[Table_Main] 证券研究报告 | 公司点评 新诺威(300765.SZ) 2024 年 08 月 21 日 买入（维持） 所属行业：医药生物/化学制药 当前价格(元)：25.36 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 研究助理 市场表现 -54% 0% 54% 109% 163% 217% 271% 326% 2023-08 2023-12 2024-04 2024-08 新诺威 沪深300 | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -6.73 | -8.65 | -21.97 | | 相对涨幅 (%) | -0.59 | -3.46 | -11.96 | | 资料来源：德邦研究所，聚源数据 | | | | 相关 ...

欢迎大家参加新卓威2024年的中期业绩理论会公司在上周五发布了2024年的中报数据本次会议我们也邀请到了公司的豪华管理团队和大家进行业绩的分享解读以及展望那么他们包括了新卓威的董事长潘伟东潘总董事总经理姚冰姚总 各位投资者 各位股东大家上午好就新罗威的中期业绩呢我给各位呢做一个报告今年年初呢公司完成控股定表其实生物也就是去年其实生物51的股权定了以后啊在今年 元月开始全年的进入了这个并表实现了研发实力和产品结构的跨越发展上半年的公司各项业务的稳健推进整体的收入的并表收入实现是9.7亿非五金利润1.4亿元在功能性原料产品方面的咖啡因的价格叫 上年同期呢有所下降这也是原料药这个周期吧周期行为导致收入呢有所下滑这个滑到是收入8.44元受益良好的成本管理呢功能性原料产品毛利呢仍保持在了百分之四十的以上我看对应的毛利率仍然在四十以上 保健品类业务的收入9500万元毛利率73.65同比是略有下降生物制药及其他板块包括区内的尚未有产品形成销售收入因为PDI是在6月底批核下来7月份开始有营收也就是6月30号之前并没有形成收入这个时间进度 去年其实并入的时候也是相当的一致的包括其内原料样板块主要产品保持着较高的产能力用力以及产 ...

证券代码： 300765 证券简称： 新诺威 石药创新制药股份有限公司投资者关系活动记录表 编号： | --- | --- | --- | --- | |-----------------|------------------------------------|-----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 2024-04 | | | □ 特定对象调研 □ | 分析师会议 | | | 投 资 者 关系活 | □ 媒体采访 □ | 业绩说明会 | | | 动类别 | □ 新闻发布会 □ | 路演活动 | | | | □ 现场参观 √ | 其他 ...

