| A | 股代码：688428 | 股简称：诺诚健华 A | 公告编号：2025-037 | | --- | --- | --- | --- | | 港股代码：09969 | | 港股简称：诺诚健华 | | 诺诚健华医药有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 14 日(星期五)上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 7 日(星期五)至 11 月 13 日(星期四)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 IR@innocarepharma.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进 ...

Core Insights - The "2025 China Biotechnology Innovation Conference" highlighted the competitive evaluation of China's biopharmaceutical industry parks, with Zhongguancun Demonstration Zone ranking first in overall competitiveness [1] - The report assessed 208 parks based on five primary indicators: environmental competitiveness, industrial competitiveness, technological competitiveness, talent competitiveness, and collaborative competitiveness [1] - Zhongguancun demonstrated top rankings in three of the five primary indicators, showcasing its strong position in the biopharmaceutical sector [1] Group 1 - Zhongguancun's comprehensive competitiveness is illustrated through various innovative success stories, such as the establishment of Innovent Biologics, which focuses on unmet clinical needs in hematology and autoimmune diseases [2] - The company has developed the cancer drug Orelabrutinib, which is expanding its commercial reach globally while benefiting domestic patients [2] - Other notable advancements include the AI-enabled drug MTS-004 completing phase III clinical trials and the GA001 injection receiving FDA fast track designation [2] Group 2 - Beijing aims to leverage its status as an international science and technology innovation center to build a modern biopharmaceutical industry cluster [2] - The city plans to enhance collaboration among universities, research institutes, hospitals, and innovative enterprises to improve drug research and development efficiency [2] - Initiatives include the establishment of shared scientific facilities, pilot platforms, and clinical trial collaborations, as well as the optimization of the industrial supply chain [2]

Core Insights - The article highlights the resurgence of US dollar funds in the Chinese innovative drug market, with significant investments and licensing deals indicating a renewed interest in this sector [1][4][5]. Group 1: Investment Trends - In 2025, Heng Rui Medicine completed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and a total deal value of up to $1.013 billion, marking the fourth business development (BD) deal for Heng Rui this year, totaling over $15 billion [1]. - In the first half of 2025, the total value of outbound licensing deals for Chinese innovative drugs reached $48.448 billion, nearing the total for the entire year of 2024, with over 80% of these deals involving US dollar funds [4]. - The return of US dollar funds to the Chinese innovative drug market is characterized by a shift from direct investments to more strategic BD transactions, focusing on specific drug pipelines and products rather than entire companies [13][14]. Group 2: Market Dynamics - The article notes that from 2024 to 2030, major pharmaceutical companies in the US and Europe will face a revenue gap of approximately $360 billion due to patent expirations, prompting them to seek acquisitions in the Chinese innovative drug sector to fill this void [9]. - The quality of Chinese innovative drugs has significantly improved, with over 1,250 new drugs entering the research phase in 2024, closely approaching the number in the US [11]. - The competitive landscape has intensified, with not only US dollar funds but also European, Middle Eastern, and East Asian capital increasingly targeting Chinese innovative drug assets, leading to heightened competition for quality investments [12]. Group 3: Strategic Shifts - US dollar funds are transitioning from a broad investment strategy to a more focused approach, emphasizing "certainty first" in their investment decisions, which includes a preference for assets with clear international market potential [13][14]. - The NewCo model is gaining traction, allowing for deeper collaboration between US dollar funds and Chinese innovative drug companies, sharing risks and benefits more equitably [15][16]. - The article suggests that the current environment presents a strategic opportunity for Chinese innovative drug companies to leverage US dollar fund investments while maintaining a focus on original innovation and enhancing the value of their drug pipelines [23][24].

