方正证券承销保荐有限责任公司 关于上海赛伦生物技术股份有限公司 首次公开发行限售股上市流通的核查意见 方正证券承销保荐有限责任公司（以下简称"保荐机构"）作为上海赛伦生 物技术股份有限公司（以下简称"公司"或"赛伦生物"）首次公开发行股票并 在科创板上市的保荐机构及持续督导机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司 自律监管指引第 1 号—规范运作》等法律法规及业务规则的规定，对赛伦生物首 次公开发行限售股上市流通事项进行了核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 1 月 25 日出具的《关于同意上海赛 伦生物技术股份有限公司首次公开发行股票注册的批复》（证监许可[2022]204 号），同意公司首次公开发行股票的注册申请。公司首次向社会公众公开发行人 民币普通股（A 股）股票 27,060,000 股，并于 2022 年 3 月 11 日在上海证券交易 所科创板上市，发行完成后股本总数为 108,220,000 股，其中有限售条件流通股 公司股本总数的 22.88%。 本次上市流通的限售 ...

Core Insights - A-share listed securities firms have reported significant growth in their first half of 2025, with many firms hosting performance briefings to address investor concerns [1][2] - Investors are particularly interested in whether these firms can maintain their growth momentum in the second half of the year and their plans for mid-term dividends [2][4] Performance Growth - All 42 A-share listed securities firms reported year-on-year growth in net profit or turned profitable in the first half of 2025, driven by a favorable market environment [2] - Huatai Securities indicated that the active market trading since the third quarter is expected to positively impact future performance, focusing on customer value and innovation in business models [2] - Southwest Securities outlined its strategy to enhance operational efficiency and compliance while contributing to national strategies [2] Investment Strategies - CITIC Securities confirmed its strategy of maintaining a balanced asset allocation, focusing on financing and fixed-income assets while seizing market opportunities [3] Mid-term Dividend Plans - CITIC Securities announced a mid-term profit distribution plan, proposing a cash dividend of 2.90 yuan per 10 shares, totaling 4.298 billion yuan, marking an increase from the previous year's 3.557 billion yuan [4] - Northeast Securities is also planning a mid-term cash dividend, emphasizing a sustainable profit distribution policy based on company performance and market conditions [4] Subsidiary Development Plans - Investors are increasingly focused on the future development of asset management subsidiaries and affiliated fund companies [5] - Dongzheng Asset Management aims to enhance its product line and research capabilities, while Huatai Fund is focusing on improving its core investment research capabilities [6] - Shenwan Hongyuan plans to strengthen its fund management capabilities and improve investor services to enhance returns [6]

Core Insights - Anhui Anli Material Technology Co., Ltd. hosted a research event with three securities firms, focusing on the company's business performance and product categories [1] Group 1: Revenue and Profitability - In the first half of 2025, the revenue distribution across product categories remained similar to the first quarter, with functional footwear materials and sofa home furnishings accounting for nearly 70% of total revenue [1] - The revenue share of functional footwear materials remained stable, while the share of sofa home furnishings declined; automotive interior products experienced rapid growth, and electronic products remained stable, with sports equipment showing a slight decline [1] - The company's product operating model is order-driven, leading to varying gross margins across different categories due to factors like product technology content and customization levels [1] Group 2: Market Position and Growth Opportunities - The global polyurethane synthetic leather market is approximately 100 billion yuan, with the domestic market being large but fragmented; the company holds over 20% market share in certain mid-to-high-end segments, indicating room for growth [1] - The company has established partnerships with major brands like Nike and Adidas, enhancing its market position; it is the only Chinese supplier of polyurethane synthetic leather and composite materials for Nike in mainland China [1] - The automotive interior business has gained traction with major automakers like BYD and Toyota, with expectations for new projects to enter mass production in late 2025 or 2026 [1] Group 3: Competitive Advantages - The company possesses technological research and development advantages, holding multiple national-level technology recognitions and core patents [1] - It has established long-term collaborations with well-known brands, ensuring a broad customer base and stable supplier relationships [1] - The company is responding to industry trends by building a factory in Vietnam, leveraging regional advantages to serve international clients in the sports and home furnishings sectors [1]

