北交所信息更新 新材料、新能源、制药等领域收入增长，2025 年归母净利润同比+222% ——北交所信息更新 | 诸海滨（分析师） | 车欣航（分析师） | | --- | --- | | zhuhaibin@kysec.cn | chexinhang@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050001 | 2025 年业绩快报：营收 3.62 亿元，同比+16.63%；归母净利润 4211.72 万元 公司发布 2025 年业绩快报，2025 年公司实现营业收入 3.62 亿元，同比增长约 16.63%；实现归母净利润 4211.72 万元，同比增长 222.20%；扣非归母净利润 3557.01 万元，同比增长 821.24%。根据业绩快报，我们小幅下调 2025 年并维持 2026-2027 年盈利预测，预计 2025-2027 年归母净利润为 0.42（原 0.43）/0.53/0.64 亿元，对应 EPS 为 0.49/0.62/0.75 元/股，对应当前股价 PE 为 49.5/39.4/32.6 倍， 看好公司多项科学仪器新品达领先水平， ...

北交所信息更新 新材料、新能源、制药等领域收入增长，2025 年归母净利润同比+222% ——北交所信息更新 | 诸海滨（分析师） | 车欣航（分析师） | | --- | --- | | zhuhaibin@kysec.cn | chexinhang@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050001 | 2025 年业绩快报：营收 3.62 亿元，同比+16.63%；归母净利润 4211.72 万元 公司发布 2025 年业绩快报，2025 年公司实现营业收入 3.62 亿元，同比增长约 16.63%；实现归母净利润 4211.72 万元，同比增长 222.20%；扣非归母净利润 3557.01 万元，同比增长 821.24%。根据业绩快报，我们小幅下调 2025 年并维持 2026-2027 年盈利预测，预计 2025-2027 年归母净利润为 0.42（原 0.43）/0.53/0.64 亿元，对应 EPS 为 0.49/0.62/0.75 元/股，对应当前股价 PE 为 49.5/39.4/32.6 倍， 看好公司多项科学仪器新品达领先水平， ...

2025 业绩快报点评：行业回暖与高端产品放 量共驱，全年扣非业绩同比+821% 证券研究报告·北交所公司点评报告·通用设备 买入（维持） 海能技术（920476） ◼ 利润端实现跨越式提升，2025 全年扣非业绩同比+821%。公司发布 2025 年业绩快报，全年实现营业收入 3.62 亿元，同比增长 16.63%， 营收保持稳健增长态势；利润端实现跨越式提升，利润总额 4355.55 万 元，同比大增 622.02%，归属于上市公司股东的净利润 4211.72 万元， 同比增长 222.20%，扣除非经常性损益的净利润 3557.01 万元，同比高 升 821.24%。单季度来看，2025Q4 公司实现营业收入 1.35 亿元，同环 比增速分别为+6.56%/+47.64%；归母净利润 2401.09 万元，同环比增速 分别为 35.28%/+90.04%。 ◼ 业绩大幅高增原因：行业回暖与高端产品放量共驱，内生优化筑牢盈利 根基。1）行业景气回暖：国内高端科学仪器行业迎来多重政策利好， 2025 年国家科学技术支出突破 1.2 万亿元，同比+4.8%，为仪器行业研 发创新筑牢资金根基；超长期特别国债专项 ...

Core Viewpoint - The release of five industry standards for domestic analytical testing instruments marks a significant breakthrough, enhancing the modernization of testing capabilities and the self-sufficiency of key equipment in China [1][2]. Group 1: Industry Standards and Development - The China Quality Inspection and Testing Research Institute is leading the development of a verification and evaluation system for domestic testing instruments, with five new standards officially published on December 1, 2025 [2]. - The newly established standards cover seven mainstream analytical testing instruments, indicating a systematic and standardized support framework for domestic instruments [2][3]. Group 2: Market Dynamics and Challenges - Historically, the high-end analytical testing instrument market in China has relied heavily on imports, with domestic instruments facing challenges due to a lack of unified and authoritative verification standards [3]. - The newly released standards provide a comprehensive evaluation framework that includes performance, key technical indicators, stability, safety, and domestic production rates, addressing the previous challenges faced by domestic instruments [3]. Group 3: Impact on Industry Ecosystem - The implementation of these standards is reshaping the analytical testing instrument industry by providing authoritative criteria for equipment selection, procurement, and quality evaluation, thereby lowering market entry barriers for high-quality domestic equipment [3]. - The standards also compel manufacturers to increase R&D investment and focus on core technology breakthroughs, shifting the industry competition from price to technology, quality, and service [3]. Group 4: Strategic Significance and Future Outlook - The introduction of these standards is strategically significant for supply chain security and industrial self-sufficiency, as analytical testing instruments are crucial for food safety, environmental governance, and biomedicine [4]. - With the full implementation of these standards and ongoing updates, domestic analytical testing instruments are expected to seize opportunities for "technical recognition" and "market expansion," potentially leading the industry towards a more competitive position globally [4].

