证券代码：688621 证券简称：阳光诺和 公告编号：2025-080 北京阳光诺和药物研究股份有限公司 第二届董事会第二十三次会议决议公告 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9月25日召开第二届董事会第二十三次会议。本次会议通知于2025年9 月22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《关于公司符合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条件的议案》 公司拟通过发行股份及可转换公司债券方式购买江苏朗研生命科技控股有 限公司（以下简称"标的公司"或"朗研 ...

Core Viewpoint - Beijing Sunshine Nuohua Pharmaceutical Research Co., Ltd. plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Holdings Co., Ltd. through the issuance of shares and convertible bonds, while also raising matching funds from no more than 35 specific investors [1] Summary by Relevant Sections - **Transaction Details** - The company intends to purchase 100% equity of Jiangsu Langyan Life Science Technology Holdings Co., Ltd. through a combination of share issuance and convertible bonds [1] - The company will also issue shares to raise matching funds from up to 35 specific investors [1] - **Stock Performance** - In the 20 trading days prior to the announcement of this transaction, the company's stock price increased by 9.82% [1] - Excluding the impact of market and industry factors, the stock price fluctuation did not exceed 20% during the same period, which is below the threshold set by the Shanghai Stock Exchange for significant asset restructuring [1] - There were no abnormal fluctuations in the company's stock trading prior to the announcement of the transaction [1]

阳光诺和9月25日公告，公司拟通过发行股份及可转换公司债券方式购买江苏朗研生命科技控股有限公 司100%股权，交易价格为12亿元，其中以发行股份方式支付6亿元，以可转换公司债券方式支付6亿 元。本次交易完成后，公司的控股股东、实际控制人仍为利虔，公司实际控制权未发生变更。本次交易 尚需公司股东会审议通过，并经上海证券交易所审核通过、中国证监会注册后方可正式实施。 ...

证券代码：688621 证券简称：阳光诺和 公告编号：2025-076 北京阳光诺和药物研究股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证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。 重要内容提示： ● 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025年9月15日 本次股东会由公司董事会召集，董事长利虔先生主持，会议采用现场投票和网络投票相结合的表决方 式。本次股东会的召集、召开及表决程序均符合《公司法》、中国证监会《上市公司股东会规则》《公 司章程》及《公司股东会议事规则》的规定。 （五）公司董事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、董事会秘书出席了本次会议；其他高管列席了本次会议。 二、议案审议情况 （一）非累积投票议案 （二）股东会召开的地点：北京市昌平区科技园区双营西路79号院29号楼公司会议室 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其持有表决权数量的情 况： ■ （四）表决方式是否符合《公司法》及公司章程的规定，股东会 ...

Investment Rating - The report does not provide specific ratings for the pharmaceutical industry, but indicates a neutral outlook for certain segments such as biopharmaceuticals and other pharmaceutical therapies [2]. Core Insights - The pharmaceutical industry is showing signs of stabilization and recovery, with a clear upward trend in performance [12]. - The CXO sector achieved a revenue of 47.096 billion yuan in the first half of 2025, representing a year-on-year growth of 13.25%, and a net profit of 11.743 billion yuan, up 61.19% year-on-year [12][10]. - The report highlights improvements in operational efficiency and cost reduction as key factors driving profit growth [12]. Summary by Sections 1. Industry Overview - The industry is gradually stabilizing, with a clear trend towards recovery. The CXO sector's revenue and profit have shown significant growth in the first half of 2025 [12][10]. - The average revenue per employee increased to 411,100 yuan, a year-on-year increase of 12.62%, while average profit per employee rose to 114,000 yuan, up 52.41% [4][25]. 2. Demand and Supply Dynamics - Demand is stabilizing with a slight recovery in orders, as indicated by a 3.71% year-on-year increase in contract liabilities and prepayments, reaching 7.549 billion yuan in the first half of 2025 [4][33]. - Supply-side indicators show a modest increase in capacity construction, with fixed assets growing by 5.81% year-on-year to 47.274 billion yuan [36]. 3. Financial Environment - The report notes the commencement of a Federal Reserve rate-cutting cycle, which is expected to enhance market liquidity [5][42]. - The A+H share innovation drug index has seen significant increases, which may positively influence local financing conditions [5]. 4. Company Recommendations - The report suggests focusing on clinical CROs benefiting from domestic innovation drug support policies, such as Yangguang Nuohuo and Nuosige [61]. - It also highlights companies with strong overseas business prospects, like Haoyuan Pharmaceutical and Bide Pharmaceutical, as well as those involved in weight loss drugs and Alzheimer's treatments [61]. 5. Performance Forecasts - For the company Hongbo Pharmaceutical, revenue is projected to grow from 739 million yuan in 2025 to 1.299 billion yuan by 2027, with a corresponding net profit increase [66]. - Haoyuan Pharmaceutical is expected to achieve revenues of 28.48 billion yuan by 2027, reflecting a growth rate of 25.47% [70]. 6. Market Trends - The CXO index has significantly outperformed the market, with a year-to-date increase of 58.32% as of September 11, 2025 [54]. - The report emphasizes the importance of monitoring changes in U.S. interest rate policies and geopolitical factors affecting the industry [5].

