证券代码：688621 证券简称：阳光诺和 公告编号：2024-017 北京阳光诺和药物研究股份有限公司 关于持股 5%以上股东部分股份质押的公告 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、本次股份质押情况 公司于近日接到公司股东刘宇晶通知，获悉其所持公司的部分股份被质押， 具体事项如下： | 是否 | | | 是 否 | | | | 占其 | 占公 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 为控 | 本次质 | 是否 | 补 | 质押起 | 质押到 | | 所持 | 司总 | 质押 | | 股股 | 押股数 | 为限 | 充 | 始日 | 期日 | 质权人 | 股份 | 股本 | 用途 | | | （股） | 售股 | | | | | 比例 | 比例 | | | 东 | | | 质 | | | | （%） | （%） | | | | | | 押 | | | | | | | | 刘 | | | | 202 ...

北京阳光诺和药物研究股份有限公司 2023 年年度股东大会会议资料 证券代码：688621 证券简称：阳光诺和 北京阳光诺和药物研究股份有限公司 2023 年年度股东大会会议资料 二〇二四年五月 1 北京阳光诺和药物研究股份有限公司 2023 年年度股东大会会议资料 北京阳光诺和药物研究股份有限公司 2023 年年度股东大会会议资料目录 | 2023 年年度股东大会会议须知 | 3 | | --- | --- | | 2023 年年度股东大会会议议程 | 6 | | 议案一：关于公司 2023 年度董事会工作报告的议案 | 8 | | 议案二：关于公司 年度财务决算报告的议案 2023 | 20 | | 议案三：关于公司 2023 年年度报告及其摘要的议案 | 28 | | 议案四：关于公司 年度利润分配方案的议案 2023 | 29 | | 议案五：关于公司 2023 年度监事会工作报告的议案 | 31 | | 议案六：关于 2023 年度关联交易确认以及 2024 年度日常关联交易预计的议案 | 38 | | 议案七：关于公司 2023 年度独立董事述职报告的议案 | 11 | | 议案八：关于公司董事薪 ...

Group 1: Company Overview - The company, Sunshine Nuohe, has a robust order situation with a total order value of 1.994 billion yuan as of 2022, reflecting a year-on-year growth of 27.17% [3] - The company signed new orders worth 1.102 billion yuan in 2022, marking an 18.62% increase compared to the previous year [3] - The total number of employees reached 1,185 by mid-2023, showing a year-on-year growth of 21% [4] Group 2: Market Demand and R&D Efficiency - The demand for generic drugs has been increasing, with a significant rise in new applications for generic drugs since 2021, continuing into the first three quarters of 2023 [4] - The average output per employee in 2022 was 600,900 yuan, with a compound annual growth rate of approximately 8% from 2020 to 2022 [5] - The company has been focusing on complex formulations and has accumulated over 350 ongoing projects, with 100 new self-initiated projects in 2023 [12][18] Group 3: Financial Performance - From 2017 to 2022, the company's revenue compound growth rate was 79.76%, while the net profit growth rate was 175.03% [6] - In the first nine months of 2023, the company reported revenue of 692 million yuan, a year-on-year increase of 39.73%, and a net profit of 171 million yuan, up 32.72% [6] - The gross profit margin improved from 42.39% in 2018 to 55.49% in 2022, indicating enhanced operational efficiency [7] Group 4: Clinical Services and Projects - The company has established a comprehensive clinical service system, with 19 permanent sites and partnerships with over 260 hospitals [10] - In 2023, the revenue from clinical trials and bioanalysis services reached 362 million yuan, representing a year-on-year growth of 54.54% [13] - The company has signed joint development agreements with multiple enterprises, with 7 products approved for rights-sharing [9] Group 5: Future Development and Strategy - The company aims to focus on innovative drug development while avoiding popular targets, selecting products with significant clinical value and favorable economic returns [12] - The company plans to enhance its R&D teams in various fields, including peptide drugs, modified new drugs, and special formulations [17] - The company is committed to developing pet medications, with a dedicated team of over 50 experienced professionals [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, with a reported revenue of 932 million yuan in 2023, representing a year-on-year increase of 37.76%. The net profit attributable to shareholders reached 185 million yuan, up 18.08% year-on-year [2] - The company secured new orders worth 1.504 billion yuan in 2023, a 36.50% increase year-on-year, and has a backlog of orders totaling 2.566 billion yuan, which is 28.69% higher than the previous year, providing a solid foundation for future growth [2] - The report anticipates a downward adjustment in profit forecasts for 2024-2025 due to intense competition in the pharmaceutical research sector, with new profit estimates for 2024-2026 set at 274 million, 363 million, and 472 million yuan respectively [2] Financial Performance Summary - In Q1 2024, the company achieved a revenue of 252 million yuan, reflecting an 8.53% year-on-year growth and a 5.06% quarter-on-quarter increase. The net profit attributable to shareholders was 72.75 million yuan, marking a significant year-on-year increase of 51.77% and a quarter-on-quarter increase of 431.79% [2] - The company's pharmaceutical research business generated revenue of 569 million yuan in 2023, a 28.67% increase year-on-year, with over 100 new self-research projects initiated [3] - The clinical trial and bioanalysis services segment saw revenue growth of 54.54% in 2023, reaching 362 million yuan, with a gross margin of 39.72%, up 5.44 percentage points year-on-year [4] Order and Project Development - The company has a robust pipeline with over 350 self-research projects, including 3 new drug projects that have received NMPA approval for clinical trials. Additionally, 126 drug applications are under review for market registration [3] - The company is focusing on the development of peptide and small nucleic acid drugs, with ongoing clinical trials for projects such as "STC007 injection" [3]