Core Insights - The establishment of the Overseas Returnee Town in Guangzhou's Huangpu District has attracted around 30 well-known innovative enterprises and projects, creating a vibrant entrepreneurial ecosystem for returnees [3][5][11] - The region has developed a complete biopharmaceutical industry chain, facilitating research, transformation, and production, which supports companies at various stages of development [3][5][11] - The "1+N" multi-core model of the town promotes regional collaboration and has become a hub for returnee talent to start their businesses [4][5] Industry Development - The core area of the Overseas Returnee Town spans 3.8 square kilometers, with an additional 4.2 square kilometers for future expansion, forming a comprehensive biopharmaceutical innovation ecosystem [5] - Leading companies such as BeiGene, CanSino Biologics, and Innovent Biologics have established a presence in the town, contributing cutting-edge ideas and technologies while attracting more overseas talent [5][6] - The dual-center support system, including the Phoenix Valley Returnee Center and the International Biopharmaceutical Innovation Center, provides comprehensive services for the ecosystem [5][6] Talent and Investment - The returnee town is strategically aligned with the industrial upgrade of Guangzhou, which has recognized the potential of the biopharmaceutical sector since the late 1990s [7][8] - The government has implemented innovative models combining physical space provision, talent attraction, and market-oriented management, with a guiding fund of 2 billion yuan aimed at attracting social capital [8] - Approximately 76.11 billion yuan has been invested in 274 enterprises, with 18.54 billion yuan specifically directed towards returnee startups [11] Innovation and Collaboration - The Guangzhou National Laboratory on the Biopharmaceutical Island has successfully attracted high-level researchers from abroad, facilitating the transformation of research outcomes into industry applications [9] - The region is focusing on international collaborations, leveraging its advantages in scientific research to establish a leading position in biopharmaceutical innovation [8][9] - The integration of various resources has created a robust innovation network, with around 4,800 biopharmaceutical companies thriving in the area [11]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its seven years, with 592 listed companies raising a total of over 1.1 trillion yuan (approximately 934.6 billion yuan from IPOs and 208.8 billion yuan from refinancing) [1] - The board focuses on "hard technology" enterprises, aligning its listing and financing mechanisms with national strategic needs and market demands, thus enhancing its role in supporting technological innovation and new productivity [2][4] Group 1: Market Performance and Growth - The STAR Market has seen a compound annual growth rate (CAGR) of 18% in revenue and 9% in net profit for listed companies over the past five years, starting from 2019 [2] - Among the 57 companies that were unprofitable at the time of listing, 22 have since achieved profitability, demonstrating the board's effective support for unprofitable tech firms [2] - The median R&D intensity for companies in the STAR Market is 44.34%, indicating a strong commitment to innovation and development [2] Group 2: Industry Focus and Innovation - The STAR Market has become a hub for strategic emerging industries, particularly in integrated circuits, biomedicine, and new materials, fostering a complete industrial chain [4] - In the integrated circuit sector, over 120 companies are listed, enhancing the self-sufficiency of China's semiconductor industry [4] - In biomedicine, 21 out of 22 companies that adopted the fifth set of listing standards have successfully launched self-developed drugs or vaccines, with significant commercial progress [5] Group 3: Policy and Institutional Support - The STAR Market has established a flexible and inclusive listing system, allowing for differentiated standards based on market capitalization, revenue, and R&D investment [7] - The introduction of a "small and fast" financing mechanism has improved the efficiency of capital raising for tech companies [7] - Over 60% of companies in the STAR Market's growth layer have implemented stock incentive plans, covering approximately 12,000 individuals, which enhances talent motivation [7] Group 4: Future Directions and Capital Attraction - The STAR Market aims to further support "hard technology" enterprises and expand its focus to include artificial intelligence, commercial aerospace, and low-altitude economy sectors [8] - The board's reforms have led to improved market liquidity and pricing efficiency, attracting long-term capital from social security funds and insurance [9]

Core Insights - The establishment of the Overseas Returnee Town (Guangzhou Biomedicine) in the Guangzhou Development Zone and Huangpu District has become a hub for returning talents and innovative enterprises in the biomedicine sector, showcasing a successful model for attracting overseas professionals [1][8][10] Group 1: Development of the Biomedicine Industry - The Guangzhou Development Zone and Huangpu District have built a complete biomedicine industry chain, integrating research, transformation, and production across different areas [1][4] - The core area of the Overseas Returnee Town has attracted around 30 well-known innovative enterprises, creating a positive cycle of talent and industry [3][4] - The "1+N" multi-core model of the town promotes regional collaboration and serves as a crucial hub for innovation [7][10] Group 2: Infrastructure and Support Systems - The dual centers, Phoenix Valley Overseas Returnee Center and International Biomedicine Innovation Center, provide comprehensive support services for the ecosystem [3][4] - The Guangzhou Guigu Technology Park serves as a demonstration area for the Overseas Returnee Town, focusing on innovation and entrepreneurship [4][6] - The establishment of a 20 billion yuan operational management guiding fund aims to attract social capital and enhance the development of the biomedicine sector [10][14] Group 3: Talent Attraction and Retention - The region has successfully attracted returning talents by offering favorable entrepreneurial policies and a conducive environment for innovation [8][10] - The integration of overseas talents into the local innovation network is facilitated by a ten-service operational system [6][12] - The returnee town is designed to support the rapid transformation of scientific achievements into marketable products [4][12] Group 4: Financial Support and Investment - A 50 billion yuan science and technology mother fund has been established to invest in strategic emerging industries, including those involving returning talents [13][14] - Approximately 76.11 billion yuan has been invested in 274 enterprises, with 18.54 billion yuan specifically allocated to returning entrepreneurial companies [14] - The innovative financial model allows for a 100% loss on single projects, effectively reducing early-stage investment risks [13][14]

