（文章来源：证券日报） 证券日报网讯 1月9日，阳光诺和在互动平台回答投资者提问时表示，STC007注射液针对术后疼痛的临 床试验正在按既定方案稳步推进，目前各项临床工作有序开展，相关进展符合预期。关于上市申请时 间，需根据临床试验数据结果、统计分析及注册申报准备情况综合确定，公司将根据法律法规要求及时 履行信息披露义务。市场竞争格局方面，目前国内术后疼痛治疗领域以传统镇痛药物为主，STC007以 kappa阿片受体（KOR）为靶点，强亲水性不易透过血脑屏障，可显著降低呼吸抑制、成瘾性等中枢系 统副作用，且镇痛持续时间更长，非精麻类处方便于临床使用，具有独特的作用机制与安全性优势，可 满足临床未被满足的需求。目前同靶点仅一家产品上市且已被纳入医保目录，后续公司将持续关注行业 竞争动态，聚焦产品临床价值与商业化落地，相关竞争信息以公开行业报告及公司公告为准。 ...

来源：市场资讯 针对上述提问，阳光诺和回应称："尊敬的投资者，您好！STC007注射液针对术后疼痛的临床试验正在 按既定方案稳步推进，目前各项临床工作有序开展，相关进展符合预期。关于上市申请时间，需根据临 床试验数据结果、统计分析及注册申报准备情况综合确定，公司将根据法律法规要求及时履行信息披露 义务。 市场竞争格局方面，目前国内术后疼痛治疗领域以传统镇痛药物为主，STC007以kappa阿片受体 （KOR）为靶点，强亲水性不易透过血脑屏障，可显著降低呼吸抑制、成瘾性等中枢系统副作用，且 镇痛持续时间更长，非精麻类处方便于临床使用，具有独特的作用机制与安全性优势，可满足临床未被 满足的需求。目前同靶点仅一家产品上市且已被纳入医保目录，后续公司将持续关注行业竞争动态，聚 焦产品临床价值与商业化落地，相关竞争信息以公开行业报告及公司公告为准。感谢您对公司的关 注。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向阳光诺和提问："STC007注射液针对术后疼痛的III期临床试验进展是否顺利？预 计何时提交上市申请？该品种的市场竞争格局如何？" ...

Group 1: Company Performance - Haifutong Fund conducted research on nine listed companies, revealing significant growth in revenue and profit for Zhongji Xuchuang, with Q3 revenue at 10.216 billion yuan and a net profit of 3.137 billion yuan, marking a substantial increase [1] - Kefu Medical experienced rapid growth in ventilator sales since late June, with Q3 becoming a key revenue driver, and a gross margin increase to 53.35% in the first three quarters [2] - Sanxin Medical reported a revenue of 1.167 billion yuan in the first three quarters of 2025, a year-on-year increase of 7.88%, with a net profit of 184.98 million yuan, up 10.16% [3] Group 2: Market Trends and Strategies - Zhongji Xuchuang is expanding production capacity with nearly 1 billion yuan in construction projects, while facing challenges in overseas expansion [1] - Kefu Medical is advancing an AI + home appliance strategy, integrating device data into a health management platform, and is set to launch multiple new products [2] - Sanxin Medical is focusing on domestic and international market demand, with a push for domestic substitution and expansion into clinical trials for artificial blood vessels [3] Group 3: Financial Metrics - Changchun Gaoxin reported a revenue of 9.807 billion yuan in the first three quarters, a decrease of 5.60%, with a net profit of 1.165 billion yuan, down 58.23% [4] - Zhongji Lianhe achieved a 25% year-on-year increase in new orders, with a gross margin improvement due to higher export ratios and sales of high-value products [5] - Huarong Co. saw a 41% increase in foreign trade business, while domestic revenue declined due to increased competition in bidding processes [6] Group 4: Product Development and Innovations - Icewheel Environment is focusing on advanced system solutions in energy and power, with a product range that includes compressors and heat exchangers, and plans to launch a new series of IDC-specific products in July 2024 [7] - Lutai A's sales revenue for fabrics slightly decreased, while shirt sales increased, driven by volume growth [8] - Sunshine Nuohuo is enhancing its strategic layout by investing in Yuanma Zhiyao, focusing on mRNA and nucleic acid drugs, with significant commercial potential [9]

