获得药物临床试验批准通知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、概述 证券代码：300765 证券简称：新诺威 公告编号：2026-009 石药创新制药股份有限公司 关于控股子公司 SYS6023 抗体偶联药物 石药创新制药股份有限公司（以下简称"公司"）的控股子公司石药集团巨石 生物制药有限公司（以下简称"巨石生物"）于近日收到国家药品监督管理局核 准签发关于 SYS6023 的《药物临床试验批准通知书》，将于近期开展临床试验。 现将相关情况公告如下： 二、药物的基本信息 药物名称：SYS6023 受 理 号：CXSL2501055 申请人：石药集团巨石生物制药有限公司 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，2025 年 12 月 8 日受理的 SYS6023 临床试验申请符合药品注册的有关要求，同意本品 开展在不可切除局部晚期或转移性乳腺癌的联合用药的临床试验，具体为：一项 评价 SYS6023 联合用药治疗不可切除局部晚期或转移性乳腺癌的有效性和安全 性的Ⅱ期临床研究。 三、药物的其他相关情况 SYS6023 ...

经济观察网 截至2026年02月10日收盘，新诺威（300765.SZ）股价报35.79元，当日涨幅2.40%，但近5日 累计下跌3.82%，近20日累计下跌12.66%。当前市盈率（TTM）为负值（-458.45），反映公司处于亏损 状态。股价波动受业绩预亏及市场情绪影响，近期技术面显示20日压力位45.34元，支撑位32.26元。 近期事件 机构观点 西南证券2026年02月08日发布的创新药周报指出，当周A股创新药板块下跌1.32%，新诺威周跌幅达 12.53%，在板块中跌幅居前。机构整体评级偏中性，盈利预测显示2025年净利润预计为5400万元（同 比增长0.51%），2026年有望改善至7300万元（同比增长35.19%），但创新药研发进程不确定性仍是主 要风险。 医药经济报2026年02月04日报道提及，新诺威于01月30日完成高管调整，原董事会秘书戴龙（90后）升 任总经理，徐雯接任董秘。同日公司公告与阿斯利康签署战略合作，首付款达12亿美元（巨石生物获 35%），但市场对年轻高管掌舵及业绩下滑反应谨慎，当日股价暴跌15.72%。 以上内容基于公开资料整理，不构成投资建议。 如何抓住黄金波段机会 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% in the next six months [3]. Core Insights - The company is advancing its innovative pipeline, with a focus on expanding its cancer treatment portfolio. The recent approval of SYS6090 for clinical trials highlights its potential in treating advanced lung cancer [1][2]. - SYS6090 is a recombinant fully human anti-PD-1 antibody fused with IL-15, showing significant efficacy and safety in preclinical studies, outperforming other PD-1 monoclonal antibodies [1]. - The company has a rich pipeline with multiple drugs in critical clinical trial phases, including SYS6010 and DP303c, which have demonstrated promising results in their respective trials [2]. Financial Summary - The company’s revenue is projected to decline from 2,539 million in 2023 to 1,981 million in 2024, before recovering to 2,970 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.67% from 2025 to 2027 [4]. - The net profit attributable to the parent company is expected to recover significantly from 54 million in 2024 to 246 million in 2027, with an EPS increase from 0.04 to 0.18 during the same period [4]. - The company’s market valuation is projected to decrease from a PE ratio of 967 in 2025 to 212 in 2027, indicating an improving profitability outlook [4].

瑞财经 刘治颖 1月30日，新诺威(SZ300765)公告，因工作调动原因，姚兵申请辞去公司总经理职务。辞 去总经理职务后，姚兵仍继续担任公司第六届董事会董事长、战略委员会主任委员、提名委员会委员职 务。 因工作调整原因，戴龙申请辞去公司董事会秘书职务。辞去董事会秘书职务后，戴龙仍继续担任公司第 六届董事会董事、薪酬与考核委员会委员、财务总监职务 经公司董事会提名委员会审查通过，董事会同意聘任戴龙担任公司总经理，任期自董事会审议通过之日 起至第六届董事会届满之日止。 经公司董事会提名委员会审查通过，董事会同意聘任徐雯担任公司董事会秘书及证券事务代表，任期自 董事会审议通过之日起至第六届董事会届满之日止 | | ○ 高雷列表 | | | | 荷官方表 商管发相关人员持胶变动 富埋废间介 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 零号 | 姓名 | 性别 | 年龄 | 学历 | 持股数(股) | 薪酬(元) | 駅券 | | | 筑兵 | 3 | 49 | 博士 | 0 | 53.8475 | ■ 董事长 非独立董事 | | 12 - | ...

