Core Insights - On October 10, Norscare experienced a decline of 3.08% with a trading volume of 97.24 million yuan [1] - The company reported a financing buy-in amount of 15.63 million yuan and a net financing buy of 10.66 million yuan on the same day [1] Financing Overview - As of October 10, the total financing and securities lending balance for Norscare was 10.4 million yuan, accounting for 3.45% of its market capitalization [1] - The current financing balance exceeds the 80th percentile level over the past year, indicating a high level of financing activity [1] Securities Lending Overview - On October 10, there were no shares repaid or sold in the securities lending market, resulting in a sell amount of 0 yuan [1] - The securities lending balance also stands at 0 yuan, which is above the 80th percentile level over the past year, indicating a high level of inactivity in this area [1] Company Profile - Norscare (Beijing) Medical Technology Co., Ltd. was established on August 22, 2008, and went public on August 2, 2022 [2] - The company specializes in clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2] - The revenue composition includes: clinical trial operation services (39.25%), clinical trial site management services (34.10%), data management and statistical analysis services (13.30%), biological sample testing services (8.45%), clinical pharmacology services (3.74%), and clinical trial consulting services (1.16%) [2] Financial Performance - For the period from January to June 2025, Norscare achieved a revenue of 380 million yuan, reflecting a year-on-year growth of 0.18% [2] - The net profit attributable to the parent company was 61.12 million yuan, representing a year-on-year increase of 4.45% [2] Shareholder Information - As of June 30, 2025, Norscare had 10,400 shareholders, an increase of 2.06% from the previous period [2] - The average number of circulating shares per shareholder was 5,486, a decrease of 1.97% from the previous period [2] - The company has distributed a total of 49.50 million yuan in dividends since its A-share listing [3]

点评：赵叶青作为公司董事长，其个人严重违法行为必然会影响公司声誉和市场信心，暴露出公司在治 理和内控方面可能存在一些问题。这对于所有上市公司的"关键少数"都是一次严肃的警示。 NO.3 诺思格高级管理人员变动 每经记者｜陈星 每经编辑｜张海妮 丨 2025年10月10日 星期五 丨 NO.1 何氏眼科披露收购日本医道医疗株式会社进展 何氏眼科披露，近日，公司全资子公司广东横琴澳星启明国际医疗管理有限公司正式与株式会社医道メ ディカル及阴山泰成签署了《股份认购协议》。本次对株式会社医道メディカル投资事项涉及海外投 资，资金的汇出尚需经过国内的发改委、商务主管部门、外汇主管部门等境内主管机关以及日本相关政 府部门的批准或备案。 点评：何氏眼科跨境投资医道メディカル，是眼科医疗国际化布局的关键一步。交易需中日两国多部门 审批，凸显跨境医疗投资的高门槛与合规复杂性。 NO.2 金城医药实际控制人收到行政处罚事先告知书 近日，金城医药实际控制人、董事长赵叶青等人因违反证券法相关规定，被处以300万元罚款。其中， 赵叶青承担150万元，并被实施4年市场禁入措施。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请 ...

关于高级管理人员变动的公告 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。 证券代码：301333 证券简称：诺思格 公告编号：2025-043 诺思格（北京）医药科技股份有限公司 特此公告。 诺思格（北京）医药科技股份有限公司董事会 2025 年 10 月 10 日 1 近日，诺思格（北京）医药科技股份有限公司（以下简称"公司"）董事会 收到公司首席医学官、副总经理李继刚先生与公司副总经理刘萍女士分别提交的 关于辞任公司副总经理的申请。李继刚先生因工作重心调整申请辞去公司副总经 理职务，其申请自提交董事会之日起生效。李继刚先生仍将继续担任公司首席医 学官、子公司南京艾科曼信息技术有限公司总经理（兼法定代表人）职务，并专 注于公司医学事务与子公司的管理工作。刘萍女士因工作重心调整申请辞去公司 副总经理职务，其申请自提交董事会之日起生效。刘萍女士仍将继续担任子公司 北京领初医药科技有限公司总经理职务，并专注于公司临床药理事务及子公司管 理工作。 截至本公告披露日，李继刚先生持有公司股份 31,950 股，约占公司总股本 的 0.03%。刘萍女士持有公司股份 27 ...

