中信证券股份有限公司 关于 苏州纳微科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年九月 声 明 中信证券股份有限公司及其保荐代表人根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司证券发行注册管理办法》等有关法律、法规和 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下简 称"上交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规 则、行业执业规范和道德准则出具发行保荐书，并保证所出具文件的真实性、准 确性和完整性。若因保荐机构为发行人本次发行制作、出具的文件有虚假记载、 误导性陈述或者重大遗漏，给投资者造成损失的，保荐机构将依法赔偿投资者损 失。 本发行保荐书中如无特别说明，相关用语与《苏州纳微科技股份有限公司向 不特定对象发行可转换公司债券募集说明书》中的含义相同。 3-1-1 | 第一节 本次证券发行基本情况 3 | | --- | | 一、本次证券发行保荐机构名称 3 | | 二、保荐机构指定保荐代表人及保荐业务执业情况 3 | | 三、保荐机 ...

中信证券股份有限公司 之 上市保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年九月 | 声 | 明 2 | | --- | --- | | 第一节 | 本次证券发行基本情况 3 | | | 一、发行人基本情况 3 | | | 二、本次发行情况 23 | | | 三、保荐代表人、项目协办人及项目组其他成员情况 24 | | | 四、保荐人与发行人的关联关系、保荐人及其保荐代表人是否存在可能影响 | | | 公正履行保荐职责情形的说明 24 | | 第二节 | 保荐人承诺事项 27 | | 第三节 | 保荐人对本次证券发行上市的保荐结论 29 | | | 一、本次发行履行了必要的决策程序 29 | | | 二、保荐人对本次证券上市的推荐结论 30 | | 第四节 | 对公司持续督导期间的工作安排 31 | 关于 苏州纳微科技股份有限公司 向不特定对象发行可转换公司债券 3-2-3 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"） 及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简 ...

北京市中伦律师事务所 关于苏州纳微科技股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（三） 二〇二三年九月 | 第一部分 | 关于《审核问询函》回复的更新·····················································5 | | --- | --- | | 一、 | 《审核问询函》问题 6.1 ··········································································5 | | 第二部分 | 发行人本次发行有关法律事项的更新·············································12 | | 一、 | 发行人本次发行的批准和授权 ································································12 | | 二、 | 发行人本次发行的主体资格····································································12 | ...

关于苏州纳微科技股份有限公司向不特定 对象发行可转换公司债券申请文件的 审核问询函的回复报告 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二三年九月 苏州纳微科技股份有限公司 问询函回复报告 上海证券交易所： 贵所于 2022 年 11 月 30 日出具的上证科审（再融资）〔2022〕279 号《关 于苏州纳微科技股份有限公司向不特定对象发行可转换公司债券申请文件的审 核问询函》（简称"问询函"）已收悉，中信证券股份有限公司作为保荐机构（主 承销商），与苏州纳微科技股份有限公司（以下简称"发行人"）、北京市中伦 律师事务所（以下简称"发行人律师"）及容诚会计师事务所（特殊普通合伙） （以下简称"申报会计师"）对问询函所列问题认真进行了逐项落实，现回复如 下，请予审核。 保荐机构对本回复材料中的发行人回复（包括补充披露和说明的事项）进行 了逐项核查，确认并保证其真实、完整、准确。 如无特别说明，本回复报告中的简称或名词的释义与募集说明书（申报稿） 中的相同。 | 黑体 | 问询函所列问题 | | --- | --- | | 宋体 | 对问询函所列问题的回复 | | 楷体 ...

容详见公司同日披露在上海证券交易所网站（www.sse.com.cn）披露的《苏州纳 微科技股份有限公司向不特定对象发行可转换公司债券募集说明书（申报稿） （修订稿）》等相关文件。 证券代码：688690 证券简称：纳微科技 公告编号：2023-055 苏州纳微科技股份有限公司关于向不特定对象 发行可转换公司债券的审核问询函回复及募集说明书 等申请文件更新的提示性公告 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。 苏州纳微科技股份有限公司（以下简称"公司"）于2022年11月30日收到上 海证券交易所（以下简称"上交所"）出具的《关于苏州纳微科技股份有限公司 向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再融 资）〔2022〕279号，以下简称"《问询函》"）。公司收到《问询函》后，按 照要求会同相关中介机构就《问询函》提出的问题进行了认真研究和逐项落实， 核问询函回复的具体内容详见公司2023年1月16日在上海证券交易所网站 （www.sse.com.cn）披露的《关于苏州纳微科技股份有限公司向不特定 ...