2月6日，新诺威盘中上涨2.05%，截至10:08，报35.38元/股，成交1.05亿元，换手率0.22%，总市值 496.94亿元。 截至1月30日，新诺威股东户数1.75万，较上期增加0.28%；人均流通股80349股，较上期减少0.27%。 2025年1月-9月，新诺威实现营业收入15.93亿元，同比增长7.71%；归母净利润-2404.89万元，同比减少 117.26%。 分红方面，新诺威A股上市后累计派现6.51亿元。近三年，累计派现5.00亿元。 机构持仓方面，截止2025年9月30日，新诺威十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1778.22万股，相比上期减少321.69万股。中欧医疗健康混合A（003095）位居第三大流通股 东，持股1632.25万股，相比上期减少386.14万股。工银前沿医疗股票A（001717）位居第四大流通股 东，持股1400.01万股，相比上期增加200.01万股。汇添富创新医药混合A（006113）位居第五大流通股 东，持股1227.70万股，相比上期增加248.44万股。易方达创业板ETF（159915）位居第九大流通股东， 持股786.8 ...

2月5日，新诺威大宗交易成交22.9万股，成交额793.94万元，占当日总成交额的2.2%，成交价34.67元， 较市场收盘价34.67元持平。 ...

2月2日，新诺威跌7.59%，成交额7.02亿元。两融数据显示，当日新诺威获融资买入额5385.57万元，融 资偿还6030.31万元，融资净买入-644.75万元。截至2月2日，新诺威融资融券余额合计4.66亿元。 机构持仓方面，截止2025年9月30日，新诺威十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1778.22万股，相比上期减少321.69万股。中欧医疗健康混合A（003095）位居第三大流通股 东，持股1632.25万股，相比上期减少386.14万股。工银前沿医疗股票A（001717）位居第四大流通股 东，持股1400.01万股，相比上期增加200.01万股。汇添富创新医药混合A（006113）位居第五大流通股 东，持股1227.70万股，相比上期增加248.44万股。易方达创业板ETF（159915）位居第九大流通股东， 持股786.80万股，相比上期减少132.53万股。中银创新医疗混合A（007718）位居第十大流通股东，持 股639.69万股，为新进股东。中欧医疗创新股票A（006228）退出十大流通股东之列。 融资方面，新诺威当日融资买入5385.57万元。当前融资余额 ...

Core Viewpoint - The recent leadership change at Newnoway, with a young manager taking over amidst significant financial losses, highlights the challenges faced by Chinese pharmaceutical companies in their transformation efforts [1][15]. Management Changes - Newnoway appointed Dai Long, a 1992-born executive, as the new general manager, who previously served as the board secretary and will also continue as the financial director [1][17]. - The former general manager, Yao Bing, will remain as the chairman [17]. - Dai Long's annual salary is only 223,200 yuan despite holding multiple positions, reflecting the company's current financial constraints [5][19]. Financial Performance - Newnoway expects a net loss of 170 million to 255 million yuan for 2025, marking a decline of 416% to 575% compared to the previous year, which will be the company's first annual loss since its listing in 2019 [15][20]. - The company's net profit dropped from 726 million yuan in 2022 to 43.4 million yuan in 2023, a decrease of 40.18%, and further to 5.37 million yuan in 2024, a decline of 87.63% [6][20]. - The decline in performance is attributed to increased R&D expenses, expanded losses from acquired subsidiaries, and decreased gross margins in traditional business lines [20][21]. Business Transformation - Newnoway is transitioning from traditional functional raw materials, primarily caffeine, to innovative pharmaceuticals, including antibody-drug conjugates and mRNA vaccines [10][24]. - The company acquired a 51% stake in Giant Stone Biotech in 2023 and increased its stake to 80% in 2025, but the subsidiary has not yet contributed positively to overall performance [10][24]. - The strategic partnership with AstraZeneca, potentially worth over $17 billion, offers a glimmer of hope for the company's innovative drug pipeline [12][25]. Challenges and Outlook - Newnoway faces the challenge of balancing its declining traditional business with the need for substantial investment in innovative drug development [13][25]. - As of the third quarter of 2025, the company's debt ratio rose to 32.94%, indicating increased financial pressure [13][25]. - The success of Dai Long's leadership will be critical in navigating these challenges and achieving a successful transition from a traditional raw material supplier to an innovative pharmaceutical company [26][27].

