| 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损:17,000万元-25,500万元 | 盈利:5,372.63万元 | | | 比上年同期下降:416%-575% | | | 扣除非经常性损 益后的净利润 | 亏损:21,000万元 – 31,500万元 | 盈利:4,234.19万元 | | | 比上年同期下降:596% - 844% | | （截图来自2025年业绩预告） 然而，这份预告书远非一个简单的衰退故事。翻开其财报细节，一场围绕传统药企转型的激烈博弈跃然纸 上——一边是研发管线前所未有地高速扩张，一边是急剧失血的利润表。新诺威正以巨大的代价，完成 从"咖啡因龙头"到"创新药平台"的惊险一跃。 针对相关问题，《华夏时报》记者向新诺威（300765.SZ）致函询问，截至发稿未获回复。 研发"燃烧"与传统业务"熄火" 新诺威的亏损，结构清晰，指向明确。 亏损的A面，是主动的、面向未来的战略性投入。2025年全年约10亿元的研发支出，同比增长18.76%，是 其业绩"失血"的首要原因。这笔资金转化为实实在在的管线里程碑：4款抗体 ...

Core Viewpoint - The company, XinNuoWei, is expected to report a significant loss of between 170 million to 255 million yuan for the year 2025, marking a year-on-year decline of 416% to 575% due to increased R&D investments and challenges in transitioning from traditional raw materials to innovative pharmaceuticals [1] Group 1: Financial Performance - In 2022, XinNuoWei achieved peak performance with revenue and net profit attributable to shareholders of 2.626 billion yuan and 726 million yuan, respectively [4] - Revenue for 2023 and 2024 is projected to decline to 2.539 billion yuan and 1.981 billion yuan, with net profit dropping to 434 million yuan and 53.73 million yuan [4] - The company anticipates a significant loss in 2025 primarily due to a drop in vitamin B12 prices and increased competition in the caffeine business [5] Group 2: Business Transition and R&D - XinNuoWei is in a critical transition phase from traditional raw material business to innovative pharmaceuticals, having acquired an 80% stake in Giant Stone Bio, a subsidiary focused on ADC, mRNA vaccines, and antibody therapies [3] - The company has increased its R&D expenditure to approximately 1 billion yuan in 2025, reflecting a substantial year-on-year growth, which is a key factor affecting current profits [1] - Several products have made significant progress, with four antibody drugs, six ADC products, and one mRNA vaccine receiving clinical trial approvals in 2025 [1] Group 3: Market Position and Challenges - XinNuoWei remains a leading global producer of synthetic caffeine, maintaining a strong market share and serving major clients like Coca-Cola, Pepsi, and Red Bull [2] - The profitability of the traditional core business has declined due to market factors, impacting the overall profit from functional raw materials [2] - The company faced challenges in its vitamin business, with a lack of growth in traditional health products and new business lines not yet achieving scale [5]

Core Viewpoint - The company Shiyao Group's subsidiary, Shiyao Innovation Pharmaceutical, forecasts a significant net loss for 2025, with expected losses ranging from 170 million to 255 million yuan, marking a decline of 416% to 575% compared to the previous year [1][4]. Financial Performance Summary - The net profit attributable to shareholders is projected to be a loss of 170 million to 255 million yuan, compared to a profit of 53.73 million yuan in the same period last year, representing a decline of 416% to 575% [2][5]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of 210 million to 315 million yuan, down from a profit of 42.34 million yuan in the previous year, indicating a decline of 596% to 844% [2][5]. Reasons for Performance Changes - The company has made significant progress with multiple research and development (R&D) products, leading to increased R&D expenses. The total R&D expenditure is expected to reach approximately 1 billion yuan, reflecting a substantial increase year-on-year [3][5]. - The acquisition of an additional 29% minority stake in the subsidiary, Jushi Bio, has increased its ownership to 80%. Jushi Bio is currently not profitable due to high R&D investments, and the increased stake has amplified its impact on the consolidated financial statements [6]. - The company's functional raw materials business has experienced a decline in profit due to reduced gross margins on caffeine products, despite efforts to increase sales [7].

