南都讯 12月15日至17日，由教育部高等学校科学研究发展中心与全国高校区域技术转移转化中心（粤 港澳大湾区）联合主办的2025高校科技成果交易会在广州琶洲广交会展馆盛大启幕。 借科交会之势，展分中心之能。全国高校高端科学仪器区域技术转移转化中心（粤港澳大湾区·广州） 执行主任周振向南都N视频记者介绍，中心于2025年4月经教育部批复同意启动建设，坐落于广州市黄 埔区科学城，致力于打造科学仪器领域集技术攻关、成果转化与企业培育于一体的国家级枢纽平台，旨 在推动全国相关领域高层次人才汇聚广州、标志性成果在穗落地转化。 科学仪器品类极为繁杂，涵盖13个大类、80个中类、600余小类，其中质谱、电镜、核磁共振等设备技 术含量最高。行业的高度分散性，决定了高端科学仪器研发具有投入强度大、周期长、技术集成度高等 特点，必须依靠跨部门、跨领域、跨学科的协同攻关。 周振告诉南都N视频记者，在此背景下，教育部牵头，联合广东省、广州市于本年5月共同支持成立本 中心。中心的建设，正是广州响应国家战略、服务高水平科技自立自强的关键实践。 根本性提升国家科学仪器自主可控能力 有力保障科技战略安全 据了解，中心主要面向高端科学仪器全产 ...

Core Viewpoint - ST Tianrui (SZ300165) is planning a change in control, which may lead to a shift in its major shareholder and actual controller, Liu Zhaogui, who currently holds 20.37% of the company's shares [2][3][6]. Group 1: Control Change Announcement - Liu Zhaogui, the founder and actual controller of ST Tianrui, is in the process of planning a change in the company's control, with the stock being suspended from trading starting December 1, 2023, for no more than two trading days [2]. - The transaction related to the control change is still uncertain, as no agreements have been signed, and discussions regarding the specific transaction plan are ongoing [3]. Group 2: Regulatory Issues and Penalties - ST Tianrui has been under risk warning since December 2024 due to violations related to revenue recognition, leading to a warning and fines totaling 3 million yuan for the company and additional fines for Liu Zhaogui and other executives [3][7]. - The previous attempt to change control was halted due to an investigation by the China Securities Regulatory Commission (CSRC) [4]. Group 3: Financial Performance - ST Tianrui's financial performance has been declining, with revenue dropping to 851 million yuan in 2024, only 55.2% of its 2021 revenue, and a cumulative net loss of 354 million yuan since 2021 [7]. - The company specializes in analytical testing instruments and environmental governance, with core products including spectrometers and chromatographs [7].

今年3月，ST天瑞收到《行政处罚决定书》，相关违法事实认定与《行政处罚事先告知书》一致。基于 前述情况，公司被给予警告，并处以300万元罚款，相关责任人均被给予警告，并处60万元至100万元不 等的罚款。 需要关注的是，ST天瑞针对违法事项已进行整改，并对2021年年报进行了会计差错更正及追溯调整。 截至目前，公司不存在尚未整改完毕的事项。 ST天瑞主营分析检测仪器、环境治理等业务，其中实验分析仪器为公司核心产品，主要产品涵盖光谱 仪、色谱仪、质谱仪等三大类分析仪器，广泛应用于电子电器、珠宝首饰、材料分析、石油化工、食品 安全、环境保护、地质勘探、科学研究等诸多行业的有机成分、无机成分快速筛查及精准检测。 近年来，受行业竞争加剧等因素影响，ST天瑞营收逐年下滑，净利润已连续多年处于亏损状态。今年 以来，公司持续聚焦主业，逐步优化非盈利资产，剥离PPP项目，前三季度实现营业收入4.35亿元，同 比下降26.15%；归母净利润为亏损121.79万元，虽然仍处于亏损状态，但亏损幅度同比显著收窄。 除主业存在扭亏压力外，ST天瑞当前正被实施其他风险警示。2024年12月，公司收到中国证监会出具 的《行政处罚事先告知书 ...

