上市后三季报首亏，新诺威转型“阵痛”

Core Viewpoint - Since transitioning to innovative drugs, the company has faced continuous pressure on its performance, resulting in its first-ever quarterly loss since its listing in 2019 [1][3]. Financial Performance - For the first three quarters of the year, the company reported a net profit attributable to shareholders of -24.04 million yuan, a year-on-year decline of 117.26% [2][3]. - Revenue for the same period was 1.59 billion yuan, reflecting a year-on-year increase of 7.71% [2][3]. - Sales expenses surged by 87.12% to 202 million yuan, primarily due to increased marketing investments in the biopharmaceutical sector [3]. - R&D expenses rose by 49.56% to 683 million yuan, driven by significant investments in innovation following the acquisition of Giant Bio [3]. Strategic Initiatives - The company is planning to strengthen its control over Giant Bio by acquiring an additional 29% stake for 1.1 billion yuan, increasing its ownership from 51% to 80% [3]. - The transition to innovative drugs is seen as a necessary move, despite its impact on short-term profits due to high R&D and marketing costs [4]. Market Activity - The company is preparing for an IPO in Hong Kong to enhance its global strategy and improve its capital operations [6]. - The company's cash flow from operating activities for the first three quarters was -175 million yuan, indicating financial strain [6]. Stock Performance - The company's stock has experienced significant volatility, with a 134.65% increase in the first half of the year, followed by a decline of over 40% since June 9 [7]. - As of November 5, the stock price was 32.6 yuan per share, with a total market capitalization of 45.79 billion yuan [8]. Management Changes - The former chairman was penalized for insider trading, which has raised concerns about governance [9]. - Following the resignation of the former chairman, the company appointed a new chairman, Yao Bing [10].