民生证券股份有限公司 关于成都圣诺生物科技股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律法规的规定，民生证券股份有限公司（以下简称"保荐机构"） 作为成都圣诺生物科技股份有限公司（以下简称"圣诺生物"或"公司"）首次 公开发行股票并在科创板上市的持续督导保荐机构，负责圣诺生物上市后的持续 督导工作，并出具本持续督导跟踪报告。 序号 工作情况 持续督导情况 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的 工作计划 保荐机构已建立健全并有效执行了持 续督导制度，并制定了相应的工作计 划 2 根据中国证监会相关规定，在持续督导工 作开始前，与上市公司或相关当事人签署 持续督导协议，明确双方在持续督导期间 的权利义务，并报上海证券交易所备案 保荐机构已与圣诺生物签订《保荐协 议》，该协议明确了双方在持续督导 期间的权利和义务，并报上海证券交 易所备案 3 通过日常沟通、定期回访、现场检查、尽 职调查等方式开展持续督导工作 保荐机构通过日常沟通、定期或不定 期回访、现场检查等方式，了解圣诺 生物业务情况，对圣诺生物开展持续 督导工作 4 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 35.7 CNY based on a projected market capitalization of 4 billion CNY for 2024 [2][53]. Core Viewpoints - The GLP-1 market is driving the expansion of the peptide market, leading to increased demand for peptide APIs and CDMO services. The global peptide CDMO market is expected to grow from 2 billion USD in 2020 to 7.9 billion USD by 2030, with a CAGR of 14.7% [1]. - The company is a leading domestic player in peptide APIs, with ongoing capacity expansion and a diverse product portfolio. As of H1 2023, the company has 16 self-developed peptide API varieties, with 11 approved for the domestic market and 9 registered with the US DMF [1][13]. - The company possesses core technologies in peptide synthesis and modification, with a strong project experience and R&D capabilities. It has provided over 40 pharmaceutical research services, with several projects entering commercialization [1][34]. - The formulation business is leveraging its API production advantages to extend downstream, with multiple products entering national procurement, which is expected to enhance revenue through price-volume trade-offs [1][45]. Summary by Sections 1. Peptide APIs, CDMO, and Formulation Business - The company focuses on the peptide sector, with a collaborative development across APIs, CDMO, and formulations. It has exported multiple API products to international markets and has developed 9 peptide formulations with 13 production approvals in China [13]. - The new capacity for peptide APIs is expected to accelerate performance, with a current capacity of 400 kg/year and additional projects set to come online by December 2023 and August 2025 [33]. - The CDMO business is experiencing steady growth, with a revenue of 80 million CNY in 2022, primarily from pharmaceutical research services [34]. - The formulation business faced challenges in 2021-2022 but is expected to recover as several products have been awarded national procurement contracts [38][45]. 2. Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 430 million CNY, 550 million CNY, and 710 million CNY for 2023, 2024, and 2025, respectively, with year-on-year growth rates of 10%, 26%, and 30% [53]. - The net profit forecast for the same period is 70 million CNY, 100 million CNY, and 140 million CNY, with growth rates of 8%, 44%, and 39% [53]. - The report utilizes a comparable company valuation method, estimating an average PE ratio of 30 for 2024, and assigns a target PE of 40 for the company, reflecting its growth potential [53].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved operating revenue of 435 million yuan in 2023, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 70.34 million yuan, up 9.08% year-on-year. In Q1 2024, the operating revenue reached 104 million yuan, growing by 27.65%, with a net profit of 16.47 million yuan, an increase of 17.38% year-on-year [4] - The company is optimistic about its long-term development, maintaining its profit forecast and adding a new profit forecast for 2026, expecting net profits attributable to shareholders to be 141 million yuan, 176 million yuan, and 211 million yuan for 2024, 2025, and 2026 respectively [4] - The company has successfully registered multiple peptide raw material products both domestically and internationally, and its peptide formulation products have been included in the national centralized procurement [5] Financial Performance Summary - In 2023, the formulation business generated revenue of 177 million yuan, a year-on-year increase of 31.22%. The raw material drug business generated revenue of 119 million yuan, a year-on-year decrease of 15.07% [5] - The company has mastered the large-scale production technology for 17 types of raw materials, with 13 types obtaining production licenses in China and 9 types receiving US DMF registration [5] - The financial forecast indicates that operating revenue is expected to reach 595 million yuan in 2024, with a year-on-year growth of 36.8%, and net profit attributable to shareholders is projected to be 141 million yuan, reflecting a growth of 100.4% [6]

