Core Viewpoint - The research led by Zhang Yiheng's team at the Tianjin Institute of Industrial Biotechnology has achieved a breakthrough in converting cellulose into starch with a conversion rate of 93.3%, significantly improving the previous theoretical limit of 50% and addressing food security issues in China [4][11][12]. Group 1: Food Security Challenges - China faces a food security dilemma with 1.58 billion tons of imported grain in 2024, including 26.4 million tons of starch-based grains and approximately 100 million tons of soybeans, while 600 million tons of straw are wasted annually [9][10]. - The annual production of terrestrial plants generates about 2 billion tons of lignocellulose, which is 26 times the current grain production, indicating a potential to create a new agricultural scale by utilizing just 4% of this resource [10]. Group 2: Technological Breakthroughs - The new "multi-enzyme molecular machine" technology allows for the conversion of cellulose to starch with a theoretical yield of nearly 100%, overcoming the limitations of traditional microbial metabolism [4][11]. - The innovative design includes a "recycling system" for glucose, which was previously wasted, and employs a seven-enzyme system to achieve the conversion [11][12]. Group 3: Industrial Applications - The first application target is in the chiral drug separation market, where the newly synthesized starch can meet high precision separation needs, previously dominated by Japanese companies [14][19]. - The team has established a collaboration with Suzhou Nano Micro Technology to utilize their expertise in surface modification, enhancing the performance of the new starch for drug separation [14][19]. Group 4: Commercialization Strategy - Zhang Yiheng emphasizes the importance of aligning technology with market needs, introducing the concept of "PC value" (Product Cost ratio) to guide the commercialization of biomanufactured products [15][18]. - The strategy includes a three-step approach to maximize the value of lignocellulosic resources, starting with the extraction of hemicellulose for high-value products before processing cellulose into starch [17][18]. Group 5: Future Directions - The team aims to reduce enzyme costs and scale up the production process while exploring applications in plant-based capsules and biodegradable materials [18][19]. - Zhang Yiheng's vision includes transforming agricultural waste into valuable food sources, contributing to China's food security and economic growth [18][22].

Market Overview - The chemical pharmaceutical sector experienced a decline of 1.44% on November 19, with Hainan Haiyao leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Shanhe Pharmaceutical (300452) with a closing price of 15.07, up 9.04% and a trading volume of 390,200 shares, totaling 586 million yuan [1] - ST Suhao (600200) closed at 1.02, up 5.15% with a trading volume of 429,200 shares [1] - ST Jingfeng (000908) closed at 66.8, up 5.02% with a trading volume of 354,800 shares [1] - Major decliners included: - Muan Nanhai (000566) with a closing price of 7.20, down 10.00% and a trading volume of 2,192,500 shares, totaling 1.625 billion yuan [2] - Sitaili (603520) closed at 10.66, down 6.74% with a trading volume of 315,600 shares [2] - Yatai Pharmaceutical (002370) closed at 7.79, down 6.59% with a trading volume of 1,044,700 shares [2] Capital Flow - The chemical pharmaceutical sector saw a net outflow of 2.278 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.139 billion yuan [2] - The top stocks by net inflow from institutional investors included: - Changshan Pharmaceutical (300255) with a net inflow of 71.90 million yuan, accounting for 6.20% of total inflow [3] - Xingqi Eye Medicine (300573) with a net inflow of 70.33 million yuan, representing 12.29% [3] - Shanhe Pharmaceutical (300452) with a net inflow of 68.13 million yuan, making up 11.62% [3]

证券代码：688690 证券简称：纳微科技 公告编号：2025-039 苏州纳微科技股份有限公司 2025年第一次临时股东大会决议公告 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 2、 公司在任监事3人，出席3人； （一） 股东大会召开的时间：2025 年 11 月 17 日 （二） 股东大会召开的地点：江苏省苏州市工业园区百川街 2 号研发中心大楼 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 | 74 | | --- | --- | | 普通股股东人数 | 74 | | 2、出席会议的股东所持有的表决权数量 | 176,061,462 | | 普通股股东所持有表决权数量 | 176,061,462 | | 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 | 43.9332 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量 ...

