Sichuan Shuangma Hosts Investor Research Meeting on Peptide Capacity and Equity Exits

On the evening of September 14, 2026, Sichuan Shuangma (000935) disclosed the minutes of its latest institutional research meeting, which drew nearly 20 institutional investors. During the meeting, Sichuan Shuangma responded to questions on peptide business capacity, order matching, revenue scale, and arrangements for exiting equity investments.

Regarding the growth potential of the peptide business, an institutional investor asked whether the more than 10 tonnes of capacity to be formed after the company's Hubei Jianxiang A16 workshop is commissioned could match subsequent orders and the customer structure, and whether it could support the company's annual revenue rising to the range of RMB 3 billion to RMB 5 billion. Sichuan Shuangma responded that after the A16 workshop is commissioned, the designed capacity of its peptide business will increase significantly, but actual output release will still require a capacity ramp-up and process stabilization phase. The company stressed that revenue growth is not determined by capacity alone, but is also affected by multiple factors including the pace of order conversion, customer structure optimization, the product pricing system, the pace of overseas registration and review, and the competitive landscape of the industry. Going forward, the company will continue to leverage its capacity advantages to expand domestic and overseas customers and project resources.

On capacity planning, Sichuan Shuangma said in its interim report that it will continue to expand capacity construction and strive to raise its overall capacity scale to a globally leading position. The company said that in recent years generic drugs have expanded rapidly, while the beauty peptide industry has also risen quickly in tandem. At present, this work is in the preliminary planning stage.

Beyond the peptide segment, the pace of realizing returns from the company's equity investment business drew institutional attention. An investor asked whether the projects held by funds in which the company participates, including MetaX, E-Town, Kunlunxin, DeepSeek, and Kimi, could complete initial public offerings or merger and acquisition exits and concentrate the realization of excess performance fees in 2027 to 2029. Sichuan Shuangma said it will dynamically assess multiple exit paths such as initial public offerings and industrial mergers and acquisitions in light of capital market cycles, corporate growth stages, and core quality, and optimize the overall exit pace. In recent years, Sichuan Shuangma has used its private equity investment funds to build positions in a number of hard technology companies, covering DeepSeek, Moonshot AI, Kunlunxin, MetaX, Hongjun Microelectronics, Eagle Semiconductor, and E-Town Semiconductor.