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 ...

公司三大主业均在改善。（1）辣椒红色素加工利润回升。公司辣椒红色素占市场80%以上份额，2025 年随着原材料价格回落，加工利润有望修复。（2）辣椒精有望冲击印度同行份额。公司用成本更低的 云南辣椒原料替代印度原料，成本和产品价格优势凸显，公司辣椒精份额有望再上台阶。（3）叶黄素 加工利润有望修复，份额有望继续提升。行业将通过降低原料万寿菊花采购价来降低成本、减少供给， 叶黄素加工利润有望修复。同时公司在缅甸试种万寿菊花取得良好进展，成本有望下降，叶黄素加工利 润和份额有望再上台阶。 梯队产品多点开花，甜菊糖、保健品业务可期 核心产品份额持续提升，首次覆盖给予"买入"评级。 公司是植提行业龙头，公司通过生产优势、卓越管理降低成本。公司主业加工利润改善，成本优势下份 额有望持续提升。我们预测2025-2027 年公司归母净利润3.59/4.19/5.04 亿元，对应EPS 0.74/0.87/1.04 元，当前股价对应19.4/16.7/13.8 倍PE，我们看好公司份额持续提升、加工利润改善趋势，首次覆盖给 予"买入"评级。 三大主业改善，核心产品份额有望提升 （1）公司甜菊糖生产工艺优势明显，得率明显高于竞 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603231 | 索宝蛋白 | 19.59 | 9.99% | 19.51万 | 3.67亿 | | 666000E | 金龙鱼 | 33.66 | 3.47% | 30.72万 | 10.38亿 | | 839273 | 一致魔手 | 47.42 | 2.89% | 7.32万 | 1 3.52亿 | | 600191 | 华资实业 | 8.81 | 2.20% | 11.75万 | 1.03亿 | | 003030 | 祖名股份 | 19.38 | 1.47% | 2.26万 | 4371.33万 | | 839371 | 欧福蛋业 | 11.62 | 1.40% | 4.65万 | 5424.66万 | | 002286 | 保龄宝 | 11.66 | 1.39% | 24.02万 | 2.80亿 | | 603182 | 嘉华股份 | 13.95 | 1.38% | 2.45万 | 3402.18万 | | 832023 | 田野股份 | ...

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]

公司研究 [Table_ReportType] 公司点评报告 [晨Ta光bl生e_物Sto(c3k0A0n1d3Ra8n)k] 上次评级 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q2 业绩持续强劲，天然替代合成有望加速 [Table_ReportDate] 2025 年 8 月 29 日 投资评级 [T事ab件le：_S公um司ma公ry布] 2025 年半年报。25H1，公司实现营业收入 36.58 亿元， 同比+4.77%；归母净利润 2.15 亿元，同比+115.33%；扣非归母净利润 1.84 亿元，同比+130.48%。其中，25Q2 公司实现营业收入 19.41 亿元，同比 +10.38%；归母净利润 1.05 亿元，同比+72.25%；扣非归母净利润 8855 万元，同比+180.66%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 邮 箱：zhaolei@cindasc ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company has shown significant recovery in profitability due to declining raw material costs and expansion across multiple product categories [2][3] - In H1 2025, the company achieved a revenue of 3.658 billion yuan, a year-on-year increase of 5%, with a notable net profit growth of 115% [2][3] - The gross margin improved to approximately 14%, up by 5.6 percentage points year-on-year, indicating enhanced profitability [3] Revenue and Profitability - In H1 2025, the plant extraction business generated 1.733 billion yuan in revenue, a 9% increase year-on-year, while the cottonseed business brought in 1.765 billion yuan, a 2% increase [2] - The company reported a net profit of 215 million yuan in H1 2025, with Q2 net profit reaching 105 million yuan, reflecting a 72% year-on-year increase [2] - The net profit margin for H1 2025 was 5.9%, an increase of 3.0 percentage points compared to the previous year [3] Business Performance - The plant extraction segment saw a 43% increase in sales volume for chili red products, while the premium chili category experienced an 81% increase in sales [4] - The cottonseed business benefited from improved market conditions for commodities like soybean oil and meal, leading to a turnaround in profitability [4] Financial Forecast and Valuation - The company is projected to achieve net profits of 327 million yuan, 407 million yuan, and 497 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 248%, 24%, and 22% [5] - The corresponding price-to-earnings ratios are estimated to be 18x, 14x, and 12x for the same years [5]

