智通财经5月21日电，舒泰神20CM涨停，此前三生国健3连板，赛升药业、海创药业、海辰药业、诺思 格、君实生物等跟涨。消息面上，港股创新药企三生制药公告称，其与辉瑞公司就前者自主研发的PD- 1/VEGF双特异性抗体SSGJ-707签订了独家许可协议。本次协议中12.5亿美元的首付款再次刷新了国产 创新药出海首付款金额纪录。 创新药概念延续强势 舒泰神20CM涨停 ...

Company Overview - Norsg has a closing price of 44.6 yuan, with an increase of 1.71%, resulting in a rolling PE ratio of 30.07 times and a total market value of 4.308 billion yuan [1] - The company operates in the medical services industry, which has an average PE ratio of 38.49 times and a median of 39.26 times, placing Norsg at the 23rd position in the industry ranking [1] Shareholding and Institutional Investment - As of the first quarter of 2025, there are 12 institutions holding shares in Norsg, including 7 funds and 5 other entities, with a total shareholding of 32.7994 million shares valued at 1.685 billion yuan [1] Business Operations - Norsg (Beijing) Pharmaceutical Technology Co., Ltd. provides comprehensive integrated services for drug clinical research and development for global pharmaceutical companies and research institutions [1] - The main services offered include clinical trial operation services, clinical trial site management services, data management and statistical analysis services, biological sample testing services, clinical trial consulting services, and clinical pharmacology services [1] Financial Performance - In the first quarter of 2025, Norsg reported an operating income of 173 million yuan, a year-on-year decrease of 2.53%, and a net profit of 26.0737 million yuan, reflecting a year-on-year increase of 13.12%, with a sales gross margin of 36.53% [1]

证券代码：301333 证券简称：诺思格 公告编号：2025-024 诺思格（北京）医药科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、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、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、股东大会的召开情况 1、会议召开时间：2025 年 5 月 12 日（星期一）下午 14:30 开始； 网络投票时间：2025 年 5 月 12 日，其中通过深圳证券交易所交易系统进行 投票的时间为 2025 年 5 月 12 日上午 9:15-9:25，9:30-11:30 和下午 13:00- 15:00；通过深圳证券交易所互联网投票系统投票的时间为 2025 年 5 月 12 日上 午 9:15-下午 15:00 期间。 2、现场会议召开地点：北京市海淀区车公庄西路 19 号华通大厦 B 座北塔 11 层公司会议室。 3、会议召开和表决方式：本次会议采取现场记名投票与网络投票相结合的 方式。 4、股东大会的召集人：公司董事会。 （一）股东出席的总体情况 参加本次 ...

上海君澜律师事务所 关于诺思格（北京）医药科技股份有限公司 2024 年年度股东大会的法律意见书 致：诺思格（北京）医药科技股份有限公司 1.1 本次股东大会由公司董事会召集。 公司董事会于 2025 年 3 月 27 日召开第五届董事会第九次会议，审议通过 了《关于<2024 年度董事会工作报告>的议案》《关于<2024 年度总经理工 作报告>的议案》《关于<2024 年年度报告>及其摘要的议案》《关于<2024 年度内部控制自我评价报告>的议案》《关于使用部分闲置募集资金和自有 资金进行现金管理的议案》《关于<2024 年度募集资金存放与使用情况的 专项报告>的议案》《关于公司 2024 年度利润分配预案的议案》《关于<2024 1 上海君澜律师事务所 法律意见书 年度财务决算报告>的议案》《关于续聘公司 2025 年度审计机构的议案》 《关于终止实施 2023 年限制性股票激励计划的议案》及《关于召开 2024 年年度股东大会的议案》，并审议了《关于董事、监事及高级管理人员薪 酬方案的议案》，决定于 2025 年 5 月 12 日（星期一）14:30 召开本次股 东大会。 公司监事会于 2025 年 3 ...

