Core Viewpoint - Norska's stock price has shown a positive trend with an 8.48% increase year-to-date, reflecting investor confidence in the company's growth potential in the clinical trial services sector [2]. Company Overview - Norska (Beijing) Pharmaceutical Technology Co., Ltd. was established on August 22, 2008, and went public on August 2, 2022. The company is located in Haidian District, Beijing [2]. - The company's main business includes clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2]. - Revenue composition: Clinical trial operation services (39.25%), clinical trial site management services (34.10%), data management and statistical analysis services (13.30%), biological sample testing services (8.45%), clinical pharmacology services (3.74%), and clinical trial consulting services (1.16%) [2]. Financial Performance - For the first half of 2025, Norska achieved operating revenue of 380 million yuan, a year-on-year increase of 0.18%, and a net profit attributable to shareholders of 61.12 million yuan, up 4.45% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 49.50 million yuan [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 10,400, with an average of 5,486 circulating shares per person, a decrease of 1.97% from the previous period [2]. - New significant shareholders include Hong Kong Central Clearing Limited and two funds from Zhonggeng, indicating growing institutional interest [3].

9月23日，诺思格跌5.08%，截至发稿，报52.52元/股，成交8287.77万元，换手率2.69%，总市值50.72亿 元。诺思格股价已经连续4天下跌，区间累计跌幅4.6%。 资料显示，诺思格(北京)医药科技股份有限公司位于北京市海淀区车公庄西路19号华通大厦B座北塔11 层，成立日期2008年8月22日，上市日期2022年8月2日，公司主营业务涉及临床试验运营服务、临床试 验现场管理服务、生物样本检测服务、数据管理与统计分析服务、临床试验咨询服务、临床药理学服务 等。主营业务收入构成为：临床试验运营服务39.25%，临床试验现场管理服务34.10%，数据管理与统 计分析服务13.30%，生物样本检测服务8.45%，临床药理学服务3.74%，临床试验咨询服务1.16%。 从基金十大重仓股角度 数据显示，东财基金旗下1只基金重仓诺思格。东财远见成长混合发起式A（018088）二季度持有股数 1.24万股，占基金净值比例为4.85%，位居第五大重仓股。根据测算，今日浮亏损失约3.48万元。连续4 天下跌期间浮亏损失3.31万元。 东财远见成长混合发起式A（018088）成立日期2023年4月11日，最新规模9 ...

Group 1 - Norsg's stock price increased by 5.35% on September 10, reaching 61.80 CNY per share, with a trading volume of 263 million CNY and a turnover rate of 7.73%, resulting in a total market capitalization of 5.969 billion CNY [1] - The stock has risen for eight consecutive days, with a cumulative increase of 13.95% during this period [1] - Norsg (Beijing) Pharmaceutical Technology Co., Ltd. specializes in clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [1] Group 2 - The East Finance Growth Mixed Fund A (018088) holds 12,400 shares of Norsg, accounting for 4.85% of the fund's net value, making it the fifth-largest holding [2] - The fund has generated a floating profit of approximately 38,900 CNY today and 89,000 CNY during the eight-day rising period [2] - The fund was established on April 11, 2023, with a latest scale of 9.6956 million CNY and has achieved a year-to-date return of 47.97% [2]

从基金十大重仓股角度 数据显示，西藏东财基金旗下1只基金重仓诺思格。东财远见成长混合发起式A（018088）二季度持有 股数1.24万股，占基金净值比例为4.85%，位居第五大重仓股。根据测算，今日浮盈赚取约3.61万元。 连续4天上涨期间浮盈赚取4.48万元。 东财远见成长混合发起式A（018088）成立日期2023年4月11日，最新规模969.56万。今年以来收益 47.41%，同类排名760/8180；近一年收益84.81%，同类排名595/7978；成立以来亏损1.81%。 东财远见成长混合发起式A（018088）基金经理为孙辰阳。 9月4日，诺思格涨5.28%，截至发稿，报58.00元/股，成交6604.47万元，换手率2.03%，总市值56.02亿 元。诺思格股价已经连续4天上涨，区间累计涨幅7.01%。 截至发稿，孙辰阳累计任职时间2年148天，现任基金资产总规模2439.93万元，任职期间最佳基金回报 39.2%， 任职期间最差基金回报-28.98%。 资料显示，诺思格(北京)医药科技股份有限公司位于北京市海淀区车公庄西路19号华通大厦B座北塔11 层，成立日期2008年8月22日，上市日期2 ...

