诺唯赞 688105.SH 公司研究 | 中报点评 业绩承压，新品及海外蓄势突破 ——诺唯赞 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 根据 25 年中报，我们下调收入、费用及毛利率预测，预测公司 2025-2027 年 EPS 分别为 0.02/0.16/0.46 元（原 25-27 年预测值为 0.39/0.62/1.13 元）。采用自由现 金流贴现的估值方法，给予目标价 25.29 元，维持"买入"评级。 股价（2025年09月15日） 22.95 元 目标价格 25.29 元 52 周最高价/最低价 29.46/16.72 元 总股本/流通 A 股（万股） 39,773/39,773 A 股市值（百万元） 9,128 国家/地区 中国 行业 医药生物 报告发布日期 2025 年 09 月 16 日 买入 （维持） | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -2.63 | -10.11 | 1.06 | 26.82 | | 相对表现% | -4.1 | -17.98 | -16.25 | - ...

融券方面，诺唯赞9月15日融券偿还3600.00股，融券卖出8500.00股，按当日收盘价计算，卖出金额 19.51万元；融券余量1.53万股，融券余额35.03万元，低于近一年30%分位水平，处于低位。 9月15日，诺唯赞跌1.71%，成交额7577.33万元。两融数据显示，当日诺唯赞获融资买入额840.28万 元，融资偿还383.94万元，融资净买入456.34万元。截至9月15日，诺唯赞融资融券余额合计1.13亿元。 分红方面，诺唯赞A股上市后累计派现7.31亿元。近三年，累计派现6.11亿元。 融资方面，诺唯赞当日融资买入840.28万元。当前融资余额1.12亿元，占流通市值的1.23%，融资余额 超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 资料显示，南京诺唯赞生物科技股份有限公司位于江苏省南京经济技术开发区科创路红枫科技园D2 栋，成立日期2012年3月16日，上市日期2021年11月15日，公司主营业务涉及围绕酶、抗原、抗体等功 能性蛋白及高分子有机材料进行技术研发和产品开发的生物科技企业,依托于自主建立的关键共性技术 平台,先后进入了生物试剂、体外诊断业务领域,并正在进行抗体药物的 ...

9月9日，诺唯赞盘中下跌2.04%，截至10:52，报23.09元/股，成交2698.23万元，换手率0.29%，总市值 91.84亿元。 资金流向方面，主力资金净流出3589.81元，大单买入259.50万元，占比9.62%，卖出259.86万元，占比 9.63%。 诺唯赞今年以来股价涨4.86%，近5个交易日跌3.06%，近20日跌10.26%，近60日涨5.24%。 资料显示，南京诺唯赞生物科技股份有限公司位于江苏省南京经济技术开发区科创路红枫科技园D2 栋，成立日期2012年3月16日，上市日期2021年11月15日，公司主营业务涉及围绕酶、抗原、抗体等功 能性蛋白及高分子有机材料进行技术研发和产品开发的生物科技企业,依托于自主建立的关键共性技术 平台,先后进入了生物试剂、体外诊断业务领域,并正在进行抗体药物的研发。主营业务收入构成为：生 物试剂81.86%，诊断试剂9.99%，耗材等材料3.15%，仪器设备2.96%，技术服务1.85%，其他0.18%。 截至6月30日，诺唯赞股东户数8596.00，较上期增加2.37%；人均流通股46269股，较上期减少2.31%。 2025年1月-6月，诺唯赞实 ...

