Core Viewpoint - Nocera Biopharma's stock has experienced significant fluctuations, with a year-to-date increase of 141.86% but a recent decline of 11.37% over the past five trading days [1] Company Overview - Nocera Biopharma, established on November 3, 2015, and listed on September 21, 2022, is based in Beijing and focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [2] - The company's revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and minimal contributions from testing and R&D services [2] - As of June 30, 2025, Nocera Biopharma reported a revenue of 731 million yuan, reflecting a year-on-year growth of 74.26%, while the net profit attributable to shareholders was -30.09 million yuan, an increase of 88.51% year-on-year [2] Stock Performance and Trading Activity - As of August 25, Nocera Biopharma's stock price was 29.70 yuan per share, with a market capitalization of 52.41 billion yuan [1] - The stock has seen a trading volume of 160 million yuan, with a turnover rate of 1.97% [1] - The net outflow of main funds was 29.45 million yuan, with large orders showing a buy of 31.01 million yuan and a sell of 39.06 million yuan [1] Shareholder Composition - As of June 30, 2025, the number of shareholders increased by 13.80% to 15,200 [2] - Notable institutional shareholders include China Europe Medical Health Mixed A and others, with varying changes in their holdings [3]

2025 年 08 月 25 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 诺诚健华 688428.SH | 截至 | 2025 | 年 | 月 8 | 日 22 | | | --- | --- | --- | --- | --- | --- | | 当前股价 | | | | 30.37 | 元 | | 投资评级 | | | | | 买入 | | 评级变动 | | | | | 维持 | | 总股本 | | | | 17.65 | 亿股 | | 流通股本 | | | | 2.68 | 亿股 | | 总市值 | | | | 535.92 | 亿元 | | 流动市值 | | | | 81.50 | 亿元 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址： 奥布替尼持续快速放量，核心管线成果逐步兑现 事件：公司发布2025年中报：2025上半年公司实现营收7.31亿元，同比 增长74.26%，其中，药品销售收入 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved strong revenue growth in H1 2025, with a revenue of 731 million yuan, representing a year-on-year increase of 74.26%. The core product, Aobutini, saw a sales revenue of approximately 641 million yuan, up 53.5% year-on-year [6] - The company is focusing on building a product matrix in the hematology field centered around Aobutini, with promising early data for its BCL-2 inhibitor ICP-248 [6] - There is optimism regarding Aobutini's potential in international markets, particularly in the autoimmune sector, with ongoing clinical trials for multiple indications [7] Financial Summary - Revenue projections for 2025-2027 are 1.47 billion yuan, 1.79 billion yuan, and 2.21 billion yuan, reflecting year-on-year growth rates of 45.7%, 21.7%, and 23.3% respectively [6] - The company is expected to maintain a gross margin of around 87.3% in 2025, with a net margin projected to improve to -23.2% [9][12] - The company's total market capitalization is approximately 53.59 billion yuan, with a current stock price of 30.37 yuan [1]

Group 1 - The core viewpoint of the article highlights the performance of the E Fund Healthcare Industry Mixed A Fund, which has shown significant returns over various time frames [1] - As of August 24, 2025, the latest net value of the fund is 4.7380 yuan, with a weekly return of -0.94%, a three-month return of 31.94%, and a year-to-date return of 55.55% [1] - The fund was established on January 28, 2011, and as of June 30, 2025, it has a total scale of 3.944 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Medicine, Rejig Bio, Xin Li Tai, BeiGene-U, Hai Si Ke, and others, with a total holding percentage of 58.14% [1] - The fund manager is Yang Zhenshao, who oversees the investment strategy and portfolio management [1]

金融界2025年8月24日消息，汇添富医疗服务灵活配置混合C(015121) 最新净值1.9690元，该基金近一周 收益率0.66%，近3个月收益率24.86%，今年来收益率66.44%。 汇添富医疗服务灵活配置混合C基金成立于2022年2月14日，基金经理张韡，截至2025年6月30日，汇添 富医疗服务灵活配置混合C规模10.69亿元。 该基金股票持仓前十分别为：恒瑞医药、科伦药业、海思科、百利天恒、新诺威、泽璟制药-U、信立 泰、热景生物、益方生物-U、诺诚健华-U。前十持仓占比合计68.66%。 来源：金融界 ...

Core Insights - Nocare Biopharma reported a revenue of 731 million yuan for the first half of 2025, marking a year-on-year increase of 74.26% [1] - The company incurred a net loss of 30 million yuan attributable to shareholders, with a net loss of 82 million yuan after excluding non-recurring gains and losses [1] - The primary reason for the continued losses is that most of the company's product pipeline is still in the new drug development stage, leading to significant R&D expenditures [1][2] Financial Performance - Revenue for the first half of 2025 reached 731 million yuan, a 74.26% increase compared to the previous year [1] - Product sales revenue was 641 million yuan, reflecting a 53.47% year-on-year growth [1] - The net profit attributable to shareholders was -30 million yuan, and the net profit after excluding non-recurring items was -82 million yuan [1] Product Development - Nocare Biopharma was established in 2015 and has made progress in its product pipeline, with one of its main products, Obatoclax, receiving conditional approval from the National Medical Products Administration [1] - The company has also received approval for the listing application of Tanshinone combined with Lenalidomide therapy, with multiple products in various stages of clinical trials [1] - Clinical trials are progressing smoothly in both China and the United States [1]

