Core Viewpoint - The restructuring plan of Aopumai (688293.SH) to acquire Chengli Biotechnology has faced dissent from independent director Tao Hua'an, who believes the company currently lacks the necessity for acquisitions and has not expressed an opinion on the rationality of the merger [1][3][4] Summary by Sections Restructuring Plan - Aopumai plans to acquire 100% of Chengli Biotechnology for a total consideration of approximately 14.5 billion yuan, consisting of 7.1 billion yuan in cash and 7.4 billion yuan in shares [2][5] - The valuation of Chengli Biotechnology is set at 14.52 billion yuan, with an appraisal increase rate of 56.92% [2][6] - Aopumai aims to enhance its business model from "cell culture media + CDMO" to "cell culture media + CRDMO" through this acquisition [2][5] Independent Director's Concerns - Tao Hua'an has consistently opposed the restructuring, citing that the acquisition does not align with the company's goals of improving the profitability of cell culture products and reducing losses in the CDMO business [1][4][6] - He has raised concerns about the low capacity utilization of CDMO services, which has led to declining performance, arguing that the merger will not directly improve this situation [4][6] Financial Performance - Aopumai has experienced a decline in net profit for two consecutive years, with a significant drop in CDMO service revenue in 2024, down 25.66% and a gross margin of -25.29% [5][6] - In the first half of 2025, Aopumai reported a revenue of 1.78 billion yuan, a year-on-year increase of 23.77%, but the CDMO service still faced a gross margin of -47.53% [5][6] Future Projections - The acquisition is expected to generate an additional goodwill of 6.17 billion yuan, which will account for 15.34% of the total assets and 21.76% of the net assets attributable to the parent company by the end of 2024 [6] - Chengli Biotechnology has made performance commitments for the years 2025 to 2027, with net profits not less than 52 million yuan, 65 million yuan, and 78 million yuan respectively [6]

Core Viewpoint - The acquisition of Solventum's purification and filtration business by Thermo Fisher Scientific for approximately $4 billion in cash marks a significant step in enhancing its leadership in the life sciences solutions market, particularly in biopharmaceuticals and industrial filtration [1][2]. Group 1: Acquisition Details - Thermo Fisher completed the acquisition of Solventum's purification and filtration business, which was previously a core asset of 3M's healthcare division, with expected revenue of $1 billion in 2024 [1]. - The acquisition includes Solventum's patented technologies such as advanced membrane filtration, microfluidic chips, and high-throughput purification systems, creating synergies with Thermo Fisher's existing product lines [1]. Group 2: Technological and Market Expansion - The integration of Solventum's filtration technology will enhance Thermo Fisher's capabilities in biopharmaceutical processes, addressing upstream and downstream needs such as cell culture clarification and virus inactivation [2]. - The newly acquired medical device filtration solutions and high-precision industrial filters will help Thermo Fisher expand its market share among medical device manufacturers and semiconductor clients [3]. Group 3: Strategic Initiatives - The production bases of Solventum in regions like China and Europe will integrate with Thermo Fisher's global supply chain, reducing delivery times and production costs, particularly benefiting the rapidly growing biopharmaceutical market in Asia [4]. - Thermo Fisher's CEO highlighted that this acquisition is a crucial part of the company's "Life Sciences 2030 Strategy," which aims to develop customized filtration solutions for emerging markets in Southeast Asia and the Middle East [4]. - The company plans to leverage Solventum's modular design capabilities to develop reusable or low-consumable filtration systems, aligning with global carbon neutrality trends [5]. - AI algorithms will be utilized to optimize real-time monitoring and fault prediction in filtration processes, enhancing equipment intelligence [6]. Group 4: Industry Implications - The merger between Thermo Fisher and Solventum represents not only a successful capital operation but also a model of technological integration, indicating that innovation, full industry chain coverage, and localized services will be core competitive factors in the industry [7].

国泰海通证券股份有限公司 关于 上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套 资金 之 独立财务顾问报告 （修订稿） 独立财务顾问 签署日期：二〇二五年九月 声明与承诺 本部分所使用的简称与本报告"释义"中所定义的简称具有相同含义。 国泰海通证券股份有限公司接受上海奥浦迈生物科技股份有限公司的委托， 担任上海奥浦迈生物科技股份有限公司发行股份及支付现金购买资产并募集配 套资金的独立财务顾问，就该事项向上海奥浦迈生物科技股份有限公司全体股东 提供独立意见，并制作本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管 理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司 重大资产重组》 《上海证券交易所上市公司自律监管指引第 6 号—重大资产重组》 等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范和诚实信用、 勤勉尽责精神，遵循客观、公正的原则，在认真审阅相关资料和充分了解本次交 易行为的基础上，发表独立财务顾问意见，旨在就本次交易做出独立、客观和公 ...

