证券代码：300138 证券简称：晨光生物 公告编号：2025—118 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主体之间担保：公司向合并报表范围内各级子公司 或各级子公司之间融资担保余额不超过 25 亿元，其中：向子公司新疆晨光生物 科技股份有限公司（简称"新疆晨光"）及其合并报表范围内子公司提供担保的 余额不超过 20.5 亿元（含新疆晨光合并报表范围内各主体互相担保），向其他 子公司提供担保或其他子公司之间互相担保的余额不超过 4.5 亿元。公司股东大 会授权管理层在融资担保余额不超过 25 亿元的前提下，结合合并报表范围内各 子公司资产负债率、融资授信及放款等情况，具体调整被担保的子公司及对其担 保额度(相关文件已于 202 ...

"一种叶黄素酯油悬液及其制备方法与应用"涉及食品添加剂技术领域，本 发明提供的制备方法制得的叶黄素酯油悬液具有良好的稳定性和着色效果，产品 呈色、着色均匀稳定，可显著提升裹粉等产品的色泽；该方法不使用有机溶剂， 绿色环保，具有工艺简单、使用方便等特点，适用性强，易于大规模工业化生产 和推广应用。"一种拖链浸出器料液比、液位、温度自动调节系统及方法"属于 生物提取技术领域，本发明实现了拖链浸出器料液比、液位、温度自动调节，从 证券代码：300138 证券简称：晨光生物 公告编号：2025—119 晨光生物科技集团股份有限公司 关于公司及子公司正式收到专利证书的公告 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"或"晨光生物"）及子 公司晨光生物科技集团邯郸有限公司（以下简称"邯郸晨光"）、邯郸晨光植物 蛋白有限公司（以下简称"邯郸蛋白"）于近日正式收到了国家知识产权局颁发 的专利证书，具体情况如下： | 专利名称 | 专利号 | | 证书号 | 授权公告日 | 类型 | 专利 | | --- | --- | --- ...

Group 1: Industry Overview - The Chinese sugar substitute industry has a competitive hierarchy, with companies having registered capital exceeding 500 million yuan, such as Rhein Biotech, Jinhui Industrial, and Morning Light Biological, while those with capital between 200 million to 500 million yuan include Baolingbao and Bailong Chuangyuan [1] - The primary production regions for sugar substitute companies in China are Shandong, Hebei, and Anhui provinces, with Shandong housing the most companies, including Sanyuan Biological, Baolingbao, and Bailong Chuangyuan [1] Group 2: Revenue Rankings - In 2024, Huakang Co., Ltd. leads the revenue ranking among listed sugar substitute companies in China, with sales exceeding 1.9 billion yuan. Baolingbao, Rhein Biotech, and Sanyuan Biological follow, each with revenues exceeding 500 million yuan [5] Group 3: Industry Concentration - The concentration levels in the sugar substitute industry are high for products like sucralose, aspartame, and sugar alcohols. Major manufacturers of sucralose include Jinhui Industrial and Shandong Kangbao, while aspartame is primarily produced by companies like Hanguang Sweeteners and the Vito Company [8] Group 4: Company Layout - Companies like Sanyuan Biological and Huakang Co., Ltd. have a high proportion of their business in sugar substitutes. Many companies focus on sugar alcohol products, with Huakang Co., Ltd. producing over 170,000 tons of crystalline sugar alcohol [9][11] - Key sales markets for Chinese sugar substitute companies include China, the Americas, Europe, and Japan and South Korea [9] Group 5: Competitive Analysis - The competitive state of the sugar substitute industry in China shows moderate competition among existing firms, with a significant threat from potential new entrants due to growing health demands [12] - The bargaining power of upstream suppliers is strong, as the main raw materials are sourced from starch and chemical raw material companies, which are generally larger than the sugar substitute manufacturers [12] - The bargaining power of downstream customers is relatively weak, especially for small clients, while industry leaders maintain some pricing power [12]

Core Viewpoint - Morninglight Bio is a leading enterprise in the field of natural plant extracts, focusing on R&D, production, and sales, with a comprehensive industry chain advantage. Group 1: Business Overview - Morninglight Bio was established on April 12, 2000, and listed on the Shenzhen Stock Exchange on November 5, 2010, with its registered and office address in Handan, Hebei Province [1] - The main business includes the R&D, production, and sales of natural plant extracts such as chili red pigment, lutein (marigold extract), and chili oil resin, operating in the agricultural product processing sector [1] Group 2: Financial Performance - In Q3 2025, Morninglight Bio achieved a revenue of 5.047 billion yuan, ranking third among 12 companies in the industry, with the top two being COFCO Sugar Industry at 20.305 billion yuan and COFCO Technology at 13.262 billion yuan [2] - The net profit for the same period was 311 million yuan, ranking second in the industry, with COFCO Sugar Industry leading at 828 million yuan [2] - The revenue composition includes 1.765 billion yuan from cottonseed business (48.25%), 1.733 billion yuan from pigments/spices/nutrition and medicinal products (47.39%), and 159 million yuan from other businesses (4.35%) [2] Group 3: Financial Ratios - As of Q3 2025, Morninglight Bio's asset-liability ratio was 57.45%, down from 59.89% year-on-year but still above the industry average of 36.70% [3] - The gross profit margin for the same period was 14.48%, significantly higher than the previous year's 7.37% and above the industry average of 13.16% [3] Group 4: Executive Compensation - Chairman Lu Qingguo's salary for 2024 was 915,500 yuan, a decrease of 1.203 million yuan from 2023 [4] - General Manager Lu Ying's salary for 