在过去一年席卷全球的GLP-1类减肥药浪潮中，公众的目光大多聚焦于诺和诺德、礼来等制药巨头，以 及其带来的巨大市场空间与商业回报。 然而，在这类多肽药物从分子式变为产品的复杂链条中，一个关键但隐蔽的环节在于其高纯度的合成与 纯化过程。这高度依赖于一类被称为"固相合成载体"的上游关键材料和"层析填料"下游分离纯化材料。 在这一高度专业的上游材料领域，蓝晓科技（300487）是国内主要的突破者之一。其吸附分离材料与系 统，不仅应用于半导体超纯水制备，也广泛覆盖了生命科学、盐湖提锂、节能环保、食品加工等基础工 业。 围绕吸附分离技术主业，强化底层基础，做强主业，同时从全行业技术进步角度推动吸附分离技术向更 广更深的新技术领域拓展与进步。 得注意的是，这家以解决工业分离纯化难题见长的公司，正展现出强劲的多元化增长。根据其最新财 报，生命科学板块已跃升为公司主力增长引擎，其产品线正从传统的原料药纯化再到多肽药物合成，延 伸至核酸药物化学合成所需的关键材料等领域。 当生物医药的创新前沿不断向核酸药物等更上游的源头拓展时，对合成与纯化环节的精度、效率和成本 提出了前所未有的要求。 对此，21世纪经济报道专访蓝晓科技副总工程 ...

近期，中国生物医药行业发展迅速，夏尔巴生物成功完成全国首批2万升规模抗体生产，信达生物达成 重磅BD交易，加速迈向全球市场，甘李药业签署巴西国家级《技术转移与供应协议》，百奥泰 Usymro®获欧盟委员会上市批准，安睿特重组人白蛋白注射液Ⅲ期临床试验完成揭盲，这些赛分科技合 作伙伴的商业化能力不断加强，意味着对高性能表现、大规模供应、高质量水平的国产色谱填料的需求 也将迅速和持续增加。赛分科技扬州二期工程将更好地服务合作伙伴，提升规模化交付能力，持续提供 稳定可靠的产品和配套服务，为合作伙伴各项目的稳定生产和产能增长保驾护航。同时，伴随着中国生 物制药的出海大潮，扬州二期工程也将支持公司扩展海外市场的发展战略，扩大赛分科技在全球色谱层 析市场的影响力。（齐和宁） 赛分科技于今年一月登陆科创板，上市以来，整体业务发展态势强劲，2025年前三季度实现营业收入 3.02亿元，同比增长38.39%，归属于上市公司股东的净利润9321.18万元，同比增长71.07%，其中，工 业纯化板块增长尤为显著，2025年前三季度收入同比增长68.08%。在产能布局方面，作为上市募投项 目的扬州二期工程已全面启动建设，这一举措不仅 ...

证券日报网讯12月3日，纳微科技在互动平台回答投资者提问时表示，公司按计划推进各项经营工作， 核心业务发展良好。公司自2021年上市至今，实控人江必旺博士未实施过任何股份减持行为。公司聚焦 分离纯化和分析检测主业，通过技术创新和质量提升不断巩固竞争优势，成功构建涵盖色谱填料、色谱 分析柱、分离/分析设备、耐有机溶剂膜系统等产品的"色谱全生态平台"。同时，公司在高性能微球材 料的横向拓展方面持续投入，争取在更多微球应用领域实现创新突破和国产替代，培养新的业务增长 点。 ...

