证券日报网讯晨光生物（300138）8月27日发布公告，在公司回答调研者提问时表示，上半年研发费用 大幅增长，主要是研发项目的结构发生变化，所使用的材料费大幅增加所致。具体来说，主要是主力产 品定制化/应用型产品开发带来的。科技创新是公司发展的第一驱动力，后续公司将继续保持大额研发 投入，同时也会平衡好费用和利润的情况，推动公司健康发展。 ...

Core Viewpoint - The company, Morning Light Bio (300138), emphasizes its strong advantage in raw materials for chili extract, supported by supplier assistance to stabilize market supply and pricing [1] Group 1: Raw Material Advantage - The company has a significant advantage in raw materials for chili extract, particularly in Yunnan, China [1] - By supporting suppliers, the company aims to stabilize raw material prices and ensure a steady market supply [1] Group 2: Market Expansion - The company is actively expanding its market share in chili extract, leveraging its domestic raw material advantages [1] - The market share of chili extract is rapidly increasing due to these efforts [1] Group 3: Global Production Capabilities - The company has the capability to source high-quality raw materials globally and has established a chili extraction production line in India [1] - Future production planning will be adjusted based on annual raw material conditions [1] Group 4: Long-term Strategy in Zambia - Zambia is being developed as a long-term raw material base, currently in the early stages of layout [1] - The main goal is to enhance the efficiency of large-scale planting, with significant achievements in recent years [1] Group 5: Product Development - The company's tiered products are in the early stages of development, with plans to consider establishing factories in raw material-rich areas once production processes and market shares reach a certain level [1] - This strategy aims to reduce transportation costs [1]

Core Viewpoint - The company aims to increase its market share in the chili extract market without plans to raise prices for higher profit margins at this stage [1] Group 1 - The company's current objective is to enhance its market share in the chili extract sector [1] - There are no plans to leverage market share advantages to increase profit margins through price hikes [1] - After achieving its market share goals, the company intends to extend its processing chain and develop customized/application-based products to enhance the value of its processing segments and improve product profitability [1]

Core Viewpoint - The company announced that it faced challenges in expanding its marigold cultivation in Myanmar due to earthquakes and other factors, which hindered its goal of developing 20,000 to 30,000 acres this year [1] Group 1: Company Development - Last year, the company developed a 6,000-acre marigold base in Myanmar [1] - The company plans to continue expanding its raw material cultivation in Myanmar next year [1] - The company aims to establish Myanmar as a key region for lutein raw material sourcing due to low land and labor costs, as well as strong management synergies with Yunnan [1]

证券代码：300138 证券简称：晨光生物 公告编号：2025—086 晨光生物科技集团股份有限公司 二、对外担保进展情况 公司对子公司银行借款担保情况发生了变动，具体情况如下： （一）子公司归还银行借款暨担保义务减少情况 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"，系新疆晨光生物科技 股份有限公司全资子公司，穿透后为公司控股子公司）前期向招商银行股份有限 关于为子公司银行借款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。 一、担保情况概述 晨光生物科技集团股份有限公司（简称"公司"）于 2025 年 4 月 3 日召开 第五届董事会第十五次会议、2025 年 5 月 6 日召开 2024 年年度股东大会，审议 通过了《关于公司与子公司或子公司之间融资担保的议案》，同意公司及合并报 表范围内各级子公司在2024年年度股东大会审议通过之日起至2025年年度股东 大会召开日，向融资机构申请办理各类融资业务余额不超 70 亿元；融资担保方 式涉及公司合并报表范围内各 ...

证券代码：300138 证券简称：晨光生物 公告编号：2025—085 晨光生物科技集团股份有限公司 关于开立募集资金现金管理产品专用结算账户的公告 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（以下简称"公司"）于 2025 年 8 月 24 日召开的第五届董事会第十八次会议、第五届监事会第十七次会议审议通过了 《关于使用部分暂时闲置募集资金进行现金管理的议案》。同意公司在不影响募 集资金投资项目建设的前提下，使用不超过 5,000 万元暂时闲置募集资金进行现 金管理，用于购买安全性高、流动性好的理财产品/结构性存款产品等，不得购 买非保本型理财产品，期限为自本次董事会审议通过之日起不超过 12 个月，期 限内在上述资金额度范围内滚动使用（详见 2025 年 8 月 26 日披露于巨潮资讯网 的《关于使用部分暂时闲置募集资金进行现金管理的公告》）。 因募集资金现金管理需要，公司开立了募集资金现金管理产品专用结算账户， 具体信息如下： | 晨光生物科技集团股份有限公司 | 中国建设银行股份有限公司 | 1305011093980 ...

