Group 1: Company Performance Overview - The company achieved double-digit growth in new orders for Q3, with an acceleration compared to the first half of the year [2] - The new business segments, including chemical and biological macromolecule businesses, are showing strong growth, indicating a positive revenue outlook for 2026 [2] Group 2: Capacity and Capital Expenditure - The capital expenditure for 2025 is projected to increase to approximately 1.3-1.4 billion, focusing on new business areas [3] - The small molecule business is experiencing tight capacity, particularly in Tianjin, while the Northeast facility is operating at normal utilization levels [3] - The company is expanding its capacity in the chemical macromolecule sector, with significant growth expected in the peptide and oligonucleotide businesses [3] Group 3: Profitability and Margins - The gross margin for new business segments reached 30.6% in the first three quarters of 2025, an increase of 10.6 percentage points year-on-year [4] - The domestic business revenue is expected to continue increasing, driven by a competitive domestic market and ongoing projects [5] - The company is implementing cost control measures to ensure that expense growth remains below revenue growth [6] Group 4: Market Trends and Future Outlook - The company anticipates a revenue growth of 13%-15% for the full year 2025, with increasing growth rates expected in 2026 and 2027 [4] - The domestic revenue share is expected to rise, supported by the increasing number of projects going overseas [5] - The company is focusing on enhancing its capabilities to capture more collaboration opportunities in the rapidly growing new molecule sector [4] Group 5: Competitive Positioning - The company’s core competencies lie in its delivery capabilities and investment in new technologies aimed at significantly reducing production costs [7] - The revenue structure of the chemical macromolecule business shows over 50% coming from peptide business, with a shift towards overseas markets expected [8]

Core Viewpoint - Notai Biotech will be subject to other risk warnings and will be suspended from trading for one day starting July 21, following a notice from the China Securities Regulatory Commission regarding administrative penalties [2][12]. Summary by Sections Company Announcement - Notai Biotech announced that it will be subject to other risk warnings starting July 22, with its stock name changing to ST Notai [2][16]. - As of the market close on July 18, Notai Biotech's stock price was 40.98 yuan per share, with a total market value of 12.95 billion yuan [4]. Regulatory Findings - The administrative penalty notice indicates that Notai Biotech's 2021 annual report contained false records, and the company fabricated significant false content in its public offering documents [8][11]. - Specifically, in December 2021, Notai Biotech transferred drug technology and licensing rights to Zhejiang Huabei Pharmaceutical Co., confirming business income of 30 million yuan, which was later found to be inflated [10]. Financial Impact - The China Securities Regulatory Commission noted that the transaction with Zhejiang Huabei resulted in an inflated operating income of 30 million yuan and an inflated total profit of 25.9516 million yuan, accounting for 20.64% of the reported profit for that period [10][11]. - Notai Biotech is facing a penalty of 47.4 million yuan and warnings for its actual controller and former director, totaling 28.8 million yuan in fines for related personnel [11]. Future Outlook - Notai Biotech's stock will not enter the risk warning board during the warning period, and the stock price fluctuation limit remains at 20% [16]. - The company projected a net profit of 300 million to 330 million yuan for the first half of 2025, representing a year-on-year growth of 32.06% to 45.27% [16].