Core Viewpoint - Lianhua Technology (002250) has experienced significant profit growth in the first half of 2025, driven by cost reduction, operational efficiency improvements, and favorable exchange rate gains [1] Group 1: Profit Growth Reasons - The company's profit in the first half of 2025 increased significantly compared to the same period last year due to continuous cost reduction and efficiency enhancement [1] - The utilization rate of the plant protection business improved, and the product structure was adjusted, leading to an increase in gross margin [1] - The pharmaceutical business saw notable growth due to concentrated shipments and substantial exchange rate gains [1] Group 2: Pharmaceutical Business Developments - The pharmaceutical business growth is attributed to a focus on major clients, with partnerships established with several leading global pharmaceutical companies [1] - The company is actively expanding its client base, particularly targeting strategic and high-viscosity clients [1] - Collaborations have been established with a number of high-quality domestic and international clients [1] Group 3: Plant Protection Business Factors - The company follows a customer-centric strategy, providing a stable supply chain, comprehensive product delivery capabilities, and high-quality services [1] - The UK subsidiary improved its capacity utilization and operational performance in the first half of the year [1] - The UK subsidiary also achieved significant exchange rate gains, enhancing overall performance [1] Group 4: New Energy Project Progress - The company has achieved stable supply and gradual production increases for electrolyte products [1] - New energy products, including main salt products and cathode materials, have achieved stable commercial delivery [1] - The company anticipates that revenue from the new energy business will exceed expectations in 2025 [1] Group 5: Solid-State Battery Strategy - The company is actively monitoring industry trends and developing products in response to customer needs [1] - There is a focus on optimizing services and technology to reduce costs and promote innovation [1] Group 6: Competitive Landscape in India - Indian companies have entered the CDMO field, primarily focusing on generic drug supply chains, with unclear competitiveness in patented drugs [1] - While India has advantages in compliance and labor costs, China possesses a more comprehensive supply chain and a mature waste treatment system [1] - The company believes that maintaining its competitive edge will allow it to sustain market share and profitability despite emerging competitors [1]

Core Viewpoint - The current outlook for the liquor industry indicates that a bottom has formed due to multiple policy catalysts, with the liquor sector showing signs of recovery but still at historical lows. The industry is expected to benefit from improved economic expectations, with a focus on the upcoming Mid-Autumn Festival and National Day for demand recovery [1][2]. Group 1: Industry Performance - In Q2 2025, the liquor industry entered a deep adjustment phase under macroeconomic and policy pressures, with total revenue for the first half of 2025 reaching 239.8 billion yuan, a year-on-year decrease of 0.9%, and net profit attributable to shareholders at 94.6 billion yuan, down 1.2% [2]. - Excluding Moutai, other listed companies in the sector reported a total revenue of 150.4 billion yuan in H1 2025, a decline of 6.1%, with net profit at 49.2 billion yuan, down 8.9% [2]. - The overall price of mainstream liquor products has declined, but with improving industry sentiment and easing constraints in H2, a recovery is anticipated, particularly during the peak sales periods of the Mid-Autumn Festival and National Day [2]. Group 2: Brand and Price Segmentation - High-end liquor brands are outperforming mid-range and regional brands, with high-end brands maintaining resilience through strong brand power and channel control. Moutai and other leading brands are stabilizing their market positions through inventory control and channel optimization [3]. - Mid-range liquor brands are experiencing more direct impacts from policy changes, with some brands like Fenjiu showing continued growth despite pressures [3]. - Regional leaders are focusing on maintaining market share and stabilizing core product prices, while brands like Jiangsu Yanghe and Jiuzi have seen significant adjustments [3]. Group 3: Investment Recommendations - The company suggests focusing on leading brands with strong market positions such as Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu during the economic transition [3]. - Regional leaders that maintain their core markets, such as Gujing Gongjiu and Jiuzi, are expected to sustain momentum as demand recovers [3]. - Brands that have actively managed their financials during this adjustment period, like Shede and Yanghe, are also recommended for attention [3].

Core Viewpoint - The Hong Kong stock market's technology sector is experiencing fluctuations, with significant capital inflow through ETFs, indicating strong investor interest and potential for future growth [1] Group 1: Market Activity - The Hang Seng Technology ETF (513010) has seen over 1 billion CNY (approximately 10 million USD) in net inflows over the past five trading days, reaching a record size of 16.2 billion CNY (approximately 2.4 billion USD) [1] - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes listed in Hong Kong, including major companies like Xiaomi, Tencent, Meituan, and Alibaba [1] Group 2: Investment Outlook - According to Founder Securities, the Hong Kong stock market presents attractive valuation opportunities, particularly in sectors like artificial intelligence and innovative pharmaceuticals, which are seen as representative and scarce [1] - There is an expectation for continued inflow from southbound funds and foreign capital, suggesting a positive outlook for the Hong Kong stock market in the future [1] Group 3: Valuation Metrics - The current rolling price-to-earnings ratio of the Hang Seng Technology Index is below the 25th percentile since its launch in 2020, indicating potential undervaluation [1]

