● 本报记者 杨洁 截至8月17日，有25家北交所上市公司披露2025年半年报，其中有22家公司实现营业收入同比增长，卓 兆点胶营收同比增速目前高居榜首，达207.46%，并行科技、锦波生物、同心传动、海能技术、明阳科 技的营收增速也在30%以上。同时记者注意到，卓兆点胶、锦波生物等公司计划进行中期分红，积极回 报投资者。 多家公司业绩改善 净利润方面，25家披露中报的北交所公司中，除了欧普泰的归母净利润出现亏损，其余24家公司的归母 净利润均为正。同时，18家公司的归母净利润实现同比增长，卓兆点胶、海能技术、颖泰生物等公司归 母净利润实现扭亏为盈。 记者注意到，截至8月17日，卓兆点胶、锦波生物等4家北交所公司计划中期分红，合计拟派发现金红利 1.76亿元。 卓兆点胶公告称，公司目前总股本为8207.72万股，计划以未分配利润向全体股东每10股派发现金红利 2.20元（含税），预计派发现金红利1805.70万元。 锦波生物公告称，公司目前总股本为1.15亿股，计划以未分配利润向全体股东每10股派发现金红利10元 （含税），预计派发现金红利1.15亿元。上半年，公司实现营业收入8.59亿元，同比增长42.43 ...

Core Viewpoint - Chengdu Keri Technology Co., Ltd. has completed several tens of millions in Pre-B round financing, which will accelerate the improvement and market promotion of its ultra-high-performance liquid chromatography product line, achieving breakthroughs in several core technologies for domestic production [1][2]. Financing History and Technical Breakthroughs - Since its establishment in 2016, Keri Technology has completed multiple rounds of financing, including angel investment in 2018, Pre-A round in 2019, and several A rounds in 2022 and 2024, with total R&D investment exceeding 80 million [3]. - The company has achieved 100% domestic production of core components such as high-pressure infusion pumps and detectors, significantly reducing product BOM costs and avoiding risks from international supply chain fluctuations [3]. Differentiated Market Strategy - Keri Technology has adopted a differentiated market strategy to penetrate the high-end market, which is dominated by overseas brands, by focusing on specific application scenarios [4]. - In the field of wastewater and drug detection, its dual-fish series "online solid-phase extraction two-dimensional liquid chromatography" has served over 30 public security and judicial testing institutions, processing over 50,000 samples annually [4]. Addressing User Experience - To tackle the pain point of insufficient user experience with domestic instruments, Keri Technology has proposed an "open-source software ecosystem" strategy, planning to develop free general chromatography software for non-commercial users, facilitating interoperability among various brands [5]. Outlook for Domestic Substitution - The scientific instrument industry is characterized by long R&D cycles and high technical barriers, and Keri Technology's approach demonstrates the value of long-term commitment [6]. - The company plans to launch a fully automated sample pre-treatment platform, achieving full-process automation from sample to result, while continuing to expand into new scenarios in biomedicine and industrial analysis [6].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery starting from Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is expected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company is expanding its industrial chain through a dual approach of self-building and acquisitions, enhancing its business extensibility and opening up growth ceilings [7][20]. Summary by Sections Company Overview - Nanwei Technology, established in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere brands [21][23]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company has developed a comprehensive range of products, making it a key player in the domestic market. The company is expected to benefit from import substitution and commercialization opportunities, with successful case studies already established [5][18]. Industrial Chain Layout - The company is actively building its industrial chain by acquiring and establishing subsidiaries focused on chromatography instruments, consumables, and purification systems. This strategy is expected to enhance its market position and operational efficiency [7][20]. Financial Forecast and Investment Rating - Revenue projections for the company are 1.001 billion yuan in 2025, 1.244 billion yuan in 2026, and 1.549 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan. The company is rated positively due to its leading position in the chromatography filler and medium industry, along with favorable market conditions [8][10].

Core Viewpoint - The ACCSI 2025 forum focused on the latest advancements in chromatography technology, the path to domestic development, and the collaborative upgrade of the industry ecosystem, emphasizing the importance of building a self-controlled and efficient industrial ecosystem to accelerate the domestic substitution of chromatography technology and promote high-quality development in key fields such as life sciences and public safety [2][5]. Summary by Sections Event Overview - The 18th China Scientific Instrument Development Annual Conference (ACCSI 2025) was held on May 12, 2025, in Shanghai, attracting over 1,800 participants from government, academia, and industry, marking a new high in conference scale [2]. - The forum on new application scenarios and industrial ecosystem upgrades in chromatography was a key sub-forum, themed "Focusing on Niche Market Breakthroughs, Decoding New Opportunities in the Chromatography Industry" [2]. Forum Content - The forum covered multiple dimensions of chromatography technology, including precision design of instrument components, breakthroughs in key materials, trends in automation and intelligence, and innovative practices in diverse application scenarios such as clinical diagnostics and petrochemical analysis [5]. - Experts discussed the development trajectory of gas chromatography, liquid chromatography, ion chromatography, and two-dimensional chromatography, while also analyzing the significant progress made in domestic chromatography equipment regarding core component localization and overall performance enhancement [5]. Expert Reports - **Gas Chromatography**: Researcher Guan Yafeng reviewed the development and challenges of gas chromatography, emphasizing the importance of hardware design and software integration for accuracy and repeatability [10]. - **Ion Chromatography**: Professor Yang Bingcheng highlighted advancements in domestic ion chromatography, including key technological breakthroughs and the performance of domestic core components approaching international standards [12]. - **Nanwei Technology**: Vice President Mi Jianqiu discussed the company's comprehensive approach to building a chromatography technology ecosystem, emphasizing the importance of industry collaboration and increasing domestic substitution rates [14]. - **Drug Analysis**: Reports from various experts, including Wang Yu and Zhang Bo, focused on the practical applications of domestic chromatography in drug testing, showcasing the performance of domestic instruments in comparison to imported ones [17][19]. Industry Trends - The forum underscored the need for the chromatography industry to transition from "point breakthroughs" to "full-chain collaboration" to enhance the overall ecosystem and meet the growing demands in critical sectors [5]. - The discussions also pointed to the challenges faced by domestic manufacturers, including the need for improved software integration and market trust, as well as the importance of regulatory compliance [19]. Future Outlook - The forum concluded with a call for enhanced cooperation within the industry to drive the transition of domestic chromatography from a "follower" to a "leader" in the global market [14].