Core Insights - The pharmaceutical sector has been experiencing fluctuations since September, following a strong rally, and is currently undergoing a rotation adjustment. The question arises whether the sector is worth attention after a valuation decline and if there is still growth logic in the pharmaceutical sector [1] Group 1: Policy Environment - The policy environment for the pharmaceutical industry is improving, with the National Healthcare Security Administration and the National Health Commission jointly releasing measures to support high-quality development of innovative drugs, providing comprehensive support across five key areas [2][4] - The implementation of ICH guidelines in China is promoting more efficient and scientific drug evaluation processes, enhancing regulatory frameworks [2] Group 2: Market Activity - October and November are traditionally high-frequency periods for business development (BD) transactions, with significant activity expected as companies aim to finalize annual procurement plans before the Christmas holidays. Notable transactions include a $100 million upfront deal by Innovent Biologics [5] - A record-breaking global strategic collaboration worth up to $11.4 billion was established between Innovent Biologics and Takeda Pharmaceutical, reflecting a robust trend in BD transactions for Chinese innovative drugs [6] Group 3: Valuation and Investment Opportunities - The Shenyin Wanguo Pharmaceutical Index is approximately 50% below its recent five-year price peak, indicating potential for valuation recovery [9] - The proportion of stock-type public funds heavily invested in the pharmaceutical sector has increased to 12.2%, showing a recovery trend, yet still below the historical average of 13.7%, suggesting room for further capital inflow [9][14] - For ordinary investors, investing in individual innovative drug stocks poses challenges due to the need for specialized tracking capabilities. Therefore, considering ETFs that cover industry leaders may be a more viable investment strategy [12] Group 4: Summary of Insights - The pharmaceutical industry is experiencing a favorable policy environment, with increasing BD transaction activity and potential for valuation recovery, indicating a supportive backdrop for future growth [14]

Core Viewpoint - The article provides predictions for the periodic adjustments of major indices in the Chinese stock market, specifically focusing on the changes expected in December 2025 for various indices including the Shanghai Stock Exchange 50 Index, CSI 300 Index, CSI 500 Index, CSI 1000 Index, ChiNext Index, Shenzhen 100 Index, Sci-Tech 50 Index, and Sci-Tech 100 Index [1][4]. Group 1: Shanghai Stock Exchange 50 Index Adjustment Predictions - The Shanghai Stock Exchange 50 Index will see the inclusion of China National Offshore Oil Corporation, China Construction Bank, SAIC Motor Corporation, and Zhongke Shuguang, while Poly Developments, China CRRC Corporation, Guodian Nari Technology, and Shaanxi Coal and Chemical Industry will be removed [6][5]. Group 2: CSI 300 Index Adjustment Predictions - The CSI 300 Index will include Dongshan Precision, Ningbo Port, Huadian Energy, Anker Innovations, and Shanghai Electric, while it will exclude Baiyun Mountain, Oppein Home Group, TCL Zhonghuan, and others [8][7]. Group 3: CSI 500 Index Adjustment Predictions - The CSI 500 Index will add Electric Power Investment Energy, Supor, and 48 other stocks, while it will remove China Great Wall and 49 other stocks [10][9]. Group 4: CSI 1000 Index Adjustment Predictions - The CSI 1000 Index will include BAIC Blue Valley, Changshan Beiming, and 98 other stocks, while it will exclude Baoxing Bird and 99 other stocks [12][11]. Group 5: ChiNext Index Adjustment Predictions - The ChiNext Index will add Changshan Pharmaceutical, Huicheng Environmental Protection, and 6 other stocks, while it will remove Bihai Source and 7 other stocks [17][16]. Group 6: Shenzhen 100 Index Adjustment Predictions - The Shenzhen 100 Index will include Guangqi Technology and 6 other stocks, while it will remove Tiger Medical and 7 other stocks [20][19]. Group 7: Sci-Tech 50 Index Adjustment Predictions - The Sci-Tech 50 Index will add Huahong Semiconductor and Nuo Cheng Jianhua, while it will remove BGI Genomics and Hangcai Co., Ltd. [22][21]. Group 8: Sci-Tech 100 Index Adjustment Predictions - The Sci-Tech 100 Index will include Jiachizhi Technology and 9 other stocks, while it will remove Wukuang New Energy and 9 other stocks [24][23].

Core Viewpoint - Nocera Biopharma's stock price has experienced significant fluctuations, with a year-to-date increase of 94.06%, but a recent decline in the last 20 and 60 days, indicating volatility in investor sentiment and market performance [2][3]. Company Overview - Nocera Biopharma, established on November 3, 2015, and listed on September 21, 2022, is based in Beijing and focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [2]. - The company's revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and minimal contributions from testing and R&D services [2]. Financial Performance - For the first half of 2025, Nocera Biopharma reported a revenue of 731 million yuan, reflecting a year-on-year growth of 74.26%, while the net profit attributable to shareholders was a loss of 30.09 million yuan, an improvement of 88.51% compared to the previous period [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 13.80% to 15,200, with significant changes in the top ten shareholders, including new entries and exits among institutional investors [3].

Core Insights - The innovation process in the pharmaceutical industry is extremely challenging, with an average time of 10 years and a cost of 1 billion USD from target discovery to market launch, while the success rate is less than 10% [1] Company Insights - 诺诚健华 has been recognized for its innovative journey over the past decade, highlighting the importance of continuous research and development in the pharmaceutical sector [1] - The company benefits from the supportive research policies and industrial ecosystem in Beijing, which provide a conducive environment for growth [1] Industry Insights - China's innovative drugs have become a part of global innovation, representing a new form of productive force in the industry [1]