Summary of Yangguang Nuohuo Conference Call Company Overview - Yangguang Nuohuo is transitioning to innovative drug research and development, focusing on 1.1 class new drugs such as STC007 (postoperative pain, uremic pruritus) and SPC008 (cancer cachexia) which are in clinical stages [2][3][4] - The company has established a comprehensive business ecosystem that includes research services, pipeline cultivation, and a refined industrial chain [3] Key Products and Clinical Trials - **STC007**: - Significant results from Phase II clinical trials for postoperative pain, with plans to initiate Phase III trials, aiming to be the world's first non-addictive opioid analgesic [2][4] - The second indication for STC007 (uremic pruritus) is in Phase II, expected to complete by the end of this year or early next year [6] - **SPC008**: - Currently in Phase I clinical trials for cancer cachexia, with expectations to complete by October 2023 [10][13] - **CAR-T Therapy**: - Collaboration with Yimiao Shenzhou on CAR-T therapies for systemic lupus erythematosus, with ZM001 in Phase I and SE Yaojiu expected to submit IND next year [2][11][15] Strategic Collaborations and Market Potential - Yangguang Nuohuo is negotiating product rights cooperation for STC007's pruritus indication with domestic pharmaceutical companies, focusing on teams strong in nephrology [2][8] - The company has partnered with Huawei to accelerate peptide drug development, enhancing its commercialization efforts [2][4] - The market potential for STC007 and FTC008 is viewed positively, with a focus on special formulations like microspheres and patches [3][4] Financial and Operational Plans - Yangguang Nuohuo is undergoing a major asset restructuring to acquire Jiangsu Langyan Group, aiming to integrate high-end formulations with innovative drug R&D, production, and sales [12][21] - The company anticipates stable growth in clinical CRO service orders due to the innovative drug boom and new policies favoring generic drugs [23] Future Outlook - The company is optimistic about its innovative transformation, with several projects entering late-stage clinical trials and achieving better-than-expected results [24] - Yangguang Nuohuo plans to continue updating its R&D milestones and business developments, with a strong focus on the commercialization of its products [24]

Core Viewpoint - Sunshine Nuohuo is involved in a civil lawsuit with Hunan Hengsheng Pharmaceutical over a contract dispute regarding the development of Ticagrelor, with the amount in question being 20 million yuan [1][3]. Company Summary - Sunshine Nuohuo's stock closed at 48.4 yuan per share, down 2.36%, with a market capitalization of 5.421 billion yuan [1]. - The company announced that it had already made a provision for bad debts amounting to approximately 36.44 million yuan related to Hunan Hengsheng Pharmaceutical [4]. - The company has stated that it will actively respond to the lawsuit, asserting that the production license should automatically transfer to them due to Hunan Hengsheng's failure to pay the agreed development fees [3][7]. Financial Performance - Sunshine Nuohuo's revenue from 2021 to 2023 was 494 million yuan, 677 million yuan, and 932 million yuan, respectively, with year-on-year increases of 42.12%, 37.06%, and 37.76% [7]. - The company's net profit for the same period was 102 million yuan, 142 million yuan, and 180 million yuan, maintaining over 25% growth each year [7]. - In 2024, the company achieved revenue of 1.078 billion yuan, a year-on-year increase of 15.7%, but the net profit decreased by 8.31% to 165 million yuan [7]. Industry Context - The pharmaceutical outsourcing (CXO) industry experienced a revenue growth rate above 30% from 2018 to 2022, with net profit growth rates exceeding 50% [10]. - The industry has seen a slowdown in performance, with many companies reporting declining or stagnant financial results in 2023 [10]. - Sunshine Nuohuo is attempting to stabilize its long-term growth by focusing on innovative drugs, improved new drugs, and generic drugs, as well as expanding into the animal health sector [10].

