公司报告 | 公司点评 莱茵生物（002166） 证券研究报告 当植物提取遇到合成生物——公司当前进展如何？ 1、合成生物——助力植物提取物行业解决天然产物规模化生产关键技术 风险提示：项目进展不达预期、国际贸易风险、原材料采购风险、依赖大客户风险。 我国植物提取物行业发展于 2021 年进入提质期，多项技术于这一时间段取得普及和突破。技 术创新是推动行业发展的重要动力，其中，合成生物技术的发展能够有效缓解企业对植物原 料的依赖，规避异常气候、地缘政治等因素带来的风险，增强供应链的稳定性；同时，与从 植物原料中提取的方式相比，合成生物技术生产天然产物的方式更符合行业对可持续发展和 绿色生产的追求，为企业提供了转型升级和实现差异化竞争的新机遇。 2、莱茵生物：将"天然提取+生物合成"双技术路线发展上升至战略目标 自 2016 年起，公司就先后与中国科学院天津工业生物技术研究所、江南大学等科研机构合 作，在罗汉果甜苷、甜菊糖苷等天然甜味剂的生物合成领域开展研究，并取得多项阶段性成 果。此后，公司建立了桂林莱茵合成生物技术有限公司和成都赛迪科生物科技有限公司两个 研发平台，分别负责天然甜味剂和生物多糖领域的生物合成 ...

Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

Group 1 - Qingmu Technology plans to reduce its shareholding by up to 3%, amounting to no more than 2.776 million shares [1] - Newcap received a decision from the police to revoke the case against its actual controller, who was previously detained for insider trading [2] - Rhine Biotech's directors and executives plan to collectively reduce their holdings by up to 0.14%, totaling no more than 1.0185 million shares [3] Group 2 - Puli Tui's stock and convertible bonds will be delisted on May 22, 2025 [5] - *ST Nong Shang will have its delisting risk warning lifted and will resume trading on May 23, 2025 [7] - State Grid Information Communication plans to acquire 100% equity of Yili Technology for approximately 1.853 billion yuan [9] Group 3 - Kelun Pharmaceutical's subsidiary received drug registration approval for a new injectable product, which is the first of its kind in China [10] - Aishida plans to acquire 7% equity of its subsidiary Zhejiang Qianjiang Robot Co., Ltd. for 13.09 million yuan [11] - Hongming Co. is planning to acquire 83% equity of Shenzhen Chisu Automation Equipment Co., Ltd. for approximately 151 million yuan [12] Group 4 - JuJiao Co. plans to reduce its shareholding by up to 2.6%, totaling no more than 2.093 million shares [14] - AVIC Financial's stock will be delisted on May 27, 2025 [16] - Jingwang Electronics' major shareholders plan to reduce their holdings by up to 2.99% [17] Group 5 - Huaren Health intends to acquire stakes in three pharmaceutical chain companies for a total of 327 million yuan [18] - Huanrui Century's original shareholders are required to compensate for unfulfilled performance commitments with 116 million shares [20] - Tefa Service's shareholders plan to reduce their holdings by up to 3% [21] Group 6 - Maipu Medical is planning to acquire at least 51% of Easy Medical's equity, which will constitute a major asset restructuring [22] - *ST Jinshi will have its delisting risk warning lifted and its stock will resume trading on May 23, 2025 [22] - Guoke Micro is planning a major asset restructuring and will suspend trading [23] Group 7 - Defu Technology intends to acquire 100% equity of an overseas electronic circuit copper foil company [24] - Xince Standard's shareholder plans to reduce its holdings by up to 1% [25] - Xiouqiang Co. plans to reduce its holdings by up to 3% [27]

莱茵生物（002166）公告，公司董事长、总经理谢永富，董事、副总经理白昱，董事、副总经理兼财务 总监郑辉，副总经理兼董事会秘书罗华阳因个人资金需求，计划自公告披露之日起15个交易日后的3个 月内，通过集中竞价方式减持公司股份合计101.85万股，占公司总股本的0.14%。减持价格将按市场价 格确定。 ...

