Sun-Novo(SH:688621)2024-05-10 11:20Group 1: Business Overview - Sunshine Nuohuo has gradually entered the clinical CRO business since 2016, with revenue increasing annually, although operating costs and gross margins remain lower than those of pharmaceutical research services [3][4]. - The company aims to diversify its business and enhance competitiveness by expanding into the clinical CRO sector, which is seen as a critical part of the pharmaceutical R&D process [3][4]. Group 2: Financial Performance - In 2023, the company achieved a new order amount of CNY 1.504 billion, representing a growth rate of 36.50%, with cumulative orders reaching CNY 2.566 billion, a year-on-year increase of 28.69% [10][11]. - R&D investment in 2023 was CNY 124 million, a year-on-year increase of 37.91%, accounting for 13.27% of revenue [11][12]. Group 3: Market Strategy - The company is focusing on meeting domestic demands for clinical research services in both generic and innovative drugs, integrating preclinical and clinical research strategies for horizontal expansion [7][8]. - Sunshine Nuohuo plans to enhance its R&D pipeline by increasing self-initiated projects, particularly in innovative drugs, improved new drugs, and specialty generics [11][12]. Group 4: Product Development - The company has over 350 self-initiated projects, including innovative drugs, improved new drugs, and generics, with a focus on pain relief, kidney disease, oncology, and other therapeutic areas [9][10]. - Sunshine Nuohuo has established a comprehensive platform for special formulations, including peptide drugs, pediatric medications, and transdermal delivery systems [10][12]. Group 5: Future Outlook - The domestic CRO industry is expected to continue growing, with increasing recognition from pharmaceutical companies and a steady rise in drug registration applications [6][7]. - The company is committed to expanding its R&D team and capabilities to meet the growing market demands across various therapeutic areas [12].