证券代码：688621 证券简称：阳光诺和 公告编号：2025-059 北京阳光诺和药物研究股份有限公司 关于公司涉及诉讼的公告 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： 一、本次重大诉讼的基本情况 近日北京阳光诺和药物研究股份有限公司（以下简称"公司"或"被告"） 收到湖南省衡阳市中级人民法院送达的关于湖南恒生制药股份有限公司（以下简 称"恒生制药"或"原告"）起诉公司的《民事起诉状》等相关材料。恒生制药 起诉要求：（1）判令被告向原告支付暂定 2000 万元；（2）承担本案全部诉讼 费、执行费用等与本案件的全部费用。 截止本公告披露日，该案件已立案，尚未开庭审理。 案件所处的诉讼阶段：一审立案 上市公司所处的当事人地位：被告 涉案的金额：2,000 万 是否会对上市公司损益产生负面影响：公司对原告主张不予认可，将积 极应诉并采取包括但不限于反诉等措施。鉴于该诉讼案件尚未开庭审 理，最终的判决结果尚不确定，目前无法预计对公司本期及期后损益 的影响，最终实际影响以法院生效判决为准。 （一）案号：（20 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.24%, closing at 984.95 points, with a total trading volume of 2.701 billion shares and a turnover of 90.146 billion yuan, resulting in a weighted average turnover rate of 1.52% [1] - Among the tradable stocks on the STAR Market, 365 stocks closed higher, with 5 stocks increasing by over 10% and 30 stocks rising between 5% and 10%. Conversely, 208 stocks closed lower [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 11 stocks had rates between 10% and 20%, 44 stocks had rates between 5% and 10%, 72 stocks had rates between 3% and 5%, 294 stocks had rates between 1% and 3%, and 165 stocks had rates below 1% [1] - The stock with the highest turnover rate was Xinyuren, which closed up by 4.80% with a turnover rate of 33.00% and a transaction amount of 594 million yuan. Huasheng Lithium Battery followed with a 15.36% increase and a turnover rate of 21.64% [1] Sector Performance - In terms of industry performance, the pharmaceutical and biotechnology sector had the most stocks with a turnover rate exceeding 5%, totaling 14 stocks. The electronics and power equipment sectors followed with 13 and 10 stocks, respectively [2] Capital Flow - Among the high turnover stocks, 34 stocks experienced net inflows of main funds, with the highest net inflows recorded for Bolite, Kexing Pharmaceutical, and Huiyu Pharmaceutical, amounting to 131 million yuan, 74.062 million yuan, and 60.026 million yuan, respectively [2] - Conversely, the stocks with the largest net outflows included Huicheng Co., Daqian Energy, and Sunshine Nuohe, with net outflows of 76.657 million yuan, 56.088 million yuan, and 45.416 million yuan, respectively [2] Leverage Fund Movements - A total of 47 stocks received net purchases from leveraged funds, with notable increases in financing balances for Tailin Micro, Daqian Energy, and Kexing Pharmaceutical, which saw increases of 108 million yuan, 6.698 million yuan, and 6.592 million yuan, respectively [2] - Stocks with significant decreases in financing balances included Rongchang Biological, Sunshine Nuohe, and Liyuanheng, with decreases of 115 million yuan, 21.505 million yuan, and 12.791 million yuan, respectively [2]

Summary of Key Points from the Conference Call Company Overview - **Company**: 阳光诺和 (Sunshine Nuohe) - **Key Product**: 007 product, a non-controlled, non-addictive opioid receptor drug for moderate to severe pain management Industry Insights - **Market Potential**: The 007 product is expected to reach peak sales of approximately 4 billion yuan, with over 80 million surgeries requiring abdominal pain relief annually in China [2][4] - **Competitive Advantage**: The 007 product shows significant advantages over competitors due to its non-controlled nature and effective pain relief, with about 40% of clinical cases achieving a pain relief score of over 6 [4] Product Development and Clinical Trials - **Clinical Trials**: The company plans to complete Phase III trials for the 007 product by Q1 2026 and submit an NDA application [2][5] - **NDA Submissions**: The 007 product is expected to enter NDA stage by the end of this year, while another product, 505B, is also anticipated to enter NDA in Q3 [2][7] - **Pipeline**: The company has multiple products in various stages of clinical trials, including two modified drugs in Phase III and two new drugs in Phase I [2][7] Financial Performance and Investment - **Revenue Growth**: The company reported a revenue and profit growth of 25%-30% in the first half of the year [9] - **Investment Strategy**: The company has increased its investment in innovative drug development, with a significant rise in Phase III capitalized investments compared to last year [10] - **Collaboration**: Sunshine Nuohe has partnered with Shanghai Lekuang to develop the 007 product, selling 20% equity at a valuation of 1 billion yuan, expecting 30-40 billion yuan in revenue during the patent period [2][16] Research and Development Strategy - **R&D Focus**: The company is focusing on pain management products, including the 007 oral formulation and other related products, while also exploring RNA and nucleic acid drug development [11][12] - **Global Expansion**: Plans to pursue overseas registration and business development (BD) for both the 007 and 008 products simultaneously to alleviate financial pressure [12][13] Sales and Marketing Strategy - **Sales Approach**: The company collaborates with commercial partners for sales, focusing on profit rights rather than direct involvement in sales expenses [19][20] - **Sales Team Expertise**: The core sales team has extensive experience in pain management, enhancing the company's market entry and sales execution capabilities [20] Future Outlook - **Impact of 007 Product**: The 007 product is crucial for the company's transition from biotech to clinical and future CDMO transformation, expected to enhance cash flow and stabilize net profit and revenue [3][21]

