阿拉丁(688179) - 阿拉丁接待投资者调研活动记录（2024年6月12日-6月13日）

Group 1: Customer Composition and Trends - The proportion of university customers has increased as they recover from the impact of online teaching, which had reduced their purchasing volume in previous years [2] - The company’s gross margin is fluctuating within a normal range, with a notable increase in Q1 2024 due to product price adjustments and a higher revenue share from high-margin end customers [2] Group 2: Industry Dynamics - The competitive landscape of the research reagent industry in China is shifting from absolute foreign monopoly to relative monopoly, with domestic brands achieving international standards and gradually replacing imports [3] Group 3: Product and Market Position - The company has a diverse product line in biochemical reagents, with a significant share of high-end chemical reagents, differentiating it from Source Leaf Biotech's offerings [5] - The acquisition of Source Leaf Biotech is expected to enhance the company’s product line in biochemical reagents and create synergies [5] Group 4: Financial Management and Strategy - The company’s share repurchase is driven by confidence in its sustainable development and long-term value recognition, aimed at enhancing team cohesion and competitiveness [5] - The company operates on an e-commerce model with most customers paying upfront, resulting in short account periods and good cash flow [6]