Core Viewpoint - The acquisition of Jiangsu Langyan Life Science Technology Co., Ltd. by Sunshine Nuohuo aims to create a seamless integration of R&D and production, significantly enhancing the efficiency and success rate of drug development [1][2][3] Group 1: Acquisition Details - Sunshine Nuohuo plans to acquire 100% equity of Langyan Life for a transaction price of 1.2 billion yuan [1] - The acquisition will involve issuing shares and convertible bonds to 38 shareholders and raising up to 865 million yuan from no more than 35 specific investors [1][3] Group 2: Strategic Significance - The merger is expected to reduce R&D failure risks and conversion costs by integrating R&D services with manufacturing capabilities [1][2] - Sunshine Nuohuo aims to enhance its early involvement in new drug development, optimizing R&D strategies and increasing success rates [1][2] Group 3: Product Pipeline and Innovation - Langyan Life has over 30 products in development, including two innovative drugs in clinical trials, which will complement Sunshine Nuohuo's CRO services [2] - The company is also advancing in cutting-edge fields like small nucleic acid drugs, with products expected to enter clinical stages by 2026 [2] Group 4: Financial Projections - Langyan Life has profit commitments of at least 74.87 million yuan, 87.67 million yuan, 110.81 million yuan, and 131.11 million yuan from 2025 to 2028, contributing significantly to Sunshine Nuohuo's profitability [3] - The integration of CRO and pharmaceutical manufacturing is expected to diversify Sunshine Nuohuo's revenue structure, enhancing overall profitability and risk resilience [3] Group 5: Industry Impact - The acquisition represents a strategic industry integration rather than a simple asset purchase, setting a new benchmark for the pharmaceutical R&D industry [3] - As competition in the pharmaceutical R&D sector intensifies, industry integration is seen as a key path for companies to build core competitiveness [3]

北京阳光诺和药物研究股份有限公司 2025 年第四次临时股东会会议资料 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 2025 年第四次临时股东会会议资料 二〇二五年十月 1 / 96 北京阳光诺和药物研究股份有限公司 2025 年第四次临时股东会会议资料 北京阳光诺和药物研究股份有限公司 2025 年第四次临时股东会会议资料目录 | 年第四次临时股东会会议须知 2025 4 | | --- | | 2025 年第四次临时股东会会议议程 7 | | 议案一： 关于公司符合发行股份及可转换公司债券购买资产并募集配套 | | 资金暨关联交易条件的议案 12 | | 议案二： 关于公司发行股份及可转换公司债券购买资产并募集配套资金 | | 暨关联交易方案的议案 13 | | 议案三： 关于《阳光诺和发行股份及可转换公司债券购买资产并募集资 | | 金暨关联交易报告书（草案）》及其摘要的议案 37 | | 议案四： 关于本次交易构成关联交易的议案 38 | | 议案五： 关于本次交易构成重大资产重组但不构成重组上市的议案...39 | | 议案六： 关于本次交易符合《上市公司重大资产重 ...

Core Viewpoint - Sunshine Nuohua's stock price has declined for five consecutive days, with a total drop of 11.3% during this period, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Company Overview - Sunshine Nuohua Pharmaceutical Research Co., Ltd. is located in Changping District, Beijing, and was established on March 9, 2009. The company went public on June 21, 2021. Its main business involves the development of generic drugs, consistency evaluation, and innovative drug development, primarily focusing on pharmaceutical research, clinical trials, and bioanalysis [1]. - The revenue composition of the company is heavily weighted towards CRO (Contract Research Organization) services, accounting for 99.91% of total revenue, with other services contributing only 0.09% [1]. Shareholder Insights - Anxin Fund's Anxin Medical Health Stock A (010709) is among the top ten circulating shareholders of Sunshine Nuohua. In the second quarter, it reduced its holdings by 266,500 shares, retaining 1.442 million shares, which represents 1.29% of the circulating shares. The estimated floating loss today is approximately 1.5285 million yuan, with a total floating loss of 10.8872 million yuan over the five-day decline [2]. - Anxin Medical Health Stock A was established on January 12, 2021, with a current scale of 442 million yuan. Year-to-date returns stand at 63.14%, ranking 222 out of 4220 in its category, while the one-year return is 53.22%, ranking 797 out of 3857 [2]. Fund Positioning - Anxin Medical Health Stock A has Sunshine Nuohua as its fourth-largest holding, with 1.442 million shares representing 7.61% of the fund's net value. The estimated floating loss for today is around 1.5285 million yuan, with a cumulative floating loss of 10.8872 million yuan during the recent five-day decline [3].

