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 - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4].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]

Market Overview - The Shanghai Composite Index is at 3570.20 points, above the six-month moving average, with a change of 0.29% [1] - The total trading volume of A-shares today is 15610.05 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 61 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Huabei Mining: 8.00% deviation rate, with a price increase of 8.60% [1] - Hengjin Induction: 7.25% deviation rate, with a price increase of 8.04% [1] - Shanmei International: 7.00% deviation rate, with a price increase of 10.04% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Juhua Technology: minor deviation rate [1] - *ST Chuntian: minor deviation rate [1] - Hanzhong Precision Machinery: minor deviation rate [1]

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].

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Core Viewpoint - 凯赛生物's stock price has declined and is currently in a state of underperformance since its IPO, with a market capitalization of 33.403 billion yuan [1] Group 1: IPO and Initial Performance - 凯赛生物 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 12, 2020, with an initial public offering (IPO) price of 133.45 yuan per share [1] - The stock reached a peak price of 198 yuan on its first trading day, marking the highest price since its listing [2] - The total funds raised during the IPO amounted to 556.0621 million yuan, with a net amount of 527.9999 million yuan, exceeding the original plan by 58.1084 million yuan [2] Group 2: Fund Utilization - The funds raised were intended for various projects, including a 40,000 tons/year bio-based dodecanedioic acid project and a bio-based polyamide engineering research center [2] - The total issuance costs for the IPO were 28.0627 million yuan, with the underwriter, CITIC Securities, receiving 26.2293 million yuan [2] Group 3: Shareholder Actions and Future Plans - On July 12, 2022, 凯赛生物 announced a dividend of 4.5 yuan per 10 shares and a stock bonus of 4 shares [2] - In March 2025, the company disclosed a report on a private placement of A-shares to its controlling shareholder, Shanghai YaoXiu, at a price of 42.97 yuan per share, raising approximately 5.926 billion yuan [3] - The net proceeds from this issuance are intended for working capital and loan repayment [3][4]

Core Insights - Due diligence is a critical component of credit risk management for banks, especially for technology-driven companies that are asset-light and high-growth [1] - Financial institutions must act as "translators" to convert complex technical language into market-friendly terms for investors and regulators [2][4] - The collaboration between financial services and technology sectors is essential for the successful commercialization of innovative technologies [10][14] Group 1: Technology-Focused Financial Services - Banks need to deeply understand sectors like integrated circuits, biomedicine, and artificial intelligence to effectively serve technology companies [1] - A new survival model for banks involves learning from clients in the tech sector, emphasizing the importance of translating "black technology" into understandable language [1][2] - The establishment of specialized teams within banks, composed of professionals from diverse scientific backgrounds, enhances the ability to assess and support technology firms [5][6] Group 2: Case Studies of Successful Collaborations - The case of Kaisa Biotechnology illustrates the importance of translating technical value into financial language for successful IPOs [2][4] - Kaisa Biotechnology has established partnerships with leading companies and has received over 10 billion yuan in financing through strategic support from financial institutions [2][10] - The Shanghai-based bank has approved over 1,000 credit applications for technology firms, amounting to more than 50 billion yuan since implementing differentiated credit policies [9][14] Group 3: Innovative Financing Models - The bank's differentiated credit policies focus on evaluating R&D capabilities, technology advantages, and patent quality rather than traditional financial metrics [6][8] - The case of Sanrui High Polymer Materials demonstrates the effectiveness of these policies, as the company received a 50 million yuan loan to support its growth [8][9] - The bank's comprehensive service system for technology firms includes tailored financial products to address challenges at various stages of a company's lifecycle [14]