Bio-Techne (NasdaqGS:TECH) FY 2025 Annual General Meeting October 30, 2025 09:00 AM ET Company ParticipantsShane Bohnen - General Counsel and Corporate SecretaryOperatorGood morning and welcome to the Bio-Techne Corporation Annual Meeting of Shareholders. I would now like to turn the conference call over to Shane Bohnen, General Counsel and Corporate Secretary of Bio-Techne. Please go ahead.Shane BohnenWelcome to our annual shareholders meeting. It is 8:00 A.M. Central Time on October 30th, 2025, and the me ...

Core Viewpoint - On October 30, no A-share listed companies disclosed any increase in shareholding, while seven companies announced share reductions, indicating a cautious sentiment in the market [1]. Summary by Category Share Reduction Announcements - Yongyue Technology plans to reduce its repurchased shares by no more than 1.35% of the total share capital [2]. - Chaojie Co., Ltd. intends for its controlling shareholder to reduce holdings by no more than 2.97% [2]. - Jindun Co., Ltd. has a shareholder, Qianhai Hongyi, planning to reduce holdings by no more than 1% [2]. - Saiwei Microelectronics' shareholders plan to collectively reduce holdings by no more than 1% [2]. - Zhongke Software's shareholders, Kesoft Chuangyuan and executives, plan to reduce holdings by no more than 1.3753% [2]. - Ruisheng Intelligent's shareholder, Ruihe Sheng, intends to reduce holdings by no more than 3% [2]. - Daan Gene has authorized management to sell up to 3% of the company's total share capital [2].

Core Insights - The pharmaceutical sector continues to adjust, with various indices showing declines, including the Hang Seng Hong Kong Stock Connect Innovative Drug Index down by 1.8% and the CSI Innovative Drug Industry Index down by 2.6 [1] Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index decreased by 1.8% [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 1.8% [1] - The CSI Biotechnology Theme Index dropped by 2.5% [1] - The CSI Innovative Drug Industry Index declined by 2.6% [1] - The CSI 300 Pharmaceutical and Health Index decreased by 2.8% [1] Group 2: ETF Activity - The Hang Seng Innovative Drug ETF (159316) saw over 200 million net subscriptions throughout the day [1] - Over the past month, the Hang Seng Innovative Drug ETF (159316) attracted more than 1.2 billion yuan, ranking first in the Hong Kong stock innovative drug sector [1]

Group 1 - The forum on financial empowerment of the private economy attracted significant attention, reflecting the rising interest in private enterprises following high-profile discussions and the introduction of the Private Economy Promotion Law [1][4] - Experts discussed the challenges faced by private enterprises, particularly the issue of "involution" driven by price wars, and emphasized the need for innovation as a solution [4][5] - The importance of creating a conducive policy environment for innovation was highlighted, with a focus on finding a "golden balance" in competition to stimulate innovation and prevent monopolistic practices [5][6] Group 2 - Financial support is crucial for the growth of private enterprises, with data showing that nearly two-thirds of A-share listed companies are private, and private enterprise loan growth has outpaced average loan growth by 1.1 percentage points over the past five years [7][8] - The role of venture capital and early-stage investments in helping private enterprises navigate challenges and foster innovation was emphasized, with suggestions for policies to encourage early and small investments in hard technology [8][9] - Recommendations were made for establishing a technology finance support system led by enterprises, including the use of long-term special government bonds to create patient capital for strategic emerging industries [8][9]

Core Insights - The 10th China Pharmaceutical Innovation and Investment Conference was successfully held in Nanjing from October 26 to 27, highlighting discussions on pharmaceutical R&D achievements and investment trends in the industry [1] Group 1: Market Dynamics - The Hong Kong Stock Exchange (HKEX) plays a crucial role in supporting the globalization of Chinese innovative pharmaceutical companies through its efficient and diverse international financing platform [1] - The healthcare sector in Hong Kong has seen significant IPO activity this year, ranking first globally in terms of fundraising in the new stock market [1] - As of now, Hong Kong has completed 12 biotech IPOs, raising a total of $1.3 billion, which positions it as the leading market for biotech fundraising globally [1] Group 2: Financing Trends - The biotech sector has experienced active refinancing transactions, with a total refinancing amount reaching $4.1 billion year-to-date, indicating a gradual recovery in market confidence [2] - The positive performance in the healthcare financing market is attributed to the continuous optimization of regulatory frameworks, the listing of high-quality innovative companies, and active investor participation [1]

Core Insights - The "Silkway Beijing 2025 China-Finland Youth Innovation Industry Matching Event" was held in Zhongguancun, showcasing the results of Sino-Finnish youth sci-tech cooperation and promoting deep integration in industry, technology, and ecology [1][2] - The establishment of the InnoHub (Beijing) innovation base by the Aalto Innovation Association and Zhongguancun Science City Company aims to provide long-term support for bilateral exchanges in innovation, industry, and talent [1] - A memorandum of understanding was signed to establish a stable partnership in innovation incubation, technology transfer, and talent exchange, injecting continuous momentum into Sino-Finnish sci-tech cooperation [1][2] Industry Collaboration - Six Finnish companies and three Chinese companies showcased their technological achievements and shared cooperation intentions, including collaborations in medical technology and smart automotive platforms [2] - The Silkway Beijing 2025 acceleration camp has actively linked Sino-Finnish sci-tech resources since its launch on October 14, hosting various events to lay a solid foundation for future cooperation [2] - The collaboration with the Aalto Innovation Association highlights the broad space for cooperation in robotics and healthcare, expanding new channels for innovation synergy and youth exchanges [3] Future Directions - The Silkway Beijing 2025 acceleration camp will continue to expand industrial cooperation and result implementation, advancing Sino-Finnish youth innovation collaboration to deeper levels [2] - Zhongguancun Science City aims to assist more enterprises in Haidian to integrate into the global sci-tech ecosystem with an open approach, depicting a new vision of the "Silk Road" in the new era [2]

