A/H股CXO板块在连续三年估值下修后，于2025年出现"基本面修复先于预期"的迹象。以龙头为例，药 明康德（603259.SH）2025年前三季度实现营业收入328.57亿元，同比增长18.61%；归母净利润120.76 亿元，同比增长84.84%。订单端，截至2025年9月末，公司持续经营业务在手订单598.80亿元，同比增 长37.2%。 不过，复苏并不均衡——临床CRO板块仍处"量在修复、价与利滞后"的阶段，行业复苏呈现分化。券商 研报所强调的"合规成本"与"需求弹性"双线博弈，在2026年将更具现实压力。前者来自美国采购与资金 规则的制度化落地，后者取决于全球创新药项目推进是否真正转化为可确认的外包收入。 订单如何兑现 需求端方面，全球制药研发投入仍保持刚性增长，但结构性波动体现在创新药初创企业的周期起伏。 IQVIA报告显示，2023年全球临床试验启动数量同比减少15%，2024年则小幅回升约9%，表明经历疫情 和资本寒冬后，新项目推进正在缓慢重启。 对CXO而言，"签单回暖"并不自动等于"当期放量"。业务模式决定了订单兑现具有天然滞后：CRO项目 常见里程碑制与FTE（月工时制）并存，不同模式下 ...

一笔3000万元的技术转让，最终竟被发现是一场用公司自己的钱买自己账面的"财务游戏"。 2025年12月17日，科创板上市公司江苏诺泰澳赛诺生物制药股份有限公司公告，公司收到证监会的《行政处罚决定书》，因存在"公开发行文件编造重大虚 假内容"等违法行为，公司及相关责任人合计被罚款7620万元。 这家曾因GLP-1减肥药概念而备受资本追捧的医药企业，其光鲜的业绩增长背后，隐藏着一场始于上市首年的精心策划的财务造假。从2021年虚增收入，到 2023年依据虚假数据发行可转债，公司的内控漏洞与治理缺陷暴露无遗，最终导致公司在未来五年内被剥夺再融资资格。 这笔不具商业实质的交易，导致ST诺泰在2021年年度报告中虚增营业收入3000万元，虚增利润总额2595.16万元，占当期披露利润总额的20.64%。公司的实 际控制人、时任副董事长赵德中被认定组织安排了此次交易。 连锁反应：虚假财务数据触发融资骗局 2021年的虚假财务数据，犹如埋下的一颗地雷，在后续的资本运作中引爆。2023年12月，诺泰生物依据包含虚假数据的财务报告，成功发行了规模达4.34亿 元的可转换公司债券。 证监会在处罚决定中明确指出，由于2021年的 ...

Core Viewpoint - ST诺泰 (688076.SH) has received an administrative penalty decision, but this has not negatively impacted its current business performance, with significant revenue and profit growth reported for the first three quarters of 2025 [2] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.527 billion yuan, representing a year-on-year increase of 21.95% [2] - The net profit attributable to shareholders reached 445 million yuan, up 26.92% year-on-year, while the net profit excluding non-recurring items was 437 million yuan, reflecting a 23.20% increase [2] Group 2: Business Growth and Strategy - The company's peptide raw material drug business continues to grow significantly, driven by the expanding GLP-1 market, and is a core driver of its performance [2] - The company is implementing a development strategy focused on time and technology leadership, with a foundation in peptide drugs and small molecule drugs, while strategically expanding into oligonucleotide business and cutting-edge fields like synthetic biology and AI drug development [2] Group 3: Innovation and R&D - The company has made a significant breakthrough in innovative R&D, with its subsidiary, Hangzhou Nuoao Biopharmaceutical Technology Co., Ltd., receiving acceptance for a clinical trial application for the new drug Semaglutide tablets, marking a milestone in oral peptide delivery technology for weight management [2] - Currently, there are no approved oral Semaglutide formulations for weight management in the domestic and international markets, indicating a substantial market opportunity for the company [2] Group 4: Market Position and Collaborations - As a leading enterprise in the peptide raw material drug sector, the company has overcome technical bottlenecks in large-scale production of long-chain peptide drugs, achieving single-batch production of over 10 kilograms for drugs like Semaglutide and Tirzepatide [3] - The company has established collaborations with several leading generic drug companies for the raw materials and formulations of Semaglutide and Tirzepatide, maintaining high growth in peptide raw material sales [3] - The company has also announced comprehensive coverage of its GLP-1 pipeline products, with ongoing development of new targets like Retatrutide, which is set to begin development in early 2024 with an investment of approximately 5.08 million yuan [3] Group 5: Oligonucleotide and New Technologies - The company is actively involved in the oligonucleotide field, with plans for commercial production capacity expected to be completed by 2025, aiming for an annual output of 1,000 kilograms of oligonucleotides and 200 kilograms of PEG-conjugated cyclic peptides [4] - Collaborations with companies like Novogene and DeepTech in synthetic biology and AI-enabled areas are accelerating the exploration of new business fields, positioning the company for high-quality development across multiple tracks [4]

