Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company is expected to see a 46.39% year-on-year increase in net profit attributable to shareholders, with projected revenue of 406 million yuan for 2025 [4] - The core business segments are experiencing a recovery in demand, contributing to stable revenue and profit growth [4] - The company is actively expanding into new product categories and enhancing its overseas business presence [5] Financial Summary - Total revenue is projected to grow from 389 million yuan in 2023 to 662 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.7% [7] - Net profit attributable to shareholders is expected to increase from 53 million yuan in 2023 to 103 million yuan in 2027, with a significant growth rate of 18.4% in 2027 [7] - The company's gross margin is projected to stabilize around 30.6% from 2026 onwards [8] Business Development - The company has established a presence in overseas markets, with external sales accounting for approximately 56.88% of total revenue as of Q3 2025 [5] - New factories are in trial production, which will help address capacity constraints once regulatory approvals are obtained [5] - The company plans to diversify its product offerings beyond amino acids to include derivatives, functional peptides, and other innovative products [4]

Industry Overview - Peptides are bioactive fragments of proteins that can be rapidly absorbed and utilized by the human body, providing energy and nutrients to cells. Their potential has been further released since the Human Genome Project in the 1990s, leading to unprecedented prosperity in peptide research and applications, especially in the pharmaceutical field [1][13] - The Chinese peptide industry market size is projected to grow from 57.34 billion yuan in 2016 to 209.12 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.56%. By 2025, the market size is expected to reach approximately 247.6 billion yuan [1][13] Market Segmentation - The peptide industry value chain consists of upstream raw materials and equipment (amino acids, amino acid protectants, resin acids, synthesis instruments, packaging materials), midstream production and manufacturing, and downstream applications in food, pharmaceuticals, feed, health products, and cosmetics [9][11] - The global peptide drug market is expected to reach approximately 96 billion USD by 2025, driven by the increasing prevalence of chronic diseases and the unique advantages of peptide drugs in treatment [12][17] Key Companies - HanYue Pharmaceutical focuses on four main areas: peptide formulations, raw materials, small nucleic acids, and CRDMO services. The company has achieved significant revenue growth, with a reported 114.86% increase in pharmaceutical manufacturing revenue in the first half of 2025 [20][21] - ZhongPeptide Biochemical Co., Ltd. specializes in contract research, development, and production of peptides and small nucleic acids, providing comprehensive services from early discovery to commercial production [21] Development Trends - The Chinese peptide industry is transitioning from traditional chemical synthesis to a deep integration of biotechnology and synthetic biology, enhancing production efficiency and reducing costs [22][24] - The application of peptides is rapidly expanding beyond pharmaceuticals into health, beauty, and functional food markets, with increasing consumer demand for personalized health solutions [23][24] - The industry is also moving towards green manufacturing and sustainable development, focusing on reducing environmental footprints and enhancing social responsibility [24]

证券代码：920547 证券简称：无锡晶海 公告编号：2026-006 报告期内，公司实现营业收入405,501,949.74元，同比上升 19.62%；归属于上市公司股东的净利润62,730,981.38元，同比上升 46.39% ； 归 属 于 上 市 公 司 股 东 的 扣 除 非 经 常 损 益 的 净 利 润 63,315,536.88元，同比上升53.23%；基本每股收益0.81元，同比上 升47.27%。 无锡晶海氨基酸股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司 2025 年年度报告中披 露的数据为准，提请投资者注意投资风险。 一、 2025 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 405,501,949.74 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company is expected to achieve a net profit of 60-66 million yuan in 2025, representing a year-on-year growth of 40.0-54.0%. The fourth quarter alone is projected to see a net profit of 11.94-17.94 million yuan, with a significant year-on-year increase of 154.7-282.7% [5]. - Demand recovery across various application fields is driving simultaneous growth in revenue and profit. The market demand is returning to normal levels, particularly in the cultivation substrate sector, while the nutritional food sector benefits from ongoing market recovery [5]. - Cost structure optimization is contributing positively to profit margins, with a reduction in certain expenses, including employee stock incentive costs and impairment provisions, easing cost pressures [5]. - The company is expanding its overseas presence by establishing subsidiaries in the Netherlands and the United States, aiming to tap into the overseas raw material market and address capacity shortages in other sectors [5]. Financial Data and Profit Forecast - Total revenue is projected to grow from 404 million yuan in 2025 to 622 million yuan in 2027, with year-on-year growth rates of 19.2%, 25.3%, and 22.9% respectively [4]. - The net profit forecast for 2025 is 63 million yuan, increasing to 108 million yuan by 2027, with corresponding growth rates of 47.3%, 32.2%, and 29.6% [4]. - Earnings per share are expected to rise from 0.81 yuan in 2025 to 1.39 yuan in 2027, reflecting the company's improving profitability [4].

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company's performance in 2025 is expected to meet forecasts, with a projected net profit of 60-66 million yuan, representing a year-on-year growth of 40.0-54.0% [6]. - Demand recovery is driving simultaneous growth in revenue and profit, particularly in various application fields such as culture media and nutritional products [6]. - Cost structure optimization is contributing positively to profit margins, with a reduction in certain expenses alleviating cost pressures [6]. - The company is set to release new production capacity and establish overseas subsidiaries to support market expansion [6]. - Long-term performance is expected to remain stable, with revenue forecasts for 2025-2027 at 404 million, 506 million, and 622 million yuan respectively, and corresponding net profits of 63 million, 83 million, and 108 million yuan [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 404 million yuan in 2025 to 622 million yuan in 2027, with a compound annual growth rate of approximately 22.9% [5]. - The net profit is expected to increase from 63 million yuan in 2025 to 108 million yuan in 2027, reflecting a strong growth trajectory [5]. - The company's gross margin is forecasted to remain stable around 31% to 32% over the next few years [5].