华福证券 司 研 圣诺生物（688117.SH） 23 年报&24Q1 业绩点评：业绩稳健增长，期待 新产能落地带动业绩提速 投资要点： 事件：公司发布 2023 年度报告及 2024 年一季报 2023 年实现收入 4.4 亿，同比增长 9.9%，实现归母净利润 0.7 亿， 同比增长 9.1%，实现扣非归母净利润 0.6 亿，同比增长 6.4%； 2024 年 Q1 实现收入 1 亿，同比增长 27.7%，实现归母净利润 0.16 亿元，同比增长 17.4%，实现扣非归母净利润 0.15 亿元，同比增长 143.5%。 2023 年业绩稳健增长， 制剂+药学研究业务放量明显 2023 年公司收入 4.4 亿，其中制剂业务收入 1.8 亿，同比增长 31.2% ，原料药业务收入 1.2 亿，同比下降 15.1%，药学研究业务收入 0.9 亿元，同比增长 34.6%，定制生产业务收入 0.1 亿元，同比下降 13.2%，受托加工业务收入 0.3 亿元，同比增长 5.1%。 制剂业务增长来源于奥曲肽、阿托西班及生长抑素借助集采放量； 药学研究业务增长来源于达到收入确认条件的项目增加；原料药业务 下滑主要原因为比 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.68 RMB [14][20]. Core Insights - The company has adjusted its revenue forecasts for 2024 and 2025 upwards by 12% and 34% respectively, projecting revenues of 5.39 billion RMB and 6.87 billion RMB. The net profit attributable to the parent company is also revised up by 69% and 92% for the same years, reaching 1.2 billion RMB and 1.5 billion RMB respectively. The expected net profit for 2026 is 1.86 billion RMB, with year-on-year growth rates of 70%, 25%, and 24% for 2024, 2025, and 2026 respectively [20][28]. Financial Performance Summary - In 2023, the company reported a revenue of 4.35 billion RMB, a year-on-year increase of 9.93%. The net profit attributable to the parent company was 0.7 billion RMB, reflecting a growth of 9.08% [28]. - The first quarter of 2024 saw a revenue of 1.04 billion RMB, a 27.65% increase year-on-year, with net profits of 0.16 billion RMB, up 17.38% [28]. - The company has a comprehensive layout in the peptide sector, with significant growth potential in the global peptide market, projected to reach 79.5 billion USD in 2023 [28]. Business Development and R&D - The company has accelerated its production capacity expansion, with the main construction of new peptide production lines completed. The company also reported a 35.28% increase in R&D expenditure in 2023, amounting to 34.78 million RMB, which represents 8% of its revenue [28][30]. - The company has established a strong presence in the peptide CDMO sector, providing over 40 projects for new drug development and research institutions [28]. Market Position - The company has received production approvals for 17 self-developed peptide raw materials, with significant achievements in both domestic and international markets [28]. - The report highlights the company's first-mover advantage in the peptide field, supported by its comprehensive and integrated layout [28].

关于本报告 1 | 关于本报告 | 01 | | --- | --- | | 关于我们 | 03 | | 责任管理 | 06 | | 责任治理 稳健运营 | | | --- | --- | | 公司治理 | 11 | | 投关管理 | 13 | | 风险管控 | 15 | | 知识产权保护 | 17 | | 党建引领 | 18 | | N | 品质保障 仁心服务 | | | --- | --- | --- | | | 质量管理 | 21 | | | 供应链管理 | 22 | | | 客户服务 | 23 | | | 责任营销 | 25 | | 结篇 | | 互利共生 协同发展 | | 0000 | | 凝聚各方 共建美好 | | --- | --- | --- | --- | --- | --- | --- | | 未来展望 | 55 | 人才管理与权益 | 29 | | 环境保护 | 43 | | 关键绩效 | 56 | 职业健康与安全 | 35 | | 行业贡献 | 48 | | 指标对标 | 58 | 员工福利与关怀 | За | | 社会公益 | 53 11 | | 读者反馈表 | 64 | | | | ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | | | 审 计 报 告 天健审〔2024〕3075 号 成都圣诺生物科技股份有限公司全体股东： 一、审计意见 我们审计了成 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告……………第 3—11 页 募集资金年度存放与使用情况鉴证报告 天健审〔2024〕3077 号 成都圣诺生物科技股份有限公司全体股东： 我们鉴证了后附的成都圣诺生物科技股份有限公司（以下简称圣诺生物）管 理层编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供圣诺生物年度报告披露时使用，不得用作任何其他目的。我 们同意将本鉴证报告作为圣诺生物年度报告的必备文件，随同其他文件一起报送 并对外披露。 二、管理层的责任 圣诺生物管理层的责任是提供真实、合法、完整的相关资料，按照《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（2022 年修订）》 （证监会公告〔2022〕15 号）和《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作（2023 年 12 月修订）》（上证发〔2023〕194 号）的规 定编制《关于募集资金年度存放与使用情况的专项报告》，并保证其内容真实、 准确、完整，不存在虚 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the fiscal year 2023, representing a growth of 25% year-over-year[13]. - The company's operating revenue for 2023 was CNY 435,021,032.33, representing a 9.93% increase compared to CNY 395,716,767.10 in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 70,337,139.39, up 9.08% from CNY 64,484,404.95 in 2022[22]. - The basic earnings per share for 2023 was CNY 0.63, an increase of 8.62% compared to CNY 0.58 in 2022[23]. - The company's total assets reached CNY 1,315,724,989.56 at the end of 2023, an 18.75% increase from CNY 1,108,008,638.28 in 2022[22]. - The cash flow from operating activities for 2023 was CNY 84,783,208.00, a decrease of 11.33% from CNY 95,621,878.50 in 2022[22]. - The company reported a net profit of CNY 35,540,902.14 in Q4 2023, significantly higher than the Q2 profit of CNY 6,115,209.44[25]. - The company achieved operating revenue of CNY 435.02 million, a year-on-year increase of 9.93%[32]. - The net profit attributable to the parent company was CNY 70.34 million, reflecting a year-on-year growth of 9.08%[32]. Research and Development - Research and development expenses accounted for 8.00% of operating revenue in 2023, up from 6.50% in 2022[23]. - The company has provided over 40 projects of peptide innovative drug CDMO services, with 1 product approved for commercialization and 2 in the production application stage[33]. - The company has completed the construction of its new peptide formulation production line in Dayi County, which will serve as a center for innovative drug transformation and high-end formulation production[36]. - The company is actively involved in the research and development of raw materials and formulation