Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of over 15% relative to the CSI 300 index [35][63]. Core Views - The company has shown continuous growth in new order amounts, cumulative order amounts, and customer numbers, reflecting an improvement in market reputation and customer satisfaction [3][4]. - The company is actively pursuing self-initiated projects, with over 40 new research projects initiated in the first half of 2023, totaling more than 290 projects [3]. - The company is expanding its service range from generic drugs to innovative drugs, which is expected to enhance revenue from existing customers [3][4]. - The report highlights the robust growth potential of the company's CRO business, particularly in the context of the increasing demand for generic drugs due to an aging population and the expiration of patents for major innovative drugs [10][21]. Summary by Sections Company Overview - The company operates as a comprehensive CRO for drug development, focusing on both innovative and generic drug development, and has established a full-process integrated drug development service platform [22][25]. - The company has a strong pipeline of innovative drugs and improved generic drugs, with several projects already achieving external authorization [57]. Financial Performance - The company has experienced rapid revenue and profit growth, with a CAGR of 79.76% for revenue and 175.03% for net profit from 2017 to 2022 [27]. - For 2023, the company expects revenues of 9.54 billion yuan, with a year-on-year growth rate of 41.0%, and net profits of 1.94 billion yuan, reflecting a growth rate of 24.7% [11][35]. Market Trends - The report notes that the activity level in the generic drug sector is expected to remain high, driven by increasing demand and a growing number of new entrants in the market [10][21]. - The company is well-positioned to benefit from the ongoing trends in the pharmaceutical industry, including the increasing focus on high-quality generic drug development and the need for faster delivery and quality in drug research [10][21]. Research and Development - The company has made significant investments in R&D, focusing on areas such as peptide drugs, modified new drugs, and complex generics, which are expected to yield high-margin revenue streams in the future [3][22][25]. - The company has established collaborations with various enterprises for joint development projects, which are anticipated to contribute to revenue through profit-sharing agreements [57].

Investment Rating - The report maintains a "Buy" rating for the company [8][15]. Core Insights - The company achieved a revenue of 954 million yuan in 2023, representing a year-on-year growth of 40.98%. The net profit attributable to the parent company was 194 million yuan, up 24.43% year-on-year, while the net profit excluding non-recurring items was 189 million yuan, reflecting a growth of 33.33% [2][7]. - The company is advancing its self-research projects alongside providing services for drug development, with significant progress in its innovative drug pipeline, including the STC007 project entering Phase II clinical trials [3][7]. - The company is expected to achieve net profits of 268 million yuan and 363 million yuan in 2024 and 2025, respectively, corresponding to price-earnings ratios of 25 times and 19 times based on the current stock price [8][23]. Financial Performance - The company reported a total revenue of 677 million yuan in 2022, with projections of 954 million yuan for 2023, 1.249 billion yuan for 2024, and 1.583 billion yuan for 2025 [23]. - The gross profit for 2023 is projected to be 509 million yuan, with a gross margin of 53% [23]. - Research and development expenses for the first three quarters of 2023 amounted to 83.13 million yuan, accounting for 12.01% of total revenue, indicating a strong commitment to R&D [13][20]. Research and Development - The company has a robust pipeline with over 290 projects under research, focusing on innovative drugs, modified new drugs, and generic drugs, with a significant portion of R&D personnel holding advanced degrees [13][23]. - The R&D investment is primarily directed towards pain relief, kidney disease, oncology, cardiovascular, and antibacterial medications, with a focus on long-acting formulations and complex injectables [13][23]. Market Position - The company is enhancing its market presence through steady growth in new orders and strengthening its technical platform and talent pool, which is expected to contribute to sustained performance [7][19]. - The company’s stock performance has shown a relative decline compared to the CSI 300 index over the past year, indicating potential market challenges [17].