Group 1 - The biopharmaceutical sector experienced a decline of 1.98% on January 28, with Baipusais leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Notable gainers in the biopharmaceutical sector included Kanghua Biological, which rose by 3.02% to a closing price of 74.70, and Liaoning Chengda, which increased by 2.55% to 12.86 [1] Group 2 - Baipusais saw a significant drop of 10.57%, closing at 58.18, with a trading volume of 57,400 shares and a transaction value of 342 million [2] - Other notable decliners included Kangla Weishi, down 6.16% to 10.97, and Jinchuan Protein, down 5.90% to 46.58 [2] - The biopharmaceutical sector experienced a net outflow of 1.252 billion in main funds, while retail investors saw a net inflow of 653 million [2] Group 3 - Rongchang Biological had a net inflow of 38 million from main funds, representing 6.49% of its total, while it faced a net outflow of 58.99 million from retail investors [3] - Liaoning Chengda also saw a net inflow of 14.86 million from main funds, but a net outflow of 15.01 million from retail investors [3] - The overall trend indicates a mixed sentiment in the biopharmaceutical sector, with main funds withdrawing while retail investors are actively buying [3]

无锡晶海氨基酸股份有限公司 2025 年年度业绩预告公告 证券代码：920547 证券简称：无锡晶海 公告编号：2026-005 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司 2025 年年度报告中披 露的数据为准，提请投资者注意投资风险。 一、 本期业绩预告情况 （一） 业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二） 业绩预告情况 √年度实现盈利，且净利润与上年同期相比上升 50%以上 万元 二、 本期业绩重大变化的主要原因 公司业绩实现稳步增长，核心驱动因素源于业务端需求复苏、成 本优化二方面的协同发力，具体如下： 1、核心业务板块需求回暖，带动收入与利润同步增长。疫苗培 养基业务方面，随着疫情期间客户储备库存逐步消化完毕，市场需求 回归常态化并稳步回升；食品营养品类业务受益于整体市场需求的持 续复苏，贡献稳定增量；原料药业务则依托市场流通领域库存消化 ...

东方证券股份有限公司 关于无锡晶海氨基酸股份有限公司 使用闲置募集资金进行现金管理的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为无锡晶海 氨基酸股份有限公司（以下简称"无锡晶海"或"公司"）本次向不特定合格投资者 公开发行股票并在北京证券交易所上市的保荐机构，根据《北京证券交易所上市公 司持续监管办法（试行）》《北京证券交易所证券发行上市保荐业务管理细则》《北京 证券交易所股票上市规则》等有关规定，对无锡晶海使用闲置募集资金进行现金管 理事项进行了核查，具体情况如下： 一、募集资金基本情况 无锡晶海于 2023 年 9 月 28 日收到中国证券监督管理委员会下发的《关于同意无 锡晶海氨基酸股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许 可〔2023〕2262 号），同意公司向不特定合格投资者公开发行股票的注册申请。公司 本次发行的发行价格为 16.53 元/股，募集资金总额人民币 25,786.80 万元，减除发行 费用人民币 2,704.00 万元（不含税）后，募集资金净额为人民币 23,082.80 万元。截 至 2023 年 12 月 4 日，上述募集资金已到 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、募集资金基本情况 2023 年 12 月 12 日，无锡晶海氨基酸股份有限公司发行普通股 15,600,000 股，发行方式为向不特定合格投资者公开发行，发行价格 为 16.53 元/股，募集资金总额为 257,868,000.00 元，实际募集资金 净额为 230,827,955.07 元，到账时间为 2023 年 12 月 4 日。公司因 行使超额配售选择权取得的募集资金净额为 35,576,669.08 元，到账 时间为 2024 年 1 月 11 日。 二、募集资金使用情况 （一）募集资金使用情况和存储情况 证券代码：920547 证券简称：无锡晶海 公告编号：2026-004 无锡晶海氨基酸股份有限公司 使用闲置募集资金进行现金管理公告 截至 2025 年 12 月 31 日，公司上述发行股份的募集资金使用情 况具体如下： 单位：元 | 账户名称 | 银行名称 | 专户账号 | 金额（元） | | --- | --- | --- | --- ...

无锡晶海氨基酸股份有限公司 证券代码：920547 证券简称：无锡晶海 公告编号：2026-003 第四届董事会第十六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 一、 会议召开和出席情况 （一）会议召开情况 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序符合有关法律法规、规范 性文件和《公司章程》的规定，所做决议合法有效。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 1.会议召开时间：2026 年 1 月 20 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2026 年 1 月 16 日以电话方式 发出 5.会议主持人：李松年 6.会议列席人员：财务总监兼董事会秘书陈向红 二、 议案审议情况 （一）审议通过《关于使用闲置募集资金进行现金管理的议案》 1.议案内容： 鉴于公司募投项目"高端高附加值关键系列氨基酸产业化建设项 目"已达到预定可使用状态，现阶段公司部分募集资金存在暂时闲置 的情形 ...