投资者活动基本情况 活动类别及时空信息 2025年11月20日下午14:00-16:00，楚天科技股份有限公司（以下简称"楚天科技"）以"特定对象调研+现 场参观"形式接待了机构投资者调研。活动地点位于公司会议室，通过厂区参观与会议室座谈相结合的 方式，就公司经营发展等议题与机构代表展开交流。 参与机构及接待人员 本次调研参与机构包括康曼德资本、中泰证券、人保资产、国信证券共4家机构。楚天科技方面由董事 会秘书黄玉婷、证券事务代表周德伟负责接待并回应提问。 核心交流要点解读 海外市场拓展：五大区域布局显效 进入快速增长通道 在海外市场拓展策略方面，公司表示目前主要聚焦东南亚、中东非、欧洲、美洲、印度新澳五大区域， 依托行业稀缺的整体解决方案能力、高性价比服务及渠道优势推动高质量销售与服务落地。 据介绍，经过近3-5年的持续战略布局、资源投入与业务积淀，公司海外业务已进入快速增长通道。其 中，中东非、东南亚区域已取得阶段性突破性成果，欧洲、美洲区域后续订单与业绩有望实现逐步突 破。 毛利率展望：2025年预计维持30%左右 未来有望稳步提升 关于毛利率水平，公司披露2025年综合毛利率预计维持在30%左右。长期 ...

Core Viewpoint - Canaan Technology's stock has seen a significant increase, with a 5.07% rise on October 28, reaching a price of 6.01 CNY per share, and a total market capitalization of 2.992 billion CNY, reflecting a cumulative increase of 13.04% over six consecutive days [1] Company Overview - Canaan Technology, established on December 15, 2008, and listed on December 31, 2014, is located in Wenzhou, Zhejiang Province. The company specializes in the research, production, and sales of solid preparation equipment [1] - The main business revenue composition includes: 57.15% from oral solid preparation equipment and smart factory business, 40.98% from biological and sterile preparation water equipment and liquid system engineering, and 1.87% from other supplementary services [1] Shareholder Insights - Among the top ten circulating shareholders of Canaan Technology, a fund under Nuoan Fund has increased its holdings. The Nuoan Multi-Strategy Mixed A Fund (320016) added 617,600 shares in the third quarter, holding a total of 2.6486 million shares, which represents 0.57% of the circulating shares [2] - The fund has realized a floating profit of approximately 768,100 CNY today and a total of 1,748,100 CNY during the six-day rising period [2] Fund Manager Performance - The fund managers of Nuoan Multi-Strategy Mixed A are Kong Xianzheng and Wang Haichang. Kong has a tenure of 4 years and 337 days, with a total fund asset size of 5.608 billion CNY and a best return of 84.18% during his tenure [3] - Wang has a tenure of 3 years and 99 days, managing assets of 3.427 billion CNY, with a best return of 71.22% during his management period [3]

Group 1: Market Position and Competitive Advantage - The company has a strong technical advantage in the field of microbial detection and control, providing various equipment, instruments, and consumables [1] - The company aims to enhance its market share and competitive edge in the food, pharmaceutical, and cosmetics industries through increased market development efforts and diversified strategies [2] - The company plans to expand its overseas market presence to mitigate local risks and enhance existing product applications and market share [2] Group 2: Financial Performance and Growth Prospects - The company reported its profitability for 2024 and Q1 2025 in its disclosed periodic reports [2] - The company anticipates growth in profitability by leveraging its R&D and product innovation capabilities, accelerating new product development, and expanding existing product applications [2] - In 2024, the company's R&D investment is projected to account for 17.86% of its operating revenue [2] Group 3: Industry Outlook - The pharmaceutical equipment manufacturing industry is a key area for national support in promoting independent innovation and industrial upgrading [2] - Recent government policies have been introduced to support domestic biopharmaceutical companies in enhancing drug innovation capabilities and expanding application scenarios in the biopharmaceutical industry [2]