敬请参阅末页重要声明及评级说明 证券研究报告 敬请参阅末页重要声明及评级说明 2 / 4 证券研究报告 敬请参阅末页重要声明及评级说明 3 / 4 证券研究报告 分析师声明 免责声明 敬请参阅末页重要声明及评级说明 4 / 4 证券研究报告 | --- | --- | --- | --- | --- | --- | |-------------|-------------------------------|-------|-------|--------------|------------------| | ⚫ | 重要财务指标 \n主要财务指标 | 2023A | 2024E | 单位 \n2025E | : 百万元 \n2026E | | 营业收入 | | 932 | 1248 | 1641 | 2138 | | 收入同比（ | % ） | 37.8% | 33.9% | 31.5% | 30.3% | | | 归属母公司净利润 | 185 | 269 | 356 | 476 | | | 净利润同比（ % ） | 18.1% | 45.4% | 32.4% | 34.0% | | 毛利率（ % | ） ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.12 CNY for 2024 [5][4]. Core Insights - The company achieved a revenue of 932 million CNY in 2023, representing a year-on-year growth of 37.8%, and a net profit attributable to the parent company of 185 million CNY, up 18.1% year-on-year. In Q1 2024, the revenue was 252 million CNY, growing 8.5% year-on-year, with a net profit of 73 million CNY, a significant increase of 51.8% year-on-year. The stable growth in performance is attributed to the company's strong R&D capabilities and continuous enhancement of integrated service capabilities, establishing a leading one-stop drug research and development service platform in China [1][3][4]. - New orders continued to grow rapidly, highlighting the company's comprehensive service capability. In 2023, the company signed new orders worth 1.504 billion CNY, a year-on-year increase of 36.5%, with cumulative orders on hand reaching 2.566 billion CNY, up 28.7% year-on-year. The ample backlog of orders lays a solid foundation for the company's future development. In 2023, the revenue from the pharmaceutical research segment was 570 million CNY, growing 28.7% year-on-year, while the clinical trial and bioanalysis segment saw revenue of 360 million CNY, a rapid growth of 54.5% [1][2][4]. - The company's innovation capabilities are outstanding, with self-developed value-added businesses showing significant potential. In 2023, the company had three new drugs approved for clinical trials and 126 drug applications accepted for market registration. The company holds 19 first-generic drug registration approvals, with rights-sharing on seven projects. The R&D investment in 2023 totaled 124 million CNY, a year-on-year increase of 37.9%, accounting for 13.3% of revenue. The continuous increase in R&D investment is expected to provide stable profit sources through a unique rights-sharing model, enhancing the company's long-term development prospects [1][2][4]. Financial Summary - In 2023, the company's revenue was 932 million CNY, with a year-on-year growth of 37.8%. The operating profit was 194 million CNY, reflecting a growth of 14.7%. The net profit attributable to the parent company was 185 million CNY, with an 18.1% increase. The earnings per share (EPS) for 2023 was 1.65 CNY. The gross margin was 56.7%, and the net margin was 19.8% [2][4][5].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant revenue growth starting from Q2 2024 [6]. Core Insights - The company achieved a revenue of 932 million yuan in 2023, representing a year-on-year growth of 37.76%. The net profit attributable to shareholders was 185 million yuan, up 18.08% year-on-year. In Q1 2024, the company reported a revenue of 252 million yuan, a growth of 8.53%, and a net profit of 73 million yuan, which is a substantial increase of 51.77% year-on-year [6]. - The company is driven by dual engines of pharmaceutical research and clinical services, continuously expanding its diversified business areas. The pharmaceutical research segment generated 569 million yuan in revenue in 2023, with a gross margin of 67.41%. The clinical trial and bioanalysis segment saw a revenue increase of 54.54%, reaching 362 million yuan, with a gross margin of 39.72% [6]. - The company has a robust pipeline of self-developed projects, with over 100 new projects initiated in 2023 and a total of more than 350 projects. The company has provided CRO services to over 800 clients, with a significant increase in new orders and a growing backlog of orders [6]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.244 billion yuan, 1.646 billion yuan, and 2.161 billion yuan, respectively, with growth rates of 33.4%, 32.4%, and 31.2% [6]. - The net profit attributable to shareholders is expected to be 250 million yuan, 333 million yuan, and 440 million yuan for the years 2024, 2025, and 2026, respectively [6]. - The report indicates a decrease in the price-to-earnings (PE) ratio from 25 in 2024 to 14 in 2026, suggesting an attractive valuation as earnings grow [6].

