Investment Rating - The report suggests a focus on "innovation-driven" and "steady growth" strategies within the pharmaceutical sector, indicating a positive investment outlook for the industry [3][4]. Core Insights - The North Exchange's pharmaceutical and biotechnology sector comprises 21 companies, all classified as specialized and innovative, with a significant proportion being national and provincial champions [2][16]. - The report emphasizes the potential of innovative drugs, high-end medical devices, and robust generics as key investment areas, highlighting the importance of unique products and market share advantages [3][4]. - The medical device sector has shown the highest market value growth in 2025, with an increase of 130.47%, while traditional Chinese medicine has faced performance challenges [28][32]. Summary by Sections Industry Overview - The North Exchange's pharmaceutical sector includes five sub-sectors: traditional Chinese medicine, medical devices, medical aesthetics, biological products, and chemical pharmaceuticals [12][24]. - The average market capitalization of the 21 companies in this sector reached 3.643 billion yuan as of December 1, 2025, reflecting a year-to-date increase of 41.97% [21][23]. Sub-sector Analysis - The medical device industry led the market value growth in 2025, with a total market value increase from 6.818 billion yuan at the end of 2024 to 15.713 billion yuan by December 1, 2025 [28]. - The chemical pharmaceutical sector also performed well, with notable companies like Deyuan Pharmaceutical showing a revenue increase of 22% year-on-year in the first three quarters of 2025 [4][34]. Company Case Studies - **Innovative Drugs**: Norsland's gene therapy drug NL003 is nearing approval, targeting a significant patient population with a new treatment method [4][9]. - **Medical Devices**: Weizhu Zhiyuan focuses on smart orthopedic surgical navigation systems, emphasizing the importance of unique technology and market positioning [4][11]. - **Generics**: Deyuan Pharmaceutical is transitioning from generics to innovative drugs, with a solid historical performance and a focus on diabetes and hypertension treatments [4][34]. Performance Metrics - The report notes that the average PE TTM for the pharmaceutical sector was 32X as of December 1, 2025, with the medical device sector showing a higher valuation at 78X [15][55]. - Companies like Jinbo Biological and Norsland have seen significant stock price increases, with Jinbo's stock rising by 170.68% and Norsland by 113.10% in 2025 [41][42].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company is planning to list on the Hong Kong Stock Exchange and has submitted supplementary materials for NL003, which is currently under technical review [3][5] - The company reported a revenue of 52.62 million yuan for Q1-Q3 2025, a year-on-year decline of 3.36%, with a net profit attributable to the parent company of -36.81 million yuan [4] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 89 million yuan, 271 million yuan, and 611 million yuan respectively, and a turnaround to positive net profit in 2027 [4][7] Financial Performance Summary - For Q1-Q3 2025, the company achieved a revenue of 52.62 million yuan, down 3.36% year-on-year, and a net profit of -36.81 million yuan [4] - The company’s revenue for 2025 is projected to be 89 million yuan, with a net profit of -44 million yuan, improving to a profit of 73 million yuan by 2027 [7] - The gross margin is expected to improve from 49.2% in 2023 to 71.7% in 2027, indicating better cost management and pricing power [7] Market and Product Development - The company has initiated the commercialization of NL003 and is actively building its market and sales teams, focusing on product positioning and market research [6] - A new single-dose eye drop production line has passed GMP inspection, with an annual capacity of 150 million units, enhancing the company's ability to meet market demand [5][6]

Core Viewpoint - The performance of companies listed on the Beijing Stock Exchange shows significant differentiation, with many emerging sectors like semiconductors, robotics, new energy, aerospace, and biomedicine demonstrating strong growth potential and long-term confidence despite short-term profit pressures [1][2]. Financial Performance - Companies on the Beijing Stock Exchange have shown a clear divergence in financial performance for the first three quarters, with some achieving revenue and profit growth through product optimization and market expansion, while others faced profit declines due to increased competition and costs [2]. - Tonghui Electronics reported a revenue of 151 million yuan, a year-on-year increase of 16.37%, and a net profit of 44.14 million yuan, up 59.36%, driven by high-end product demand and production efficiency [2]. - Xingtou Measurement and Control has provided services for over 300 satellites, with a contract liability growth of 177.26% compared to the beginning of the year, indicating a steady business scale increase [2]. Industry Trends - Companies are focusing on high-growth sectors such as semiconductors, robotics, new energy, aerospace, and biomedicine, leveraging technological innovation and global expansion to strengthen long-term competitiveness [4]. - Fengguang Precision has successfully entered the robotics supply chain with its harmonic reducers and is expanding its semiconductor equipment client base [4]. - Tongli Co. is targeting overseas markets, particularly in Africa, Central Asia, and South America, with significant sales growth in its new energy mining vehicles [4]. New Material Developments - Minshida's aramid paper products are being increasingly applied in high-end sectors like aerospace and high-speed rail, with a new production line expected to enhance capacity [5]. - Lintai New Materials is advancing its product development in automotive friction materials and other new products, with expected revenue contributions in the near future [5]. - Xingtou Measurement and Control is building an AI-driven intelligent computing platform to enhance satellite operations and space traffic management [5]. Global Expansion Efforts - Companies are accelerating capacity construction and overseas expansion, with Fangsheng's Malaysian subsidiary expected to add significant production capacity by the end of 2025 [6]. - Tonghui Electronics has registered its German subsidiary, which is set to commence operations in the fourth quarter, aiding in overseas business growth [6]. - Lingge Technology is progressing on its material handling equipment manufacturing base, with completion expected in early 2026 [6].

Core Insights - Cell and gene therapy (CGT) is currently the most promising development direction in the biopharmaceutical field, entering a phase of result realization [1] - The industry is characterized by a rich pipeline of ongoing research and development, with a continuous increase in market activity and investment [1][2] - The high outsourcing ratio and market concentration in CGT suggest that CXO companies are likely to benefit first [3] Group 1 - CGT is a new generation of precision therapy following small molecule and large molecule targeted therapies, leading a new wave in biopharmaceuticals, divided into cell therapy and gene therapy [1] - CGT has a high clinical success rate and offers long-term efficacy from single treatments, providing new options for difficult-to-treat diseases, with various products like CAR-T, stem cells, TCR-T, and TIL launched recently [1] - The CAR-T cell therapy has been the most groundbreaking in tumor immunotherapy since 2013, with six products approved in China and more potential products expected to launch soon [1][2] Group 2 - The first globally approved TCR-T cell therapy is expected in 2024, with a 43% overall response rate (ORR) for advanced synovial sarcoma, and companies like Xiangxue Pharmaceutical and Northeast Pharmaceutical are leading in this area [2] - Stem cell therapy is a significant branch of regenerative medicine, expanding its treatment scope from leukemia to anti-aging and cardiovascular diseases, with approvals for mesenchymal stem cell therapies in both China and the U.S. in 2024 [2] - Gene therapy primarily targets rare diseases, genetic disorders, and malignant tumors, with Ultragenyx Pharmaceutical submitting a Biologics License Application for a treatment in December 2024 [2] Group 3 - The high outsourcing ratio in CGT, with over 65% penetration in gene therapy compared to 35% in traditional biopharmaceuticals, indicates a greater demand for CXO services due to the complexity and regulatory challenges in the industry [3]

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 ...