Novoprotein(SH:688137) Zheng Quan Zhi Xing·2025-09-05 16:13Core Viewpoint - The report outlines the continuous supervision and compliance of Suzhou Nearshore Protein Technology Co., Ltd. after its IPO on the Sci-Tech Innovation Board, emphasizing the company's adherence to regulations and its operational performance despite financial losses. Continuous Supervision Work - The sponsor has established a robust continuous supervision system and work plan for the company, ensuring compliance with relevant regulations and effective communication [1][2] - The sponsor conducted regular visits, due diligence, and checks to monitor the company's operations and compliance with laws and regulations [1][2] - Throughout the supervision period, the company did not encounter any violations or breaches of commitments that required public disclosure [1][2] Financial Performance - For the first half of 2025, the company reported revenue of approximately 72.09 million, a year-on-year increase of 20.85% [8] - The net loss attributable to shareholders was approximately 24.22 million, with a net profit excluding non-recurring items of about -26.68 million [8] - The company’s cash flow from operating activities was -14.08 million, indicating a significant decline compared to the previous year [8] Core Competitiveness - The company has developed seven comprehensive technology platforms and 23 core technologies, which are crucial for maintaining its market competitiveness [5][9] - The company emphasizes the importance of protecting its core technologies to prevent leakage, which could adversely affect its operations [5][9] - A skilled and stable technical team is essential for sustaining technological leadership and core competitiveness [5][9] Industry Risks - The RNA vaccine and drug industry is still maturing, with uncertainties in demand for mRNA raw materials and reagents in various applications [7][8] - The company faces intense competition from both domestic and international players, which could impact its market position and profitability [6][7] Research and Development - The company invested approximately 26.1 million in R&D in the first half of 2025, accounting for 36.21% of its revenue, reflecting a slight decrease from the previous year [16] - As of June 30, 2025, the company holds 38 invention patents, 22 utility model patents, and 18 software copyrights, indicating a strong focus on innovation [16] Use of Raised Funds - The company raised approximately 186.30 million through its IPO, with 174.22 million remaining after deducting issuance costs, and has complied with regulations regarding the use of these funds [17][18]