（HMOs）/2'-岩藻糖基乳糖（2'-FL) 嘉必优是中国最早关注和投入HMOs研发的企业之一，自2012年起启动合成生物学技术合成HMOs项 目。嘉必优通过CRISPR联合转座等基因编辑策略对底盘细胞进行遗传改良，将HMOs合成线路整合至 底盘细胞基因组上，使得产物表达更加稳定，并通过代谢流分析，找出关键限速步骤，进一步提升产 量。 为了实现高效的HMOs生物制造，嘉必优采用了代谢工程改造、工程化技术集成等多种先进的技术工 艺，加速HMOs产品产业化。嘉必优2'-FL通过大肠杆菌工程菌株发酵生产，遗传操作背景清晰，生物安 全性高；通过理性设计及突变文库构建、高通量筛选的组合策略，筛选出对底物具有高特异性的关键 酶，减少了副产物的生成， 较大幅度提升了产品纯度和生产效率，极大的发挥了生物制造的可持续发 展优势，推进绿色生物制造研究。 【新华企业资讯8月19日】7月31日，工业和信息化部公示首批生物制造标志性产品名单，共36项产品入 选，涵盖生物材料、生物化工、生物医药等多个领域。嘉必优生物技术（武汉）股份有限公司申报的 2'-岩藻糖基乳糖（2'-FL）成功入选，标志着嘉必优的生物制造实力获国家高度认可。 | ...

Group 1 - The core viewpoint of the report is that Cabbie You (嘉必优) is rated as a "buy" due to its strong performance indicators in Q2 and overall growth potential [2] - Q2 revenue growth is robust, driven by domestic business, indicating a positive trend in the company's financial health [2] - The gross profit margin in Q2 continues to rise, and net profit shows excellent performance, reflecting effective cost management and operational efficiency [2] - The company is actively pursuing mergers and acquisitions, indicating a strategy of diversification and expansion [2]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported strong performance in Q2, with revenue of 307 million yuan, a year-on-year increase of 17.60%, and a net profit attributable to shareholders of 108 million yuan, up 59.01% year-on-year [1][3]. - The domestic business has driven growth, particularly in the context of the new national standard for milk powder, while overseas revenue remained stable [3]. - The company's gross margin in Q2 reached 50.63%, an increase of 7.24 percentage points year-on-year, attributed to improved capacity utilization and cost reduction [3]. - The company is actively pursuing mergers and acquisitions, with ongoing collaborations with existing clients and new partnerships, such as with Abbott [3]. Financial Summary - For the first half of 2025, the company achieved total revenue of 307 million yuan, with a net profit of 108 million yuan [1]. - The projected financials for 2025-2027 include an EPS of 0.99 yuan, 1.14 yuan, and 1.30 yuan, respectively, with corresponding P/E ratios of 30X, 26X, and 23X [3][4]. - The company expects continued growth in ARA and DHA products, with potential new applications for HMO in the domestic market [3].

Core Viewpoint - The company, Jiabiou, reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by core product sales and market expansion [2][3][4]. Financial Performance - Jiabiou achieved a revenue of 307 million yuan, representing a year-on-year increase of 17.6% [2] - The net profit attributable to shareholders reached 108 million yuan, marking a year-on-year growth of 59.01% [2] - The non-deductible net profit was approximately 99.92 million yuan, with an impressive growth of 88.51% year-on-year [2] - The overall gross margin improved from 42.09% in the same period of 2024 to 49.68% in 2025 [4] Core Product Growth - The growth in revenue was primarily driven by the sales of core products ARA and DHA, with increasing demand due to new national standards for infant formula and rising maternal consumption [3] - Jiabiou has established long-term partnerships with major companies such as Nestlé and Danone, expanding its market presence to over 30 countries [3] Profitability Enhancement - The significant increase in net profit outpaced revenue growth, indicating improved profitability due to enhanced production efficiency and optimized product and customer structures [4] - The company reduced sales expenses by 24.32% year-on-year, contributing to increased profit margins [4] Emerging Business Opportunities - Jiabiou's entry into the cosmetics market with its product, N-acetylgalactosamine, opens new market opportunities, driven by consumer demand for natural and effective cosmetic ingredients [5] - The company is leveraging its synthetic biology platform to develop high-value products, enhancing its competitive edge in the industry [6] Industry Outlook - The market for nutritional supplements and functional foods is expected to grow, benefiting Jiabiou as a leading supplier in the microbial synthesis nutrient sector [6][7] - The company is well-positioned to capitalize on trends in human nutrition, animal nutrition, and cosmetics, with a focus on high-quality products and innovative technologies [7][8]

