Investment Rating - The report maintains an "A" rating for the natural colorant industry, indicating it is expected to outperform the market significantly [3][10]. Core Insights - The FDA's plan to phase out petroleum-based synthetic colorants in the U.S. is anticipated to lead to a surge in demand for natural colorants, benefiting domestic companies in this sector [3][5]. - The transition from synthetic to natural colorants is seen as a major opportunity for companies like Sensient Technologies, with over half of U.S. states already taking legislative action against synthetic colorants [5][6]. - The report highlights that the usage of natural colorants will increase by 4-12 times compared to synthetic colorants due to lower color concentration, leading to a significant rise in demand [6]. Summary by Sections Market Overview - The FDA and HHS announced measures to eliminate synthetic colorants by the end of 2026, establishing national standards and encouraging voluntary transitions to natural alternatives [3][5]. Industry Trends - The report notes that the penetration rate of natural colorants is over 80% in Europe, around 30% in the U.S., and approximately 25-30% in Latin America, indicating substantial room for growth in the U.S. and China [5][6]. Investment Recommendations - The report suggests focusing on companies like Chenguang Biotech, which leads in the plant extraction industry and has a strong portfolio of natural colorants [6].

Market Overview - The agricultural processing sector experienced a decline of 0.88% on September 2, with the Shanghai Composite Index closing at 3858.13, down 0.45%, and the Shenzhen Component Index at 12553.84, down 2.14% [1] Individual Stock Performance - The leading decliner in the agricultural processing sector was Yicheng Magic Hand (一致魔手), which fell by 4.54% to a closing price of 43.90, with a trading volume of 61,200 shares and a transaction value of 277 million yuan [1] - Other notable declines included: - Morning Light Biological (晨光生物) down 4.40% to 13.24, with a transaction value of 238 million yuan - Huazi Industry (华资实业) down 3.63% to 7.69, with a transaction value of 165 million yuan - Daodaoquan (道道全) down 2.44% to 11.18, with a transaction value of 104 million yuan [1] Capital Flow Analysis - The agricultural processing sector saw a net outflow of 83.56 million yuan from institutional investors and 13.15 million yuan from retail investors, while individual investors contributed a net inflow of 96.71 million yuan [1] - Specific stock capital flows included: - COFCO Sugar Industry (中粮糖业) with a net inflow of 175 million yuan from institutional investors, but a net outflow of 22.44 million yuan from retail investors [2] - Double Tower Food (双塔食品) had a net inflow of 1.54 million yuan from institutional investors and a net inflow of 3.16 million yuan from retail investors [2] - ST Langyuan (ST朗源) experienced a net outflow of 774,900 yuan from institutional investors but a net inflow of 310,300 yuan from retail investors [2]

Group 1 - The company, Morning Light Bio, announced the acquisition of six invention patents related to a detection system and method for the proportion of single solvent in a dual-solvent system for plant extraction, as well as natural colorants for feed and their preparation methods and applications [2] - The acquisition of these patents is expected to enhance the company's independent intellectual property advantages and establish a continuous innovation mechanism [2]

Core Points - On the evening of September 1, Morning Light Bio announced that its controlling subsidiary, Hebei Morning Light Tianrun Pharmaceutical Co., Ltd., has changed its company name due to development needs [2] - The relevant change registration and filing procedures have been completed recently, and the business license issued by the Economic Development Zone of Guantao, Hebei has been obtained [2]

证券代码：300138 证券简称：晨光生物 公告编号：2025—088 "植物提取双溶剂体系中单一溶剂比例的检测系统及方法"涉及一种溶剂的 检测系统及方法，本发明操作简单、成本低，检测准确性高，可满足车间生产过 程控制的需要；"一种饲料级天然着色剂及其制备方法和应用"涉及饲料添加剂 领域，本发明可大大增加天然色素在小肠中的吸收，提高其生物利用度，从而应 用到饲料中能够提高蛋黄色度，鱼类皮肤颜色等，而且本发明产品原料均为天然 物质，具有安全无毒副作用等优势，可以完全替代化学合成色素在动物饲料中的 使用；"一种饲料添加组合物及其应用"涉及饲料添加剂技术领域，利用本发明 提供的饲料添加组合物能够有效降低畜禽死淘率，提高畜禽的生长性能，促进其 体重增长，提高平均日采食量和平均日增重，一定程度地降低料重比，对于替代 抗生素的饲料添加剂的开发具有重要意义；"一种改善畜禽肠道健康的饲料添加 组合物及其应用"涉及饲料添加剂技术领域，该饲料添加组合物可以有效改善肠 道形态，还能够有效调节畜禽肠道微生物种群，改善肠道健康，促进畜禽生长， 提高畜禽免疫力，可作为安全、高效、稳定、可控的绿色环保型饲料添加剂；"一 种用于压片制剂的叶 ...

证券代码：300138 证券简称：晨光生物 公告编号：2025—089 晨光生物科技集团股份有限公司 关于子公司归还银行借款暨为子公司提供担保的进展公告 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。 晨光生物科技集团股份有限公司（以下简称"公司"）对合并报表范围内子 公司银行借款担保情况因业务进展发生了变动，现公告如下： 一、对外担保基本情况及进展 结合自身经营流动资金需求，经公司 2023 年年度股东大会决议，晨光生物 科技集团图木舒克有限公司（以下简称"图木舒克晨光"，系新疆晨光全资子公 司，穿透后为公司控股子公司）前期向中国银行股份有限公司喀什地区分行（以 下简称"中国银行"）申请办理了 10,000 万元流动资金借款，担保方式：公司 保证担保。 公司与中国银行就上述借款事宜签署了保证合同，被担保的最高债权额为： 所担保债权之最高本金余额 10,000 万元及基于主债权之本金所发生的利息、违 约金、损害赔偿金、实现债权的费用、因债务人违约而给债权人造成的损失和其 他所有应付费用等；保证方式为：连带责任保证，详见 2025 年 1 月 17 日披露于 巨 ...