证券代码：688621 证券简称：阳光诺和 公告编号：2025-058 北京阳光诺和药物研究股份有限公司 关于 STC007 注射液签署《技术开发（合作）合同》 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: 鉴于药物研发的复杂性和风险性，尽管合同条款中已就合作开发内容、对价 支付等相关内容作出了明确的约定，但在合同履行过程中，可能受政策、市场、 现有技术水平或条件无法克服的技术困难等相关因素影响，本项目存在研究开发 失败或部分失败的风险。且新药上市后的销售情况受包括市场环境、行业发展等 在内的诸多因素影响，存在不确定性。敬请广大投资者谨慎决策，注意防范投资 风险。 1 合同类型及金额：北京阳光诺和药物研究股份有限公司（以下简称"公司" 或"阳光诺和"）与上海乐旷惠霖医药科技有限公司（以下简称"乐旷惠霖"） 于近期就共同开发 STC007（镇痛适应症）（以下简称"STC007"）项目 事宜达成合作协议并签署相应的《技术开发（合作）合同》，合同里程 碑付款累计总金额为 2 亿元（含税）。 合同履行期限 ...

Group 1 - The core point of the article is that Yangguang Nuohuo has signed a cooperation contract with Shanghai Lekuang Huilin Pharmaceutical Technology Co., Ltd. to develop the STC007 project, with a total contract amount of 200 million yuan [1] - The STC007 project, which targets pain relief indications, has received approval for clinical trials and is currently in Phase III clinical trials [1] - The signing of the agreement is expected to have a positive impact on the company's future performance and enhance its profitability [1] Group 2 - The sales performance of the new drug after its launch will be influenced by market conditions and industry development, indicating uncertainty [1]

Core Viewpoint - The company has signed a technical development cooperation contract with Shanghai Lekuang Huilin Pharmaceutical Technology Co., Ltd. for the joint development of the STC007 injection project, with a total milestone payment of 200 million yuan (including tax) [1] Group 1 - The collaboration aims to accelerate the commercialization process of the STC007 injection, providing more treatment options for clinical needs [1] - STC007 injection is primarily used for the treatment of moderate to severe pain following abdominal surgery and is currently in the Phase III clinical trial stage [1] - The execution of the contract is expected to have a positive impact on the company's current and future operating performance [1]

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Bioscience, Hualing Pharmaceutical-B, and others [2]. Core Insights - The report emphasizes the broad market for lipid-lowering treatments, particularly focusing on the competitive landscape of PCSK9-targeted drugs, with approximately 500 million adults in China suffering from dyslipidemia, including 120 million with high cholesterol [3][15]. - The pharmaceutical sector saw a 1.60% increase this week, underperforming the CSI 300 index by 0.35 percentage points, with sub-sectors like medical infrastructure and life sciences performing better than generics and innovative drugs [4][31]. Summary by Sections 1. Industry Perspective and Investment Recommendations - The lipid-lowering market is vast, with intense competition in PCSK9-targeted drugs [15]. - Investment strategies should focus on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market [4][31]. 2. Pharmaceutical Sector Performance - The pharmaceutical sector's performance was mixed, with medical infrastructure and life sciences leading, while generics and innovative drugs lagged [4][37]. - The overall P/E ratio for the pharmaceutical industry is 27.69, with a premium of 35.26% compared to the broader A-share market [37]. 3. Company Dynamics - Notable company announcements include Baiyoutai's licensing agreement for BAT2406 in Latin America and Yifan Pharmaceutical's approval for clinical trials of a growth hormone injection [38][40]. - Companies like WuXi AppTec and Lijun Group have made significant moves, including share buybacks and new product approvals [39][41]. 4. Industry Trends - The report highlights the upcoming patent expirations for major small molecule drugs, which could lead to increased demand for raw materials [5][32]. - The report also notes the expected recovery in overseas demand, which may improve the performance of CXO companies [34]. 5. Research and Development Focus - The report discusses the clinical progress of various PCSK9-targeted therapies, including monoclonal antibodies and gene editing approaches, indicating a strong pipeline in this area [3][23][25]. - The competitive landscape for PCSK9 drugs in China is characterized by pricing and adherence challenges, with several products already on the market [27].