据港交所12月29日披露，悦康药业集团股份有限公司(简称：悦康药业(688658.SH))向港交所主板提交上市申请，中信证券为其独家保荐 人。招股书披露，悦康药业是一家生物制药公司，专注于研究、开发、生产和商业化四种模式的疗法：寡核苷酸、信使核糖核酸(mRNA) 疫苗、多肽和中药创新药。公司利用商业化产品组合、跨模态研发技术平台和能力、药品生产质量管理规范(GMP) 认证的生产系统及遍 布全国的商业化网络等综合优势，为拥有大量未满足需求及长期增长潜力的主要治疗领域推进候选产品的差异化创新管线。 | 篇纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | | | | --- | --- | --- | | 行使與否而定) | | | | [編纂]數目 | .. | 「編纂】股H股(可予重新分配) | | [編纂]數目 | | : [編纂]股H股(可予重新分配及 | | 視乎[編纂]行使與否而定） | | | | 最高[編纂] : | | 每股H股[編纂]港元,另加1.0%經紀 | | 佣金、0.00015% 會財局交易徵費、 | | | | 0.0027％證監會交易徵費及0.00565% | | | | 聯 ...

智通财经APP获悉，据港交所12月29日披露，悦康药业集团股份有限公司(简称：悦康药业(688658.SH))向港交所主板提交上市申请，中信 证券为其独家保荐人。招股书披露，悦康药业是一家生物制药公司，专注于研究、开发、生产和商业化四种模式的疗法：寡核苷酸、信使 核糖核酸(mRNA)疫苗、多肽和中药创新药。公司利用商业化产品组合、跨模态研发技术平台和能力、药品生产质量管理规范(GMP) 认证 的生产系统及遍布全国的商业化网络等综合优势，为拥有大量未满足需求及长期增长潜力的主要治疗领域推进候选产品的差异化创新管 线。 ...

智通财经APP获悉，据港交所12月29日披露，悦康药业集团股份有限公司(简称：悦康药业(688658.SH))向港交所主板提交上市申请，中信 证券为其独家保荐人。招股书披露，悦康药业是一家生物制药公司，专注于研究、开发、生产和商业化四种模式的疗法：寡核苷酸、信使 核糖核酸(mRNA)疫苗、多肽和中药创新药。公司利用商业化产品组合、跨模态研发技术平台和能力、药品生产质量管理规范(GMP) 认证 的生产系统及遍布全国的商业化网络等综合优势，为拥有大量未满足需求及长期增长潜力的主要治疗领域推进候选产品的差异化创新管 线。 ...

Group 1 - The CXO industry is entering a new high prosperity cycle driven by three factors: overseas interest rate cuts, domestic recovery, and industrial upgrades [2] - The report highlights the significant opportunities for the Chinese CXO industry due to industrial upgrades, particularly in new molecules like peptides, ADCs, and oligonucleotides [2] - External demand CXO companies are expected to recover by the second half of 2024, with a potential increase in orders and revenue in the first three quarters of 2025 [2] Group 2 - The chemical industry is facing potential supply tightness, particularly in the phosphate chemical sector, driven by strong demand for lithium iron phosphate and rising electricity costs [3] - The barriers to phosphate mining and processing are increasing, which may lead to lower-than-expected supply growth, keeping prices at high levels [3] - The market has shown a collective rebound, with significant trading volume, indicating a potential stabilization and recovery in market sentiment [3]

