Summary of Key Points Core Viewpoint - The company plans to continue using part of the idle raised funds for cash management, ensuring that it does not affect the investment projects and the safety of the raised funds, while aiming to increase returns for the company and its shareholders [1][4][6]. Fundraising Basic Situation - The company raised a total of RMB 1,003,512,562.56 from the issuance of 7,624,896 A shares at a price of RMB 131.61 per share, with a net amount of RMB 985,184,001.46 after deducting related issuance costs [1]. Previous Use of Idle Funds - The company approved the use of up to RMB 400 million of idle funds for cash management, focusing on high-security and liquid investment products, with a rolling usage period of 12 months [2][3]. Current Cash Management Plan - The company intends to use up to RMB 400 million of idle funds for cash management, with a focus on safe and liquid investment products, maintaining the same 12-month usage period [3][4]. Investment Purpose - The goal is to improve the efficiency of fund usage and increase returns for the company and shareholders without affecting the investment projects [3][4]. Investment Products - The company will invest in high-security and liquid products such as agreement deposits, structured deposits, time deposits, notice deposits, and large certificates of deposit, ensuring these funds are not used for pledging or securities investment [3][4][7]. Decision Validity Period - The decision is valid for 12 months from the date of board approval [3][4]. Authorization Matters - The board authorizes the management to make investment decisions and sign relevant documents within the approved limits and validity period [4][6]. Information Disclosure - The company will comply with relevant regulations for timely information disclosure and will not change the purpose of the raised funds [4][8]. Cash Management Income Distribution - Income from cash management will be used to supplement investment project funding and daily operational liquidity, with funds returned to the special account upon maturity [4][6]. Impact on the Company - The cash management plan will not affect the normal operation of the company or the investment projects, and it aims to generate additional returns for the company and shareholders [4][6][7]. Independent Director and Supervisory Board Opinions - Both the independent directors and the supervisory board agree that the cash management plan is compliant with regulations and beneficial for the company and shareholders, ensuring no harm to the interests of minority shareholders [6][7][8].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [6][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 5.05% from June 13 to June 26, 2025, which is approximately 6.43 percentage points lower than the index [13][26]. - All sub-sectors within the industry recorded negative returns during the same period, with medical consumables and hospital sectors experiencing the least decline at 0.17% and 0.4%, respectively. In contrast, chemical preparations and offline pharmacy sectors saw larger declines of 6.12% and 6.11% [14][26]. - Approximately 16% of stocks in the industry recorded positive returns, while around 84% experienced negative returns during the reporting period [15][18]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 47.76 times as of June 26, 2025, which is 3.83 times relative to the CSI 300 index. The industry valuation has decreased and is currently at a relatively low level compared to recent years [19][26]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 5.05% from June 13 to June 26, 2025 [13]. - All sub-sectors recorded negative returns, with the least affected being medical consumables and hospitals [14]. - About 16% of stocks in the industry had positive returns, with the highest gainers and losers identified [15][18]. 2. Industry News - The report highlights significant developments in the industry, including the implementation of centralized procurement for traditional Chinese medicine across 25 provinces, set to take effect from July 1, 2025 [24]. 3. Company Announcements - Notable announcements include a licensing agreement by Rongchang Biopharmaceuticals, which will receive $125 million in cash and potential milestone payments up to $4.105 billion from Vor Biopharma for the development and commercialization of a product [25]. 4. Weekly Industry Perspective - The report suggests continued focus on investment opportunities within the innovative drug sector, particularly as domestic companies begin to reap the benefits of years of research and development [26][28].

