Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 52.08 CNY per share over the next six months [4][6][19]. Core Insights - The company reported a revenue of 231 million CNY and a net profit of 30 million CNY for Q1 2025, reflecting a year-on-year decline of 8.49% and 59.34% respectively. However, new order growth is expected to improve the company's performance margins [2][4]. - The company is actively investing in innovative drug research and development, with over 89 self-developed projects covering various advanced fields, including peptide drugs and cell therapy [3][4]. - The company anticipates revenue growth of 16.90%, 15.12%, and 12.79% for the years 2025, 2026, and 2027 respectively, with net profits expected to grow by 17.5%, 15.0%, and 8.2% in the same period [13][21]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 231 million CNY and a net profit of 30 million CNY, with declines of 8.49% and 59.34% year-on-year [2][4]. - The company expects to generate revenues of 1.26 billion CNY, 1.45 billion CNY, and 1.64 billion CNY from 2025 to 2027, with corresponding net profits of 208 million CNY, 240 million CNY, and 259 million CNY [10][21]. Research and Development - The company is focused on building a competitive pipeline of innovative drugs, with significant investments in R&D across various fields, including peptide drugs and cell therapies [3][4]. - The company has initiated clinical trials for several projects, including STC007 for postoperative pain and ZM001 for lupus treatment [3]. Valuation Analysis - The report indicates that the company's current price-to-earnings (PE) ratio is 24.70, which is considered to be at a mid-low valuation level compared to historical averages [16][19]. - The estimated earnings per share (EPS) for 2025 is projected to be 1.86 CNY, with a target PE of 28 times, leading to a target price of 52.08 CNY per share [4][19].

Core Insights - The global and US innovative drug VC&PE financing amounts are expected to grow by 1.93% and 5.29% respectively in 2024, indicating a recovery in the innovative drug financing environment [1] - The demand for research and development in fields such as peptides and ADCs is strong, leading to an increase in outsourcing needs in these areas [1][2] Macro Perspective - The global innovative drug financing environment is recovering, with significant growth in the demand for innovative research in specific fields like peptides and ADCs, which is expected to enhance the CXO industry's outlook [1] - According to Crunchbase, the VC&PE financing for innovative drugs in 2024 shows positive growth, marking an improvement in the financing environment [1] Micro Perspective - CXO listed companies are seeing a recovery in new orders, with many companies like WuXi AppTec, WuXi Biologics, and others reporting a year-on-year increase of over 20% in new orders [3] - The production capacity of domestic CXO companies is mature, ensuring timely delivery of orders, which is expected to lead to double-digit revenue growth for several companies in 2025 [3] Target Companies - Recommended companies to watch include WuXi AppTec (603259.SH, 02359), WuXi Biologics (02269), WuXi AppTec (02268), Kelun Pharmaceutical (002821.SZ, 06821), and others [4]

从交易标的看，朗研生命成立于2010年7月14日，是一家药物研发生产商，专注于高难度首仿药、创新药研发、生产、销售一体化 服务，在研产品管线覆盖了心脑血管、肿瘤、消化、感染等适应症。 需要指出的是，本次交易对方为利虔、赣州朗颐投资中心（有限合伙）等朗研生命股东，而阳光诺和的实际控制人也是利虔，因 此此次交易构成关联交易。 星标 ★ IPO日报 精彩文章第一时间推送 4月24日晚间，北京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"，688621.SH）发布公告称，公司拟通过发行股份 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，并向不超过35名特定投资者 发行股份募集配套资金。 经初步测算，本次交易预计构成重大资产重组，且构成关联交易，本次交易不会导致公司实际控制人发生变更。公司股票自2025 年4月25日开市起开始停牌，预计停牌时间不超过5个交易日。 制图：佘诗婕 曾收购失败 反观上市公司本身，阳光诺和于2021年上市，是一家专业的药物临床前及临床综合研发服务CRO，为国内医药企业和科研机构提 供全过程的一站式药物研发服务，致力于协助国内医药制造企业加速实现进 ...

Core Viewpoint - Sunshine Nuohua plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds, constituting a major asset restructuring and related party transaction, with no change in actual control [1][3]. Group 1: Acquisition Details - The acquisition target, Langyan Life, established in July 2010, focuses on high-difficulty generic drugs and innovative drug R&D, with product pipelines covering cardiovascular, oncology, digestive, and infectious diseases [3]. - The transaction involves shareholders including Li Qian and Ganzhou Langyi Investment Center, with Li Qian also being the actual controller of Sunshine Nuohua, thus constituting a related party transaction [3]. - Previous attempts to acquire Langyan Life were unsuccessful, with a failed acquisition plan announced in October 2022 [4][5]. Group 2: Financial Aspects - The transaction price is set at 1.611 billion yuan, with an additional 1.007 billion yuan to be raised for cash consideration and project expansions [5]. - Langyan Life's revenue was 510 million yuan in 2021 and 617 million yuan in 2022, with net profits of 37.54 million yuan and 85.13 million yuan respectively [5]. - Performance commitments from the sellers include net profits of no less than 95 million yuan, 125 million yuan, and 158 million yuan for 2023, 2024, and 2025, totaling at least 378 million yuan [5][6]. Group 3: Strategic Intent - The acquisition aims to extend Sunshine Nuohua's main business into the CDMO sector, creating an integrated service platform for clinical research and customized production, enhancing competitive strength and strategic layout [7]. - Sunshine Nuohua, listed in 2021, provides comprehensive drug R&D services, assisting domestic pharmaceutical companies in achieving import substitution and innovation [7]. - Despite a projected revenue increase of 15.7% to 1.078 billion yuan in 2024, net profits are expected to decline due to rising fixed costs and increased R&D investments [8].

