Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 44.46 [1][6]. Core Insights - In Q1 2025, the company reported a slight decline in revenue of 2.53% year-on-year, totaling 173 million yuan, while net profit increased by 13.12% to 26 million yuan. The growth in profit is attributed to cost reduction and efficiency improvements [4][5]. - The company is expanding its overseas business, establishing subsidiaries in Hong Kong and Australia, which is expected to accelerate its international presence. Additionally, favorable policies in the healthcare sector may lead to a recovery in the domestic clinical CRO industry [6][5]. - The company forecasts revenue growth from 777 million yuan in 2025 to 966 million yuan in 2027, with corresponding net profits expected to rise from 147 million yuan to 181 million yuan during the same period [7][6]. Summary by Sections Financial Performance - Q1 2025 revenue was 173 million yuan, down 2.53% year-on-year, while net profit was 26 million yuan, up 13.12%. The adjusted net profit was 20 million yuan, reflecting a 23.26% increase [4][5]. - The company's expense ratios improved, with management expenses decreasing by 4.06 percentage points to 11.58%, and sales expenses down by 0.08 percentage points to 1.88%. The gross margin was 36.53%, a decrease of 1.31 percentage points year-on-year, while the net margin increased by 1.99 percentage points to 15.28% [5][6]. Business Outlook - The company is expected to maintain steady growth in its SMO business, while its statistical business remains stable. However, clinical and testing services have seen a decline [5]. - The revenue projections for 2025 to 2027 indicate a compound annual growth rate (CAGR) of 4.42%, 9.53%, and 13.47%, respectively, with net profit growth rates of 4.58%, 9.72%, and 12.46% [6][7]. Valuation Metrics - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 30, 27, and 24, respectively, indicating a favorable valuation outlook as the company grows [6][7].

Summary of the Conference Call for 诺思格 Company Overview - **Company**: 诺思格 - **Industry**: Clinical Research Organization (CRO) Key Financial Metrics - **Q1 2025 Non-GAAP Net Profit**: Increased by 23.26% to 20.415 million yuan [2][3] - **Total Assets**: Decreased by 2.22% to 2.284 billion yuan [3] - **Equity Attributable to Shareholders**: Increased by 1.68% to 1.863 billion yuan [3] - **Revenue**: Decreased by 2.53% to 1.000 billion yuan [3] Business Segment Performance - **Clinical Trial Operation Services**: Revenue decreased by 18.87%, accounting for 37.24% of total revenue [4] - **Clinical Trial Services**: Revenue increased by 30.43%, accounting for 34.62% of total revenue [4] - **Data Management and Statistical Analysis**: Revenue increased by 0.87%, accounting for 15.09% of total revenue [4] - **Biological Sample Testing Services**: Revenue decreased by 27.30% [4] Industry Insights - **CRO Industry Competition**: High bidding activity but declining order prices, leading to significant operational pressure [5][6] - **Funding Shortages**: Many drug development projects are stalled due to lack of funding, with most investment firms in a wait-and-see mode [6] - **Market Sentiment**: Overall industry sentiment remains pessimistic, with a lack of confidence among companies [8] Operational Challenges - **Order Volume**: Decreased by 16% in Q1, with service fees dropping by 41%, indicating significant revenue and profit pressure [9] - **Cost Control**: Limited ability to reduce costs further, with ongoing challenges in improving profit margins [19] - **Future Growth**: Uncertainty regarding growth drivers for 2025, with expectations for a prolonged recovery period [11][13] M&A Strategy - **Acquisition Plans**: Actively seeking domestic and international M&A opportunities, but facing challenges in finding suitable targets due to market conditions [7] International Business Development - **Overseas Operations**: Focused on data statistics, with a branch established in Australia, but not yet profitable [12] Profitability Outlook - **Margin Pressure**: Overall gross margin and net profit margin have slightly declined due to competitive pricing and market conditions [19] - **Future Profitability**: Significant pressure on contracts and uncertain market conditions make future profitability difficult to predict [20] Employee and Cost Management - **Employee Count**: Stable at approximately 2,200 employees, with potential adjustments based on segment needs [17] - **Cost Management Strategy**: No plans to increase personnel despite rising workload, focusing on cost control [18]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.2700 CNY, representing a 12.5% increase compared to Q1 2024, which was 0.2400 CNY [1] - The net profit for Q1 2025 is 0.26 billion CNY, showing a 13.04% increase from Q1 2024's 0.23 billion CNY [1] - The return on equity for Q1 2025 is 1.41%, up 7.63% from 1.31% in Q1 2024 [1] - The total operating revenue for Q1 2025 is 1.73 billion CNY, a decrease of 2.26% from 1.77 billion CNY in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 32.574 million shares, accounting for 57.02% of the circulating shares, with a decrease of 3.1175 million shares compared to the previous period [2] - Ningbo Kangyunfu Equity Investment Co., Ltd. holds 11.52 million shares, representing 20.16% of the total share capital, with no change [2] - The E Fund Healthcare Industry Mixed A fund has reduced its holdings by 549,400 shares, now holding 3.7355 million shares, which is 6.54% of the total [2] Dividend Distribution - The company will not distribute or transfer any dividends this time [3]

