Zheng Quan Zhi Xing·2025-08-21 00:13Group 1: Prolo Pharmaceutical - Prolo Pharmaceutical expects its CDMO business to reach a scale of 6-7 billion by 2030, with the US and China markets each accounting for 35% and Europe and Japan for 30% [1] - The industry bottom is clear, with expectations for gradual recovery next year, but not a V-shaped rebound [1] - Project structure optimization is anticipated to increase gross margin to 45%-55%, with more commercialized projects [1] - The peptide platform is taking on numerous projects, and liquid-phase synthesis is expected to reduce costs, with a new production line set to be completed by Q3 next year [1] - The number of R&D personnel will increase to over 2,000, with several overseas core scientists already recruited [1] - Prices for antibiotics, animal health products, and specialty raw materials are stabilizing, with gross margins exceeding 30% [1] - Approximately ten varieties are expected to be approved each year, with the industrial business scale projected to reach 7 billion [1] - Overseas revenue is expected to account for 40%-50%, with minimal impact from tariffs [1] - The rapid growth of the CDMO business is attributed to global advantages in efficiency, cost, service, delivery, and quality systems [1] Group 2: Naxin Micro - Naxin Micro has maintained a good development trend across various downstream application fields this year, with stability and gradual improvement in market conditions [2] - The penetration rate of new energy vehicles in the automotive electronics sector continues to rise, driving steady market growth [2] - The industrial market in the pan-energy sector has been recovering since the end of last year, with the photovoltaic market showing significant recovery since Q2 this year [2] - AI server power supplies have become a significant growth driver for the power module business, with a notable increase in customer demand [2] - Revenue for the first half of 2025 is expected to grow by 79.49% year-on-year, primarily due to increased demand in automotive electronics and the release of new products, along with the consolidation of Maigen [2] - The current value per vehicle is approximately 1,300 yuan, expected to rise to 1,500 yuan by year-end, with new products including functionally safe gate driver chips [2] - The company is also expanding into the pan-robotics market, with products covering sensors, motor driver chips, power supply, and interface products [2] Group 3: Company Overview - Beijing Shennong Investment Management Co., Ltd. was established in 2009, adhering to the "premium investment" philosophy, focusing on the pharmaceutical, technology, and consumer sectors, investing in outstanding growth enterprises [3] - Since its inception, Shennong Investment has won the Golden Bull Award eight times, along with the Golden Goblet Award, Yinghua Award, and Forbes Best Private Fund Manager Award [3] - The company has developed into an asset management firm with a strong team, long-term excellent performance, and a certain level of influence [3]