Core Viewpoint - The company's profitability has significantly improved, with a notable optimization in business structure, leading to a substantial increase in net profit compared to revenue growth [2][3] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 888 million yuan, a year-on-year increase of 6.34% - The net profit attributable to shareholders reached 115 million yuan, reflecting a year-on-year growth of 52.10% - The net profit growth rate (52.10%) far exceeded the revenue growth rate (6.34%), with a non-recurring net profit growth of 61.81% [1][2] Quarterly Highlights - In the third quarter, the company recorded operating revenue of 292 million yuan, a year-on-year increase of 12.15% - The net profit for the third quarter was 53 million yuan, showing a remarkable year-on-year growth of 101.69% [2] Business Strategy - The improvement in profitability is attributed to enhanced receivables management and a reduction in bad debt provisions compared to the previous year - The company has strategically shifted focus from government (To G) business to enterprise (To B) markets, improving project quality and payment conditions - A decrease in sales expenses also indicates effective cost control [2][3] Market Position and Innovations - The company is making significant strides in the domestic substitution logic, particularly in high-end instruments for environmental and industrial process analysis - Key breakthroughs include the promotion of domestic alternatives for explosion-proof laser analyzers and chromatographs in industries like petrochemicals and cement [2][3] Emerging Fields - The company has established a technological lead in the nuclear power sector by providing gas analysis systems for the world's first commercial fourth-generation nuclear power project - In the semiconductor industry, its products are utilized for gas purity detection in lithography machines, serving top global manufacturers - The company is also expanding into cutting-edge applications such as aircraft engine exhaust analysis [3] Carbon Monitoring Business - The company positions its carbon monitoring business as a core growth point, having made proactive investments in online measurement systems and carbon accounting software - A joint venture with the China Metrology Institute aims to participate in the national dual carbon standard system construction - With the expansion of the national carbon market, the company is expected to benefit significantly from the anticipated demand for carbon monitoring equipment [3] Profit Forecast - The company is projected to achieve operating revenues of 1.501 billion, 1.652 billion, and 1.837 billion yuan for 2025-2027, with year-on-year growth rates of 5.67%, 10.11%, and 11.17% respectively - The net profits attributable to shareholders are expected to be 208 million, 222 million, and 245 million yuan, with growth rates of 23.50%, 6.77%, and 10.25% respectively - Based on the closing price on October 27, 2025, the corresponding P/E ratios are projected to be 26.33, 24.66, and 22.37, with EPS of 0.33, 0.35, and 0.39 yuan [4]

Core Viewpoint - Domestic scientific instrument companies are breaking foreign monopolies through the "Specialized, Refined, and New Little Giant" policy, which has enabled significant breakthroughs in high-performance instruments and increased market share in the pharmaceutical industry [3][5]. Group 1: Overview of the "Little Giant" Policy - The seventh batch of national-level "Little Giant" enterprises includes 142 domestic instrument companies, covering key segments such as chromatography, mass spectrometry, and environmental monitoring [5][6]. - The "Little Giant" title not only certifies technical strength but also addresses the challenges of R&D difficulties, financing issues, and market penetration in the analytical instrument sector [6][9]. Group 2: Overcoming Growth Pain Points - Domestic analytical instrument companies face three main challenges: long R&D cycles (averaging 5-8 years), reliance on imported core components, and low market trust [6]. - After being recognized as "Little Giant" enterprises, companies have seen improvements in funding, technology transfer, and market acceptance, leading to increased revenue [6][12]. Group 3: Characteristics of the New Entrants - The 142 new entrants exhibit a focus on technology and specialization, forming differentiated competitive advantages in core segments [9][11]. - Companies like Shanghai Yidian and Jiangsu Huipu have established themselves as leaders in their respective niches, contributing to the resolution of critical technology issues [9][11]. Group 4: Growth Logic and Strategies - The growth paths of these companies provide replicable experiences for the industry, emphasizing the importance of focusing on niche markets and long-term strategies [11][12]. - The "Little Giant" status facilitates access to funding, tax incentives, and priority participation in major projects, enhancing the overall production and application capabilities [12][13]. Group 5: Building an Innovative Ecosystem - A positive cycle of "technical breakthroughs—market recognition—revenue reinvestment in R&D" is observed among the companies, fostering sustainable innovation [13][14]. - The average R&D investment intensity of "Little Giant" companies is 9.2%, significantly higher than the industry average of 4.5%, positioning them as key players in overcoming critical technology challenges [14]. Group 6: Future Outlook - The rise of these "Little Giant" enterprises signals a shift in the domestic analytical instrument sector from following to leading, with a focus on independent innovation and reduced reliance on imports [14]. - The success stories of these companies highlight that specialization and innovation are optimal pathways for small and medium-sized enterprises in the analytical instrument field [14].