Core Viewpoint - GLP-1 related business is a significant growth driver for the company's life sciences segment, with a focus on market share and collaboration with major clients [1] Group 1: Market Position and Revenue - The company maintains a market share of over 70% for GLP-1 peptide solid-phase synthesis carriers in the domestic clinical pipeline [1] - In the first half of 2025, the company's revenue from the life sciences sector reached 320 million yuan [1] Group 2: Product Range and Client Base - The company offers a diverse range of products in the life sciences field, including solid-phase synthesis carriers for peptides, small nucleic acid synthesis carriers, chromatography fillers, chromatography media, and enzyme carriers [1] - The main downstream customers for the company's peptide solid-phase synthesis carriers are CDMO enterprises, although specific sales revenue and client information for each product type have not been disclosed [1] Group 3: Collaboration with Major Clients - The company is in collaboration with leading clients such as Eli Lilly and Novo Nordisk, focusing on long-term supply agreements and product delivery schedules [1]

Industry Rating - The industry investment rating is maintained as "Outperform" [1] Core Views - The domestic demand for the research service sector is recovering, supported by national policies and increased market activity in innovative drugs, leading to stable revenue and profit growth [2][6] - The overseas business environment is showing steady recovery, with domestic companies making significant progress in international markets, enhancing their profit margins [3][19] - The overall performance of the research service sector is improving, with a notable increase in both domestic and overseas business contributions [6][41] Summary by Sections Financial Performance - For the first three quarters of 2025, the overall revenue of the research service sector increased by 6.61% year-on-year, with net profit rising by 13.30% and non-recurring net profit up by 20.89% [5][6] - In Q3 2025 alone, the sector's revenue grew by 8.53% year-on-year, with net profit increasing by 17.97% and non-recurring net profit by 36.37% [6] - The gross profit margin for the sector was 49.95%, reflecting a 1.64 percentage point increase year-on-year, attributed to improved product quality and effective cost control [6] Market Trends - The demand for innovative drug research is driving growth in the sector, with a significant increase in the number of projects and investments in high-value services [2][14] - The trend of domestic companies replacing imported products is gaining momentum, with leading firms expected to capture a larger market share [2][7] Company Recommendations - Companies to watch include Haoyuan Pharmaceutical, Baiao Saitou-H, Naimi Technology, Aopumai, Yaokang Biological, and Saifen Technology, which are likely to benefit from improved industry demand [4] - New business opportunities are emerging for Haoyuan Pharmaceutical and Baiao Saitou-H, particularly in ADC CDMO services [4][27] Segment Performance - The research service sector consists of 18 listed companies, with stable growth across various segments, including model animals, biological reagents, and chromatography materials [6][7] - Companies like Naimi Technology and Yaokang Biological are experiencing significant growth in their respective fields, driven by strong domestic and international demand [30][36]

Summary of the Conference Call for Sifang Technology Company Overview - **Company**: Sifang Technology - **Industry**: Industrial Purification and Chromatography Key Financial Metrics - **Revenue**: - Q3 2025 revenue reached 3.02 billion CNY, a year-on-year increase of 38.39% [3] - Industrial purification segment revenue was 1.208 billion CNY, up 68.08% year-on-year, accounting for 69% of total revenue [2][3] - Net profit attributable to shareholders was 93.21 million CNY, a 71.07% increase year-on-year [2][3] - **Gross Margin**: - Overall gross margin for Q3 2025 was 72.73% [3] Segment Performance - **Industrial Purification Segment**: - Antibody drugs accounted for 60.62% of revenue, with a total of 1.26 billion CNY [5] - GLP-1 insulin peptide segment revenue grew by 161.44%, contributing 35.41% of the segment [5] - Revenue from recombinant proteins decreased significantly [5] - **Commercialization Stage**: - Revenue from commercialized products was approximately 122.3 million CNY, contributing nearly 60% of purification business revenue [9] - Late-stage clinical and commercialization revenue accounted for about 77% of total industrial purification revenue [9] Project Pipeline and Development - **Project Count**: - As of September 30, 2025, the company had 1,126 projects, with 893 in R&D, 170 in clinical stages, and 60 in commercialization [2][6] - In Q3 2025, 75 new projects were added, with 57 in R&D, 14 in clinical, and 4 in commercialization [6] - **Future Expectations**: - Anticipation of significant orders from clinical phase III projects entering commercialization in 2026, including recombinant proteins and antibodies [4][11] Market Dynamics - **Pricing Trends**: - Domestic chromatography media prices are 40%-50% of imported prices, with expectations of further price reductions in 2026 [7] - The company maintains a gross margin of around 70% for chromatography media [7] - **Customer Demand**: - Increasing number of phase I and II clinical projects, with 137 projects cumulatively [10] - The company has established strong relationships with major clients in the blood products sector, including significant projects in clinical phases [21] International Expansion - **Overseas Market Growth**: - Revenue from overseas markets grew over 300% year-on-year [14] - Plans to establish a factory in Delaware, USA, to support expansion into the North American market [12][13][15] - **Market Strategy**: - Differentiated strategies for the US and "Belt and Road" countries, focusing on technology in the US and competitive pricing in other regions [14] Future Capacity and Revenue Potential - **Capacity Expansion**: - Plans for a 200,000-liter production capacity in Yangzhou and a 50,000-liter facility in the US, with potential annual revenue of approximately 30 billion CNY if fully utilized [23] - **Market Size**: - The global market for related products is estimated to be in the hundreds of billions of CNY, indicating significant growth potential [17] Conclusion - **Overall Outlook**: - The company is positioned for substantial growth with a robust project pipeline, strong market demand, and strategic international expansion plans. The focus on maintaining stable pricing and high-quality products will support long-term profitability and market leadership.

