公司董事会审计委员会审议通过了该议案。 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。 一、董事会会议召开情况 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第五届董事会 第十次会议（以下简称"本次会议"）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日以电子邮件及专人送达等方式送达 全体董事。本次会议应出席董事9人，实际出席董事9人。会议由董事长WU JIE （武杰）先生主持，会议的召开符合有关法律、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、董事会会议审议情况 （一）审议通过《关于<2025年第一季度报告全文>的议案》 表决情况：9票同意；0票弃权；0票反对。 经审议，董事会认为：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。 证券代码：301333 证券简称：诺思格 公告编号：2025-021 诺思格（北京）医药科技股份有限公司 第五届董事会第十次会议决议公告 ...

Financial Performance - The company's revenue for Q1 2025 was ¥172,843,520.58, a decrease of 2.53% compared to ¥177,331,193.71 in the same period last year[5] - Net profit attributable to shareholders increased by 13.12% to ¥26,073,749.86 from ¥23,048,890.81 year-on-year[5] - Basic and diluted earnings per share rose by 12.50% to ¥0.27 from ¥0.24 in the same period last year[5] - Net profit for the current period is ¥26,410,752.58, an increase of 11.8% compared to ¥23,572,914.21 in the previous period[37] - Earnings per share (basic and diluted) increased to ¥0.27 from ¥0.24, reflecting a growth of 12.5%[38] Cash Flow - The net cash flow from operating activities was negative at -¥11,193,588.94, a decline of 148.04% compared to ¥23,298,356.28 in the previous year[5] - Cash flow from operating activities decreased to ¥149,075,749.65, down 13.0% from ¥171,279,223.23 in the previous period[40] - Net cash flow from operating activities was -$11.19 million, a decrease from $23.30 million in the previous period[41] - Net cash flow from financing activities showed a dramatic increase of 390.80%, amounting to -¥45,417,320.31 compared to -¥9,253,748.32 in the previous year[12] - Net cash flow from financing activities was -$45.42 million, worsening from -$9.25 million in the previous year[41] Assets and Liabilities - Total assets decreased by 2.22% to ¥2,284,458,257.48 from ¥2,336,225,321.98 at the end of the previous year[5] - The company's cash and cash equivalents decreased to CNY 757,135,831.99 from CNY 1,068,707,741.15, reflecting a decline of approximately 29.1%[33] - Total liabilities decreased to ¥417,164,475.26 from ¥500,089,008.78, a reduction of 16.6%[35] - Total equity increased to ¥1,867,293,782.22 from ¥1,836,136,313.20, reflecting a growth of 1.7%[35] Investments and Subsidiaries - The company established a wholly-owned subsidiary, R&G (HK) PHARMA LIMITED, in Hong Kong on February 14, 2025[30] - The company also established another wholly-owned subsidiary, R&G PHARMA AUSTRALIA PTY LIMITED, in Australia on February 19, 2025[31] - Total cash inflow from investment activities was $388.21 million, down from $650.67 million year-over-year[41] - Cash outflow from investment activities totaled $629.71 million, compared to $845.27 million in the prior period[41] Shareholder Actions - The total number of ordinary shareholders at the end of the reporting period was 7,041[13] - The company plans to repurchase shares using its own funds, with a total amount not less than RMB 50 million and not exceeding RMB 80 million, at a price not exceeding RMB 58.00 per share[17] - As of March 31, 2025, the company has repurchased a total of 1,442,000 shares, accounting for 1.49% of the total share capital, with a total transaction amount of RMB 56,062,734.00[18] - Harmony Growth Phase II and its concerted actors plan to reduce their holdings through block trading and centralized bidding on November 14, 2024[20] - From February 26 to March 5, 2025, Harmony Growth Phase II and Harmony Health cumulatively reduced their holdings by 2,126,238 shares, accounting for 2.2240% of the company's total share capital[21] Research and Development - Research and development expenses for the current period were ¥14,474,466.24, slightly up from ¥14,126,228.84, indicating a focus on innovation[37] Other Financial Metrics - The company reported a significant increase of 34.30% in trading financial assets, reaching ¥950,333,744.66 due to an increase in bank cash management products[10] - The company's accounts receivable rose to CNY 145,756,042.92 from CNY 125,239,485.50, indicating an increase of approximately 16.5%[33] - The company's contract liabilities decreased to CNY 220,807,328.88 from CNY 235,117,501.62, a decline of approximately 6.1%[34] - The company reported a net investment income of ¥3,667,462.80, an increase from ¥3,437,976.21 in the previous period[37] - Other comprehensive income after tax for the current period was ¥8,898.18, compared to a loss of ¥25,527.99 in the previous period[38]

