Summary of the Conference Call for Sifang Technology Company Overview - **Company**: Sifang Technology - **Industry**: Industrial Purification and Chromatography Key Financial Metrics - **Revenue**: - Q3 2025 revenue reached 3.02 billion CNY, a year-on-year increase of 38.39% [3] - Industrial purification segment revenue was 1.208 billion CNY, up 68.08% year-on-year, accounting for 69% of total revenue [2][3] - Net profit attributable to shareholders was 93.21 million CNY, a 71.07% increase year-on-year [2][3] - **Gross Margin**: - Overall gross margin for Q3 2025 was 72.73% [3] Segment Performance - **Industrial Purification Segment**: - Antibody drugs accounted for 60.62% of revenue, with a total of 1.26 billion CNY [5] - GLP-1 insulin peptide segment revenue grew by 161.44%, contributing 35.41% of the segment [5] - Revenue from recombinant proteins decreased significantly [5] - **Commercialization Stage**: - Revenue from commercialized products was approximately 122.3 million CNY, contributing nearly 60% of purification business revenue [9] - Late-stage clinical and commercialization revenue accounted for about 77% of total industrial purification revenue [9] Project Pipeline and Development - **Project Count**: - As of September 30, 2025, the company had 1,126 projects, with 893 in R&D, 170 in clinical stages, and 60 in commercialization [2][6] - In Q3 2025, 75 new projects were added, with 57 in R&D, 14 in clinical, and 4 in commercialization [6] - **Future Expectations**: - Anticipation of significant orders from clinical phase III projects entering commercialization in 2026, including recombinant proteins and antibodies [4][11] Market Dynamics - **Pricing Trends**: - Domestic chromatography media prices are 40%-50% of imported prices, with expectations of further price reductions in 2026 [7] - The company maintains a gross margin of around 70% for chromatography media [7] - **Customer Demand**: - Increasing number of phase I and II clinical projects, with 137 projects cumulatively [10] - The company has established strong relationships with major clients in the blood products sector, including significant projects in clinical phases [21] International Expansion - **Overseas Market Growth**: - Revenue from overseas markets grew over 300% year-on-year [14] - Plans to establish a factory in Delaware, USA, to support expansion into the North American market [12][13][15] - **Market Strategy**: - Differentiated strategies for the US and "Belt and Road" countries, focusing on technology in the US and competitive pricing in other regions [14] Future Capacity and Revenue Potential - **Capacity Expansion**: - Plans for a 200,000-liter production capacity in Yangzhou and a 50,000-liter facility in the US, with potential annual revenue of approximately 30 billion CNY if fully utilized [23] - **Market Size**: - The global market for related products is estimated to be in the hundreds of billions of CNY, indicating significant growth potential [17] Conclusion - **Overall Outlook**: - The company is positioned for substantial growth with a robust project pipeline, strong market demand, and strategic international expansion plans. The focus on maintaining stable pricing and high-quality products will support long-term profitability and market leadership.

Group 1 - The company will hold a performance briefing on November 17, 2025, from 15:00 to 16:00 [2][3] - The briefing will be conducted online via the "Value Online" platform [4][5] - Key personnel attending the meeting include the Chairman, General Manager, Secretary of the Board, Chief Financial Officer, and an Independent Director [4] Group 2 - Investors can submit questions before the meeting through a specified URL or by scanning a QR code [5] - After the briefing, investors can access the meeting's details and main content through the "Value Online" platform or the Yidong app [6]

证券代码：688758 证券简称：赛分科技 公告编号：2025-039 苏州赛分科技股份有限公司 关于召开2025年第三季度业绩说明会的公 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： 一、说明会类型 苏州赛分科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日 在上海证券交易所网站（www.sse.com.cn）披露了《苏州赛分科技股份有限公司 2025 年第三季度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、 会议召开时间：2025 年 11 月 17 日（星期一）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2025 年 11 月 17 日 15:00 前访问网址 https://eseb.cn/1t07bRb4WVq 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回答。 二、说明会召开的时间、地点和方式 ...

Core Viewpoint - The company has reported a total asset impairment provision of 11.54 million yuan for the first three quarters of 2025, which will reduce the total profit for the same period by the same amount [8][11]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][4]. - The company has confirmed that the financial information in the quarterly report is true, accurate, and complete [2]. Asset Impairment Provision - The company conducted impairment testing on its assets as of September 30, 2025, and recognized a total asset impairment provision of 11.54 million yuan [8]. - The breakdown of the impairment includes: - Credit impairment losses amounting to 5.67 million yuan [9]. - Asset impairment losses related to inventory amounting to 5.88 million yuan [10]. Impact on Financial Performance - The total asset impairment and credit impairment losses will decrease the company's total profit for the first three quarters of 2025 by 11.54 million yuan, not accounting for income tax effects [11].