processes, ensuring quality and stability studies for its clients[42]. - The company has developed 17 self-researched peptide active pharmaceutical ingredients (APIs) as of the report date[44]. - The company has received clinical trial approval for liraglutide, with clinical phase I completed, and is awaiting review for several other products including ganirelix and linagliptin[84]. - The company is focusing on market expansion through strategic partnerships and acquisitions to enhance its product portfolio and market reach[75]. - The company plans to invest in R&D for new technologies to improve drug efficacy and patient outcomes, targeting a 20% increase in R&D budget for the next fiscal year[75]. Market Expansion and Strategy - The company is exploring strategic partnerships for market expansion, particularly in Southeast Asia, aiming to increase market share by 10% in the region[17]. - The company has expanded its international marketing system, enhancing its presence in markets such as the USA, EU, South Korea, and Russia[38]. - The company plans to enhance its competitive position in the peptide CDMO service sector through collaborative research and development initiatives[136]. - The company aims to achieve significant milestones in its R&D pipeline, including obtaining production licenses and launching new products in the market[73]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 200 million allocated for potential deals[193]. - The company plans to accelerate the international registration of its raw materials to enhance its global market presence, particularly in the US and EU[169]. Corporate Governance and Compliance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has established a sound internal control system to enhance operational standards and protect shareholders' rights[175]. - The supervisory board consists of 3 members, including 2 employee representatives, complying with legal requirements[177]. - The company has not encountered any significant issues related to insider trading or information leakage, ensuring investor fairness[179]. - The company has conducted its shareholder meetings in accordance with legal and regulatory requirements, ensuring effective communication with shareholders[175]. Financial Management - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling approximately 22.4 million CNY, which represents 31.85% of the net profit attributable to shareholders for 2023[7]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not faced any violations of decision-making procedures regarding external guarantees[9]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity of the annual report[9]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. Operational Efficiency - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization and efficiency improvements in production[20]. - The company has implemented a new digital marketing strategy, resulting in a 20% increase in online engagement and sales conversions[19]. - The company has maintained a 100% pass rate in 37 audits conducted during the reporting period, ensuring compliance with quality control standards[37]. - The company’s injectable products have been included in the national centralized procurement list, which may lead to significant price and gross margin declines[94]. Employee and Talent Management - The company aims to balance internal human resource needs with employees' career aspirations through a multi-tiered promotion mechanism and a comprehensive training system[40]. - The company has established a fair, transparent, and effective performance evaluation and incentive mechanism for its employees, linking their income to industry and company performance[182]. - The company has a diverse educational background among R&D staff, with 10 master's degree holders and 59 bachelor's degree holders[80]. - The total compensation for R&D personnel increased to CNY 1,651.56 million, up from CNY 1,236.42 million in the previous year[80]. Future Outlook - The company provided guidance for the next fiscal year, projecting a revenue increase of 30% to RMB 1.56 billion, driven by new product launches and market expansion efforts[15]. - Future guidance indicates a revenue growth target of 15% year-over-year, driven by new product launches and market expansion strategies[75]. - The company plans to invest RMB 200 million in upgrading its manufacturing facilities to comply with new GMP standards by the end of 2024[21].

成都圣诺生物科技股份有限公司 2023 年度独立董事述职报告 作为成都圣诺生物科技股份有限公司（以下简称"公司"）独立董事，在任 职期内我能够严格依照《公司法》《证券法》《上海证券交易所科创板股票上市 规则》《上市公司独立董事管理办法》等法律法规、规范性文件以及《公司章程》 《独立董事工作制度》等有关规定和要求，忠实、勤勉、尽责地履行独立董事职 责，切实维护公司以及全体股东尤其是中小股东的合法权益。现将 2023 年度履 职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 唐国琼女士，1963 年出生，中国国籍，无境外永久居留权，会计学博士。 1988 年 7 月至今，历任西南财经大学会计学院助教、讲师、副教授、教授。2008 年 11 月至 2014 年 11 月，任四川创意信息技术股份有限公司独立董事；2010 年 11 月至 2016 年 11 月，任成都利君实业股份有限公司独立董事；2012 年 3 月至 2018 年 7 月，任茂业商业股份有限公司独立董事；2012 年 3 月至 2018 年 11 月， 任四川迅游网络科技股份有限公司独立董事；2014 年 2 月至 ...