Core Viewpoint - The company has indicated that its total production capacity for peptide raw materials exceeds 5 tons, with specific annual production plans being dynamically formulated based on market and collaboration demands [1] Group 1 - The company, Hanyu Pharmaceutical, has confirmed its current production capacity for peptide raw materials is over 5 tons [1] - The annual production schedule for specific products will be determined by market conditions and collaboration needs [1]

Core Viewpoint - Shengnuo Biotech is a leading domestic peptide drug research and production enterprise, with a comprehensive R&D pipeline and full industry chain platform for peptide APIs and formulations [1] Group 1: Business Overview - Shengnuo Biotech was established on July 23, 2001, and listed on the Shanghai Stock Exchange on June 3, 2021, with its registered and office address in Chengdu, Sichuan Province [1] - The main business includes peptide innovative drug CDMO services, self-developed and sold peptide APIs and formulations, customized production services for peptide products, and technology transfer services for peptide drug production [1] Group 2: Financial Performance - In Q3 2025, Shengnuo Biotech reported revenue of 520 million yuan, ranking 79th among 110 companies in the industry, while the industry leader, Huadong Medicine, had revenue of 32.664 billion yuan [2] - The net profit for the same period was 127 million yuan, ranking 46th in the industry, with the industry leader, Heng Rui Medicine, reporting a net profit of 5.76 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the asset-liability ratio of Shengnuo Biotech was 45.95%, higher than the industry average of 35.26% [3] - The gross profit margin for Q3 2025 was 56.67%, lower than the industry average of 57.17% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.53% to 10,100, while the average number of circulating A-shares held per household increased by 10.53% to 15,600 [5] Group 5: Future Outlook - Guotai Junan Securities maintains an "overweight" rating, raising the EPS forecast for 2025-2027 to 1.14, 1.51, and 1.88 yuan, with a target price adjustment to 51.3 yuan [5] - The company is expected to benefit from the booming demand for GLP-1 peptide APIs, with H1 2025 raw material drug revenue reaching 189 million yuan, a year-on-year increase of 232.4% [5][6] - Revenue projections for 2025-2027 are 751 million yuan, 990 million yuan, and 1.21 billion yuan, with net profits of 191 million yuan, 273 million yuan, and 349 million yuan respectively [6]

Core Insights - JiuZhiTang has acquired a 51.6667% stake in Harbin JiXiangLong Biotechnology Co., Ltd. for RMB 2.1 billion and invested an additional RMB 1 billion, allowing JiXiangLong to be included in JiuZhiTang's consolidated financial statements [1][2] - JiXiangLong specializes in the research, production, and technical services of peptide-based generic drugs and innovative drugs, holding 10 production approvals for raw materials and 1 for formulations, with 8 products entering national procurement [1][2] - The acquisition enables JiuZhiTang to enter the peptide raw material drug sector, enhancing its product range and industrial chain layout [1][2] Company Overview - JiXiangLong is recognized as a national high-tech enterprise with a strong technical team and a comprehensive technology system in the peptide drug field, indicating significant growth potential and investment value [2] - JiuZhiTang is a pharmaceutical company that integrates research, production, sales, and health management, focusing on traditional and modern Chinese medicine, biopharmaceuticals, and health products [2] - The integration is expected to create synergies in production, sales channels, research, and technology, enhancing JiuZhiTang's competitiveness in the pharmaceutical sector [2] Market Implications - The deep integration of JiuZhiTang and JiXiangLong is anticipated to improve the company's risk resilience, profitability, and growth potential, with ongoing market attention on the integration effects and synergy value [2]

Core Insights - JiuZhiTang announced the acquisition of a 51.6667% stake in Harbin JiXiangLong Biotechnology Co., Ltd. for 210 million yuan and an additional investment of 100 million yuan, which will allow JiXiangLong to be included in JiuZhiTang's consolidated financial statements [1][2] - JiXiangLong specializes in the research, production, and technical services of peptide generic drugs and has obtained multiple production approvals, ranking third in China for peptide raw material drug approvals [1][2] Group 1 - The acquisition will enable JiuZhiTang to quickly enter the peptide raw material drug sector, enhancing its product structure and industrial chain layout [1] - JiXiangLong has received 10 production approvals for raw materials and 1 for formulations, with 8 products already included in national procurement [1] - The company has completed DMF filings for Semaglutide and Teriparatide with the FDA, allowing sales in U.S. pharmacies [1] Group 2 - The integration of JiXiangLong is expected to create synergies in production, sales channels, research, and technology, establishing new growth points for JiuZhiTang [2] - JiXiangLong will benefit from JiuZhiTang's management, platform, funding, brand, and channel support, accelerating its development [2] - Market analysts believe that this deep integration will enhance JiuZhiTang's risk resistance, sustainable profitability, and future growth potential [2]