证券代码：301333 证券简称：诺思格 公告编号：2025-022 诺思格（北京）医药科技股份有限公司 第四届监事会第七次会议决议公告 （一）审议通过《关于<2025年第一季度报告全文>的议案》 表决情况：3票同意；0票弃权；0票反对。 经审议，监事会认为：公司《2025年第一季度报告》内容真实、准确、完整 地反映了公司2025年第一季度经营的实际情况，不存在虚假记载、误导性陈述或 者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的 《2025年第一季度报告》（公告编号：2025-020）。 三、备查文件 第四届监事会第七次会议决议 本公司及监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、监事会会议召开情况 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第四届监事会 第七次会议于2025年4月25日在公司会议室以现场结合通讯方式召开。会议通知 已于2025年4月18日以电子邮件、专人送达等方式送达全体监事。本次会议应出 席监事3人，实际出席监事3人。会议由监事会主席关虹主持。会议召开符合有关 法律、法 ...

公司董事会审计委员会审议通过了该议案。 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 诺思格（北京）医药科技股份有限公司（以下简称"公司"）第五届董事会 第十次会议（以下简称"本次会议"）于2025年4月25日在公司会议室以现场结合 通讯方式召开。会议通知已于2025年4月18日以电子邮件及专人送达等方式送达 全体董事。本次会议应出席董事9人，实际出席董事9人。会议由董事长WU JIE （武杰）先生主持，会议的召开符合有关法律、法规、规章和《诺思格（北京） 医药科技股份有限公司章程》（以下简称《公司章程》）的规定。 二、董事会会议审议情况 （一）审议通过《关于<2025年第一季度报告全文>的议案》 表决情况：9票同意；0票弃权；0票反对。 经审议，董事会认为：公司《2025年第一季度报告》内容真实、准确、完整 地反映了公司2025年第一季度经营的实际情况，不存在虚假记载、误导性陈述或 者重大遗漏。 证券代码：301333 证券简称：诺思格 公告编号：2025-021 诺思格（北京）医药科技股份有限公司 第五届董事会第十次会议决议公告 ...

