Core Viewpoint - The company Norse Group (Beijing) Pharmaceutical Technology Co., Ltd. has shown stable financial performance with slight growth in revenue and net profit, while also experiencing significant trading activity in its stock. Group 1: Financial Performance - For the period from January to June 2025, Norse Group achieved operating revenue of 380 million yuan, representing a year-on-year growth of 0.18% [2] - The net profit attributable to the parent company was 61.12 million yuan, reflecting a year-on-year increase of 4.45% [2] - Cumulative cash dividends since the company's A-share listing amounted to 49.50 million yuan [3] Group 2: Business Operations - The company's main business segments include clinical trial operation services (43.01%), clinical trial site management services (27.52%), data management and statistical analysis services (13.53%), biological sample testing services (8.54%), clinical pharmacology services (4.33%), and clinical trial consulting services (3.08%) [2] - As of June 30, 2025, the number of shareholders increased to 10,400, up by 2.06% from the previous period, while the average circulating shares per person decreased by 1.97% to 5,486 shares [2] Group 3: Stock Trading Activity - On August 28, Norse Group's stock price fell by 0.39%, with a trading volume of 149 million yuan [1] - The financing buy-in amount for Norse Group on the same day was 19.42 million yuan, with a net buy of 5.95 million yuan after 13.47 million yuan in financing repayments [1] - The total financing and securities lending balance reached 86.69 million yuan, accounting for 2.94% of the circulating market value, indicating a high level compared to the past year [1]

Core Insights - The company reported a revenue of 380 million yuan for the first half of 2025, showing a year-on-year growth of 0.18%, while the net profit attributable to the parent company was 61 million yuan, reflecting a growth of 4.45% [1][2] Financial Performance - Revenue remained stable with a slight increase in profit; Q2 2025 revenue was 207 million yuan, up 2.56% year-on-year, but net profit decreased by 1.18% to 35 million yuan [2] - Gross margin slightly declined to 37.33%, down 2.75 percentage points year-on-year, while net margin increased to 16.21%, up 0.48 percentage points [2] - Management and sales expense ratios improved, with management expenses at 11.04% (down 4.02 percentage points) and sales expenses at 1.66% (down 0.26 percentage points); R&D expenses increased to 8.08% (up 0.63 percentage points) [2] Business Segment Performance - Clinical Operations (CO) revenue decreased by 7.60% to 149 million yuan, with a gross margin of 28.78% (down 4.98 percentage points) [3] - Site Management Organization (SMO) revenue grew by 31.23% to 129 million yuan, with a gross margin of 33.67% (up 0.08 percentage points) [3] - Data Management and Statistical Analysis Services revenue was 50 million yuan, down 1.71%, with a gross margin of 48.15% (down 2 percentage points) [3] Future Outlook - Revenue projections for 2025-2027 are 776 million, 852 million, and 969 million yuan, with year-on-year growth rates of 4.33%, 9.75%, and 13.79% respectively; net profit forecasts are 150 million, 163 million, and 181 million yuan, with growth rates of 6.85%, 8.83%, and 11.26% respectively [3]

Core Insights - The company, Norsg (301333), reported a slight increase in total revenue and net profit for the first half of 2025, with total revenue reaching 380 million yuan, up 0.18% year-on-year, and net profit at 61.12 million yuan, up 4.45% year-on-year [1] Financial Performance - Total revenue for Q2 2025 was 207 million yuan, reflecting a year-on-year increase of 2.56% - Q2 net profit was 35.04 million yuan, showing a year-on-year decline of 1.18% [1] - The gross profit margin decreased to 37.33%, down 6.86% year-on-year, while the net profit margin improved to 16.21%, up 3.03% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 46.37 million yuan, accounting for 12.21% of revenue, a decrease of 21.88% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly to 890 million yuan, up 74.04% year-on-year - Accounts receivable rose to 145 million yuan, with a year-on-year increase of 38.99% [1] - Interest-bearing liabilities decreased to 62.03 million yuan, down 25.18% year-on-year [1] Earnings Metrics - Earnings per share (EPS) increased to 0.64 yuan, up 4.92% year-on-year - Operating cash flow per share decreased to 0.37 yuan, down 41.92% year-on-year [1] - Book value per share rose to 19.55 yuan, an increase of 4.04% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 7.34%, indicating average capital returns - Historical data shows a median ROIC of 27.19% since the company went public, suggesting good investment returns overall [3] Debt Servicing Capability - The company's cash assets are reported to be very healthy, indicating strong debt servicing capability [3]

