格隆汇11月26日｜有投资者在互动平台向ST诺泰（维权）公司提问：公司有生产和销售抗病毒流感药 物吗？如有销量怎么样？ ST诺泰回复称，公司目前已取得磷酸奥司他韦胶囊、磷酸奥司他韦颗粒、磷酸奥司他韦干混悬剂三个 剂型的药品注册证书，具体您可查阅公司已披露的《关于自愿披露磷酸奥司他韦胶囊获得药品注册证书 的公告》（公告编号：2022-032）《关于自愿披露磷酸奥司他韦颗粒获得药品注册证书的公告》（公告 编号：2024-036）《关于自愿披露磷酸奥司他韦干混悬剂获得药品注册证书的公告》（公告编号： 2024-080），公司会在年报中披露相关产品的销售情况。 ...

Core Viewpoint - The company, Renhe Pharmaceutical, confirmed the availability of several influenza treatment medications and emphasized its commitment to ensuring stable production and supply to meet market demand [2]. Product Information - The company currently sells influenza treatment medications including Oseltamivir Phosphate Capsules, Ibuprofen Sustained-Release Capsules, Amoxicillin Capsules, Compound Aminophenol and Amantadine Capsules, Strong Loquat Capsules, and Pediatric Acetaminophen Granules [2]. - In addition to these, the company offers various medications for symptoms related to influenza-like illnesses, providing consumers with multiple options for symptomatic relief [2]. Supply Assurance - The company has prioritized the supply of these influenza-related medications to ensure they meet market demand effectively [2].

来源：新浪证券-红岸工作室 11月14日，ST诺泰涨0.32%，成交额1.15亿元，换手率0.91%，总市值127.12亿元。 异动分析 CRO概念+肝炎概念+减肥药+流感+人民币贬值受益 1、公司的定制类产品业务主要是CDMO业务,CDMO(合同研发与生产组织)更强调生产工艺的研发和技 术创新能力,是高技术壁垒的工艺研发能力与规模生产能力的深度结合。 2、公司旗下产品注射用胸腺法新用于治疗慢性乙型肝炎。 3、2023年6月9日公司互动：公司自主研发的GLP-1受体激动剂抗糖尿病和减肥一类新药SPN0103-009注 射液已取得药物临床试验批准通知书。 4、公司磷酸奥司他韦胶囊获批 药品批准文号：国药准字H20223349 药品批准文号有效期：至2027年05 月30日 磷酸奥司他韦胶囊为一款抗流感病毒药物，主要用于成人和1岁及1岁以上儿童的甲型和乙型流 感治疗，以及用于成人和13岁及13岁以上青少年的甲型和乙型流感的预防。 5、根据2024年年报，公司海外营收占比为63.12%，受益于人民币贬值。 今日主力净流入728.27万，占比0.06%，行业排名41/159，连续3日被主力资金增仓；所属行业主力净流 ...

来源：新浪证券-红岸工作室 11月13日，ST诺泰涨0.23%，成交额2.23亿元，换手率1.74%，总市值126.71亿元。 4、公司磷酸奥司他韦胶囊获批 药品批准文号：国药准字H20223349 药品批准文号有效期：至2027年05 月30日 磷酸奥司他韦胶囊为一款抗流感病毒药物，主要用于成人和1岁及1岁以上儿童的甲型和乙型流 感治疗，以及用于成人和13岁及13岁以上青少年的甲型和乙型流感的预防。 5、根据2024年年报，公司海外营收占比为63.12%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入2169.99万，占比0.1%，行业排名24/159，连续3日被主力资金增仓；所属行业主力净流 入5.01亿，连续2日被主力资金增仓。 区间今日近3日近5日近10日近20日主力净流入2169.99万7366.05万4830.09万1669.74万-5594.47万 异动分析 CRO概念+减肥药+肝炎概念+流感+人民币贬值受益 1、公司的定制类产品业务主要是CDMO业务,CDMO(合同研发与生产组织)更强调生产工艺的研发和技 术创新能 ...