Financial Performance - The company's revenue for Q1 2025 was ¥172,843,520.58, a decrease of 2.53% compared to ¥177,331,193.71 in the same period last year[5] - Net profit attributable to shareholders increased by 13.12% to ¥26,073,749.86 from ¥23,048,890.81 year-on-year[5] - Basic and diluted earnings per share rose by 12.50% to ¥0.27 from ¥0.24 in the same period last year[5] - Net profit for the current period is ¥26,410,752.58, an increase of 11.8% compared to ¥23,572,914.21 in the previous period[37] - Earnings per share (basic and diluted) increased to ¥0.27 from ¥0.24, reflecting a growth of 12.5%[38] Cash Flow - The net cash flow from operating activities was negative at -¥11,193,588.94, a decline of 148.04% compared to ¥23,298,356.28 in the previous year[5] - Cash flow from operating activities decreased to ¥149,075,749.65, down 13.0% from ¥171,279,223.23 in the previous period[40] - Net cash flow from operating activities was -$11.19 million, a decrease from $23.30 million in the previous period[41] - Net cash flow from financing activities showed a dramatic increase of 390.80%, amounting to -¥45,417,320.31 compared to -¥9,253,748.32 in the previous year[12] - Net cash flow from financing activities was -$45.42 million, worsening from -$9.25 million in the previous year[41] Assets and Liabilities - Total assets decreased by 2.22% to ¥2,284,458,257.48 from ¥2,336,225,321.98 at the end of the previous year[5] - The company's cash and cash equivalents decreased to CNY 757,135,831.99 from CNY 1,068,707,741.15, reflecting a decline of approximately 29.1%[33] - Total liabilities decreased to ¥417,164,475.26 from ¥500,089,008.78, a reduction of 16.6%[35] - Total equity increased to ¥1,867,293,782.22 from ¥1,836,136,313.20, reflecting a growth of 1.7%[35] Investments and Subsidiaries - The company established a wholly-owned subsidiary, R&G (HK) PHARMA LIMITED, in Hong Kong on February 14, 2025[30] - The company also established another wholly-owned subsidiary, R&G PHARMA AUSTRALIA PTY LIMITED, in Australia on February 19, 2025[31] - Total cash inflow from investment activities was $388.21 million, down from $650.67 million year-over-year[41] - Cash outflow from investment activities totaled $629.71 million, compared to $845.27 million in the prior period[41] Shareholder Actions - The total number of ordinary shareholders at the end of the reporting period was 7,041[13] - The company plans to repurchase shares using its own funds, with a total amount not less than RMB 50 million and not exceeding RMB 80 million, at a price not exceeding RMB 58.00 per share[17] - As of March 31, 2025, the company has repurchased a total of 1,442,000 shares, accounting for 1.49% of the total share capital, with a total transaction amount of RMB 56,062,734.00[18] - Harmony Growth Phase II and its concerted actors plan to reduce their holdings through block trading and centralized bidding on November 14, 2024[20] - From February 26 to March 5, 2025, Harmony Growth Phase II and Harmony Health cumulatively reduced their holdings by 2,126,238 shares, accounting for 2.2240% of the company's total share capital[21] Research and Development - Research and development expenses for the current period were ¥14,474,466.24, slightly up from ¥14,126,228.84, indicating a focus on innovation[37] Other Financial Metrics - The company reported a significant increase of 34.30% in trading financial assets, reaching ¥950,333,744.66 due to an increase in bank cash management products[10] - The company's accounts receivable rose to CNY 145,756,042.92 from CNY 125,239,485.50, indicating an increase of approximately 16.5%[33] - The company's contract liabilities decreased to CNY 220,807,328.88 from CNY 235,117,501.62, a decline of approximately 6.1%[34] - The company reported a net investment income of ¥3,667,462.80, an increase from ¥3,437,976.21 in the previous period[37] - Other comprehensive income after tax for the current period was ¥8,898.18, compared to a loss of ¥25,527.99 in the previous period[38]

中国国际金融股份有限公司 关于诺思格（北京）医药科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：诺思格 | | --- | --- | | 保荐代表人姓名：任孟琦 | 联系电话：010-65051166 | | 保荐代表人姓名：陈贻亮 | 联系电话：010-65051166 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易制 | | | 度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 | | | ...