Core Viewpoint - The core philosophy of the company is to meet unmet medical needs in the field of innovative drug development, as emphasized by the co-founder and CEO, Dr. Cui Jisong, during the company's tenth anniversary [2] Group 1: Company Background and Development - Dr. Cui Jisong has a solid research foundation, having obtained a PhD in molecular biology abroad and accumulated over a decade of experience in multinational pharmaceutical companies, which laid the groundwork for her entrepreneurial journey [3] - In 2015, the company was founded with a focus on differentiated paths in the innovative drug industry, particularly targeting hematological malignancies and autoimmune diseases, which have significant unmet needs [3] - The company's flagship product, Oubatinib (a BTK inhibitor), was initially designed for autoimmune diseases but showed great potential in treating hematological malignancies, thus enhancing research efficiency by covering two therapeutic areas [3][4] Group 2: Product Performance and Market Impact - Oubatinib has been approved for four hematological indications in China, with three of them included in the medical insurance system, marking it as the first BTK inhibitor approved for treating marginal zone lymphoma [4] - The sales revenue of Oubatinib reached 640 million yuan in the first half of the year, representing a year-on-year increase of 52.8%, contributing to a 74.3% increase in the company's total revenue, which reached 730 million yuan [4] - Oubatinib is also the first BTK inhibitor globally to show efficacy in phase II clinical trials for systemic lupus erythematosus (SLE) and has initiated global phase III studies for progressive multiple sclerosis [4] Group 3: Internationalization Strategy - The company aims for true internationalization, which involves strategically integrating global top resources and establishing its position in global competition, rather than merely selling products abroad [5] - The company has adopted a "dual-track" internationalization strategy, focusing on independently controlling global rights to core products while leveraging open cooperation to expand resources [6] - Successful business development (BD) is based on partnerships with leaders in relevant fields, ensuring efficient project execution, with a long-term focus on value rather than short-term gains [6] Group 4: Future Goals - The company is entering its "2.0 phase," aiming for a product harvest period with 5 to 6 competitive innovative drugs expected to be approved in the next 3 to 5 years, significantly boosting commercialization revenue [7][8] - The company plans to push 3 to 4 core products into global markets, with Oubatinib's advancements in autoimmune disease treatment being a key driver for this strategy [8] - The company will continue to ensure sustained innovation by focusing on developing drugs with significant clinical differentiation, particularly in urgent areas like solid tumors, to build a unique competitive advantage [8]

| 诺诚健华医药有限公司 | | | | | --- | --- | --- | --- | | （截至预留授予日） | | | | | 一、本激励计划拟授予的限制性股票在各激励对象间的分配情况如下表所示： | | | | | 占本激励计划预留 | 获授的限制 | | | | 占授予权益总 | | | | | 姓名 国籍 授予时已发行股份 | 职务 | 性股票数量 | | | 数的比例 | | | | | 总数的比例 | （万股） | | | | 一、董事、高级管理人员、核心技术人员 | | | | | / / / / | / | / | | | 二、其他激励对象 | | | | | 246.7550 20.00% 董事会认为需要激励的其他员工（91 | | 人） | 0.14% | | 合计 246.7550 20.00% 0.14% | | | | | 注：1、上述任何一名激励对象通过公司全部有效期内的股权激励计划获授的公司股票数量累计未超 | | | | 过 本激励计划提交股东大会审议时公司已发行股份总数的 1%。公司全部有效期内的股权激励计划所涉 及的标 的股票总额未超过本激励计划提交股东大会审议时公 ...

A 股代码：688428 A 股简称：诺诚健华 公告编号：2025-035 港股代码：09969 港股简称：诺诚健华 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 诺诚健华医药有限公司 关于向激励对象授予预留限制性股票的公告 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。 重要内容提示： ? 限制性股票预留授予日：2025 年 8 月 20 日 ? 限制性股票预留授予数量：246.7550 万股，约占目前公司已发行股份总数 ? 股权激励方式：第二类限制性股票 诺诚健华医药有限公司（以下简称"诺诚健华"或"公司"）《2024 年科创 板限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"）规定 的公司 2024 年科创板限制性股票激励计划（以下简称"本次激励计划"或"本激 励计划"）的预留授予条件已经成就，根据公司 2024 年第一次临时股东大会（股 东特别大会）的授权，公司于 2025 年 8 月 20 日召开董事会审议通过了《根据 2024 年科创板限制性股票激励计划向激励对象 ...

诺诚健华医药有限公司董事会薪酬委员会 关于 2024 年科创板限制性股票激励计划 预留授予激励对象名单的核查意见 诺诚健华医药有限公司（以下简称"公司"）董事会薪酬委员会依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交 易所科创板股票上市规则》（以下简称"《上市规则》"）、《科创板上市公司 自律监管指南第 4 号——股权激励信息披露》等相关法律、法规、规范性文件的 有关规定，对公司 2024 年科创板限制性股票激励计划（以下简称"本激励计划"） 预留授予激励对象名单进行核查，并发表核查意见如下： 成为激励对象的情形： （6）中国证监会认定的其他情形。 独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、子女。本 激励计划的激励对象均符合《管理办法》《上市规则》规定的激励对象条件，符 合公司本激励计划规定的激励对象范围，其作为公司本激励计划激励对象的主体 资格合法、有效；本激励计划规定的预留授予条件已经成就，同意确定以 2025 年 8 月 20 日为预留授予日，以 6.65 元/股的授予价格 ...