Group 1 - The core viewpoint of the article indicates that Shiyao Group's subsidiary, Shiyao Innovation, is expected to report a net loss attributable to shareholders of 170 million to 255 million yuan for the fiscal year 2025, compared to a profit of 53.7263 million yuan in the previous year [1] - The expected net loss after deducting non-recurring gains and losses is projected to be between 210 million and 315 million yuan, with the previous year's profit being 42.3419 million yuan [1] - The increase in research and development (R&D) expenses to approximately 1 billion yuan, a significant year-on-year increase, is a major factor affecting the current period's profit [1] Group 2 - In early November 2025, Shiyao Innovation completed the acquisition of an additional 29% minority stake in its subsidiary, Jushi Biotech, raising its ownership to 80% [2] - Due to significant investments in the research pipeline, Jushi Biotech is currently not profitable, and the increased ownership will amplify its impact on the consolidated financial statements of the company [2] - The company is actively consolidating its advantage in the functional raw materials business, particularly in caffeine products, although the gross margin and profitability of these products have slightly declined compared to the same period last year due to market factors [2]

Core Viewpoint - The company, Shiyao Group, is expected to report a significant net loss for its subsidiary, Shiyao Innovation, in 2025, contrasting with a profit in the previous year, primarily due to increased R&D investments and operational challenges [1][2]. Group 1: Financial Performance - Shiyao Innovation anticipates a net loss attributable to shareholders of 170 million to 255 million yuan for 2025, compared to a profit of 53.7263 million yuan in the previous year [1]. - The expected net loss, excluding non-recurring items, is projected to be between 210 million and 315 million yuan, down from a profit of 42.3419 million yuan in the prior year [1]. Group 2: R&D Investments - The company is significantly increasing its R&D expenditures, with total R&D costs expected to rise to approximately 1 billion yuan, marking a substantial year-on-year increase [1]. - Several products in the pipeline have made important progress, including four antibody drugs, six ADC products, and one mRNA vaccine receiving clinical trial approvals for the first time in 2025 [1]. Group 3: Subsidiary Developments - In early November 2025, Shiyao Innovation completed the acquisition of an additional 29% minority stake in its subsidiary, Jushi Biotech, raising its ownership to 80% [2]. - The increased stake in Jushi Biotech, which is currently not profitable due to high R&D investments, will have a more pronounced impact on the consolidated financial statements of Shiyao Innovation [2]. Group 4: Functional Raw Materials Business - Shiyao Innovation is working to strengthen its position in the functional raw materials sector, particularly in caffeine products, although the gross margin and profitability of these products have slightly declined compared to the previous year due to market factors [2].

Core Viewpoint - The company, XinNuoWei (300765.SZ), forecasts a net loss attributable to shareholders of 170 million to 255 million yuan for the year 2025, marking a shift from profit to loss year-on-year [1] Group 1: Financial Performance - The company anticipates a significant increase in R&D expenses, projected to reach approximately 1 billion yuan, which is a substantial year-on-year growth and a key factor affecting current profits [1] - The acquisition of an additional 29% minority stake in its subsidiary, Jushi Biotechnology, has increased the company's ownership to 80%, which will amplify the impact of Jushi's losses on the consolidated financial statements [1] Group 2: R&D Progress - During the reporting period, the company made significant advancements in its innovation pipeline, with four antibody drugs, six ADC products, and one mRNA vaccine receiving clinical trial approvals for the first time in 2025 [1] - A monoclonal antibody product, Omabuzumab for new indications, has been approved for market launch, while another monoclonal antibody product, Pertuzumab injection, has had its market application accepted [1] - Two ADC products have entered the Phase III clinical stage, reflecting the company's commitment to advancing its research and development efforts [1] Group 3: Functional Raw Materials Business - The company has worked to strengthen its position in the functional raw materials sector, particularly by increasing sales of caffeine products [1] - However, due to market factors, the gross margin and profitability of caffeine products have slightly declined compared to the same period last year, leading to a decrease in profits from the functional raw materials business [1]

Core Viewpoint - The company expects a loss of 170 million to 255 million yuan in 2025, with a non-recurring loss of 210 million to 315 million yuan, primarily due to increased R&D investments to accelerate its innovation pipeline [1] Group 1: Financial Performance - The company anticipates a significant increase in R&D expenses, projected to reach approximately 1 billion yuan, which is a substantial year-on-year growth and a key factor affecting current profits [1] - The company completed the acquisition of an additional 29% minority stake in its subsidiary, Giant Stone Biotechnology, raising its ownership to 80%, which will increase the impact of Giant Stone's losses on the consolidated financial statements [1] Group 2: R&D Progress - During the reporting period, multiple products in the pipeline made significant progress, with four antibody drugs, six ADC products, and one mRNA vaccine receiving clinical trial approvals for the first time in 2025 [1] - One monoclonal antibody product (Omarizumab injection) received approval for a new indication, while another monoclonal antibody product (Pertuzumab injection) had its listing application accepted; additionally, two ADC products entered Phase III clinical trials [1] Group 3: Business Operations - The company is actively consolidating its competitive position in the functional raw materials business, particularly by increasing sales of caffeine products [1] - However, due to market factors, the gross margin and profitability of caffeine products slightly declined compared to the same period last year, leading to a decrease in profits from the functional raw materials business [1]