Summary of the Conference Call Company and Industry Overview - The conference call pertains to the CRO (Contract Research Organization) industry, specifically focusing on the company 诺思格 (Norseg) and its performance in 2025 [2][4]. Key Financial Metrics - In the first half of 2025, the company's net profit after non-recurring gains increased by 9.52% to 50.91 million yuan, while the net profit attributable to shareholders decreased by approximately 17% to 70.61 million yuan when excluding share-based payment impacts [2][3]. - Total assets at the end of the period slightly decreased, while shareholders' equity increased by 3.02% to 1.888 billion yuan [3]. Business Segment Performance - Clinical trial operation service revenue decreased by 7.6% to 149 million yuan, accounting for 39.25% of total revenue [3]. - SMO (Site Management Organization) business revenue increased by 31.23% to 129 million yuan, rising to 34.10% of total revenue [3]. - Data management and statistical analysis revenue remained stable at 50.49 million yuan, while biological sample testing service revenue fell by 27.3% to 32.09 million yuan [3]. Industry Trends and Insights - The CRO industry began to show signs of recovery in 2025, with increased order volumes and stabilized prices, particularly in high-end projects [2][6]. - The SMO sector is experiencing positive price trends, prompting the company to strengthen its presence in this area and target high-quality foreign clients [7][8]. - The company has initiated projects in Australia and the United States, with plans to expand into Japan and Europe [10]. Strategic Initiatives - The company is accelerating its acquisition plans, focusing on targets with stable profits, low risks, and strong cultural alignment [4][14]. - The 中金诺斯格产业基金 (CICC Norseg Industry Fund) has completed its first phase of investments and is preparing to launch a second phase, primarily targeting the innovative drug sector [14]. Future Outlook - The company's profitability is expected to improve due to market recovery and price increases, alongside enhanced internal management and AI tool utilization [15]. - The CRO industry is undergoing a cleansing process, with smaller companies facing significant challenges, leading to a shift in client preferences towards established firms like Norseg [12][13]. - The investment enthusiasm for innovative drugs is high in China, contrasting with the U.S. market, where there is a preference for later-stage drug purchases [17][18]. Emerging Trends - Popular disease areas include GLP-1 targets and cell therapy products, with a diversification in treatment methods and focus points [28]. - The recognition of Chinese clinical data is increasing, benefiting domestic CROs in expanding their overseas market presence [29]. Additional Insights - The company emphasizes a controlled expansion strategy, avoiding blind growth while ensuring profitability [9]. - The overall investment environment is becoming healthier and more stable, with a focus on high-quality projects [22]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, industry trends, strategic initiatives, and future outlook.

Market Performance - The pharmaceutical sector experienced a decline of -2.73% on August 27, 2025, underperforming the CSI 300 index by 1.24 percentage points, ranking 26th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (-1.37%), medical research outsourcing (-1.98%), and blood products (-2.06%) performed relatively better, while in vitro diagnostics (-3.98%), vaccines (-3.45%), and hospitals (-3.12%) lagged behind [1] - Top three gainers included Nanjing New Pharmaceutical (+20.00%), Ailis (+17.00%), and Aomei Medical (+10.04%), while the largest decliners were Yuekang Pharmaceutical (-16.82%), Rejing Bio (-10.47%), and Guangshengtang (-10.32%) [1] Industry News - Gilead announced that the European Commission has approved its HIV-1 capsid inhibitor Yeytuo (Lenacapavir) for market release as a pre-exposure prophylaxis (PrEP) therapy, aimed at reducing the risk of HIV-1 infection in high-risk adults and adolescents (weighing at least 35 kg) [2] - Lenacapavir is a "first-in-class" long-acting HIV capsid inhibitor that interferes with the assembly and disassembly of the HIV capsid protein, demonstrating a 100% prevention rate of HIV infection in a study with 2,134 participants receiving biannual subcutaneous injections, outperforming the daily oral Truvada treatment group [2] Company News - Xingqi Eye Pharmaceutical (300573) reported a revenue of 1.163 billion yuan for the first half of 2025, a year-on-year increase of 30.38%, with a net profit attributable to shareholders of 335 million yuan, up 97.75% [3] - Nossger (301333) achieved a revenue of 380 million yuan in the first half of 2025, a slight increase of 0.18%, with a net profit of 61 million yuan, growing by 4.45% [3] - Mindray Medical (300706) reported a revenue of 16.743 billion yuan for the first half of 2025, a decline of 18.45%, with a net profit of 5.069 billion yuan, down 32.96% [3] - Zhongsheng Pharmaceutical (002317) announced that its subsidiary Zhongsheng Ruichuang has completed the first participant enrollment and dosing for two Phase III clinical trials (SHINING-2 and SHINING-3) of its innovative polypeptide drug RAY1225 injection [3]

