Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is a long-term phenomenon, with external environmental changes having limited impact. In the first half of 2025, there were 72 License-out transactions, exceeding half of the total for 2024, with a total transaction amount 16% higher than in 2024. Notably, there were 16 transactions exceeding $1 billion each [2] - The small nucleic acid drug sector has seen significant breakthroughs, particularly in the treatment of chronic diseases such as hypertension and hyperlipidemia, with major collaborations and potential milestone payments indicating a robust commercial outlook [3] - The trend towards oral autoimmune drugs is gaining attention, with significant partnerships and clinical advancements in this area, highlighting the importance of oral formulations in autoimmune therapies [4] - Recent clinical data on long-acting insulin analogs shows promising weight loss results, with ongoing developments in combination therapies for metabolic diseases, indicating a growing market potential [5] - The CXO sector is gradually recovering, with an increase in License-out transactions serving as a vital funding source for biotech companies, leading to a resurgence in innovation and clinical development [6] - The 2025 national medical insurance negotiations and the commercial insurance innovative drug directory are crucial for companies involved, with a focus on orphan drugs and imported PD-1/L-1 products [7] Summary by Sections Industry Tracking - The pharmaceutical sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 1.20% and a monthly decline of 3.38%, ranking 25th among 31 industry indices [22][26] Industry Trends and Valuation - The pharmaceutical industry index currently has a PE ratio of 39.05, above the five-year historical average of 31.36, indicating a higher valuation compared to historical trends [48][50] Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical topics, including the growth of the blood products industry and the potential of GLP-1 drugs in chronic disease management [53] Important Policies and News - Recent regulations have been introduced to standardize clinical research and ensure drug traceability, which will impact the pharmaceutical landscape significantly [55][56]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The in vivo CAR-T technology is emerging as a new hotspot in cell therapy, with significant investment opportunities in the domestic market. Major pharmaceutical companies are actively entering this field, with multiple high-value transactions occurring in 2025 [5][14] - Compared to traditional CAR-T, in vivo CAR-T offers advantages such as reduced manufacturing costs, shortened processing times, and improved accessibility for patients, making it applicable in various diseases including B-cell malignancies and autoimmune diseases [6][15] - The report highlights the performance of various sub-sectors within the pharmaceutical industry, noting that the hospital sector showed the highest increase, while the medical R&D outsourcing sector experienced the largest decline [7][24] Summary by Sections Section 1: In Vivo CAR-T Transactions - Numerous significant transactions in the in vivo CAR-T space have occurred in 2025, indicating strong interest and investment potential. Notable deals include AstraZeneca's acquisition of EsoBiotech for $1 billion and BMS's agreement to acquire Orbital Therapeutics for $1.5 billion [5][14] Section 2: Market Performance - In the second week of October 2025, the pharmaceutical sector declined by 1.20%, underperforming the CSI 300 index by 0.69 percentage points, ranking 25th among 31 sub-industries. The hospital sector saw the largest increase at 1.79% [7][18] - The report provides a detailed analysis of sub-sector performance, with the hospital sector leading gains and the medical R&D outsourcing sector facing the most significant losses [24][28] Section 3: Recommended Stocks - The report recommends several stocks for investment, including Shiyao Group, Sunshine Nuohuo, and Yuekang Pharmaceutical, among others [8][16]

Core Viewpoint - Sunshine Nuohuo (688621.SH) announced that its subsidiary, Jiangsu Nuohuo Bitop Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial application of its drug BTP4507, which is intended for the treatment of primary hypertension patients with poor response to monotherapy [1] Company Summary - The clinical trial approval for BTP4507 marks a significant milestone for Sunshine Nuohuo in its drug development pipeline [1] - BTP4507 targets a specific patient population, indicating a focused approach in addressing unmet medical needs in hypertension treatment [1] Industry Summary - The approval of clinical trials for hypertension treatments reflects ongoing advancements in the pharmaceutical industry, particularly in addressing chronic conditions [1] - The development of BTP4507 aligns with industry trends towards personalized medicine and targeted therapies for specific patient groups [1]

Core Viewpoint - Sunshine Nuohe's subsidiary, Jiangsu Nuohe Bitop, has received approval from the National Medical Products Administration for the clinical trial application of its drug BTP4507, which is aimed at treating primary hypertension patients with poor response to monotherapy [1] Group 1 - The clinical trial approval is for BTP4507, classified as a Class 2 modified new chemical drug [1] - The intended indication for BTP4507 is for the treatment of primary hypertension patients who do not respond well to monotherapy [1]

证券代码：688621 证券简称：阳光诺和 公告编号：2025-083 北京阳光诺和药物研究股份有限公司 自愿披露关于 BTP4507 获得药物临床试验批准通知书 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。 近日，北京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"）子公 司江苏诺和必拓新药研发有限公司收到国家药品监督管理局核准签发的《药物临 床试验批准通知书》，公司在研项目 BTP4507 的临床试验申请获得批准。 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查 BTP4507 临床试验申请符合药品注册的有关要求，同意本品开展临床试验。 二、药品的其他相关情况 本次递交的 BTP4507 为化药 2 类改良型新药，拟申报适应症为用于治疗单 药治疗不佳的原发性高血压患者。 1 目前，临床实践中已有多种类型的降压药物可供选择，如钙通道阻滞剂 （CCB）、血管紧张素转化酶抑制剂（ACEI）、血管紧张素受体拮抗剂（ARB）、 噻嗪类利尿剂、β-受体阻滞剂、血管紧张素受体脑啡肽酶抑制剂（ARNI）等， ...

