Institutional Research | Innovative Drugs + CRO + Pet Economy This company's CDMO business continues to make efforts and has completed clinical enrollment for two indications of Semaglutide.

On April 1, multiple listed companies released announcements of investor relations activity records, disclosing the business interactions between each of them and various institutions, revealing many progress and highlights in the companies’ business development.

Pulo Pharmaceutical: Has completed clinical enrollment for two indications of semaglutide weight loss and blood sugar reduction

At a performance briefing held yesterday, Pulo Pharmaceutical said that it has completed the clinical enrollment for the two indications of semaglutide weight loss and blood sugar reduction, and will strictly follow clinical trial regulations and the drug approval process to accelerate product commercialization.

In 2025, Pulo Pharmaceutical’s revenue from active pharmaceutical ingredient (API) intermediates saw some decline. The company said that its API business is currently at the bottom of the cycle, and with the rollout of the national anti-“involution” policy, it is expected to gradually stabilize and rebound. The company will continue to focus on market share of key products and maintain a reasonable price range.

“The company’s beauty and personal-care cosmetic ingredient business is currently in the new product and new customer development stage.” According to Pulo Pharmaceutical, based on its chemical synthesis and synthetic biology R&D and production platform, the company is gradually enriching its self-developed product lines such as sun protection, moisturizing, and anti-aging, and carries out innovation drug R&D and production service (CDMO) cooperation with multiple well-known cosmetic ingredient companies in China and overseas, quickly achieving commercialization on the ground. The company expects this to become a new highlight of business development.

In recent years, the number of CDMO projects has continued to grow at a relatively fast pace, and it has also gradually entered the commercialization production stage. Last year’s fourth quarter CDMO gross margin increased as the business structure was optimized. Pulo Pharmaceutical said that in the future, the company will strive to maintain a relatively good gross margin level through measures including upgrades to its technology platforms, expansion of commercialization projects, and cost control.

In the communications, Pulo Pharmaceutical specifically pointed out that over the next 1–2 years, its CDMO business is expected to become the main driving force for earnings growth. Within the CDMO business, its veterinary drug segment benefits from growth in global animal healthcare demand and deepening cooperation with the company’s strategic customers, and is expected to continue to maintain a steady growth trend.

Pulo Pharmaceutical’s core business includes innovation drug R&D and manufacturing services (CDMO), API intermediates, as well as R&D, production, and sales of pharmaceuticals, and import and export trading business.

A latest research report from China Citic Securities pointed out that the company has actively adjusted its API business to lay a foundation at the bottom of the cycle, while emerging businesses open up incremental growth space; at the same time, the company’s CDMO core capabilities continue to improve, with a rapid increase in both the number of customers and the number of projects. The report is optimistic about the growth potential of the company’s three segments after new production capacity is put into operation.

In the secondary market, Pulo Pharmaceutical rose 3.25% today, accumulating gains of 9.78% over the past five trading days.

Dayuanshi Technology: Positive electrode materials for all-solid-state batteries have achieved batch deliveries of 20 tons or more

Dayuanshi Technology recently received research visits from more than 100 institutions, including Dongwu Securities, China International Capital Corporation, and JPMorgan Chase Securities.

During the research visit, Dayuanshi Technology disclosed that, as of now, its ultra-high-nickel multi-materials and ultra-high-capacity lithium-rich manganese-based materials for all-solid-state batteries have achieved batch deliveries of more than 20 tons. Its positive electrode materials such as mid-nickel, high-nickel, nickel manganese lithium oxide, and LFP dedicated to solid-liquid batteries have cumulatively shipped at the thousand-ton scale. Related products have been introduced to multiple solid-state battery customers including Qingtao, Weilan, Hui Neng, Ganfeng Lithium Battery, and Catic New Energy.

According to the introduction, for all-solid-state high-nickel ternary materials, the performance contribution (cycle life, capacity, etc.) in all-solid-state batteries is already close to that of liquid batteries, and can meet energy density requirements of more than 400Wh/kg. For all-solid-state ultra-high-capacity lithium-rich manganese-based materials, it can meet the 500Wh/kg battery requirement, with standout core performance indicators.

At the same time, the company successfully developed new solid electrolyte products such as chlorine-iodine composite solid electrolytes with high ionic conductivity and good interface wetting properties. The products have entered batch verification with leading customers.

In terms of lithium iron phosphate business, currently Dayuanshi Technology’s third-generation and fourth-generation high-voltage compressed lithium iron phosphate products have achieved stable mass production and supply. The fifth-generation products have been introduced to leading customers. The compact density can reach 2.75g/cm³, and the performance ranks among the advanced levels in the industry. The products are deeply tied to domestic and international battery customers such as CATL, Ganfeng Lithium Battery, RUPULAN, and Power Co, enabling applications in the fields of power and energy storage.

In the sodium-ion positive electrode material and lithium cobaltate business areas, Dayuanshi Technology has also made progress. The company maintains close cooperation with multiple domestic and international customers. Its sodium-ion positive electrode materials have been used in batches in downstream projects such as cylindrical battery start-stop, square energy storage, and small power applications. In addition, high-rate and high-voltage lithium cobaltate saw a significant year-on-year increase in 2025 sales. The 4.50V and 4.53V products entered the supply chains of leading customers and have continued to be delivered in batches, and the 4.55V product has achieved mass production.

With more than twenty years of deep cultivation in the lithium battery positive electrode materials field, Dayuanshi Technology supplies large batches of products to lithium battery giants and automakers in China, South Korea, Japan, Europe and the United States, and other countries and regions. In addition, the company’s subsidiary Zhongding Hi-Tech focuses on R&D, production, and sales of high-end intelligent equipment and its core control and functional components. It is one of the first domestic enterprises to develop and produce rotary die-cutting (round knife) die-cutting equipment. As of today’s market close, Dayuanshi Technology’s share price rose 3.27%.

A latest research report from China International Capital Corporation stated that the company’s ternary materials segment is growing rapidly, with major overseas customers continuing to ramp up. The iron-lithium segment is also ramping up significantly, and profitability continues to improve. The company is actively laying out next-generation materials, opening up future growth potential. Considering that the company’s overseas ternary customers continue to ramp up and the volume and profit of iron-lithium are rising at the same time, the company has raised its 2026 earnings forecast by 22% to 1.04 billion yuan.

（Source: Eastmoney Research Center）