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 recent administrative penalty imposed on Nuotai Bio (688076.SH) due to past issues has not negatively impacted the company's current operational performance, with significant revenue and profit growth reported for the first three quarters of 2025. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.527 billion yuan, representing a year-on-year increase of 21.95% - The net profit attributable to shareholders reached 445 million yuan, up 26.92% year-on-year - The net profit excluding non-recurring items was 437 million yuan, reflecting a 23.20% year-on-year growth [1] 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 [1] - Nuotai Bio is committed to 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 [1] 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 the clinical trial application of the new drug Semaglutide tablets, marking a milestone in oral peptide delivery technology for weight management [1] - Currently, there are no approved oral Semaglutide formulations for weight management in the domestic and international markets, indicating a substantial market opportunity for Nuotai Bio [1] Global Influence and Collaborations - Nuotai Bio has established itself as a leading enterprise in the peptide raw material drug sector, overcoming technical bottlenecks in large-scale production of long-chain peptide drugs, and is one of the few companies capable of producing over 10 kilograms of Semaglutide and other long-chain modified peptide drugs in a single batch [2] - The company has engaged in collaborations with several leading generic drug companies for the development of Semaglutide and other raw material drug projects, maintaining high growth in peptide raw material sales [2] Pipeline Development - The company has comprehensively covered its GLP-1 pipeline products, building on the success of first-generation Liraglutide, second-generation Semaglutide, and dual-target Teplizumab, while also developing a three-target Retatrutide, with an initial investment of approximately 5.08 million yuan [2] - In addition to peptide drugs, Nuotai Bio is advancing in the oligonucleotide field, with plans for commercial production capacity expected to be completed by 2025, aiming for an annual production of 1,000 kilograms of oligonucleotides and 200 kilograms of PEG-conjugated cyclic peptides [3] Strategic Partnerships - The company has formed partnerships with NuoVision and DeepTech in the areas of synthetic biology and AI empowerment, accelerating the exploration of new business fields [3] - With the gradual rollout of new production capacity and breakthroughs in cutting-edge technology, Nuotai Bio is positioned for high-quality development across multiple tracks, creating long-term value for investors [3]

Investment Rating - The report maintains an "Overweight" rating for the CXO industry, indicating a positive outlook for investment opportunities in this sector [7]. Core Insights - The CXO industry is entering a new high prosperity cycle driven by external factors such as overseas interest rate cuts, domestic recovery, and industrial upgrades. The worst period for the industry is considered to be over, with a significant improvement in sentiment and operational conditions [1][2][17]. - The report emphasizes the competitive advantages of Chinese CXO companies, including efficiency, cost, quality, and rapid expansion capabilities, which are expected to maintain their global standing in the short to medium term [1][3][22]. - The emergence of new molecular drugs, such as peptides and oligonucleotides, is driving growth in the CRDMO sector, with Chinese suppliers positioned to lead globally due to their production capabilities and cost advantages [3][22][28]. Summary by Sections New Cycle - The CXO industry has transitioned from a prolonged adjustment period (2H21-1H24) to a new upward cycle, supported by recovering overseas financing and a favorable domestic IPO environment. The demand for CXO services is expected to increase significantly starting in 2026 [2][17]. New Molecules - New molecular CRDMO services are characterized by higher demand and technical barriers. Chinese companies are leading in areas like TIDES and ADC, achieving higher growth rates and maintaining robust profit margins [3][22][28]. New Landscape - The domestic CXO market is undergoing a restructuring, with market share increasingly concentrated among leading firms. The report highlights that smaller companies may struggle to survive due to heightened quality and sustainability demands from pharmaceutical clients [4][22][28]. Key Recommendations - The report recommends investing in leading companies with strong positions in the new molecular space, such as WuXi AppTec, WuXi Biologics, and others, which are expected to benefit from the ongoing industry upgrades and demand recovery [1][9][22].

Core Viewpoint - The biopharmaceutical sector is expected to experience significant performance divergence among its sub-sectors before the third quarter of 2025, with industry revenue and profit growth rates initially declining before rebounding, as the pressures from high baselines, centralized procurement, and anti-corruption measures have been largely absorbed [1] Group 1: Innovative Drugs - The commercial insurance innovation drug catalog is set to debut in 2025, which is anticipated to drive incremental payments for innovative drug products [2] - The domestic new drug development is accelerating, with lower costs and favorable macro policies, leading to a global leadership position in innovative drug development, contributing approximately one-third of the global innovative R&D pipeline by 2025 [2] - The overseas rights BD transactions are driving the revaluation of innovative drug assets, with a continuous increase in the proportion of Chinese innovative drug license-outs [2] Group 2: CXO and Life Sciences - The CXO market is witnessing improved supply-demand dynamics, with CDMO companies entering a high prosperity cycle due to strong demand for new molecules like ADCs and peptides [2] - The life sciences upstream sector is experiencing a comprehensive recovery in downstream demand, with listed companies actively pursuing mergers and acquisitions to expand [3] Group 3: AI in Healthcare - The "Artificial Intelligence+" policy is leading to widespread applications of AI in healthcare, with significant developments driven by companies like Deepseek [3] Group 4: High-end Medical Equipment - The high-end medical equipment sector is poised for growth due to domestic procurement recovery, import substitution, and accelerated international expansion [3] Group 5: Orthopedic Joint Consumables - The negative impact of centralized procurement is clearing, and the aging population is driving market expansion, with potential growth in surgical robotics [3] Group 6: Traditional Chinese Medicine - There are signs of operational improvement in traditional Chinese medicine, with factors like flu season and basic drug catalog adjustments potentially catalyzing a new market cycle [4]

