Group 1: Nanwei Technology - Nanwei Technology benefits from the explosive growth of the GLP-1 peptide drug market, leading to significant revenue growth in chromatography filler products, which drives rapid development in small molecule business [1] - The company's net profit margin increased quarter-on-quarter in Q2, primarily due to the high gross margin and substantial share of chromatography filler business [1] - Nanwei Technology aims to create a comprehensive chromatography technology platform to provide overall solutions and accelerate overseas market expansion to enhance international competitiveness [1] Group 2: Medicy - Medicy has established a research office in Boston, USA, aiming to increase overseas business share to 40-50% [2] - The company has developed a comprehensive preclinical research service capability in biopharmaceutical R&D and is building multiple biopharmaceutical R&D technology platforms [2] - Medicy's operating costs decreased by 12.46% year-on-year due to cost control measures, and the domestic CRO industry is expected to benefit from policy support for innovative drug development [2] Group 3: Naipu Mining - Naipu Mining's forged composite liners offer significant advantages, including better wear resistance and higher mill efficiency, with successful applications in Tibet's Zhinuola mine [3] - The company plans to promote forged composite liners as a leading product and has agreements with multiple mines, expecting more successful cases by the end of this year and early next year [3] - Naipu Mining has invested in a copper-gold mine project in Colombia, which has completed feasibility design and is expected to have a construction period of two years with a mine life of 14.2 years [3] Group 4: China Ruilin - China Ruilin Engineering Technology Co., Ltd. has a diverse range of core technologies in the non-ferrous metal industry, with overseas business revenue accounting for 41.02% and domestic business revenue for 58.98% in 2024 [4] - The company is progressing with fundraising projects that will enhance its R&D capabilities and core competitiveness [4] - Representative overseas projects include the Abuja water supply project in Nigeria and the expansion of the Bor copper smelting plant in Serbia [4]

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company demonstrates strong operational resilience, with rapid growth in its TIDES business segment [2] - The chemical business shows steady revenue growth, while TIDES revenue reached 5.8 billion yuan, reflecting a 70.1% increase [7] - The company has a robust order backlog in the TIDES segment, benefiting from the rapid market uptake of GLP-1 peptide drugs [7] - Revenue from the top 20 global pharmaceutical companies reached 16.64 billion yuan, with a 24.1% year-on-year growth when excluding specific commercial production projects [7] - The company is expected to achieve revenue of 42.88 billion yuan in 2025, with a growth rate of 9.3% [3][7] Financial Summary - For 2024, the company reported revenue of 39.241 billion yuan, a decrease of 2.7%, and a net profit of 9.451 billion yuan, down 1.6% [7] - The projected revenue for 2025 is 42.879 billion yuan, with a net profit forecast of 11.604 billion yuan, indicating a growth of 22.8% [3][7] - The earnings per share (EPS) is expected to rise from 3.27 yuan in 2024 to 4.02 yuan in 2025 [3][7] - The price-to-earnings (PE) ratio is projected to decrease from 20.7 in 2024 to 16.9 in 2025 [3][7] Business Performance - The TIDES business (oligonucleotides and peptides) is experiencing rapid growth, with a revenue increase of 70.1% [7] - The small molecule D&M business is also expected to grow steadily, with a revenue of 17.87 billion yuan in 2024, reflecting a 6.4% increase when excluding specific projects [7] - The company added 25 new commercial and clinical phase III projects in 2024, which are expected to drive future growth [7]