北京市中伦（上海）律师事务所 关于苏州纳微科技股份有限公司 2025 年第一次临时股东大会 法律意见书 二〇二五年十一月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 法律意见书 北京市中伦（上海）律师事务所 关于苏州纳微科技股份有限公司 2025 年第一次临时股东大会 法律意见书 致苏州纳微科技股份有限公司： 北京市中伦（上海）律师事务所（以下简称"本所"）作为苏州纳微科技股 份有限公司（以下简称"公司"）的法律顾问，受公司委托，指派律师出席公司 2025 年第一次临时股东大会（以下简称"本次股东 ...

Group 1 - The core business of Nanwei Technology involves the research, large-scale production, sales, and application services of high-performance nano microsphere materials, serving clients in biomedicine, flat panel displays, analytical testing, and in vitro diagnostics [2] - As of September 30, 2025, Nanwei Technology achieved operating revenue of 671 million yuan, representing a year-on-year growth of 22.01%, and a net profit attributable to shareholders of 108 million yuan, with a significant year-on-year increase of 156.56% [2] - The company has distributed a total of 115 million yuan in dividends since its A-share listing, with 86.84 million yuan distributed over the past three years [3] Group 2 - On November 14, Nanwei Technology's stock price fell by 1.02%, with a trading volume of 142 million yuan [1] - The financing buy-in amount for Nanwei Technology on November 14 was 22.54 million yuan, while the financing repayment was 21.62 million yuan, resulting in a net financing buy-in of 918,600 yuan [1] - The total balance of margin trading for Nanwei Technology as of November 14 was 363 million yuan, with the financing balance accounting for 2.98% of the circulating market value, indicating a high level compared to the past year [1]

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、 股东大会有关情况 证券代码：688690 证券简称：纳微科技 公告编号：2025-038 苏州纳微科技股份有限公司 关于2025年第一次临时股东大会 取消部分议案的公告 近日，公司在对候选人关联关系进行补充核查时发现，按照公司相关管理制 1、 股东大会的类型和届次： 2025年第一次临时股东大会 2、 股东大会召开日期：2025 年 11 月 17 日 3、 股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688690 | 纳微科技 | 2025/11/11 | 二、 取消议案的情况说明 1、 取消议案名称 | 序号 | 议案名称 | | --- | --- | | 3 | 关于补选董事的议案 | 2、 取消议案原因 公司于 2025 年 10 月 27 日召开第三届董事会第九次会议，审议通过《关于 补选董事的议案》，同意提名刘军博士为公司第三届董事会董事候选人。 度， ...

苏州纳微科技股份有限公司 2025 年第一次临时股东大会会议资料 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 2025年第一次临时股东大会 会议资料 二〇二五年十一月 1 苏州纳微科技股份有限公司 2025 年第一次临时股东大会会议资料 会议资料目录 | 2025 | 年第一次临时股东大会会议须知 3 | | | --- | --- | --- | | 2025 | 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 | | 2025 | 年第一次临时股东大会会议议案 7 | | | | 议案一：关于取消监事会、修订《公司章程》并办理工商变更登记的议案 | 7 | | | 议案二：关于修订部分公司治理制度的议案 | 8 | | | 议案三：关于调整部分董事 2025 年度薪酬方案的议案 | 9 | 七、主持人可安排公司董事、监事、高级管理人员回答股东（或股东代理人）所提问 题。对于可能将泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持 人或其指定的有关人员有权拒绝回答。 2 苏州纳微科技股份有限公 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly recommending a focus on innovative drugs and sectors with improving performance such as medical devices and CXO [1][10]. Core Insights - The pharmaceutical sector in Q3 2025 showed signs of recovery with a year-on-year revenue growth of 0.6% in Q3, marking the first positive growth in four quarters [1][10]. - Innovative drugs demonstrated a remarkable revenue growth of 36% in Q3 2025, with a turnaround in net profit from a loss of 500 million to a profit of 1.5 billion [10]. - The CXO sector also showed strong performance with a revenue growth of 10.9% and a net profit increase of 47.7% year-on-year, indicating a trend reversal [10]. Summary by Sections Q3 2025 Performance - The A-share pharmaceutical sector, excluding certain companies, achieved total revenue of 1,806.4 billion with a year-on-year decline of 1.9% and a net profit of 139.2 billion, down 5.1% year-on-year [2][11]. - In Q3 2025, total revenue reached 600.4 billion, reflecting a year-on-year increase of 0.6% but a quarter-on-quarter decrease of 0.4% [2][11]. Profitability and Margins - The gross profit for the pharmaceutical sector in Q3 2025 was 189.1 billion, with a gross margin of 31.5%, slightly down from the previous year [5][8]. - The overall net profit margin for Q3 2025 was 6.8%, showing a slight decline compared to the previous year [8]. Cash Flow - The sector reported a net cash inflow from operating activities of 59.1 billion in Q3 2025, representing a year-on-year growth of 17.9% [7][13]. Subsector Performance - The innovative drug sector's revenue growth of 36% and the CXO sector's revenue growth of 10.9% highlight the strong recovery and growth potential within these subsectors [10][11]. - The report emphasizes the importance of focusing on companies such as 恒瑞医药, 长春高新, and 药明康德, which are expected to perform well in the current market environment [1][10].