关于苏州纳微科技股份有限公司 向不特定对象发行可转换公司债券申请文件的 审核问询函之回复专项核查意见 容诚专字[2023]200Z0714 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于苏州纳微科技股份有限公司 向不特定对象发行可转换公司债券申请文件的 审核问询函之回复专项核查意见 容诚专字[2023]200Z0714 号 上海证券交易所： 贵所于 2022 年 11 月 30 日出具的上证科审（再融资）〔2022〕279 号《关 于苏州纳微科技股份有限公司向不特定对象发行可转换公司债券申请文件的审 核问询函》（简称"问询函"）已收悉。根据贵所出具的审核问询函的要求，容 诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"、"本所"或"我 们"） 对问询函中涉及本所的有关问题进行了专项核查。 现就审核问询函提出的有关问题向贵所回复如下： 7-2-1 2、关于融资规模和效益测算 2.1 根据申报材料，1）公司本次拟募集资金总额 67,000.00 万元，其中 47,530.04 万元用于浙江生产项目，19,469.96 万元用于补充流动资金；2）浙江生 产项目运营期内预计所得税后内部收益率为23.38 ...

证券代码：688690 证券简称：纳微科技 苏州纳微科技股份有限公司 2023年第一次临时股东大会 会 议 资 料 二〇二三年九月 会议资料目录 | 2023 | 年第一次临时股东大会会议须知 ……………………………………………………………3 | | --- | --- | | 2023 | 年第一次临时股东大会会议议程 ……………………………………………………………5 | | | 一、 会议时间、地点及投票方式 …………………………………………………………………5 | | | 二、 会议议程 ………………………………………………………………………………………5 | | 2023 | 年第一次临时股东大会会议议案 ……………………………………………………………7 | | 议 案一： | 关于延 长公 司向 不特定 对象发 行可 转换 公司债 券股东 大会 决议 有效期 的议 | | | 案 ………………………………………………………………………………………………………7 | | | 议案二：关于提请股东大会延长授权董事会办理本次向不特定对象发行可转换公司债券相关事 | | | 宜有效期的议案 …………………… ...

证券代码：688690 证券简称：纳微科技 公告编号：2023-054 苏州纳微科技股份有限公司 关于涉及诉讼进展的公告 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。 重要内容提示： 2023 年 8 月 31 日，公司收到苏州市中级人民法院送达的《起诉状》与《变 更诉讼请求申请书二》。现将有关情况公告如下： 一、本次诉讼的基本情况 2022 年 12 月 5 日，公司收到苏州市中级人民法院送达的关于韩寒先生起诉 公司、苏州纳百及公司董事长 BIWANG JACK JIANG（江必旺）先生等三方的《民 案件所处的诉讼阶段：本案原告变更诉讼请求。 公司所处的当事人地位：第三人。 事起诉书》等相关材料。韩寒先生起诉要求（1）确认以 51,556,500 元的对价享 有苏州纳百持有苏州纳研的财产份额 5,698,350 元；（2）要求公司向韩寒先生支 付针对 2,656,580 股激励股份的收购价款 122,909,330.28 元，并承担资金占用损 失。 具体内容详见公司于 2022 年 12 月 7 日在上海证券交易所网站 ...

