星标 ★ IPO日报 精彩文章第一时间推送 4月28日晚间，石药创新制药股份有限公司（下称"新诺威"，300765.SZ）发布公告称，公司于4月28日召开第六届董事会第二十四次会议、第六 届监事会第十九次会议，审议通过了《关于终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请文件的议案》，同意公司 终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请文件。 新诺威表示，鉴于本次重组事项自筹划以来已历时较长，医药行业及资本市场整体环境等情况较本次重组筹划之初发生了一定变化，为维护公司全体股东 长期利益，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎性考虑，决定终止本次重组事项。 受此消息影响，4月29日，新诺威低开13.21%，开盘价为35.66元/股。截至今日收盘，新诺威报39.6元/股，跌幅为3.63%。 来源：张力 筹划一年多 回顾本次收购，公司最早在2024年1月宣布了并购消息。2024年12月，深交所受理了公司的并购重组申请，并在同月下发了问询函。2025年1月，公司回复 了问询函。2025年3月，因相关财务资料已过有效期需要补充提交，深交所对本次交易中止 ...

Core Viewpoint - The company, Shiyao Innovation Pharmaceutical Co., Ltd. (New Nuo Wei), has decided to terminate its planned acquisition of 100% equity in Shiyao Group Baike (Shandong) Biopharmaceutical Co., Ltd. due to changes in the pharmaceutical industry and capital market environment since the initial planning of the transaction [1][5][6]. Group 1: Acquisition Details - The acquisition was initially announced in January 2024, with the Shenzhen Stock Exchange accepting the application in December 2024 [4]. - The intended transaction price for the acquisition was 7.6 billion yuan, with an additional 1.78 billion yuan planned for fundraising to support cash payments and various projects [5]. - The target company, Shiyao Baike, specializes in the development and commercialization of innovative biopharmaceuticals, particularly long-acting protein drugs [5][6]. Group 2: Financial Performance - Shiyao Baike reported revenues of 2.235 billion yuan, 2.316 billion yuan, and 922 million yuan for the years 2022, 2023, and the first half of 2024, respectively, with net profits of 620.96 million yuan, 784.97 million yuan, and 390.38 million yuan [6]. - The valuation of Shiyao Baike was assessed at 7.62 billion yuan, reflecting a 78.25% increase over its book net assets [6]. - The company noted a decline in revenue and net profit for the first half of 2024, attributed to the impact of provincial alliance procurement policies on the sales of its main product, Jinyouli [6]. Group 3: Company Background and Market Position - New Nuo Wei is a subsidiary of Shiyao Group, which was established in 2006 and has undergone multiple acquisitions of assets from Shiyao Group since its listing [8]. - The company primarily operates in the functional raw materials and health food sectors, with revenues from these areas accounting for 93% of its total income in 2024 [12]. - Despite entering the biopharmaceutical sector, the revenue from this segment remains minimal, contributing less than 5% to total revenue [12].

Core Viewpoint - Newnow has decided to terminate its major asset restructuring plan after 15 months, citing changes in the pharmaceutical industry and capital market conditions since the initial planning [1][3]. Group 1: Restructuring Details - The original restructuring plan involved acquiring 100% of Shiyao Baike for a total price of 7.6 billion yuan, with 6.84 billion yuan in stock and 760 million yuan in cash [3]. - The target company, Shiyao Baike, reported a revenue of 2.316 billion yuan and a net profit of 785 million yuan in 2023, but is expected to see a decline in revenue and net profit in the first half of 2024 due to price impacts from provincial alliance procurement [3][6]. - Newnow received an inquiry letter from the Shenzhen Stock Exchange during the restructuring process, requiring disclosure of key operational and financial information [3]. Group 2: Market Reaction - Following the announcement of the restructuring termination, Newnow's stock price dropped over 16% in early trading on April 29, eventually closing down 3.63% at 39.6 yuan per share, with a total market capitalization of 55.6 billion yuan [5]. Group 3: Financial Performance - Newnow's financial performance in 2024 showed significant pressure, with revenues of 1.981 billion yuan, a year-on-year decrease of 21.98%, and a net profit attributable to shareholders of 53.73 million yuan, down 87.63% [6].

此前，公司拟以发行股份及支付现金方式购买交易对方石药集团维生药业(石家庄)有限公司、石药(上 海)有限公司、石药集团恩必普药业有限公司合计持有的石药集团百克(山东)生物制药股份有限公司(以 下简称"石药百克")100%股权，同时拟向不超过35名特定投资者发行股份募集配套资金。 关于终止本次重组的原因，新诺威表示，自公司筹划并首次公告本次交易以来，公司严格按照相关法律 法规及规范性文件要求，积极组织交易各相关方推进本次重组工作。但鉴于本次重组事项自筹划以来已 历时较长，医药行业及资本市场整体环境等情况较本次重组筹划之初发生了一定变化，为维护公司全体 股东长期利益，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎性考虑，决定终止本 次重组事项。 中国经济网北京4月29日讯新诺威（300765）(300765.SZ)今日股价收报39.60元，跌幅3.63%，盘中最低 报34.51元。 新诺威昨日晚间发布关于终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项并撤回申请 文件的公告称，公司于2025年4月28日召开第六届董事会第二十四次会议、第六届监事会第十九次会 议，审议通过了《关于终止发行股份及支 ...

