导读： 精品行研报告 · 专项定制 · 月度专题 · 市场地位证明 · 专精特新申报 · 可研报告 · 商业计划书 · 产业规划 · 一 01 中国非粮生物基材料行业相关概述 02 中国非粮生物基材料行业发展驱动因素分析 03 中国非粮生物基材料行业研发现状分析 04 中国非粮生物基材料行业细分市场分析 05 中国非粮生物基材料行业重点企业分析 06 中国非粮生物基材料行业发展趋势分析 www.chyxx.com 服务热线:400-600-8596 010-60343812 智研咨询 在全球低碳转型与"双碳"战略的双重驱动下，中国非粮生物基材料行业正以政策为引擎、技术为利刃，突 破传统资源约束与成本瓶颈，加速构建从原料供应到终端应用的绿色产业生态。政策层面，2023年六部门 联合发布《加快非粮生物基材料创新发展三年行动方案》，明确2025年关键目标。2025年6月，工信部与 农业农村部启动产业创新发展典型案例推荐工作，聚焦关键技术创新、应用场景拓展、特色基地培育三大 方向，进一步细化政策落地路径。技术方面，合成生物学、基因编辑、CO₂生物制造等前沿技术推动成本 直降、性能跃升，万吨级产线密集落地，标志着产业从 ...

Core Viewpoint - Synthetic biology is an underappreciated industry that has the potential to significantly change manufacturing methods, with Kasei Biotech positioned as a leading player in this field [1] Group 1: Technology Core - Kasei's core technology barriers include autonomous strain construction, industrial fermentation capabilities, and integrated engineering systems, allowing it to develop new materials independently [6][8][10] - The ability to scale from laboratory to industrial production is crucial for transforming research outcomes into marketable products [9] Group 2: Business Model - Kasei's business model focuses on selling products rather than licensing technology, with a strong emphasis on self-research, production, and sales [11] - Key product lines include bio-based pentamethylenediamine and long-chain dicarboxylic acids, which serve as alternatives to petrochemical materials [12][13] - The model emphasizes scalability and cost reduction, with strong customer relationships and high switching costs [14] Group 3: Industry Positioning - Kasei is a global leader in the synthetic biology sector, producing bio-based materials at a scale of tens of thousands of tons [15] - The company has a stable international customer base, with a significant portion of its business coming from exports [16] Group 4: Financial Health - Kasei has achieved consistent profitability, with stable gross margins between 35-45% and a self-sustaining cash flow structure [17][18] - The company maintains a healthy balance sheet with controlled debt levels, indicating a stable expansion strategy [19][24] Group 5: Moat and Long-term Evolution - Kasei's long-term advantages include a technical flywheel effect, strong customer loyalty, and production capacity barriers that are not easily replicated [20] - The company is positioned to evolve from a single product focus to a platform-based industrial biotechnology company [21] Summary of Q1 2025 Financial Performance - Revenue reached 776 million yuan, a year-on-year increase of 13.33%, indicating a recovery in demand for core bio-based materials [21] - Net profit grew by 30.11% to 137 million yuan, reflecting improved profitability and cost control [22] - The company shows strong operational cash flow without reliance on external financing, maintaining a stable financial structure [23][24]

Group 1 - Changhua Group received a product purchase contract for carbon-ceramic brake discs, with a total sales amount expected to exceed 100 million yuan over a 5-year lifecycle, starting mass production in Q2 2026 [1] - Zhongke Environmental reported a net profit of 196 million yuan for the first half of 2025, a year-on-year increase of 19.83%, with revenue of 848 million yuan, up 4.48% [1] - WuXi AppTec's net profit for the first half of 2025 grew by 101.92% to 8.561 billion yuan, with revenue of 20.799 billion yuan, a 20.64% increase [1][2] - Sujiao Technology's net profit decreased by 39.54% to 95.39 million yuan, with revenue down 13.75% to 1.776 billion yuan [1] - Jucheng Co. reported a net profit of 205 million yuan, a significant increase of 43.5%, with revenue of 575 million yuan, up 11.69% [1] Group 2 - Sanxiang New Materials plans to invest up to 300 million yuan in a zirconium-hafnium separation project, with a production capacity of 20,000 tons [1] - Koweil received government subsidies totaling 4.9752 million yuan, accounting for 10.14% of its audited net profit [1] - Xinhua Medical obtained two Class II medical device registration certificates for digital X-ray machines [1] - Huanxu Electronics reported a net profit of 638 million yuan, down 18.66%, with total revenue of 27.214 billion yuan, a slight decrease of 0.63% [1] - Zhenhua Co.'s general manager was fined 100,000 yuan for violations related to stock trading by his child [1] Group 3 - Huafeng Aluminum signed a raw material purchase contract worth over 7.2 billion yuan for a five-year period, committing to purchase at least 360,000 tons of raw materials [1] - Hongxin Technology received a project designation letter and procurement contract from a major domestic automotive brand [1] - Meihe Co. obtained a patent for a device used in supporting automatic flipping on conveyor lines in the automotive manufacturing sector [1] - Xin Hongye's subsidiary won a bid for an electrical penetration project worth 40.8831 million yuan [1] - Fuan Pharmaceutical's subsidiary received a drug registration certificate for an injection used in liver disease treatment [1] Group 4 - Tianzhong Precision's subsidiary's bankruptcy liquidation application was accepted by the court due to insufficient assets to cover debts [1] - Zhonghong Medical's subsidiary received medical device registration for infusion pumps and information collection systems [1] - Keda Li's subsidiary completed a capital increase, raising its registered capital from 200 million yuan to 400 million yuan [1] - Xingye Technology applied for a credit limit of 372 million yuan from Guangfa Bank [1] - Hengrui Medicine signed a collaboration agreement with GSK, involving a potential total payment of approximately 12 billion USD based on project milestones [1]

