今日关注 央视新闻：自5月14日12时01分起，我国调整对原产于美国的进口商品加征关税措施。其中，国务院关 税税则委员会2025年第4号公告规定的加征关税税率，由34%调整为10%，在90天内暂停实施24%的对 美加征关税税率；停止实施2025年第5号、第6号公告规定的加征关税措施。 宏观经济 1、央视新闻：就中美是否计划讨论美方以芬太尼为由对华征收的特别关税，外交部回应称，芬太尼是 美国的问题，不是中国的问题，责任在美国自身。美方无视中方的善意，对中国无理加征芬太尼关税， 这严重冲击中美在禁毒领域的对话与合作，也严重损害中方利益。美方如果真心想同中方合作，就应该 停止对华抹黑推责，以平等、尊重、互惠的方式同中方对话。 2、市场监管总局等五部门针对当前外卖行业竞争中存在的突出问题，约谈京东、美团、饿了么等平台 企业。要求相关平台企业合法规范经营，公平有序竞争，共同营造良好市场环境，切实维护消费者、平 台内经营者和外卖骑手的合法权益，促进平台经济规范健康有序发展。 3、中央网信办等四部门印发《2025年数字乡村发展工作要点》，部署9方面26项重点任务。《工作要 点》明确，到2025年底，全国行政村5G通达率超过 ...

Key Points - President Xi Jinping emphasized the need for unity and cooperation among countries to maintain world peace and promote global development during the opening of the fourth ministerial meeting of the China-Latin America Forum [3] - The State Council Tariff Commission announced a reduction in tariffs on imports from the U.S., adjusting the tariff rate from 34% to 10% and suspending the implementation of a 24% tariff for 90 days [3] - U.S. April CPI rose 2.3% year-on-year, marking the lowest level since February 2021, while core CPI remained at 2.8%, aligning with market expectations [3] Domestic Macro - The Chinese Foreign Ministry stated that the fentanyl issue is a U.S. problem, not a Chinese one, criticizing the U.S. for imposing tariffs on China related to fentanyl [5] - Major global banks have revised their economic growth forecasts for China upward following a thaw in U.S.-China trade relations, with firms like UBS and Morgan Stanley increasing their outlooks [5] - The People's Bank of China and the Central Bank of Brazil renewed a bilateral currency swap agreement worth 190 billion RMB / 157 billion Brazilian Reais, valid for five years [5] Domestic Stock Market - A-shares opened high but closed lower, with military stocks adjusting while solar and port shipping stocks surged; the Shanghai Composite Index rose 0.17% to 3374.87 points [7] - The Hong Kong stock market saw a significant pullback, with the Hang Seng Index closing down 1.87% at 23108.27 points, ending an eight-day winning streak [7] - Over 1000 listed companies have received institutional research in May, with machinery, electronics, and pharmaceutical sectors being the most actively researched [8] Company News - JD Group reported Q1 net revenue of 301.1 billion RMB, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years [8] - Nuo Cheng Jian Hua reported a quarterly net profit of 17.97 million RMB, turning profitable year-on-year [10] - Baidu announced a strategic cooperation agreement with West Lake University [10] Overseas Macro - The U.S. and Saudi Arabia reached a historic commercial agreement, with Saudi Arabia committing to invest $600 billion in the U.S., including $800 billion in advanced technology investments [19] - The U.S. Commerce Department announced the withdrawal of the AI technology diffusion control rules originally set to take effect on May 15 [19] - India's notification to the WTO indicates plans to impose retaliatory tariffs on the U.S. in response to steel and aluminum tariffs [20] Overseas Stock Market - U.S. major stock indices closed mixed, with the Dow Jones down 0.64% while the S&P 500 and Nasdaq rose 0.72% and 1.61%, respectively [22] - European stock indices remained stable, with the DAX and CAC40 both up 0.3% [22] - The Nikkei 225 index in Japan rose 1.43%, marking a two-and-a-half-month closing high [22] Bonds - Domestic bond futures mostly rose, with the 30-year main contract up 0.13% [25] - U.S. Treasury yields generally fell, with the 2-year yield down 1.23 basis points to 3.996% [26] - European bond yields rose, with the UK 10-year yield up 2.7 basis points to 4.667% [26] Commodities - International oil prices surged, with WTI crude oil up 2.71% to $63.63 per barrel [28] - Domestic commodity futures closed mostly higher, with energy and chemical products showing strong performance [28] - International precious metals futures generally rose, with COMEX gold futures up 0.82% to $3254.50 per ounce [28] Foreign Exchange - The onshore RMB against the USD closed at 7.2012, appreciating by 120 basis points [31] - The U.S. dollar index fell 0.82% to 100.9827, with non-U.S. currencies generally rising [31] - A survey indicated that investor allocation to the dollar has dropped to the lowest level since May 2006 [31]