桂林莱茵生物科技股份有限公司 证券代码：002166 证券简称：莱茵生物 公告编号：2025-036 桂林莱茵生物科技股份有限公司 关于公司部分董事、高级管理人员减持股份的预披露公告 公司董事长、总经理谢永富先生，董事、副总经理白昱先生，董事、副总经 理兼财务总监郑辉女士，副总经理兼董事会秘书罗华阳先生保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示：桂林莱茵生物科技股份有限公司（以下简称"公司"）董事长、 总经理谢永富先生，董事、副总经理白昱先生，董事、副总经理兼财务总监郑辉 女士，副总经理兼董事会秘书罗华阳先生（以下简称"上述人员"）合计持有公 司股份 4,074,000 股，占公司总股本的 0.56%（总股本系扣除公司回购专用证券 账户上已回购股份后的数量，下同），上述人员计划自本公告披露之日起 15 个 交易日后的 3 个月内以集中竞价方式减持本公司股份合计 1,018,500 股（占本公 司总股本比例 0.14%）。 公司于近日收到董事长、总经理谢永富先生，董事、副总经理白昱先生，董 事、 ...

Core Viewpoint - In Q1 2025, the company reported a revenue of 444 million yuan, a 30% year-on-year increase, and a net profit of 31 million yuan, a 15% year-on-year increase, while the non-recurring net profit decreased by 9% to 36 million yuan [1] Financial Performance - The gross profit margin decreased by 4 percentage points to 22.02%, primarily due to the rebound in raw material prices of monk fruit and changes in product structure [2] - The net profit margin declined by 1 percentage point to 7.35%, influenced by a decrease in sales/management expense ratios and factors such as reduced foreign exchange gains, increased interest expenses, and lower government subsidies [2] Business Development - The company is actively seizing market opportunities, leveraging its sales network and application advantages to expand both domestic and international markets, leading to continuous revenue growth [2] - The production capacity of stevia is steadily increasing, and the demand from downstream markets is being developed, with the price of monk fruit raw materials recovering, which is expected to drive revenue growth [2] - The company’s synthetic biology product, RebM2, has obtained FDA GRAS certification, laying the groundwork for future overseas customer integration and expanding the business boundaries in the synthetic biology field [2] Profit Forecast - As a leading enterprise in the plant extraction industry, the company is expected to enhance its core competitiveness through R&D, process, and management advantages [3] - The new stevia factory is anticipated to alleviate medium to long-term capacity bottlenecks, and the company is expected to see a continuous increase in market share [3] - EPS forecasts for 2025-2027 are 0.29, 0.38, and 0.46 yuan respectively, with corresponding PE ratios of 25, 19, and 16 times at the current stock price, maintaining a "buy" investment rating [3]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 桂林莱茵生物科技股份有限公司（以下简称"公司"）董事会近日接到控股股东、实际控制人秦本军先生 的通知，获悉秦本军先生将其质押给国泰海通证券股份有限公司（原"国泰君安证券股份有限公司"；以 下简称"国泰海通"）的股份办理了解除质押，具体事项如下： 一、本次解除质押的基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 二、股东股份累计质押情况 1、秦本军先生未来半年内和一年内分别到期的质押股份累计数量、占其所持股份比例、占公司总股本 比例以及对应融资余额如下表所示： ■ 2、目前，秦本军先生不存在非经营性资金占用、违规担保等侵害上市公司利益的情形。 3、截至本公告披露日，秦本军先生有足够的风险控制能力，所累计质押股份不存在平仓风险或被强制 平仓的情形。其股份质押事项不会导致公司实际控制权发生变更，不会对公司生产经营和公司治理产生 影响，且不存在重大资产重组等业绩补偿义务。若出现平仓风险，秦本军先生将采取补充质押、提前购 回被质押股份、追加保证金等措施应对风险。 4、公司将持续关注上述股东持有的公司股份权益 ...

