科创板明星企业江苏诺泰生物（688076.SH）的财务戏法震惊了医药圈。 7月21日，诺泰生物停牌一天，7月22日开市起将被实施其他风险警示，证券简称变为ST诺泰。截至7月 18日，该公司股价报收40.98元/股，总市值为129.5亿元。 突然"爆雷" 7月18日，诺泰生物披露称，因财务造假，收到证监会下发的《行政处罚事先告知书》。内容显示，诺 泰生物2021年年报存在虚假记载，虚增营业收入3000万元，虚增利润总额2595.16万元。另外，2022年 可转换公司债券募集说明书编造重大虚假内容。诺泰生物与6名高管合计被处罚7620万元。 资料显示，2009年江苏诺泰制药技术有限公司在连云港成立，2021年5月在科创板上市。该公司是一家 聚焦多肽药物及小分子化学药的企业，也是这几年多肽生物领域知名度较高的企业之一，它曾在2022年 10月至2024年6月期间创造过涨幅350%的纪录 现在投资者最关心的问题在于：诺泰生物会被退市吗？ 有分析人士表示，目前来看，该公司信息披露违法及公开发行文件编造了重大学虚假行为，还未触及退 市条件。虽然还没到退市的地步，但是其业绩和股价将受到直接冲击。 六名核心高管被处罚 中国证 ...

Core Viewpoint - The demand for weight loss solutions is surging, leading to significant profit growth for Nuotai Biotech, a leading company in peptide drugs, with a projected net profit increase of 32.06% to 45.27% for the first half of 2025 [2][3][4] Financial Performance - Nuotai Biotech expects a net profit of 300 to 330 million yuan for the first half of 2025, marking a year-on-year increase of 32.06% to 45.27% [3][4] - The company reported a net profit of 153 million yuan in Q1 2025, a 130.10% increase year-on-year, with a projected Q2 net profit between 147 million and 177 million yuan [5] - The total assets of the company reached 5.439 billion yuan by the end of Q1 2025, a 7.11% increase from the previous year [8] Revenue Growth - From 2022 to 2024, Nuotai Biotech achieved continuous growth in both revenue and net profit, with 2024 figures showing revenue of 1.625 billion yuan and net profit of 404 million yuan, representing increases of 57.21% and 148.19% respectively [3][4] - The company’s gross profit margin has steadily increased from 55.76% in 2021 to 67.68% in 2024, reaching 70.20% in Q1 2025 [5][6] R&D Investment - Nuotai Biotech has consistently invested over 10% of its revenue in R&D over the past three years, with R&D expenditures of 372 million yuan in 2024 and 121 million yuan in Q1 2025, reflecting year-on-year growth of 178.24% and 79.84% respectively [6][8] - The company is focusing on peptide drugs and has developed a robust pipeline of self-researched products, enhancing its competitive edge [6][7] Market Expansion - Nuotai Biotech has successfully expanded its global market presence, with significant sales of its self-developed raw materials in regions including the US, Europe, and India [7] - The company’s revenue from self-selected products reached 1.129 billion yuan in 2024, a 79.49% increase, making it the primary source of income [7][8] Financial Stability - The company maintains a solid financial structure, with a debt-to-asset ratio of 47.86% and a net cash flow from operating activities of 145 million yuan in Q1 2025, up 85.23% year-on-year [8]

Group 1 - The core policy aims to accelerate the development of innovative drugs in China, with 16 specific measures proposed to support the industry [1] - The policy is expected to provide new growth momentum for the entire pharmaceutical industry, leading to a surge in investment interest in innovative drug stocks [1] - Recent policies have been consistently favorable for the pharmaceutical innovation sector, indicating a strong commitment from the government to enhance the industry [1][2] Group 2 - The new policy increases funding support for innovative drug research and development, encouraging the use of health insurance data and investment funds to stabilize long-term investments [2] - A comprehensive drug traceability management system will be established to ensure the quality and safety of innovative drugs, facilitating future research and development [2] Group 3 - The policy optimizes the entry mechanism for innovative drugs into the medical insurance directory, allowing more innovative drugs to be covered, thus improving patient accessibility [3] - It encourages reforms in medical insurance payment methods, providing policy incentives for the reasonable use of innovative drugs [3] Group 4 - The policy promotes the clinical application of innovative drugs by integrating them into clinical management pathways and enhancing their availability in medical institutions and pharmacies [4] - A mechanism for evaluating the clinical use and efficacy of innovative drugs will be established to support market penetration [4] Group 5 - The stock market reacted positively to the policy, with several innovative drug stocks experiencing significant gains, indicating strong market confidence in the pharmaceutical innovation sector [5] - Notable stocks that surged include Frontline Bio-U, Guizhou Bailing, and Seer Medical, reflecting a broader trend of rising interest in innovative drug companies [5] Group 6 - Frontline Bio-U focuses on innovative drug development in the HIV field, with its core product expected to benefit from increased market penetration due to the new policy [7] - Guizhou Bailing has a strong pipeline in traditional Chinese medicine and is well-positioned to leverage the new policy for further innovation [7] - Seer Medical is enhancing its innovative drug services through partnerships, which will be supported by the new policy [7] - Anglikang is expected to see accelerated growth in its innovative drug pipeline as a result of the favorable policy environment [7] - Shutaishen, with a rich pipeline in biopharmaceuticals, is poised to benefit from increased research investments and market opportunities [7]

4月22日晚间，多肽药物领军企业诺泰生物（688076.SH）2024年年度报告及2025年一季报同步出炉。 全球GLP-1销售火热的背景下，市场虽对于公司业绩的加速增长已有一定预期，但优异的业绩表现仍收 获了投资者的高度关注。2024年，公司营业收入16.25亿元，同比增长57.21%，归母净利润4.04亿元， 同比增长148.19%。高基数基础上，2025年一季度公司延续增长趋势，营业收入及归母净利润分别达到 5.66亿元及1.53亿元，同比增长58.96%及130.10%。 作为国内最早一批深耕多肽药物研发生产的药企，诺泰生物在全球多肽药物供应链中已占据突出的地 位。公司指出，经过多年技术积累，公司突破了长链多肽药物规模化大生产的技术瓶颈，成功建立了基 于固液融合的多肽规模化生产技术平台，在产能、产品质量和生产成本等方面具备极强的竞争优势，如 司美格鲁肽、艾博韦泰等长链修饰多肽药物的单批次产量已超过10公斤，位于行业领先水平。 凭借技术及生产优势，近年来公司全球订单及合作不断涌现，多肽原料药已销往美国、印度、加拿大、 欧洲等海外市场，主要客户包括Krka、Cipla、Apotex、Chemo、Teva、 ...