Core Viewpoint - The company, Nuo Cheng Jian Hua, reported significant growth in revenue and profit for the first quarter of 2025, driven by the sales of its core product, Abrucept, and a licensing agreement with Prolium Bioscience Inc [3][4]. Financial Performance - For Q1 2025, the company achieved total revenue of 381 million RMB, a year-on-year increase of 129.92%, with a gross margin of 90.5%, up from 85.4% in the same period last year [3]. - The net profit for Q1 2025 was 14 million RMB, marking a return to profitability compared to the same period last year [3]. Product Sales - Sales revenue from Abrucept reached 311 million RMB in Q1 2025, representing a year-on-year growth of 89.22% [4]. - In April 2025, Abrucept received approval for a new indication for first-line treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) in adult patients [4]. Strategic Partnerships - On May 13, 2025, the company's subsidiary signed a strategic cooperation framework agreement with West Lake University to collaborate on innovative drug research and development, platform construction, talent cultivation, and achievement transformation [11][13]. - The total funding support for the collaborative projects is capped at 54 million RMB, which will be paid based on project milestones [11][17]. Shareholder Information - As of March 31, 2025, the company had approximately 7.778 billion RMB in cash and cash equivalents, indicating a strong liquidity position to support ongoing project development [5]. - The total number of shares issued by the company is 1,762,567,202, with 84.89% listed in Hong Kong and 15.11% on the Shanghai Stock Exchange [6]. Governance and Compliance - The board of directors confirmed that the quarterly report is accurate and complete, with no false statements or significant omissions [2][10]. - The strategic cooperation agreement with West Lake University was approved by the board and does not require shareholder meeting approval, as it falls within the board's decision-making authority [12][22].

Group 1 - Zongyi Co., Ltd. plans to acquire control of Jilai Microelectronics, which is expected to constitute a major asset restructuring. The acquisition aims to enhance the company's focus on core industries in information technology and expand revenue and profitability [2] - Dongshan Precision plans to acquire 100% equity of French GMD Group for approximately €100 million (about 814 million RMB) and will also restructure its debts. This acquisition will allow Dongshan Precision to leverage GMD's business to expand its global automotive industry client base [3] - Zhongrong Co., Ltd.'s actual controller and chairman, Huang Huanran, has been placed under residential surveillance. The company assures that its operations remain normal and unaffected by this incident [4] Group 2 - Nocera Biopharmaceuticals reported a 129.92% year-on-year increase in revenue for Q1 2025, reaching 381 million RMB, with a net profit of 17.97 million RMB, recovering from a loss of 142 million RMB in the same period last year [6] - BeiGene reported a 50.2% year-on-year increase in revenue for Q1 2025, totaling 8.048 billion RMB, while the net loss decreased to 94.5 million RMB from 1.908 billion RMB in the previous year [6] Group 3 - Hainan Huatie plans to repurchase its A-shares with a total amount not less than 200 million RMB and not exceeding 300 million RMB, with a repurchase price capped at 15.95 RMB per share [11] - Huafang Co., Ltd. intends to conduct a supply chain asset special plan business with a total limit of up to 20 billion RMB, which will require shareholder approval [11] - Haon Automotive Electric recently received confirmation for a project with an estimated total revenue of approximately 430 million RMB over its lifecycle [11]

每经记者｜王琳 每经编辑｜张海妮 并购重组 东湖高新：公司决定终止股权收购事项 东湖高新公告，公司决定终止股权收购事项。公司于2024年11月7日与湖北普罗格科技集团股份有限公 司实控人签署《股权收购意向协议》，拟在满足前置条件和条款的情况下，以现金方式收购标的公司控 股权。 业绩披露 百济神州：一季度净亏损9450.3万元，亏损同比收窄 亚盛集团公告，控股股东甘肃农垦集团于2024年11月14日至2025年5月13日期间累计增持公司股份4880 万股，占公司总股本的2.51%，累计增持金额1.47亿元。本次增持计划已实施完毕。 百济神州公告，2025年第一季度营收为80.48亿元，同比增长50.2%；净亏损为9450.3万元，去年同期净 亏损19.08亿元。 诺诚健华：一季度归母净利润为1796.76万元，同比扭亏 诺诚健华公告，2025年第一季度实现营业收入3.81亿元，同比增长129.92%，归母净利润为1796.76万 元，同比扭亏。 赣粤高速：公司4月份车辆通行服务收入为2.77亿元 赣粤高速发布4月份车辆通行服务收入数据公告，公司4月份车辆通行服务收入为2.77亿元。 回购增持 黄河旋风：控股股东 ...