Core Viewpoint - SaiFen Technology, a leading domestic liquid chromatography material company, reported strong financial performance for the first three quarters of 2025, with revenue of 302 million yuan, a year-on-year increase of 38.39%, and a net profit attributable to shareholders of 93.21 million yuan, up 71.07% year-on-year, indicating robust growth driven by the demand for chromatography fillers in the biopharmaceutical sector [1][2]. Financial Performance - The company achieved a net profit of 39.55 million yuan in the third quarter alone, reflecting a remarkable year-on-year growth of 141.05% [1]. - The profit growth rate significantly outpaced revenue growth, showcasing the company's transition from technological breakthroughs to large-scale production [1]. Market Demand and Industry Trends - The demand for chromatography fillers is characterized by strong rigidity, essential for drug research, quality testing, and commercial production, particularly as domestic biopharmaceutical companies transition from clinical stages to commercialization [1][2]. - The domestic biopharmaceutical chromatography filler market is expected to grow significantly over the next 3 to 5 years, with procurement volumes projected to increase several times as many drug companies' research projects enter the commercialization phase [2]. Technological Advancements - SaiFen Technology's growth is supported by a robust technological foundation, with R&D investment reaching 40.60 million yuan, a year-on-year increase of 20.37%, and over 80 authorized patents [2]. - The company has developed high-performance products like MabPurixInfiniteA, which meet downstream efficiency and cost requirements, optimizing its offerings towards high-margin areas [2]. Global Expansion Strategy - The company is pursuing international expansion through various models, including direct sales and establishing a production base in the U.S., aiming to create a dual capacity structure that serves both domestic and global markets [3]. - SaiFen Technology has a history of international presence, having established its U.S. brand "Sepax" in 2002, and the recent establishment of SaiFen Biotech in 2022 is expected to enhance supply chain stability for global clients [3]. Competitive Positioning - The company is well-positioned to benefit from the domestic substitution trend, as the chromatography filler market has historically been dominated by international giants, with current domestic market penetration still low [2][3]. - With the backdrop of self-sufficiency in the biopharmaceutical supply chain, SaiFen Technology is expected to experience significant growth and value re-evaluation as it capitalizes on both domestic and international market opportunities [3].

Core Viewpoint - The report highlights the strong financial performance of Sepax Technologies, with significant revenue and profit growth driven by the increasing demand for chromatography materials in the biopharmaceutical sector [1][2]. Financial Performance - In the first three quarters of 2025, Sepax Technologies achieved a revenue of 302 million yuan, representing a year-on-year growth of 38.39% [1][2]. - The net profit attributable to shareholders reached 93.21 million yuan, reflecting a high growth rate of 71.07% compared to the previous year [1][2]. - In Q3 alone, the company reported an explosive growth with revenue and net profit increasing by 81.39% and 141.05% year-on-year, respectively [2]. Business Strategy - The company capitalized on the domestic substitution strategy by actively expanding its customer base and enhancing cooperation with existing clients, leading to further business growth [2][3]. - Sepax Technologies has invested 40.60 million yuan in R&D in the first three quarters of 2025, marking a 20.37% increase year-on-year, which strengthens its technological advantages [2]. Market Position and Global Strategy - The chromatography filler market, previously dominated by international giants, is experiencing a shift towards domestic alternatives, with Sepax Technologies transitioning from imitation to parallel competition and even local leadership [3]. - The company has established a global presence since 2002, with a focus on R&D and innovation in chromatography materials, and has set up a production base in the U.S. to support its dual-circulation strategy [3]. Industry Context - The biopharmaceutical sector in China is entering a commercialization phase, with many R&D projects expected to materialize in the next 3-5 years, creating a robust demand for chromatography materials [3][4]. - Sepax Technologies is positioned as a key player in the high-end biopharmaceutical materials sector, contributing to China's global competitiveness in this field [4].

Group 1 - The company, Saifen Technology, announced on October 27 that it recognized a total asset impairment loss and credit impairment loss of 11.5415 million yuan for the first three quarters of 2025, which reduced the total consolidated profit for the same period by the same amount [1] - The asset impairment provision was not audited by an accounting firm [1]

Core Insights - The company reported a revenue of 302 million yuan for the first three quarters of 2025, representing a year-on-year growth of 38.39% [1] - The net profit attributable to shareholders reached 93.21 million yuan, marking a year-on-year increase of 71.07% [1] - The net profit excluding non-recurring items was 84.93 million yuan, reflecting a year-on-year growth of 57.26% [1] - The basic earnings per share stood at 0.2268 yuan [1]

Group 1 - The company reported a third-quarter revenue of 120 million yuan, representing a year-on-year increase of 81.39% [1] - The net profit attributable to shareholders reached 39.55 million yuan, showing a year-on-year growth of 141.05% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 38.43 million yuan, with a year-on-year increase of 141.46% [1] - The basic earnings per share were 0.0950 yuan [1]

证券代码：688758 证券简称：赛分科技 公告编号：2025-038 苏州赛分科技股份有限公司 关于2025年前三季度计提资产减值准备的公告 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。 一、计提资产减值准备情况的概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映苏州赛 分科技股份有限公司（以下简称"公司"）截至 2025 年 9 月 30 日的财务状况及 2025 年前三季度的经营成果，本着谨慎性原则，公司对截至 2025 年 9 月 30 日 公司及子公司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提 了减值准备。公司 2025 年前三季度计提各项资产减值准备合计 1,154.15 万元， 具体如下表： | 序号 | 类别 | 项目 | 计提金额 | | --- | --- | --- | --- | | 1 | 信用减值损失 | 应收账款坏账损失 | 564.72 | | | | 其他应收款坏账损失 | 1.83 | | | 小计 | | 566.54 | | 2 | 资产减值损失 | ...