Core Viewpoint - The current valuation of the pharmaceutical sector is at a low level, with public funds (excluding pharmaceutical funds) having low allocation to the sector. Considering the positive recovery of macroeconomic factors such as US Treasury rates and the driving effect of large categories and varieties on the industry, the growth of the pharmaceutical industry is expected to remain optimistic through 2025 [10]. Market Review - The CITIC Pharmaceutical Index rose by 0.56%, underperforming the CSI 300 Index by 2.69 percentage points, ranking 27th among CITIC's 30 primary industries [7]. - The top ten stocks by increase this week included Jianfa Zhixin, Te Yi Pharmaceutical, and Bi De Pharmaceutical, while the top ten stocks by decrease included Tuo Jing Life, Xin Nuo Wei, and Shu Tai Shen [7]. Overall View and Investment Themes - The pharmaceutical sector is expected to see a blooming of investment opportunities, particularly in innovative drugs, medical devices, and the innovative chain (CXO + life science services) [10]. - The innovative drug sector is transitioning from quantity logic to quality logic, emphasizing the importance of products that can ultimately generate profits [10]. - The medical device market is witnessing a recovery in bidding volumes, with a focus on home medical devices and orthopedic procurement [10]. - The innovative chain is expected to see a rebound in domestic financing, with a long-term trend towards high growth in the CXO sector [10]. - The pharmaceutical industry is anticipated to enter a new growth cycle, particularly in the specialty raw materials sector, which is currently at a near ten-year low in valuation [10]. Chromatography Industry Focus - Chromatography technology is crucial for the separation and analysis of components in various fields, especially in biopharmaceuticals, where it plays a key role throughout the drug development process [16][19]. - The global biopharmaceutical market is projected to grow from approximately $503 billion in 2023 to $892 billion by 2028, with a compound annual growth rate (CAGR) of 9.5%-12.5% [24]. - The Chinese biopharmaceutical market is also expanding rapidly, with a projected growth from ¥262.2 billion in 2018 to ¥534.8 billion in 2024, reflecting a CAGR of 12.61% [29]. Market Size and Growth - The global chromatography consumables market is expected to grow from $6.9 billion in 2023 to $9 billion by 2026, with a CAGR of 9.26% [37]. - The Chinese chromatography consumables market is projected to grow from ¥11.2 billion in 2023 to over ¥20.3 billion by 2026, with a CAGR of 21.92% [37]. - The global small molecule liquid chromatography market is expected to increase from $3.6 billion in 2021 to $7.7 billion by 2026, with a CAGR of 16.7% [30]. Domestic Industry Dynamics - Domestic chromatography companies are making significant strides in key areas such as chromatography media and industrial chromatography systems, accelerating the process of domestic substitution [44]. - The domestic chromatography media market is currently dominated by foreign companies, but advancements in domestic technology are enhancing competitiveness [44]. - The demand for chromatography products is driven by the need for cost-effective and reliable purification materials in biopharmaceutical production, where purification processes account for a significant portion of production costs [43].

