作为全球最大的咖啡因生产商，新诺威正带着转型的焦虑奔赴港股市场。12月10日，石药创新制药股份 有限公司（以下简称"新诺威"）正式向港交所递交招股书，试图通过外部融资破解业绩困局与转型压 力。近年来，新诺威陷入了业绩增长瓶颈。一方面，功能性原料及保健食品作为传统支柱业务，长期贡 献超90%营收却增长乏力；另一方面，则是新诺威的创新药转型尚未打开局面。2023年，新诺威通过控 股巨石生物切入创新药领域，但该业务收入贡献不足一成，2024年研发费用却飙升至8.43亿元，加剧亏 损。新旧动能转换之际，新诺威仍准备负重前行，此次赴港募资的核心仍在于创新药业务，为生物制药 研发与商业化募集资金，试图用资本为转型争取时间。 传统支柱业务失速 新诺威近年整体业绩呈持续下滑态势，营收规模逐年收缩。招股书披露数据显示，2022—2024年，该公 司收入分别为28.38亿元、25.39亿元、19.81亿元，2023年和2024年同比降幅分别达10.55%和21.98%。盈 利端的表现更为严峻，2022年和2023年，公司净利润分别为2.94亿元和1.26亿元，2024年，新诺威净利 润由盈转亏，录得净亏损3.04亿元。 2025 ...

招股书显示，2022年，功能性原料及保健食品业务带来营收25.71亿元，2023年收入同比下滑4.7%， 2024年降幅进一步扩大至24.9%；同时，毛利率同步下降5.9%至39.6%。2025年，该业务压力未减，前7 个月，收入较2024年同期仅微增0.21%，毛利率则进一步下滑至35.6%。 就业绩表现等问题，北京商报记者向新诺威方面发送采访函，但截至发稿未获得回复。 作为全球最大的咖啡因生产商，新诺威（300765）正带着转型的焦虑奔赴港股市场。12月10日，石药创 新制药股份有限公司(以下简称"新诺威")正式向港交所递交招股书，试图通过外部融资破解业绩困局与 转型压力。近年来，新诺威陷入了业绩增长瓶颈，2022—2024年营收连续下滑，从28.38亿元跌至19.81 亿元；2024年净利润更是由盈转亏，净亏损3.04亿元，2025年前7个月亏损进一步扩大至2.26亿元。 业绩失速背后，是新诺威面临的双重困境。一方面，功能性原料及保健食品作为传统支柱业务，长期贡 献超90%营收却增长乏力；另一方面，则是新诺威的创新药转型尚未打开局面。2023年，新诺威通过控 股巨石生物切入创新药领域，虽手握抗体药、AD ...

Core Viewpoint - The article discusses the regulatory challenges and policy support for the biopharmaceutical industry in Shanghai, particularly focusing on the cross-province and cross-border segmented production of biological products, which is essential for integrating into the global supply chain [2][4]. Regulatory Challenges - High regulatory costs and data sharing risks are significant constraints on the segmented production of biological products across provinces and borders [2]. - The State Council issued a directive in January to explore segmented production models and support cross-border segmented production [2]. Policy Support - Shanghai has been actively promoting cross-province and cross-border segmented production since May, including the production of injectable drugs and ADCs [2]. - The Shanghai Municipal Drug Administration has outlined key conditions for contracted production, including a minimum of three years of commercial production experience and adherence to a unified quality management system [2]. Innovation and Approval - In the first half of 2025, 34 domestic innovative medical devices were approved, with Shanghai accounting for 21%, highlighting the city's significant role in the innovation landscape [3]. - The review process for innovative medical devices has been streamlined, reducing technical review timelines from 45 to 40 working days [3]. Support for Overseas Expansion - Policies have been introduced in the Pudong New Area to support biopharmaceutical companies in expanding overseas, including public service policies and talent incentives [4]. - The Pudong Trade Promotion Council has organized over 230 overseas exhibition projects, with more than 30 focused on biotechnology and medical devices, facilitating global market access for Shanghai's biopharmaceutical companies [5].