对于和黄医药(00013)而言，最近一个月的股价走势可谓"坐上过山车"。 首先是4月7日受外部因素及恒指大盘震荡影响，和黄医药股价暴跌22.12%;然后，自4月8日起历经10个交易日，公司股价又从最低18.36港元反弹回4月23日 盘中最高的25.10港元，突破4月6日收盘价，标志着和黄医药在这轮大跌行情中"完全收复失地"。 然而，在4月24日盘中触及最高25.60港元后，和黄医药股价却出现明显冲高回落，当日成交量环比增长66.58%，且K线拉出一条长上影线，预示着场内分歧 开始扩大，持筹者离场情绪似乎开始主导市场。 4月25日，和黄医药收跌5.84%，此后9个交易日持续下跌，期间仅2日收涨。5月6日至5月12日更是走出"5连跌"行情，股价区间最大跌幅近12%。5月12日， 和黄医药盘中股价最大跌幅达到6.22%，当日成交量也大幅增至1000万股以上，场内出现一定抛压。而究其原因，或与近日武田制药披露的2024财年财报有 关。 从呋喹替尼的出海进程和销售表现来看，呋喹替尼在2024年合计销售额达到2.91亿美元，其中24H2销售1.60亿美元，环比增长22%，这一销售表现其实是超 预期，并带动了和黄医药在去年 ...

Core Viewpoint - New Nuo Wei (300765.SZ) announced the termination of its application for the acquisition of Shiyao Chuangxin Pharmaceutical Co., Ltd. and the associated fundraising, ending a 15-month effort for a significant restructuring deal worth 7.6 billion yuan [2][3]. Group 1: Termination of Acquisition - The termination was due to changes in the pharmaceutical industry and capital market environment since the initial planning of the restructuring, leading to a decision made in the interest of long-term shareholder benefits [2][3]. - The market reacted rationally to the termination, influenced by factors such as stock price fluctuations, increasing performance burdens, and declining acquisition targets [2][3]. Group 2: Financial Performance and Challenges - New Nuo Wei's revenue and profit have been declining, with a 21.98% year-on-year decrease in revenue to 1.981 billion yuan and an 87.63% drop in net profit to 54 million yuan in 2024 [8]. - The company's core revenue from functional foods and raw materials fell by 24.90% to 1.84 billion yuan, while the biopharmaceutical sector contributed only 87.8 million yuan, despite a 153.0% increase [10]. Group 3: Acquisition Details and Valuation - The acquisition target, Shiyao Baike, has a core product, Jinyouli, which is facing growth challenges, with a significant reliance on a single product and limited growth potential [4][7]. - The valuation for Shiyao Baike was set at 7.622 billion yuan, representing a 78.25% premium over its book value of 4.276 billion yuan, raising concerns about the high price for low-growth assets [6][7]. Group 4: R&D and Future Prospects - New Nuo Wei's R&D expenses increased by 25.44% to 842 million yuan in 2024, primarily due to the inclusion of Shiji Biological's R&D costs, indicating a significant financial burden [10][11]. - The company is under pressure from negative cash flows, with net cash flow from operating activities at -1.235 billion yuan in 2024 and -87 million yuan in the first quarter of 2025 [12][13].

医药生物 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.5 18.5 16.2 25.7 相对深圳成指 22.6 26.1 19.7 18.8 发行股数 (百万) 1,754.08 流通股 (百万) 1,751.94 总市值 (人民币 百万) 70,145.54 3 个月日均交易额 (人民币 百万) 430.60 主要股东持股比例（%） 中国远大集团有限责任公司 41.67 (19%) (10%) (1%) 8% 16% 25% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 华东医药 深圳成指 000963.SZ 买入 原评级：买入 市场价格:人民币 39.99 板块评级:强于大市 股价表现 相关研究报告 《华东医药》20241028 《华东医药》20240816 《华东医药》20240430 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物：化学制药 资料来源：公司公告， Wind ，中银证 ...