Core Viewpoint - Titan Technology has established a smart production base in Yichang, Hubei, which represents a significant shift in China's scientific service industry, moving from reliance on imported reagents and equipment to a strong domestic presence [1][2]. Company Development - Titan Technology was founded by a group of university students aiming to provide better services for laboratories, focusing on the reliability of reagents and equipment [2][3]. - The company received initial funding of 200,000 yuan from the Shanghai University Student Science and Technology Entrepreneurship Fund, which has supported numerous entrepreneurial projects since its inception in 2006 [2]. Business Strategy - The company has shifted its strategy from merely pursuing scale to focusing on profitability, with a significant increase in the sales and gross margin of its proprietary brands [4][5]. - In 2024, the sales revenue from proprietary brands accounted for 63.23% of total sales, with a gross margin of 84.74%, indicating a strong competitive position in the market [4]. Mergers and Acquisitions - Titan Technology has actively pursued mergers and acquisitions to expand its proprietary brand portfolio, completing acquisitions of three companies and establishing two joint ventures in 2024 [5][6]. - The acquisition of Anhui Tiandi High-Purity Solvent Co., Ltd. significantly increased its production capacity from 3,800 tons to 13,800 tons after modernization [5]. Product Development - The company has launched new high-end scientific instruments, such as the IVScope8000Pro small animal imaging system, and developed gold standard chromatographic solvents, which have received positive market feedback [6][7]. - The gold standard chromatographic solvents have been upgraded to significantly reduce impurities, meeting or exceeding the standards of imported brands [6]. Digital Transformation - Titan Technology emphasizes digitalization and modeling in its operations to enhance efficiency and reduce costs, including the development of an intelligent warehousing and logistics system [7][8]. - The company has implemented a full inventory QR code digital management system, improving inventory management efficiency and traceability [7]. Future Outlook - The smart production base is designed to operate with minimal human intervention, utilizing advanced AI algorithms for real-time data analysis and predictive maintenance, which will enhance product quality and operational efficiency [8].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the turning point has been reached, and there is optimism regarding the elasticity of the scientific services sector [3][6] - The sector has experienced significant adjustments in funding, and with the combination of fundamental turning points and policy support, a valuation reversal is expected [4] Summary by Sections 1. Funding Situation - As of Q1 2025, the total market value of institutional holdings in the scientific services sector is 3.286 billion, accounting for 0.11% of total fund holdings, indicating a low allocation by institutions [4][12] - From January 1, 2025, to May 7, 2025, the average increase in the scientific services sector was 9%, outperforming the pharmaceutical index by 7.7 percentage points [4][13] 2. Fundamentals - **Revenue**: The average year-on-year revenue growth for core scientific service targets in 2024 is 7.17%, with significant recovery in low-consumption categories [5][23] - **Gross Margin**: The average gross margin for core targets in 2024 is 47.99%, with a gradual recovery expected as cost control and capacity utilization improve [5][25] - **Capital Expenditure**: The total capital expenditure for the sector in 2024 is 4.643 billion, a decrease of 35% year-on-year, indicating a shift towards an investment harvest period [5][29] - **Inventory**: The average inventory turnover rate for core targets in 2024 is 3.7 times, showing an optimization trend [5][39] - **Net Profit Margin**: The average net profit margin for core targets in 2024 is 5.22%, with a slight increase to 5.47% in Q1 2025, indicating a recovery in profitability [5][50] 3. Investment Recommendations - The report recommends focusing on companies with strong growth certainty and clear trends in profitability improvement, highlighting Titan Technology, Haoyuan Pharmaceutical, Bid Medical, and Nanwei Technology as key recommendations [7][53]

导读： 下游增长不足，存量竞争激烈，营收微增但净利润大幅下滑。整体来看，泰坦勇于在危机中寻找机会，执行力也很强，如果能够在二级市场得到新的资金 补充，相信会有更好的表现。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 泰坦科技于近日发布2 0 2 4年年报，报告期内，公司实现营业收入2 8 . 8 4亿元，同比增长4 . 11%；归属于上市公司股东的净利润为1 2 8 9 . 2 9万元， 同比下降8 2 . 2 3%；扣除非经常性损益后的净利润为5 7 2 . 0 9万元，同比下降8 8 . 8 7%。财务费用3 5 1 9 . 2 8万元，同比增长6 4 . 3 8%。 泰坦科技——下游增长不足，存量竞争激烈，营收微增但净利润大幅下滑 2 0 2 4年毛利率2 0 . 1 5%，净利率0 . 2 7%。毛利率下滑的不多，但是净利率下降得非常厉害 公 司 成 立 于 2 0 0 7 年 ， 2 0 2 0 年 上 市 ， 公 司 通 过 提 供 科 研 试 剂 、 特 种 化 学 品 、 科 研 仪 器 及 耗 材 和 实 验 室 建 ...