Group 1: Industry Overview - The pharmaceutical and biotechnology industry is entering a new upward cycle, with accelerated overseas orders and strong upward momentum, particularly for companies with strong overseas capabilities in the upstream biological sector [1] - The early-stage CRO (Contract Research Organization) industry is experiencing a significant development opportunity, driven by the historical chance for innovative drugs to expand internationally [1] Group 2: Early-stage CRO - The early-stage CRO industry is seeing a shift towards domestic advantages in quality, efficiency, and cost, as overseas demand for early-stage research increases [1] - The demand for preclinical and safety evaluation orders is gradually recovering, with a recommendation to focus on leading companies such as Yino Science and Zhaoyan New Drug [1] - The supply-demand mismatch for experimental monkeys is expected to persist, leading to stable prices in the short term [1] Group 3: Upstream Biological Products - The domestic biological sector is recovering quickly, with significant growth expected in biological reagents, including culture media and recombinant proteins, driven by the structural recovery from domestic innovative drug exports [2] - The overseas market presents vast opportunities, and domestic brands are favored for their cost-effectiveness, suggesting a focus on companies with overseas capabilities such as Baipusais and Haoyuan Pharmaceutical [2] Group 4: Clinical CRO - The clinical CRO sector is approaching a turning point, with SMO (Site Management Organization) orders showing early signs of recovery [3] - As innovative drug financing improves, the number of clinical projects is expected to increase, leading to a recovery in overall orders [3] - Leading clinical CRO companies such as Tigermed and Nossger are recommended for investment [3] Group 5: CDMO - The CDMO (Contract Development and Manufacturing Organization) sector is showing strong performance, particularly in the peptide and ADC (Antibody-Drug Conjugate) segments, which are expected to maintain high growth rates [4] - New molecular tracks, including small nucleic acids, also present significant long-term development potential [4] - Recommended CDMO leaders include Kelaiying and WuXi AppTec, which are expected to show performance elasticity due to stable small molecule business and rapid growth in new molecular business [4]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the life sciences upstream sector [6]. Core Insights - The life sciences upstream sector is experiencing simultaneous domestic substitution and accelerated international expansion, with significant room for improvement in the localization rates of research reagents, consumables, and high-end scientific instruments [1][22]. - The demand side is improving due to favorable trends in innovative drug development and supportive national policies, with domestic innovative drug companies' overseas business development (BD) transactions expected to exceed $100 billion in 2025, nearly doubling from 2024 [2][25]. - The supply side is also gradually improving, with domestic life sciences companies achieving technological breakthroughs and expanding their business pipelines through both organic growth and acquisitions [2][29]. - Key companies are showing signs of performance improvement, with notable growth in revenue and net profit for firms like Baipusais and Aopumai [2][34]. Summary by Sections 1. Life Sciences Upstream Overview - The life sciences upstream includes research reagents, experimental consumables, instruments, and comprehensive services, playing a crucial role in various applications such as antibody drugs and gene therapy [9][10]. 1.1 Domestic Substitution and International Expansion - The localization rates for research reagents are around 10%, with high-end scientific instruments having an import rate of approximately 70.6% [22][23]. 1.2 Demand Side Improvement - The innovative drug sector is witnessing a recovery, with significant increases in overseas BD transactions, indicating a robust demand for life sciences products [25][27]. 1.3 Supply Side Enhancements - Domestic companies are making technological advancements, with key players like Aopumai and Baipusais expanding their product lines and market presence through acquisitions and internal development [29][30]. 1.4 Company Performance Trends - Companies such as Baipusais and Aopumai have reported substantial improvements in their financial performance, with Baipusais showing a 31% year-on-year revenue growth and Aopumai achieving a remarkable 402% increase in net profit [34]. 2. Recommended Stocks - Suggested stocks to watch include Baipusais, Aopumai, Aladdin, and others in the research reagent and scientific instrument sectors [2].