Core Points - The company announced a cash dividend of 0.4 yuan per share for the 2024 fiscal year [2][10] - The profit distribution plan was approved at the annual shareholders' meeting held on June 27, 2025 [2][4] - The total cash dividend to be distributed amounts to approximately 287.58 million yuan, based on the adjusted total share capital [4][10] Distribution Plan - The distribution is based on the total share capital of 721,289,794 shares, excluding 2,341,165 shares held in the repurchase account [4][5] - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3][4] Implementation Method - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [8] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [8] Taxation Information - Individual shareholders holding unrestricted shares for over one year will not be subject to personal income tax on the dividends [10][11] - For shares held for less than one year, the tax will be calculated upon transfer of the shares, with specific rates applied based on the holding period [10][11] - For foreign institutional investors, a 10% withholding tax will be applied to the dividends [12][13]

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

中信证券股份有限公司 关于上海凯赛生物技术股份有限公司 差异化分红事项的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为上海凯赛生 物技术股份有限公司（以下简称"凯赛生物"、"上市公司"、"公司"）持续督导工 作的保荐人，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海 证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，对凯赛生 物 2024 年度差异化权益分派相关事项（以下简称"本次差异化分红"）进行了 核查，具体情况如下： 一、本次差异化分红的原因 2024 年 10 月 21 日，公司召开第二届董事会第二十四次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金或 自筹资金以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票； 回购的股份将在未来适宜时机用于员工持股计划或股权激励，并在股份回购实施 结果暨股份变动公告后三年内予以转让；若公司未能在股份回购实施结果暨股份 变动公告日后三年内使用完毕已回购股份，尚未使用的已回购股份将予以注销； 回购资金总额不低于人民币1,000.00万元（含），不超过人民币2,00 ...

招商证券股份有限公司 关于上海凯赛生物技术股份有限公司 差异化分红事项的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐人"）作为上海凯 赛生物技术股份有限公司（以下简称"凯赛生物"、"上市公司"、"公司"） 持续督导工作的保荐人，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定， 对凯赛生物 2024 年度差异化权益分派相关事项（以下简称"本次差异化分红"） 进行了核查，具体情况如下： 一、本次差异化分红的原因 2024 年 10 月 21 日，公司召开第二届董事会第二十四次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金或 自筹资金以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票； 回购的股份将在未来适宜时机用于员工持股计划或股权激励，并在股份回购实施 结果暨股份变动公告后三年内予以转让；若公司未能在股份回购实施结果暨股份 变动公告日后三年内使用完毕已回购股份，尚未使用的已回购股份将予以注销； 回购资金总额不低于人民币1,000.00万元（含），不超过人民币2,00 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2025-035 上海凯赛生物技术股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利0.4元 相关日期 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 27 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 公司于 2025 年 6 月 27 日召开 2024 年年度股东大会，审议通过《关于 2024 年 度利润分配方案的议案》。同意公司以实施权益分派股权登记日登记的总股本扣除 回购专用账户的股份为基数，向全体股东每 10 股派发现金红利 4 元（含税）,公 司不送红股、不以资本公积转增股本。截至董事会召开日,公司总股本 721,289,794 股，扣除回购专用证券账户中股份数 2,341,165 股，以此计算合计拟派发 ...

