Core Viewpoint - The report provides a verification of Jiangsu Hanbang Technology Co., Ltd.'s pre-investment of self-raised funds into fundraising projects and payment of issuance expenses, confirming compliance with regulatory requirements [1][4]. Group 1: Verification Report - The verification report is intended solely for Jiangsu Hanbang Technology Co., Ltd. to replace self-raised funds with raised funds for specific projects and expenses [2]. - The management of Hanbang Technology is responsible for providing accurate and complete information in accordance with regulatory guidelines [2]. - The registered accountant's responsibility is to independently verify the information provided by the management [3]. Group 2: Fundraising Overview - Hanbang Technology raised a total of RMB 500.94 million by issuing 22 million shares at RMB 22.77 per share, with net funds amounting to RMB 430.67 million after deducting various fees [5][6]. - The company adjusted the investment amounts for its fundraising projects due to the actual funds raised being lower than initially planned [6]. Group 3: Pre-Investment of Self-Raised Funds - As of May 13, 2025, Hanbang Technology invested RMB 46.43 million of self-raised funds into its fundraising projects, which represents 6.74% of the total investment [7][9]. - The specific projects funded include the construction of a chromatography equipment research center and the production of laboratory chromatography purification instruments [7].

Core Viewpoint - Jiangsu Hanbang Technology Co., Ltd. (Hanbang Technology) is set to launch its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a reduced fundraising target of approximately 430 million yuan, down from earlier projections of 980 million yuan and 598 million yuan [3][4][5]. Fundraising and Financials - The IPO price is set at 22.77 yuan per share, with a total issuance of 22 million shares, aiming to raise around 500 million yuan [3]. - The net fundraising amount has decreased by approximately 56%, equating to a reduction of 550 million yuan compared to earlier estimates [5]. - The company plans to allocate the raised funds primarily for production projects, including the annual production of 1,000 liquid chromatography separation equipment and the development of chromatography separation equipment [4][5]. Company Overview - Hanbang Technology, established in October 1998, focuses on chromatography technology, providing separation and purification equipment, consumables, and technical solutions primarily for the pharmaceutical and life sciences sectors [6]. - The company has a registered capital of 66 million yuan, with major shareholders including Zhang Dabin, WuXi AppTec, QK Venture Capital, and Sequoia [6]. Performance Metrics - Revenue projections for Hanbang Technology are approximately 482 million yuan for 2022, 619 million yuan for 2023, and 691 million yuan for 2024, with net profits of around 38.56 million yuan, 51.50 million yuan, and 79.34 million yuan respectively [7]. - The company has shown a compound annual growth rate (CAGR) of 38.99% in main business revenue from 2021 to 2023, but this rate is expected to slow to 19.78% from 2022 to 2024 [9]. - The total assets as of December 31, 2024, are projected to be approximately 1.32 billion yuan, with a debt-to-asset ratio of 44.17% [8].

Core Viewpoint - The A-share market will have three new stock subscriptions this week, including Hanbang Technology, Weigao Blood Purification, and Taili Technology, indicating a growing interest in innovative companies within the healthcare and technology sectors [1] Group 1: Hanbang Technology - Hanbang Technology is a leading supplier of chromatography separation and purification equipment in China, particularly in the production-grade small molecule drug separation market, holding a market share of approximately 39.2% [3] - The company has developed a comprehensive product matrix for both small and large molecule drug separation and purification equipment, catering to industrial production and laboratory research [2] - Hanbang Technology's revenue for 2022, 2023, and 2024 is projected to be 482 million, 619 million, and 691 million yuan, respectively, with net profits of 39 million, 51 million, and 79 million yuan [3] Group 2: Weigao Blood Purification - Weigao Blood Purification focuses on the research, production, and sales of medical products for blood purification, with a diverse product line including blood dialysis machines and accessories [4] - The company holds a leading market share in the domestic blood dialysis sector, with 32.5% in blood dialysis devices and 31.8% in blood dialysis tubing [4] - Revenue projections for Weigao Blood Purification for 2022, 2023, and 2024 are 3.426 billion, 3.532 billion, and 3.604 billion yuan, respectively, with net profits of 315 million, 442 million, and 449 million yuan [5] Group 3: Taili Technology - Taili Technology specializes in new material research and vacuum technology applications, being the exclusive supplier of compression bags for China's aerospace sector [6] - The company has implemented a multi-channel sales strategy, transitioning from traditional distribution to a primarily online sales model, while also maintaining strong offline retail partnerships [7] - Revenue forecasts for Taili Technology for 2022, 2023, and 2024 are 638 million, 835 million, and 1.02 billion yuan, respectively, with net profits of 59 million, 85 million, and 88 million yuan [7]

Core Viewpoint - Jiangsu Hanbang Technology has initiated its IPO, leveraging policy support and market demand, with a focus on core technology and high R&D investment to expand production capacity and R&D centers, promoting domestic substitution and innovation in chromatography separation and purification equipment [1][3]. Group 1: Company Overview - Jiangsu Hanbang Technology Co., Ltd. specializes in the R&D, production, and sales of chromatography technology, widely applied in pharmaceuticals and life sciences [4]. - The company is one of the earliest in China to master complete proprietary liquid chromatography system technology, covering all stages from laboratory to industrial production and various drug categories [4]. - Hanbang Technology ranks second in the production-grade liquid chromatography separation equipment market in China, with a market share of approximately 12.7% [4]. Group 2: Market Dynamics - The Chinese liquid chromatography equipment market exceeded 2.7 billion yuan in 2023, with Hanbang holding significant market shares of 39.2% in small molecule liquid chromatography systems and 8.8% in macromolecule chromatography systems [4]. - The chromatography equipment market has surpassed 10 billion yuan, driven by increasing global demand, domestic market expansion, and supportive national policies [4]. Group 3: R&D and Innovation - Hanbang Technology has invested significantly in R&D, with expenditures rising from 2,204,120 yuan in 2021 to 4,184,600 yuan in 2024, reflecting a strong commitment to technological innovation [5]. - The company has obtained 53 invention patents, including 40 domestic and 13 overseas patents, showcasing its strong R&D capabilities [5]. Group 4: IPO Fund Utilization - The funds raised from the IPO will be primarily allocated to expand production capacity and enhance R&D center construction [5][6]. - Specific projects include the production of 1,000 units of liquid chromatography series separation equipment and the establishment of a chromatography separation equipment R&D center [6][7]. - These initiatives aim to solidify Hanbang's leadership position in the industry and promote high-quality development [8].