2025年上半年，朗研生命营收仅2.31亿元。 作者丨孙梦圆 姚悦 编辑丨于婞 来源 | 野马财经 阳光诺和(688621.SH)的收购计划再度告吹。 1月27日晚，"CRO龙头企业"阳光诺和宣布，终止对江苏朗研生命科技控股有限公司(下称"朗研生 命")100%股权的收购。这项自2025年4月披露、11月获受理的交易，在推进两个多月后戛然而止。公司 解释称，终止原因是基于当前市场环境的变化，为维护公司及股东利益而做出的审慎决定。 事实上，这已经是阳光诺和第二次收购朗研生命失败了。 中国城市专家智库委员会常务副秘书长林先平表示，两次收购失败可能暴露战略协同评估不足或风险预 案缺失。CRO行业高度依赖研发稳定性和规模效应，并购需更严谨的战略匹配度分析，避免过度依赖 关联扩张。企业应深入评估标的业务可持续性，并设计灵活的交易结构以应对市场变化。 截至1月30日收盘，阳光诺和报收64.92元/股，总市值72.71亿元。 图源：罐头图库 01 两度筹划两度终止 阳光诺和第一次筹划收购朗研生命，从2022年就开始了。 作为药物"临床前+临床"CRO(医药研发合同外包服务机构)综合服务商，阳光诺和一直想通过收购朗研 生命， ...

Core Viewpoint - Sunshine Nuohong (688621.SH) has announced the termination of its acquisition of Jiangsu Langyan Life Science Technology Co., Ltd., marking the second time the company has halted this acquisition process, revealing multiple concerns regarding its strategic execution, corporate governance, and integration of targets [1] Group 1: Strategic Fluctuations - The acquisition of Langyan Life has faced significant challenges, with the initial launch in October 2022, a termination in August 2023 due to "market environment changes," a restart in April 2025, and another termination shortly thereafter, raising doubts about the company's strategic consistency and decision-making rigor [2][7] - The company's performance in 2024 showed "increased revenue without increased profit," making the acquisition a critical move for expanding the industrial chain and enhancing production synergy, but the repeated halts indicate a clear obstruction in achieving vertical integration through mergers and acquisitions [2][7] Group 2: Related Transactions and Valuation Concerns - The transaction involves a conflict of interest as the controlling shareholder of Sunshine Nuohong, Li Qian, is also the controlling shareholder of Langyan Life, leading to concerns about potential profit transfer despite the company’s assurances of a profit compensation mechanism [2][7] - Langyan Life's revenue has fluctuated significantly from 510 million yuan in 2021 to 231 million yuan in the first half of 2025, with net profits varying between 20 million and 80 million yuan, raising questions about the sustainability of the optimistic profit forecasts for 2025-2030 against the backdrop of a 1.2 billion yuan valuation [3][8] Group 3: Performance Volatility and Synergy Realization - Langyan Life specializes in high-end chemical drug formulations and raw material production, which, while related to Sunshine Nuohong's CRO business, differ in operational logic, making the anticipated integration and synergy uncertain given the target company's unstable performance and changing industry policies [4][9] - Sunshine Nuohong's own performance has also entered a volatile phase, with a decline in net profit in 2024, and while growth is forecasted for 2025, it is primarily driven by licensing agreements, indicating that the sustainability of core business growth remains to be seen [4][9] Group 4: Conclusion on Caution vs. Hesitation - The repeated termination of the acquisition reflects Sunshine Nuohong's cautious approach in navigating the transaction amidst variable market conditions and target performance, while also indicating potential areas for improvement in strategic execution, due diligence, and risk assessment [5][10] - Investors should monitor whether the company will attempt to restart the acquisition for a third time, as well as the transparency of its corporate governance, the coherence of its strategic deployment, and its ability to build a sustainable profit moat in its core business [5][10]

Group 1 - The core viewpoint of the news is that Sunshine Nuohuo's stock experienced a decline of 4.79% on January 29, with a trading volume of 243 million yuan, indicating a significant market reaction [1] - As of January 29, Sunshine Nuohuo's financing balance reached 714 million yuan, accounting for 9.63% of its market capitalization, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company reported a revenue of 856 million yuan for the period from January to September 2025, representing a year-on-year decrease of 6.65%, while the net profit attributable to shareholders was 163 million yuan, down 21.38% year-on-year [2] Group 2 - Sunshine Nuohuo has distributed a total of 105 million yuan in dividends since its A-share listing, with 84.29 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 6.76% to 9,204, while the average circulating shares per person decreased by 6.33% to 12,168 shares [2] - The top ten circulating shareholders include notable entities such as Rongtong Health Industry Flexible Allocation Mixed A/B, which reduced its holdings by 550,000 shares, and Hong Kong Central Clearing Limited, which entered as a new shareholder with 1.7877 million shares [3]