Core Viewpoint - Hanbang Technology (688755.SH) is set to be listed on the Sci-Tech Innovation Board, focusing on chromatography technology to provide separation and purification equipment and solutions for the pharmaceutical and life sciences sectors [1][2] Company Overview - Hanbang Technology is a high-tech enterprise integrating R&D, production, and sales, primarily serving the pharmaceutical and life sciences industries [1] - The company has established itself as a leading player in the domestic chromatography purification equipment market, with a market share of approximately 12.7% in small molecule liquid chromatography equipment, ranking first among domestic manufacturers [6] - Hanbang's product lines include small molecule and large molecule drug separation and purification equipment, catering to both industrial production and laboratory research [6] Financial Information - The company's initial public offering (IPO) price is set at 22.77 CNY per share, with an institutional offering price of 23.00 CNY per share, resulting in a market capitalization of 15.03 billion CNY [5] - The projected use of raised funds includes investments in various production projects, with amounts allocated as follows: 1.93 billion CNY for annual production of 1,000 liquid chromatography separation equipment, 1.81 billion CNY for chromatography equipment R&D center, and 2.25 billion CNY for annual production of 2,000 laboratory chromatography purification instruments [5] Market Position and Competitors - Hanbang Technology has established strong partnerships with well-known pharmaceutical companies such as Hengrui Medicine, Zhengda Tianqing, and others, and its products are exported to multiple countries including Germany, the UK, India, and South Korea [6] - The company has undergone multiple rounds of financing, with notable investors including WuXi AppTec, Junlian Capital, and Sequoia Capital [6] Risks and Challenges - The company has reported high ending inventory amounts and potential impairment risks, with inventory values of 508 million CNY, 431 million CNY, and 387 million CNY from 2022 to 2024 [7] - Accounts receivable values are also significant, with amounts of 131 million CNY, 119 million CNY, and 130 million CNY for the same period, indicating a high proportion of overdue accounts [7]

Core Viewpoint - The company, Jiangsu Hanbang Technology Co., Ltd., focuses on chromatography technology, aiming to become the leading brand in the international chromatography industry while providing high-quality separation and purification equipment for the pharmaceutical and life sciences sectors [4][5][7]. Business Overview - The company specializes in chromatography separation and purification products, offering a comprehensive product matrix that includes small and large molecule drug separation and purification equipment [5]. - The main product lines include small molecule liquid chromatography systems and large molecule chromatography systems, catering to both laboratory research and industrial production [5]. R&D Model - The company adopts an independent R&D model with dedicated departments for instrument development, application technology, and new materials [6]. - R&D strategies are guided by customer needs and industry trends, leading to the development of new products and continuous improvement of existing ones [6]. Core Technology - The company has developed unique core technologies in chromatography, including preparation chromatography column technology and integrated chromatography system technology [7]. - It has undertaken multiple national and provincial research projects, enhancing its technological capabilities [7]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 481.79 million, 619.01 million, and 690.88 million yuan, respectively, with over 99% of revenue coming from its main business [11]. - Gross profit for the same years was approximately 189.24 million, 245.08 million, and 293.57 million yuan, showing a consistent growth trend [11]. Product Profitability - The gross profit margin for small molecule drug separation and purification equipment was 43.87%, 42.13%, and 46.90% from 2022 to 2024, while for large molecule equipment, it was 31.79%, 34.72%, and 31.55% [12]. Future Development Plans - The company plans to continue focusing on chromatography products, enhancing R&D and innovation, and expanding its product range in the biopharmaceutical chromatography purification field [13]. - Specific measures include strengthening talent development, enhancing marketing and service capabilities, and diversifying financing [13]. Competitive Advantages - The company possesses several competitive advantages, including technological innovation, comprehensive solution services, brand leadership, rapid response, and strong customer resources [14][19]. Industry Trends - The pharmaceutical equipment industry is experiencing rapid growth driven by the Chinese pharmaceutical market, with increasing demand for both small and large molecule chromatography systems [20][21]. - The industry is also seeing a shift towards high-end products and smart manufacturing, supported by national policies [21]. Market Position - The company ranks second in the production-level small molecule liquid chromatography equipment market in China, with a market share of approximately 12.7% [22]. - In the production-level small molecule liquid chromatography system market, the company holds a leading position with a market share of 39.2% [22]. Fundraising Projects - The company plans to invest in projects including the annual production of 1,000 liquid chromatography series separation equipment and the establishment of a chromatography separation equipment R&D center [24][25][26].

Inflation Data - March CPI year-on-year growth rate was -0.1%, slightly better than the previous value of -0.7% and in line with market expectations[2] - March PPI year-on-year growth rate recorded at -2.5%, slightly lower than the previous value of -2.2%[2] Price Movements - Food prices decreased by 1.4% month-on-month, contributing approximately 0.24 percentage points to the CPI decline[4] - The price of wearable smart devices increased by 4.6% year-on-year, driven by advancements in high-tech industries[2] Core CPI Insights - Core CPI (excluding food and energy) rose by 0.5% year-on-year in March, reversing from a decline of 0.1% in February[8] - Service prices increased by 0.3% year-on-year in March, contributing positively to the CPI[8] Commodity Prices - March Brent crude oil average price was $72.51 per barrel, down by $2.81 from the previous month[7] - Domestic gasoline prices decreased by 3.5% month-on-month, impacting CPI by approximately 0.12 percentage points[7] Economic Outlook - The government aims for a CPI increase of around 2% for 2025, indicating a shift towards balancing supply and demand rather than strict inflation control[8] - The report suggests that effective demand recovery has significant potential, with the economy still in the early stages of inflation bottoming out[2]