内容概况：我国重组蛋白行业虽起步相对较晚，但得益于国家产业政策的持续支持与引导，国内企业在 重组蛋白的技术研发、生产工艺与质量控制等领域取得显著突破，推动产品技术指标持续提升，产能规 模稳步扩大，综合成本竞争力不断增强，与国际领先企业的差距逐步缩小，国产化进程加速推进，使中 国快速崛起为全球重组蛋白市场的重要力量。相较于传统小分子化学药物，重组蛋白药物凭借其治疗效 果显著、靶向性强、毒副作用低等独特优势，在肿瘤、自身免疫性疾病等重大疾病治疗领域展现出广阔 的应用前景。近年来，在生物制药产业整体蓬勃发展及后疫情时代市场需求持续释放的背景下，中国重 组蛋白行业保持强劲增长态势，市场规模实现快速扩容。据统计，2015-2024年中国重组蛋白行业市场 规模从51亿元增长至270亿元，年复合增长率为20.34%。未来，随着创新药研发投入的持续加大、精准 医疗需求的日益增长以及下游应用场景的不断拓展，中国重组蛋白行业市场规模有望保持稳健增长，并 进一步向高质量、国际化方向迈进。 相关上市企业：百普赛斯（301080）、义翘神州（301047）、诺唯赞（688105）、迈威生物 （688062）、近岸蛋白（688137）、 ...

Core 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]

Core Viewpoint - The report outlines the ongoing supervision and compliance of Suzhou Nearshore Protein Technology Co., Ltd. following its IPO on the Sci-Tech Innovation Board, highlighting the company's financial performance, governance, and compliance with regulatory requirements [1][2][3]. Continuous Supervision Work - The sponsoring institution has established a robust supervision system and executed a work plan to ensure compliance with relevant regulations [1]. - Regular communication, site visits, and due diligence have been conducted to monitor the company's operations [1][2]. - The company has faced issues related to unauthorized share reductions by shareholders, leading to public apologies and share repurchases [2][3]. Financial Performance - The company reported a significant decline in net profit, with a loss of 54.42 million yuan, a decrease of 523.68% year-on-year, attributed to macroeconomic conditions and increased operational costs [11][12]. - Revenue for the year was 127.56 million yuan, down 16.73% from the previous year, indicating challenges in market demand and operational efficiency [11][12]. Core Competitiveness - The company has developed 23 core technologies and established seven comprehensive technology platforms, which are crucial for maintaining its competitive edge in the recombinant protein industry [12][13]. - The company emphasizes innovation and has a strong focus on R&D, with R&D expenses accounting for 39.14% of revenue, reflecting a commitment to technological advancement [20]. Industry Risks - The recombinant protein industry is characterized by intense competition and rapid technological changes, which may pose risks to the company's market position if it fails to keep pace with innovations [8][9]. - Regulatory changes and market dynamics, particularly in the mRNA vaccine sector, present uncertainties that could impact the company's sales and operational stability [10]. Governance and Compliance - The company has implemented a comprehensive internal control system and governance structure to ensure compliance with legal and regulatory standards [4][5]. - Continuous monitoring of the company's adherence to commitments and regulatory requirements is a priority for the sponsoring institution [5][6]. Talent and R&D Development - The company has a strong technical team and management, which is essential for sustaining its innovation and competitive advantage [19]. - Ongoing investments in R&D are aimed at enhancing product offerings and expanding market reach, with a focus on mRNA and diagnostic products [13][14].