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by strong performance in cell culture products and CDMO services [1][2]. Financial Performance - The company achieved revenue of 178 million yuan in the first half of 2025, representing a year-over-year increase of 23.77% [1]. - The net profit attributable to shareholders reached 38 million yuan, up 55.55% year-over-year, while the net profit after deducting non-recurring items was 30 million yuan, reflecting a 76.73% increase [1]. - In Q2 alone, revenue was 94 million yuan, showing a year-over-year growth of 47.21%, with net profit at 23 million yuan, a remarkable increase of 401.77% [1]. Business Segments - The product business, primarily focused on culture media, generated revenue of 155 million yuan in the first half of 2025, marking a year-over-year increase of 25.49% [2]. - The CDMO service business reported revenue of 22.27 million yuan, up 13.24% year-over-year [2]. - The strong performance in cell culture products, particularly through deep collaboration with overseas clients, significantly supported overall revenue growth [2]. Profitability and Cost Management - The gross margin for the product business improved to 71.91%, an increase of 1.57 percentage points year-over-year [2]. - The gross margin for CDMO services was -47.53%, a decrease of 43.01 percentage points year-over-year [2]. - The overall expense ratios for sales, management, and R&D were 7.40% (down 1.32 percentage points), 16.05% (down 14.06 percentage points), and 13.58% (up 2.87 percentage points) respectively [2]. Pipeline and Future Growth - As of mid-2025, the company had 282 confirmed drug development pipelines utilizing its culture media, an increase of 35 from the end of 2024 [2]. - The growth in pipelines spans various stages, with 11 projects commercialized, 32 in Phase 3, 32 in Phase 2, 58 in Phase 1, and 149 in preclinical stages, laying a solid foundation for future growth [3]. - The company adjusted its profit forecasts for 2025-2027 to net profits of 88 million, 128 million, and 174 million yuan respectively, reflecting a higher certainty in performance growth [3].

Macro Economic Overview - The cumulative profit of national industrial enterprises from January to July 2025 decreased by 1.7% year-on-year, while cumulative operating income increased by 2.3% year-on-year [5] - In July, the profit growth rate improved marginally, with a year-on-year increase of 2.8 percentage points to -1.5% [6] - Investment income is expected to continue contributing positively to profits, with a notable increase in the South China Comprehensive Index since June indicating potential growth in investment income [6] Industry Insights Computer Industry - The "Artificial Intelligence+" action plan was released, aiming for over 70% application penetration of new intelligent terminals and intelligent agents by 2027 [12] - The policy covers six major areas, promoting AI applications across technology, industry, consumption, and governance [13] - The domestic AI ecosystem is expected to flourish due to policy and technological synergies [14] Agriculture, Forestry, Animal Husbandry, and Fishery - Huadong Co., Ltd. reported a revenue of 4.244 billion yuan in H1 2025, with a net profit of 76 million yuan, reflecting a significant year-on-year increase of 163.98% [17] - The company aims to reduce costs in pig farming, targeting a cost of 13 yuan per kilogram by the end of 2025 [19] - The company has established a national layout for pig slaughtering, enhancing cash flow stability [20] Coal Mining Industry - China Coal Energy reported a revenue of 74.44 billion yuan in H1 2025, down 19.9% year-on-year, with a net profit of 7.71 billion yuan, down 21.3% [22] - The company’s coal production and sales volume increased by 1.3% and 1.4% respectively, despite a significant drop in coal prices [23] - The company has a high dividend potential, with a cash dividend of 0.166 yuan per share announced for H1 2025 [24] Chemical Industry - Rongsheng Petrochemical reported a 12.28% year-on-year increase in net profit excluding non-recurring items in H1 2025 [27] - The company’s revenue from chemical products decreased by 7.83%, while the gross margin for refining products improved [28] - The global petrochemical industry is undergoing restructuring, which may benefit the company [29] Steel and Nonferrous Metals - Jincheng Mining reported a 47.82% increase in revenue to 6.316 billion yuan in H1 2025, with a net profit growth of 81.29% [31] - The company’s resource segment saw a significant increase in sales revenue, driven by higher production volumes [32] - The mining service business is expected to grow, with new contracts signed worth 7.1 billion yuan [33] Real Estate and Construction - China Resources Vientiane Life reported a revenue of 8.524 billion yuan in H1 2025, with a net profit increase of 7.4% [44] - The company achieved a gross margin increase of 3.1 percentage points to 37.1% [44] - The company plans to distribute 100% of its core net profit as dividends for the first time [45]