Core Insights - Nuo Cheng Jian Hua achieved profitability for the first time since its establishment, reporting a net profit of 0.18 billion yuan in Q1, with total revenue reaching 3.81 billion yuan, a year-on-year increase of 129.92% [1] - The growth in revenue is primarily attributed to the strong sales performance of its core product, Oubutini (brand name: Yinuokai), which saw a sales revenue increase of 89.2% to 3.1 billion yuan, driven by its inclusion in medical insurance and enhanced commercialization efforts [1] Financial Performance - In Q1, Nuo Cheng Jian Hua's total revenue was 3.81 billion yuan, marking a 129.92% increase year-on-year [1] - The company reported a net profit of 0.18 billion yuan, indicating its first profitable quarter since inception [1] Product Development and Market Strategy - Oubutini is positioned as a BTK inhibitor, with plans to expand its application from hematological malignancies to autoimmune diseases, which represent the second-largest pharmaceutical market globally [4] - The company is initiating global Phase III clinical trials for Oubutini in treating primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS), with an NDA submission expected in mid-2026 for immune thrombocytopenic purpura (ITP) [4] Strategic Partnerships - In January, Nuo Cheng Jian Hua entered a licensing agreement with Prolium Bioscience for the development and commercialization of the CD20×CD3 bispecific antibody ICP-B02, with potential total payments of up to 520 million USD [2] - The agreement allows Prolium to develop and commercialize ICP-B02 in non-oncological fields globally and in oncology outside Asia, while Nuo Cheng Jian Hua will receive tiered royalties on future product sales [2] Cash Position - As of March 31, 2025, Nuo Cheng Jian Hua held approximately 77.8 billion yuan in cash and cash equivalents, providing a strong financial foundation for ongoing and future projects [4] Future Outlook - The company plans to strengthen its global R&D pipeline and actively explore international collaborations and licensing opportunities to expand its business beyond the Chinese market [5]

Core Viewpoint - 诺诚健华 reported a strong performance in Q1 2025, driven by significant growth in its core product, 奥布替尼, and strategic partnerships, indicating a robust trajectory for future growth [2][3]. Financial Performance - Total revenue for Q1 2025 increased by 129.9% year-on-year, reaching 380 million yuan, primarily due to 奥布替尼's sales and a licensing agreement with Prolium [2]. - 奥布替尼 sales grew by 89.2% year-on-year, amounting to 310 million yuan, supported by its inclusion in insurance coverage for three major indications [2]. - Gross margin improved by 5.1 percentage points year-on-year to 90.5%, with net profit for the quarter at 14 million yuan [2]. Product Development and Pipeline Progress - 奥布替尼 received approval for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) in China, enhancing its market position [3]. - 明诺凯's application for innovative treatment has been accepted for priority review in mainland China, with approvals in Hong Kong, Macau, and Taiwan [3]. - The new generation TRK inhibitor zurletrectinib (ICP-723) has been granted priority review status, with its NDA accepted in China [4]. - BCL2 inhibitor mesutoclax (ICP-248) has been approved for a Phase II trial in China, with ongoing patient enrollment for a Phase III trial [4]. Clinical Trials and Market Expansion - 奥布替尼 is entering Phase III trials for multiple sclerosis and immune thrombocytopenic purpura (ITP), with NDA submission expected in mid-2026 [6]. - The company is advancing two TYK2 inhibitors, soficitinib (ICP-332) and ICP-488, into clinical trials for atopic dermatitis and psoriasis, respectively [7]. - The global market for autoimmune diseases is projected to reach $185 billion by 2029, indicating significant growth potential for the company's products [6]. International Collaboration and Strategy - 诺诚健华 has entered a licensing agreement with Prolium for the development and commercialization of CD20×CD3 bispecific antibody ICP-B02, with potential payments totaling up to $520 million [8]. - The company is actively exploring international collaborations and licensing opportunities to expand its business beyond the Chinese market [8].

中国国际金融股份有限公司 关于诺诚健华医药有限公司 与西湖大学签订战略合作框架协议 二、关联人基本情况 1 （一）关联关系说明 公司非执行董事施一公博士为西湖大学校长，根据《上海证券交易所科创板 股票上市规则》的规定，认定西湖大学为公司关联人。 与科研合作协议暨关联交易的核查意见 中国国际金融股份有限公司作为诺诚健华医药有限公司（以下简称"诺诚健 华"或"公司"）首次公开发行人民币普通股（A 股）股票并在科创板上市的保 荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等法律、行政法规、部门规章及业务规则，对诺诚健华医药有限公司与西湖大学 签订战略合作框架协议与科研合作协议暨关联交易的事项进行了认真、审慎核查， 具体情况如下： 一、关联交易概述 2025 年 5 月 13 日，诺诚健华的全资子公司北京诺诚健华医药科技有限公司 （以下简称"北京诺诚健华"）与西湖大学签订《战略合作框架协议》与《科研 合作协议》，双方将就创新药物研发、平台共建、人才培养及成果转化等方面建 立合作。 公司非执行董事施一公博士为西湖大学校 ...