证券代码：688690 证券简称：纳微科技 公告编号：2023-053 苏州纳微科技股份有限公司 关于参加2023半年度制药及生物制品行业 集体业绩说明会的公告 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。 重要内容提示： （http://roadshow.sseinfo.com/） 会议线上交流时间：2023 年 9 月 7 日(星期四) 下午 13:00-15:00 会议召开方式：线上文字互动 视频和线上文字互动平台：上海证券交易所上证路演中心 投资者可于 2023 年 9 月 6 日(星期三)16:00 前通过电话或投资者关系邮箱 （ir@nanomicrotech.com）将需要了解和关注的问题提前提供给公司。公司将在文 字互动环节对投资者普遍关注的问题进行回答。 二、 说明会召开的时间、方式 苏州纳微科技股份有限公司（以下简称"公司"）已于 2023 年 8 月 25 日发布 公司 2023 半年度报告，为便于广大投资者更全面深入地了解公司 2023 半年度经营 成果、财务状况、发展理念，公司参与了由上交所主办 ...

Tax and Financial Assets - The company recognizes deferred tax assets for deductible temporary differences, carryforward losses, and tax credits, provided it is probable that future taxable income will be available to utilize these benefits[1] - Deferred tax liabilities are recognized for all taxable temporary differences, except for those arising from initial recognition of goodwill or transactions that do not affect accounting or taxable profit[1] - The company applies a 15% reduced corporate income tax rate for its parent company and certain subsidiaries due to their status as high-tech enterprises[9] - Subsidiaries classified as small and micro enterprises are eligible for a reduced corporate income tax rate of 20% on taxable income between RMB 1 million and RMB 3 million from 2022 to 2024[9] - The company's bank acceptance notes decreased from RMB 17,129,338.35 at the beginning of the period to RMB 14,010,198.60 at the end of the period[13] - The company's large-denomination certificates of deposit due within one year amounted to RMB 35,000,000.00, with a face interest rate of 3.9875% and an actual interest rate of 3.9875%, maturing on January 5, 2024[59] - Total fixed-term deposits decreased from 403 million RMB to 258 million RMB, with varying interest rates ranging from 3.35% to 3.9875%[62] - Trading financial assets decreased by 75.43% to 3,528.11 million, accounting for 1.72% of total assets, mainly due to the maturity of structured deposits held at the end of the previous year[118] - Receivables financing increased by 65.58% to 1,243.82 million, accounting for 0.61% of total assets, driven by an increase in bank acceptance bills issued by high-credit-rated listed joint-stock banks[118] - Non-current assets due within one year surged by 1,243.60% to 15,662.45 million, accounting for 7.65% of total assets, primarily due to large certificates of deposit maturing within one year[118] Accounts Receivable and Inventory - The company's accounts receivable with an aging of 1 year or less amounted to RMB 251,997,402.55[15] - The company fully provided for bad debts of RMB 101,150.00 for two accounts receivable, as they are expected to be unrecoverable[18] - Accounts receivable totaled 260,700,055.45 RMB, with a bad debt provision of 14,029,616.11 RMB, representing a provision ratio of 5.38%[19] - Inventory value at the end of the period was 266,407,603.17 RMB, with a total inventory impairment provision of 19,347,107.14 RMB[32] - The company's other receivables at the end of the period amounted to RMB 4,968,911.54, an increase from the beginning of the period's RMB 4,596,481.29[46] - The company's contract assets at the end of the period amounted to RMB 2,388,928.25, with a provision for impairment of RMB 124,770.61[56] R&D and Technological Innovation - The company achieved a technological breakthrough with the UniSil HP series, offering large pore volumes exceeding 1.0mL/g, suitable for bio-macromolecule applications[34] - The UniGel-65Q HC product, a strong anion exchange chromatography medium, was launched, featuring high capacity, alkali resistance, and low back pressure[34] - The company developed a single-dispersion conductive gold ball technology, enabling the production of core-shell structured conductive gold balls with strong metal-polymer bonding[34] - The company has independently developed a high-capacity, alkali-resistant, and pressure-resistant Protein A affinity chromatography medium, which is mainly used for the separation of antibody and Fc-containing protein macromolecules. This product has broken through core preparation technologies such as soft and hard gel matrix, surface hydrophilic modification, and ligands, achieving stable scale-up production. The hard gel matrix Protein A affinity chromatography medium has higher mechanical strength, breaking the traditional 15cm column height limit, making it more suitable for industrial continuous production[37] - The company has developed a high-performance liquid chromatography column manufacturing and application technology, with its subsidiary, Napu Analysis, independently developing and improving the BioCore product series for the chromatographic characterization of antibodies and protein macromolecules. The company has launched several new products, including the ChromCore UHPLC (1.8 µm) series, BioCore RP-1000 column, and ChromCore