Company Overview - Sai Fen Technology closed at 18.62 yuan on August 12, down 1.74% from the previous trading day [1] - The opening price was 18.95 yuan, with a high of 18.95 yuan and a low of 18.50 yuan, and the trading volume reached 26,462 hands, amounting to 0.49 billion yuan [1] Business Focus - The company specializes in the research, production, and sales of chemical raw materials and intermediates, primarily serving the pharmaceutical, pesticide, and dye industries [1] - As a pharmaceutical enterprise in Jiangsu, the company is part of the chemical raw materials sector and holds the qualification of a specialized and innovative enterprise [1] Industry Insights - According to the Jiangsu Provincial Drug Administration, 14 innovative drugs were approved for market in Jiangsu from January to July this year, surpassing the total for the entire year of 2024 [1] - These innovative drugs cover multiple therapeutic areas, including oncology, spondylitis, and influenza, featuring several landmark "first" products [1] - Jiangsu's biopharmaceutical industry accounts for approximately 15% of the national market, ranking first in the country [1] Market Activity - On August 12, the net outflow of main funds for Sai Fen Technology was 1.8355 million yuan, representing 0.23% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 3.6028 million yuan, accounting for 0.46% of the circulating market value [1]

Core Viewpoint - The article discusses the advantages of domestic substitution in the biopharmaceutical supply chain, emphasizing stability, safety, and cost-effectiveness as key drivers for companies to adopt domestic products over imports [3][4]. Group 1: Domestic Substitution Advantages - The stability and safety of the supply chain are crucial for biopharmaceutical companies, especially during disruptions that could lead to production halts. Domestic sourcing mitigates risks associated with reliance on imported critical materials [3]. - Cost advantages are significant, with domestic chromatography media offering substantial price reductions compared to imported counterparts. This cost-effectiveness is enhanced when considering the overall supply chain, as companies often switch multiple related consumables to domestic options [3]. - Domestic suppliers provide localized technical support, collaborating closely with clients to optimize processes and improve product quality, which fosters a competitive environment focused on comprehensive technical solutions [3]. Group 2: Industry Trends - The trend towards domestic substitution in chromatography media is largely irreversible, with most companies moving from imported to domestic products, and only a few instances of switching between domestic brands [4]. - Large pharmaceutical companies adopt a mixed procurement strategy for chromatography media, balancing between single and multiple suppliers based on their process needs and risk management considerations [5]. - The primary business of the company, Saifen Technology (688758), focuses on the research, development, and production of liquid chromatography materials for drug analysis and purification, positioning itself as a high-tech enterprise with global sales capabilities [5].

Core Viewpoint - The company, Saifen Technology (688758), is focusing on the domestic substitution of chromatography media in the biopharmaceutical supply chain, emphasizing stability, safety, and cost advantages over imported products [2][3]. Group 1: Industry Insights - The domestic substitution strategy is driven by the need for supply chain stability and safety, especially highlighted during periods of disruption when reliance on imported materials posed risks to production continuity [2]. - Cost advantages of domestic products, such as affinity chromatography and ion exchange chromatography media, significantly reduce expenses compared to imported alternatives, enhancing overall cost-effectiveness for clients [2]. - Local suppliers are improving their technical support and collaboration with clients, leading to better process development and optimization, which enhances product purity and yield [2]. Group 2: Company Performance - Saifen Technology reported a main revenue of 83.59 million yuan for Q1 2025, an increase of 8.87% year-on-year; however, net profit attributable to shareholders decreased by 1.02% to 23.71 million yuan [4]. - The company's debt ratio stands at 5.2%, with a gross profit margin of 74.14% [4]. - Recent institutional ratings indicate a positive outlook, with two firms issuing "buy" ratings and a target price of 17.85 yuan [5][6]. Group 3: Market Trends - The trend in the industry shows a low likelihood of reverting to imported chromatography media once domestic alternatives are adopted, indicating a long-term shift towards local products [3]. - Large pharmaceutical companies are diversifying their supplier strategies, balancing between single and multiple suppliers based on their process needs and risk management [4]. Group 4: Financial Forecasts - Financial forecasts predict net profits of 102 million yuan for 2025, increasing to 126 million yuan in 2026, and 148 million yuan in 2027 [6]. - Recent financing data shows a net inflow of 31.98 million yuan over the past three months, indicating increased investor interest [6].