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) shows a positive trend with a year-to-date return of 52.00% since its establishment on August 31, 2023, indicating strong market interest and potential investment opportunities [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced opened at 1.514 yuan, reflecting a 0.46% increase [1] - The fund's performance benchmark is the Zhongzheng 1000 Index return [1] - The fund manager is Industrial Bank of China Credit Fund Management Co., Ltd., with Liu Zihao as the fund manager [1] Group 2: Stock Performance - Key stocks in the fund include: - Boqian New Materials: down 0.17% - Haoyuan Pharmaceutical: up 0.36% - Yingjixin: down 0.31% - Caixun Co.: down 0.28% - Jinma Amusement: up 0.13% - Panjiang Co.: down 0.38% - Jindawei: up 0.20% - Yiyuan Communication: up 0.02% - Minxin Co.: down 5.44% - Nami Technology: down 0.06% [1] Group 3: Recent Returns - The fund has achieved a return of 1.93% over the past month [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the life sciences upstream sector [6]. Core Insights - The life sciences upstream sector is experiencing simultaneous domestic substitution and accelerated international expansion, with significant room for improvement in the localization rates of research reagents, consumables, and high-end scientific instruments [1][22]. - The demand side is improving due to favorable trends in innovative drug development and supportive national policies, with domestic innovative drug companies' overseas business development (BD) transactions expected to exceed $100 billion in 2025, nearly doubling from 2024 [2][25]. - The supply side is also gradually improving, with domestic life sciences companies achieving technological breakthroughs and expanding their business pipelines through both organic growth and acquisitions [2][29]. - Key companies are showing signs of performance improvement, with notable growth in revenue and net profit for firms like Baipusais and Aopumai [2][34]. Summary by Sections 1. Life Sciences Upstream Overview - The life sciences upstream includes research reagents, experimental consumables, instruments, and comprehensive services, playing a crucial role in various applications such as antibody drugs and gene therapy [9][10]. 1.1 Domestic Substitution and International Expansion - The localization rates for research reagents are around 10%, with high-end scientific instruments having an import rate of approximately 70.6% [22][23]. 1.2 Demand Side Improvement - The innovative drug sector is witnessing a recovery, with significant increases in overseas BD transactions, indicating a robust demand for life sciences products [25][27]. 1.3 Supply Side Enhancements - Domestic companies are making technological advancements, with key players like Aopumai and Baipusais expanding their product lines and market presence through acquisitions and internal development [29][30]. 1.4 Company Performance Trends - Companies such as Baipusais and Aopumai have reported substantial improvements in their financial performance, with Baipusais showing a 31% year-on-year revenue growth and Aopumai achieving a remarkable 402% increase in net profit [34]. 2. Recommended Stocks - Suggested stocks to watch include Baipusais, Aopumai, Aladdin, and others in the research reagent and scientific instrument sectors [2].