HP C18(10 µm) column[39] - The company's subsidiary, Sepu Instruments, has independently developed protein chromatography system-related technologies, including high-pressure infusion pumps, UV detectors, and control and operation software. The company has launched the Truesynt™ nucleic acid synthesis system, a laboratory-level, fully automated phosphoramidite-based oligonucleotide synthesizer system[40] - The company has applied for 6 new invention patents and obtained 12 invention patents in the reporting period, with a cumulative total of 156 invention patent applications and 62 granted invention patents[39] - The company's R&D investment in the reporting period was RMB 83.3558 million, a 112.95% increase compared to the same period last year. The R&D investment accounted for 28.24% of the company's operating revenue, an increase of 14.92 percentage points compared to the same period last year[42] - The company's R&D model emphasizes independent development, with a focus on specific areas and collaboration with experts for technological breakthroughs[76] - The company has established a comprehensive R&D and industrialization system for microsphere precision preparation, capable of producing microspheres ranging from a few nanometers to over a thousand micrometers in size[94] - The company's single-disperse chromatography fillers and separation media have achieved rapid sales growth, breaking the monopoly of foreign companies and starting to export abroad[94] - The company's chemical luminescence magnetic beads have passed performance certifications from several leading IVD companies in China and have achieved small-scale commercial supply[97] - The company's products for liquid crystal panel spacers have become a significant breakthrough in domestic production, previously monopolized by a few Japanese companies[97] - The company has introduced several experienced management and technical talents from the life sciences industry to enhance its competitiveness in sales, marketing, and application technology[97] - The company has successfully broken through the technical challenges of precise microsphere preparation, achieving precise control over particle size, pore size, and surface properties, and has applied these products in fields such as biopharmaceuticals, analytical testing, in vitro diagnostics, and flat panel displays[102] - The company has established a comprehensive R&D, application, and industrialization system for microsphere preparation technology, and is one of the few companies globally capable of large-scale production of both inorganic and organic high-performance nanosphere materials[102] - The company's products include chromatography fillers, separation media, and purification instruments for biopharmaceutical separation and purification, as well as microspheres for LCD panel spacing and in vitro diagnostics[102] - The company's chromatography fillers and separation media are widely used in the large-scale separation and purification of organic small molecules, peptides, antibiotics, and proteins, as well as in laboratory analytical testing[104] - The company's liquid chromatography columns and sample preparation products are based on its proprietary monodisperse microsphere materials and surface modification platform technology, offering high separation selectivity and column efficiency[107] - The company provides protein purification systems and oligonucleotide synthesis systems, which are used for the analysis and purification of proteins, peptides, and nucleic acids[107] - The company's microsphere materials for flat panel displays include spacer microspheres, conductive gold balls, and black balls, which are used in LCD panel thickness control and other optoelectronic applications[107] - The company's magnetic beads and other microspheres for in vitro diagnostics are used in nucleic acid extraction, chemiluminescence, protein purification, and cell sorting[107] - The company's R&D expenses for the reporting period totaled 83.3558 million yuan, a year-on-year increase of 112.95%, primarily due to the continuous recruitment of high-end R&D talent, expansion of the R&D team, and implementation of equity incentives[149] - New generation hybrid silica gel chromatography filler with higher separation and purification performance than inorganic silica gel, significantly reducing the purification cost of related drugs[165] - New soft gel Protein A affinity chromatography medium with improved alkali resistance, lower back pressure, and stable bed height compared to the current main product NMab Pro[165] - New cation exchange chromatography medium with higher dynamic binding capacity, better resolution, and stronger salt tolerance compared to the current main product UniGel-80SP[165] - Nucleic acid synthesis carrier with performance reaching or exceeding international well-known