Job Opportunities - Agilent is hiring a Sales Engineer with a Master's degree in relevant fields such as pharmaceuticals, food, environment, chemistry, biology, or materials, and requires strong communication skills and a willingness to learn [3] - Zhiming Future is looking for a Biological Analysis Instrument Sales Consultant in Shanghai, offering a salary range of 8k-13k, requiring a college degree and three years of sales experience in the biological instrument industry [4] - Beiyu Analysis is seeking Sales Representatives in multiple locations, with salary negotiable [5] - Kailai is hiring an Instrument Sales Engineer with a salary range of 15k-25k, requiring over five years of sales experience and familiarity with ICP-MS technology [7] - Tianmei Yituo is looking for a Sales Engineer in Chongqing, offering a salary of 9k-13k, requiring knowledge of various laboratory instruments [8] - Beifen Ruili is hiring a Sales Engineer in multiple cities, with a salary range of 6k-12k, requiring experience in instrument sales [10] - Yena is seeking a Sales Engineer nationwide, requiring over three years of experience in chemical analysis instruments and fluency in English [11] - Ohaus is hiring a Sales Engineer in Beijing and Nanjing, with a salary range of 11k-18k, focusing on laboratory instrument sales [15] - Steel Research Nack is looking for an ICP System Engineer in Beijing, offering a salary of 25k-30k, requiring a Master's degree and extensive experience in ICP spectrometry [26] Skills and Qualifications - Most positions require a Bachelor's degree or higher in relevant fields such as chemistry, biology, or environmental science [6][9][12] - Strong communication skills, customer service awareness, and the ability to work under pressure are commonly sought after [4][6][10] - Experience in sales, particularly in the laboratory or analytical instrument sector, is a significant advantage [7][11][26] - Many roles require the ability to travel frequently and adapt to various work environments [8][9][18]

Core Viewpoint - The performance forecasts from eight companies listed on the Beijing Stock Exchange indicate a generally positive outlook for 2025, with most companies expecting profit growth, reflecting their ability to seize market opportunities and enhance competitiveness [1][2]. Group 1: Performance Overview - Out of the eight companies, five are expected to see profit increases, with Haine Technology projecting a net profit growth of over 213.65% to 236.61% [2] - Jilin Carbon Valley anticipates a net profit of 180 million to 220 million yuan, representing a year-on-year increase of 92.81% to 135.66% [2] - Longzhu Technology, Wangcheng Technology, and Lintai New Materials expect net profit growth of approximately 50%, over 66%, and over 64%, respectively, indicating robust growth momentum [2][3] - Conversely, three companies forecast losses or profit declines, with Hualing Co. expecting a loss of 44 million to 56 million yuan, and Ge Bi Jia projecting a 59.63% decline in net profit [2][5] Group 2: Market Demand and Growth Drivers - The growth of companies is primarily driven by an improving external market environment and internal capability enhancements [3] - The overall recovery in industry demand is a significant backdrop, with Haine Technology noting a notable trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3] - Jilin Carbon Valley reported continuous sales growth due to the recovering carbon fiber market [3] Group 3: Internal Innovations and Strategies - Companies are enhancing their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [4] - Haine Technology has invested in R&D, launching high-end products like organic element analyzers and liquid chromatography instruments, which have improved customer recognition and revenue [4] - Jilin Carbon Valley has improved product quality and stability through continuous innovation, while Longzhu Technology has seen rapid growth in its cross-border e-commerce business [4] Group 4: Cost Pressures and Challenges - Companies forecasting losses or declines attribute these to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5] - Hualing Co. cited increased depreciation costs and employee salaries due to new equipment and project-related hiring as significant pressures on profits [5] - Ge Bi Jia mentioned a decline in the sales proportion of high-margin specialty glass products and reduced government subsidies as factors contributing to lower overall profit margins [5][6]