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 投资者关系活动记录表 （2024年2月） R特定对象调研 £分析师会议 □媒体采访 £业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 £现场参观 £其他（电话会议） 参与单位名称 2024年2月22日 华夏基金、嘉实基金、国泰基金、博时基金、易方达基 金、泰康保险、建信基金、天弘基金、融通基金、中国 人寿养老保险、中国人寿保险公司、民生加银基金、华 商基金、中国人寿保险公司、东方股份、华能贵诚信 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2024-004 北京阳光诺和药物研究股份有限公司 关于股东减持计划减持时间届满公告 本公司董事会、全体董事及相关股东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： 股东持股基本情况 本次股份减持计划实施前，北京阳光诺和药物研究股份有限公司（以下简称"阳光 诺和"）股东杭州海达明德创业投资合伙企业（有限合伙）（以下简称"海达明德"）持 有公司 1,910,472 股股票，占公司总股本的 1.7058%，宁波海达睿盈创业投资合伙企业 （有限合伙）（以下简称"睿盈投资"）持有公司 1,686,832 股股票，占公司总股本的 1.5061%，广州正达创业投资合伙企业（有限合伙）（以下简称"广州正达"）持有公司 1,798,646 股股票，占公司总股本的 1.6059%，杭州汇普直方股权投资合伙企业（有限 合伙）（以下简称"汇普直方"）持有公司 901,927 股股票，占公司总股本的 0.8053%， 宁波海达睿盈股权投资管理有限公司（以下简称"睿盈管理"）持有公司 49,156 股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 60.02 yuan [1]. Core Views - The company's main business continues to grow rapidly, and it is expected that self-developed products will bring a second growth curve [5]. - The company reported a revenue of 9.54 billion yuan in 2023, a year-on-year increase of 40.98%, and a net profit of 1.94 billion yuan, up 24.43% year-on-year [8]. - The strong revenue growth in Q4 2023 was driven by market expansion and increased R&D capabilities, despite a slight decline in net profit [8]. - The company is focusing on self-research and development of innovative drugs, with several projects already approved for clinical trials [8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.54 billion yuan, with a growth rate of 40.98% year-on-year. The net profit reached 1.94 billion yuan, reflecting a 24.43% increase [8]. - The revenue for Q4 2023 was 2.62 billion yuan, showing a strong year-on-year growth of 44.40% [8]. - The company expects revenues for 2023-2025 to be 9.54 billion yuan, 12.72 billion yuan, and 16.34 billion yuan, with growth rates of 40.98%, 33.36%, and 28.41% respectively [8]. R&D and Growth Strategy - The company has expanded its workforce in the pharmaceutical research sector to 852 employees, a 15.92% increase, and has established a new division for pet medications [8]. - The clinical trial and bioanalysis services segment has also seen growth, with personnel increasing to 333, a 34.82% rise [8]. - The company has three new drug projects approved for clinical trials and has received 31 production registration approvals [8]. Profitability and Valuation - The report adjusts the profit forecast, expecting net profits for 2023-2025 to be 1.94 billion yuan, 3.04 billion yuan, and 4.10 billion yuan, with corresponding P/E ratios of approximately 34.6, 22.1, and 16.4 [8]. - The company is expected to maintain a high gross margin, currently at 55.5%, with projections for future years [31].

一、 会议召开和出席情况 证券代码：688621 证券简称：阳光诺和 公告编号：2024-002 北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 （一） 股东大会召开的时间：2024 年 1 月 16 日 （二） 股东大会召开的地点：北京市昌平区科技园区双营西路 79 号院 30 号楼 公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 35 | | --- | --- | | 普通股股东人数 | 35 | | 2、出席会议的股东所持有的表决权数量 | 55,955,172 | | 普通股股东所持有表决权数量 | 55,955,172 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 49.96 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 49.96 | ...

关于北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会的法律意见 北京市天元律师事务所 京天股字（2024）第 027 号 致：北京阳光诺和药物研究股份有限公司 北京阳光诺和药物研究股份有限公司（以下简称公司）2024 年第一次临时股 东大会（以下简称本次股东大会）采取现场投票与网络投票相结合的方式，现场会 议于 2024 年 1 月 16 日 15:00 在北京市昌平区科技园区双营西路 79 号院 30 号楼公 司会议室召开。北京市天元律师事务所（以下简称本所）接受公司聘任，指派本所 律师现场参加本次股东大会现场会议并对本次股东大会现场进行见证，并根据《中 华人民共和国公司法》《中华人民共和国证券法》（以下简称《证券法》）《上市 公司股东大会规则》（以下简称《股东大会规则》）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》）等有关规定，就本次股东大会的召 集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果 等事项出具本法律意见。 为出具本法律意见，本所律师审查了《北京阳光诺和药物研究股份有限公司第 二届董事会第九次会议决议公告》《北京阳光诺和药物研究股 ...

关于质押控股子公司股权并为并购贷款提供担保的公告 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。 证券代码：688621 证券简称：阳光诺和 公告编号：2024-001 北京阳光诺和药物研究股份有限公司 公司于 2023 年 10 月 13 日召开第二届董事会第七次会议，审议通过了《关 于收购控股子公司少数股东权益暨关联交易的议案》，并签署《成都诺和晟泰生 物科技有限公司股权转让协议》，同意公司以人民币 1.2 亿元收购四川晟普医药 技术中心（有限合伙）（以下简称"晟普医药"，原名为"成都晟普医药技术中 心（有限合伙）"，2023 年 11 月 21 日完成注册地址及公司名称变更）所持有 的诺和晟泰 30%的股权。具体内容详见公司于 2023 年 10 月 14 日披露的《北京 阳光诺和药物研究股份有限公司关于收购控股子公司少数股东权益暨关联交易 的公告》（公告编号：2023-081）。 根据公司经营资金安排，公司拟向北京银行中关村分行申请人民币 9,600 万 元的并购贷款，并签署《借款合同》，用于支付收购股权交易价款， ...

北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会会议资料 二〇二四年一月 北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会会议资料 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 2024 年第一次临时股东大会会议资料 北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会会议资料目录 | 2024 | 年第一次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2024 | 年第一次临时股东大会会议议程 | 6 | | | 议案一：关于修订《公司章程》并办理工商变更登记的议案 | 8 | | | 议案二：关于修订公司部分管理制度的议案 | 27 | 北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会会议资料 北京阳光诺和药物研究股份有限公司 2024 年第一次临时股东大会会议须知 为维护全体股东的合法利益，确保股东大会的正常秩序和议事效率，保证大 会的顺利进行，北京阳光诺和药物研究股份有限公司（以下简称"公司"）根据 《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》（ ...

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 投资者关系活动记录表 （2023年12月） R特定对象调研 £分析师会议 □媒体采访 £业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 £现场参观 £其他（电话会议） 2023年12月22日 国信证券、长盛基金、泰康资产 、北信瑞丰基金、华夏 参与单位名称 养老 ...