Company Overview - Norsg has a closing price of 44.62 yuan, with an increase of 1.27%, and a rolling PE ratio of 30.08 times, resulting in a total market value of 4.309 billion yuan [1] - The company specializes in providing integrated drug clinical research and development services for global pharmaceutical companies and research institutions, including clinical trial operation services, site management, data management and statistical analysis, biological sample testing, consulting services, and clinical pharmacology services [1] Financial Performance - In the first quarter of 2025, the company reported revenue of 173 million yuan, a year-on-year decrease of 2.53%, while net profit was 26.0737 million yuan, reflecting a year-on-year increase of 13.12%, with a gross profit margin of 36.53% [1] Industry Comparison - The average PE ratio for the medical services industry is 38.15 times, with a median of 38.48 times, placing Norsg at the 23rd position within the industry [1] - The company’s static PE ratio is 30.73 times, and its price-to-book ratio is 2.31 [2] - The total market value of the medical services industry averages 15.089 billion yuan, with Norsg's market value at 4.309 billion yuan [2] Capital Flow - On May 12, 2023, Norsg experienced a net outflow of 1.4731 million yuan in principal funds, with a total outflow of 23.3755 million yuan over the past five days [1]

关于股份回购进展的公告 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。 诺思格（北京）医药科技股份有限公司（以下简称"公司"）于 2024 年 7 月 1 日召开第五届董事会第二次会议，审议通过《关于回购公司股份方案的议案》。 公司拟使用自有资金以集中竞价交易方式回购公司股份，用于员工持股计划或股 权激励。本次回购的资金总额不低于 5,000 万元（含本数）且不超过 8,000 万元 （含本数），回购价格不超过 58.00 元/股（含本数）。具体回购股份的数量以回 购实施完毕时实际回购的股份数量为准。本次回购期限自董事会审议通过之日起 12 个月内。 证券代码：301333 证券简称：诺思格 公告编号：2025-023 诺思格（北京）医药科技股份有限公司 由于公司 2023 年度权益分派已实施完毕，根据相关规定，自除权除息日(即 2024 年 7 月 5 日)起，回购价格不超过人民币 58.00 元/股（含本数）调整为不超 过人民币 57.80 元/股（含本数）。以上具体内容详见公司 2024 年 7 月 6 日在巨 潮资讯网（http://www.cninf ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 44.46 [1][6]. Core Insights - In Q1 2025, the company reported a slight decline in revenue of 2.53% year-on-year, totaling 173 million yuan, while net profit increased by 13.12% to 26 million yuan. The growth in profit is attributed to cost reduction and efficiency improvements [4][5]. - The company is expanding its overseas business, establishing subsidiaries in Hong Kong and Australia, which is expected to accelerate its international presence. Additionally, favorable policies in the healthcare sector may lead to a recovery in the domestic clinical CRO industry [6][5]. - The company forecasts revenue growth from 777 million yuan in 2025 to 966 million yuan in 2027, with corresponding net profits expected to rise from 147 million yuan to 181 million yuan during the same period [7][6]. Summary by Sections Financial Performance - Q1 2025 revenue was 173 million yuan, down 2.53% year-on-year, while net profit was 26 million yuan, up 13.12%. The adjusted net profit was 20 million yuan, reflecting a 23.26% increase [4][5]. - The company's expense ratios improved, with management expenses decreasing by 4.06 percentage points to 11.58%, and sales expenses down by 0.08 percentage points to 1.88%. The gross margin was 36.53%, a decrease of 1.31 percentage points year-on-year, while the net margin increased by 1.99 percentage points to 15.28% [5][6]. Business Outlook - The company is expected to maintain steady growth in its SMO business, while its statistical business remains stable. However, clinical and testing services have seen a decline [5]. - The revenue projections for 2025 to 2027 indicate a compound annual growth rate (CAGR) of 4.42%, 9.53%, and 13.47%, respectively, with net profit growth rates of 4.58%, 9.72%, and 12.46% [6][7]. Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 30, 27, and 24, respectively, indicating a favorable valuation outlook as the company grows [6][7].

