有业内人士表示，赛分科技扬州二期工程将进一步强化对合作伙伴的服务能力，提升规模化交付效率，持续提供稳定可靠 的产品及配套服务，为合作伙伴各项目稳定生产与产能扩张保驾护航。同时，伴随中国生物制药出海浪潮，该项目也将助力公 司推进海外市场拓展战略，进一步扩大赛分科技在全球色谱层析市场的影响力。 （编辑 郭之宸） 据悉，作为国产色谱填料龙头企业，赛分科技深度参与中国生物医药行业快速发展及供应链国产化进程，在抗体、胰岛 素、GLP-1等多肽药物、重组蛋白、核酸药物等生物药细分领域积累了广泛应用项目，其中临床后期及商业化项目数量超百 个。公司与生物药各领域标杆企业紧密合作，部分重点项目中填料单次供货量超千升，最大达4000升，Protein A亲和、定制亲 和、阴阳离子交换、疏水等填料的装柱规模均达到2000mm。面对持续增长的色谱填料规模化供应需求，扬州二期项目配置 5000L最大反应釜，单批次产能超1000L，同时升级自动化生产管理系统与质量管理系统，将进一步提升赛分科技色谱填料规模 化供应能力及产品质量管理水平。 赛分科技自上市以来，业务发展态势强劲。2025年前三季度，公司实现营业收入3.02亿元，同比增长38 ...

Group 1 - The company reported a significant revenue growth of 48.0% year-on-year, with 1H25 revenue reaching 1.098 billion yuan, and a reduction in net losses by 42.4% to 450 million yuan [1] - The company expects a revenue growth of over 30% for the full year, driven by steady sales of core products and the upcoming commercialization of RC28 [1][2] - The company has made progress in international expansion, with the successful authorization of Tai Tasi Pi and ongoing Phase III trials for Vidisizumab [3] Group 2 - The gross margin improved to 84.1%, an increase of 5.8 percentage points year-on-year, attributed to successful ramp-up of new facilities and process optimizations [4] - Operating cash flow significantly improved, with a 69% reduction in cash outflow in 2Q25, indicating a positive trend towards cash flow turning positive in the future [4] - The company is focusing its resources on potential pipeline and indication development, leading to a reduction in R&D expenses by 19.7% year-on-year [4] Group 3 - The company anticipates narrowing losses in 2025, approaching breakeven in 2026, and achieving profitability in 2027, with projected net profits of 346 million yuan in 2025 and 536 million yuan in 2027 [5] - The target prices based on DCF are set at 107.37 yuan for A-shares and 116.94 HKD for H-shares, with a WACC of 6.8% and a perpetual growth rate of 2.5% [5]