格隆汇1月15日丨新诺威(300765.SZ)公布，预计2025年亏损17,000万元–25,500万元，扣非亏损21,000万 元–31,500万元。报告期内，公司为加速推进创新管线，持续加大研发投入。多款在研产品取得重要进 展：2025年，公司4款抗体药物、6款ADC产品及1款mRNA疫苗首次取得临床试验批准；1款单抗产品 （注射用奥马珠单抗）新适应症获批上市；1款单抗产品（帕妥珠单抗注射液）上市申请获得受理；另 有2款ADC产品进入III期临床阶段。受上述研发活动推动，全年研发费用增至约10亿元，同比有较大增 长，是影响当期利润的重要因素。 报告期内，公司于2025年11月初完成对控股子公司巨石生物29%少数股权的收购，持股比例提升至 80%。目前巨石生物因在研管线投入较大尚未盈利，随着持股比例提高，其损益对公司合并财务报表归 属于上市公司股东的净利润的影响相应扩大。报告期内，公司积极巩固功能性原料业务优势地位，提升 咖啡因类产品销量，但受市场因素影响，公司咖啡因类产品毛利率及盈利水平较去年同期略有下降，进 而导致功能性原料业务的利润有所下降。 ...

Core Viewpoint - The article discusses the insider trading case involving Pan Weidong, the former chairman of XinNuoWei, and the termination of a significant asset restructuring deal with Shiyao Baike, highlighting the implications for both companies and the broader market context [1][2][9]. Group 1: Insider Trading Case - Pan Weidong was fined 5 million yuan by the China Securities Regulatory Commission (CSRC) for insider trading related to the proposed acquisition of Shiyao Baike [1][8]. - The investigation revealed that Pan bought 2.74258 million shares of XinNuoWei for approximately 99.99 million yuan before the public announcement of the restructuring [1][3]. - Other individuals involved in the insider trading, including Zhang Heming, Du Ying, and Zhen Hong, also faced penalties, with profits ranging from 150,000 to 790,000 yuan [3][8]. Group 2: Termination of Restructuring Deal - XinNuoWei announced in April 2024 the termination of its plan to acquire 100% of Shiyao Baike for 7.622 billion yuan, citing various market and strategic concerns [9][10]. - The acquisition was initially seen as a significant move, with a valuation that represented a 78.25% premium over Shiyao Baike's book value [9][10]. - The termination raised questions about the deal's valuation, strategic fit, and financial health, leading to skepticism in the market [10]. Group 3: Company Performance and Market Reaction - XinNuoWei has faced declining revenues and profits, reporting its first quarterly loss since going public, with a net profit of -24.05 million yuan in the first three quarters of 2025 [13]. - The company's stock price has experienced significant volatility, rising from 22 yuan in January 2023 to a peak of 63 yuan in June, before falling to 31.41 yuan by November 7, 2023 [13]. - XinNuoWei is also pursuing an IPO in Hong Kong, indicating a strategic shift amidst its financial challenges [13].

Core Insights - Newnow's performance has been under pressure since its transition to innovative drugs, resulting in its first quarterly loss since going public in 2019, with a net profit of -24.05 million yuan for the first three quarters of this year, a year-on-year decline of 117.26% [1][2] Financial Performance - The sales expenses for Newnow increased by 87.12% to 202 million yuan, primarily due to increased marketing investments in the biopharmaceutical sector [2] - Research and development expenses rose by 49.56% to 683 million yuan, driven by Giant Stone Biotech's increased investment in R&D [2] - Newnow's net cash flow from operating activities was -175 million yuan for the first three quarters [4] Strategic Moves - Newnow is planning to further acquire a 29% stake in Giant Stone Biotech for 1.1 billion yuan, increasing its ownership from 51% to 80% [2] - The company aims to list on the Hong Kong Stock Exchange to enhance its global strategy and improve its capital operation platform [4] Market Performance - Newnow's stock price experienced significant volatility, with a cumulative increase of 134.65% from January 2 to June 6, followed by a decline of 47.89% from June 9 to November 5 [5] - As of November 5, Newnow's stock closed at 32.6 yuan per share, with a total market capitalization of 45.79 billion yuan [6] Management Issues - The former chairman of Newnow, Pan Weidong, was penalized for insider trading, leading to his resignation [7] - A planned acquisition of Shiyao Baike was ultimately terminated in April, indicating challenges in the company's strategic initiatives [8]