公司于2026年1月27日公告终止发行股份及可转换公司债券购买朗研生命100%股权的交易，表示将更聚 焦创新药研发与"研发服务+管线培育"战略。 未来发展 STC007(非成瘾性术后镇痛药)目前处于临床III期阶段，预计2025年内提交新药上市申请，有望成为公司 首款获批上市的创新药。STC008(肿瘤靶向药)已进入关键临床阶段，公司通过一体化服务网络加速推 进。 业绩经营情况 公司已于2026年1月发布2025年度业绩预告，预计营业收入区间为11.92亿元至13.71亿元，同比增长 10.57%-27.15%；归母净利润区间为1.91亿元至2.29亿元，同比增长7.69%-29.23%。正式年度报告预计在 2026年4月前后披露。 战略推进 经济观察网阳光诺和(688621)近期在研发、业绩及战略方面有多项动态。公司研发的小核酸药物 ABA001(化药1类创新药，适应症为高血压)已于2026年1月获国家药监局临床试验受理，预计在2026年 第二季度启动I期人体试验，标志着公司核酸药物平台取得关键突破。 产品研发进展 公司计划在2026年加速小核酸平台与AI多肽平台的多适应症管线布局，涉及减脂增肌、高血糖、阿 ...

Core Insights - The small nucleic acid sector is experiencing a significant commercialization phase, driven by technological breakthroughs and successful clinical data releases in the weight loss domain [1][3][6] - Major transactions, including a billion-level acquisition by China Biologic and the Hong Kong listing of Rebio, indicate that capital exit channels are now open [1][5][6] Group 1: Clinical Data Releases - Arrowhead Pharmaceuticals announced clinical data for two siRNA obesity candidates, ARO-INHBE and ARO-ALK7, showing improvements in visceral fat and total fat in obese patients with type 2 diabetes, leading to a 10.9% stock price increase [3] - Wave Life Sciences reported that its siRNA drug WVE-007 achieved a 4.0% weight reduction and a 0.9% muscle gain in a Phase I trial, resulting in a 147.3% stock price surge [4] - The clinical data from these small nucleic acid drugs suggest potential for use either alone or in combination with GLP-1 drugs to reduce fat while preserving muscle [4][7] Group 2: Business Development Transactions - In early 2026, Anlong Bio secured an international strategic cooperation agreement in the small nucleic acid drug field worth over $100 million, marking a significant breakthrough in international business development [5] - China Biologic announced a 1.2 billion RMB acquisition of Hejiya Bio, enhancing its small nucleic acid portfolio and leveraging Hejiya's unique long-acting delivery platform [5][6] - Saintin Bio has engaged in multiple business development deals, including a strategic collaboration with Genentech worth up to $15 billion for RNAi drug development [17] Group 3: Market Trends and Future Outlook - The small nucleic acid sector is increasingly recognized as a core area for innovative drug development, with expectations for more significant events in the future [2][6] - The weight loss market is identified as a potential area for major transactions, driven by the large market size and the growing recognition of clinical efficacy for small nucleic acid drugs [7][19] - Major pharmaceutical companies are actively exploring collaborations in the small nucleic acid space, particularly in conjunction with GLP-1 drugs to enhance therapeutic outcomes [18][20]

（编辑 丛可心） 证券日报网讯 2月9日，阳光诺和发布公告称，公司2025年度签字项目合伙人由彭新明变更为程罗铭， 签字注册会计师由程罗铭变更为麦家辉，变更已获政旦志远（深圳）会计师事务所确认，相关工作交接 完毕，不影响年度审计。 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2026-013 北京阳光诺和药物研究股份有限公司 关于公司诉讼事项的进展公告 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： 公司收到湖南省衡阳市中级人民法院民事判决书（2025）湘 04 知民初 34 号的一审判决结果，具体内容详见公司于 2026 年 1 月 28 日刊登在上海证券交易 所网站的（www.sse.com.cn）的《北京阳光诺和药物研究股份有限公司关于公司 诉讼事项的进展公告》（公告编号：2026-007）。 作为上诉人，近期公司提交《民事上诉状》，上诉状主要内容如下： 涉案金额：（2025）湘 04 知民初 34 号一审判决金额为湖南恒生制药股 份有限公司（以下简称"恒生制药"）向北京阳光诺和药物研究股份有限公司（以 下简称"阳光诺和"或"公司"）支付拖欠研发费用合计 12 万元及相应逾期支 付违约金，阳光诺和向恒生制药支付违约金 32 万元； 是否会对上市公司损益产生负面影响：公司根据审慎性原则按照会计准 则已对恒生制药应收账款和 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2026-012 北京阳光诺和药物研究股份有限公司 关于变更签字项目合伙人及签字注册会计师的公告 二、本次变更人员的基本信息 签字项目合伙人：程罗铭先生，2017 年 8 月成为注册会计师，2009 年 10 月 开始从事上市公司和挂牌公司审计，2024 年 12 月开始在政旦志远执业，2022 年 开始为公司提供审计服务，近三年签署上市公司和挂牌公司审计报告数量超过 1 近日，公司收到政旦志远出具的《关于变更北京阳光诺和药物研究股份有限 公司 2025 年度签字项目合伙人及签字注册会计师的函》，现将有关情况公告如 下： 一、本次签字项目合伙人、签字注册会计师变更的基本情况 10 家。 政旦志远作为公司聘任的 2025 年度审计机构、内部控制审计机构，原委派 彭新明先生担任公司 2025 年度签字项目合伙人，程罗铭先生担任公司 2025 年度 签字注册会计师。鉴于原签字项目合伙人及签字注册会计师工作调整，现将公司 签字项目合伙人变更为程罗铭先生，签字注册会计师变更为麦家辉先生。 签字注册会计师：麦家辉先生，2018 年 2 月成为注册会计师，2018 年 ...