Group 1 - The core viewpoint of the article highlights that Morning Light Biological (300138) has experienced significant improvements in its cottonseed business sales since 2025, leading to a substantial reduction in inventory value as of mid-2025 compared to the previous year [1] Group 2 - As of the end of the first half of 2025, the book value of the company's inventory has decreased significantly year-on-year, which is identified as the main reason for the reduction in the consolidated financial statements' inventory [1]

Financial Performance - In the first half of 2025, the company achieved revenue of 3.658 billion CNY, a year-on-year increase of 4.77% [2] - Net profit attributable to shareholders reached 215 million CNY, representing a significant year-on-year growth of 115.33% [2] - Revenue from plant extraction products amounted to 1.733 billion CNY, with a year-on-year increase of 9.47% and a gross margin of 20.24%, up by 3.43% [2] Product Performance - Sales of the main product, chili red pigment, reached 6,367 tons, a year-on-year increase of 43% [3] - Chili extract sales grew to 1,536 tons, marking an 81% increase [3] - Lutein sales remained stable while promoting high-value products, with a focus on application-specific products [3] - Revenue from stevia glycosides exceeded 160 million CNY, driven by innovative processes [4] Business Strategy - The company adopted a "locking" strategy for cottonseed business to mitigate price volatility, achieving revenue of 1.765 billion CNY, a 2% increase [4] - The company plans to enhance market share for chili extract without immediate price increases, focusing on extending the processing chain [5] - The company aims to develop stevia and other tiered products into new major products, indicating significant growth potential [6] Research and Development - R&D expenses increased significantly due to changes in project structure and material costs, reflecting the company's commitment to innovation [9] - The company will continue to invest heavily in R&D while balancing costs and profits to ensure sustainable growth [9] Market Expansion - The company plans to expand its marigold planting in Myanmar, aiming to establish it as a key raw material source for lutein [7] - The company is enhancing its raw material supply chain by supporting suppliers and stabilizing market supply [8]

Core Viewpoint - The recent financial report of Morning Light Bio (300138) shows significant growth in revenue and net profit, indicating improved profitability and operational efficiency. Financial Performance - As of the end of the reporting period, the company's total revenue reached 3.658 billion yuan, a year-on-year increase of 4.77% [1] - The net profit attributable to shareholders was 215 million yuan, up 115.33% year-on-year [1] - In Q2, total revenue was 1.941 billion yuan, reflecting a 10.38% increase year-on-year, while net profit for the quarter was 105 million yuan, up 72.25% [1] - Gross margin improved to 13.86%, a year-on-year increase of 67.4%, and net margin rose to 6.05%, up 125.15% [1] - Total expenses (selling, administrative, and financial) amounted to 156 million yuan, accounting for 4.28% of revenue, a decrease of 0.44% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.44 yuan, a rise of 131.58% year-on-year [1] - Operating cash flow per share reached 3.79 yuan, up 95.33% year-on-year [1] - The company's return on invested capital (ROIC) was 1.91%, indicating weak capital returns [1] - The debt-to-asset ratio for interest-bearing liabilities reached 56.97% [4] Business Model and Strategy - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers [3] - The company is focusing on the trend of replacing synthetic colors with natural colors, which presents significant opportunities in the natural color industry [7] Market Position and Investor Interest - Several funds have recently increased their holdings in Morning Light Bio, indicating growing investor interest [6] - The largest fund holding the company is Wan Jia Domestic Demand Growth Mixed Fund, with a scale of 530 million yuan [6]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 17.76 [1][2]. Core Insights - The company is experiencing accelerated recovery in performance, with an increase in market share in the plant extraction segment. The cottonseed business has turned profitable, significantly boosting overall profitability. The plant extraction business is leveraging cost-effectiveness to enhance market share during a price decline cycle [6][7][8]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 3.66 billion, a year-on-year increase of 4.8%. The net profit attributable to the parent company was RMB 210 million, up 115.3% year-on-year. The second quarter of 2025 saw revenue of RMB 1.94 billion, a 10.4% increase year-on-year, with net profit rising 72.3% [6][7]. - The company's gross margin improved by 5.6 percentage points to 13.9% in the first half of 2025, driven by lower raw material costs and increased sales volume [8]. Revenue and Profit Forecast - Revenue projections for the company are as follows: RMB 6.99 billion in 2024, RMB 7.38 billion in 2025, RMB 8.29 billion in 2026, and RMB 9.16 billion in 2027. The net profit attributable to the parent company is expected to be RMB 94.05 million in 2024, RMB 357.94 million in 2025, RMB 462.80 million in 2026, and RMB 559.64 million in 2027 [5][9]. - The expected EPS for the years 2025, 2026, and 2027 are RMB 0.74, RMB 0.96, and RMB 1.16 respectively, reflecting significant growth [5][9]. Market Position and Strategy - The company has successfully increased its market share in the plant extraction sector, particularly with its main products such as chili red and lutein, which saw sales growth of 43% and 22% respectively in the first half of 2025. The company is focusing on a low-price strategy to gain market share while maintaining profitability [7][8].