Group 1 - Jiuan Medical plans to repurchase shares worth no less than 300 million yuan and no more than 600 million yuan, with a maximum repurchase price of 53.5 yuan per share, to maintain company value and shareholder rights [1] - The current share price of 38.19 yuan represents a discount of approximately 28% compared to the repurchase cap, signaling potential valuation recovery [1] - The repurchased shares are intended to be sold within 12 months after the announcement, providing short-term price stability and future funding flexibility for business transformation [1] Group 2 - Lingbei's drug Bexicaserin has been recognized as a breakthrough therapy by the National Medical Products Administration (NMPA) in China for treating developmental epileptic encephalopathy (DEE) [2] - Bexicaserin is a novel oral 5-HT2C receptor agonist designed to reduce cardiovascular risks, marking a significant milestone in Lingbei's development in China [2] Group 3 - Four Rings Pharmaceutical has announced an investment in Swiss medical aesthetics company Suisselle SA, strengthening their long-term partnership [3] - This investment allows Four Rings to maintain exclusive rights to the CELLBOOSTER® product in China and participate deeply in its operations and development [3] - The collaboration aims to accelerate the promotion and sales of Four Rings' self-developed aesthetic products in Europe and other overseas markets [3] Group 4 - Fudan Zhangjiang's application for the drug Obechol acid tablets for treating primary biliary cholangitis was not approved by the NMPA due to non-compliance with registration requirements [4] - The project has incurred approximately 125 million yuan in R&D investment, which will not significantly impact the company's current financial status [4] - The company needs to review the reasons for the rejection and optimize its pipeline to enhance future R&D efficiency [4] Group 5 - Sunshine Nuohuo's BTP4507 has received approval for clinical trials from the NMPA, targeting primary hypertension patients with inadequate response to monotherapy [5] - BTP4507 is a compound formulation designed to address multiple hypertension targets, catering to the needs of over 300 million hypertensive patients in China [5] - If successful in clinical trials, this drug could open new growth avenues for the company, although it will face competition from similar combination therapies [5]

证券代码：688621 证券简称：阳光诺和 公告编号：2025-084 北京阳光诺和药物研究股份有限公司 关于召开重大资产重组事项投资者说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 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"） 于 2025 年 9 月 25 日召开第二届董事会第二十三次会议，审议通过了《关于<北 京阳光诺和药物研究股份有限公司发行股份及可转换公司债券购买资产并募集 配套资金暨关联交易报告书（草案）>及其摘要的议案》，具体内容详见公司于 2025 年 9 月 26 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 为便于广大投资者更全面深入地了解本次交易相关情况，公司计划于 2025 年 10 月 21 日 11:00-12:00 举行重大资产重组事项投资者说明会，就投资者关心的问题 进行交流。 四、 投资者参加方式 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对本次交易的相关事项与 投资者进行互动交流和沟通，在信息披 ...

Core Viewpoint - Beijing Sunshine Nuohuo Pharmaceutical Research Co., Ltd. has received approval from the National Medical Products Administration for the clinical trial application of BTP4507, aimed at treating primary hypertension patients with poor response to monotherapy [1][2]. Drug Basic Information - Drug Name: BTP4507 - Application Matter: Clinical trial registration for domestic production - Acceptance Number: CXHL2500698 - Applicants: Jiangsu Nuohuo Bitop New Drug Research Co., Ltd., Beijing Sunshine Nuohuo Pharmaceutical Research Co., Ltd., Beijing Baiao Pharmaceutical Co., Ltd. - Approval Conclusion: The clinical trial application for BTP4507 meets the requirements for drug registration and is approved to proceed with clinical trials [1]. Drug Characteristics - BTP4507 is classified as a Class 2 modified new chemical drug, targeting primary hypertension patients who do not respond well to monotherapy [2]. - Current hypertension treatments include various drug types, but overall control rates remain unsatisfactory due to the complex mechanisms of hypertension [2]. - BTP4507 is a compound formulation consisting of multiple drug components with different mechanisms, designed to enhance blood pressure control through synergistic effects on various targets [2].

