Core Viewpoint - The chromatography market is experiencing significant growth driven by demand from downstream sectors such as biopharmaceuticals, food safety, environmental monitoring, and petrochemicals, with a notable increase in market size projected for the coming years [1][5][8]. Chromatography Industry Definition and Technology Classification - Chromatography, also known as layer chromatography, is a physical and chemical analysis method that separates different solutes based on their interactions with stationary and mobile phases [2]. Current Development Status of the Chromatography Industry - The global chromatography column market is expected to reach USD 3.169 billion in 2024, with North America accounting for 37.27% of the market share [5]. - In China, the chromatography industry is projected to grow to CNY 25.968 billion in 2024, with specific market sizes for chromatography columns, instruments, and media being CNY 2.053 billion, CNY 11.029 billion, and CNY 12.886 billion respectively [1][8]. Regional Demand Characteristics - In China, the demand for chromatography products is regionally concentrated, with East China accounting for 38.50% of the market in 2024, followed by Central South and Western regions [10]. Industry Chain of Chromatography - The chromatography industry operates upstream in the pharmaceutical industry chain, primarily sourcing chemical reagents and instrument components, which are widely available and competitively priced [12]. Development History of the Chromatography Industry - The development of chromatography technology in China began in the 1950s, with significant milestones including the first commercial gas chromatography instrument produced in 1963 [14]. Competitive Landscape of the Chromatography Industry - The domestic chromatography market is becoming increasingly competitive as local pharmaceutical companies seek to replace imported products with high-quality domestic alternatives due to cost control measures [17]. Development Trends in the Chromatography Industry - The demand for chromatography analysis is growing across various sectors, including biopharmaceuticals and food safety, leading to an expanding market size and a clear trend towards domestic production capabilities that can compete with international leaders [20].

Summary of the Conference Call for Sifen Technology Company Overview - Sifen Technology reported an industrial chromatography filler revenue of 187 million yuan in 2024, with 85% of this revenue coming from registered clinical stages and commercialization projects, primarily from antibody drugs, insulin, peptides, GLP-1 drugs, and recombinant proteins [2][8] - The company’s chromatography column business generated 124 million yuan in revenue in 2024, with approximately 70 million yuan coming from the U.S. market [2][8] - The domestic chromatography filler market is estimated to be around 6-7 billion yuan, with domestic products holding less than 20% market share, indicating significant potential for domestic substitution [2][11] Market Dynamics - The global chromatography column production is approximately 4.5 million units, with an expected production of 229,000 units in China by 2025. Sifen's sales volume is currently low, but there is substantial growth potential [2][13] - The company’s industrial purification segment has shown significant revenue growth, exceeding 100% in both 2020 and 2021. In 2024, the revenue from the third phase and commercialization reached 168 million yuan, accounting for 85% of total chromatography filler revenue [2][12] Future Projections - Revenue growth rates for chromatography media are projected at 30%, 28%, and 26% for 2025 to 2027, while the overall growth rates for chromatography columns are expected to be 10%, 9%, and 8.4% respectively [3][16] - The company plans to expand its production capacity significantly, with the second phase of the Yangzhou facility expected to add 200,000 liters of capacity, increasing total capacity to ten times that of the first phase [2][15] Competitive Landscape - The domestic chromatography filler market has a low domesticization rate, with significant room for growth. The overseas market is estimated to be five times larger than the domestic market, around 30 billion yuan [2][11] - The company collaborates with major clients in the antibody and insulin sectors, including Innovent Biologics, Fuhong Hanlin, and Gland Pharma, indicating a strong position in the market [2][14] Investment Recommendation - The company is positioned well for future growth due to the potential for domestic substitution and stable or slightly increasing gross margins. An optimistic outlook is maintained for Sifen Technology, with a recommendation for investment [2][16]