Core Insights - The company has shown significant recovery in net profit during the first three quarters of 2025, with a revenue of 4.72 billion yuan, representing an 8.25% year-on-year increase, and a non-recurring net profit of 300 million yuan, up 1504% year-on-year [1] - The company is expanding its mature pharmaceutical business while investing heavily in new development directions, including advancements in drug technology and services [2] - The agricultural protection market is beginning to recover, with the company establishing a global supply chain through its Malaysian base, which is expected to start production within 1 to 2 years [3] - The company is also investing in new energy products, with significant projects underway to enhance its production capacity in lithium-related products [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved an operating income of 4.72 billion yuan, a year-on-year increase of 8.25% - The non-recurring net profit reached 300 million yuan, reflecting a substantial year-on-year growth of 1504% - The gross profit margin stood at 25.96%, an increase of 3.25 percentage points compared to the previous year [1] Pharmaceutical Business Development - The company is focusing on expanding its pharmaceutical product technology research and development, moving from traditional small molecule drugs to amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides [2] - The team is enhancing early clinical project conversion for clients by providing diverse linker synthesis services necessary for developing ADC/PROTAC drugs [2] Agricultural Protection Market - The agricultural protection market is recovering from a period of excess inventory due to global supply chain disruptions from 2019 to 2022, with demand expected to rebound in the second half of 2024 [3] - The company is collaborating with multiple international agricultural/plant protection companies to drive CDMO business through technological innovation [3] - The Malaysian base is under construction and aims to support CDMO business for agricultural protection products during the patent period, with production expected to start in 1 to 2 years [3] New Energy Initiatives - The company is investing 650 million yuan in projects to produce 200,000 tons of electrolyte, 20,000 tons of LT612 (lithium hydroxide monohydrate), and other lithium-related products [3] - The planned production capacity for lithium hexafluorophosphate is set at 20,000 tons per year, while the capacity for lithium bis(fluorosulfonyl)imide is projected at 10,000 tons per year [3] - The new energy business has achieved revenue breakthroughs, primarily from sales of LiFSI and electrolyte products, while the lithium hexafluorophosphate project is still undergoing technical improvements [3]

Group 1: Pharmaceutical Business Development - The company’s pharmaceutical business is rapidly developing, focusing on a major client strategy and CDMO business model, with partnerships established with several leading global pharmaceutical companies [1] - The pharmaceutical division has formed stable commercial relationships with a number of high-quality domestic and international clients, leading to an expansion of the business coverage and deepening cooperation [1] - Future growth in the pharmaceutical sector is anticipated as the company continues to promote products during clients' patent periods [1] Group 2: Research and Development Expansion - The company is expanding its R&D efforts into new areas, including small molecule CDMO, starting materials, GMP intermediates, and advanced raw materials [2] - New directions in R&D include amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides, with a focus on providing diverse linker synthesis services for ADC/PROTAC drug development [2] - These initiatives are expected to broaden the service scope of the pharmaceutical CDMO business and enable the company to undertake more projects [2] Group 3: Key Product Updates - The company continues to provide advanced intermediates K amine for chlorantraniliprole under a long-term partnership with a client, with a stable pricing model based on cost-plus [3] - The company adheres to a long-term contract strategy, ensuring trust and integrity in client relationships [3] Group 4: New Energy Sector Outlook - The company primarily sells LiFSI and electrolyte products, with ongoing technical improvements in lithium hexafluorophosphate projects [4] - Revenue from the new energy business is expected to break through in 2025, with a focus on large client strategies and enhancing production capabilities [4] Group 5: Agricultural Protection Business - The agricultural protection industry is highly concentrated, with the company engaging in CDMO business driven by technological innovation and establishing long-term strategic partnerships with multiple international agricultural companies [6] - The company has multiple production bases in China and overseas, including a new base in Malaysia to meet supply chain needs [6] - The company aims to provide differentiated, one-stop supply chain solutions leveraging its comprehensive chemical supply chain in China and flexible production policies in the UK and Malaysia [6]