Group 1: 恒瑞医药 - Company received approval for clinical trials of HRS-7172 tablets, a new anti-tumor small molecule inhibitor [1] - Subsidiary received approval for SHR-A2009, an antibody-drug conjugate targeting HER3 [1] - Company was established in April 1997, focusing on drug research, production, and sales [1] Group 2: 康德莱 - Controlling shareholder plans to transfer 5% of shares to strategic investor at a price of 10.81 yuan per share, totaling 236 million yuan [1] - Post-transfer, controlling shareholder's stake will decrease from 39.58% to 34.58% [1] - Company was established in July 1998, specializing in medical devices [2] Group 3: 中钢洛耐 - Shareholder plans to reduce holdings by up to 1% of total shares due to fund exit needs [3] - Company was established in August 2006, focusing on high-end refractory materials [3] Group 4: 瑞玛精密 - Subsidiary completed acquisition of land in Mexico for production operations, covering 52,300 square meters at a price of 3.4064 million USD [4] - Company was established in March 2012, specializing in precision metal stamping and related products [4] Group 5: 鸿博股份 - Company confirmed normal operations despite stock price fluctuations exceeding 20% over three trading days [5] - Company was established in June 1999, focusing on lottery services and high-end packaging [6] Group 6: 东芯股份 - Company completed stock trading risk investigation and resumed trading [7] - Company was established in November 2014, specializing in storage chip design and sales [7] Group 7: 凯迪股份 - Company stated that its robot products are still in development and will not generate revenue in the short term [8] - Company was established in August 1992, focusing on linear drive systems [8] Group 8: 诺唯赞 - Major shareholder plans to reduce holdings by up to 3% due to funding needs [9] - Company was established in March 2012, focusing on functional proteins and organic materials [9] Group 9: 君实生物 - Company received approval for clinical trials of JT118 injection, a "two-in-one" recombinant protein vaccine for monkeypox [10] - Company was established in December 2012, focusing on new drug research and related services [10] Group 10: 赛力斯 - Company reported August sales of 45,818 vehicles, with a 19.57% increase in new energy vehicle sales [11] - Company was established in September 2012, focusing on automotive research and sales [11] Group 11: 燕东微 - Major shareholder plans to reduce holdings by up to 1% due to management needs [13] - Company was established in October 1987, focusing on semiconductor products and services [13] Group 12: 中百集团 - Company reported cumulative litigation and arbitration amounts of approximately 262 million yuan over the past 12 months [14] - Company was established in January 1990, focusing on retail business [14] Group 13: 金开新能 - Company received 939 million yuan in renewable energy subsidies, with a 341.67% increase year-on-year [15] - Company was established in March 1997, focusing on renewable energy development and operation [15] Group 14: *ST天茂 - Company plans to terminate stock listing and initiate cash option mechanism for shareholders [16] - Company was established in November 1993, focusing on various insurance services [16] Group 15: 宁德时代 - Company repurchased 8.69 million A-shares for a total of 2.131 billion yuan [17] - Company was established in December 2011, focusing on battery research and production [17] Group 16: 山西高速 - Controlling shareholder plans to increase holdings by 30 to 60 million yuan [18] - Company was established in February 1996, focusing on highway management [18] Group 17: 青岛银行 - Major shareholder plans to increase holdings by 233 to 291 million shares [19] - Company was established in November 1996, focusing on banking services [19] Group 18: 格力电器 - Major shareholder completed share increase of 46.38 million shares for 2.099 billion yuan [20] - Company was established in December 1989, focusing on air conditioning production and sales [20] Group 19: 中国石油 - Company plans to transfer 541 million A-shares to China Mobile Group to enhance strategic cooperation [21] - Company was established in November 1999, focusing on oil and gas exploration and production [21] Group 20: 镇洋发展 - Company announced a merger plan with Zhejiang Huhangyong Highway Co., with a share exchange ratio of 1:1.08 [22] - Company was established in December 2004, focusing on chemical products [22]

Core Viewpoint - The major shareholder of NuoVance, Guoshou Chengda, plans to reduce its stake in the company due to personal funding needs, with a total reduction of up to 11,932,036 shares, representing no more than 3% of the total share capital [1][2]. Summary by Relevant Sections Shareholder Reduction Plan - Guoshou Chengda intends to reduce its holdings through block trading and centralized bidding, with a maximum of 3,977,345 shares through centralized bidding and 7,954,691 shares through block trading [2]. - The reduction period is set from September 24, 2025, to December 23, 2025 [2]. Shareholding Details - Guoshou Chengda currently holds 30,957,960 shares, accounting for 7.78% of NuoVance's total share capital [1][2]. - The shares to be reduced were acquired prior to the company's initial public offering (IPO) and were released from restrictions on November 15, 2022 [1]. IPO Information - NuoVance was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 15, 2021, with an issuance of 40.01 million shares at a price of 55.00 yuan per share [2]. - The total funds raised from the IPO amounted to 2.201 billion yuan, with a net amount of 2.109 billion yuan after deducting issuance costs [2]. - The final net fundraising exceeded the original plan by 907 million yuan, with the funds intended for headquarters and new R&D base projects, marketing network expansion, and working capital [2].

