Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]

Core Viewpoint - The company, Morning Light Bio (300138), is focusing on developing a tiered product strategy, with significant growth potential in its sweetener product, stevia, which has a larger market space compared to other products like chili red and chili extract [1] Group 1: Product Strategy - The company has identified several key products in its tiered strategy, including stevia, ginkgo leaf extract, sophora flower extract, inulin, and essential oils, aiming to establish them as major products in the market [1] - The market share of stevia has been steadily increasing, indicating a growing revenue stream for the company [1] - The company is leveraging its technological advantages to enhance industry efficiency and promote overall industry development, even for products with currently smaller market sizes [1] Group 2: Long-term Goals - The long-term objective of the company is to transform its tiered products into new major products, suggesting a larger growth potential compared to its main products [1]

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，异绿原酸钠是生 产甜菊糖过程中同步提取的副产品，经实验验证，异绿原酸钠具有明确的抗菌消炎功效，与中药材杜 仲、金银花的有效成分类似，客户认可度高。因异绿原酸钠未额外增加原材料成本，对经营利润、甜菊 糖产品竞争优势提升有较大贡献。 ...

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，棉籽业务坚持"对 锁"经营策略，同时考察上游原材料供应及下游需求情况，有合理价差时才会采购原材料并签订销售合 同，以锁定合理利润率水平。2025年二季度，因国际贸易环境变化导致大宗商品价格大幅波动，公司把 握市场机会，锁定/实现的利润较一季度有所提升。后续将坚持"对锁"策略，保障经营稳定。 ...

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，今年以来辣椒红 毛利率已经恢复到正常区间，但产品价格处于低位，吨毛利润处于合理区间偏低位置，未来辣椒红售价 恢复后，毛利率不一定再有明显提升，但单吨毛利润仍有改善空间。辣椒精使用国内原材料生产后，毛 利率较在海外加工时有所下降，考虑国内的潜在竞争环境比海外更激烈，保持当前的毛利率有一定合理 性。叶黄素当前毛利率处于低位，主要因行业历史库存较多，总供给大于总需求；叶黄素行业持续推进 产能去化工作，供需关系正在改善中，中短期看历史库存会继续抑制叶黄素价格及行业盈利水平，中长 期展望价格及利润率有较大概率恢复。 ...

Core Viewpoint - The company has significantly reduced the cost of extracting lycopene, making it feasible for use in food and beverages, which presents a substantial growth opportunity in the market [1] Group 1: Lycopene Applications - Lycopene applications can be categorized into health food and food and beverage sectors [1] - Traditionally, lycopene has been primarily used in health foods due to its high cost [1] Group 2: Cost Reduction and Innovation - The company's innovative extraction process has decreased the cost of lycopene by approximately 70% compared to traditional methods [1] - The use of encapsulation technology has improved product stability, enabling the development of application-based products such as hot pot base, packaged foods, and beverages [1] Group 3: Market Demand and Growth Potential - Sales of lycopene products are rapidly increasing, driven by the growth of these new application products [1] - The long-term demand for lycopene in the food and beverage industry is expected to far exceed that in the health food sector, indicating significant growth potential for the company's lycopene products [1]

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。 ...

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，当前云南辣椒精 原材料优势明显，公司通过扶持供应商，平抑原材料行情，稳定原材料的市场供应。公司发挥国内原材 料优势，积极开拓市场，辣椒精份额快速提升。公司具备全球布局优质原材料的能力，且在印度建有辣 椒萃取生产线，未来将结合当年的原材料情况合理安排生产规划。赞比亚是公司为长期保持原材料优势 打造的原材料基地，现在仍处于前期布局阶段，主要工作目标是提升规模化种植效率，近年来已经取得 显著成果。梯队产品均处于前期发展阶段，在生产工艺优势、市场份额达到一定阶段后，可考虑到原材 料优势产区建厂，降低运输成本。 ...

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，现阶段公司的目 标是进一步提升辣椒精市场份额，没有凭借市场份额优势提价增加利润率的计划。公司市场份额目标实 现后，将通过延长加工链条，开发定制化/应用型产品，增加公司加工环节的价值量，提升产品利润水 平。 ...

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，公司去年在缅甸 发展6000亩万寿菊基地，今年受地震等因素影响，未实现年初制定的发展2-3万亩万寿菊基地的目标。 缅甸土地成本、人工成本低，地理位置与云南毗邻，管理协同性强，明年公司将继续拓展缅甸原料种 植，争取将缅甸发展为叶黄素重要的原材料优势产区之一。 ...