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]

石 羚 中国不仅能提供"从1到N"的应用场景，而且日益成为重大原创性、颠覆性科技成果的策源地，这是"十 四五"时期我国发展最深刻的变化之一 在把握趋势中勇立潮头，在打牢基础中精耕细作，在构筑生态中形成激励，中国将不断产生引领人类未 来的创新成果 翻开"十四五"时期科技创新成绩单，会发现中国科研工作者已经奔跑在"最前沿"—— 量子科技领域，在国际上首次实现光子的分数量子反常霍尔态；生命科学领域，绘制首套猕猴大脑皮层 单细胞空间分布图谱；脑机接口领域，帮截瘫患者站立行走、助盲人恢复光感……原始创新能力越来越 强，"从0到1"的原创性科技成果越来越多，并由此催生新赛道新业态，推动我国朝着科技强国的目标加 速迈进。 认知无边界，创新无止境。前沿技术是具有前瞻性、先导性和探索性的重大技术，代表着科技发展的未 来方向。"十四五"时期，我国在诸多前沿领域从"跟跑"进入"并跑""领跑"，给我们怎样的启示？ 过去5年，我国动力电池充电效率提升4倍以上，电机和电控系统全球领先。基础研究地基牢，科技大厦 才建得高。相比欧美，我国新能源汽车产业起步并不早，之所以实现跨越式发展，一个重要原因就是基 础技术的突破提升。 几乎所有科研人员 ...

Core Insights - China is increasingly becoming a source of major original and disruptive technological achievements, marking a profound change during the "14th Five-Year Plan" period [1][4] - The country has made significant advancements in various cutting-edge fields, transitioning from "catching up" to "keeping pace" and "leading" in technology [1][4] Group 1: Technological Advancements - Chinese researchers have achieved groundbreaking results in quantum technology, life sciences, and brain-computer interfaces, showcasing the country's growing original innovation capabilities [1][3] - The efficiency of electric vehicle batteries has improved over four times in the past five years, highlighting the importance of foundational research in achieving technological breakthroughs [3] Group 2: Innovation Ecosystem - A robust innovation ecosystem is essential for promoting efficient collaboration among innovation entities and optimizing the allocation of innovation resources [4] - Recent reforms in the technology evaluation system emphasize recognizing innovation value and contributions, fostering a conducive environment for technological advancements [4] Group 3: Policy and Market Dynamics - The interplay between top-level design, policy-driven initiatives, and spontaneous market innovation has positioned China at the forefront of artificial intelligence [2] - The focus on macro and micro scientific research, as well as interdisciplinary collaboration, is crucial for understanding and seizing technological innovation trends [2]