在全球医药研发行业加速变革的背景下，产业链整合正成为企业构建核心竞争力的关键路径。作为国内 CRO行业的领先企业，阳光诺和(688621)拟通过并购江苏朗研生命科技控股有限公司(以下简称"朗研生 命")100%股权，实现从CRO服务商向"研发+生产"一体化平台的战略升级，这标志着中国医药研发服务 行业正从传统的"外包模式"向"全链条整合模式"加速演进。 当前，全球CRO行业正经历深刻变革。随着医药研发成本持续攀升，企业对研发效率、研发风险控制 的需求日益迫切。传统CRO模式下，研发机构与生产制造环节存在"信息孤岛"，导致研发成果向商业化 转化的效率低下。 行业分析显示，医药研发产业链的整合是全球趋势。美国的CRO巨头如IQVIA、PPD已通过战略合作或 并购，逐步构建了涵盖研发、临床、生产、销售的全链条服务能力。阳光诺和此次并购，标志着中国 CRO企业开始向产业链纵深发展，有望在新一轮医药研发产业链整合中占据有利位置。 值得注意的是，阳光诺和此次并购着眼于长期战略布局。拟通过向不超过35名特定投资者发行股份募集 配套资金不超过8.65亿元，用于复杂注射剂微纳米制剂、小核酸药物生产线等关键项目，公司正为未来 的 ...

星标 ★ IPO日报 精彩文章第一时间推送 日前，阳光诺和披露了最新重组进展。 9月26日晚间，北京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"，688621.SH）发布了并购草案，公司拟以发行股份 及可转换公司债券方式，作价12亿元购买控股股东、实际控制人利虔、赣州朗颐投资中心（有限合伙）等持有的江苏朗研生命科 技控股有限公司（以下简称"朗研生命"）100%股权，并向不超过35名特定投资者发行股份募集配套资金不超过8.65亿元。 交易完成后，公司将新增医药工业板块业务，形成"CRO+医药工业"的产业布局。 根据方案，阳光诺和将以每股34.05元的价格发行1762.11万股股份，并发行600万张可转换公司债券（初始转股价同为34.05元/ 股）。本次募集配套资金将用于复杂注射剂微纳米制剂、小核酸药物生产线、药品生产项目、扩建高端贴剂生产基地及补充流动 资金。 据悉，朗研生命成立于2010年7月14日，是一家药物研发生产商，专注于高难度首仿药、创新药研发、生产、销售一体化服务， 在研产品管线覆盖了心脑血管、肿瘤、消化、感染等适应症。 2023-2024年以及2025年上半年，标的公司实现营业收入分别为46 ...

Core Viewpoint - Sunshine Nuohua (688621.SH) plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds, marking a significant asset restructuring and related party transaction [2][3] Group 1: Transaction Details - The transaction involves a major asset restructuring and is classified as a related party transaction due to shared controlling shareholders and actual controllers [2] - Sunshine Nuohua's stock fell by 3.63% upon resumption of trading, with a market capitalization of 4.962 billion yuan [2] - The acquisition aims to enhance the company's profitability and risk resistance by extending its business into the CDMO (Contract Development and Manufacturing Organization) field, creating an integrated "CRO+CDMO" service platform [3] Group 2: Strategic Shift - The acquisition reflects a strategic shift for Sunshine Nuohua from being a service provider in drug research and development to becoming a research-driven pharmaceutical company [3][4] - The company has begun developing its own drug pipeline and is exploring new areas such as traditional Chinese medicine and pet pharmaceuticals [4] Group 3: Financial Performance - Sunshine Nuohua's revenue growth is projected at only 15.70% for 2024, the lowest in its history, with a decline in net profit for the first time [4] - In Q1 2025, the company reported an 8.49% decline in revenue to 231 million yuan and a 59.34% drop in net profit to 30 million yuan [4] - R&D expenses have increased significantly, with a 39.02% rise in 2024 and a 7.32% increase in Q1 2025 [4] Group 4: Acquisition Challenges - The previous acquisition attempt was withdrawn due to significant changes in market conditions, and Langyan Life's performance has deteriorated, with a projected revenue drop of approximately 24.65% in 2023 [6][8] - Langyan Life's revenue for 2023 is expected to be 465 million yuan, down from 617 million yuan in 2022, with net profit also declining [6][7] - The high valuation of Langyan Life during the previous acquisition attempt may not be sustainable given its current financial struggles [8][10]

Core Viewpoint - Sunshine Nuohuo is planning to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through the issuance of shares and convertible bonds, which is expected to enhance its industry competitiveness and profitability [1][2]. Group 1: Acquisition Details - The acquisition involves related parties, as the actual controller of Sunshine Nuohuo, Li Qian, also holds a 32.84% stake in Langyan Life, making this a related party transaction [2]. - The transaction aims to improve Sunshine Nuohuo's strategic layout by integrating its CRO and pharmaceutical manufacturing sectors [1]. Group 2: Financial Performance of Langyan Life - Langyan Life reported revenues of 465 million yuan and 431 million yuan for 2023 and 2024, respectively, with net profits of 36.17 million yuan and 54.39 million yuan [5][8]. - The company's total assets were 1.032 billion yuan and 1.127 billion yuan for 2023 and 2024, with corresponding liabilities of 372 million yuan and 404 million yuan, resulting in asset-liability ratios of 36.05% and 35.85% [6][8]. Group 3: Historical Context and Challenges - Sunshine Nuohuo previously attempted to acquire Langyan Life in 2023 but withdrew the transaction proposal in August 2023 after receiving inquiries from the Shanghai Stock Exchange regarding the reasonableness of performance commitments and other financial aspects [9][11]. - The company has faced recent performance pressures, with a reported revenue of 1.078 billion yuan in 2024, a 15.70% increase, but a decline in net profit by 3.98% [12].