Core Viewpoint - The strategic collaboration between CSPC Pharmaceutical Group and AstraZeneca, valued at up to $18.5 billion, was met with unexpected market skepticism, leading to a significant drop in stock prices for both companies involved [2][4][7]. Group 1: Strategic Collaboration Details - CSPC Pharmaceutical Group announced a strategic partnership with AstraZeneca to co-develop innovative long-acting peptide drugs based on CSPC's drug delivery technology and AI discovery platform [3][4]. - The agreement includes a $1.2 billion upfront payment, up to $3.5 billion in research milestone payments, and $13.8 billion in sales milestone payments, along with a double-digit revenue share based on annual net sales [4][5]. - This deal surpasses the previous record of $11.4 billion set by Innovent Biologics and Takeda in 2025, marking a new high for outbound licensing in China's biopharmaceutical sector [4]. Group 2: Market Reaction and Concerns - Following the announcement, CSPC's stock fell by 9.82% to HKD 9.64 per share, while its closely related company, New Horizon Health, saw a drop of 15.72% [2][7]. - Analysts suggest that the market's negative reaction stems from concerns over the details of the deal and the companies' fundamentals, indicating that the perceived benefits may not align with the actual risks involved [7]. - The milestone payments are contingent on successful clinical trials and market performance, raising questions about the viability of CSPC's projects in a competitive landscape [7][8]. Group 3: Product and Competitive Landscape - The core asset in this collaboration is SYH2082, a long-acting weight management drug currently in Phase I clinical trials, targeting GLP-1R and GIPR receptors [8][9]. - The competitive landscape for GLP-1 drugs is intensifying, with major players like Eli Lilly and domestic companies rapidly advancing their own dual-target and multi-target drugs [9][10]. - CSPC's late entry into the clinical phase with SYH2082 presents challenges in efficacy differentiation and safety optimization, which will be critical for its future competitiveness [10]. Group 4: Financial Context and Implications - CSPC's decision to pursue this significant licensing deal comes at a time when its financial performance is under pressure, with a reported revenue decline of 12.32% year-on-year for the first three quarters of 2025 [11]. - New Horizon Health stands to benefit from the upfront payment, which will help alleviate its cash flow issues as it anticipates a significant net loss in 2025 due to high R&D expenditures [12].

Core Viewpoint - Newnow (300765) announced a change in its management, appointing Dai Long as the new General Manager while he also holds the positions of Board Secretary and Securities Affairs Representative [1][4] Management Changes - Dai Long, born in June 1992, has a background in finance and has been with Newnow since December 2016, serving in various roles including Financial Manager and Board Secretary [4] - Despite being appointed to a key position, Dai Long does not hold any shares in Newnow and has no connections with major shareholders or other executives [4] - Dai Long's total pre-tax compensation for 2024 is reported at 223,200 yuan, a decrease of 121,100 yuan from 2023 [4][6] Executive Compensation - Other executives at Newnow also experienced significant salary reductions in 2024, with Vice General Manager Liu Gang's compensation dropping to 188,800 yuan, a decline of 18.89% year-on-year [7] - The collective salary cuts among executives are linked to the company's poor performance [7] Financial Performance - In 2024, Newnow reported revenues of 1.981 billion yuan, a year-on-year decrease of 21.98%, and a net profit attributable to shareholders of 53.7263 million yuan, down 87.63% [7] - The company anticipates further losses in 2025, projecting a net profit attributable to shareholders between -255 million yuan and -170 million yuan [7] Business Overview - Newnow, a core subsidiary of CSPC Pharmaceutical Group, was established in 1989 and went public in 2019 [7] - It is the largest production base for chemical synthetic xanthine products globally, with key products including caffeine and theobromine [7] - The company has developed a dual-driven business model focusing on traditional functional foods and innovative biopharmaceuticals [8] Strategic Developments - Newnow's subsidiary, Jushi Biotech, signed a strategic cooperation agreement with AstraZeneca for eight innovative long-acting peptide drug projects, with AstraZeneca agreeing to pay a $1.2 billion upfront fee and up to $17.3 billion in milestone payments [8] - Newnow plans to list on the Hong Kong Stock Exchange to expand financing channels for innovative drug research and development [8] - The company increased its stake in Jushi Biotech to 80% by acquiring 29% of its shares for 1.1 billion yuan [8] Market Performance - As of January 30, Newnow's stock price closed at 38.87 yuan per share, reflecting a decline of 15.72%, with a total market capitalization of 54.6 billion yuan [9]