Group 1: Company Performance - Qin Chuan IoT reported a revenue of 219 million yuan for the first three quarters of 2025, a year-on-year decrease of 16.24%, and a net profit attributable to shareholders of -69.9 million yuan, down 66.72% [1] - Shenghe Resources expects a net profit attributable to shareholders for the first three quarters of 2025 to be between 740 million and 820 million yuan, representing an increase of 696.82% to 782.96% year-on-year [2] - Yahua Group anticipates a net profit attributable to shareholders of 320 million to 360 million yuan for the first three quarters of 2025, a year-on-year increase of 106.97% to 132.84% [4] - Xichang Electric Power expects a net profit of approximately 12.4 million yuan for the first three quarters, a growth of about 150.51% compared to the previous year [5] - Saintno Bio forecasts a net profit attributable to shareholders of 114 million to 140 million yuan for the first three quarters, an increase of 100.53% to 145.10% year-on-year [6] Group 2: Business Operations and Market Conditions - Qin Chuan IoT's decline in net profit is attributed to lower sales volume and price of domestic gas meters, leading to increased fixed costs and reduced gross margin [1] - Shenghe Resources' significant profit increase is driven by improved market demand and product prices for rare earth products, alongside optimized production and marketing strategies [2] - Yahua Group's profit growth is supported by stable orders from key customers and increased sales of lithium salt products due to favorable market feedback [4] - Xichang Electric Power's performance improvement is linked to enhanced service quality, increased sales volume, and effective cost management [5] - Saintno Bio's growth is attributed to stable development in its main business and increased demand for peptide raw materials, bolstering its market competitiveness [6] Group 3: Strategic Developments - Shenghe Resources completed the acquisition of 100% equity in Australian company Peak, enhancing its global business layout with the acquisition of the Ngualla rare earth mine project [3]

Core Viewpoint - Chengdu Saintno Biological Technology Co., Ltd. anticipates significant growth in net profit for the first three quarters of 2025, with projections indicating an increase of 100.53% to 145.10% compared to the same period last year [1][3]. Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 114.20 million yuan and 139.57 million yuan for the first three quarters of 2025, representing an increase of 57.25 million yuan to 82.63 million yuan year-on-year [1]. - The projected net profit, after deducting non-recurring gains and losses, is estimated to be between 113.35 million yuan and 138.54 million yuan, reflecting an increase of 59.70 million yuan to 84.89 million yuan year-on-year [1]. Previous Year Performance - In the same period last year, the net profit attributable to shareholders of the parent company was 56.95 million yuan, and the net profit after deducting non-recurring gains and losses was 53.66 million yuan [2]. Reasons for Performance Change - The company's main business has shown stable development, with a continuous increase in demand for its peptide raw material business, contributing to a steady rise in overall performance and maintaining strong market competitiveness and profitability [3].

Group 1 - Multiple listed companies, including Chenguang Biological and Shengnuo Biological, expect net profit to double in the first three quarters of 2025 [1] - Chenguang Biological forecasts a net profit of 278 million to 314 million yuan, representing a year-on-year growth of 344.05% to 401.55% [1] - Chenguang Biological attributes its performance improvement to increased revenue and gross profit from plant extraction products and a recovery in cottonseed business [1] Group 2 - Shengnuo Biological anticipates a net profit of 114 million to 140 million yuan, an increase of 100.53% to 145.1% year-on-year [2] - Shengnuo Biological cites stable development in its main business and growing demand for peptide raw materials as key factors for its performance [2] - Sanmei Co. expects a net profit of 1.524 billion to 1.646 billion yuan, with a year-on-year increase of 171.73% to 193.46% due to reduced production quotas and rising downstream demand [2] Group 3 - Yuegui Co. predicts a net profit of 420 million to 470 million yuan, reflecting a year-on-year growth of 86.87% to 109.11% [2] - Yuegui Co. attributes its performance to cost reduction efforts and rising prices of major mineral products [2] - Xichang Electric forecasts a net profit of approximately 12.4 million yuan, a growth of about 150.51% compared to the previous year [3] Group 4 - Xichang Electric's performance is driven by increased sales volume, effective cost management, and favorable water conditions for power generation [3] - Tian'ao Electronics expects a third-quarter net profit of 6.683 million to 7.623 million yuan, a year-on-year increase of 1281.13% to 1475.39% [3] - Tian'ao Electronics indicates that its overall performance for the first nine months of 2025 is expected to decline due to market competition and project progress [3]