brands[165] - Hydroxyapatite chromatography medium with better sphericity, lower back pressure, and narrower pore size distribution compared to competitors[165] - Anti-A/Anti-B affinity chromatography medium with performance reaching or exceeding international well-known brands[165] - The company has invested 977.47 million yuan in the development of a new generation of high-performance cation exchange chromatography media, with a cumulative investment of 4,535.55 million yuan, expected to launch by the end of the year[182] - A new high-capacity, alkali-resistant Protein A affinity chromatography medium has been developed, with a total investment of 1,655.14 million yuan, and is planned to be launched to the market[182] - The company has launched UniSil HP large-pore series chromatography fillers for BioSEC applications, with a total investment of 3,848.89 million yuan in silica gel chromatography filler upgrades and new product development[182] - The company has developed a new type of magnetic separation medium, with a total investment of 2,236.62 million yuan, and the products have entered the trial sales stage[183] - The company has completed the trial production of NW Rose® high-strength polysaccharide gel microspheres, with a total investment of 2,596.26 million yuan, and the product performance is comparable to foreign products[183] - The company has developed a new high-performance anti-A and anti-B affinity filler for blood product purification, with a total investment of 3,683.21 million yuan, and is preparing for product launch[183] - The company has entered the small-scale trial stage for carboxyl magnetic beads used in chemiluminescence, with a total investment of 1,049.05 million yuan in IVD microsphere new product development[183] - The company has developed a 1.8-micron UHPLC BioCore SEC chromatography column, which has been used by several domestic biopharmaceutical companies with positive feedback[183] - The company's R&D team consists of 15 PhDs (7.08%), 50 master's degree holders (23.58%), and 118 bachelor's degree holders (55.66%)[185] - The company has achieved precise control over the size and distribution of microspheres, with a coefficient of variation below 3%, significantly lower than the industry standard of over 10%[186] - The company has built a combined R&D and production base of approximately 30,000 square meters in Suzhou Industrial Park and Changshu New Materials Industrial Park, ensuring large-scale production capacity[188] - The company's supply cycle for chromatographic fillers is around 2 weeks, offering a significant advantage over foreign suppliers[189] - The company has developed a new series of single-dispersion large-pore silica chromatographic fillers, UniSil HP, with a pore volume exceeding 1.0 mL/g, suitable for bio-macromolecules[195] - The company's R&D investment accounted for 28.24% of its operating income, highlighting its focus on innovation and new product development[198] Market Trends and Industry Outlook - The domestic bio-pharmaceutical market is experiencing a significant trend towards localization, driven by national drug procurement policies and the need for stable supply chains[98] - The company's high-performance chromatography fillers are expected to see increased demand as the bio-pharmaceutical industry shifts towards more complex drugs like mRNA vaccines and ADCs[98] - The company is well-positioned to benefit from the aging population in China, which is expected to drive long-term growth in the bio-pharmaceutical sector[98] - The global biologics market is expected to grow from $286.4 billion in 2019 to $456.7 billion in 2024, with a CAGR of 9.8%[131] - The global oligonucleotide drug market reached $4.9 billion in 2021 and is projected to grow to $11.4 billion by 2025, with a CAGR of 23.3%[131] - The global CGT market is expected to grow from $2.08 billion in 2020 to $30.54 billion by 2025, with a CAGR of 71.2%[131] - China's biologics market is projected to reach ¥811.6 billion by 2025, with a CAGR of 18.6% from 2020 to 2025[131] - Global chromatography column production reached 4.08 million units in 2021, with a market size of $2.26 billion, expected to grow to 4.5 million units and $3.03 billion by 2025, with a CAGR of 7.61%[134] - China's chromatography column production reached 172,000 units in 2021, accounting for 4.2% of global production, with a market size of ¥1.25 billion, expected to grow to 229,000 units and ¥2.07 billion by 2025, with a CAGR of 13.44%[134] - China's in vitro diagnostics market reached ¥124.3 billion in 2021 and is projected to grow to ¥235.8 billion by 2025, with a CAGR of 17.4%[134] - The domestic chemiluminescence market in China is expected to reach ¥50 billion by 2023[134] Production and Sales - The company's production model focuses on standard products with safety stock indicators, adjusting production