Open Source Securities released a research report on April 23 stating that it gave Shengnuo Biotech (688117.SH) a purchase rating. The main reasons for the rating include: 1) the gradual release of profit-side flexibility, and the overall steady development of the three core sub-businesses; 2) “barefoot” varieties in the formulation business won the bid, and downstream demand in the API business is strong and is expected to grow rapidly; 3) Continued promotion of peptide production capacity construction, and new production capacity is about to break through supply-side bottlenecks. (Mainichi Keizai Shimbun)