Core Viewpoint - The stock price of Founder Securities has shown a slight increase of 0.96% year-to-date, but has experienced a decline of 3.13% over the past five trading days, indicating volatility in its recent performance [1]. Company Overview - Founder Securities, established on October 26, 1994, and listed on August 10, 2011, is located in Changsha, Hunan Province. The company primarily engages in securities brokerage, investment consulting, proprietary trading, asset management, financial advisory related to securities transactions, direct investment, and distribution of financial products [1]. - The revenue composition of Founder Securities includes 73.38% from wealth management, 32.34% from investment and trading, and 1.74% from asset management [1]. Financial Performance - As of June 30, 2025, Founder Securities reported a net profit of 2.384 billion yuan, reflecting a year-on-year growth of 76.43% [2]. - The company has distributed a total of 3.273 billion yuan in dividends since its A-share listing, with 1.171 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Founder Securities was 194,200, a decrease of 6.44% from the previous period. The average number of circulating shares per shareholder increased by 6.89% to 42,394 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 655 million shares, an increase of 85.4878 million shares from the previous period [3].

Group 1 - The core viewpoint of the article highlights the significant recovery of the ChiNext 50 ETF, driven by a positive outlook on China's economic development and improvements in the global macro environment [1] - The ChiNext 50 Index has seen a notable increase in its holdings, particularly in semiconductor and biotechnology sectors, with major stocks like Tianyue Advanced and Shengmei Shanghai leading the gains [1] - The recommendation from the securities firm is to increase allocation to technology growth assets, focusing on sectors with high or improving mid-year performance expectations [1] Group 2 - The ChiNext 50 ETF (588000) tracks the ChiNext 50 Index, which has a concentrated industry distribution with 63.74% in the electronics sector and 11.78% in the pharmaceutical and biotechnology sector, totaling 75.52% [1] - The index includes various sub-sectors such as semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [1] - The current position of the ChiNext 50 Index is near its baseline, and historical trends suggest potential for future growth, making it an attractive option for investors interested in China's hard technology development [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Founder Securities, indicating a high level of financing and margin trading activity as of September 2 [1] - On September 2, Founder Securities experienced a slight decline of 0.23% in stock price, with a trading volume of 1.146 billion yuan. The net financing purchase was 24.64 million yuan, with a total financing and margin balance of 2.659 billion yuan [1] - The financing balance of Founder Securities is at 2.657 billion yuan, accounting for 3.78% of its market capitalization, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] Group 2 - Founder Securities, established on October 26, 1994, and listed on August 10, 2011, is primarily engaged in securities brokerage, investment consulting, proprietary trading, asset management, and other related financial services [2] - As of June 30, 2025, Founder Securities reported a net profit of 2.384 billion yuan, representing a year-on-year growth of 76.43%, while the operating revenue was reported as zero [2] - The company has distributed a total of 3.273 billion yuan in dividends since its A-share listing, with 1.171 billion yuan distributed over the past three years [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Founder Securities include Hong Kong Central Clearing Limited, which holds 655 million shares, an increase of 85.4878 million shares from the previous period [3] - The ninth largest circulating shareholder is Huatai-PB CSI 300 ETF, holding 73.3507 million shares, which decreased by 7.4087 million shares compared to the previous period [3] - The tenth largest circulating shareholder is Guotai CSI All-Share Securities Company ETF, holding 63.475 million shares, which decreased by 20.6718 million shares from the previous period [3]

Group 1 - The central bank's liquidity injection in August included a net MLF injection of 300 billion yuan, a net withdrawal of 160.8 billion yuan in PSL, and a net MLF injection of 300 billion yuan, with no public market treasury transactions conducted [1][3] - According to a recent report by Founder Securities, the importance of price targets has significantly increased in the new monetary policy framework, indicating a shift in focus from quantity-based targets like M2 and social financing [1][3] - A notable observation is that around the second quarter of 2024, the volatility of short-term money market interest rates represented by DR001 and DR007 is expected to decrease, suggesting that the central bank is beginning to treat short-term policy rates as a core adjustment target [1][3] Group 2 - Founder Securities also noted that the central bank's recent monetary policy reports show a clear decline in focus on quantity-based targets, emphasizing a balanced approach to the use of quantity tools [3] - Despite the de-emphasis on quantity-based targets, the central bank continues to prioritize liquidity management as a crucial tool influencing interest rate trends, indicating that it has not abandoned the use of MLF as a core liquidity management tool [3] - In response to significant fluctuations in treasury bond rates, the central bank has temporarily ceased treasury transactions and has resumed using MLF as a primary liquidity management tool [3]