Core Viewpoint - Hanbang Technology (688755.SH) has made progress in three patent infringement lawsuits against Cytiva, with two patents declared invalid by the National Intellectual Property Administration and one case still under review by the Supreme People's Court [1][2]. Group 1: Patent Litigation Progress - Two of the patents involved in the lawsuits have been declared invalid by the National Intellectual Property Administration, leading to the Supreme People's Court overturning the initial ruling that found Hanbang Technology guilty of infringement [1]. - The lawsuit concerning the "column filling method" is still ongoing, with the first instance ruling in favor of Hanbang Technology, but Cytiva has appealed, and the case is currently under review by the Supreme People's Court [1]. Group 2: Company Overview and Market Position - Hanbang Technology has invested over 108 million yuan in R&D from 2022 to 2024, with R&D personnel accounting for over 20% of its workforce [2]. - The company holds a 39.2% market share in the production-grade small molecule liquid chromatography system, leading the domestic market, while its large molecule chromatography system ranks among the top three, breaking the long-standing monopoly of international giants like Danaher and Sartorius [2]. - Hanbang Technology has developed a comprehensive technical system covering chromatography column technology, system integration, and application solutions, with products used in various applications across over 2,000 domestic and international enterprises [2].

Core Viewpoint - The report outlines the ongoing supervision and assessment of Suzhou Saifen Technology Co., Ltd. by CITIC Securities, focusing on the company's financial performance, core competencies, and potential risks associated with its operations in the chromatography industry. Summary by Sections Continuous Supervision Overview - CITIC Securities conducted a site inspection of the company from August 13 to August 14, 2025, reviewing governance documents, financial management, internal controls, and fundraising management [1]. Issues and Rectification - No significant issues were identified during the supervision period [2]. Major Risk Items - **Core Competitiveness Risk**: The company has developed unique technologies over 20 years, including microsphere synthesis and surface modification. Failure to protect these technologies could weaken its market position [2]. - **Operational Risks**: The company faces challenges in managing its overseas subsidiary, which accounts for 18.20% of its revenue, including risks related to local compliance and currency fluctuations [4]. Financial Performance - The company reported a revenue of 182.63 million yuan in the first half of 2025, a 19.76% increase year-on-year. Net profit attributable to shareholders was 53.66 million yuan, up 40.91% [17]. - The cash flow from operating activities was 35.72 million yuan, reflecting a 36.32% increase due to higher sales [17]. Core Competitiveness - The company possesses advanced microsphere synthesis technology, surface modification techniques, and functional modification capabilities, which are critical for producing high-quality chromatography media [18][19]. - The company has established a comprehensive product range, including over 100 types of chromatography media and more than 1,000 specifications of analytical columns, catering to various applications in biopharmaceuticals [20][21]. Industry Risks - The company faces risks from policy changes in the pharmaceutical industry, which could slow down growth and affect demand for its chromatography products [9][10]. - Increased competition from both domestic and international players in the chromatography market poses a threat to the company's market share [14][13]. Quality Management - The company has obtained ISO 9001:2015 certification and adheres to GMP guidelines for quality management, ensuring high product quality and consistency [23]. Research and Development - The company invested 2.39 million yuan in R&D in the first half of 2025, representing 13.09% of its revenue, with a focus on enhancing its product offerings and technological capabilities [24].