2024 was 2.0725 million yuan, down by 1.9022 million yuan from the previous year [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.09% to 15,600, while the average number of circulating A-shares held per household increased by 1.10% to 25,500 [5] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 13.6573 million shares as a new shareholder [5] Group 6: Future Outlook - Morninglight Bio's revenue for the first three quarters of 2025 was 5.05 billion yuan, with a net profit of 300 million yuan, driven by the turnaround of the cottonseed business and rapid growth in the sales of main products [5] - The company expects net profits of 380 million, 500 million, and 640 million yuan for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5] - Analysts have raised the net profit forecast for 2025-2027 to 395 million, 449 million, and 537 million yuan, citing improved profitability in the plant extraction and cottonseed businesses [6]

Core Insights - The report highlights a recovery in industrial enterprise profits, with a cumulative year-on-year increase of 3.2% for the first nine months of 2025, compared to 0.9% in the previous period, indicating a positive trend in the industrial sector [5][30] - The report emphasizes the importance of the "Fifteenth Five-Year Plan" and outlines ten investment directions, focusing on economic construction and consumer spending [11][12][18] - The report notes that the central bank's resumption of government bond trading is expected to positively impact the market, providing a new channel for monetary policy [20][21][25] Industry Analysis Agriculture, Forestry, Animal Husbandry, and Fishery - The pig industry is entering a destocking phase, driven by policy and market factors, presenting a good investment opportunity [38] - The beef market is experiencing a cyclical uptrend, supported by strong demand and limited supply recovery [39] - The poultry sector is facing challenges due to disease outbreaks and import uncertainties, but demand is expected to strengthen [40] Food and Beverage - Jin Hui Jiu's revenue for the first three quarters of 2025 was 2.306 billion yuan, a year-on-year decrease of 1.0%, with net profit declining by 2.8% [45] - Qingdao Beer reported a revenue of 29.37 billion yuan for the first three quarters, a year-on-year increase of 1.41%, but faced pressure on profits due to weak demand [50] - Chenguang Biotech's revenue decreased by 3.4% year-on-year, but net profit showed significant growth due to improved profitability in its core business [55] Chemical Industry - Yun Tu Holdings reported a revenue of 15.87 billion yuan for the first three quarters, with a net profit of 675 million yuan, but faced challenges due to weak autumn fertilizer demand [60] - Xingfa Group's revenue for the first three quarters was 23.781 billion yuan, with a net profit of 1.318 billion yuan, benefiting from rising prices of glyphosate and increased sales of specialty chemicals [65] Overall Market Trends - The report indicates a trend of rising profits in the upper and middle reaches of the industrial chain, with a notable recovery in manufacturing profits [7][30] - The report suggests that the economic growth rate may face downward pressure in Q4, but fiscal policies are expected to support market stability [8][18]

Group 1 - The agricultural, animal husbandry, and fishery sector experienced a market-wide pullback, with the only agricultural ETF (159275) closing down by 0.7% [1] - Key stocks in the sector, including animal health, broiler farming, and agricultural product processing, saw significant declines, with Bio-Stock dropping by 4.06% and several others falling over 2% [3] - The overall trend in pig prices remains downward, with current prices for fat pigs nearing 11 yuan/kg and weaned piglets dropping to around 150 yuan/head, indicating a phase of comprehensive losses in the industry [3] Group 2 - The agricultural sector's valuation is currently at a relatively low level, suggesting a good time for investment, with the agricultural ETF's index price-to-book ratio at 2.57, positioned at the 30.08 percentile over the past decade [3] - Guosen Securities is optimistic about the reversal of the livestock cycle by 2025, highlighting the potential for domestic beef and raw milk markets to rise [4] - The industry is expected to undergo a quality improvement and efficiency enhancement trend, with outdated capacities gradually being eliminated, leading to an increase in market share for financially stable producers [4] Group 3 - The agricultural ETF (159275) tracks the CSI Agricultural Index, with major holdings including leading companies in the sector, and approximately 40% exposure to pig-related stocks [5] - The index covers a wide range of industries within the agricultural sector, providing a comprehensive opportunity