Market Performance - On May 22, the three major A-share indices collectively adjusted, with the Shanghai Composite Index falling by 0.22% to 3380.19 points, the Shenzhen Component Index dropping by 0.72% to 10219.62 points, and the ChiNext Index decreasing by 0.96% to 2045.57 points [1] Fund Manager Changes - In the past 30 days (April 22 to May 22), a total of 480 fund products experienced changes in fund managers, with 22 fund products announcing manager departures on May 22 alone [3] - The reasons for the changes included two managers leaving due to job changes, one due to personal reasons, and one due to product expiration [3] Fund Manager Performance - The current total asset scale of the fund manager Lou Huafeng from Industrial Bank is 2.079 billion yuan, with the highest return product being Silver River Quantitative Preferred Mixed A, which achieved an 88.18% return over 4 years and 42 days [4] - New fund manager Yan Peixian from China Europe Fund has a total asset scale of 12.365 billion yuan, with the highest return product being China Plus Pure Bond One Year A, which achieved an 87.82% return over 10 years and 49 days [5] Fund Research Activity - In the past month (April 22 to May 22), Bosera Fund conducted the most company research, engaging with 145 listed companies, followed by Jiashi Fund, Huaxia Fund, and Fortune Fund, which researched 133, 132, and 125 companies respectively [6] - The most researched industry was specialized equipment, with 658 instances, followed by medical devices with 637 instances [6] Recent Company Focus - In the last week (May 15 to May 22), the company receiving the most attention from funds was Bozhong Precision Engineering, with 48 fund institutions conducting research [8] - Other companies with significant research interest included Huagong Technology, Keli Co., and Huadong Pharmaceutical, receiving 37, 35, and 30 fund institution inquiries respectively [8]

Industry Overview - The recombinant protein sector has shown active performance, with a nearly 4% increase in the market as of May 20, highlighted by stocks such as Yipinhong (300723) and Weiming Pharmaceutical (002581) reaching their daily limit [1] - Recombinant proteins are produced using recombinant DNA or RNA technology, allowing host cells to express proteins that are either identical to or modified versions of natural proteins, enhancing properties like solubility or yield [1] - Key applications of recombinant proteins include biopharmaceuticals, cell immunotherapy, and diagnostic reagent development, playing a crucial role in vaccine production, monoclonal antibodies, and innovative drugs for cancer treatment, autoimmune diseases, and rare diseases [1] Market Growth - The global recombinant protein market grew from $7 billion in 2015 to $10.8 billion in 2020, with a compound annual growth rate (CAGR) of 9.0%, and is projected to reach $20.8 billion by 2025, with a CAGR of approximately 14.1% from 2020 to 2025 [2] - Historically, the global recombinant protein market has been dominated by international brands, but domestic companies are increasingly investing in R&D to enhance their technology and product quality, leading to a significant trend of import substitution [2] Company Highlights - Yipinhong has established a recombinant protein R&D and pilot production facility, enabling capabilities in biopharmaceutical development [3] - Weiming Pharmaceutical's subsidiary, Shandong Yandu, has developed a high-expression recombinant protein platform, creating multiple biopharmaceutical R&D systems [3] - Sangfor Biopharma focuses on innovative therapeutic antibody drugs, specializing in monoclonal antibodies, bispecific antibodies, and multifunctional recombinant proteins [3] - Kexing Pharmaceutical is a leading company in China's recombinant protein drug sector, with a comprehensive biopharmaceutical R&D innovation system [4] - Furuida has been deeply involved in the recombinant collagen field, utilizing synthetic biology techniques to select high-bioactive segments from human type III collagen [4] - Saiseng Pharmaceutical has formed a technical system centered on proteomics, antibody platforms, drug R&D, and fine recombinant protein production [4] - Jieya Co., Ltd. has partnered with Chuangjian Medical to establish Anhui Jiechuang Medical Equipment Co., Ltd., focusing on recombinant collagen protein business [4] - Shenzhou Cell has developed a high-efficiency, high-throughput technology platform covering the entire biopharmaceutical R&D and production chain, with a diverse pipeline of monoclonal antibodies, recombinant proteins, and vaccines [4]

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].