赛分科技表示，本报告期内，公司深耕分析色谱与工业纯化两大核心领域，以技术创新为驱动，持续深 化产品性能优化与核心技术自主研发。在此基础上，公司把握国产替代战略窗口期，一方面积极开拓增 量客户项目，扩大市场覆盖边界；另一方面稳步推进存量客户已导入项目的复购转化，深化客户合作粘 性。双轮驱动下，公司经营规模实现进一步扩张，盈利能力保持稳定向上态势。 北京商报讯（记者 丁宁）10月15日晚间，赛分科技（688758）发布2025年前三季度业绩预告显示，公 司预计前三季度实现归属净利润9000万元到9800万元，与上年同期相比，将增加3551.21万元到4351.21 万元，同比增长65%到80%。 ...

Core Viewpoint - The company, Saifen Technology (688758.SH), anticipates a significant increase in net profit for the first three quarters of 2025, projecting a range of 90 million to 98 million RMB, representing a year-on-year growth of 65% to 80% compared to the previous year [1] Financial Performance - The expected net profit for the first three quarters of 2025 is estimated to be between 90 million and 98 million RMB, an increase of 35.51 million to 43.51 million RMB from the same period last year [1] Business Strategy - The company focuses on two core areas: analytical chromatography and industrial purification, driving innovation through technology [1] - Saifen Technology is leveraging the domestic substitution strategy by actively expanding its customer base and enhancing cooperation with existing clients to increase repeat purchases [1] - The dual approach of acquiring new clients while deepening relationships with existing ones has led to further expansion in operational scale and stable improvement in profitability [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company has shown stable revenue growth with a significant increase in net profit, driven by effective cost control and increased government subsidies [10]. - The analysis segment has stable growth, while the industrial purification segment has experienced rapid growth, particularly in the GLP-1 drug purification market [10]. - The trend of domestic substitution is becoming established, and the company is making orderly progress in overseas market expansion [10]. Financial Performance Summary - Revenue for 2023 is projected at 2.45 billion yuan, with a year-on-year growth of 15.2%. By 2027, revenue is expected to reach 5.82 billion yuan, reflecting a growth rate of 22.7% [6]. - The net profit attributable to the parent company is forecasted to grow from 520 million yuan in 2023 to 1.85 billion yuan in 2027, with a compound annual growth rate of 33.1% [6]. - Earnings per share are expected to increase from 0.13 yuan in 2023 to 0.44 yuan in 2027 [6]. Segment Performance Summary - The analysis chromatography segment is expected to generate revenue of 610 million yuan in the first half of 2025, reflecting a year-on-year growth of 7.57% [10]. - The industrial purification segment is projected to achieve revenue of 1.20 billion yuan in the first half of 2025, with a year-on-year growth of 28.59% [10]. - The company has accumulated 87 projects in clinical phase III and commercial production stages through domestic substitution by the end of June 2025 [10].

Core Viewpoint - The company, Saifen Technology, is expected to achieve significant revenue and profit growth in the first half of 2025, driven by its focus on analytical chromatography and industrial purification sectors, alongside strong market demand and strategic partnerships [1][2]. Company Performance - The company forecasts revenue between 180 million to 186 million yuan, representing a year-on-year growth of 18% to 22% [1]. - Expected net profit attributable to shareholders is projected to be between 51 million to 55 million yuan, indicating a year-on-year increase of 34% to 44% [1]. - The net profit after deducting non-recurring gains and losses is anticipated to be between 45 million to 47 million yuan, reflecting a year-on-year growth of 18% to 23% [1]. Market Position and Strategy - Saifen Technology holds three core technologies: microspheres, surface modification, and functional group ligands, and has established strategic partnerships with leading companies in the antibody, insulin, GLP-1, and recombinant protein sectors [1]. - The company is actively developing purification solutions for oligonucleotides, collagen, and blood products, enhancing its competitive edge across various segments of the biopharmaceutical market [1]. Industry Trends - The Chinese biopharmaceutical chromatography medium market is projected to reach between 6 billion to 9 billion yuan, accounting for approximately 15% to 20% of the global market [2]. - There is a strong trend towards domestic substitution in the industry, with leading domestic companies gaining market advantages through technological depth, scale production capabilities, and quality systems [2]. - The company is expanding its core product capacity and shortening delivery times to meet the rapidly growing market demand, with a significant capacity expansion project underway at its Yangzhou factory [2].

Investment Rating - The report does not explicitly provide an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The biopharmaceutical chromatography medium market in China is estimated to be between 6 billion to 9 billion, accounting for approximately 15% to 20% of the global market [20][21]. - There is a growing demand for new drug categories such as GLP-1, mRNA, and nucleic acid drugs, while antibodies remain the largest segment in terms of market demand [20]. - The company has initiated a global market expansion plan, establishing a new subsidiary in the U.S. focused on industrial chromatography business development [21][22]. - The domestic chromatography medium market is experiencing increased competition, with local manufacturers gaining market share and exerting price pressure on traditional imported brands [22][23]. Summary by Sections 1. Research Overview - The research was conducted on February 27, 2025, focusing on the company Sifen Technology and its market dynamics [13]. 2. Participating Institutions - Notable institutions involved in the research include Jianxin Pension, Shibei Investment, Tianfeng Securities Asset Management, and others [14][15]. 3. Market Dynamics - The report discusses the competitive landscape of the domestic chromatography medium market, highlighting the price advantages of local manufacturers over traditional imported brands [22][23]. - The company aims to provide comprehensive solutions for biopharmaceutical enterprises throughout the entire lifecycle, from research and development to production and quality control [23]. 4. Future Development Plans - The company plans to expand its industrial purification production capacity and invest in R&D centers in both China and the U.S. to enhance its market influence and share [23].