Core Viewpoint - Sunshine Nuohuo (688621.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 856 million yuan, representing a year-on-year decrease of 6.65% [1] - The net profit attributable to shareholders was 163 million yuan, down 21.38% year-on-year [1] - Basic earnings per share were reported at 1.49 yuan [1]

证券代码：688621 证券简称：阳光诺和 公告编号：2025-091 北京阳光诺和药物研究股份有限公司 关于召开 2025 年三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 会议召开时间：2025 年 11 月 10 日(星期一) 上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 30 日(星期四) 至 11 月 07 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@sun-novo.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2025-090 北京阳光诺和药物研究股份有限公司 第二届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 北京阳光诺和药物研究股份有限公司（以下简称"公司"或"上市公司"） 于2025年10月29日召开第二届董事会第二十五次会议。本次会议通知于2025年10 月24日以直接送达、传真与邮件方式发出，会议由董事长利虔先生召集和主持， 会议应出席董事9名，实际出席董事9名，会议的召集和召开符合《中华人民共和 国公司法》（以下简称"《公司法》"）及《北京阳光诺和药物研究股份有限公司章 程》（以下简称"《公司章程》"）等法律、行政法规、部门规章、规范性文件的 规定。 二、董事会会议审议情况 经与会董事认真审议，一致通过如下决议： （一）审议通过《关于公司 2025 年三季度报告的议案》 公司2025年三季度报告的编制和审核程序符合法律、法规及《公司章程》、 公司内部管理制度的各项规定。公允地反映了公司2025年第三季度的财务 ...

Company Performance - Sunshine Nuohong reported a revenue of approximately 856 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 6.65% [1] - The net profit attributable to shareholders was approximately 163 million yuan, down 21.38% year-on-year [1] - Basic earnings per share were 1.49 yuan, reflecting a decrease of 19.46% compared to the previous year [1] Market Context - As of the report, Sunshine Nuohong's market capitalization stood at 6.5 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" trend [2]

Financial Performance - The company's revenue for Q3 2025 was ¥265,463,984.29, a decrease of 24.97% compared to the same period last year[6] - Total profit for the quarter was ¥32,022,513.24, down 51.27% year-over-year, primarily due to the impact of policy changes on the generic drug business[11] - Net profit attributable to shareholders was ¥33,453,911.17, reflecting a 43.41% decline compared to the previous year[6] - The basic earnings per share decreased by 40.38% to ¥0.31, driven by the drop in net profit[12] - Total revenue for the first three quarters of 2025 was CNY 855,763,281.27, a decrease of 6.64% compared to CNY 916,680,884.20 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was CNY 164,270,984.25, a decline of 19.43% from CNY 203,799,957.02 in 2024[22] - Earnings per share for the first three quarters of 2025 were CNY 1.49, compared to CNY 1.85 in the same period of 2024, indicating a decrease of 19.46%[23] Expenses and Costs - Research and development expenses totaled ¥39,263,575.85, a reduction of 22.11% year-over-year, representing 0.15% of revenue[7] - The company attributed the decline in profits to increased costs and the introduction of new equity incentive expenses during the reporting period[11] - Total operating costs for the first three quarters of 2025 were CNY 661,730,539.67, down from CNY 670,051,293.35 in 2024, reflecting a reduction of 1.93%[22] - The company is focusing on research and development, with R&D expenses amounting to CNY 115,532,605.72 in 2025, slightly down from CNY 119,505,040.45 in 2024[22] Assets and Liabilities - Total assets increased by 11.25% to ¥2,210,941,446.68 compared to the end of the previous year[7] - Total assets increased to CNY 2,210,941,446.68 in 2025 from CNY 1,987,303,846.03 in 2024, representing a growth of 11.23%[19] - Total liabilities rose to CNY 1,045,723,462.61 in 2025, up from CNY 884,652,040.88 in 2024, marking an increase of 18.19%[19] - Non-current liabilities decreased to CNY 70,945,118.26 in 2025 from CNY 106,088,229.15 in 2024, a reduction of 33.16%[19] Cash Flow - Cash flow from operating activities for the year-to-date period was ¥147,617,798.99, an increase of 36.63%[12] - Cash inflow from operating activities for the first three quarters of 2025 reached approximately $812.46 million, an increase from $744.96 million in the same period of 2024, representing a growth of about 9.05%[26] - Net cash flow from operating activities for the first three quarters of 2025 was $147.62 million, compared to $108.04 million in 2024, indicating a year-over-year increase of approximately 36.67%[26] - Cash inflow from investment activities in the first three quarters of 2025 was $361.99 million, significantly higher than $50.32 million in 2024, marking a substantial increase of approximately 619.09%[27] - The company reported cash received from the recovery of investments of $360.05 million in 2025, a significant increase from $50 million in 2024, indicating a growth of 620.10%[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,204[14] - The largest shareholder, Li Qian, holds 30,897,300 shares, representing 27.59% of total shares[14] - The company has no significant changes in the top 10 shareholders or their participation in margin trading[16] Operational Outlook - The company plans to expand its market presence and enhance product offerings in the upcoming quarters, aiming for improved financial performance[24] - There are no reminders for investors regarding the company's operational situation during the reporting period[16] Other Financial Metrics - The weighted average return on equity was 3.81%, down 1.54 percentage points from the previous year[6] - The net profit excluding non-recurring gains and losses was ¥33,848,441.33, a decrease of 42.38% year-over-year[6] - The company has a total of 345,195,542.17 in contract assets, up from 312,088,871.90[17] - The total accounts receivable as of September 30, 2025, is ¥466,862,718.56, compared to ¥442,254,958.22 in the previous year[17] - The company’s cash outflow for purchasing fixed assets and other long-term assets in the first three quarters of 2025 was $507.36 million, compared to $224.79 million in 2024, reflecting an increase of approximately 125.67%[27] - The company did not execute any new accounting standards or interpretations affecting the financial statements for the year of first execution[28]