中经记者 苏浩 卢志坤 北京报道 近期，阳光诺和（688621.SH）发布公告称，决定终止通过发行股份及可转换公司债券方式购买江苏朗 研生命科技控股有限公司（以下简称"朗研生命"）100%股权并募集配套资金。 2023年5月，阳光诺和公布《交易报告书》，详细披露了收购方案。根据方案，阳光诺和将向朗研生命 股东发行价值12.05亿元的股份，并支付4.06亿元现金。同时，公司计划募集10.07亿元配套资金，用于 支付现金对价和扩建生产基地。 这场交易设置了严苛的业绩承诺，朗研生命需在2023年、2024年和2025年分别实现净利润不低于9500万 元、1.25亿元和1.58亿元。然而首次收购计划并未持续太久。2023年8月26日，阳光诺和宣布终止对朗研 生命的收购，解释称"市场环境较重组筹划之初发生较大变化"。 （阳光诺和大楼外景 公司官网/图） 值得一提的是，在这次终止前，公司曾收到上交所的审核问询函，但始终未予回复。第一次收购尝试失 败后，阳光诺和并未放弃。2025年4月，公司再度发布公告，拟以12亿元对价收购朗研生命100%股权。 这次交易价格较首次降低了4.11亿元，降幅达到25.51%。 这不是这家科创 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The small nucleic acid drug market is experiencing robust growth, transitioning from technology validation to accelerated commercialization, with a global market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, and projected to reach $45.7 billion by 2033, reflecting a CAGR of 26.08% [2][39] - The small nucleic acid CXO sector is benefiting from technological breakthroughs and commercialization acceleration, establishing a comprehensive CRDMO service system [2] - Key players in the small nucleic acid field include CROs with core technologies and rich project experience, such as Chengdu XianDai and Kanglong Chemical, and CDMOs with leading production capabilities like WuXi AppTec and Kailai Ying [2] Summary by Sections 1. Small Nucleic Acid Drugs - Small nucleic acid drugs encompass various types, including ASO, siRNA, and aptamers, which target gene expression for disease treatment [11][12] - These drugs offer advantages such as shorter development cycles, broad therapeutic areas, sustained efficacy, and higher success rates compared to traditional drugs [15][16] 2. Market Expansion and BD Activity - The small nucleic acid market is expanding, with significant BD transactions occurring, including a $9 billion collaboration between Wobang Pharmaceutical and Novartis, and a $2 billion platform authorization between Rebio and Boehringer Ingelheim [48] - Domestic companies are actively developing drugs targeting hyperlipidemia, hypertension, and hepatitis B, with notable progress in clinical stages [45][47] 3. CXO Empowerment in Small Nucleic Acid R&D - The CXO industry is crucial for supporting the R&D and production of small nucleic acid drugs, with a focus on enhancing delivery technologies and chemical modifications to improve drug stability and efficacy [22][26]

2025年上半年，朗研生命营收仅2.31亿元。 作者丨孙梦圆 姚悦 编辑丨于婞 来源 | 野马财经 阳光诺和(688621.SH)的收购计划再度告吹。 1月27日晚，"CRO龙头企业"阳光诺和宣布，终止对江苏朗研生命科技控股有限公司(下称"朗研生 命")100%股权的收购。这项自2025年4月披露、11月获受理的交易，在推进两个多月后戛然而止。公司 解释称，终止原因是基于当前市场环境的变化，为维护公司及股东利益而做出的审慎决定。 事实上，这已经是阳光诺和第二次收购朗研生命失败了。 中国城市专家智库委员会常务副秘书长林先平表示，两次收购失败可能暴露战略协同评估不足或风险预 案缺失。CRO行业高度依赖研发稳定性和规模效应，并购需更严谨的战略匹配度分析，避免过度依赖 关联扩张。企业应深入评估标的业务可持续性，并设计灵活的交易结构以应对市场变化。 截至1月30日收盘，阳光诺和报收64.92元/股，总市值72.71亿元。 图源：罐头图库 01 两度筹划两度终止 阳光诺和第一次筹划收购朗研生命，从2022年就开始了。 作为药物"临床前+临床"CRO(医药研发合同外包服务机构)综合服务商，阳光诺和一直想通过收购朗研 生命， ...