中信证券股份有限公司 关于苏州纳微科技股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为苏州纳 微科技股份有限公司（以下简称"纳微科技"或"公司"）首次公开发行股票并 在科创板上市、向特定对象发行股票项目的保荐人，根据《证券发行上市保荐业 务管理办法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券 履行持续督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 （3）查阅公司银行日记账，查阅会计师出具的 2024 年度审计报告、关于 2024 年度非经营性资金占用及其他关联资金往来情况专项说明； 1 （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 程序文件、募集资金专户银行对账单、募集资金使用明细账、会计师出具的 2024 年度募集资金存放与实际使用情况鉴证报告； （5）对公司高级管理人员进行访谈； （6）对公司及其控股股东、实 ...

Company Overview - Suzhou Nanwei Technology Co., Ltd. specializes in the research, large-scale production, sales, and application services of high-performance nano microsphere materials, providing core microsphere materials and related technical solutions for clients in the biomedicine, flat panel display, analytical testing, and in vitro diagnostics sectors [1] Stock Performance - Nanwei Technology has experienced a decline in stock price for four consecutive trading days, with a cumulative drop of -5.85% [1] Fund Involvement - The China Europe Medical Health Mixed A Fund, managed by Guo Lan, has entered the top ten shareholders of Nanwei Technology as a new investor in the first quarter of this year [1] - The fund has reported a year-to-date return of -0.38%, ranking 3365 out of 4503 in its category [1] Fund Manager Profile - Guo Lan, the fund manager of China Europe Medical Health Mixed A, holds a Ph.D. in Biomedical Engineering from Northwestern University in the United States and has extensive experience in research and fund management [3][4]

Economic Information - In April, the housing rental industry entered a low season, with the average residential rent in 50 cities decreasing by 0.32% month-on-month to 35.2 yuan per square meter per month, and a year-on-year decline of 3.40% [2] - The global N-type SiC substrate industry is expected to see a revenue decrease of 9% in 2024, amounting to $1.04 billion, due to weakened automotive and industrial demand, increased market competition, and significant price drops [2] Company Alerts - Spring光科技 has announced that its stock is subject to irrational market speculation risk [3] - 博云新材's shareholder 高创投 plans to reduce its stake by no more than 3% [3] - Other companies such as 龙江交通, 海南海药, and 赛摩智能 also have shareholders planning to reduce their stakes by up to 3% [3][5] Overseas Market Alerts - COMEX gold futures fell by 2.76% to $3,240.1 per ounce, while silver futures decreased by 0.42% to $32.775 per ounce [2] - Citigroup forecasts that gold will consolidate in the range of $3,000 to $3,300 per ounce in the coming months, adjusting its 0-3 month target price to $3,150 per ounce [2] - Russia's oil production is expected to recover to 10.8 million barrels per day due to global demand growth and changes in domestic investment and taxation [3]

今日焦点中国中车：近期签订合计547.4亿元重大合同 中国中车公告称，公司及下属企业于近期（主要为2024年12月至2025年5月）签订了若干项重大合同， 合计金额约547.4亿元人民币。主要合同包括城市轨道车辆、设备销售及维保合同，动车组销售合同， 动车组高级修合同，风电设备销售合同和储能设备销售合同，机车销售合同以及货车修理合同。上述合 同总金额约占公司中国会计准则下2024年营业收入的22.2%。 阳光诺和：拟购买朗研生命100%股权，股票明日复牌 南方财经5月12日电，阳光诺和(688621.SH)公告称，公司拟通过发行股份及可转换公司债券购买资产并 募集配套资金，购买利虔、朗颐投资等38名朗研生命股东持有的朗研生命100%股权。并向不超过35名 特定投资者发行股份募集配套资金。朗研生命专注于高端化学药及原料药的研发、生产和销售，并对外 提供药品生产服务，在高端化学药、原料药等领域深耕多年，已经形成了较为成熟的医药生产体系。公 司股票将于5月13日开市起复牌。 沃尔核材：筹划发行H股股票并申请在香港联交所主板上市 沃尔核材公告称，公司拟发行H股股票并申请在香港联交所主板挂牌上市，以推进国际化战略，提升 ...

证券代码：688690 证券简称：纳微科技 公告编号：2025-019 苏州纳微科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： ? 股东持股的基本情况 截至本公告日，苏州纳微科技股份有限公司（以下简称"公司"）股东苏州 纳卓管理咨询合伙企业（有限合伙）（以下简称"苏州纳卓"）持有公司股份 股；苏州纳研管理咨询合伙企业（有限合伙）（以下简称"苏州纳研"）持有公 司股份 28,500,000 股，占公司总股本的 7.0577%，其中无限售条件的流通股 月 24 日起上市流通。 ? 减持计划的主要内容 公司近日收到股东苏州纳卓及苏州纳研发出的《关于减持公司股份的告知 函》。因持股员工自身资金需求，苏州纳卓及苏州纳研拟自本公告披露之日起 15 个交易日后的 3 个月内通过集中竞价、大宗交易方式减持所持有公司股份合计不 超过 7,192,800 股，占公司总股本的 1.7812%。若公司在上述减持计划实施期间 发生派发红利、送红股、转增股本、增发新股或配股等股本除权 ...