Core Viewpoint - Jiangsu Hanbang Technology Co., Ltd. officially listed on the Sci-Tech Innovation Board with an initial price of 22.77 yuan per share, opening with a significant increase of 115%, resulting in a market value exceeding 4.3 billion yuan [1] Company Overview - Hanbang Technology has received considerable attention and recognition from local government officials, indicating its successful development and contributions to the industry [2] - The company has evolved from a small startup to a leading player in the chromatography field, reflecting the growth of China's chromatography industry [6][12] Technological Development - Chromatography technology, originating in 1906, has evolved to play a crucial role in various fields, including sports doping detection and food safety analysis, and is essential in biopharmaceuticals [4] - Hanbang Technology focuses on core chromatography technologies, including chromatography column technology, system integration, and application, driving innovation in the field [14][15] Talent Acquisition and Corporate Culture - The company emphasizes the importance of talent, establishing a strong team of professionals, including 7 PhDs and over 40 Masters, to foster innovation [9][11] - Hanbang Technology promotes a supportive work environment that values employee growth and satisfaction, contributing to a culture of innovation [11] Innovation and Market Position - Hanbang Technology aims to become the leading brand in the international chromatography industry, leveraging its innovative capabilities to enhance product offerings [12][20] - The company has achieved significant milestones in technology, including breakthroughs in large-scale production processes for biopharmaceuticals, contributing to the "domestic substitution" trend [15] Global Expansion - Hanbang Technology is actively pursuing international markets, establishing a wholly-owned subsidiary in Singapore to enhance its global presence and brand influence [23] - The company has successfully expanded its market reach across Europe and Asia, gaining recognition and building a strong reputation in the global chromatography sector [23]

Core Viewpoint - Hanbang Technology has successfully transitioned from a chromatography consumables agent to a leading domestic manufacturer of preparative chromatography equipment, becoming the first stock of chromatography equipment on the Sci-Tech Innovation Board [3][4]. Company Development - Established in 1998, Hanbang Technology initially focused on the agency sales of chromatography consumables, facing market saturation by 2006, which prompted a shift towards independent research and development [4]. - The company launched its first dynamic axial compression column in 2005, and by 2012, revenue from self-developed products surpassed that from agency sales [4][5]. - By 2024, Hanbang Technology was recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, ranking first in the domestic production-grade small molecule liquid chromatography system market [5]. Talent and R&D - Since 2010, Hanbang Technology has focused on attracting and retaining R&D talent, forming a technical team of 141 members by 2024, including 5 core technical personnel [5]. - The company implements various incentive measures, such as salary bonuses and stock options, to stabilize and develop its core technical team [5]. Market Position and Clientele - Hanbang Technology primarily serves the pharmaceutical industry, with notable clients including domestic giants like Heng Rui Medicine and international pharmaceutical equipment integrators [6][7]. - The company emphasizes the importance of high-purity separation and purification technologies, which are increasingly demanded due to stringent regulatory requirements [7]. Business Model and Solutions - Hanbang Technology adopts a dual approach of product development and customized turnkey services, offering solutions for both small and large molecule drug separation and purification [7]. - The company provides tailored solutions based on client sample characteristics, optimizing chromatography filler performance to reduce production costs [7]. Financial Performance - The company's revenue has shown consistent growth, with figures of 482 million yuan, 619 million yuan, and 691 million yuan from 2022 to 2024, respectively [8]. - Net profit attributable to the parent company has also increased, reaching approximately 79.34 million yuan in 2024 [8]. Future Outlook - Hanbang Technology anticipates continued growth in the domestic liquid chromatography market, with the laboratory liquid chromatography market projected to reach 3.6 billion yuan by 2026 [8]. - The company plans to raise funds through an IPO to enhance production capacity and R&D capabilities, with specific projects aimed at increasing production of chromatography equipment and laboratory instruments [8][9]. - Future technical focuses include optimizing chromatography system pressure resistance, fluid distribution, sealing, and homogenization technologies, as well as developing higher selectivity chromatography materials [9].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity. The gross profit margin for 2024 is projected at 70.22%, a year-on-year decrease of 7.85 percentage points, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross profit margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points. The company’s unique ability to self-produce core raw materials, microspheres, is expected to further highlight its competitive edge, supporting a high level of gross margin for core products [2][4]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%. The net profit attributable to the parent company was 82.84 million yuan, up 20.82% year-on-year. In Q1 2025, the company reported revenue of 189 million yuan, a year-on-year growth of 22.39%, and a net profit of 29.22 million yuan, reflecting a 72.98% increase year-on-year [9][11]. Growth Potential - The company is positioned to benefit from accelerated domestic substitution and its own product strength and platform-driven growth. The core business of chromatography fillers and chromatography media is expected to continue its growth trend, with Q1 2025 revenue reaching approximately 111 million yuan, a year-on-year increase of about 10.62%. The strategic focus on high-quality clients is anticipated to further enhance operational quality [4][9]. Earnings Forecast and Valuation - The company’s revenue is projected to reach 966 million yuan in 2025, with a year-on-year growth of 23.44%. The net profit attributable to the parent company is expected to be 139 million yuan, reflecting a significant year-on-year increase of 68.00%. The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4][11].