Financial Performance - In the first half of 2025, the company achieved revenue of 1.247 billion CNY, a year-on-year decrease of 3.64% [2] - The net profit attributable to shareholders was 445 million CNY, reflecting a year-on-year increase of 10.01% [2] - The overall gross profit margin was 51.26%, up by 3.8 percentage points compared to the previous year [4] - The cash flow from operating activities was 288 million CNY, an increase of 36.50% year-on-year [2] - The debt-to-asset ratio stood at 36.30%, indicating a stable financial condition [2] Business Development - The company plans to establish a high-end materials industrial park in the life sciences sector, covering an area of 270 acres with a total investment of 1.15 billion CNY [3] - The product range will include chromatography media, polymer chromatography fillers, enzyme carriers, and various adsorption separation materials [3] Profitability Insights - The gross margin for adsorption materials was 54.27%, an increase of 3.2 percentage points, driven by a higher proportion of high-margin businesses [4] - The decline in prices of key raw materials, such as styrene, contributed to the improved gross margin [4] Lithium Projects - In the first half of 2025, there was no revenue recognition from large-scale lithium extraction projects, but other lithium-related business generated approximately 61 million CNY [5] - The company secured a contract worth 35.77 million CNY for a lithium extraction system from Guotou Luojia [5] Market Position - The company remains a leading supplier in the solid-phase synthesis carrier market, primarily serving CDMO enterprises [6] - The competitive landscape for solid-phase synthesis carriers has not changed significantly [6] International Expansion - The company has seen significant growth in overseas revenue, with an increasing proportion of international business [7] - The establishment of subsidiaries, warehouses, and laboratories in various countries supports the company's global market expansion [7]

Core Viewpoint - Nanwei Technology is positioned as a leading company in high-performance nano microsphere materials, with significant improvements in performance margins and growth opportunities in the chromatography filler sector due to import substitution and commercialization expansion [2][3][6]. Company Overview - Established in 2007, Nanwei Technology specializes in the R&D, mass production, sales, and application services of high-performance nano microsphere materials for various sectors including biomedicine and diagnostics [2]. - The company faced growth pressures in 2023 due to external macroeconomic changes, but has shown significant performance recovery since Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [2]. Market Opportunities - The global chromatography media market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. The Chinese market is expected to grow from 11.2 billion yuan to 20.3 billion yuan in the same period, with a CAGR of 21.92% [3]. - Nanwei Technology is well-positioned to benefit from two major opportunities: import substitution and commercialization expansion. The company has developed a comprehensive range of chromatography fillers and media, making it a key player in the domestic market [3][4]. Import Substitution Opportunity - The chromatography filler and media industry has been historically dominated by foreign companies, with low domestic production rates. The rapid development of the domestic biomedicine industry and geopolitical tensions are driving the need for local alternatives [3]. - Successful project changes by downstream client Heng Rui Pharmaceutical provide a template for future import substitution projects, positioning Nanwei Technology as a leader in this transition [3]. Commercialization Expansion Opportunity - The usage of chromatography fillers and media increases with project phases, from early clinical trials to commercialization. Nanwei Technology has accumulated a growing number of clients and is nurturing numerous mid-to-late clinical projects, which are expected to yield significant returns [4]. Industry Chain Layout - Beyond its core business, Nanwei Technology is expanding its industry chain through a combination of self-built and acquired entities, including subsidiaries focused on chromatography instruments and diagnostic materials [5]. - Key subsidiaries include: - Fuli Instruments, a leader in domestic chromatography instruments, has made strides in gas and liquid chromatography [5]. - NAP Analysis, which focuses on high-quality laboratory chromatography consumables, achieving full domestic production [5]. - Saip Instrument, which develops precision purification equipment for large biomolecules, establishing itself as a leader in the domestic market [5]. Financial Forecast - Revenue projections for Nanwei Technology are 1 billion yuan in 2025, 1.24 billion yuan in 2026, and 1.55 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan [6]. - The company is expected to maintain a strong growth trajectory, supported by its leadership in the chromatography filler and media sector and its strategic industry chain expansions [6].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery starting from Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is expected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company is expanding its industrial chain through a dual approach of self-building and acquisitions, enhancing its business extensibility and opening up growth ceilings [7][20]. Summary by Sections Company Overview - Nanwei Technology, established in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere brands [21][23]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company has developed a comprehensive range of products, making it a key player in the domestic market. The company is expected to benefit from import substitution and commercialization opportunities, with successful case studies already established [5][18]. Industrial Chain Layout - The company is actively building its industrial chain by acquiring and establishing subsidiaries focused on chromatography instruments, consumables, and purification systems. This strategy is expected to enhance its market position and operational efficiency [7][20]. Financial Forecast and Investment Rating - Revenue projections for the company are 1.001 billion yuan in 2025, 1.244 billion yuan in 2026, and 1.549 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan. The company is rated positively due to its leading position in the chromatography filler and medium industry, along with favorable market conditions [8][10].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in its performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery since Q4 2024, achieving a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is expected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is projected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company has established a comprehensive layout in the upstream and downstream of the industry chain, enhancing its growth potential. Through a combination of self-built and acquired subsidiaries, it has expanded into chromatography instruments, consumables, protein purification systems, and in vitro diagnostic consumables [7][20]. Summary by Sections Company Overview - Nanwei Technology, founded in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere technology [4][21]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company is well-positioned to benefit from the ongoing import substitution and commercialization expansion in this sector [5][18]. - The company has developed a full range of chromatography fillers and media, making it a key player in the domestic market, which has historically been dominated by foreign brands [5][18]. Financial Projections - Revenue projections for the company from 2025 to 2027 are 1.00 billion yuan, 1.24 billion yuan, and 1.55 billion yuan, respectively. Corresponding net profits are expected to be 141 million yuan, 221 million yuan, and 285 million yuan, with earnings per share (EPS) of 0.35 yuan, 0.55 yuan, and 0.71 yuan [8][10]. Subsidiary Overview - The company has several key subsidiaries, including: 1. Fuli Instruments, a leading domestic chromatography instrument manufacturer [11]. 2. NAP Analysis, focusing on high-quality laboratory chromatography consumables [11]. 3. Saip Instrument, specializing in precision purification equipment for biopharmaceuticals [11][20]. Market Opportunities - The company is expected to benefit from the increasing domestic demand for chromatography fillers and media, driven by the growth of the biopharmaceutical industry and the trend towards import substitution [5][18].

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]