暨关联交易预案后的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、石药创新制药股份有限公司（以下简称"公司"）于 2024 年 7 月 25 日披 露的《石药创新制药股份有限公司发行股份及支付现金购买资产并募集配套资金 暨关联交易预案（二次修订稿）》的"重大风险提示"中，详细披露了本次交易 可能存在的风险因素及尚需履行的审批程序，敬请广大投资者注意投资风险。 证券代码：300765 证券简称：新诺威 公告编号：2024-078 石药创新制药股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 2024 年 2 月 23 日、2024 年 3 月 22 日、2024 年 4 月 23 日、2024 年 5 月 22 日、2024 年 6 月 21 日，公司分别披露了《关于发行股份及支付现金购买资产并 募集配套资金暨关联交易预案后的进展公告》（公告编号：2024-017、2024-034、 2024-047、2024-052、2024-054）。 2024 年 7 月 19 日，公司披露了《关于发行股份及支付现金购买资产并募集 配套 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥971.86 million, a decrease of 27.71% compared to ¥1.31 billion in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥137.03 million, down 48.27% from ¥400.62 million in the previous year[21]. - The net cash flow from operating activities was negative at approximately ¥941.44 million, a decline of 277.60% compared to a positive cash flow of ¥346.37 million in the same period last year[21]. - The basic earnings per share for the first half of 2024 was ¥0.10, a decrease of 47.37% from ¥0.35 in the previous year[21]. - Total assets at the end of the reporting period were approximately ¥5.89 billion, down 21.23% from ¥5.63 billion at the end of the previous year[21]. - The net assets attributable to shareholders decreased to approximately ¥3.91 billion, a decline of 26.05% from ¥5.08 billion at the end of the previous year[21]. - The company's main business revenue for the first half of 2024 was approximately ¥943.18 million, with a gross profit margin of 44.08%, reflecting a year-on-year decrease of 28.53% in revenue and 23.57% in costs[45]. - Functional raw materials generated revenue of ¥844.49 million, with a gross profit margin of 40.53%, showing a year-on-year revenue decline of 23.56%[45]. - The health food product segment reported revenue of ¥95.37 million, with a gross profit margin of 73.65%, experiencing a significant year-on-year revenue drop of 47.06%[45]. - The biopharmaceutical products segment had revenue of ¥3.31 million, with an exceptionally high gross profit margin of 99.62%, but saw a drastic year-on-year revenue decline of 90.45%[45]. Business Strategy and Development - The company has extended its business into the biopharmaceutical sector by acquiring a controlling stake in Jushi Biotech, focusing on innovative biopharmaceuticals[28]. - The company is actively pursuing high-end market registrations in the US, EU, and other regions, enhancing its global market presence[33]. - The company is expanding its overseas sales structure, establishing offices in key countries to enhance localized service and product support, thereby increasing brand influence in North America, Europe, South America, and South Asia[34]. - The company is focusing on market demand and continuously improving its R&D strategy, investing significant resources to accelerate product development and innovation[34]. - The company is actively pursuing international business expansion by collaborating with biotech firms and licensing its innovative products[34]. - The company plans to maintain a high investor participation rate, with 75.44% at the annual general meeting held on April 9, 2024[95]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[187]. Research and Development - The company has five ADCs in clinical research, with one (DP303c injection) entering critical clinical stages[29]. - The company’s R&D capabilities include innovative drug development in multiple fields, supported by a well-structured technical platform[54]. - Research and development expenses amounted to ¥251.86 million, down 15.97% from ¥299.71 million, indicating a stable investment in innovation despite overall revenue decline[64]. - The company’s mRNA drug development platform has successfully produced mRNA with a simple process and short production cycle, leading to the approval of its first mRNA vaccine in China[56]. - The company emphasizes ongoing R&D investment, focusing on market demand to mitigate risks associated with new product development[90]. - The company is actively enhancing its R&D capabilities to accelerate the commercialization of new products and closely tracking market dynamics[91]. Market Conditions and Risks - The company has highlighted potential risks and countermeasures in its future development plans, which investors are advised to consider[3]. - The company faces market competition risks, particularly in the functional raw materials sector, which may lead to declining gross margins[87]. - The company is exposed to raw material price fluctuations, which could adversely affect profitability if not managed effectively[88]. - The pharmaceutical industry faces increasing operational costs due to stricter regulations, which may impact the company's future profitability[90]. Environmental and Regulatory Compliance - The company strictly adheres to various environmental protection laws and standards, including the "Environmental Protection Law of the People's Republic of China" and the "Air Pollution Prevention and Control Law" among others[100]. - The company has implemented effective treatment for all waste gases, achieving compliance with emission standards[103]. - The company has invested in environmental protection measures and has paid the required environmental protection taxes as per regulations[107]. - The company has established an energy management system to promote energy conservation and improve energy efficiency[109]. Shareholder and Financial Management - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[4]. - The company has not reported any significant guarantees, leasing, or other major contracts during the reporting period[130][133][134]. - The largest shareholder, Shiyao Group Enbi Pharmaceutical Co., Ltd., holds 73.60% of the shares, with a total of 1,033,744,394 shares, having increased its holdings by 172,290,732 shares during the reporting period[148]. - The company’s total share capital increased to 1,404,592,944 shares after a capital reserve conversion of 233,850,790 shares, representing a 20% increase from the previous distribution[140]. - The company will issue shares to no more than 35 qualified investors to raise funds, with the total amount not exceeding 100% of the transaction price for the asset acquisition[125]. Financial Position and Cash Flow - Cash and cash equivalents decreased by 25.28% to ¥1,481,895,498.14, accounting for 25.18% of total assets, primarily due to payments for R&D, large deposits, annual equity distributions, and share buybacks[68]. - The company reported a significant drop in cash flow from operating activities, with a net outflow of ¥941.44 million compared to a net inflow of ¥530.10 million in the previous year, primarily due to increased R&D payments[64]. - The total amount of raised funds was ¥163,060.46 million, with ¥4,296.9 million invested during the reporting period and a cumulative investment of ¥95,252.85 million[72]. - The total liabilities at the end of the reporting period were CNY 999.71 million, significantly up from CNY 272.92 million at the beginning of the period[169]. - The company reported a cash inflow from sales of goods and services of CNY 551,681,382.94, a decrease from CNY 676,799,384.63 in the previous year[181].