Core Viewpoint - ST诺泰 is experiencing a decline in stock price and trading volume, with a total market value of 12.01 billion yuan and a trading volume of 72.04 million yuan on November 5 [1] Group 1: Business Overview - The company focuses on custom products, primarily in the CDMO (Contract Development and Manufacturing Organization) sector, which emphasizes the integration of process development and technical innovation [2] - ST诺泰 has developed a GLP-1 receptor agonist for diabetes and weight loss, which has received clinical trial approval [2] - The company’s product, Thymosin Alpha 1 injection, is used for the treatment of chronic hepatitis B [3] - The company’s Oseltamivir Phosphate capsules have been approved for treating and preventing influenza [3] - As of the 2024 annual report, overseas revenue accounts for 63.12% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the period from January to September 2025, ST诺泰 achieved revenue of 1.527 billion yuan, a year-on-year increase of 21.95%, and a net profit attributable to shareholders of 445 million yuan, up 26.92% year-on-year [8] - The company has distributed a total of 362 million yuan in dividends since its A-share listing, with 330 million yuan distributed over the past three years [9] Group 3: Market Activity - The stock has seen a net outflow of 12.42 million yuan today, with a continuous reduction in main funds over the past three days [5][6] - The average trading cost of the stock is 41.94 yuan, with the stock price approaching a support level of 37.18 yuan [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 303 million yuan in the first three quarters of 2025, representing a year-on-year growth of 1.57%. However, the net profit attributable to the parent company decreased by 1.94% to 56.1 million yuan [6][10] - The third quarter of 2025 saw a significant improvement, with a revenue of 106 million yuan, a year-on-year increase of 6.7%, and a net profit of 20.7 million yuan, up 16.69% year-on-year, indicating a release of profit elasticity [6][9] - The growth in revenue is primarily driven by the stable performance of core products and the initial market penetration of new products [9][10] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 197 million yuan, down 0.99% year-on-year, and a net profit of 35.4 million yuan, down 10.3% year-on-year. The gross margin was 76.47%, compared to 80.09% in the first half of 2024 [6][10] - The core product, cytidine diphosphate choline tablets, accounted for 75.23% of the main business revenue, providing stable cash flow [9][10] Growth Drivers - The company is expected to see continued revenue growth supported by new product launches and regional market expansion. The new products, including celecoxib capsules and oseltamivir phosphate capsules, are gradually gaining market share [9][10] - The Northeast market showed a revenue increase of 63.88% year-on-year in the first half of 2025, indicating successful regional expansion efforts [9] Profitability - The gross margin for Q3 2025 was 79.03%, showing a recovery from previous lows, while the net margin improved to 19.38%, up 1.92 percentage points year-on-year [9][10] - The company is expected to maintain a steady growth trajectory in revenue, with projected revenues of 441.53 million yuan, 506.48 million yuan, and 605.65 million yuan for 2025, 2026, and 2027, respectively, reflecting growth rates of 6.22%, 14.71%, and 19.58% [11][10] Valuation - The current market valuation corresponds to a price-to-earnings ratio (P/E) of 21.2, 20.3, and 19.3 for the years 2025, 2026, and 2027, respectively [10][11] - The company is expected to continue building its core product cluster, which will drive gradual improvement in performance [10]

Core Insights - The company reported a gross margin of 77.36% for the first three quarters, showing an improvement from the mid-year report, with a significant increase to 79.03% in the third quarter, indicating sustained profitability momentum [1] - The rise in gross margin reflects the company's strong technical foundation and comprehensive competitive strength in its products [1] - New products such as Celecoxib capsules and Oseltamivir phosphate capsules are rapidly gaining market traction, while prescription drugs have achieved breakthroughs in sales in Northeast China, solidifying the company's performance base [1] R&D and Production Capacity - The company has a robust R&D pipeline that supports its profitability, with clinical trials for innovative drug Maja Zizi capsules progressing steadily and other products like Vornorphan tablets nearing market launch [1] - The company is accelerating production upgrades, with the GMP expansion project in Neijiang initiated in March, leading to a significant increase in "other non-current assets" to 15.61 million, a year-on-year growth of 6565.56% [1] - The second phase of the production facility is expected to be fully completed by 2026, with partial production lines anticipated to be operational by the end of 2025, adding seven new product lines for gel formulations and soft capsules [1] Market Outlook - Open Source Securities expresses optimism regarding the company's R&D project potential and its positioning within the traditional Chinese medicine industry chain, projecting a return on equity (ROE) of 11.7% by 2026 and maintaining a "buy" rating for the company [2]