证券代码：688690 证券简称：纳微科技 公告编号：2025-019 苏州纳微科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 截至本公告日，苏州纳微科技股份有限公司（以下简称"公司"）股东苏州 纳卓管理咨询合伙企业（有限合伙）（以下简称"苏州纳卓"）持有公司股份 14,250,000 股，占公司总股本的 3.5288%，其中无限售条件的流通股 14,250,000 股；苏州纳研管理咨询合伙企业（有限合伙）（以下简称"苏州纳研"）持有公 司股份 28,500,000 股，占公司总股本的 7.0577%，其中无限售条件的流通股 28,500,000 股。上述股份为公司首次公开发行前取得的股份，并已于 2024 年 6 月 24 日起上市流通。 减持计划的主要内容 公司近日收到股东苏州纳卓及苏州纳研发出的《关于减持公司股份的告知 函》。因持股员工自身资金需求，苏州纳卓及苏州纳研拟自本公告披露之日起 15 个交易日后的 3 个月内通过集中竞价 ...

Core Viewpoint - The IVD industry is experiencing a significant downturn in revenue and profits, with over 70% of companies reporting a year-on-year decline in revenue and more than half facing losses or drastically reduced profits [2][5]. Revenue and Profit Trends - In Q1 2025, major IVD companies such as Mindray Medical, Dian Diagnostics, and RunDa Medical reported substantial declines in both revenue and net profit, with Mindray's revenue at 8.237 billion yuan (down 12.12%) and net profit at 2.629 billion yuan (down 16.81%) [2][4]. - Among 60 IVD companies analyzed, 16 reported revenue growth, with 8 achieving both revenue and net profit growth [2]. Market Challenges - The IVD sector is facing multiple challenges, including a slowdown in the conventional medical testing market, stricter cost control policies in healthcare, and the impact of centralized procurement policies [5][6]. - The anticipated centralized procurement in 28 provinces is expected to further pressure IVD companies, particularly in the high-volume chemical luminescence market [6]. Company Strategies and Innovations - Some companies are adapting by focusing on niche markets and innovative product offerings, such as New Industry and Sansure Bio, which reported revenue growth of 10.12% and 21.62% respectively in Q1 2025 [9]. - Companies are also exploring international markets, with Mindray's overseas revenue reaching 16.43 billion yuan in 2024, accounting for 44.75% of total revenue [9][10]. Technological Advancements - The IVD industry is witnessing a shift towards digitalization and AI integration, with partnerships like that of BGI and Dian Diagnostics aiming to enhance diagnostic efficiency and precision [10][11]. - The emergence of AI technologies is reshaping the IVD landscape, although challenges remain in data integration and commercialization [11].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity. The gross profit margin for 2024 is projected at 70.22%, a year-on-year decrease of 7.85 percentage points, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross profit margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points. The company’s unique ability to self-produce core raw materials, microspheres, is expected to further highlight its competitive edge, supporting a high level of gross margin for core products [2][4]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%. The net profit attributable to the parent company was 82.84 million yuan, up 20.82% year-on-year. In Q1 2025, the company reported revenue of 189 million yuan, a year-on-year growth of 22.39%, and a net profit of 29.22 million yuan, reflecting a 72.98% increase year-on-year [9][11]. Growth Potential - The company is positioned to benefit from accelerated domestic substitution and its own product strength and platform-driven growth. The core business of chromatography fillers and chromatography media is expected to continue its growth trend, with Q1 2025 revenue reaching approximately 111 million yuan, a year-on-year increase of about 10.62%. The strategic focus on high-quality clients is anticipated to further enhance operational quality [4][9]. Earnings Forecast and Valuation - The company’s revenue is projected to reach 966 million yuan in 2025, with a year-on-year growth of 23.44%. The net profit attributable to the parent company is expected to be 139 million yuan, reflecting a significant year-on-year increase of 68.00%. The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4][11].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity, despite a slight decline in gross margin to 70.22% in 2024 [2] - The company has a strong cash flow generation capability, with a net cash flow from operating activities of 133 million yuan in 2024, indicating good operational quality [3] - The company is positioned to benefit from domestic substitution trends and has built a unique "product + service" platform, which is expected to drive growth in the coming years [4] Summary by Sections Profitability - The gross margin for 2024 is projected at 70.22%, down 7.85 percentage points year-on-year, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points [2] - The company’s high R&D investment has led to a sufficient reserve of new products, which can help mitigate risks from intensified market competition [2] Operational Quality - The net cash flow from operating activities for 2024 is expected to be 133 million yuan, reflecting a year-on-year increase of 5.99%, indicating sustained operational quality [3] - The accounts receivable turnover days for 2024 are 117 days, shortened by approximately 14 days year-on-year, while the first quarter of 2025 shows an increase to 145 days, likely due to a higher proportion of longer-term instrument products [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 966 million yuan in 2025, growing by 23.44% year-on-year, and a net profit attributable to shareholders of 139 million yuan, representing a growth of 68.00% [4] - The projected earnings per share (EPS) for 2025 is 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4]

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]