Summary of the Conference Call for 诺思格 Company Overview - **Company**: 诺思格 - **Industry**: Clinical Research Organization (CRO) Key Financial Metrics - **Q1 2025 Non-GAAP Net Profit**: Increased by 23.26% to 20.415 million yuan [2][3] - **Total Assets**: Decreased by 2.22% to 2.284 billion yuan [3] - **Equity Attributable to Shareholders**: Increased by 1.68% to 1.863 billion yuan [3] - **Revenue**: Decreased by 2.53% to 1.000 billion yuan [3] Business Segment Performance - **Clinical Trial Operation Services**: Revenue decreased by 18.87%, accounting for 37.24% of total revenue [4] - **Clinical Trial Services**: Revenue increased by 30.43%, accounting for 34.62% of total revenue [4] - **Data Management and Statistical Analysis**: Revenue increased by 0.87%, accounting for 15.09% of total revenue [4] - **Biological Sample Testing Services**: Revenue decreased by 27.30% [4] Industry Insights - **CRO Industry Competition**: High bidding activity but declining order prices, leading to significant operational pressure [5][6] - **Funding Shortages**: Many drug development projects are stalled due to lack of funding, with most investment firms in a wait-and-see mode [6] - **Market Sentiment**: Overall industry sentiment remains pessimistic, with a lack of confidence among companies [8] Operational Challenges - **Order Volume**: Decreased by 16% in Q1, with service fees dropping by 41%, indicating significant revenue and profit pressure [9] - **Cost Control**: Limited ability to reduce costs further, with ongoing challenges in improving profit margins [19] - **Future Growth**: Uncertainty regarding growth drivers for 2025, with expectations for a prolonged recovery period [11][13] M&A Strategy - **Acquisition Plans**: Actively seeking domestic and international M&A opportunities, but facing challenges in finding suitable targets due to market conditions [7] International Business Development - **Overseas Operations**: Focused on data statistics, with a branch established in Australia, but not yet profitable [12] Profitability Outlook - **Margin Pressure**: Overall gross margin and net profit margin have slightly declined due to competitive pricing and market conditions [19] - **Future Profitability**: Significant pressure on contracts and uncertain market conditions make future profitability difficult to predict [20] Employee and Cost Management - **Employee Count**: Stable at approximately 2,200 employees, with potential adjustments based on segment needs [17] - **Cost Management Strategy**: No plans to increase personnel despite rising workload, focusing on cost control [18]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.2700 CNY, representing a 12.5% increase compared to Q1 2024, which was 0.2400 CNY [1] - The net profit for Q1 2025 is 0.26 billion CNY, showing a 13.04% increase from Q1 2024's 0.23 billion CNY [1] - The return on equity for Q1 2025 is 1.41%, up 7.63% from 1.31% in Q1 2024 [1] - The total operating revenue for Q1 2025 is 1.73 billion CNY, a decrease of 2.26% from 1.77 billion CNY in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 32.574 million shares, accounting for 57.02% of the circulating shares, with a decrease of 3.1175 million shares compared to the previous period [2] - Ningbo Kangyunfu Equity Investment Co., Ltd. holds 11.52 million shares, representing 20.16% of the total share capital, with no change [2] - The E Fund Healthcare Industry Mixed A fund has reduced its holdings by 549,400 shares, now holding 3.7355 million shares, which is 6.54% of the total [2] Dividend Distribution - The company will not distribute or transfer any dividends this time [3]

证券代码：301333 证券简称：诺思格 公告编号：2025-022 诺思格（北京）医药科技股份有限公司 第四届监事会第七次会议决议公告 （一）审议通过《关于<2025年第一季度报告全文>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年第一季度报告》内容真实、准确、完整 地反映了公司2025年第一季度经营的实际情况，不存在虚假记载、误导性陈述或 者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的 《2025年第一季度报告》（公告编号：2025-020）。 三、备查文件 第四届监事会第七次会议决议 本公司及监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、监事会会议召开情况 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 第七次会议于2025年4月25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4月18日以电子邮件、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 ...