Core Points - In the first seven months of 2025, a total of 59 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 59.116 billion yuan [1] - Among these, the Sci-Tech Innovation Board saw 8 companies listed, collectively raising 8.117 billion yuan [1] - Seven companies opted for the first set of listing standards, which require a minimum expected market value of 1 billion yuan and specific profit and revenue criteria [1] Company Listings - Yitang Co., Ltd. (688729.SH) was listed on July 8, 2025, raising 2.49748 billion yuan with underwriting fees of 92.2118 million yuan, following the fourth listing standard [2] - Yingstone Innovation (688775.SH) was listed on June 11, 2025, raising 1.93807 billion yuan with underwriting fees of 158.3475 million yuan, adhering to the first listing standard [2] - Hanbang Technology (688755.SH) was listed on May 16, 2025, raising 500.94 million yuan with underwriting fees of 37.2891 million yuan, also following the first listing standard [2] - Other companies listed under the first standard include Shengke Nano (688757.SH), Haibosichuang (688411.SH), Xingfu Electronics (688545.SH), Sikan Technology (688583.SH), and Saifen Technology (688758.SH), with varying amounts raised and underwriting fees [2]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Over 21% of company secretaries earn more than 1 million yuan annually, indicating a significant portion of high earners in this role [1] Salary Distribution - The average annual salary for secretaries in the A-share pharmaceutical sector is 608,400 yuan [5] - Salary distribution shows that 49% earn below 500,000 yuan, 40% earn between 500,000 and 1 million yuan, and 11% earn above 1 million yuan [5] Age and Education Demographics - The majority of company secretaries (60%) are aged between 30 and 50 years, while 38% are over 50 years, and only 2% are 30 years or younger [1] - More than half (52%) of the secretaries hold a bachelor's degree, with 39% holding a master's degree and 9% holding an associate degree [3] Investor Engagement - There is a wide variance in the number of investor meetings held by companies, with 43% of companies hosting fewer than 10 meetings annually [9] - Five companies reported zero investor meetings, while the top five companies for investor engagement had between 291 and 520 meetings, with their secretaries' salaries ranging from 26,700 to 71,190 yuan [9]

Group 1 - The core viewpoint of the article highlights that Guangfa Fund has recently conducted research on a listed company, specifically Saifen Technology, which is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 10, 2025 [1] - Guangfa Fund, established in 2003, currently manages a total asset scale of 1,453.11 billion yuan, ranking 3rd out of 210 in the industry [1] - The fund's non-monetary public fund asset management scale is 927.06 billion yuan, also ranking 3rd out of 210 [1] - Guangfa Fund manages 812 public funds, ranking 2nd out of 210 [1] - The fund has 92 public fund managers, ranking 9th out of 210 [1] - The best-performing public fund product in the past year is the Guangfa CSI Hong Kong Innovative Drug ETF (QDII), with a latest unit net value of 1.46 and a growth of 144.88% over the past year [1]

7月30日数据显示，赛分科技主力资金净流出890.98万元，占流通市值的1.1%。 风险提示：市场有风险，投资需谨慎。 7月29日，赛分科技接待广发基金调研，公司董事会秘书及市场部经理参与交流，主要围绕行业动态及 产品市场情况展开讨论。公司表示，二季度工业纯化业务增速稳健，主要受益于国产化项目的持续推 进。 赛分科技7月30日股价报19.02元，较前一交易日下跌0.43元，跌幅2.21%。当日开盘价为19.55元，最高 触及19.55元，最低下探18.60元，成交额0.94亿元，换手率11.62%。 赛分科技主营业务为化学原料相关领域，公司专注于工业纯化业务，近年来持续推进国产替代进程。 ...

Core Viewpoint - Company maintains strong resilience in its industrial purification business, driven by "domestic substitution + natural project advancement" amid fluctuations in the pharmaceutical industry's investment and financing [2][4]. Group 1: Business Development and Industry Dynamics - Company engages in discussions with investors regarding industry conditions and product market dynamics, confirming alignment with company announcements [2]. - The growth of the company's industrial purification business is significantly correlated with the investment and financing situation in the pharmaceutical industry [2]. Group 2: Competitive Advantages and Barriers to Entry - Industry barriers are primarily based on long-term technological accumulation, large-scale production, quality control, and customer stickiness [3]. - Company's competitive advantages include: 1. Extensive technical accumulation in chromatography materials, with over 20 years of experience and proprietary technologies [3]. 2. Capability for large-scale production and a high-level quality management system, supported by audits from over 100 pharmaceutical clients [3]. 3. Strong customer relationships with over 5,000 global clients, including long-term partnerships with major companies like Gilent, Merck, and Thermo Fisher [3]. Group 3: Future Planning and Capacity Utilization - Company plans to leverage the strategic window for domestic substitution over the next five years while expanding its global footprint to meet unmet market demands [4]. - Current capacity utilization is high, with plans to optimize production processes to meet order demands. The completion of the second phase of the Yangzhou project will enable an annual production capacity of over 200,000 liters of biopharmaceutical chromatography media [5]. Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 83.59 million yuan, an increase of 8.87% year-on-year, while net profit attributable to shareholders was 23.71 million yuan, a decrease of 1.02% year-on-year [5]. - The company has a debt ratio of 5.2% and a gross profit margin of 74.14% [5]. Group 5: Market Sentiment and Analyst Ratings - In the last 90 days, two institutions have given a rating of "buy" for the stock, with a target average price of 17.85 yuan [6]. - Recent financing data indicates a net inflow of 27.51 million yuan in the last three months, suggesting positive market sentiment [8].