Core Viewpoint - The acquisition of Jiangsu Langyan Life Science Technology Co., Ltd. by Sunshine Nuohuo aims to create a seamless integration of R&D and production, significantly enhancing the efficiency and success rate of drug development [1][2][3] Group 1: Acquisition Details - Sunshine Nuohuo plans to acquire 100% equity of Langyan Life for a transaction price of 1.2 billion yuan [1] - The acquisition will involve issuing shares and convertible bonds to 38 shareholders and raising up to 865 million yuan from no more than 35 specific investors [1][3] Group 2: Strategic Significance - The merger is expected to reduce R&D failure risks and conversion costs by integrating R&D services with manufacturing capabilities [1][2] - Sunshine Nuohuo aims to enhance its early involvement in new drug development, optimizing R&D strategies and increasing success rates [1][2] Group 3: Product Pipeline and Innovation - Langyan Life has over 30 products in development, including two innovative drugs in clinical trials, which will complement Sunshine Nuohuo's CRO services [2] - The company is also advancing in cutting-edge fields like small nucleic acid drugs, with products expected to enter clinical stages by 2026 [2] Group 4: Financial Projections - Langyan Life has profit commitments of at least 74.87 million yuan, 87.67 million yuan, 110.81 million yuan, and 131.11 million yuan from 2025 to 2028, contributing significantly to Sunshine Nuohuo's profitability [3] - The integration of CRO and pharmaceutical manufacturing is expected to diversify Sunshine Nuohuo's revenue structure, enhancing overall profitability and risk resilience [3] Group 5: Industry Impact - The acquisition represents a strategic industry integration rather than a simple asset purchase, setting a new benchmark for the pharmaceutical R&D industry [3] - As competition in the pharmaceutical R&D sector intensifies, industry integration is seen as a key path for companies to build core competitiveness [3]

Group 1: Yangguang Nuohuo - Yangguang Nuohuo's equity sharing project is expected to achieve operating revenue of 7.3371 million yuan by the first half of 2025, representing a year-on-year growth of 119.73% [1] - The company anticipates annual approval of new equity varieties for market launch [1] - Clinical business revenue is projected to reach 279 million yuan in the first half of 2025, a year-on-year increase of 29%, accounting for nearly 50% of total revenue [1] - The company has established a small nucleic acid drug delivery system platform with over 10 research pipelines targeting conditions such as hypertension, fat reduction, and Alzheimer's disease [1] Group 2: Lens Technology - Lens Technology (H-share: 06613) was listed on July 9, 2025, and has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [2] - The wholly-owned subsidiary, Hunan Lens New Energy Co., Ltd., has a registered capital of 1 billion yuan and focuses on photovoltaic glass products, photovoltaic equipment and components, and photovoltaic power generation projects [2] Group 3: Chengsheng Investment - Chengsheng Investment Management Co., Ltd. was established in November 2004 and is a member of the China Securities Investment Fund Industry Association, having received multiple awards in the private equity sector [2] - The company emphasizes in-depth fundamental research and strict risk control, maintaining a stable investment style while achieving continuous growth in management scale [2]