Company Overview - Beijing Simu Ruike Pharmaceutical Technology Co., Ltd. was established on May 9, 2008, with a registered capital of 63.84 million yuan [1] - The company is located in the Yanqi Economic Development Zone, Huairou District, Beijing [1] - The controlling shareholder is Beijing Simu Wansheng Management Consulting Co., Ltd., holding 18.58% of the shares [1] IPO and Market Activity - The company completed its IPO counseling record at the Beijing Securities Regulatory Bureau on September 2, 2023, and plans to list on the Beijing Stock Exchange [1] - Simu Ruike submitted its initial public offering application to the Shenzhen Stock Exchange in June 2022 but withdrew the application in December 2023 [1] Shareholding Structure - The major shareholders include: - Simu Wansheng: 11,862,620 shares (18.58%) - Wei Pengpai: 8,045,400 shares (12.60%) - Bai Ao Sai Si: 7,700,000 shares (12.06%) - Other shareholders hold varying percentages, totaling 82.23% among the top shareholders [2] Financial Performance - For the fiscal years 2023 and 2024, the company reported revenues of 445.93 million yuan and 417.61 million yuan, respectively [3] - The net profit for the same years was 95.12 million yuan in 2023 and 101.66 million yuan in 2024, indicating a profit increase despite a revenue decline [3] - The comprehensive gross profit margin improved from 37.50% in 2023 to 43.00% in 2024 [3] Business Segment Insights - The decline in revenue is attributed to reduced income from public health event-related services [4] - Excluding the impact of public health event revenues, the income from clinical trial operation services showed a growth trend, with figures of 247.00 million yuan and 281.28 million yuan for the respective years [4]

Group 1 - The core point of the news is that Beijing Simu Ruike Pharmaceutical Technology Co., Ltd. has submitted an application for public stock issuance and listing on the Beijing Stock Exchange, with the application accepted by the Beijing Securities Regulatory Bureau on September 2, 2025 [1] - The counseling agreement with CITIC Construction Investment Securities was signed on August 29, 2025, and other participating service institutions include Beijing Zhide Law Firm and Tianjian Accounting Firm [2][3] - Simu Ruike, established in 2008, is a Contract Research Organization (CRO) specializing in clinical trial design, operation, and data management, focusing on vaccine, infectious disease, and chronic disease sectors [4] Group 2 - The company previously applied for an IPO on the ChiNext board in June 2022, which was accepted by the Shenzhen Stock Exchange, but later withdrew the application, leading to the termination of the review process on December 28, 2023 [5] - For the fiscal years 2023 and 2024, the company's revenue was reported at 445.93 million yuan and 417.61 million yuan, respectively, with net profits of 95.12 million yuan and 101.66 million yuan [4][6] - The company’s total assets as of December 31, 2024, were 1.03 billion yuan, with total equity of 714.73 million yuan, and a debt-to-asset ratio of 30.53% [6] Group 3 - The company’s major clients include Shanghai Fosun Pharmaceutical, Chongqing Zhifei Biological Products, and China National Pharmaceutical Group, with sales to the top five clients accounting for 58.70% and 62.51% of total revenue in 2023 and 2024, respectively [7][8] - The company’s gross profit margins for its main business were 37.50% and 43.00% for the respective years, indicating some fluctuations [6] - The previous IPO fundraising plan included projects such as the construction of a clinical monitoring service platform and a vaccine research center, with a total intended fundraising of 650 million yuan [11][12]

Core Insights - On August 29, Norscare's stock rose by 2.93% with a trading volume of 166 million yuan [1] - The company reported a financing buy-in of 15.92 million yuan and a financing repayment of 17.69 million yuan, resulting in a net financing outflow of 1.77 million yuan [1] - As of August 29, the total financing and securities lending balance for Norscare was 84.92 million yuan, which is 2.80% of its market capitalization, indicating a high level of financing balance compared to the past year [1] Company Overview - Norscare (Beijing) Pharmaceutical Technology Co., Ltd. was established on August 22, 2008, and went public on August 2, 2022 [2] - The company specializes in clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2] - The revenue composition includes: clinical trial operation services (43.01%), clinical trial site management services (27.52%), data management and statistical analysis services (13.53%), biological sample testing services (8.54%), clinical pharmacology services (4.33%), and clinical trial consulting services (3.08%) [2] Financial Performance - For the first half of 2025, Norscare achieved a revenue of 380 million yuan, representing a year-on-year growth of 0.18% [2] - The net profit attributable to the parent company was 61.12 million yuan, reflecting a year-on-year increase of 4.45% [2] - Cumulative cash dividends since the A-share listing amount to 49.50 million yuan [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Norscare was 10,400, an increase of 2.06% from the previous period [2] - The average number of circulating shares per shareholder was 5,486, a decrease of 1.97% from the previous period [2] - New institutional shareholders include Hong Kong Central Clearing Limited and two funds from Zhonggeng, which entered the top ten circulating shareholders [3]

