Group 1: Company Overview - The company achieved a revenue of 72.11 million yuan in 2024, representing a year-on-year growth of 20.8%, while the net profit attributable to shareholders was -45.18 million yuan, a reduction in losses compared to the same period in 2023 [1] - In Q1 2025, the company reported a revenue of 16.42 million yuan, a year-on-year increase of 1.85%, with a net profit of -0.77 million yuan, marking a 37.01% reduction in losses compared to the previous year [1] - The company has not yet launched any new drugs, but its ophthalmic products are the core revenue source, continuously supporting new drug development [1] Group 2: Clinical Progress - The company's NL003 project, a recombinant human hepatocyte growth factor naked plasmid injection, has made significant progress, with both the ulcer group and resting pain group of the Phase III clinical trials completing unblinding [2] - The primary endpoint of the NL003 resting pain group showed a significant improvement over the placebo group, with a p-value of less than 0.0001, indicating statistical significance [2] - NL003 successfully passed registration inspection in September 2024, with its production process meeting GMP standards, establishing a stable and controllable production and quality management system [2] Group 3: Production and Commercialization - The company's biopharmaceutical industrialization project in Tongzhou, Beijing, has achieved important milestones, including the completion of municipal power capacity approval and design for various facilities [3] - The completion of this project is expected to significantly enhance the company's production capacity in the biopharmaceutical field, providing strong support for the commercialization of innovative drugs [3] - In October 2024, the company opened a branch in Shanghai, further facilitating its commercialization efforts [3] Group 4: Financial Forecast - The company forecasts revenues of 88 million yuan, 185 million yuan, and 371 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of -0.19, -0.01, and 0.30 yuan [4] - The current stock price corresponds to PE ratios of -114.7, -2402.2, and 70.6 times for the years 2025, 2026, and 2027 respectively, with an initial coverage rating of "buy" [4]

产能方面，一致魔芋介绍，目前公司魔芋休闲食品产能达到1万吨，魔芋食材产能达到1.5万吨，魔芋晶 球现有产能3.5吨。在建募投项目中，魔芋胶智能制造项目车间已建好，部分设备已安装，预计今年6月 达产；8万吨魔芋茶饮小料车间已建成，正在安装设备。未来随着市场需求的增长，公司会持续评估产 能情况，有计划地进行产能扩张，以满足市场需求。 Wind统计显示，2025年5月以来，北交所196家上市公司共计被机构调研226次，其中一致魔芋、三元基 因、海能技术、武汉蓝电、康农种业、美邦科技、诺思兰德等18家公司均吸引超10家机构投资者调研。 ● 本报记者 杨洁 多个生物医药领域企业向投资者介绍产品研发及市场推广进展。三元基因表示，2024年是三元基因的集 采关键之年。进入2024年下半年后，由于集采政策的有序落实，公司在医院准入速度方面显著加快。 2024年公司新增医疗终端1100余家，累计实现6000余家等级医院终端准入。此外，公司通过医药商业配 送渠道触达偏远区县的基层医疗诊所达到2704家，覆盖的基层终端数量同比增长38%。 聚焦农业消费市场 诺思兰德介绍，公司NL003溃疡适应症药品于2024年7月向国家药品监督管 ...

证券代码：430047 证券简称：诺思兰德 公告编号：2025-037 北京诺思兰德生物技术股份有限公司 投资者关系活动记录表 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 活动时间：2025 年 5 月 22 日 活动地点：北京市通州区靓丽五街 3 号院 7 号楼 汇恩兰德会议室 参会单位及人员：国盛证券、申万宏源证券、开源证券、中泰证券、中金公 司、中国银河证券、中邮证券、西南证券、首创证券、东吴证券、东北证券、招 商基金、金长川资本、北京青创伯乐投资、真科私募基金、北京量化投资、中承 东方资产、景策基金、风炎投资、北京昊青私募基金、明汯投资、北京钇沣资本 等机构（排名不分先后） 上市公司接待人员：董事长兼总经理：许松山先生；董事、副总经理：聂李 亚先生、韩成权先生；董事、财务总监兼董事会秘书：高洁女士 三、 投资者关系活动主要内容 本次调研活动 ...

Investment Rating - The investment rating for the company is "Buy" with a first coverage [1]. Core Views - The company is positioned in the innovative gene therapy sector and is entering a harvest period with its products [4]. - The company reported a revenue of 72.11 million yuan in 2024, representing a growth of 20.80%, but incurred a net loss of 45.18 million yuan [4]. - The innovative drugs NL003 and NL005 are in advanced stages of clinical development, with NL003 expected to be approved for market by the second half of 2025 [5][6]. Company Overview - The latest closing price of the company's stock is 14.08 yuan, with a total market capitalization of 3.9 billion yuan [3]. - The company has a total share capital of 274 million shares, with 180 million shares in circulation [3]. - The company has a debt-to-asset ratio of 40.1% and a current P/E ratio of -74.11 [3]. Financial Forecast and Investment Suggestions - Revenue projections for the company are 72 million yuan in 2024, 84 million yuan in 2025, and 162 million yuan in 2026, with corresponding net losses of 47 million yuan, 54 million yuan, and 30 million yuan respectively [6][9]. - The expected price-to-sales ratios are 54x for 2024, 46x for 2025, and 24x for 2026, indicating potential growth as the company moves towards profitability [6].