| A | 股代码：688428 | 股简称：诺诚健华 A | 公告编号：2025-016 | | --- | --- | --- | --- | | 港股代码：09969 | | 港股简称：诺诚健华 | | 诺诚健华医药有限公司 关于与西湖大学签订战略合作框架协议 与科研合作协议暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 诺诚健华医药有限公司（以下简称"公司"或"诺诚健华"）的全资子 公司北京诺诚健华医药科技有限公司（以下简称"北京诺诚健华"）与西湖大学 于 2025 年 5 月 13 日签订《战略合作框架协议》与《科研合作协议》，双方将就 创新药物研发、平台共建、人才培养及成果转化等方面建立合作（以下简称"本 事项"或"本次关联交易"）。 本事项构成关联交易，根据协议，北京诺诚健华对共同开展的创新药物 研发项目提供前期资金支持，并基于项目进展支付里程碑付款，合计不超过 5,400 万元人民币，未构成《上市公司重大资产重组管理办法》中规定的重大资产重组， 交易实施不存在重大法律障碍。 ...

Financial Performance - InnoCare Pharma achieved total revenue of RMB 381.26 million in Q1 2025, representing a year-on-year increase of 129.92%[10] - The sales revenue of the core product, Orelabrutinib (宜诺凯®), reached RMB 311.67 million, a year-on-year growth of 89.22%[11] - The net profit attributable to shareholders was RMB 17.97 million, a significant turnaround from a net loss of RMB 142.40 million in the previous year[10] - The company's operating revenue increased significantly by 129.92%, primarily due to the continuous increase in sales volume of Acalabrutinib and revenue recognition from the upfront payment related to the licensing agreement with Prolium[16] - The net profit attributable to shareholders of the listed company showed a significant increase, driven by the substantial rise in operating revenue[16] - Net profit for Q1 2025 was ¥14,475,474.83, compared to a net loss of ¥145,660,375.68 in Q1 2024, indicating a turnaround in profitability[29] Profitability and Margins - The gross profit margin for Q1 2025 was 90.5%, up from 85.4% in the same period last year, an increase of 5.1 percentage points[10] - The net profit excluding non-recurring gains and losses also increased, reflecting the same underlying factors as the net profit[16] - The weighted average return on equity was 0.27%, recovering from a negative 2.01% in the same period last year[10] Research and Development - Research and development expenses totaled RMB 207.60 million, accounting for 54.45% of total revenue, a decrease of 52.73 percentage points compared to the previous year[10] - Research and development expenses as a percentage of operating revenue decreased by 52.73 percentage points, indicating a more efficient allocation of resources in relation to revenue growth[16] - Research and development expenses for Q1 2025 amounted to ¥207,599,189.43, an increase from ¥177,728,720.87 in Q1 2024, representing a 17% rise[28] Cash Flow and Financial Position - Cash and cash equivalents as of March 31, 2025, amounted to approximately RMB 7.78 billion, providing a solid financial foundation for ongoing project development[11] - The company reported a net cash flow from operating activities of RMB 56.52 million, compared to a negative cash flow of RMB 84.04 million in the same period last year[10] - The net cash flow from operating activities saw a significant increase compared to the same period last year, primarily due to higher cash receipts from sales[16][17] - Cash inflows from operating activities amounting to RMB 447,604,700.75, a 55.2% increase compared to RMB 288,822,501.34 in Q1 2024[30] - The net cash flow from operating activities for Q1 2025 was RMB 56,524,292.65, recovering from a net outflow of RMB -84,043,543.78 in Q1 2024[30] Shareholder Information - As of the end of the reporting period, the total number of issued shares was 1,762,567,202, with 84.89% listed in Hong Kong and 15.11% on the Shanghai Stock Exchange[18] - The top ten shareholders held a significant portion of the shares, with HKSCC NOMINEES LIMITED holding approximately 48.57%[21] - The company has a diverse shareholder base, with various foreign and domestic institutional investors among the top shareholders[22] Assets and Liabilities - Total assets as of the end of Q1 2025 were RMB 9.41 billion, a slight increase of 0.07% from the end of the previous year[10] - Total liabilities decreased to ¥2,647,510,518.87 from ¥2,661,558,105.85, showing a reduction of approximately 0.5%[26] - The total equity attributable to shareholders increased to ¥6,748,973,642.92 from ¥6,725,301,365.03, indicating a growth of approximately 0.4%[26] Market Developments - Orelabrutinib received approval for a new indication for first-line treatment of chronic lymphocytic leukemia (CLL) in April 2025, expanding its market potential[11]