Investment Rating - The report maintains a "Buy" rating for the company [6][11]. Core Insights - The company reported a revenue of 3.658 billion yuan for the first half of 2025, representing a year-on-year growth of 4.77%, with a net profit of 215 million yuan, up 115.33% year-on-year. The second quarter alone saw a revenue of 1.941 billion yuan, a year-on-year increase of 10.38%, and a net profit of 105 million yuan, up 72.25% year-on-year [4][5]. - The plant extraction business showed significant sales growth, while the cottonseed business turned profitable. The decline in raw material costs positively impacted the profitability of the plant extraction products, leading to a revenue increase of 9.47% and a gross margin improvement of 3.43% [5][6]. - The main products, such as chili red and lutein, experienced substantial sales increases, with chili red sales reaching 6,367 tons (up 43% year-on-year) and lutein sales growing by approximately 22% [5][6]. Financial Summary - The company forecasts earnings per share (EPS) of 0.71 yuan, 0.96 yuan, and 1.12 yuan for the years 2025, 2026, and 2027, respectively [6][7]. - Projected revenues for the years 2024 to 2027 are 6.994 billion yuan, 7.646 billion yuan, 8.231 billion yuan, and 8.809 billion yuan, with growth rates of 1.79%, 9.32%, 7.65%, and 7.02% respectively [7][10]. - The company's net profit is expected to recover significantly, with projections of 345.28 million yuan, 462.05 million yuan, and 539.09 million yuan for the years 2025, 2026, and 2027, respectively [7][10].

Core Viewpoint - The leading company in the plant extraction industry, Chenguang Biotech (300138.SZ), reported strong mid-year results for 2025, driven by innovation, a well-structured product lineup, and a broad market outlook for the plant industry [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 3.658 billion yuan, a year-on-year increase of 4.77% [1] - Net profit reached 215 million yuan, up 115.33% year-on-year, while the net profit excluding non-recurring items was 184 million yuan, a significant increase of 130.48% [1] - The net cash flow from operating activities grew by 77.11% to 1.830 billion yuan [1] Product Performance - The revenue from plant extraction products, including natural pigments, spices, and nutritional and medicinal products, increased by 9.47% to 1.733 billion yuan, with a gross profit margin improvement of 3.43% [1] - Sales of chili red pigment surged by 43% to 6,367 tons, while chili extract sales rose by 81% to 1,536 tons [1] - The sales of lutein remained stable, with over 210 million grams sold in the feed-grade category, and food-grade lutein sales increased by approximately 22% [2] Market Expansion - The spice division saw a 23% increase in sales of core products like Sichuan pepper extract, expanding market share despite challenges in the domestic catering industry [2] - The company actively promoted stevia glycosides, generating over 160 million yuan in revenue, and received approval for sodium chlorogenic acid as a new feed additive [1][2] R&D Investment - Chenguang Biotech significantly increased its R&D investment to 112 million yuan, a year-on-year growth of 134.55% [3] - Key projects included improvements in chili red pigment production, comprehensive utilization of sweet leaf and marigold, and the development of application-based products [3] Competitive Position - The company is positioned among the top tier in the global plant extraction industry, competing with international leaders like Frutarom and Kalsec [3] - Major products such as chili red, chili extract, and lutein rank among the world's top products, with other products like stevia glycosides and rosemary extract also showing rapid growth [3] Future Strategy - The company aims to leverage its technological R&D advantages and strong industrial production capabilities to develop ten world-leading products [4]