Core Viewpoint - The company reported a revenue of 1.05 billion yuan for the first half of 2025, marking a year-on-year growth of 7.99%. Despite a short-term net loss due to increased R&D expenses, breakthroughs in ADC drugs and mRNA vaccines are opening up significant growth opportunities in the biopharmaceutical industry [1] Group 1: Financial Performance - The company achieved a revenue of 1.05 billion yuan in the first half of 2025, reflecting a year-on-year increase of 7.99% [1] - The net profit was impacted by a surge in R&D expenses, leading to a temporary loss [1] Group 2: R&D and Innovation - R&D investment reached 455 million yuan, representing a substantial year-on-year increase of 80.81%, accounting for 43% of total revenue [4] - The company has established multiple differentiated technology platforms, including antibody engineering and ADC technology platforms, to meet diverse biopharmaceutical R&D needs [5] Group 3: Product Development and Market Position - The company’s subsidiary, Jushi Biopharma, made significant progress in commercializing key products, including the approval of Enyitan for treating moderate to severe persistent allergic asthma [2] - The company is actively expanding its product offerings in functional foods and raw materials, achieving sales revenue of 934 million yuan in this segment, remaining stable compared to the previous year [3] Group 4: International Collaboration - A strategic partnership was formed with Radiance Biopharma, granting exclusive rights for the development and commercialization of SYS6005 in major markets, with a total transaction value of up to 1.24 billion USD [2] Group 5: Clinical Trials and Regulatory Approvals - Several in-development products are at critical stages, with Ustinumab injection submitted for market approval and others in key clinical trial phases [6] - The company received multiple clinical trial approvals from the FDA, enhancing its global development capabilities [6]

Core Viewpoint - The termination of the merger between New Nuo Wei and Shiyao Baike Bio marks a significant setback for New Nuo Wei's innovative drug strategy, leading to a financial crisis due to high R&D costs and declining cash flow [2][10]. Financial Performance - New Nuo Wei's net profit for 2024 was 53.73 million yuan, a decrease of 87.63% year-on-year, and in Q1 2025, the net profit loss was 26.90 million yuan, a decline of 134.03% [10]. - The company's operating cash flow for 2024 was -1.235 billion yuan, marking its first instance of cash flow loss, with Q1 2025 still showing a negative cash flow of -86.80 million yuan [10][11]. - The total revenue for New Nuo Wei in Q1 2025 was 472 million yuan, a year-on-year decrease of 9.94%, while the total revenue for 2024 was 1.981 billion yuan, down 21.98% [15]. Product Performance - The core product "Jin You Li" (long-acting G-CSF drug) saw a dramatic revenue decline, with projected 2024 revenue of 922 million yuan, down from 2.316 billion yuan in 2023 [3][4]. - The average selling price of "Jin You Li" dropped from 1,349.22 yuan per unit in 2022 to 1,053.12 yuan per unit by mid-2024 [4][5]. - Sales volume for "Jin You Li" in the first half of 2024 was 87.39 million units, compared to 203.52 million units in 2023 [5]. Market Competition - The market for long-acting G-CSF drugs has intensified, with New Nuo Wei's "Jin You Li" facing competition from multiple new entrants, increasing the competitive landscape from six to nine major players [4][6]. - The reliance on a single product for revenue generation poses a significant risk, as "Jin You Li" accounted for over 97% of Shiyao Baike's income [3][6]. Strategic Implications - The failed merger was intended to provide stable income and cash flow to support New Nuo Wei's R&D investments in its subsidiary, Jushi Bio, which is currently under financial strain [10]. - The ongoing high R&D expenditures have significantly impacted New Nuo Wei's profitability, with a gross margin of 41.97% in 2024, down 3.36 percentage points year-on-year [15].

Core Viewpoint - New Nuo Wei (300765.SZ) has terminated its acquisition of Shiyao Baike, with the Shenzhen Stock Exchange halting the review of the asset purchase and fundraising application due to changes in the pharmaceutical industry and capital market conditions since the initial planning of the restructuring [1][3]. Group 1: Acquisition Details - The acquisition was initially approved by New Nuo Wei's board in January 2024, intending to purchase 100% of Shiyao Baike for a total consideration of 7.6 billion yuan, with 90% paid in shares and 10% in cash [2][3]. - The transaction was expected to enhance New Nuo Wei's biopharmaceutical portfolio, particularly in long-acting proteins and innovative drug pipelines [2][3]. Group 2: Financial Performance - New Nuo Wei has experienced a decline in revenue and net profit for two consecutive years, with revenues of 25.39 billion yuan in 2023 and 19.81 billion yuan in 2024, representing year-on-year decreases of 4.75% and 21.98%, respectively [6]. - The net profit for 2023 and 2024 was reported at 4.34 billion yuan and 537.26 million yuan, showing declines of 40.18% and 87.63% year-on-year [6]. - In Q1 2025, New Nuo Wei reported revenues of 472 million yuan, a 9.94% decrease year-on-year, and a net loss of 26.90 million yuan compared to a profit of 79.06 million yuan in the same period the previous year [8]. Group 3: R&D and Market Conditions - The company has significantly increased its R&D expenditures, reaching 840 million yuan in 2024, a 25.44% increase from the previous year, with Q1 2025 R&D expenses at 240 million yuan, up 117.68% year-on-year [6][9]. - New Nuo Wei's strategic focus includes ADCs, mRNA vaccines, and antibody drugs, with over 20 products in the pipeline and several achieving important milestones in 2024 [7].