Core Insights - The company reported a total revenue of 307 million yuan for the first half of 2025, marking an increase of 45.9 million yuan compared to the same period last year, achieving a 17.6% year-on-year growth [1] - The net profit attributable to shareholders reached 108 million yuan, an increase of 40.1 million yuan from the previous year, reflecting a 59.01% year-on-year growth [1] - The net cash inflow from operating activities was 118 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 11.01% [3] - The gross profit margin is 49.68%, up 0.92 percentage points from the previous quarter, and has increased by 7.59 percentage points year-on-year [3] - The return on equity (ROE) is 6.64%, an increase of 2.14 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.64 yuan, up 0.24 yuan year-on-year, representing a 60% increase [3] - The total asset turnover ratio is 0.17 times, an increase of 0.01 times year-on-year, reflecting an 8.35% growth [3] - The inventory turnover ratio is 0.99 times [3] Shareholder Structure - The number of shareholders is 8,278, with the top ten shareholders holding a total of 90.09 million shares, accounting for 53.53% of the total share capital [3] - The largest shareholder is Wuhan Xiwang Biological Engineering Co., Ltd., holding 44.1% of the shares [3]

Core Viewpoint - The report highlights the financial performance and operational developments of Cabio Biotech (Wuhan) Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and profit, alongside advancements in product offerings and market expansion strategies [1][3]. Company Overview and Financial Indicators - Cabio Biotech is a leading player in the synthetic biology sector, focusing on high-quality nutrient products and innovative solutions for the global nutrition and health market [4]. - The company reported a revenue of approximately 306.73 million yuan, representing a 17.60% increase compared to the same period last year [3]. - The total profit reached approximately 123.16 million yuan, marking a 57.82% increase year-on-year [3]. - The net profit attributable to shareholders was approximately 107.95 million yuan, up 59.01% from the previous year [3]. - The company's total assets increased by 12.31% to approximately 1.84 billion yuan, while net assets rose by 7.64% to approximately 1.63 billion yuan [3]. Main Business and Industry Situation - The company utilizes synthetic biology as a foundational technology to produce essential fatty acids and other bioactive compounds, which are widely used in infant formula, health foods, and personal care products [4][6]. - Key products include ARA (Arachidonic Acid), DHA (Docosahexaenoic Acid), and various oligosaccharides, which are essential for infant development and health [4][6]. - The company has established three production bases that meet international standards and has a comprehensive supply chain covering over 30 countries [4][6]. Market Trends and Opportunities - The Chinese government has implemented policies to encourage childbirth, which is expected to boost the maternal and infant consumption market, positively impacting the demand for ARA and DHA products [7]. - The global Omega-3 market is projected to grow significantly, with a focus on high-purity DHA products, driven by increasing health awareness and aging populations [8][10]. - The company is positioned to benefit from the growing trend of replacing fish oil with algae-derived DHA in various applications, including functional foods and clinical nutrition [10][11]. Technological Advancements and Competitive Edge - Cabio Biotech has developed a robust technological platform that integrates various capabilities in synthetic biology, enhancing its product development and production efficiency [14][16]. - The company has achieved several certifications, including FDA GRAS and EU Novel Food, ensuring the quality and safety of its products [15][16]. - Continuous investment in automation and smart manufacturing systems has improved production efficiency and product quality, solidifying the company's competitive position in the market [16][17].

| 股） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 研发投入占营业收 | | | | | | | | | | 入的比例（%） | | | | | | 单位: | 股 | | | 截至报告期末股东总数 | | | | | | | | | | （户） | | | | | | 8,278 | | | | 截至报告期末表决权恢复的优先股股东总数 | | | | | | | | | | （户） | | | | | 0 | | | | | 截至报告期末持有特别表决权股份的股东总数 | | | | | | | | | | （户） | | | | | 0 | | | | | 10 | 前 | 名股东持股情况 | | | | | | | | | | | | 持有有 | | 包含转融 | | 质押、 | | 标 | | | | | | | | | | | | 持股 | | | | | | | | | | | 持股 | 限售条 | | 通借出股 | | 记或 | | 冻结 股东名称 | 股东性质 | 比例 | | | | ...