Core Viewpoint - ST诺泰 is experiencing a decline in stock price, with a drop of 2.71% on October 28, 2023, and a total market capitalization of 12.14 billion yuan [1] Group 1: Business Overview - The company's custom product business primarily focuses on CDMO (Contract Development and Manufacturing Organization), emphasizing the integration of high-tech process development and large-scale production capabilities [2] - ST诺泰's main business revenue composition includes 64.98% from raw materials and intermediates, 25.48% from CDMO/CMO, 7.00% from formulations, 2.49% from technical service fees, and 0.06% from other sources [8] - As of September 30, 2023, ST诺泰 had 15,700 shareholders, a decrease of 16.30% from the previous period, with an average of 20,117 circulating shares per shareholder, an increase of 19.95% [8] Group 2: Product Development - The company has received clinical trial approval for its self-developed GLP-1 receptor agonist, SPN0103-009, which is aimed at treating diabetes and obesity [2] - ST诺泰's product, Thymosin Alpha 1 injection, is used for the treatment of chronic hepatitis B [3] - The company has also obtained approval for Oseltamivir Phosphate capsules, which are antiviral medications for treating and preventing influenza [3] Group 3: Financial Performance - For the period from January to September 2023, ST诺泰 achieved a revenue of 1.527 billion yuan, representing a year-on-year growth of 21.95%, and a net profit attributable to shareholders of 445 million yuan, reflecting a year-on-year increase of 26.92% [8] Group 4: Market Position and Trends - The company's overseas revenue accounted for 63.12% of total revenue, benefiting from the depreciation of the Chinese yuan [4] - The average trading cost of the stock is 42.18 yuan, with the stock currently near a resistance level of 39.01 yuan, indicating potential for a price correction or upward movement if the resistance is broken [7]

Core Viewpoint - ST诺泰 has shown a positive market performance with a 2.32% increase in stock price, reaching a total market capitalization of 12.52 billion [1] Group 1: Business Overview - The company specializes in custom products, primarily in the CDMO (Contract Development and Manufacturing Organization) sector, which emphasizes the integration of process development and technical innovation [2] - ST诺泰's main business revenue composition includes 64.98% from active pharmaceutical ingredients and intermediates, 25.48% from CDMO/CMO, 7.00% from formulations, 2.49% from technical service fees, and 0.06% from other sources [8] - The company has received clinical trial approval for its self-developed GLP-1 receptor agonist for diabetes and weight loss, named SPN0103-009 [2] Group 2: Product Approvals - The company’s Thymosin Alpha 1 injection is used for the treatment of chronic hepatitis B [3] - The company has also received approval for Oseltamivir Phosphate capsules, which are antiviral medications for treating and preventing influenza [3] Group 3: Financial Performance - For the period from January to September 2025, ST诺泰 achieved a revenue of 1.527 billion, representing a year-on-year growth of 21.95%, and a net profit attributable to shareholders of 445 million, with a year-on-year increase of 26.92% [8] - The company’s overseas revenue accounted for 63.12% of total revenue, benefiting from the depreciation of the RMB [4] Group 4: Market Activity - The stock has seen a net inflow of 6.44 million in the latest trading session, with a total trading volume of 203 million and a turnover rate of 1.66% [1][5] - The average trading cost of the stock is 42.18, with the current price approaching a resistance level of 39.80, indicating potential for upward movement if this level is surpassed [7]

Core Viewpoint - ST诺泰 is experiencing a positive market response with a slight increase in stock price and significant trading volume, indicating investor interest in the company's growth potential in the pharmaceutical sector [1]. Group 1: Business Overview - The company specializes in custom products, primarily through its CDMO (Contract Development and Manufacturing Organization) business, which emphasizes the integration of process development and technical innovation [2]. - ST诺泰 has developed a GLP-1 receptor agonist for diabetes and weight loss, which has received clinical trial approval [2]. - The company’s product, Thymosin Alpha 1 injection, is used for treating chronic hepatitis B [3]. - The company’s Oseltamivir Phosphate capsules have been approved for treating and preventing influenza in adults and children [3]. - As of the 2024 annual report, overseas revenue accounts for 63.12% of total revenue, benefiting from the depreciation of the RMB [4]. Group 2: Financial Performance - For the first half of 2025, ST诺泰 achieved revenue of 1.048 billion yuan, representing a year-on-year growth of 26.07%, and a net profit of 310 million yuan, up 36.49% year-on-year [8]. - The company has distributed a total of 362 million yuan in dividends since its A-share listing, with 330 million yuan distributed over the past three years [9]. Group 3: Market Activity - The stock has seen a net outflow of 3.9139 million yuan today, with a slight decrease in main funds over the past two days [5]. - The average trading cost of the stock is 42.37 yuan, with the price nearing a support level of 37.19 yuan, indicating potential volatility [7].