Core Viewpoint - The company Norse Group (Beijing) Pharmaceutical Technology Co., Ltd. has shown stable financial performance with slight growth in revenue and net profit, while also experiencing significant trading activity in its stock. Group 1: Financial Performance - For the period from January to June 2025, Norse Group achieved operating revenue of 380 million yuan, representing a year-on-year growth of 0.18% [2] - The net profit attributable to the parent company was 61.12 million yuan, reflecting a year-on-year increase of 4.45% [2] - Cumulative cash dividends since the company's A-share listing amounted to 49.50 million yuan [3] Group 2: Business Operations - The company's main business segments include clinical trial operation services (43.01%), clinical trial site management services (27.52%), data management and statistical analysis services (13.53%), biological sample testing services (8.54%), clinical pharmacology services (4.33%), and clinical trial consulting services (3.08%) [2] - As of June 30, 2025, the number of shareholders increased to 10,400, up by 2.06% from the previous period, while the average circulating shares per person decreased by 1.97% to 5,486 shares [2] Group 3: Stock Trading Activity - On August 28, Norse Group's stock price fell by 0.39%, with a trading volume of 149 million yuan [1] - The financing buy-in amount for Norse Group on the same day was 19.42 million yuan, with a net buy of 5.95 million yuan after 13.47 million yuan in financing repayments [1] - The total financing and securities lending balance reached 86.69 million yuan, accounting for 2.94% of the circulating market value, indicating a high level compared to the past year [1]

Summary of the Conference Call Company and Industry Overview - The conference call pertains to the CRO (Contract Research Organization) industry, specifically focusing on the company 诺思格 (Norseg) and its performance in 2025 [2][4]. Key Financial Metrics - In the first half of 2025, the company's net profit after non-recurring gains increased by 9.52% to 50.91 million yuan, while the net profit attributable to shareholders decreased by approximately 17% to 70.61 million yuan when excluding share-based payment impacts [2][3]. - Total assets at the end of the period slightly decreased, while shareholders' equity increased by 3.02% to 1.888 billion yuan [3]. Business Segment Performance - Clinical trial operation service revenue decreased by 7.6% to 149 million yuan, accounting for 39.25% of total revenue [3]. - SMO (Site Management Organization) business revenue increased by 31.23% to 129 million yuan, rising to 34.10% of total revenue [3]. - Data management and statistical analysis revenue remained stable at 50.49 million yuan, while biological sample testing service revenue fell by 27.3% to 32.09 million yuan [3]. Industry Trends and Insights - The CRO industry began to show signs of recovery in 2025, with increased order volumes and stabilized prices, particularly in high-end projects [2][6]. - The SMO sector is experiencing positive price trends, prompting the company to strengthen its presence in this area and target high-quality foreign clients [7][8]. - The company has initiated projects in Australia and the United States, with plans to expand into Japan and Europe [10]. Strategic Initiatives - The company is accelerating its acquisition plans, focusing on targets with stable profits, low risks, and strong cultural alignment [4][14]. - The 中金诺斯格产业基金 (CICC Norseg Industry Fund) has completed its first phase of investments and is preparing to launch a second phase, primarily targeting the innovative drug sector [14]. Future Outlook - The company's profitability is expected to improve due to market recovery and price increases, alongside enhanced internal management and AI tool utilization [15]. - The CRO industry is undergoing a cleansing process, with smaller companies facing significant challenges, leading to a shift in client preferences towards established firms like Norseg [12][13]. - The investment enthusiasm for innovative drugs is high in China, contrasting with the U.S. market, where there is a preference for later-stage drug purchases [17][18]. Emerging Trends - Popular disease areas include GLP-1 targets and cell therapy products, with a diversification in treatment methods and focus points [28]. - The recognition of Chinese clinical data is increasing, benefiting domestic CROs in expanding their overseas market presence [29]. Additional Insights - The company emphasizes a controlled expansion strategy, avoiding blind growth while ensuring profitability [9]. - The overall investment environment is becoming healthier and more stable, with a focus on high-quality projects [22]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, industry trends, strategic initiatives, and future outlook.

Company Overview - Norscog (Beijing) Pharmaceutical Technology Co., Ltd. specializes in providing integrated drug clinical research and development services for global pharmaceutical companies and research institutions [1] - The main products include clinical trial operation services, clinical trial site management services, data management and statistical analysis services, biological sample testing services, clinical trial consulting services, and clinical pharmacology services [1] Financial Performance - For Q1 2025, the company reported revenue of 173 million yuan, a year-on-year decrease of 2.53% [1] - The net profit for the same period was 26.07 million yuan, reflecting a year-on-year increase of 13.12% [1] - The sales gross margin stood at 36.53% [1] Market Position - As of August 20, Norscog's stock closed at 54.8 yuan, down 2.73%, with a rolling price-to-earnings (PE) ratio of 36.95 times [1] - The total market capitalization is 5.293 billion yuan [1] - In comparison to the industry, the average PE ratio for the medical services sector is 49.21 times, with a median of 65.65 times, placing Norscog at 23rd in the industry ranking [1][2] Institutional Holdings - As of Q1 2025, only one institution holds shares in Norscog, which is a fund with a total holding of 12,400 shares valued at 0.01 million yuan [1]