Group 1 - The agricultural chemical sector is showing strength, with Dongfang Tower rising over 6% and reaching a new high during trading [1] - Lianhua Technology, Luohua Technology, and Bai'ao Chemical all increased by more than 5%, indicating positive momentum in the sector [1] - Yuntianhua and Chuanheng Co. also experienced gains, reflecting a broader trend of growth within the agricultural chemical industry [1]

Group 1: Small Nucleic Acid Drugs - Small nucleic acid drugs, primarily SiRNA and ASO, are entering a rapid growth phase from technological breakthroughs to large-scale commercialization [2] - The global market for small nucleic acid drugs grew from $0.1 billion in 2016 to $3.25 billion in 2021, with a compound annual growth rate (CAGR) of 217.8% [2] - It is projected that the global oligonucleotide drug market will exceed $15 billion by 2026, with a CAGR of 35% from 2020 to 2025 [2] Group 2: Blue Sky Technology - Blue Sky Technology has established a comprehensive "synthesis-purification" supply capability for small nucleic acids (siRNA/ASO) and peptide drugs [3] - The company has developed proprietary solid-phase synthesis materials and has built a technical platform that integrates high-difficulty oligonucleotide synthesis and impurity separation [3] - Blue Sky Technology plans to invest 1.15 billion yuan to build a GMP/like GMP standard biopharmaceutical industrial park and has established a subsidiary in Sweden to enhance global technical collaboration [3] Group 3: Lianhua Technology - Lianhua Technology is rapidly expanding into the small nucleic acid business, leveraging its established small molecule CDMO system [4] - The global CDMO/CMO market is expected to exceed $120 billion by 2024, with a CAGR of approximately 9.5% [4] - The company has made significant progress in international market expansion and has deepened R&D collaborations with leading global pharmaceutical companies [4]

Investment Rating - The report maintains a rating of "Buy" for the small nucleic acid drug industry, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The small nucleic acid drug market, primarily driven by SiRNA and ASO, is experiencing rapid growth from technological breakthroughs to large-scale commercialization, with a compound annual growth rate (CAGR) of 217.8% from 2016 to 2021, increasing from $0.1 billion to $3.25 billion [1]. - The global market for oligonucleotide drugs is projected to exceed $15 billion by 2026, with a CAGR of 35% from 2020 to 2025 [1]. - BlueX Technology is a key player in solid-phase synthesis carriers, developing a comprehensive "synthesis-purification" platform for small nucleic acids and peptides, with significant investments planned for expanding its capabilities [2]. - Lianhua Technology is leveraging its established small molecule CDMO system to expand into the small nucleic acid business, with the global CDMO market expected to surpass $120 billion by 2024, growing at a CAGR of approximately 9.5% [3]. Summary by Sections Small Nucleic Acid Drug Market - The small nucleic acid drug market is characterized by a variety of drug types, including SiRNA and ASO, with a significant increase in market size and growth rate [1]. - The market is expected to continue its upward trajectory, driven by advancements in technology and increased demand for oligonucleotide drugs [1]. BlueX Technology - BlueX Technology has established itself as a leader in solid-phase synthesis carriers, creating a full-chain supply capability for small nucleic acids and peptides [2]. - The company plans to invest 1.15 billion yuan in a new GMP-standard biopharmaceutical park and expand its international presence [2]. Lianhua Technology - Lianhua Technology is expanding its CDMO services to include small nucleic acids, capitalizing on the growing demand for biopharmaceuticals and small molecule intermediates [3]. - The company has made significant progress in international market expansion and is focusing on developing new business areas, including peptide CDMO and radioactive drugs [3].

Core Viewpoint - The company, Lianhua Technology, anticipates stable operational performance at its UK base in 2025 and expects to maintain steady growth in 2026 [1] Group 1: Investment Plans - The company plans to invest $200 million in its Malaysia base, which is currently in the first phase of construction [1] - The first phase of the Malaysia project is expected to be completed by the end of 2026, with production commencing in 2027 based on customer orders [1] Group 2: Product and Service Offerings - The Malaysia base is primarily planned for the production of agricultural CDMO products [1] - The company aims to provide a full supply chain service to customers from China, the UK, and Malaysia, catering to different product lifecycle needs [1] - The strategy leverages China's comprehensive chemical supply chain and competitive resources, along with the flexible production and registration policies in the UK and Malaysia [1]