Core Viewpoint - The overall performance outlook for companies listed on the Beijing Stock Exchange is positive, with most expecting profit growth, although some face challenges due to rising costs and industry adjustments [1][2]. Group 1: Performance Forecasts - HaiNeng Technology anticipates a more than doubling of net profit, with an increase of 213.65% to 236.61% [1][2]. - Jilin Carbon Valley expects net profit to reach between 180 million to 220 million yuan, representing a year-on-year growth of 92.81% to 135.66% [1][2]. - Longzhu Technology, Wangcheng Technology, and Lintai New Materials forecast net profit growth of approximately 50%, over 66%, and over 64%, respectively [1][2]. - Among the eight companies that disclosed forecasts, five expect profit increases, one expects a profit decrease, and two anticipate losses [2]. Group 2: Market Demand and Growth Drivers - The growth of companies is driven by improved external market conditions and enhanced internal capabilities [3]. - The overall recovery in industry demand is a significant backdrop, with HaiNeng Technology noting a trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3]. - Jilin Carbon Valley highlights continuous growth in product sales due to the recovering carbon fiber market [3]. Group 3: Internal Innovations and Strategies - Companies are strengthening their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [4]. - HaiNeng Technology has invested in R&D, launching high-end products like organic element analyzers and liquid chromatography instruments, enhancing customer recognition and revenue [4]. - Jilin Carbon Valley has improved product quality and stability through continuous innovation, with a project to produce 150,000 tons of carbon fiber raw silk reinforcing its scale advantage [4]. - Lintai New Materials has capitalized on the rapid increase in market penetration for hybrid power transmission systems, contributing to sales growth [4]. - Longzhu Technology's cross-border e-commerce business has seen rapid growth, while Wangcheng Technology benefits from increased sales of automotive transmission components and improved gross margins [4]. Group 4: Cost Pressures and Challenges - Companies forecasting losses or declines attribute these to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5][6]. - Hualing Co. cites significant increases in depreciation expenses and employee compensation due to new equipment and project-related hiring [5]. - Gobi Jia mentions increased costs from implementing equity incentives and a decline in the sales proportion of high-margin specialty glass products, leading to lower overall gross margins [6]. - Ying Tai Bio has narrowed its losses significantly through focused product strategies and cost control, but still faces challenges from investment losses and a sluggish market for intermediates [6].

Core Viewpoint - The overall performance forecast for companies listed on the Beijing Stock Exchange indicates a positive trend, with most companies expecting profit growth, reflecting their ability to seize market opportunities and enhance competitiveness [1][2]. Group 1: Performance Forecasts - Eight companies have disclosed their performance forecasts for 2025, with five expecting profit increases, one anticipating a profit decrease, and two predicting losses [2]. - HaiNeng Technology expects a more than doubling of net profit, with an increase of 213.65% to 236.61% [2]. - Jilin Carbon Valley forecasts a net profit of 180 million to 220 million yuan, representing a year-on-year growth of 92.81% to 135.66% [1][2]. - Longzhu Technology, Wangcheng Technology, and Lintai New Materials anticipate net profit growth of approximately 50%, over 66%, and over 64%, respectively [1][2]. Group 2: Market Demand and Growth Drivers - The growth of companies is driven by both external market improvements and internal capability enhancements [3]. - The overall recovery in industry demand is a significant backdrop, with HaiNeng Technology noting a notable trend towards domestic manufacturing of high-end instruments and the gradual implementation of equipment renewal policies [3]. - Jilin Carbon Valley has experienced continuous sales growth due to the recovering carbon fiber market [3]. - Companies are enhancing their internal growth momentum through ongoing technological innovation, product upgrades, and market expansion [3][4]. Group 3: Cost Pressures and Challenges - Companies forecasting losses or declines attribute their challenges to rising fixed costs, reduced specific revenues, and ongoing adjustments in their respective sectors [5][6]. - Hualing Co. cites significant increases in depreciation expenses due to fixed assets entering full depreciation in 2025 and rising employee compensation costs [5][6]. - Geobijia mentions a decline in overall gross margin due to a lower sales proportion of high-margin specialty glass products and reduced government subsidies compared to the previous year [6]. - YingTai Bio has narrowed its losses significantly through focused product strategies and cost control, but still faces challenges from investment losses and a sluggish market for intermediates [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [4]. Core Insights - The company forecasts a significant increase in net profit attributable to shareholders for 2025, estimated between 41 to 44 million yuan, representing a year-on-year growth of approximately 213.65% to 236.61% [1]. - The expected operating revenue for 2025 is around 362 million yuan, reflecting a year-on-year increase of about 16.77% [1]. - The company is actively investing in high-end instruments and has made progress in their smart and digital capabilities, with new products like organic element analyzers and liquid chromatography instruments gaining market recognition [2]. - The company has received multiple invention patents, enhancing its intellectual property moat and supporting future product iterations and market expansion [3]. Financial Summary - The projected financial metrics for the company are as follows: - Operating revenue (million yuan): 341 in 2023, 310 in 2024, 362 in 2025, 435 in 2026, and 499 in 2027, with a year-on-year growth of 18.7% in 2023, -9.1% in 2024, and 16.7% in 2025 [6]. - Net profit attributable to shareholders (million yuan): 45 in 2023, 13 in 2024, 43 in 2025, 53 in 2026, and 64 in 2027, with a year-on-year growth of 1.4% in 2023, -71.0% in 2024, and 225.7% in 2025 [6]. - Earnings per share (EPS): 0.53 in 2023, 0.15 in 2024, 0.50 in 2025, 0.62 in 2026, and 0.75 in 2027 [6]. - Price-to-earnings ratio (P/E): 48.3 in 2023, 166.5 in 2024, 51.1 in 2025, 41.0 in 2026, and 33.9 in 2027 [6].