Core Viewpoint - The announcement details the share reduction plan by a major shareholder of Nanjing Novogene Bioinformatics Technology Co., Ltd., indicating a planned reduction of up to 11,932,036 shares, which is 3% of the total share capital, due to personal funding needs [3][4]. Shareholder Holding Situation - As of the announcement date, the shareholder Guoshou Chengda holds 30,957,960 shares, accounting for 7.78% of the company's total share capital, with these shares acquired prior to the company's initial public offering and released from restrictions on November 15, 2022 [2]. Reduction Plan Details - The reduction will occur through block trades and centralized bidding, with a maximum of 1% of total shares allowed to be sold in any 90-day period via centralized bidding and 2% via block trades. The reduction period is set from September 24, 2025, to December 23, 2025 [3][4]. - If there are changes in the company's capital structure, such as stock splits or capital increases, the number of shares subject to reduction will be adjusted accordingly [3]. Shareholder Commitment - The shareholder has committed to long-term holding of shares since the IPO and will notify the company in advance of any reduction plans, adhering to legal and regulatory requirements [7]. - The shareholder will comply with all relevant laws and regulations regarding shareholding and will publicly explain any failure to meet commitments [7]. Other Relevant Information - The reduction plan is consistent with previous commitments made by the shareholder, and it is confirmed that the major shareholder and executives have not reduced their holdings since the company's listing [5][8].

Group 1 - Gree Electric Appliances completed a share buyback plan with a total investment of 2.099 billion yuan [2] - Shanxi Expressway's actual controller plans to increase shareholding by 30 million to 60 million yuan [2] - Qingdao Bank's Guoxin Chanquan intends to buy back 233 million to 291 million shares [2] Group 2 - Putian Technology's industrial investment fund reduced its shareholding by 0.8766% [2] - Binhai Energy's shareholder Jian Lin reduced his stake by over 1% [2] - Yandong Micro's Yizhuang Guotou plans to reduce its shareholding by no more than 1% [2] - A shareholder holding over 5% in Zhonggang Longneng intends to reduce its stake by no more than 3% [2] - Zhonggang Longneng's shareholder Guoxin Shuangbai No. 1 plans to reduce its stake by no more than 1% [2]

Group 1 - The core point of the article is that NuoVas (SH 688105) announced a share reduction plan by its shareholder Guoshou Chengda, which holds approximately 30.96 million shares, accounting for 7.78% of the company's total share capital [1] - Guoshou Chengda plans to reduce its holdings by up to approximately 11.93 million shares, which is not more than 3% of the total share capital, through block trading and centralized bidding within three months after the announcement [1] - The revenue composition for NuoVas in 2024 is as follows: 85.17% from research and experimental development, 14.66% from pharmaceutical manufacturing, and 0.17% from other businesses [1] Group 2 - As of the announcement, NuoVas has a market capitalization of 9.5 billion yuan [1]

证券代码：688105 证券简称：诺唯赞 公告编号：2025-039 南京诺唯赞生物科技股份有限公司 关于持股 5%以上股东减持股份计划的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： ? 股东持股的基本情况 截止本公告披露日，南京诺唯赞生物科技股份有限公司（以下简称"公司"） 股东国寿成达（上海）健康产业股权投资中心（有限合伙）（以下简称"国寿成 达"）持有公司股份 30,957,960 股，占公司总股本比例为 7.78%。上述股份来源 均为公司首次公开发行股票并上市前取得的股份，且已于 2022 年 11 月 15 日解 除限售并上市流通。 ? 减持计划的主要内容 因自身资金需求，公司股东国寿成达拟通过大宗交易及集中竞价的方式减持 公司股份合计不超过 11,932,036 股，即不超过公司总股本的 3%，自减持计划公 告披露之日起 15 个交易日后的 3 个月内进行，其中： 拟通过集中竞价方式减持的，任意连续 90 日内减持总数不超过公司股份总 数的 1%； 拟通过大宗交易方式减持的， ...

Core Viewpoint - The company NuoVasive (688105.SH) announced that its shareholder, Guoshou Chengda, plans to reduce its stake in the company through block trading and centralized bidding, totaling up to 11.932 million shares, which is no more than 3% of the company's total share capital [1] Summary by Category - **Shareholder Actions** - Guoshou Chengda intends to reduce its holdings through block trading and centralized bidding [1] - The reduction will not exceed 11.932 million shares, representing up to 3% of the total share capital [1] - **Reduction Plan Details** - The reduction will take place within three months after the announcement, starting 15 trading days post-announcement [1] - For centralized bidding, the total number of shares reduced in any consecutive 90-day period will not exceed 1% of the total shares [1] - For block trading, the total number of shares reduced in any consecutive 90-day period will not exceed 2% of the total shares [1]