首次尝试，集采冲击导致估值基础动摇 朗研生命主要从事高端化学药品制剂及原料药的研发、生产与销售，核心产品包括缬沙坦氢氯噻嗪片、恩 替卡韦片、索磷布韦原料药等，2023年和2024年未经审计的归母净利润分别为3,671万元和5,388万元。 登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月27日，阳光诺和（688621.SH）发布公告，宣布正式终止以发行股份及可转换公司债券方式收购 朗研生命100%股权的重组计划，并撤回相关申请文件。这是自2022年以来，阳光诺和第二次对同一标的 发起收购并以失败告终。至此，该项目也成为国联民生证券今年以来已终止的第三个项目。 值得注意的是，两次交易，相隔三年，标的相同、实控人一致、中介机构未变——国联民生证券始终担任 独立财务顾问（其中第一次为合并前的民生证券）。从2022年16.11亿元的首次尝试，到2025年12亿元的 再度推进，阳光诺和始终试图打通"CRO（研发外包）+医药工业"一体化平台的战略构想，屡次在政策变 化与估值博弈的双重压力下受阻。 | 项目 | 第一次收购（2022–2023） | 第二次收购 (2025-2026) | | --- | - ...

2026年1月27日， 阳光诺和 （688621.SH）发布公告，宣布正式终止以发行股份及可转换公司债券方式收 购朗研生命100%股权的重组计划，并撤回相关申请文件。这是自2022年以来，阳光诺和第二次对同一标 的发起收购并以失败告终。至此，该项目也成为 国联民生 证券今年以来已终止的第三个项目。 值得注意的是，两次交易，相隔三年，标的相同、实控人一致、中介机构未变——国联民生证券始终担任 独立财务顾问（其中第一次为合并前的民生证券）。从2022年16.11亿元的首次尝试，到2025年12亿元的 再度推进，阳光诺和始终试图打通"CRO（研发外包）+医药工业"一体化平台的战略构想，屡次在政策变 化与估值博弈的双重压力下受阻。 | 项目 | 第一次收购（2022–2023） | 第二次收购 (2025-2026) | | --- | --- | --- | | 交易对价 | 16.11亿元 | 12亿元 | | 标的估值依据 | 2022年收益法评估 | 2025年6月30日收益法评估 | | 核心产品风险 | 缅沙坦类、蚓激酶等集采降价 | 同类产品续标价降幅超90% | | 业绩承诺 | 未明确披露 | 20 ...

Core Viewpoint - Sunshine Nuohuo has decided to terminate the acquisition of 100% equity in Jiangsu Langyan Life Technology Holdings Co., Ltd. and withdraw the application documents, marking the failure of a nearly year-long effort to acquire the company [1][2]. Group 1: Acquisition Attempts - This is not the first attempt by Sunshine Nuohuo to acquire Langyan Life, as a previous attempt in October 2022 was also terminated due to significant changes in the market environment [2][3]. - The initial acquisition price was set at 1.611 billion yuan, with 1.205 billion yuan to be paid through share issuance and 406 million yuan in cash, alongside a planned fundraising of 1.007 billion yuan for cash consideration and project expansions [2]. - The performance commitments for Langyan Life included net profits of no less than 95 million yuan, 125 million yuan, and 158 million yuan for the years 2023, 2024, and 2025, respectively, totaling 378 million yuan [2]. Group 2: Financial Performance - Langyan Life's financial performance has been declining, with revenues dropping from 617 million yuan in 2022 to 463 million yuan in 2023 and 415 million yuan in 2024, and only achieving 231 million yuan in the first half of 2025 [4]. - The net profits for Langyan Life were significantly below the promised figures, raising concerns about the company's overall operational stability [4]. Group 3: Market and Strategic Implications - Sunshine Nuohuo's attempts to acquire Langyan Life were aimed at enhancing its "R&D + production" industry chain layout, addressing its shortcomings in production capabilities [5]. - The company reported a revenue of 1.078 billion yuan in 2024, a 15.7% increase year-on-year, but its net profit declined by 3.98%, marking the first year of decline in five years [5]. - Despite the setbacks in acquisitions, Sunshine Nuohuo anticipates a positive outlook for 2025, projecting revenues between 1.192 billion yuan and 1.371 billion yuan, with net profits expected to grow by 7.69% to 29.23% [6].