Summary of Nanwei Technology Conference Call Company Overview - **Company Name**: Nanwei Technology - **Industry Focus**: Chromatography fillers and chromatography media, primarily used in the purification of drugs such as antibodies, nucleic acids, and recombinant proteins, which account for over 65% of the consumable costs in drug production [2][8] Key Financial Projections - **2025 Revenue Growth**: Expected overall revenue growth of 18% [2][6] - **Chromatography Fillers and Media**: Approximately 60% of total revenue, with a growth rate of about 20% [2][6] - **Analytical Instruments**: Approximately 20% of total revenue, with a growth rate of about 10% [2][6] - **Chromatography Columns**: Slightly over 10% of total revenue, with a growth rate of 30-40% [2][6] Market Analysis - **Domestic Market Size**: The domestic chromatography fillers and media market is approximately 6 billion RMB, with domestic brands holding nearly 30% market share [2][9] - **Leading Domestic Brands**: Nanwei Technology, Boge Long, and Saifen are in the first tier, while foreign brands dominate with over 70% market share [9][10] - **Overseas Market Size**: Estimated at 30 billion RMB, five times larger than the domestic market, with significant growth potential for domestic leaders like Nanwei Technology [2][11] - **Chromatography Column Market**: The domestic market is about 1.5 billion RMB, with Nanwei Technology being the largest domestic brand, but with substantial room for growth compared to the 13 billion RMB overseas market [2][13] Business Performance - **Revenue Breakdown**: - Domestic revenue accounts for 90% with a year-on-year growth of 15.5% [3][7] - International revenue accounts for 10% with a year-on-year growth of 123.1%, primarily from core chromatography fillers and media [3][7] - **Acquisition of Fuli Instruments**: Nanwei Technology acquired Fuli Instruments, which produces gas and liquid chromatography instruments, with plans for future growth in this segment [2][14] Product Development and Innovation - **Product Evolution**: - Founded in 2007, initially focused on optoelectronic devices, shifted to pharmaceuticals in 2012, and has since developed various chromatography products [4] - Recent product launches include polymer affinity fillers in 2019 and agarose affinity fillers in 2023 [4] - **Future Product Potential**: The new L75 liquid chromatography instrument from Fuli Instruments is expected to gain traction in the market [14] Competitive Landscape - **Domestic Competition**: The domestic chromatography media market is characterized by significant competition from both domestic and foreign brands, with a trend towards increased market share for domestic brands due to cost advantages [10] - **International Expansion**: Despite the large overseas market, domestic companies like Nanwei Technology are still in the early stages of development abroad, indicating substantial growth opportunities [11] Subsidiary Performance - **Nanpu Analysis**: Revenue of 47.1 million RMB with a net profit of 9.8 million RMB [15] - **Saipu Instruments**: Focused on large molecule separation and purification equipment, with revenue of 25.8 million RMB but a net loss of 220,000 RMB [15] - **Overall Assessment**: Various business segments are in phases of rapid growth or adjustment, with some new products requiring time to mature for higher sales [15]