在全球医药研发行业加速变革的背景下，产业链整合正成为企业构建核心竞争力的关键路径。作为国内 CRO行业的领先企业，阳光诺和(688621)拟通过并购江苏朗研生命科技控股有限公司(以下简称"朗研生 命")100%股权，实现从CRO服务商向"研发+生产"一体化平台的战略升级，这标志着中国医药研发服务 行业正从传统的"外包模式"向"全链条整合模式"加速演进。 当前，全球CRO行业正经历深刻变革。随着医药研发成本持续攀升，企业对研发效率、研发风险控制 的需求日益迫切。传统CRO模式下，研发机构与生产制造环节存在"信息孤岛"，导致研发成果向商业化 转化的效率低下。 行业分析显示，医药研发产业链的整合是全球趋势。美国的CRO巨头如IQVIA、PPD已通过战略合作或 并购，逐步构建了涵盖研发、临床、生产、销售的全链条服务能力。阳光诺和此次并购，标志着中国 CRO企业开始向产业链纵深发展，有望在新一轮医药研发产业链整合中占据有利位置。 值得注意的是，阳光诺和此次并购着眼于长期战略布局。拟通过向不超过35名特定投资者发行股份募集 配套资金不超过8.65亿元，用于复杂注射剂微纳米制剂、小核酸药物生产线等关键项目，公司正为未来 的 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [6][10]. Core Insights - The acquisition of Langyan Life will enhance the company's industrial layout, allowing it to achieve a "CRO + pharmaceutical industry" strategic positioning. Langyan Life specializes in the R&D, production, and sales of high-end chemical drugs and raw materials, which will synergize with the company's R&D services [6]. - The company’s self-developed STC007 injection is entering critical clinical phases, with promising results in its Phase II trials for postoperative pain and chronic kidney disease-related itching. The drug targets peripheral pain relief without central nervous system side effects, indicating a strong market potential [7]. - The company is also advancing in the small nucleic acid drug development sector, with two products in preclinical stages. One product, ABA001, is expected to enter IND status by 2026, indicating a forward-looking approach in drug development [8]. Financial Projections - The company forecasts revenues of 12.59 billion, 14.15 billion, and 16.15 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.06, 2.41, and 2.96 yuan. The current stock price corresponds to PE ratios of 32.4, 27.7, and 22.5 for the same years [10][12]. - The projected net profit for 2025 is 231 million yuan, with a growth rate of 30% compared to the previous year. The net profit is expected to continue growing at rates of 16.9% and 22.9% in 2026 and 2027 respectively [12][13].

Core Viewpoint - Sunshine Nuohua (688621.SH) plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds, marking a significant asset restructuring and related party transaction [2][3] Group 1: Transaction Details - The transaction involves a major asset restructuring and is classified as a related party transaction due to shared controlling shareholders and actual controllers [2] - Sunshine Nuohua's stock fell by 3.63% upon resumption of trading, with a market capitalization of 4.962 billion yuan [2] - The acquisition aims to enhance the company's profitability and risk resistance by extending its business into the CDMO (Contract Development and Manufacturing Organization) field, creating an integrated "CRO+CDMO" service platform [3] Group 2: Strategic Shift - The acquisition reflects a strategic shift for Sunshine Nuohua from being a service provider in drug research and development to becoming a research-driven pharmaceutical company [3][4] - The company has begun developing its own drug pipeline and is exploring new areas such as traditional Chinese medicine and pet pharmaceuticals [4] Group 3: Financial Performance - Sunshine Nuohua's revenue growth is projected at only 15.70% for 2024, the lowest in its history, with a decline in net profit for the first time [4] - In Q1 2025, the company reported an 8.49% decline in revenue to 231 million yuan and a 59.34% drop in net profit to 30 million yuan [4] - R&D expenses have increased significantly, with a 39.02% rise in 2024 and a 7.32% increase in Q1 2025 [4] Group 4: Acquisition Challenges - The previous acquisition attempt was withdrawn due to significant changes in market conditions, and Langyan Life's performance has deteriorated, with a projected revenue drop of approximately 24.65% in 2023 [6][8] - Langyan Life's revenue for 2023 is expected to be 465 million yuan, down from 617 million yuan in 2022, with net profit also declining [6][7] - The high valuation of Langyan Life during the previous acquisition attempt may not be sustainable given its current financial struggles [8][10]