Meeting Details - The fourth meeting of the supervisory board of Jia Bi You Biotechnology (Wuhan) Co., Ltd. was held on August 18, 2025, via communication methods, with all supervisors notified on August 8, 2025 [1][2] - The meeting complied with relevant laws, regulations, and the company's articles of association regarding attendance and voting procedures [1] Resolutions Passed - The supervisory board approved the proposal regarding the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's financial status and operational results without any false statements or omissions [1][2] - The board also approved the proposal concerning the special report on the storage and usage of raised funds for the first half of 2025, confirming compliance with relevant regulations and ensuring no harm to shareholders' interests, particularly minority shareholders [2]

Fundraising Overview - The company raised a total of RMB 717 million from the issuance of 30 million shares at RMB 23.90 per share, with a net amount of RMB 648.33 million after deducting issuance costs [1] - As of June 30, 2025, the company had a remaining balance of RMB 7.30 million in its fundraising account [3] Fund Management - The company has established a management system for fundraising in accordance with regulatory guidelines to ensure proper use and protection of investor rights [1] - A tripartite supervision agreement was signed with the underwriter and banks to ensure the funds are used specifically for their intended purposes [2][3] Fund Utilization - The company completed the investment projects related to the expansion of microbial oil and polyunsaturated fatty acid microencapsulation production lines in 2023, with final payments made during the reporting period [4][5] - The research center construction project has fully utilized the committed fundraising amount, with excess funding derived from interest income [4][8] Financial Management - The company has not used any excess fundraising to permanently supplement working capital or repay bank loans during the reporting period [5][6] - The board approved the temporary use of up to RMB 12 million of idle funds for cash management, ensuring it does not affect ongoing projects [5] Compliance and Reporting - The company has adhered to all relevant laws and regulations regarding the use of fundraising and has disclosed the usage status in a timely manner [7]

Core Viewpoint - The company has implemented a "Quality Improvement, Efficiency Enhancement, and Return to Investors" action plan, achieving significant growth in net profit and expanding its product offerings in various sectors, including infant nutrition, animal nutrition, and beauty care [1][2][5]. Group 1: Business Development - The company achieved a net profit of 108 million yuan, a year-on-year increase of 59.01% [1]. - In the infant nutrition sector, the demand for ARA and algal oil DHA products has steadily increased, with significant contributions from core customer sales growth [1]. - The company has successfully advanced collaborations with major international clients such as Danone, Nestlé, and Abbott, focusing on algal oil DHA products and HMOs [1][2]. Group 2: Product Innovation - The company has developed EncapDHA algal oil emulsion, which can be used in various functional food applications [2]. - In the animal nutrition sector, the company launched 27 new fatty acid products, enhancing its B2C business through integrated operations [2]. - The company is actively developing high-value products such as 2'-FL, 3-FL, and EPA, with successful pilot tests and regulatory submissions [4]. Group 3: Research and Development - The company invested 19.76 million yuan in R&D in the first half of 2025, employing 97 R&D personnel and holding 191 authorized patents [2][3]. - The company is advancing its AI and synthetic biology strategy, enhancing its intelligent R&D platform and bioinformatics capabilities [3]. Group 4: Operational Efficiency - The company has implemented a digital transformation strategy, improving supply chain data analysis and decision-making capabilities [5]. - The company achieved record production levels through capacity optimization and digital management [5]. Group 5: Corporate Governance - The company has maintained effective governance practices, holding multiple board meetings and enhancing its ESG governance framework [6][7]. - The company is focused on improving the capabilities of its key personnel through training and development initiatives [7]. Group 6: Investor Relations - The company emphasizes shareholder returns through cash dividend distributions and potential share buybacks, with plans to repurchase shares within a specified range [8][9]. - The company is actively engaging with investors through various communication channels and events to ensure transparency and information dissemination [10].