotide drug production platform [54][76] Market and Industry Trends - The global peptide drug market is expected to grow at a CAGR of 9.3% from 2021 to 2025, reaching 96.03 billion USD by 2025 [68] - The Chinese peptide drug market is growing rapidly, with a CAGR of 16.1% expected from 2021 to 2025, reaching 112.86 billion yuan by 2025 [68] - The peptide API market in China is also expanding, with a CAGR of 32.9% expected from 2021 to 2025, reaching 23.75 billion yuan by 2025 [69] Strategic Initiatives - The company is actively expanding its product pipeline, with several peptide drugs and small molecule drugs in various stages of development [64] - The company is focusing on innovation, with a GLP-1 receptor agonist for diabetes and weight loss in clinical trials [74] - The company is also exploring new therapeutic areas, such as oligonucleotide drugs, to diversify its product portfolio [77] Management and Incentives - The company has a stable management team with extensive experience in the pharmaceutical industry [45] - The company has implemented multiple equity incentive plans to motivate employees, including a post-IPO plan in 2023 that granted 3.1 million restricted shares to 66 key personnel [8][9]