证券代码：688621 证券简称：阳光诺和 公告编号：2025-076 北京阳光诺和药物研究股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证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） 股东会召开的时间：2025 年 9 月 15 日 （二） 股东会召开的地点：北京市昌平区科技园区双营西路 79 号院 29 号楼公 司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 52 | | --- | --- | | 普通股股东人数 | 52 | | 2、出席会议的股东所持有的表决权数量 | 39,134,193 | | 普通股股东所持有表决权数量 | 39,134,193 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 35.8115 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 35.8115 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情 ...

北京市天元律师事务所 关于北京阳光诺和药物研究股份有限公司 2025 年第三次临时股东会的法律意见 北京阳光诺和药物研究股份有限公司（以下简称公司）2025 年第三次临时股 东会（以下简称本次股东会）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 9 月 15 日 14:30 在北京市昌平区科技园区双营西路 79 号院 29 号楼公司会 议室召开。北京市天元律师事务所（以下简称本所）接受公司聘任，指派本所律师 参加本次股东会会议并对本次股东会进行见证，并根据《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称《证券法》）《上市公司股东会规则》（以 下简称《股东会规则》）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，就本次股东会的召集、召开程序、出席现场会议 人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《北京阳光诺和药物研究股份有限公司第 二届董事会第二十二次会议决议公告》《北京阳光诺和药物研究股份有限公司关于 召开 2025 年第三次临时股东会的通知》（以下简称《召开股东会通知》）以及本 所律师 ...

Core Viewpoint - A proposed executive order from the Trump administration is causing significant turmoil in the biopharmaceutical market, with major declines in stock prices for several companies [1][6]. Market Reaction - In the A-share market, companies such as Nossger, Huyou Pharmaceutical, and Tigermed saw declines exceeding 5%, with others like Yaoshi Technology and WuXi AppTec also following suit [1][2]. - The Hong Kong market's innovative drug concept index initially dropped over 7%, later narrowing to a 4.39% decline by midday [2]. Proposed Policy Impact - The New York Times reported that the proposed policy would require the FDA to conduct stricter reviews of clinical trial data from China, with companies submitting such data facing higher regulatory fees [3]. - If implemented, these restrictions could disrupt the U.S. pharmaceutical industry and affect the supply of all types of drugs, from generics to advanced therapies [6]. Industry Concerns - Analysts express that this "black swan" event could lead to a global supply chain restructuring, similar to the trade war during Trump's first term [7]. - The potential for drug shortages and rising prices in the U.S. market is a significant concern, particularly for generic drugs [7]. Investment Sentiment - Investor sentiment is divided, with some viewing the situation as a short-term emotional shock, while others worry that the end of the U.S. market could signal the end of the Chinese innovative drug bull market [9]. - Historical data suggests that after similar events, the pharmaceutical sector typically experiences a rebound within 2-4 weeks, with potential gains of 15%-20% [9].

Company Overview - Sunshine Nuohua Pharmaceutical Research Co., Ltd. is located in Changping District, Beijing, and was established on March 9, 2009. The company went public on June 21, 2021. Its main business involves the development of generic drugs, consistency evaluation, and innovative drug development, providing comprehensive R&D services including pharmaceutical research, clinical trials, and bioanalysis [1]. Financial Performance - As of September 9, Sunshine Nuohua's stock price increased by 5.05%, reaching 83.49 CNY per share, with a trading volume of 77.2037 million CNY and a turnover rate of 0.85%. The total market capitalization stands at 9.351 billion CNY [1]. Fund Holdings - Tianhong Fund has a significant position in Sunshine Nuohua, with its Tianhong Healthcare A Fund (001558) holding 879,000 shares, accounting for 8.73% of the fund's net value, making it the third-largest holding. The estimated floating profit from this position is approximately 3.5248 million CNY [2]. Fund Manager Performance - The fund manager of Tianhong Healthcare A is Lü Qiao, who has been in the position for 251 days. The total asset size of the fund is 502 million CNY, with the best fund return during the tenure being 49.91% and the worst being 49.5% [3].

Group 1 - The CRO (Contract Research Organization) concept stocks in the A-share market have shown strong performance, with notable gains in several companies [1] - Zhaoyan New Drug approached the daily limit increase with a rise of 9.12%, while other companies like Kailaiying, Nossger, and Kanglong Chemical also saw increases exceeding 5% [1][2] - The total market capitalization of Zhaoyan New Drug is 25.3 billion, and it has achieved a year-to-date increase of 103.06% [2] Group 2 - Kailaiying's stock rose by 5.48%, with a total market capitalization of 38.7 billion and a year-to-date increase of 42.84% [2] - Nossger and Kanglong Chemical experienced increases of 5.44% and 5.19%, respectively, with market capitalizations of 5.631 billion and 55.5 billion [2] - Other companies such as Sunshine Nuohuo and Boteng also reported gains of over 5%, with year-to-date increases of 109.05% and 64.55% respectively [2]