Core Viewpoint - Beijing Sunshine Nuohuo Pharmaceutical Research Co., Ltd. has received approval for the clinical trial of BTP4507, a new drug aimed at treating primary hypertension patients who do not respond well to monotherapy [1][2]. Group 1: Drug Information - The drug BTP4507 is classified as a modified new chemical entity (Class 2) and is intended for patients with primary hypertension who have poor responses to existing monotherapy [3]. - The clinical trial application for BTP4507 was approved by the National Medical Products Administration, confirming that it meets the necessary requirements for drug registration [2][3]. - BTP4507 is a compound formulation that combines multiple active ingredients with different mechanisms of action, aiming to improve blood pressure control through synergistic effects on various targets [3]. Group 2: Market Context - Current hypertension treatments include various classes of medications, but overall control rates remain suboptimal due to the complex mechanisms of hypertension [3]. - The approval of BTP4507 represents a potential new option for patients who struggle with existing single-component antihypertensive therapies [3].

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is a long-term phenomenon, with external environmental changes having limited impact. In the first half of 2025, there were 72 License-out transactions, exceeding half of the total for 2024, with a total transaction amount 16% higher than in 2024. Notably, there were 16 transactions exceeding $1 billion each [2] - The small nucleic acid drug sector has seen significant breakthroughs, particularly in the treatment of chronic diseases such as hypertension and hyperlipidemia, with major collaborations and potential milestone payments indicating a robust commercial outlook [3] - The trend towards oral autoimmune drugs is gaining attention, with significant partnerships and clinical advancements in this area, highlighting the importance of oral formulations in autoimmune therapies [4] - Recent clinical data on long-acting insulin analogs shows promising weight loss results, with ongoing developments in combination therapies for metabolic diseases, indicating a growing market potential [5] - The CXO sector is gradually recovering, with an increase in License-out transactions serving as a vital funding source for biotech companies, leading to a resurgence in innovation and clinical development [6] - The 2025 national medical insurance negotiations and the commercial insurance innovative drug directory are crucial for companies involved, with a focus on orphan drugs and imported PD-1/L-1 products [7] Summary by Sections Industry Tracking - The pharmaceutical sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 1.20% and a monthly decline of 3.38%, ranking 25th among 31 industry indices [22][26] Industry Trends and Valuation - The pharmaceutical industry index currently has a PE ratio of 39.05, above the five-year historical average of 31.36, indicating a higher valuation compared to historical trends [48][50] Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical topics, including the growth of the blood products industry and the potential of GLP-1 drugs in chronic disease management [53] Important Policies and News - Recent regulations have been introduced to standardize clinical research and ensure drug traceability, which will impact the pharmaceutical landscape significantly [55][56]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The in vivo CAR-T technology is emerging as a new hotspot in cell therapy, with significant investment opportunities in the domestic market. Major pharmaceutical companies are actively entering this field, with multiple high-value transactions occurring in 2025 [5][14] - Compared to traditional CAR-T, in vivo CAR-T offers advantages such as reduced manufacturing costs, shortened processing times, and improved accessibility for patients, making it applicable in various diseases including B-cell malignancies and autoimmune diseases [6][15] - The report highlights the performance of various sub-sectors within the pharmaceutical industry, noting that the hospital sector showed the highest increase, while the medical R&D outsourcing sector experienced the largest decline [7][24] Summary by Sections Section 1: In Vivo CAR-T Transactions - Numerous significant transactions in the in vivo CAR-T space have occurred in 2025, indicating strong interest and investment potential. Notable deals include AstraZeneca's acquisition of EsoBiotech for $1 billion and BMS's agreement to acquire Orbital Therapeutics for $1.5 billion [5][14] Section 2: Market Performance - In the second week of October 2025, the pharmaceutical sector declined by 1.20%, underperforming the CSI 300 index by 0.69 percentage points, ranking 25th among 31 sub-industries. The hospital sector saw the largest increase at 1.79% [7][18] - The report provides a detailed analysis of sub-sector performance, with the hospital sector leading gains and the medical R&D outsourcing sector facing the most significant losses [24][28] Section 3: Recommended Stocks - The report recommends several stocks for investment, including Shiyao Group, Sunshine Nuohuo, and Yuekang Pharmaceutical, among others [8][16]

Core Viewpoint - Sunshine Nuohuo (688621.SH) announced that its subsidiary, Jiangsu Nuohuo Bitop Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial application of its drug BTP4507, which is intended for the treatment of primary hypertension patients with poor response to monotherapy [1] Company Summary - The clinical trial approval for BTP4507 marks a significant milestone for Sunshine Nuohuo in its drug development pipeline [1] - BTP4507 targets a specific patient population, indicating a focused approach in addressing unmet medical needs in hypertension treatment [1] Industry Summary - The approval of clinical trials for hypertension treatments reflects ongoing advancements in the pharmaceutical industry, particularly in addressing chronic conditions [1] - The development of BTP4507 aligns with industry trends towards personalized medicine and targeted therapies for specific patient groups [1]