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]

关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证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、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 召开日期时间：2025 年 5 月 12 日 14 点 30 分 召开地点：北京市昌平区科技园区双营西路 79 号院 29 号楼公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 证券代码：688621 证券简称：阳光诺和 公告编号：2025-032 北京阳光诺和药物研究股份有限公司 投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《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》 等有关规定执行。 （七） 涉及公开征集股东投票权 本次股东会不涉及公开征集股东投票权。 网络投票起止时间：自2025 年 5 月 12 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2025-031 北京阳光诺和药物研究股份有限公司 第二届监事会第十四次会议决议公告 本公司监事会及全体监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。 北京阳光诺和药物研究股份有限公司（以下简称"公司"）于2025年4月24 日召开第二届监事会第十四次会议。本次会议通知于2025年4月21日以直接送达、 传真与邮件方式发出，会议由监事会主席王丹丹女士召集和主持，会议应出席监 事3名，实际出席监事3名，全部监事均参与表决所有议案。会议的召集和召开符 合《中华人民共和国公司法》（以下简称"《公司法》"）及《北京阳光诺和药 物研究股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经与会监事认真审议，一致通过如下决议： （一）审议通过《关于<公司2025年第一季度报告>的议案》 公司2025年第一季度报告根据相关法律法规及《公司章程》等内部规章制度 的规定编制和审议，内容与格式符合相关规定，公允地反映了公司2025年第一季 度的财务状况和经营成果等事项。2025年第 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2025-030 （一）审议通过《关于<公司2025年第一季度报告>的议案》 公司2025年第一季度报告的编制和审核程序符合法律、法规及《公司章程》 及公司内部管理制度的各项规定。公允地反映了公司2025年第一季度的财务状况 和经营成果等事项。所披露的信息真实、准确、完整，不存在虚假记载、误导性 陈述或重大遗漏。 该议案已经审计与风险委员会审议通过，具体内容详见公司同日披露于上海 证券交易所网站(www.sse.com.cn)的公告。 北京阳光诺和药物研究股份有限公司 第二届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 北京阳光诺和药物研究股份有限公司（以下简称"公司"）于2025年4月24 日召开第二届董事会第十八次会议。本次会议通知于2025年4月21日以直接送达、 传真与邮件方式发出，会议由董事长利虔先生召集和主持，会议应出席董事9名， 实际出席董事9名，全部董事均参与表决所有议案，会议的召集和召开符合《中 华 ...

北京阳光诺和药物研究股份有限公司 独立董事年报工作制度 （2025 年 4 月） 北京阳光诺和药物研究股份有限公司 独立董事年报工作制度 北京阳光诺和药物研究股份有限公司 独立董事年报工作制度 第一条 为完善北京阳光诺和药物研究股份有限公司（以下简称公司）治理结构，加强 公司内部控制制度建设，进一步夯实信息披露编制工作的基础，充分发挥独立董事的监督、 协调作用，维护中小投资者的利益，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司信息披露管理办法》《上市公司独立董事管理办法》等法律、法规、证 券交易所的相关规定以及《北京阳光诺和药物研究股份有限公司章程》（以下简称《公司 章程》）《北京阳光诺和药物研究股份有限公司信息披露管理办法》《北京阳光诺和药物 研究股份有限公司独立董事工作制度》，结合公司实际情况，特制定本制度。 第二条 独立董事应在公司年报的编制和披露过程中，切实履行独立董事的责任和义务， 勤勉尽责。独立董事应按照有关法律、行政法规、规范性文件和公司章程的要求，认真履 行职责，维护公司整体利益，保护中小股东的合法权益不受损害。 第三条 公司应当制订年度报告工作计划，并提交独立董事审阅。独 ...

北京阳光诺和药物研究股份有限公司 关联交易管理办法 （2025 年 4 月） 北京阳光诺和药物研究股份有限公司 关联交易管理办法 第三条 公司与关联人之间的关联交易应签订书面协议。协议的签订应当遵 循平等、自愿、等价有偿的原则，协议内容应明确、具体。公司应将该协议的订 立、变更、终止及履行情况等事项按照有关规定予以披露。 第四条 关联交易活动应遵循公正、公平、公开的原则，关联交易的价格原 则上不能偏离市场独立第三方的价格或收费的标准。公司应对关联交易的定价依 据予以充分披露。 第五条 公司发生关联交易，应当保证关联交易的合法性、必要性、合理性 和公允性，保持公司的独立性，不得利用关联交易调节财务指标，损害公司利益。 第六条 公司的资产属于公司所有。公司应采取有效措施防止股东及其关联 方通过关联交易违规占用或转移公司的资金、资产及其他资源。 第二章 关联交易的内容 北京阳光诺和药物研究股份有限公司 关联交易管理办法 第一章 总则 第一条 为规范北京阳光诺和药物研究股份有限公司（以下称公司）的关联 交易，保证公司关联交易的公允性，维护公司及公司全体股东的合法权益，根据 《中华人民共和国公司法》（以下称《公司法》） ...