Group 1: Company Highlights - Changchun High New has made breakthrough progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product that has entered 5000-liter scale production [1] - Zhongchuang Zhiling's subsidiary Zhengmeiji Shuyun Intelligent Technology has invested heavily in building a robotic welding laboratory, promoting the transition of welding technology from manual to intelligent [2] - BoRui Pharmaceutical has submitted IND applications for BGM0504 and BGM1812 for weight loss indications in both the US and China, with BGM0504 entering Phase I clinical trials approved by the FDA [3] - Xingqi Eye Medicine's SQ-22031 eye drops, an innovative drug for treating neurotrophic keratitis and dry eye syndrome, have completed Phase I clinical trials [4] - Sunshine Nuohe reported a revenue of 7.3371 million yuan from equity-sharing projects, a year-on-year increase of 119.73%, with clinical business revenue reaching 279 million yuan, a 29% increase year-on-year [5] Group 2: Investment Management Overview - Shanghai Danyi Investment Management Partnership, established in April 2015, has a paid-in capital of 10 million yuan and is registered with the Asset Management Association of China [5] - The core executives of the company have over ten years of investment research experience, having previously worked as investment managers or chief researchers at prominent institutions [5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [13]. Core Insights - The company is undergoing a significant transformation in its CRO business structure, shifting towards an integrated "preclinical + clinical" business model, with clinical trial and bioanalytical services becoming the primary revenue source [2][3]. - The company has a rich pipeline of innovative drug research, with over 20 types of Class 1 new drugs under development, covering various critical therapeutic areas [4][5]. Financial Performance Summary - For the first half of 2025, the company achieved a total revenue of 590 million yuan, a year-on-year increase of 4.87%, while the net profit attributable to the parent company was 130 million yuan, a decrease of 12.61% [1]. - The revenue from the pharmaceutical research services segment declined by 40.80% year-on-year, primarily due to the impact of centralized procurement on generic drug CRO demand [2]. - The clinical trial and bioanalytical services segment saw a revenue increase of 29.05% year-on-year, becoming the largest revenue source for the company [2]. - The overall gross margin for the first half of 2025 was 51.63%, showing a slight decline, attributed to changes in revenue structure [3]. Strategic Transformation - The company is at a critical juncture in its strategic transformation, focusing on "independent innovation + technology transfer" to build its R&D platform [4]. - Key drugs in the clinical stage include STC007 for postoperative pain and chronic kidney disease-related itching, STC008 for advanced solid tumors, and ZM001 for SLE treatment [4][5]. Earnings Forecast - The company is projected to achieve revenues of 1.256 billion yuan, 1.502 billion yuan, and 1.784 billion yuan for the years 2025, 2026, and 2027, respectively [7]. - The net profit attributable to the parent company is expected to be 206 million yuan, 246 million yuan, and 298 million yuan for the same years [7].

Core Viewpoint - Sunshine Nuohuo reported a revenue of 590 million yuan for the first half of 2025, marking a year-on-year growth of 4.87%, with significant improvement in net cash flow from operating activities at 84.1375 million yuan, indicating enhanced operational capability and innovation strength [1] Group 1: Financial Performance - The company achieved an operating income of 590 million yuan, reflecting a year-on-year increase of 4.87% [1] - The net cash flow from operating activities was 84.1375 million yuan, showing substantial improvement compared to the same period last year [1] Group 2: R&D and Innovation - R&D expenses reached 76.269 million yuan, up 10.39% year-on-year, focusing on core drivers of innovation [1] - Significant advancements were made in the fields of small nucleic acid drugs and peptide drugs, with key progress in self-developed core product pipelines [1] Group 3: Technological Developments - The company established a drug delivery system development platform for small nucleic acid drugs, addressing industry challenges such as stability, targeting, and bioavailability [1] - In collaboration with Huawei Cloud, the company developed an AI peptide molecular discovery platform, enhancing molecular discovery and optimization capabilities [1] Group 4: Product Pipeline Progress - The subsidiary Nuohuo Shengtai's "STC007 injection" has shown significant progress in Phase II clinical trials for moderate to severe pain post-abdominal surgery, with Phase III trials underway [2] - "STC008 injection" is in Phase I clinical trials, targeting cachexia in advanced solid tumors, with a large market potential and urgent clinical need [2] - The ZM001 injection, developed in collaboration with Yimiao Shenzhou, has received clinical approval and is entering Phase I trials for systemic lupus erythematosus, demonstrating rapid B-cell clearance and excellent safety [2]

