Investment Rating - The report indicates a positive investment outlook for the small molecule liquid chromatography equipment industry, particularly in emerging markets such as South Asia and Southeast Asia, where there is high potential and lower entry barriers [5][8]. Core Insights - The report highlights that China's small molecule liquid chromatography equipment exports reached approximately 230 million yuan in 2024, accounting for 3%-5% of the global market share, with industrial-grade equipment making up 75% of this figure [5]. - The competitive advantage of domestic equipment lies in its price, which is 50%-60% lower than imported counterparts, making it attractive in regions like India and Southeast Asia [5][6]. - Future growth trends are polarized, with industrial-grade equipment expected to see a compound annual growth rate (CAGR) of 18%-20% by 2030, while laboratory-grade equipment will depend on technological breakthroughs [5][8]. Market Analysis - The report identifies key overseas markets with high potential, including Southeast Asia, South Asia, Russia, the Middle East, Europe, and North America, each with varying market potential ratings and core demand characteristics [6]. - Southeast Asia and South Asia are viewed as short-term core markets due to their high potential and lower entry barriers, with India being a significant hub for generic drug production [6][8]. - The report outlines a "stair-step" strategy for market entry, focusing on short-term gains in South Asia and Southeast Asia, mid-term strategies in Russia and the Middle East, and long-term goals in Europe and North America [8]. Challenges Faced by Domestic Manufacturers - Domestic manufacturers face challenges in technical barriers, compliance certifications, after-sales response, and brand recognition [12][14]. - The report notes that laboratory-grade equipment has significant software and sensitivity gaps compared to imported brands, which dominate the global market [14]. - Compliance with stringent standards such as EU GMP and North American ASME BPE poses additional challenges for domestic manufacturers [14].

Core Viewpoint - Hanbang Technology has successfully transitioned from a chromatography consumables agent to a leading domestic manufacturer of preparative chromatography equipment, becoming the first stock of chromatography equipment on the Sci-Tech Innovation Board [3][4]. Company Development - Established in 1998, Hanbang Technology initially focused on the agency sales of chromatography consumables, facing market saturation by 2006, which prompted a shift towards independent research and development [4]. - The company launched its first dynamic axial compression column in 2005, and by 2012, revenue from self-developed products surpassed that from agency sales [4][5]. - By 2024, Hanbang Technology was recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, ranking first in the domestic production-grade small molecule liquid chromatography system market [5]. Talent and R&D - Since 2010, Hanbang Technology has focused on attracting and retaining R&D talent, forming a technical team of 141 members by 2024, including 5 core technical personnel [5]. - The company implements various incentive measures, such as salary bonuses and stock options, to stabilize and develop its core technical team [5]. Market Position and Clientele - Hanbang Technology primarily serves the pharmaceutical industry, with notable clients including domestic giants like Heng Rui Medicine and international pharmaceutical equipment integrators [6][7]. - The company emphasizes the importance of high-purity separation and purification technologies, which are increasingly demanded due to stringent regulatory requirements [7]. Business Model and Solutions - Hanbang Technology adopts a dual approach of product development and customized turnkey services, offering solutions for both small and large molecule drug separation and purification [7]. - The company provides tailored solutions based on client sample characteristics, optimizing chromatography filler performance to reduce production costs [7]. Financial Performance - The company's revenue has shown consistent growth, with figures of 482 million yuan, 619 million yuan, and 691 million yuan from 2022 to 2024, respectively [8]. - Net profit attributable to the parent company has also increased, reaching approximately 79.34 million yuan in 2024 [8]. Future Outlook - Hanbang Technology anticipates continued growth in the domestic liquid chromatography market, with the laboratory liquid chromatography market projected to reach 3.6 billion yuan by 2026 [8]. - The company plans to raise funds through an IPO to enhance production capacity and R&D capabilities, with specific projects aimed at increasing production of chromatography equipment and laboratory instruments [8][9]. - Future technical focuses include optimizing chromatography system pressure resistance, fluid distribution, sealing, and homogenization technologies, as well as developing higher selectivity chromatography materials [9].

Core Viewpoint - Huapu Science and Technology has completed over 100 million yuan in Pre-B round financing, aiming to advance domestic liquid chromatography technology innovation and application, breaking the import monopoly [1][2]. Company Overview - Huapu Science and Technology, established in 2015, has developed a comprehensive product matrix including HPLC (High-Performance Liquid Chromatography), UHPLC (Ultra-High-Performance Liquid Chromatography), and corresponding software and consumables. The company has thousands of its own brand instruments in the mainstream chromatography application market [2][3]. - The company has built a significant competitive advantage in the domestic liquid chromatography field, being one of the few manufacturers capable of entering customs, quality inspection, and drug supervision units, as well as key commercial clients such as pharmaceutical companies and CROs [2]. Market Context - The liquid chromatography market in China is valued at over 10 billion yuan annually, with more than 90% of the market currently dominated by imported brands. The industry is characterized by a high trade deficit, with imports of precision instruments reaching 90.98 billion yuan in 2024, surpassing imports of soybeans and integrated circuits [6][8][9]. - The domestic production of liquid chromatography instruments is not only about the autonomy of life science tools but also about ensuring supply chain security for industrial enterprises, research institutions, and government testing units [9]. Product Development and Innovation - Huapu Science and Technology is continuously expanding its product matrix to achieve platform-scale effects. The company has formed strategic partnerships to promote the domestic production of clinical liquid chromatography and mass spectrometry technology [3][5]. - The company has achieved over 95% localization of core components in its chromatography instruments, ensuring a fully controllable upstream supply chain, which mitigates potential risks from trade disputes [10]. Regulatory Compliance and Software Development - The development of compliant chromatography software is a major bottleneck for domestic liquid chromatography products entering the mainstream market. Huapu has spent eight years developing a fully independent, compliant chromatography control software that meets international regulatory standards [11][12]. - The software is crucial for process control and data storage in drug development and production, serving as an important quality defense for regulatory agencies and large pharmaceutical companies [10]. Customer Engagement and Market Strategy - Huapu Science and Technology has established a comprehensive marketing system that covers market dominance, sales operations, industry solutions, and technical support, enabling rapid response to customer needs [14]. - The company focuses on key growth engines by targeting policy benchmark clients such as customs and drug supervision, as well as commercial benchmark clients like large pharmaceutical companies and CROs, maintaining high business growth over the past three years [14]. Investment and Future Outlook - The recent financing will accelerate the expansion of domestic and international sales channels and enhance the development of next-generation core products. The company aims to integrate cutting-edge technology and innovative concepts to drive industry innovation [15]. - Investors view Huapu as a key player in the domestic liquid chromatography market, emphasizing the importance of its technology and market expansion capabilities in contributing to the development of China's high-end instrument industry [16][17].