Group 1 - The core viewpoint of the news is that Aopumai is experiencing rapid growth in cell culture medium revenue driven by large orders and ongoing commercialization projects, with new products like transfection reagents and agarose showing promising growth despite a small base [1] - Aopumai's overseas cell culture medium business has seen a remarkable growth rate of 34.92%, primarily contributed by large clients [1] - The overall gross margin for the company is 56.84%, while the gross margin for cell culture product sales is 71.91%, indicating no significant difference in gross margins domestically and internationally when excluding CDMO business [1] Group 2 - Zhonghang Fund, established in 2016, has an asset management scale of 42.229 billion yuan, ranking 90th out of 210 in total public funds [2] - The best-performing public fund product in the past year under Zhonghang Fund is the Zhonghang Opportunity Leading Mixed Fund A, with a latest net value of 2.63 and a growth of 172.64% over the past year [2]

Summary of Aopumai's Conference Call Company Overview - **Company**: Aopumai - **Industry**: Biopharmaceutical and Cell Culture Products Key Financial Performance - **Revenue**: 178 million CNY, up 23.77% year-on-year [2][10] - **Net Profit**: 37.55 million CNY, up 55.55% year-on-year [2][10] - **Net Profit (Excluding Non-recurring Items)**: 29.57 million CNY, up 76.73% year-on-year [2][10] - **Cash Dividend**: Proposed cash dividend of 2.3 CNY per 10 shares, totaling 26 million CNY, representing 69.56% of net profit [2][10] - **R&D Investment**: 24.14 million CNY, up 56.97%, accounting for 13.58% of revenue [2][11] Business Segments and Growth Drivers - **Cell Culture Products**: Revenue increased by 25.49%, driven by demand from biopharmaceutical and research institutions [2][11] - **CDMO Services**: Revenue grew by 13.24%, with improved international competitiveness and increased collaboration opportunities [3][4] - **International Revenue**: 68 million CNY, up 52%, primarily from commercial pipeline expansions in Russia and Spain [4][23] Operational Highlights - **New Production Capacity**: A new 2000-liter liquid culture medium production line was launched at the Taicang factory [2][6] - **Innovation Recognition**: Awarded "Shanghai Innovative Enterprise Headquarters" title, enhancing brand reputation [6] - **Commercial Pipeline**: Increased from 3 to 11 commercial pipelines, with expectations to reach 13 soon [5] Market Dynamics - **Sustainable Growth**: Orders between 1 million to 5 million CNY contributed nearly 50% of culture medium revenue, indicating strong demand from late-stage clinical and commercialization projects [12][13] - **Product Mix**: The company is focusing on high-margin products and optimizing operational efficiency to enhance profitability [4][27] Future Outlook - **Acquisition Plans**: The acquisition of Pengli Bio is expected to complete in Q4 2025, which will significantly impact expenses and profit margins [4][29] - **CDMO Business Recovery**: Anticipated to achieve breakeven within three years, with potential for earlier success due to the recovery of the innovative drug market [4][30] - **Continued R&D Investment**: The company plans to maintain high R&D spending to drive future growth [28][31] Strategic Initiatives - **Global Expansion**: Continued focus on international market penetration and increasing market share domestically and abroad [9][22] - **Product Development**: Introduction of new products such as transfection reagents and agarose, which are gaining traction in the research sector [17][18] - **Cost Management**: Effective cost control measures are in place to support net profit growth [28][29] Conclusion Aopumai has demonstrated strong financial performance and operational growth in the first half of 2025, with a clear strategy for future expansion and innovation in the biopharmaceutical sector. The company is well-positioned to capitalize on market opportunities while managing costs effectively.

Core Insights - The core viewpoint of the article highlights the significant growth in profits for Aopumai, which outpaced revenue growth, indicating a recovery in the CXO industry [3][4]. Financial Performance - Aopumai reported a revenue of 178 million yuan for the first half of the year, a year-on-year increase of 23.77%, with a net profit attributable to shareholders of 37.54 million yuan, up 55.55% [2]. - The company achieved a remarkable profit growth in the second quarter, with a single-quarter revenue of 94.07 million yuan, a year-on-year increase of 47.21%, and a net profit of 22.88 million yuan, soaring by 401.78% [6]. - The net profit growth rate of 55.55% significantly exceeded the revenue growth rate of 23.77%, showcasing operational efficiency improvements [4]. Revenue Drivers - The primary driver of revenue growth was the continuous advancement of client pipelines and accelerated expansion into overseas markets, with sales of cell culture media products increasing by 25.49% to 155 million yuan, contributing 87.34% of total revenue [7]. - The overseas product sales saw a notable increase of 34.92%, reflecting the effectiveness of the company's internationalization strategy [7]. Cost Management - Aopumai's total operating expenses decreased by 29.71% to 31.21 million yuan, with the expense ratio dropping from 30.92% to 17.56% [9]. - The management expenses saw a significant decline of 34.03%, primarily due to the reclassification of costs related to the CDMO platform from management expenses to operating costs [9]. Cash Flow and Future Outlook - The net cash flow from operating activities reached 61.34 million yuan, a year-on-year increase of 271.78%, indicating strong cash generation capabilities [11]. - The company is preparing for future capacity expansion, supported by robust cash flow and anticipated growth in overseas demand in 2024 [11]. CDMO Segment Challenges - The CDMO segment reported a loss of 10.59 million yuan, with a gross margin of -47.53%, indicating ongoing challenges in achieving profitability [15][17]. - Despite a revenue increase of 13.24% in the CDMO segment, high costs led to significant losses, and the segment has not yet reached a breakeven point [15][17]. Competitive Landscape - Aopumai faces intense competition from established CMO/CDMO giants and multinational pharmaceutical companies, which may hinder its market position and profitability [17][18]. - The company announced plans to acquire 100% of Pengli Bio for 1.451 billion yuan, aiming to integrate cell culture media and preclinical CRO services, with performance commitments for the next three years [18].