Group 1 - The core viewpoint of the articles indicates that Norsg has a closing price of 45.29 yuan, down 3.10%, with a rolling PE ratio of 31.19 times and a total market value of 4.374 billion yuan [1] - Norsg ranks 23rd in the medical services industry, which has an average PE ratio of 46.29 times and a median of 47.83 times [1][2] - As of February 28, 2025, Norsg has 5,105 shareholders, a decrease of 336 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Norsg's main business is providing comprehensive drug clinical research and development services to global pharmaceutical companies and research institutions, including clinical trial operation services, site management services, data management and statistical analysis services, biological sample testing services, clinical trial consulting services, and clinical pharmacology services [1] - In the latest financial report for 2024, Norsg achieved an operating income of 744 million yuan, a year-on-year increase of 3.14%, and a net profit of 140 million yuan, a year-on-year decrease of 13.73%, with a sales gross margin of 37.09% [1]

Company Overview - Norsg achieved a closing price of 44.77 yuan, down 20.00%, with a rolling PE ratio of 30.84 times and a total market value of 4.324 billion yuan [1] - The company operates in the medical services industry, which has an average PE ratio of 45.72 times and a median of 41.83 times, placing Norsg at the 25th position in the industry ranking [1] Shareholding Structure - As of the 2024 annual report, 112 institutions hold shares in Norsg, including 106 funds and 6 other entities, with a total shareholding of 43.1268 million shares valued at 2.156 billion yuan [1] Business Operations - Norsg specializes in providing comprehensive drug clinical research and development services for global pharmaceutical companies and research institutions, including clinical trial operation services, site management services, data management and statistical analysis services, biological sample testing services, clinical trial consulting services, and clinical pharmacology services [1] Financial Performance - For the 2024 annual report, Norsg reported an operating revenue of 744 million yuan, a year-on-year increase of 3.14%, and a net profit of 140 million yuan, reflecting a year-on-year decrease of 13.73%, with a sales gross margin of 37.09% [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced short-term fluctuations in clinical business, while SMO and statistical services continued to grow steadily [6][7] - In 2024, the company achieved operating revenue of 744 million yuan, a year-on-year increase of 3.14%, and a net profit attributable to the parent company of 140 million yuan, a year-on-year decrease of 13.73% [5][6] - The company is expected to achieve operating revenues of 782 million yuan, 873 million yuan, and 972 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.1%, 11.7%, and 11.3% [8] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 182 million yuan, a year-on-year decrease of 7.44%, while net profit increased by 52.16% to 56 million yuan due to the reversal of share-based payment expenses [5][6] - The clinical trial operation segment generated revenue of 320 million yuan, down 9.74%, with a gross margin of 29.98% [6] - The SMO service segment reported revenue of 205 million yuan, up 10.19%, with a gross margin of 30.21% [6] - The statistical services segment achieved revenue of 101 million yuan, up 26.35%, with a gross margin of 49.06% [7] - The biological sample testing business saw revenue of 64 million yuan, up 74.09%, with a gross margin of 52.90% [6] - The clinical trial consulting business generated revenue of 23 million yuan, down 20.56%, with a gross margin of 49.96% [6] - The clinical pharmacology segment reported revenue of 32 million yuan, down 10.74%, with a gross margin of 73.66% [6] Business Outlook - The company is actively expanding its overseas business, with revenue from overseas clients reaching 79 million yuan, a year-on-year increase of 69.04% [7] - The domestic client revenue was 665 million yuan, a year-on-year decrease of 1.45% [7] - The company anticipates a recovery in industry demand driven by the implementation of innovative drug support policies [6] Valuation Metrics - The total market capitalization is 5.4 billion yuan, with a circulating market value of 3.2 billion yuan [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.56 yuan, 1.81 yuan, and 2.07 yuan, respectively [11] - The price-to-earnings (P/E) ratio is projected to be 35.84 for 2025, decreasing to 26.98 by 2027 [11]