Group 1 - The CRO sector led the market with a rise of 3.5% on September 30 [1] - Haoyuan Pharmaceutical increased by 6.58% [1] - WuXi AppTec rose by 6.21% [1] - Boteng Co., Ltd. saw an increase of 4.99% [1] - MediSci and Northgrip, as well as Chengda Pharmaceutical, all experienced gains exceeding 4% [1]

Core Viewpoint - Norska's stock price has shown a positive trend with an 8.48% increase year-to-date, reflecting investor confidence in the company's growth potential in the clinical trial services sector [2]. Company Overview - Norska (Beijing) Pharmaceutical Technology Co., Ltd. was established on August 22, 2008, and went public on August 2, 2022. The company is located in Haidian District, Beijing [2]. - The company's main business includes clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2]. - Revenue composition: Clinical trial operation services (39.25%), clinical trial site management services (34.10%), data management and statistical analysis services (13.30%), biological sample testing services (8.45%), clinical pharmacology services (3.74%), and clinical trial consulting services (1.16%) [2]. Financial Performance - For the first half of 2025, Norska achieved operating revenue of 380 million yuan, a year-on-year increase of 0.18%, and a net profit attributable to shareholders of 61.12 million yuan, up 4.45% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 49.50 million yuan [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 10,400, with an average of 5,486 circulating shares per person, a decrease of 1.97% from the previous period [2]. - New significant shareholders include Hong Kong Central Clearing Limited and two funds from Zhonggeng, indicating growing institutional interest [3].

2025 年第二次临时股东大会决议公告 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。 证券代码：301333 证券简称：诺思格 公告编号：2025-042 诺思格（北京）医药科技股份有限公司 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。 网络投票时间：2025 年 9 月 23 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 9 月 23 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 9 月 23 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。 5、会议主持人：董事长武杰先生。 6、本次股东大会的召集和召开符合《中华人民共和国公司法》《上市公司 股东会规则》《深圳证券交易所创业板 ...

一、 本次股东大会的召集、召开程序 1.1 本次股东大会由公司董事会召集。 公司董事会于 2025 年 9 月 5 日召开第五届董事会第十三次会议，审议通 过了《关于<公司 2025 年员工持股计划（草案）>及其摘要的议案》《关 于<公司 2025 年员工持股计划管理办法>的议案》《关于提请股东大会授 权董事会办理公司 2025 年员工持股计划相关事宜的议案》《关于补选公 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 2025 年第二次临时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 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"）等法 律、法规、规章、规范性文件及《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，上海君澜律师事务所（以下简称"本所"） 接受诺思格（北京）医药科技股份有限公司（以下简称"公司"）的委托，指派 本所律师出席公司2025年第二次临时股东大会（以下简称"本次股东大会"）， 并就本次股东大会的召集、召开程序及表决程序、表决结果等事项出具本法律 ...

9月23日，诺思格跌5.08%，截至发稿，报52.52元/股，成交8287.77万元，换手率2.69%，总市值50.72亿 元。诺思格股价已经连续4天下跌，区间累计跌幅4.6%。 资料显示，诺思格(北京)医药科技股份有限公司位于北京市海淀区车公庄西路19号华通大厦B座北塔11 层，成立日期2008年8月22日，上市日期2022年8月2日，公司主营业务涉及临床试验运营服务、临床试 验现场管理服务、生物样本检测服务、数据管理与统计分析服务、临床试验咨询服务、临床药理学服务 等。主营业务收入构成为：临床试验运营服务39.25%，临床试验现场管理服务34.10%，数据管理与统 计分析服务13.30%，生物样本检测服务8.45%，临床药理学服务3.74%，临床试验咨询服务1.16%。 从基金十大重仓股角度 数据显示，东财基金旗下1只基金重仓诺思格。东财远见成长混合发起式A（018088）二季度持有股数 1.24万股，占基金净值比例为4.85%，位居第五大重仓股。根据测算，今日浮亏损失约3.48万元。连续4 天下跌期间浮亏损失3.31万元。 东财远见成长混合发起式A（018088）成立日期2023年4月11日，最新规模9 ...