Core Viewpoint - The company, after several years of technological and customer preparation, plans to launch its CRO laboratory in Songjiang at the beginning of 2024, with expectations to secure a certain volume of orders by 2025 [2] Group 1 - The company has invested in building a CRO team based on customer demand and business development needs [2] - The company aims to continuously develop its team and enhance its technical capabilities in the future [2]

Core Viewpoint - The company has experienced steady growth in its pharmaceutical business in recent years, driven by a focus on a major client strategy and a CDMO business model [1] Group 1: Business Strategy - The company has established partnerships with several leading global pharmaceutical enterprises and is actively expanding its client base to include strategic and high-viscosity clients [1] - The pharmaceutical division has formed stable commercial relationships with a number of high-quality domestic and international clients, with an expanding scope and depth of cooperation [1] Group 2: Product Pipeline and Future Growth - The company aligns its product pipeline with the business lines of its clients, primarily focusing on products under patent protection, which is expected to drive long-term growth in the pharmaceutical business as these products are promoted [1] - Future growth will focus on expanding mature businesses, including small molecule CDMO, starting materials, registered raw materials, GMP intermediates, and active pharmaceutical ingredients (APIs) [1] - The company aims to capture new projects from existing clients in small molecules and small nucleic acid CDMO, as well as new projects from new clients [1] - Significant investments will be made in emerging business development, including CDMO for peptide products, radiopharmaceuticals, animal health CDMO, generic drug intermediates, APIs, and cosmetic raw materials [1]

Core Viewpoint - The company anticipates that the expiration of patents for some of its agricultural protection products will have a limited overall impact on its business, as it can continue to upgrade products and technologies based on past production experience [1] Group 1: Patent Expiration Impact - Some agricultural protection customers are facing patent expirations, but the company expects the overall impact to be limited [1] - The company believes that the business increment from product and technology upgrades will effectively cover the natural decline in existing business due to patent expirations, thus maintaining overall revenue stability in this segment [1] Group 2: Product and Technology Upgrades - The company can carry out product and technology upgrades with relatively low investment in existing production facilities, significantly lower than the capital expenditure required for new capacity [1] - If substantial investment is needed, customers are willing to share the costs [1]

Core Viewpoint - The company is focusing on sales of LiFSI, cathode materials, and electrolytes while continuing technical improvements on lithium hexafluorophosphate projects [1] Group 1: Business Development - The company is expanding its range of new energy products and exploring new markets to seize opportunities in the new energy sector [1] - The company aims to achieve a breakthrough in revenue from its new energy business by 2025 [1] - Revenue and profit performance in the new energy business are expected to further improve by 2026 [1] Group 2: Technical and Competitive Edge - The company follows a systematic process for technological development and continuously optimizes product competitiveness [1] - The company leverages its research and production capabilities to convert technological advantages into market advantages [1]

（编辑 丛可心） 证券日报网1月8日讯 ，联化科技在接受调研者提问时表示，公司自成立以来一直在化学领域耕耘，多 年来始终专注于化学合成，新能源相关化学品也是基于化学合成。公司认为，在化学合成方面最重要的 能力是商业化的能力，公司在产品商业化方面是具有竞争力的。新能源行业是"足够宽、足够长"的赛 道。另一方面，公司当时业务以海外客户的CDMO业务为主，拓展新能源业务能有效对冲经营风险，保 障公司发展稳健。尽管在新领域开拓过程中不可避免会面临一些挑战，公司目前正稳步推进相关规划， 积极提升技术与运营能力，缩小与行业领先者的差距。 ...

Core Viewpoint - The company emphasizes a customer-centric strategy, focusing on serving existing clients while actively seeking new customers across various sectors such as crop protection, pharmaceuticals, and renewable energy [1] Group 1: Customer Strategy - The company implements a major client strategy across all segments, prioritizing the service of existing customers [1] - The company believes that focusing on serving existing clients and continuously expanding the customer base fosters mutual trust and long-term cooperation [1] Group 2: Market Expansion - The company is actively exploring new clients in the crop protection, pharmaceutical, and renewable energy sectors [1] - The company aims to enhance its technical capabilities and market reach as part of its growth strategy [1]