Core Insights - The Chinese manufacturing industry faces significant challenges in high-end scientific instruments, which are crucial for technological innovation, with over 90% of the global market dominated by US and Japanese companies [7][9] - Despite investing 380 billion yuan in research and development, the domestic production rate for high-end scientific instruments remains below 20%, with some sectors like mass spectrometry having less than 5% localization [7][9][15] Group 1: Market Overview - The global market for scientific instruments is primarily controlled by companies such as Thermo Fisher, Agilent, and Shimadzu, with China being the second-largest market but struggling with high import dependency [7][9] - In 2023, China imported scientific instruments worth 16.98 billion USD while exporting only 4.27 billion USD, resulting in a trade deficit exceeding 10 billion USD [7][9] - The import rate for analytical instruments is 83.67%, with mass spectrometers and chromatographs having over 85% of their market supplied by imports [7][9] Group 2: Challenges in Localization - The high precision and complexity of scientific instruments create significant barriers to domestic production, with Chinese companies facing difficulties in replicating the technology due to a lack of accumulated expertise [9][15] - The market for semiconductor testing equipment is projected to reach 12 billion USD in 2024, with domestic production increasing from 5% to 12%, but overall localization in scientific instruments remains low [9][15] Group 3: Government Initiatives - The Chinese government has outlined plans to enhance high-end instrument research and development, with significant funding allocated to support domestic innovation [11][13] - The 14th Five-Year Plan emphasizes the importance of localizing high-end scientific instruments, with various initiatives launched to support research and development [11][13] Group 4: Future Outlook - The scientific instrument market is expected to grow, with the mass spectrometry market projected to reach 16.7 billion USD in 2023, reflecting a growth rate of 19.53%, although foreign companies still dominate [15] - The government is providing tax incentives and funding to encourage mergers and acquisitions, but challenges remain due to the small scale of Chinese companies [15]

Summary of the Conference Call on the Scientific Instrument Industry Industry Overview - The scientific instrument industry in China is experiencing growth driven by increasing R&D expenditure, which reached 3.34 trillion yuan in 2023, a year-on-year increase of 8.4% [1][3] - The market for scientific instruments, including mass spectrometry, chromatography, and spectroscopy, exceeds 50 billion yuan, but remains highly dependent on imports, with mass spectrometry and chromatography import rates at 90% and 88% respectively [1][3] Key Insights - The proportion of R&D expenditure to GDP in China has been steadily increasing, reaching 2.6% in 2023, indicating stronger governmental support for technological innovation and a rising demand for high-end scientific instruments [1][3][6] - The mass spectrometry market in China is approaching 20 billion yuan, with a growth rate of approximately 15%, but it is still heavily reliant on imports, particularly from the U.S., which maintains a stable market share of around 20% [1][8][10] - The scientific service industry encompasses research institutions, universities, and innovative enterprises, providing high-tech solutions and third-party testing services, characterized by high technological content and talent concentration [4][5] Market Dynamics - The scientific instrument supply chain consists of three main segments: 1. Reagent and consumables companies (e.g., Titan Technology, Aladdin) 2. Scientific instrument manufacturers (e.g., Focused Photonics, Labtech) 3. Third-party testing service providers (e.g., Huace Testing, Puni Testing) [6] - The increasing focus on domestic scientific instruments due to U.S.-China trade tensions is expected to enhance the market share of domestic manufacturers [3][10] Competitive Landscape - There is a significant gap between Chinese scientific service companies and their overseas counterparts, with leading foreign firms like Merck and Agilent having market capitalizations exceeding 100 billion USD, while only five Chinese companies exceed 10 billion USD in market cap [2][11] - The average gross margin for Chinese companies is 46%, lower than the 52% average for foreign companies, indicating potential for profit margin improvement as domestic companies scale up [11][12] Future Outlook - As penetration rates increase and costs decrease, the gross margins of Chinese scientific service companies are expected to improve, potentially leading to the emergence of new domestic leaders in the industry [12] - Investment recommendations include focusing on companies engaged in R&D and the scientific instrument sector, such as Focused Photonics, Wuyi Technology, and Labtech, which are in the early stages but show significant growth potential [13]

