Core Viewpoint - The report outlines the continuous supervision and monitoring responsibilities of the sponsor, Fangzheng Securities, for Shanghai Sailun Biotechnology Co., Ltd. (Sailun Bio) following its initial public offering on the STAR Market, emphasizing compliance with relevant regulations and the company's operational status [1]. Continuous Supervision Work Situation - The sponsor has established and effectively implemented a continuous supervision work system, including a work plan tailored to specific supervisory tasks [2]. - A continuous supervision agreement was signed with Sailun Bio, clarifying the rights and obligations of both parties during the supervision period [2]. - The sponsor conducts regular communication, site visits, and due diligence to understand Sailun Bio's operational conditions [2][3]. - The sponsor ensures that Sailun Bio complies with laws, regulations, and business rules issued by the Shanghai Stock Exchange [2][3]. - The sponsor monitors the company's governance structure and internal control systems, ensuring they are effectively executed [2][3]. Financial Performance - In 2024, Sailun Bio reported a revenue of approximately 194.92 million yuan, a 2.51% increase from 2023 [9]. - The net profit attributable to shareholders was approximately 44.29 million yuan, reflecting a 14.23% increase year-on-year [9]. - The net cash flow from operating activities increased by 53.12% to approximately 50.25 million yuan [9]. - The company's total assets decreased by 0.75% to approximately 1.12 billion yuan, while net assets increased by 0.89% to approximately 1.10 billion yuan [9]. Core Competitiveness - Sailun Bio has developed a strong competitive advantage in the research and production of antivenom and antitoxin products, with proprietary technologies and patents in various critical processes [11][12]. - The company is the sole domestic producer of specific antivenom products, enhancing its market position [11]. - Continuous innovation and improvement in production processes have led to significant advancements in product quality [11][12]. Research and Development Progress - The R&D expenditure accounted for 12.23% of revenue, a decrease of 3.76 percentage points compared to the previous year [16]. - Key R&D projects are progressing steadily, including the development of antivenom for pit viper bites and honeybee venom, with clinical trials and regulatory submissions underway [17]. - The company is also focusing on improving the production processes of existing products, which has yielded significant results [17]. Use of Raised Funds - The company raised approximately 89.38 million yuan from its IPO, with net proceeds of about 78.49 million yuan after deducting issuance costs [18]. - As of December 31, 2024, the company had utilized approximately 235.99 million yuan of the raised funds, maintaining compliance with regulatory requirements regarding fund usage [18].