Core Insights - The establishment of small workshops in Xiaoshidian Town, Fangcheng County, has created local employment opportunities, transforming the concept of "dreaming far away" into "working close to home" for villagers [1][2] - The Fangcheng Chain Tong Zipper Manufacturing Co., Ltd. has expanded from 2 workshops in 2017 to 7 workshops, producing over 1,000 tons of nylon and waterproof zippers annually, benefiting over 100 local families [1] - The local government emphasizes the importance of industry development to ensure stable employment and economic growth, contributing to poverty alleviation efforts [1][2] Company Developments - Fangcheng Chain Tong Zipper Manufacturing Co., Ltd. has become a significant employer in the region, with a production capacity that includes both domestic sales and exports [1] - The company operates on a piece-rate payment system, allowing workers to earn between 200 to over 300 yuan per day based on productivity [1] - The company’s growth has been supported by local government initiatives, which have facilitated the establishment of additional labor-intensive enterprises in the area [1] Industry Impact - Xiaoshidian Town has attracted 15 labor-intensive enterprises, cultivating over 20,000 acres of specialty industries, which has led to more than 5,000 villagers achieving employment close to home [2] - The local government aims to continue prioritizing employment stability and industrial development as part of its strategy for rural revitalization [2]

Group 1 - The article discusses the development of the gig economy in China, highlighting the increasing demand for flexible employment opportunities and the growth of service platforms that cater to job seekers [2][3] - A specific company, Feizhou Biotech Co., has seen its daily production increase from 100 tons to over 50 tons since its establishment in 2024, indicating a significant rise in labor demand, with 90% of frontline workers recruited through flexible job platforms [2] - The article emphasizes the transformation of gig services from basic job placement to comprehensive platforms that include job information, skills training, labor rights, and entrepreneurship support [2] Group 2 - The article highlights the first Guizhou Poetry Conference, which engaged 150,000 poetry enthusiasts and showcased the cultural achievements of the region [4] - The event was part of a broader initiative to leverage the strengths of new social classes in promoting high-quality development through cultural activities [4] Group 3 - The article outlines efforts to enhance the private economy in Guizhou, including the establishment of two new business associations and initiatives to address the challenges faced by private enterprises [12][14] - A "Warm Spring Action" was launched to collect feedback from private enterprises, creating a closed-loop system for addressing their needs [14] - The county aims to support rural revitalization by pairing 132 enterprises with 108 administrative villages, with plans to assist 1,163 individuals in finding employment by 2024 [14]

Core Viewpoint - The pharmaceutical sector is experiencing a downward adjustment, with various indices reflecting declines in the market, while a specific ETF related to innovative drugs has seen significant inflows [1][3]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug Index fell by 1.8% as of midday close [1]. - The CSI Innovative Drug Industry Index and the CSI 300 Pharmaceutical and Health Index both decreased by 1.7% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index dropped by 1.6%, and the CSI Biotech Theme Index declined by 1.4% [1]. Group 2: ETF Inflows - The Hang Seng Innovative Drug ETF (159316) saw a net subscription of nearly 200 million units in the morning session [1]. - According to Wind data, this ETF has attracted over 1.2 billion yuan in inflows this month, ranking first among Hong Kong stock innovative drug-related products [1]. Group 3: Index Composition and Valuation - The innovative drug index focuses on leading A-share companies involved in innovative drug research and development, comprising no more than 50 stocks [6]. - The rolling price-to-earnings ratio for the innovative drug index is 60.6 times as of July 1, 2023 [3]. - The biotech ETF tracks the CSI Biotech Theme Index, which includes up to 50 stocks in gene diagnostics, biopharmaceuticals, and other human biotechnology sectors, with a rolling P/E ratio of 57.5 times [8].

Core Insights - The Industrial and Commercial Bank of China (ICBC) Beijing Branch launched the "Disruptive Technology Innovation Special Loan" at the 2025 Financial Street Forum, aimed at supporting strategic technologies that can lead transformative changes [1][2] - The loan is part of a national key research and development program managed by the Beijing-Tianjin-Hebei National Technology Innovation Center, focusing on early-stage financing for hard technology enterprises [1] Group 1 - The special loan is designed to break traditional credit models, emphasizing early, small, long-term investments in hard technology [1] - The loan can cover up to 120% of the special subsidy amount, with a maximum term of 5 years, addressing funding needs across all stages of technology research and results transformation [1][2] - A dedicated evaluation model is applied to assess the technical teams and R&D capabilities of enterprises without income during the breeding period, facilitating efficient investigation and approval processes [1] Group 2 - On the same day of the loan's launch, ICBC Beijing Branch issued the first loan to a specialized small and medium-sized enterprise, Super Vision Biotechnology, to support its key R&D phase [2] - The total amount of loans for technology-oriented enterprises by ICBC Beijing Branch exceeds 160 billion yuan, and the introduction of this special loan enriches the bank's product matrix in the innovation chain [2] - ICBC Beijing Branch plans to continue developing financial products that cover the entire growth cycle and chain of technology enterprises, integrating innovation into the national innovation-driven development strategy [2]