Group 1 - The core viewpoint emphasizes that China's pharmaceutical innovation industry is entering an unprecedented golden development period, driven by the "Healthy China" strategy and the focus on "new quality productivity" [1][2] - The government has highlighted the importance of "innovative drugs" in its work report, indicating strong policy support for the pharmaceutical sector, which is expected to drive economic transformation and enhance national competitiveness [2][3] - In 2024, the total amount of licensing-out agreements in China's innovative drug sector is projected to exceed $55 billion, showcasing the rapid growth and increasing global significance of Chinese innovative drugs [2][3] Group 2 - The private equity investment platform, Kunyuan Asset, is strategically positioned to capture opportunities arising from the "Healthy China" initiative, focusing on continuous innovation and deep research in pharmaceutical companies [3][5] - There is a significant market potential in China's innovative drug sector, with the market size being 30 times smaller than that of the U.S., indicating a vast opportunity for growth and investment [3][5] - The CRO (Contract Research Organization) market in China is expected to expand as the innovative drug industry rises, with a focus on companies that possess technological and platform advantages [7][11] Group 3 - Kunyuan Asset organized a visit to the leading pharmaceutical R&D service provider, Sunshine Nuohe, to enhance investor understanding of the CRO industry's investment logic and foster deeper integration between capital and industry [1][4] - During the visit, representatives learned about Sunshine Nuohe's unique strategy of "R&D services + pipeline cultivation + new quality industrial chain," which highlights the company's robust capabilities in drug development [6][7] - Sunshine Nuohe has over 430 R&D projects, with significant advancements in peptide therapies, showcasing its strong market value and innovation capabilities [7][10] Group 4 - The visit aimed to bridge the gap between investors and high-quality assets, facilitating a deeper understanding of the innovative medical sector from macro insights to micro validations [5][10] - Kunyuan Asset is committed to creating a value platform that empowers investors through continuous education and high-quality activities, enhancing their understanding of the pharmaceutical industry [11] - The aging population and the ongoing implementation of the "Healthy China" strategy are expected to usher in a golden era for the pharmaceutical and health industry, aligning with Kunyuan Asset's mission to support investors in navigating this landscape [11]

Policy Developments - The Ministry of Finance announced measures regarding government procurement of medical devices imported from the EU, stating that for medical devices with a procurement budget of over 45 million yuan, EU companies (excluding EU-funded enterprises in China) must be excluded from participation if imported products are required [2] Drug and Device Approvals - Weikang Pharmaceutical's Anruini capsules have been submitted for market approval, intended for adult and adolescent patients with solid tumors carrying NTRK fusion genes [3] - AstraZeneca's Imfinzi (Durvalumab) has been approved in the EU for use in muscle-invasive bladder cancer (MIBC) as a neoadjuvant treatment in combination with Gemcitabine and Cisplatin, followed by monotherapy after radical cystectomy [4] Capital Markets - Micot completed a D-round financing exceeding 100 million yuan, led by Zhejiang Merchants Venture Capital, with funds aimed at core pipeline development and the establishment of a formulation industrialization base [5] - Opcon Vision announced plans to use 334 million yuan to acquire 75% of Jiangsu Shangyue Qicheng Hospital Management Co., with part of the funds originally allocated for community optical service terminal construction [6] Industry Developments - Tengsheng Bo Pharmaceutical has reached a BD licensing agreement with Health Yuan for BRII-693, with Health Yuan responsible for its development and commercialization in Greater China [8] - Sunshine Nuohong signed a technical development cooperation contract with Shanghai Lekuang Huilin Pharmaceutical Technology for the STC007 project, with a total milestone payment of 200 million yuan [7] Public Sentiment Alerts - Nengte Technology adjusted the listing price for the 100% equity transfer of its subsidiary, Ankang Shenqian Mining Co., to 114 million yuan, a 15% decrease from the previous listing price [9] Shareholder Actions - Ever Union (H.K.) Limited, a shareholder of Mindray Medical, plans to reduce its stake by up to 5 million shares, representing approximately 0.41% of the company's total share capital [10][11]