Core Insights - The company reported a third-quarter revenue of 265 million, representing a decline of 24.97% [1] - The net profit for the third quarter was 33.45 million, down 43.41% [1] - For the first three quarters, the total revenue was 856 million, a decrease of 6.65% [1] - The net profit for the first three quarters was 163 million, reflecting a decline of 21.38% [1]

Core Viewpoint - The board of directors of Beijing Sunshine Nuohuo Pharmaceutical Research Co., Ltd. has approved the grant of reserved restricted stocks under the 2025 Restricted Stock Incentive Plan, with a total of 544,355 shares to be granted at a price of 22.62 yuan per share to 13 eligible incentive objects [2][9][28]. Group 1: Board Meeting Details - The second meeting of the second board of directors was held on October 28, 2025, with all 9 directors present, complying with relevant laws and regulations [1][3]. - The meeting unanimously approved the resolution regarding the grant of reserved restricted stocks [3]. Group 2: Restricted Stock Grant Details - The reserved stock grant date is set for October 28, 2025, with a total of 544,355 shares, accounting for approximately 0.49% of the company's total issued shares of 11.2 million [6][7]. - The stock incentive method is classified as restricted stock (Type II restricted stock) [8]. Group 3: Grant Conditions and Procedures - The board confirmed that the conditions for granting the reserved restricted stocks have been met, and the grant does not require shareholder approval [9][15]. - The grant price was adjusted from 22.78 yuan to 22.62 yuan per share due to the company's dividend distribution [14][12]. Group 4: Compliance and Eligibility - The board and the remuneration and assessment committee verified that both the company and the incentive objects meet all necessary legal and regulatory conditions for the stock grant [16][18]. - The incentive objects are all formal employees of the company and do not include independent directors or major shareholders [25][26]. Group 5: Financial Impact and Valuation - The fair value of the restricted stocks will be calculated using the Black-Scholes model, with parameters including a stock price of 59.25 yuan per share and a historical volatility of 14.78% to 16.97% [29][30]. - The estimated impact of the stock incentive plan on the company's financial performance will be reflected in the accounting costs, which will be amortized over the vesting period [31][32].

根据《上市公司股权激励管理办法》《北京阳光诺和药物研究股份有限公司 2025年限制性股票激励计划（草案）》及其摘要的相关规定，以及2025年第二次 临时股东会的授权，董事会认为公司2025年限制性股票激励计划规定的预留授予 条件已经成就，拟确定以2025年10月28日为预留授予日，以22.62元/股的授予价 格向13名符合授予条件的激励对象授予54.4355万股限制性股票。本次授予事项 在董事会范围内，无需提交股东会审议。 一、董事会会议召开情况 北京阳光诺和药物研究股份有限公司（以下简称"公司"或"上市公司"） 于2025年10月28日召开第二届董事会第二十四次会议。本次会议通知于2025年10 月24日以直接送达、传真与邮件方式发出，会议由董事长利虔先生召集和主持， 会议应出席董事9名，实际出席董事9名，会议的召集和召开符合《中华人民共和 国公司法》（以下简称"《公司法》"）及《北京阳光诺和药物研究股份有限公司章 程》（以下简称"《公司章程》"）等法律、行政法规、部门规章、规范性文件的 规定。 二、董事会会议审议情况 经与会董事认真审议，一致通过如下决议： （一）审议通过《关于向2025年限制性股票激励计 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2025-088 北京阳光诺和药物研究股份有限公司 关于向 2025 年限制性股票激励计划激励对象授予预 留限制性股票的公告 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。 预留限制性股票授予日：2025 年 10 月 28 日。 预留限制性股票授予数量：54.4355 万股，约占目前公司已发行股份总数 11,200 万股的 0.49%。 股权激励方式：限制性股票（第二类限制性股票） 年限制性股票激励计划实施考核管理办法>的议案》《关于公司<2025 年限制性 股票激励计划首次授予激励对象名单>的议案》等议案，公司董事会薪酬与考核 委员会对本次激励计划的相关事项进行核实并出具了相关核查意见。 2、2025 年 5 月 13 日至 2025 年 5 月 22 日，公司对本次激励计划的拟激励 对象的姓名和职务在公司内部进行了公示。在公示期，公司相关部门未收到任何 员工对本次拟激励对象提出的任何异议。具体内容详见公司于 2025 年 5 月 23 日在上海证券交易所网站（ww ...

北京阳光诺和药物研究股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以 下简称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激 励信息披露》（以下简称"《监管指南第 4 号》"）以及《北京阳光诺和药物研 究股份有限公司章程》（以下简称"《公司章程》"）等有关规定对《北京阳光 诺和药物研究股份有限公司 2025 年限制性股票激励计划（草案）》（以下简称 "《激励计划（草案）》"）预留授予激励对象名单（截至预留授予日）进行了 核查。现发表核查意见如下： 北京阳光诺和药物研究股份有限公司 董事会薪酬与考核委员会 关于 2025 年限制性股票激励计划预留授予激励对象名单的 核查意见 （截至预留授予日） 1 （四）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （五）法律法规规定不得参与上市公司股权激励的； （六）中国证监会认定的其他情形。 四、本次预留授予的激励对象的基本情 ...