Core Viewpoint - The recent measures announced by various government departments aim to stabilize employment and the economy, focusing on employment support, foreign trade development, consumption promotion, effective investment, and optimizing the business environment [1] Group 1: Market Performance - As of April 29, 2025, the CSI Major Consumption Index (000932) decreased by 0.45%, with component stocks showing mixed performance [1] - Bai Run Co., Ltd. (002568) led the gains with an increase of 9.98%, while Xin Nuo Wei (300765) experienced the largest decline at 7.91% [1] - The Major Consumption ETF (159672) fell by 0.52%, with the latest price at 0.77 yuan [1] Group 2: Economic Insights - Dongguan Securities highlighted that increasing external uncertainties make boosting domestic demand crucial for economic growth, with a focus on consumer policies expected to intensify [2] - Key sectors to watch include the liquor industry and consumer goods related to the catering supply chain, with specific attention on high-growth areas like snacks and dairy products benefiting from fertility policy catalysts [2] Group 3: ETF Performance - The Major Consumption ETF has shown a maximum monthly return of 24.35% since inception, with an average monthly return of 5.89% [2] - As of April 28, 2025, the ETF's maximum drawdown this year was 5.57%, compared to a benchmark drawdown of 0.34% [3] Group 4: Fee Structure and Valuation - The management fee for the Major Consumption ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumption Index is 19.71, indicating it is at a historical low, below 96.43% of the time over the past year [4] Group 5: Top Holdings - As of March 31, 2025, the top ten weighted stocks in the CSI Major Consumption Index accounted for 66.9% of the index, with Kweichow Moutai (600519) being the largest at 10.39% [4][6]

Core Viewpoint - New Nuo Wei (300765.SZ) experienced a significant stock price drop following the announcement of the termination of its planned acquisition of 100% equity in Shiyao Baike, which was intended to be financed through a combination of share issuance and cash payment [1][2] Group 1: Company Announcement - On April 28, New Nuo Wei announced the termination of its restructuring plan due to changes in the pharmaceutical industry and capital market conditions since the initial planning [1] - The company had originally planned to acquire Shiyao Baike for a total consideration of 68.4 billion yuan in shares and 7.6 billion yuan in cash [1][2] Group 2: Financial Performance - In the first quarter of 2025, New Nuo Wei reported a revenue of 472 million yuan, representing a year-on-year decrease of 9.94%, and a net loss attributable to shareholders of 26.9 million yuan [3] Group 3: Market Context - The termination of the acquisition may be linked to the anticipated decline in sales of Shiyao Baike's main product, Jinyouli, due to its inclusion in inter-provincial alliance procurement [2] - Despite the recent stock price drop, the innovative pharmaceutical sector has shown strength, with New Nuo Wei's stock reaching a historical high on April 22 [2]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3288 | -0.2 | -1.8 | -0.09 | | | | | 8 | | | 深证综指 | 1898 | -0.9 | -6.3 | -0.68 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表 | | --- | --- | --- | --- | | | （％） | （％） | 现（％） | | 大盘指数 | -0.06 | -3.09 | -3.93 | | 中盘指数 | -0.6 | -6.26 | -8.52 | | 小盘指数 | -0.85 | -6.2 | -2.74 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 普钢Ⅱ | 1.64 | -3.29 | 2.87 | | 游戏Ⅱ | 1.3 | -4.5 | 2.38 | | 城商行Ⅱ | 1.24 | 3.41 | 10.11 | | 白色家电 | 1.07 | -3.32 | -4.88 | | 农商 ...

新诺威公告，公司原拟以发行股份及支付现金方式购买 石药百克100%股权，同时拟向不超过35名特定 投资者发行股份募集配套资金。自公司筹划并首次公告本次交易以来，公司严格按照相关法律法规及规 范性文件要求，积极组织交易各相关方推进本次重组工作。但鉴于本次重组事项自筹划以来已历时较 长，医药行业及资本市场整体环境等情况较本次重组筹划之初发生了一定变化，为维护公司全体股东长 期利益，经公司与交易各相关方友好协商、认真研究和充分论证，基于审慎性考虑，决定终止本次重组 事项。 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [4][25]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.2%, outperforming the Shanghai Composite Index, which rose by 0.6% [4][5]. - The Ministry of Industry and Information Technology, along with six other departments, issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [4][12]. - A head-to-head clinical trial showed that the dual antibody drug Ivoris combined with chemotherapy outperformed Tislelizumab in treating advanced squamous non-small cell lung cancer [4][13]. - The FDA approved the PD-1 monoclonal antibody for use in treating recurrent or metastatic non-keratinizing nasopharyngeal carcinoma [4][14]. - New clinical data from SYS6010, an EGFR ADC, demonstrated promising safety and efficacy in treating advanced solid tumors [4][16]. Market Performance - The overall valuation of the pharmaceutical sector is at 24.9 times PE (2025E), ranking fifth among 31 primary industries [4][11]. - The performance of various sub-sectors includes: - Raw materials (+4.7%) - Chemical preparations (+2.3%) - Traditional Chinese medicine (-0.5%) - Blood products (-3.3%) - Vaccines (-3.8%) [4][7]. Key Events - The digital transformation plan aims to integrate AI into the pharmaceutical industry, enhancing competitiveness and quality management across the entire supply chain [4][12]. - The report suggests focusing on companies with existing AI applications in diagnostics, devices, services, and pharmaceuticals [4].

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].