Core Viewpoint - The company announced that its subsidiary, Jiangsu Novo Nordisk Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for the clinical trial application of BTP4507, which is intended for the treatment of primary hypertension patients with poor response to monotherapy [1] Group 1 - The clinical trial approval for BTP4507 marks a significant milestone in the company's drug development pipeline [1] - BTP4507 targets a specific patient population, indicating a focused approach in addressing unmet medical needs in hypertension treatment [1]

Core Viewpoint - On October 9, Sunshine Nuohuo experienced a decline of 2.85% with a trading volume of 240 million yuan, indicating a potential concern regarding its stock performance [1]. Financing Summary - On October 9, Sunshine Nuohuo had a financing buy-in amount of 45.86 million yuan, with a net financing buy of 109,600 yuan, while the total financing and securities balance reached 518 million yuan, accounting for 7.20% of its market capitalization [1]. - The financing balance of 518 million yuan is above the 70th percentile level over the past year, indicating a relatively high level of financing activity [1]. Securities Lending Summary - On October 9, there were no shares repaid or sold in securities lending, with a total lending balance of 0 shares, which is above the 80th percentile level over the past year, suggesting a high level of lending activity [1]. Company Overview - Sunshine Nuohuo, established on March 9, 2009, and listed on June 21, 2021, is located in Beijing and specializes in generic drug development, consistency evaluation, and innovative drug development, with 99.91% of its revenue coming from CRO services [1]. - As of June 30, the number of shareholders increased by 18.76% to 8,621, while the average circulating shares per person decreased by 15.80% to 12,991 shares [2]. Financial Performance - For the first half of 2025, Sunshine Nuohuo reported a revenue of 590 million yuan, representing a year-on-year growth of 4.87%, while the net profit attributable to shareholders decreased by 12.61% to 130 million yuan [2]. Dividend Information - Since its A-share listing, Sunshine Nuohuo has distributed a total of 105 million yuan in dividends, with 84.29 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is Rongtong Health Industry Flexible Allocation Mixed A/B, holding 2.55 million shares, a decrease of 58,600 shares from the previous period [3].

Core Viewpoint - A significant block trade occurred for Yangguang Nuohuo on October 9, with a transaction volume of 350,000 shares and a transaction value of 22.12 million yuan, indicating a discount of 1.50% compared to the closing price of the day [2][3] Group 1: Trading Activity - The block trade price was 63.20 yuan, while the closing price for Yangguang Nuohuo on the same day was 64.16 yuan, reflecting a decline of 2.85% [2][3] - The trading volume for the day was 2.40 billion yuan, with a net outflow of main funds amounting to 25.60 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 11.84%, with total fund outflows of 62.74 million yuan [2] Group 2: Financing Data - The latest financing balance for Yangguang Nuohuo is 517 million yuan, which has decreased by 22.97 million yuan over the past five days, representing a decline of 4.25% [3] - The company was established on March 9, 2009, with a registered capital of 1.12 billion yuan [3]

Core Insights - The article highlights the strategic acquisition of Jiangsu Langyan Life Technology Co., Ltd. by Sunshine Nuohuo (688621), marking a shift from a traditional CRO service provider to an integrated "R&D + Production" platform in the Chinese pharmaceutical R&D service industry [1][2]. Industry Trends - The global CRO industry is undergoing significant transformation, driven by rising R&D costs and the urgent need for improved efficiency and risk control in drug development [1]. - Traditional CRO models face challenges due to "information silos" between R&D institutions and manufacturing, leading to inefficiencies in commercializing research outcomes [1]. Company Strategy - The acquisition aims to address industry pain points by integrating R&D and production, thereby facilitating faster commercialization of research results [1]. - Langyan Life's focus on high-end chemical drugs and active pharmaceutical ingredients aligns well with Sunshine Nuohuo's CRO business, enhancing the value chain from R&D to commercialization [2]. - The combined capabilities of Sunshine Nuohuo's clinical research and Langyan Life's manufacturing are expected to reduce uncertainties in R&D outcomes and improve efficiency [2]. Future Outlook - Sunshine Nuohuo plans to raise up to 865 million yuan through a share issuance to specific investors, funding key projects such as complex injection micro-nano formulations and small nucleic acid drug production lines [3]. - The company has established a development platform for small nucleic acid drug delivery systems, with two products in preclinical stages, aiming for at least one to enter clinical trials by 2026 [3]. - Overall, the acquisition represents a significant step towards industry consolidation, enhancing Sunshine Nuohuo's competitive edge and contributing to the development of a more efficient and collaborative pharmaceutical innovation ecosystem in China [3].

Core Insights - On October 9, Sunshine Nuohuo executed a block trade of 350,000 shares, amounting to 22.12 million yuan, which represented 8.45% of the total trading volume for the day [1][2] - The transaction price was 63.2 yuan, reflecting a discount of 1.5% compared to the market closing price of 64.16 yuan [1] Summary by Categories Trading Activity - The block trade involved 350,000 shares of Sunshine Nuohuo, with a total transaction value of 22.12 million yuan [1][2] - The trade accounted for 8.45% of the total trading volume on that day [1] Pricing Details - The executed price for the shares was 63.2 yuan, which is lower than the market closing price of 64.16 yuan, indicating a discount of 1.5% [1]