◼ 走势比较 买入：预计未来 6 个月内，个股相对沪深 300 指数涨幅在 15%以上； 增持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于 5%与 15%之间； 持有：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与 5%之间； 减持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与-15%之间； 卖出：预计未来 6 个月内，个股相对沪深 300 指数涨幅低于-15%以下。 阳光诺和(688621) 目标价: 85.00 昨收盘:57.88 <<三季度增长稳健，研发投入持续加 大>>--2023-11-02 << 【 太 平 洋 证 券 】 阳 光 诺 和 (688621)2023 年中报业绩点评：业绩 稳健增长，临床试验及生物分析业务 表现亮眼（2023.8.28）>>--2023-08- 29 <<【太平洋证券】阳光诺和(688621)： 自研成果转化开始逐步兑现，一体化 本报告信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。负责准备本 报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所 发表的观点均如 ...

北京阳光诺和药物研究股份有限公司 审计报告 大华审字[2024]0011003239 号 大华会计师事务所(特殊普通合伙) Da Hua Certified Public Accountants (Special General Partnership) 您可使用手机"扫一扫"或进入"比哪用于证明该审计报告是否由具有效业许可的会计师事务所出具 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 .mof.gov.cn) 报告编码 : 京24 北京阳光诺和药物研究股份有限公司 审计报告及财务报表 (2023 年 1 月 1 日至 2023 年 12 月 31 日止) | 目 | 求 | 页 次 | | --- | --- | --- | | 审计报告 | | 1-5 | | 已审财务报表 | | | | 合并资产负债表 | | 1-2 | | 合并利润表 | | 3 | | 合并现金流量表 | | 4 | | 合并股东权益变动表 | | 5-6 | | 母公司资产负债表 | | 7-8 | | 母公司利润表 | | 9 | | 母公司现金流量表 | ...

目录 CONTENTS 01/第一章 关于本报告 03/第二章 总经理致辞 05/第三章 关于阳光诺和 第一节 公司介绍 第二节 平台创新 第三节 企业荣誉 第四节 认证管理体系 17/第四章 阳光诺和可持续发展主轴与战略规划 25/第五章 党建 第一节 全面加强党建工作 第二节 积极开展党建活动 公司治理篇 33/第六章 深化责任管理 诚信合规运营 第一节 完善治理架构 第二节 深化 ESG 治理 共筑可持续发展之路 第三节 规范合规经营 第四节 投资者保护 51/第七章 加强风险管理 第一节 风险管理体系 第二节 风险识别、分析与应对 第三节 应对气候风险 61/第八章 利益相关方与实质性议题 第一节 利益相关方沟通 第二节 实质性议题分析 67/第九章 经济绩效 第一节 经济绩效 69/第十章 商业道德规范 第一节 反腐败及反垄断建设 第二节 供应商反腐败风险管理 75/第十一章 可持续供应链 第一节 完善供应链管理体系 第二节 供应链廉洁管理 第三节 供应链风险管理 环境责任篇 85/第十二章 环境管理 第一节 环境管理体系 第二节 环境保护 95 /第十三章 绿色运营 第一节 清洁生产 第二节 绿色 ...