证券代码：300765 证券简称：新诺威 公告编号：2024-077 石药创新制药股份有限公司 关于召开2024年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《中华人民共和国公司法》（以下简称"《公司法》"）和《石药创新制 药股份有限公司章程》（以下简称"《公司章程》"）等相关规定，经石药创新制 药股份有限公司（以下简称"公司"）第六届董事会第十七次会议审议通过，决定 于 2024 年 9 月 10 日（星期二）召开 2024 年第二次临时股东大会。本次股东大 会采用现场投票与网络投票相结合的方式进行，现就召开公司 2024 年第二次临 时股东大会的相关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2024 年第二次临时股东大会。 2. 股东大会的召集人：公司董事会。 3. 会议召开的合法、合规性：经公司第六届董事会第十七次会议审议通过 《关于提请召开公司 2024 年第二次临时股东大会的议案》，同意召开本次股东 大会，本次会议的召开符合《公司法》及《公司章程》等相关规定。 4. 会议召开的日期、时间： （1）现 ...

石药创新制药股份有限公司 章 程 2024 年 4 月 1 | | | | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和经营范围 4 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东大会 8 | | 第一节 | 股东 8 | | 第二节 | 股东大会的一般规定 10 | | 第三节 | 股东大会的召集 13 | | 第四节 | 股东大会提案与通知 15 | | 第五节 | 股东大会的召开 16 | | 第六节 | 股东大会的表决和决议 19 | | 第五章 | 董事会 23 | | 第一节 | 董事 23 | | 第二节 | 独立董事 27 | | 第三节 | 董事会 30 | | 第四节 | 董事会专门委员会 34 | | 第六章 | 总经理及其他高级管理人员 35 | | 第七章 | 监事会 37 | | 第一节 | 监事 37 | | 第二节 | 监事会 38 | | 第八章 | 党建工作 40 | | 第九章 | 财务会计制度、利润分配和审计 40 ...

石药创新制药股份有限公司 | | | 占用方与上 | 上市公司核算 | 年期 2024 | 年半年度占 2024 | 年半年 2024 | 年半 2024 | 年 2024 | 6 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | 的会计科目 | 初占用资 | 用累计发生金额 | 度占用资金的 | 年度偿还累 | 月末占用资 | | 成原因 | 占用性质 | | | | 联关系 | | 金余额 | （不含利息） | 利息（如有） | 计发生金额 | 金余额 | | | | | 控股股东、实际控制 | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | | 小计 | | | | ...

具体内容如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 石药创新制药股份有限公司（以下简称"公司"、"石药创新"）于 2024 年 3 月 13 日召开了第六届董事会第十三次会议、第六届监事会第十次会议，会议审 议并通过了《关于使用部分闲置募集资金及自有资金进行现金管理的议案》，在 不影响募集资金投资项目建设和公司正常经营的情况下，公司及子公司使用不超 过人民币 5.00 亿元（含本数）额度的闲置募集资金及不超过人民币 5.00 亿元（含 本数）的自有资金进行现金管理，投资安全性高、流动性好的保本型产品（包括 结构性存款、大额存单等），使用期限自股东大会审议通过之日起 12 个月内有效。 在上述额度及决议有效期内，业务可循环滚动开展。 本着股东利益最大化的原则，根据公司募集资金投资项目进度及资金需求安 排，为进一步提高募集资金使用效率，公司于 2024 年 8 月 16 日召开第六届董事 会第十七次会议和第六届监事会第十三次会议，审议通过《关于增加闲置募集资 金现金管理额度的议案》，同意公司及子公司增加不超过人民币 3.00 亿元（含本 数）额度的闲置 ...

证券代码：300765 证券简称：新诺威 公告编号：2024-068 石药创新制药股份有限公司 第六届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 石药创新制药股份有限公司（以下简称"公司"）第六届董事会第十七次会 议（以下简称"本次会议"）于 2024 年 8 月 16 日在公司会议室以现场加通讯表 决相结合的方式召开，会议通知于 2024 年 8 月 10 日以专人送出、电话通知等方 式送达全体董事。 会议由公司董事长潘卫东先生主持，公司监事与高级管理人员列席了本次会 议。本次会议应出席董事人数 11 人，实际出席董事人数 11 人。出席董事资格、 人数以及召集、召开程序等均符合《中华人民共和国公司法》等法律法规和《石 药创新制药股份有限公司章程》的规定，本次会议合法有效。 二、董事会会议审议情况 经与会董事充分讨论，本次会议审议并通过了如下议案： 具体内容详见公司同日在中国证监会指定创业板信息披露网站巨潮资讯网 上发布的相关公告。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 （二）审议并通 ...