NANOMICRO(SH:688690)2023-08-24 16:00Tax 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.