Core Viewpoint - Shanghai OPM Biosciences Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong market demand and effective cost management [1][6][7]. Financial Performance - The company achieved operating revenue of RMB 177.75 million, a year-on-year increase of 23.77% compared to RMB 143.61 million in the same period last year [6][7]. - Total profit reached RMB 48.85 million, marking a 62.55% increase from RMB 30.05 million in the previous year [6][7]. - Net profit attributable to shareholders was RMB 37.55 million, up 55.55% from RMB 24.14 million in the prior year [6][7]. - The net cash flow from operating activities surged to RMB 61.34 million, a remarkable increase of 271.78% compared to RMB 16.50 million in the same period last year [6][7]. Key Financial Indicators - Basic earnings per share rose to RMB 0.33, reflecting a 57.14% increase from RMB 0.21 in the previous year [7]. - The weighted average return on net assets increased to 1.78%, up from 1.13% [7]. - Research and development expenses accounted for 13.58% of operating revenue, compared to 10.71% in the previous year [7]. Business Development - The company has expanded its product offerings, with 282 confirmed drug development pipelines utilizing its cell culture products, an increase of 35 from the end of 2024 [6][7]. - Service business revenue also improved, showing a growth of 13.24% compared to the previous year [6][7]. Shareholder Returns - The company proposed a cash dividend of RMB 2.30 per 10 shares, contingent on meeting profit distribution conditions for the first half of 2025 [1].

Core Viewpoint - The company is committed to enhancing its core business and competitiveness through increased R&D investment and operational efficiency, while also focusing on investor returns and sustainable growth [1][5][6] Group 1: Business Focus and R&D Investment - The company specializes in cell culture products and services, aiming to provide comprehensive solutions for the biopharmaceutical industry [1] - R&D investment has consistently exceeded 10% of annual revenue, with a focus on developing proprietary technologies and expanding product lines [11][10] - The company has developed multiple new cell culture media products, enhancing its competitive edge in therapeutic protein production [12][13] Group 2: Financial Performance and Market Expansion - The sales revenue from cell culture products increased by 25.49% year-on-year, driven by the steady progress of client pipelines and rapid overseas expansion [2] - The company served over 700 domestic and international biopharmaceutical enterprises and research institutions, solidifying its market position [2][10] - The CDMO service business also showed positive growth, with a revenue increase of 13.24% compared to the previous year [2] Group 3: Investor Relations and Return Mechanisms - The company maintains a stable cash dividend policy, distributing a total of 22,709,750.80 yuan in cash dividends for the 2025 mid-year [5][6] - A share repurchase plan was completed, with a total transaction amount of 50,998,163.75 yuan, aimed at enhancing long-term investment value [7][8] - The company plans to implement a mid-year profit distribution of 2.30 yuan per share, amounting to 26,116,213.42 yuan, which represents 69.56% of the net profit for the first half of 2025 [6] Group 4: Internal Management and Quality Control - The company has successfully passed ISO9001:2015 quality management system audits, demonstrating its commitment to high-quality standards [16] - Continuous improvement in internal control systems and governance structures is prioritized to enhance operational efficiency and risk management [19][20] - The company emphasizes talent development, with over 70% of R&D personnel holding master's or doctoral degrees, fostering a strong innovation culture [17][18] Group 5: Future Outlook and Strategic Initiatives - The company is actively pursuing a major asset restructuring to enhance operational quality and risk resilience [17][18] - Plans to explore various share repurchase methods to strengthen capital structure and enhance investor value are in place [8] - The company aims to expand its international market presence while continuously optimizing product offerings and service quality [15][16]