Investment Rating - The report does not provide specific ratings for the pharmaceutical industry, but indicates a neutral outlook for certain segments such as biopharmaceuticals and other pharmaceutical therapies [2]. Core Insights - The pharmaceutical industry is showing signs of stabilization and recovery, with a clear upward trend in performance [12]. - The CXO sector achieved a revenue of 47.096 billion yuan in the first half of 2025, representing a year-on-year growth of 13.25%, and a net profit of 11.743 billion yuan, up 61.19% year-on-year [12][10]. - The report highlights improvements in operational efficiency and cost reduction as key factors driving profit growth [12]. Summary by Sections 1. Industry Overview - The industry is gradually stabilizing, with a clear trend towards recovery. The CXO sector's revenue and profit have shown significant growth in the first half of 2025 [12][10]. - The average revenue per employee increased to 411,100 yuan, a year-on-year increase of 12.62%, while average profit per employee rose to 114,000 yuan, up 52.41% [4][25]. 2. Demand and Supply Dynamics - Demand is stabilizing with a slight recovery in orders, as indicated by a 3.71% year-on-year increase in contract liabilities and prepayments, reaching 7.549 billion yuan in the first half of 2025 [4][33]. - Supply-side indicators show a modest increase in capacity construction, with fixed assets growing by 5.81% year-on-year to 47.274 billion yuan [36]. 3. Financial Environment - The report notes the commencement of a Federal Reserve rate-cutting cycle, which is expected to enhance market liquidity [5][42]. - The A+H share innovation drug index has seen significant increases, which may positively influence local financing conditions [5]. 4. Company Recommendations - The report suggests focusing on clinical CROs benefiting from domestic innovation drug support policies, such as Yangguang Nuohuo and Nuosige [61]. - It also highlights companies with strong overseas business prospects, like Haoyuan Pharmaceutical and Bide Pharmaceutical, as well as those involved in weight loss drugs and Alzheimer's treatments [61]. 5. Performance Forecasts - For the company Hongbo Pharmaceutical, revenue is projected to grow from 739 million yuan in 2025 to 1.299 billion yuan by 2027, with a corresponding net profit increase [66]. - Haoyuan Pharmaceutical is expected to achieve revenues of 28.48 billion yuan by 2027, reflecting a growth rate of 25.47% [70]. 6. Market Trends - The CXO index has significantly outperformed the market, with a year-to-date increase of 58.32% as of September 11, 2025 [54]. - The report emphasizes the importance of monitoring changes in U.S. interest rate policies and geopolitical factors affecting the industry [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported significant improvements in both revenue and profit for Q2 2025, with H1 revenue at 380 million yuan, a year-on-year increase of 0.18%, and a net profit attributable to shareholders of 61 million yuan, up 4.45% year-on-year [2][6]. - The company has optimized its expense structure, with sales expenses decreasing by 13.39% year-on-year and management expenses down by 26.56% in H1 2025 [11]. - The SMO business has shown significant growth, although clinical trial operation services and data management services faced slight pressure [11]. - The company is positioned to benefit from a new cycle of investment in innovative drug research and development in China, as it provides comprehensive services in the clinical CRO segment [11]. - Revenue projections for 2025-2027 are 775 million, 858 million, and 976 million yuan, respectively, with corresponding net profits of 121 million, 144 million, and 182 million yuan [11]. Financial Summary - For H1 2025, the company reported a revenue of 380 million yuan and a net profit of 61 million yuan, with a non-recurring net profit of 51 million yuan [2][6]. - In Q2 2025, revenue reached 207 million yuan, a year-on-year increase of 2.56% and a quarter-on-quarter increase of 19.66% [11]. - The company expects a revenue growth of 4.1%, 10.8%, and 13.8% for the years 2025, 2026, and 2027, respectively [11].