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 2.07%, closing at 1054.20 points, with a total trading volume of 4.485 billion shares and a turnover of 151.892 billion yuan, resulting in an average turnover rate of 2.47% [1] - Among the tradable stocks on the STAR Market, 401 stocks closed higher, with 11 stocks increasing by over 10% and 40 stocks rising between 5% and 10%. Conversely, 185 stocks closed lower, with 1 stock declining by over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 22 stocks had a turnover rate between 10% and 20%, 91 stocks between 5% and 10%, 119 stocks between 3% and 5%, 289 stocks between 1% and 3%, and 68 stocks had a turnover rate of less than 1% [1] - The stock with the highest turnover rate was Xinyuren, which closed down by 5.16% with a turnover rate of 19.52% and a transaction amount of 317 million yuan. Other notable stocks included Saifen Technology and Qingyun Technology, with turnover rates of 16.87% and 15.62%, respectively [1] Sector Performance - In terms of industry, the pharmaceutical and biotechnology sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 32 stocks, followed by the electronics and computer sectors with 27 and 20 stocks, respectively [2] - Among high turnover stocks, 62 experienced net inflows of main funds, with the highest net inflows recorded for Yuncong Technology, Youkede, and Gaomei Shares, amounting to 118 million yuan, 88.645 million yuan, and 73.8116 million yuan, respectively [2] Leverage Fund Movements - A total of 78 high turnover stocks received net purchases from leveraged funds, with notable increases in financing balances for Tiejian Heavy Industry, Shangwei New Materials, and Shijia Photon, which saw increases of 356 million yuan, 277 million yuan, and 218 million yuan, respectively [2] - Conversely, stocks such as Jinchengzi, Fuliwang, and Zhongke Lanyun experienced significant decreases in financing balances, with reductions of 30.322 million yuan, 27.8513 million yuan, and 25.3532 million yuan, respectively [2] Earnings Reports - Among high turnover stocks, one company reported a net profit increase of 2147.93%, while another company announced a half-year performance report with a net profit increase of 50.89% [2]

Summary of the Conference Call for Sifen Technology Company Overview - Sifen Technology reported an industrial chromatography filler revenue of 187 million yuan in 2024, with 85% of this revenue coming from registered clinical stages and commercialization projects, primarily from antibody drugs, insulin, peptides, GLP-1 drugs, and recombinant proteins [2][8] - The company’s chromatography column business generated 124 million yuan in revenue in 2024, with approximately 70 million yuan coming from the U.S. market [2][8] - The domestic chromatography filler market is estimated to be around 6-7 billion yuan, with domestic products holding less than 20% market share, indicating significant potential for domestic substitution [2][11] Market Dynamics - The global chromatography column production is approximately 4.5 million units, with an expected production of 229,000 units in China by 2025. Sifen's sales volume is currently low, but there is substantial growth potential [2][13] - The company’s industrial purification segment has shown significant revenue growth, exceeding 100% in both 2020 and 2021. In 2024, the revenue from the third phase and commercialization reached 168 million yuan, accounting for 85% of total chromatography filler revenue [2][12] Future Projections - Revenue growth rates for chromatography media are projected at 30%, 28%, and 26% for 2025 to 2027, while the overall growth rates for chromatography columns are expected to be 10%, 9%, and 8.4% respectively [3][16] - The company plans to expand its production capacity significantly, with the second phase of the Yangzhou facility expected to add 200,000 liters of capacity, increasing total capacity to ten times that of the first phase [2][15] Competitive Landscape - The domestic chromatography filler market has a low domesticization rate, with significant room for growth. The overseas market is estimated to be five times larger than the domestic market, around 30 billion yuan [2][11] - The company collaborates with major clients in the antibody and insulin sectors, including Innovent Biologics, Fuhong Hanlin, and Gland Pharma, indicating a strong position in the market [2][14] Investment Recommendation - The company is positioned well for future growth due to the potential for domestic substitution and stable or slightly increasing gross margins. An optimistic outlook is maintained for Sifen Technology, with a recommendation for investment [2][16]