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： ...

证券代码：301333 证券简称：诺思格 公告编号：2025-035 诺思格（北京）医药科技股份有限公司 第五届董事会第十二次会议决议公告 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。 公司董事会审计委员会已审议通过该议案。 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：2025-037）。 （二）审议通过《关于<2025年半年度募集资金存放与使用情况的专项报告> 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。 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 第十二次会议（以下简称"本次会议"）于2025年8月27日在公司会议室以现场结 合通 ...

诺思格（北京）医药科技股份有限公司 2025 年半年度报告全文 诺思格（北京）医药科技股份有限公司 2025 年半年度报告 2025 年 8 月 1 诺思格（北京）医药科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人 WU JIE（武杰）、主管会计工作负责人赵倩及会计机构负责 人(会计主管人员)赵李林声明：保证本半年度报告中财务报告的真实、准确、 完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及未来的经营计划、业绩预测等方面的陈述，并不构成公司 对任何投资者及相关人士的实质性承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营中可能面临的风险因素详见本报告"第三节 管理层讨论与分 析"之"十、公司面临的风险和应对措施"相关内容，敬请广大投资者予以 关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 三、其他相关资料。 ...