中国国际金融股份有限公司 关于诺思格（北京）医药科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：诺思格 | | --- | --- | | 保荐代表人姓名：任孟琦 | 联系电话：010-65051166 | | 保荐代表人姓名：陈贻亮 | 联系电话：010-65051166 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易制 | | | 度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 | | | ...

Group 1 - The core viewpoint of the articles indicates that Norsg has a closing price of 45.29 yuan, down 3.10%, with a rolling PE ratio of 31.19 times and a total market value of 4.374 billion yuan [1] - Norsg ranks 23rd in the medical services industry, which has an average PE ratio of 46.29 times and a median of 47.83 times [1][2] - As of February 28, 2025, Norsg has 5,105 shareholders, a decrease of 336 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Norsg's main business is providing comprehensive drug clinical research and development services to global pharmaceutical companies and research institutions, including clinical trial operation services, site management services, data management and statistical analysis services, biological sample testing services, clinical trial consulting services, and clinical pharmacology services [1] - In the latest financial report for 2024, Norsg achieved an operating income of 744 million yuan, a year-on-year increase of 3.14%, and a net profit of 140 million yuan, a year-on-year decrease of 13.73%, with a sales gross margin of 37.09% [1]

Company Overview - Norsg achieved a closing price of 44.77 yuan, down 20.00%, with a rolling PE ratio of 30.84 times and a total market value of 4.324 billion yuan [1] - The company operates in the medical services industry, which has an average PE ratio of 45.72 times and a median of 41.83 times, placing Norsg at the 25th position in the industry ranking [1] Shareholding Structure - As of the 2024 annual report, 112 institutions hold shares in Norsg, including 106 funds and 6 other entities, with a total shareholding of 43.1268 million shares valued at 2.156 billion yuan [1] Business Operations - Norsg specializes in providing comprehensive drug clinical research and development services for global pharmaceutical companies and research institutions, including clinical trial operation services, site management services, data management and statistical analysis services, biological sample testing services, clinical trial consulting services, and clinical pharmacology services [1] Financial Performance - For the 2024 annual report, Norsg reported an operating revenue of 744 million yuan, a year-on-year increase of 3.14%, and a net profit of 140 million yuan, reflecting a year-on-year decrease of 13.73%, with a sales gross margin of 37.09% [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced short-term fluctuations in clinical business, while SMO and statistical services continued to grow steadily [6][7] - In 2024, the company achieved operating revenue of 744 million yuan, a year-on-year increase of 3.14%, and a net profit attributable to the parent company of 140 million yuan, a year-on-year decrease of 13.73% [5][6] - The company is expected to achieve operating revenues of 782 million yuan, 873 million yuan, and 972 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.1%, 11.7%, and 11.3% [8] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 182 million yuan, a year-on-year decrease of 7.44%, while net profit increased by 52.16% to 56 million yuan due to the reversal of share-based payment expenses [5][6] - The clinical trial operation segment generated revenue of 320 million yuan, down 9.74%, with a gross margin of 29.98% [6] - The SMO service segment reported revenue of 205 million yuan, up 10.19%, with a gross margin of 30.21% [6] - The statistical services segment achieved revenue of 101 million yuan, up 26.35%, with a gross margin of 49.06% [7] - The biological sample testing business saw revenue of 64 million yuan, up 74.09%, with a gross margin of 52.90% [6] - The clinical trial consulting business generated revenue of 23 million yuan, down 20.56%, with a gross margin of 49.96% [6] - The clinical pharmacology segment reported revenue of 32 million yuan, down 10.74%, with a gross margin of 73.66% [6] Business Outlook - The company is actively expanding its overseas business, with revenue from overseas clients reaching 79 million yuan, a year-on-year increase of 69.04% [7] - The domestic client revenue was 665 million yuan, a year-on-year decrease of 1.45% [7] - The company anticipates a recovery in industry demand driven by the implementation of innovative drug support policies [6] Valuation Metrics - The total market capitalization is 5.4 billion yuan, with a circulating market value of 3.2 billion yuan [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.56 yuan, 1.81 yuan, and 2.07 yuan, respectively [11] - The price-to-earnings (P/E) ratio is projected to be 35.84 for 2025, decreasing to 26.98 by 2027 [11]