Core Viewpoint - Jiangsu Tianrui Instrument Co., Ltd. reported a revenue of 295 million yuan for the first half of 2025, a decrease of 22.36% year-on-year, with a net loss of 10 million yuan, which is an improvement of 35.63% compared to the previous year [1][2]. Financial Performance - Revenue for the reporting period was 294,836,797.54 yuan, down from 379,766,029.27 yuan in the same period last year, reflecting a decrease of 22.36% [3][4]. - The net profit attributable to shareholders was -9,583,899.20 yuan, compared to -14,889,218.28 yuan last year, showing an improvement of 35.63% [3][4]. - The net cash flow from operating activities increased by 232.41%, reaching 69,961,169.89 yuan, primarily due to reduced payments for goods and services [4]. - Total assets at the end of the reporting period were 3,367,406,120.47 yuan, a decrease of 1.72% from the previous year [3]. Cost and Expenses - Operating costs decreased by 27.89% to 162,878,741.21 yuan, mainly due to reduced revenue [4]. - Sales expenses were reduced by 11.31% to 68,195,633.27 yuan, attributed to lower revenue [4]. - Management expenses decreased by 9.96% to 43,556,304.34 yuan, primarily due to reduced depreciation and amortization [4]. - Research and development expenses saw a significant drop of 55.09%, totaling 19,242,304.07 yuan, due to the completion of certain projects [4]. Product and Service Overview - The company specializes in spectrometers, chromatographs, and mass spectrometers, which are widely used in various industries for detection and analysis [1][6]. - The product line includes energy dispersive X-ray fluorescence spectrometers, atomic absorption spectrophotometers, and gas chromatography-mass spectrometry systems, among others [5][6]. - The applications span across electronics, jewelry, material analysis, petrochemicals, food safety, environmental protection, geological exploration, and scientific research [6]. Revenue Breakdown - The revenue from laboratory analysis instruments and systems was 167,122,157.22 yuan, a decrease of 7.14% year-on-year [8]. - Environmental engineering and services generated 30,513,388.42 yuan, down 64.24% compared to the previous year [8]. - Revenue from operation and maintenance detection and accessory sales was 42,651,800.46 yuan, an increase of 26.94% year-on-year [8].

Investment Rating - The report does not specify a current investment rating for the company [1]. Core Insights - The company reported a total revenue of 596 million yuan for H1 2025, representing a year-on-year growth of 3.7%. The net profit attributable to shareholders was 62 million yuan, up 25.5% year-on-year, and the non-recurring net profit was 51 million yuan, reflecting a growth of 37.27% [1]. - The company is positioned to benefit from the accelerating demand in the carbon monitoring and measurement market, following the Ministry of Ecology and Environment's announcement to include steel, cement, and aluminum industries in the national carbon emissions trading market [4]. - The company has been actively developing scientific instruments, including mass spectrometers, chromatographs, and portable instruments, with a strong focus on R&D, investing around 100 million yuan annually [4]. Financial Performance - For H1 2025, the company's main business segments generated revenues of 471 million yuan from ecological environment monitoring systems and 84 million yuan from industrial process analysis systems, with year-on-year growth rates of 2.15% and 19.17%, respectively [4]. - The gross margin for the instrument industry was 43.93%, an increase of 1.18 percentage points year-on-year, with specific margins for ecological environment monitoring systems and industrial process analysis systems at 44.42% and 41.16%, respectively [4]. - The company forecasts revenues of 1.491 billion yuan, 1.690 billion yuan, and 1.878 billion yuan for 2025, 2026, and 2027, with growth rates of 5.0%, 13.4%, and 11.1% respectively [6]. Market Outlook - The carbon monitoring and measurement market is expected to accelerate, driven by the expansion of the national carbon emissions trading market and the development of carbon peak and carbon neutrality standards [4]. - The company has established three R&D centers in Beijing, the UK, and Belgium, focusing on five core technologies, which enhances its ability to shorten the R&D cycle and commercialize results effectively [4].