Core Viewpoint - Synthetic biology is an underappreciated industry that has the potential to significantly change manufacturing methods, with Kasei Biotech positioned as a leading player in this field [1] Group 1: Technology Core - Kasei's core technology barriers include autonomous strain construction, industrial fermentation capabilities, and integrated engineering systems, allowing it to develop new materials without relying on external patents [4][5] - The company has successfully scaled fermentation processes from laboratory to industrial levels, achieving stable production rates essential for turning research into marketable products [4] - Kasei's integrated capabilities across the entire production chain enhance its ability to optimize yield and reduce costs [4][5] Group 2: Business Model - Kasei's business model focuses on selling products rather than licensing technology, with key products including bio-based pentamethylenediamine and long-chain dicarboxylic acids [5][6] - The company targets industrial material companies as primary customers, benefiting from strong customer loyalty and high switching costs [5] - Kasei's model emphasizes scalability and cost reduction, directly replacing fossil fuel-derived products [5][6] Group 3: Industry Positioning - Kasei is among the first companies globally to achieve large-scale production of bio-based materials, with a significant portion of its customer base in industrialized nations [6] - The company faces challenges such as long certification processes and policy barriers in international markets, indicating a slow but steady growth trajectory [6] Group 4: Financial Health - Kasei has maintained profitability for several years, with stable gross margins between 35-45%, indicating strong financial health relative to its industry [6][7] - The company invests 6-8% of its revenue in R&D annually, demonstrating a commitment to innovation while maintaining a healthy cash flow [7] - Kasei's net profit margin remains stable, reflecting a steady growth strategy rather than reliance on explosive revenue increases [6][7] Group 5: Moat and Long-term Evolution - Kasei's long-term advantages stem from a deepening technical system, strong customer relationships, and production capacity that cannot be easily replicated [7][8] - The company has established a "flywheel" effect through its technology, customer base, and supply chain, allowing for continuous product line expansion [7] - Kasei's strategy focuses on building a diversified product portfolio that supports long-term growth and stability [7][8] Group 6: Recent Performance - In Q1 2025, Kasei reported revenue of 776 million yuan, a year-on-year increase of 13.33%, indicating a recovery in demand for its core bio-based materials [8] - The net profit reached 137 million yuan, reflecting a 30.11% increase, showcasing improvements in profitability and cost management [8] - The company maintains a healthy cash flow without reliance on external financing, indicating robust financial management [8]

Core Viewpoint - The synthetic biology sector is rapidly developing and is a key direction for China's future industries, supported by significant government initiatives and funding [3][21][22]. Group 1: Market Overview - The global synthetic biology market is estimated to reach approximately $17.1 billion in 2023, with China accounting for 50% of this market. The projected annual compound growth rate over the next five years is 28.65% [3]. - The industry is characterized by opportunities arising from scientific research transformation and emerging industries, despite facing skepticism during rapid development [4][16]. Group 2: Company Profile - Kasei Biotech - Kasei Biotech (688065.SH) became the first synthetic biology stock listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in August 2020, marking a significant milestone in the sector [4]. - The company has made notable progress in performance and market expansion over the past five years, focusing on two main product lines: long-chain dicarboxylic acids and bio-based polyamides [6][10]. Group 3: Financial Performance - Kasei Biotech's total revenue has shown fluctuations, with a total revenue of 21.14 billion in 2023, projected to rise to 29.58 billion in 2024, reflecting a growth trajectory [8]. - The revenue from bio-based polyamides has been slower to grow, with expectations for future acceleration as the company enhances its production capabilities and market presence [6][16]. Group 4: Strategic Developments - Kasei Biotech has successfully completed a targeted capital increase with China Merchants Group, which not only provides financial support but also strategic resources and market channels for the commercialization of bio-based polyamides [16][41]. - The company is actively collaborating with industry leaders to develop applications for bio-based polyamides across various sectors, including textiles and renewable energy [15][16]. Group 5: Industry Trends and Future Outlook - The shift towards bio-manufacturing is driven by the need for sustainable and renewable resources, with the market for bio-manufacturing expected to reach 575 billion by 2025 [24]. - Kasei Biotech's advancements in utilizing biomass waste for high-value applications are positioned to significantly impact the bio-manufacturing landscape, potentially leading to lower-cost and efficient raw material sources [17][20]. Group 6: Valuation Considerations - Kasei Biotech's projected net profit for 2024 is 4.89 billion, with a static price-to-earnings ratio of 68 times, indicating a higher valuation compared to traditional chemical companies [29][33]. - The company is seen as a bio-chemical enterprise with a focus on synthetic biology and bio-manufacturing technologies, which may justify its valuation despite being in a high-growth phase [32][34].