[Table_StockNameRptType] 诺思格（301333） 临床业务短期波动，SMO 与数统业务持续增长 公司点评 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-07 | | [Table_BaseData] 收盘价（元） | 55.96 | | 近 12 个月最高/最低（元） | 73.08/33.05 | | 总股本（百万股） | 97 | | 流通股本（百万股） | 57 | | 流通股比例（%） | 59.17 | [Table_CompanyReport] 相关报告 1.【华安医药】诺思格深度报告：临 床 CRO 领先企业，稳步提升运营效率 2024-12-02 主要观点： [公司价格与沪深 Table_Chart] 300 走势比较 -49% -28% -6% 16% 37% 4/24 7/24 10/24 1/25 诺思格 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：杨馥瑗 执业证书号：S00105240 ...

核心观点 公司24 年营收7.4 亿元，同比增长3.1%，但是在行业持续受投融资影响、竞争持续加剧以及股权激励摊 销影响下，归母净利润阶段承压，基本符合公司预期。大临床板块竞争较为激烈，公司全年营收及毛利 受到较大影响。数统及SMO 业务营收毛利率同步提升，推动了公司持续发展。行业竞争加剧下市场向 头部集中，公司凭借在临床CRO 领域的竞争力和全球化扩展战略的持续推进下，行业认可度及市场份 额有望持续提升，我们看好公司长期发展潜力。 事件 公司发布2024 年年报 财务分析：期间费用率有所降低，毛利率承压较大2024 年，公司销售费用率、管理费用率、研发费用 率分别为1.86%、10.41%以及7.64%，同比变化-0.21p p、-0.62pp 以及+0.31pp，得益于公司持续的降本 增效和运营效率提升，销售费用率与管理费用率有所降低，同时公司持续加大研发投入，研发费用率略 有提高。受行业竞争加剧影响，公司毛利率由23 年的39.8%下滑至37 .1 %，同比减少2.7 个百分点，其 中临床试验运营服务业务毛利率29.98%，同比下降9.83 个百分点，承压较为明显，预计随行业需求的 恢复有望逐渐好转。 ...

证券代码：301333 证券简称：诺思格 公告编号：2025-019 诺思格（北京）医药科技股份有限公司 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。 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 ...

Group 1 - The core viewpoint of the articles highlights the performance and market position of Norsg in the medical services industry, noting its stock price increase and financial metrics [1][2] - As of April 1, Norsg's closing stock price was 53.0 yuan, reflecting a 3.15% increase, with a rolling PE ratio of 36.51 times and a total market capitalization of 5.119 billion yuan [1] - The average PE ratio for the medical services industry is 52.86 times, with a median of 49.90 times, placing Norsg at the 26th position within the industry [1][2] Group 2 - Norsg's main business involves providing comprehensive drug clinical development services to global pharmaceutical companies and research institutions, including clinical trial operation services and data management [1] - For the fiscal year 2024, Norsg reported a revenue of 744 million yuan, representing a year-on-year increase of 3.14%, while net profit was 140 million yuan, showing a year-on-year decrease of 13.73% [1] - The company's gross profit margin stands at 37.09% [1]