关于收到上海证券交易所《关于终止对北京阳光诺和药物研 究股份有限公司发行股份及可转换公司债券购买资产并募 集配套资金暨关联交易审核的决定》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 北京阳光诺和药物研究股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日分别召开第二届董事会第二十八次会议、第二届董事会独立董事专门会议 第十次会议，审议通过了《关于终止发行股份及可转换公司债券购买资产并募集 配套资金暨关联交易事项并撤回申请文件的议案》，同意公司终止发行股份及可 转换公司债券购买资产并募集配套资金暨关联交易事项并撤回申请文件。具体内 容详见公司于 2026 年 1 月 28 日在上海证券交易所网站（www.sse.com.cn）披露 的相关公告。 2026 年 1 月 27 日，公司和独立财务顾问国联民生证券承销保荐有限公司分 别向上海证券交易所提交了《关于撤回北京阳光诺和药物研究股份有限公司发行 股份及可转换公司债券购买资产并募集配套资金暨关联交易申请文件的申请》和 《国联民生证券承销保荐有限公司关 ...

阳光诺和（688621）收购实控人利虔旗下的江苏朗研生命科技控股有限公司（以下简称"朗研生命"） 100%股权的事项最终还是未能成行。1月28日，阳光诺和宣布终止重大资产重组，而这也是阳光诺和自 2022年以来第二次收购朗研生命告败。与前次交易终止的原因相同，此次终止并购同样是由于市场环境 变化。值得一提的是，此次重组获上交所受理后，上交所向阳光诺和下发审核问询函，要求公司于一个 月内进行回复，阳光诺和已申请一次延期。随着回复时间临近，阳光诺和并未回复问询函，而是选择终 止本次交易。 1月28日，阳光诺和发布公告称，公司决定终止发行股份及可转换公司债券购买资产并募集配套资金暨 关联交易事项并撤回申请文件，同时授权公司管理层全权办理本次交易终止的各项事宜。 据了解，阳光诺和原拟通过发行股份及可转换公司债券方式购买朗研生命100%股权，并向不超过35名 特定投资者发行股份募集配套资金。此次重组始于2025年4月，并于同年5月中旬披露重组预案。2025年 11月，阳光诺和上述重组事项获上交所受理。 资料显示，朗研生命主要从事高端化学药品制剂及原料药的研发、生产、销售，并对外提供药品生产服 务。朗研生命致力于成为专业 ...

据了解，阳光诺和原拟通过发行股份及可转换公司债券方式购买朗研生命100%股权，并向不超过35名特定投资者发行股份募集配套资金。此次重组始于 2025年4月，并于同年5月中旬披露重组预案。2025年11月，阳光诺和上述重组事项获上交所受理。 阳光诺和（688621）收购实控人利虔旗下的江苏朗研生命科技控股有限公司（以下简称"朗研生命"）100%股权的事项最终还是未能成行。1月28日，阳光诺 和宣布终止重大资产重组，而这也是阳光诺和自2022年以来第二次收购朗研生命告败。与前次交易终止的原因相同，此次终止并购同样是由于市场环境变 化。值得一提的是，此次重组获上交所受理后，上交所向阳光诺和下发审核问询函，要求公司于一个月内进行回复，阳光诺和已申请一次延期。随着回复时 间临近，阳光诺和并未回复问询函，而是选择终止本次交易。 终止收购朗研生命100%股权 1月28日，阳光诺和发布公告称，公司决定终止发行股份及可转换公司债券购买资产并募集配套资金暨关联交易事项并撤回申请文件，同时授权公司管理层 全权办理本次交易终止的各项事宜。 资料显示，朗研生命主要从事高端化学药品制剂及原料药的研发、生产、销售，并对外提供药品生产服务。 ...

Market Overview - The medical services sector experienced a decline of 1.64% on January 28, with Guangzheng Eye Care leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Guangzheng Eye Care (002524) saw a significant drop of 8.63%, closing at 5.08, with a trading volume of 1.41 million shares and a transaction value of 721 million [2] - Other notable declines included Yinuosi (688710) down 7.45% and Haoyuan Pharmaceutical (688131) down 6.49% [2] - In contrast, ST Zhongzhu (600568) increased by 1.43%, closing at 2.83, with a trading volume of 338,300 shares [1] Capital Flow Analysis - The medical services sector experienced a net outflow of 1.697 billion in institutional funds, while retail investors saw a net inflow of 1.544 billion [2] - Notable stocks with significant capital inflow included Sunshine Nuohe (688621) with a net inflow of 27.668 million from institutional investors [3] - Conversely, stocks like ST Zhongzhu (600568) and Wanbang Medical (301520) faced net outflows from institutional investors [3]