Core Viewpoint - 莱茵生物 reported strong financial performance in Q1 2025, with a revenue of 444 million yuan, a year-on-year increase of 30.21%, and a net profit of 30.79 million yuan, up 14.95% [1] Group 1: Business Strategy and Product Development - The company focuses on a dual technology route and dual supply chain strategy, emphasizing the optimization of overseas supply chains and the commercialization of synthetic biology technology [1] - The product strategy centers around natural sweeteners, particularly steviol glycosides, which are becoming essential in the beverage industry for sugar reduction [1] - The approval of steviol glycosides for expanded use in various food categories by the National Health Commission is expected to enhance its market penetration [1] Group 2: Market Trends and Applications - The market demand for monk fruit extract is growing at over 30% annually, with applications in beverages and traditional Chinese medicine [2] - The company is also developing other extracts, such as centella asiatica, to meet emerging consumer health trends [2] - The trend of antibiotic alternatives in animal feed is driving the demand for plant extracts due to their safety and low toxicity [2] Group 3: Competitive Advantage and Future Outlook - The completion of a specialized extraction factory for stevia is expected to enhance production capacity and optimize product structure [3] - The company has received GRAS certification for its RebM2 product, allowing entry into the U.S. market, which presents significant demand opportunities [3] - The rebranding of its subsidiary to BIOVIVO SCIENCE, LLC aims to better adapt to global trade uncertainties and enhance brand competitiveness [3] Group 4: Regulatory Environment and Risk Mitigation - Key products like steviol glycosides and monk fruit sweeteners are included in the U.S. tariff exemption list, mitigating potential impacts from tariff policies [4] - The company is upgrading its U.S. plant to strengthen its overseas supply chain and reduce the effects of changing tariff regulations [4] - The company remains committed to its "green technology, healthy future" philosophy while implementing its "big product + N" strategy to build a dual technology development framework [4]

桂林莱茵生物科技股份有限公司 证券代码：002166 证券简称：莱茵生物 公告编号：2025-032 桂林莱茵生物科技股份有限公司 第七届监事会第四次会议决议公告 二、监事会会议审议情况 经认真的讨论和审议，会议以记名投票方式表决，形成决议如下： 1、会议以 3 票同意、0 票反对、0 票弃权审议通过《2025 年第一季度报告》； 经审核，监事会认为董事会编制和审核公司 2025 年第一季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊登于《中国证券报》《证券时报》《上海证券报》《证券 日报》及巨潮资讯网（www.cninfo.com.cn）的《桂林莱茵生物科技股份有限公司 2025 年第一季度报告》（公告编号：2025-033）。 2、会议以 3 票同意、0 票反对、0 票弃权审议通过《关于 2025 年度新增日 常关联交易预计的议案》； 2025 年度，为进一步满足公司经营发展的需求，公司拟新增与关联方桂林 杰麦食品贸易有限公司 2025 年度日常关联交易，预计交易额度为不超过人民币 1 ...

桂林莱茵生物科技股份有限公司 一、董事会会议召开情况 桂林莱茵生物科技股份有限公司（以下简称"公司"）关于召开第七届董事 会第五次会议的通知于 2025 年 4 月 22 日以短信、即时通讯工具及电子邮件的方 式发出，会议于 2025 年 4 月 24 日下午 15：00 在公司四楼会议室以通讯的方式召 开。本次会议应参与表决董事 7 名，实参与表决董事 7 名，公司全体监事、高级 管理人员列席了会议。会议由董事长谢永富先生主持，会议的召开符合《中华人 民共和国公司法》和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经充分的讨论和审议，会议以记名投票方式表决，形成如下决议： 1、会议以 7 票同意、0 票反对、0 票弃权审议通过《2025 年第一季度报告》； 2025 年第一季度，公司紧紧围绕主营业务"双技术路线、双供应链路、多产 品共发展"的核心经营策略，积极把握市场发展机遇，充分发挥销售网络布局和 配方应用等竞争优势，加大国内外市场的拓展，实现了销售收入的持续提升。本 报告期内，公司实现合并营业收入 44,429.23 万元，同比增长 30.21%，实现归属于 上市公司股东净利润 3,0 ...