to capture the recovery of the entire agricultural value chain [5] - The ETF is the first and only one tracking the CSI Agricultural Index, which was established on December 31, 2004, and published on December 12, 2016 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's main business is experiencing a turnaround, with profit elasticity being released. The revenue for Q1-Q3 2025 was 5.05 billion yuan, a year-on-year decrease of 3.4%, while the net profit attributable to the parent company showed significant growth, with figures of 304 million yuan and 256 million yuan, reflecting year-on-year increases of 385.3% and 1659% respectively. The Q3 2025 single-quarter revenue was 1.39 billion yuan, down 19.9% year-on-year, but the net profit turned positive [4][5] - The profit forecast for 2025-2027 has been revised upwards due to improved profitability in the plant extraction and cottonseed businesses, with expected net profits of 395 million yuan, 449 million yuan, and 537 million yuan respectively [4][5] Financial Performance Summary - For Q1-Q3 2025, the plant extraction business generated revenue of 2.499 billion yuan, a year-on-year increase of 7.35%, with a gross margin of 20.86%, up 4.91 percentage points. The cottonseed business had revenue of 2.353 billion yuan, a year-on-year decrease of 10.54%, but the gross margin improved by 8.05 percentage points [5][6] - The gross margin for Q3 2025 increased by 10.56 percentage points year-on-year, contributing to a significant improvement in profitability. The net profit margin for Q3 2025 increased by 8.54 percentage points year-on-year [6] Business Outlook - The core business is expected to continue improving, with the gross margin anticipated to sustain its upward trend in 2026. The market share for the company's chili red pigment and chili extract is increasing, and with the supply of upstream lutein raw materials decreasing, both market share and processing profits for lutein are expected to improve [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing a price turning point, leading to accelerated profitability release [1] - The market for plant extracts is in a golden period, with increasing demand and decreasing planting areas for raw materials, indicating a potential industry turning point [7] Summary by Sections Market Performance - The company reported a total operating revenue of 5.047 billion yuan for Q1-Q3 2025, a decrease of 3% year-on-year, while the net profit attributable to shareholders increased by 385% to 304 million yuan [4][5] Investment Highlights - The recovery in cottonseed prices has led to an increase in gross margin by 11 percentage points to 16.11%, resulting in a turnaround in profitability [5] - The company has reduced its cottonseed trading business, focusing on processing, with plant extract revenue increasing by 7% to 2.499 billion yuan [6] - Sales of key products like red pepper and lutein have seen significant volume increases, with expectations for continued price increases due to tightening raw material supply [6] Earnings Forecast - The adjusted EPS for 2025-2027 is projected to be 0.76, 1.01, and 1.17 yuan respectively, with corresponding PE ratios of 18, 14, and 12 times [7]

Group 1: Report Summary - The report is about a research on Chenguang Biotechnology on October 27, 2025, in the agricultural, livestock, and fishery industry [16] - Participating research institutions include Guotai Haitong, Tianfeng Securities, Zheshang Securities, CICC, and Kaiyuan Securities [2] Group 2: Research Basic Information - Research object: Chenguang Biotechnology [16] - Industry: Agricultural, livestock, and fishery [16] - Reception time: October 27, 2025 [16] - Company reception staff: Board Secretary Zhou Jing and Director of the Board Office Men Ning [16] Group 3: Detailed Research Institutions - Securities companies: Guotai Haitong, Tianfeng Securities, Zheshang Securities, CICC, Kaiyuan Securities, Founder Securities, Southwest Securities, Huatai Securities, Wanyuan Shenhong, Ruiyin, Cinda Securities, Zhongtai Securities, and CITIC Securities [17][18] - Fund management companies: Haifutong Fund, Huisheng Fund, Guoshou Anbao Fund, ICBC Credit Suisse Fund, and Ping An Fund [18] Group 4: 2025 Q1 - Q3 Operating Performance - Revenue: 5.047 billion yuan, a slight year - on - year decrease of 3.41% [22] - Net profit attributable to shareholders: 304 million yuan, a year - on - year increase of 385.30% [22] - Plant extraction business revenue: 2.499 billion yuan, a year - on - year increase of 7.35%, with a gross margin of 20.86%, a year - on - year increase of 4.91% [22] - Cottonseed business revenue: 2.353 billion yuan, a year - on - year decrease of 10.54%, with a gross margin of 7.20%, a year - on - year increase of 8.05% [22] - Q3 revenue: 1.39 billion yuan, a year - on - year decrease of 19.88% [22] - Q3 net profit attributable to shareholders: 88.8577 million yuan, a year - on - year increase of 338.68% [22] - Q3 plant extraction business revenue: 766 million yuan, a year - on - year increase of 2.82% [22] - Q3 cottonseed business revenue: 588 million yuan, a year - on - year decrease of 34.59% [22] Group 5: Main Business Operating Conditions - Capsanthin: Sales volume increased by about 36% year - on - year, and the proportion of application products continued to rise [23] - Capsicum oleoresin: Sales volume increased by about 87% year - on - year, and market share continued to expand [23] - Lutein: Food - grade lutein sales volume increased by 22% year - on - year, and gross margin showed an improving trend [23] - Spice extracts: The advantage continued to expand, with the sales volume of pepper extract increasing by more than 29% year - on - year [23] - Stevioside: Revenue in the first three quarters was about 218 million yuan, reaching a new high in the same period [23] - Nutritional and medicinal extracts: Tomato red pigment achieved revenue of over 40 million yuan, and silymarin sales volume increased significantly [23] - Health food business: Revenue reached 109 million yuan [24] - Plant - based capsule products: Market promotion started, and order signing was smooth [24] - Chinese medicine business: Revenue exceeded 13 million yuan, nearly doubling year - on - year [24] Group 6: Investor Q&A Natural pigment substitution work - The company has established advantages in technology, efficiency, brand, etc. It has achieved a lot of technical reserves in solving the stability and solubility of natural pigments and has launched multiple formulated products [24] Product price trend - Capsanthin and capsicum oleoresin prices are expected to remain stable in the short term; lutein prices have been adjusted upwards since Q3 [25] Reasons for the decline in cottonseed business revenue - Sales rhythm and control of the scale of trading business [25] Layout in the big health industry - Health food, Chinese medicine, promoting natural pigment substitution, and layout in the raw material drug direction [25][26] Future growth rate of capsicum oleoresin - It is expected to be slightly faster than industry demand growth but difficult to maintain the growth rate of the past two years [27] Reasons for the performance of some products - New product development has uncertainties, and products in the early - to - mid - stage may have fluctuations in sales and revenue [27][28] Future profit margin - There is still significant room for improvement in the company's net profit margin in the short and long term [28][29]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 5.047 billion yuan, a slight decrease of 3.41% year-on-year [2] - Net profit attributable to shareholders reached 304 million yuan, a significant increase of 385.30% year-on-year [2] - In Q3 2025, revenue was 1.39 billion yuan, down 19.88% year-on-year, while net profit was 88.86 million yuan, up 338.68% year-on-year [2] Group 2: Business Segment Performance - Revenue from natural colorants/spices/nutrition and sweeteners (plant extract business) was 2.499 billion yuan, up 7.35% year-on-year, with a gross margin of 20.86%, an increase of 4.91% [2] - Revenue from cottonseed business was 2.353 billion yuan, down 10.54% year-on-year, with a gross margin of 7.20%, an increase of 8.05% [2] - In Q3, the plant extract business generated 766 million yuan, up 2.82% year-on-year, while cottonseed revenue was 588 million yuan, down 34.59% [2] Group 3: Product Development and Market Trends - Sales of chili red pigment increased by approximately 36% due to market promotion of application-specific products [3] - Chili extract sales grew by about 87%, expanding market share [3] - Sales of lutein for food-grade applications increased by 22% [3] - Stevia sugar revenue reached approximately 218 million yuan, setting a new record for the same period [3] Group 4: Challenges and Strategic Adjustments - The decline in cottonseed revenue was attributed to reduced product availability and a controlled scale of trade business [4] - The company is focusing on the health industry, expanding into health food and traditional Chinese medicine sectors [4] - The pricing of chili red pigment and chili extract is expected to remain stable in the short term, while lutein prices have seen an increase due to reduced competition [4] Group 5: Future Outlook - The company anticipates that net profit margins will improve, although they are currently lower than in 2023 due to competitive pricing and market dynamics [5] - The focus will shift from increasing market share to enhancing customization and the proportion of formulated products, which is expected to positively impact overall profit margins [5]