Core Viewpoint - The report highlights the strong financial performance of Sepax Technologies, with significant revenue and profit growth driven by the increasing demand for chromatography materials in the biopharmaceutical sector [1][2]. Financial Performance - In the first three quarters of 2025, Sepax Technologies achieved a revenue of 302 million yuan, representing a year-on-year growth of 38.39% [1][2]. - The net profit attributable to shareholders reached 93.21 million yuan, reflecting a high growth rate of 71.07% compared to the previous year [1][2]. - In Q3 alone, the company reported an explosive growth with revenue and net profit increasing by 81.39% and 141.05% year-on-year, respectively [2]. Business Strategy - The company capitalized on the domestic substitution strategy by actively expanding its customer base and enhancing cooperation with existing clients, leading to further business growth [2][3]. - Sepax Technologies has invested 40.60 million yuan in R&D in the first three quarters of 2025, marking a 20.37% increase year-on-year, which strengthens its technological advantages [2]. Market Position and Global Strategy - The chromatography filler market, previously dominated by international giants, is experiencing a shift towards domestic alternatives, with Sepax Technologies transitioning from imitation to parallel competition and even local leadership [3]. - The company has established a global presence since 2002, with a focus on R&D and innovation in chromatography materials, and has set up a production base in the U.S. to support its dual-circulation strategy [3]. Industry Context - The biopharmaceutical sector in China is entering a commercialization phase, with many R&D projects expected to materialize in the next 3-5 years, creating a robust demand for chromatography materials [3][4]. - Sepax Technologies is positioned as a key player in the high-end biopharmaceutical materials sector, contributing to China's global competitiveness in this field [4].

Core Viewpoint - The company has achieved record-high gross margins, but short-term profits are impacted by foreign exchange losses and tax payments, maintaining a "Buy" rating [1] Group 1: Financial Performance - In the first three quarters of 2025, the company reported revenue of 1.933 billion yuan, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 652 million yuan, up 9.27% year-on-year [1] - In Q3 2025, the company achieved revenue of 686 million yuan, a year-on-year increase of 14.86% and a quarter-on-quarter increase of 2.29%; net profit attributable to shareholders was 207 million yuan, a year-on-year increase of 7.72% but a quarter-on-quarter decrease of 17.58% [1] - The comprehensive gross margin for Q3 2025 was 55.62%, an increase of 4.42 percentage points year-on-year and 3.96 percentage points quarter-on-quarter [2] Group 2: Business Segments - The life sciences segment saw a revenue increase of 11% year-on-year, while the metal resources segment grew by 30% year-on-year, and the water treatment segment increased by 9% year-on-year; the food processing sector experienced a significant growth of 50% year-on-year [2] - The company is focusing on high-margin businesses, with the polypeptide solid-phase synthesis carrier business continuing to show good growth [2] Group 3: Future Growth Prospects - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park for life sciences, which is expected to support future growth [3] - The company is expanding its life sciences business domestically and establishing a global marketing and technical service network [3] - New product developments in the life sciences sector include antibody IND applications and various types of chromatography fillers, which are anticipated to become new growth points for the company [3]