plans based on real-time inventory and sales forecasts[74] - The company employs a direct sales model, providing customized solutions and technical support to clients, particularly in the biopharmaceutical sector[75] - The company achieved revenue of 270 million yuan in the biopharmaceutical field, a year-on-year increase of 12.09%, with sales revenue from chromatography fillers and chromatography media products reaching 211 million yuan, a year-on-year increase of 5.45%[162] - The company's filler product revenue accounted for 71.46% of total revenue, an increase of 3.51 percentage points compared to the previous year[162] - The number of customers purchasing chromatography fillers and chromatography media products in the first half of the year was 397, an increase of 9 compared to the same period last year[162] - Revenue from chromatography fillers and chromatography media products applied to formal production or Phase III clinical projects in pharmaceutical companies was approximately 104 million yuan, accounting for 49.15% of filler and media product revenue, an increase of 8.10 percentage points compared to the same period last year[162] - Revenue from affinity and ion exchange chromatography media, mainly used for the separation and purification of macromolecular drugs, reached 141 million yuan, a year-on-year increase of 6.73%[162] - Revenue from polymer and silica gel chromatography fillers, mainly used for the separation and purification of small molecule drugs, was 58 million yuan, a year-on-year decrease of 9.92%[162] - The company added application laboratories in Boston, Beijing, and Guangzhou, and signed strategic cooperation agreements with important clients such as Joinn Laboratories, Kangfang Pharmaceutical, Jinsai Pharmaceutical, and GenScript[162] - The company's chromatography fillers and chromatography media were applied in approximately 630 projects in the first half of 2023, accounting for about 22% of the company's cumulative project applications[163] - The company has a total of 2,865 projects in various stages, including 849 in the antibody category and 435 in the vaccine category[194] Fixed Assets and Construction - Fixed assets increased from 394.9 million RMB to 421.75 million RMB, with significant additions in machinery and equipment (28.07 million RMB)[69] - Construction in progress increased from 37.2 million RMB to 64.28 million RMB, with major projects including the Changshu Nano Micro Production Line and Phase II Factory Construction[72] - The Changshu Nano Micro Production Line project saw an increase in investment from 1.42 million RMB to 1.21 million RMB, with a total budget of 65.63 million RMB[73] - The Phase II Factory Construction project increased from 28.25 million RMB to 51.51 million RMB, with a total budget of 330.08 million RMB[73] - The company's fixed assets increased from 298,652,521.24 yuan to 310,701,635.03 yuan, reflecting a growth of 4.04%[88] - Construction in progress increased by 72.79% to 6,428.45 million, accounting for 3.14% of total assets, mainly due to the construction of R&D centers and the first phase of the Zhejiang Nawei factory[118] - Right-of-use assets increased by 104.60% to 4,022.96 million, accounting for 1.96% of total assets, mainly due to increased leasing assets by subsidiary RILAS[118] - New production base construction in Pinghu, Zhejiang, with 60 acres of industrial land purchased and preliminary work completed[166] - 40 tons/year agarose microsphere chromatography medium and 10 tons/year dextran microsphere chromatography medium technical transformation project in Changshu production base, expected to be ready for acceptance by the end of Q3[166] - R&D center building under renovation, planned to be operational in the first half of 2024, with a total area of 29,400 square meters[166] Corporate Recognition and Risks - The company has been recognized as a national-level "Specialized, Refined, Distinctive, and Innovative" (专精特新) "Little Giant" enterprise in 2020[38] - The company plans to acquire 44.80% of Zhejiang Fuli Analytical Instruments Co., Ltd., a national-level "little giant" enterprise specializing in chromatography and related instruments[195] - The company has completed the vesting of 642,942 restricted shares for 127 employees under its 2022 stock incentive plan, aiming to retain talent and align interests[197] - The company faces risks related to the failure of new product development or inability to industrialize, which could impact revenue growth and profitability[198] - The company is exposed to risks of intellectual property infringement and increased competition from domestic peers, which could affect its core competitiveness[199] Non-Recurring Gains and Losses - Non-recurring gains and losses totaled 1,248.56 million, including government subsidies of 776.53 million and investment management gains of 796.