相关的变更登记事项及备案手续已于近日办理完成，并取得了河北馆陶经济 开发区核发的营业执照，登记的相关信息如下： 证券代码：300138 证券简称：晨光生物 公告编号：2025—087 晨光生物科技集团股份有限公司 关于子公司完成变更登记的公告 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。 晨光生物科技集团股份有限公司控股子公司——河北晨光天润制药有限公 司因发展需要变更其公司名称。 住 所：河北省邯郸市馆陶县经济开发区紫阳道 6 号 经 营 范 围：许可项目：药品生产；药品批发；药用辅料生产；药用辅料 销售；食品添加剂生产；饲料添加剂生产。一般项目：化工产品生产(不含许可 类化工产品)；化工产品销售(不含许可类化工产品)；专用化学产品制造(不含危 险化学品)；专用化学产品销售(不含危险化学品)；食品添加剂销售；传统香料 制品经营；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 货物进出口。 子公司本次变更主要是：公司名称变更为"河北晨光同晟制药有限公司"。 特此公告 晨光生物科技集团股份有限公司 统一社会信用代码：91130433MA0DLYP ...

Core Viewpoint - The company is a leader in the plant extraction industry, with continuous improvement in core product market share and processing profits, leading to a "buy" rating for the first coverage [1] Group 1: Business Improvement - The company has seen improvements across its three main businesses: 1. The processing profit of chili red pigment is recovering, with the company holding over 80% market share, and profits expected to improve as raw material prices decline by 2025 [2] 2. The company is poised to capture market share from Indian competitors in chili extract by using lower-cost raw materials from Yunnan, enhancing cost and pricing advantages [2] 3. The processing profit of lutein is expected to recover, with market share likely to increase as the industry reduces raw material costs and supply [2] Group 2: Product Diversification - The company is expanding its product lines with promising prospects in stevia sugar and health products: 1. The company has a significant advantage in stevia sugar production technology, leading to higher yields compared to competitors, and the cost advantage is expected to enhance market share [3] 2. The health products segment has surpassed 150 million in scale, leveraging raw material advantages to increase value-added products in a fragmented market with high entry barriers [3] Group 3: Operational Efficiency - The company emphasizes excellent management and efficiency improvements in raw material bases: 1. The company continuously seeks high-quality planting bases globally, achieving cost leadership through production processes and raw materials, with positive results from the Zambia and Myanmar bases [4] 2. The cottonseed business is expected to stabilize and improve processing profits as soybean meal prices bottom out [4]

Market Overview - On August 29, the agricultural processing sector rose by 0.17% compared to the previous trading day, with Sobao Protein leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Sobao Protein (603231) closed at 19.59, with a significant increase of 9.99% and a trading volume of 195,100 shares, amounting to a transaction value of 367 million yuan [1] - Other notable performers included: - Jinlongyu (666000E) at 33.66, up 3.47%, with a transaction value of 1.038 billion yuan [1] - Yizhi Magic Hand (839273) at 47.42, up 2.89%, with a transaction value of 135.2 million yuan [1] - Huazi Industrial (600191) at 8.81, up 2.20%, with a transaction value of 10.3 million yuan [1] Capital Flow - The agricultural processing sector saw a net inflow of 57.6014 million yuan from institutional investors, while retail investors experienced a net outflow of 19.2071 million yuan [2] - The capital flow for key stocks included: - Sobao Protein had a net inflow of 82.9185 million yuan from institutional investors, but a net outflow of 48.5839 million yuan from retail investors [3] - Jinlongyu experienced a net inflow of 78.3111 million yuan from institutional investors, with a net outflow of 72.0730 million yuan from retail investors [3] - Baolingbao (002286) had a net inflow of 13.2288 million yuan from institutional investors, while retail investors saw a net outflow of 9.2370 million yuan [3]

Core Viewpoint - The report from Cinda Securities indicates that Chenguang Biotech achieved a net profit attributable to shareholders of 215 million yuan, representing a year-on-year increase of 115.33% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 105 million yuan, showing a year-on-year growth of 72.25% [1] - The revenue performance remained stable with a significant increase in volume [1] Business Segments - In the plant extraction business, the sales volume of chili red reached 6,367 tons in the first half of the year, up 43% year-on-year [1] - Sales of chili essence were 1,536 tons, reflecting an 81% year-on-year increase [1] - Sales of feed-grade lutein exceeded 210 million grams, showing a slight year-on-year increase [1] - Sales of food-grade lutein reached 31.25 million grams, marking a 22% year-on-year growth [1] Future Outlook - The company is expected to continue achieving high year-on-year profit growth in the second half of the year, with attention on raw material harvest prices [1] - The profit in the second half of last year was affected by the cottonseed business, resulting in a low base for comparison [1] - Starting from Q3, raw materials such as marigold, pigment chili, and capsaicin will enter the harvest season, and their purchase prices will determine the company's product prices and gross margins for the next year [1]