Core Insights - Nossger (Beijing) Pharmaceutical Technology Co., Ltd. reported a revenue of 380 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.18% [1] - The net profit attributable to shareholders reached 61.1161 million yuan, up 4.45% year-on-year, with a basic earnings per share of 0.64 yuan, an increase of 4.92% [1] Business Performance - The company's core business focuses on the clinical CRO sector, providing a comprehensive drug clinical research service [2] - Revenue from the clinical trial site management services (SMO) was 129 million yuan, showing a significant growth of 31.23% with a gross margin of 33.67% [2] - Clinical trial operation services (CO) generated revenue of 149 million yuan with a gross margin of 28.78% [2] - Data management and statistical analysis services (DM/ST) achieved revenue of 50.4924 million yuan, maintaining a high gross margin of 48.15% [2] - R&D investment increased by 8.59% to 30.6726 million yuan, supporting business innovation and service capability enhancement [2] Strategic Development - The company aims to expand innovative services and accelerate global business development while maintaining a focus on human health [3] - Nossger has adjusted some fundraising projects, terminating the "Data Science Center Project" to optimize resource allocation [3] - The company has established a comprehensive risk response mechanism to address industry regulatory changes, intensified market competition, and operational challenges [3]

Core Viewpoint - The company aims to seize opportunities for growth, actively expand its market presence, and enhance its competitive advantages while striving to provide high-quality services to customers [2] Group 1 - The company is focused on developing and expanding its market [2] - The company emphasizes strengthening its competitive advantages [2] - The company is committed to delivering quality services to its clients [2]

诺思格（北京）医药科技股份有限公司 2025年半年度募集资金存放与实际使用情况的 专项报告 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求（2022年修订）》和《深圳证券交易所上市公司自律监管指引第2号——创业 板上市公司规范运作（2023年修订）》有关规定，现将本公司2025年半年度募集 资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意诺思格（北京）医药科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2022]1185号）同意注册，并经深 圳证券交易所同意，本公司由主承销商中国国际金融股份有限公司采用网上按市 值申购向持有深圳市场非限售A股股份和非限售存托凭证市值的社会公众投资 者直接定价发行的方式，公开发行了普通股（A股）股票1,500.00万股，发行价 为每股人民币78.88元。截至2022年7月28日，本公司共募集资金118,320.00万 元，扣除发行费用9,560.18万元后，募集资金净额为108,759.82万元。 上述募集资金净额已经致同会计师事务所（特殊普通合伙）出具《验资报告》 （ ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 诺思格（北京）医药科技股份有限公司 | 非经营性资金占用 | 资金占用方 | 占用方与上 市公司的关 | 上市公司 核算的会计科 | 2025 年期初占 | 2025 年半年度 占用累计发生金 | 2025 年半年度 占用资金的利 | 2025 年半年 2025 度偿还累计 | 年半年度期 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | | | 用资金余额 | | | | 末占用资金余额 | 原因 | | | | | 联关系 | 目 | | 额（不含利息） | 息(如有) | 发生金额 | | | | | 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 | | | | | | | | | | ...

证券代码：301333 证券简称：诺思格 公告编号：2025-036 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第四届监事会 第九次会议于2025年8月27日在公司会议室以现场结合通讯方式召开。会议通知 已于2025年8月15日以电子邮件及专人送达等方式送达全体监事。本次会议应出 席监事3人，实际出席监事3人。会议由监事会主席关虹主持。会议召开符合有关 法律、法规、规章和《诺思格（北京）医药科技股份有限公司章程》（以下简称 《公司章程》）的规定。 二、监事会会议审议情况 （一）审议通过《关于<2025年半年度报告>及其摘要的议案》 表决情况：3票同意；0票弃权；0票反对。 经审议，监事会认为：公司2025年半年度报告全文及其摘要内容真实、准确、 完整地反映了公司2025年半年度经营的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏；报告编制和审核的程序符合法律、行政法规的要求，符合中 国证监会和深圳证券交易所的相关规定，同意对外报出。 具体内容详见公司同日于巨潮资讯网（http://www.cninfo.com.cn）披露的 《2025年半年度报告》和《2025年半年度报告摘要》（公告编号： ...