Group 1 - The core viewpoint of the article is that Huayuan Biological clarified its product offerings, stating that it sells feed-grade cholesterol and does not involve premixes [2] Group 2 - The company engaged with investors through an interactive platform to address inquiries regarding its product line [2] - The clarification aims to provide transparency about the nature of the products sold by the company [2]

证券日报网讯1月23日，花园生物（300401）在互动平台回答投资者提问时表示，公司根据市场需求合 理统筹产能安排。截至2026年1月20日，公司股东总户数为26019户。 ...

Group 1 - The core viewpoint of the article is that Garden Biologics (300401.SZ) clarified on its investor interaction platform that the products it sells are feed-grade cholesterol and do not involve premixes [1] Group 2 - The company is focused on the production and sale of feed-grade cholesterol, indicating a specific niche within the animal nutrition industry [1] - The clarification provided by the company may help to address any potential misconceptions regarding its product offerings [1]

| 证券代码：300401 | 证券简称：花园生物 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | | 关于"花园转债"回售结果的公告 本次"花园转债"回售不会对公司现金流、资产状况和股本情况产生影响。 三、本次可转换公司债券回售的后续事项 浙江花园生物医药股份有限公司 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、本次可转换公司债券回售的公告情况 浙江花园生物医药股份有限公司（以下简称"公司"）分别于2026年1月8日、1月 12日和1月15日在巨潮资讯网（www.cninfo.com.cn）披露了《关于"花园转债"回售的 第一次提示性公告》（公告编号：2026-002）、《关于"花园转债"回售的第二次提示 性公告》（公告编号：2026-004）、《关于"花园转债"回售的第三次提示性公告》 （公告编号：2026-006），"花园转债"持有人可以在回售申报期内将持有的"花园转 债"全部或部分回售给公司。回售价格为人民币100.855元/张（含息、税），回售申报 期为2026 ...

Group 1 - Garden Biologics experienced a stock price increase of 3.57% on January 15, with a trading volume of 828 million yuan [1] - The company had a net financing buy of -2.61 million yuan on the same day, with a total financing and margin balance of 732 million yuan [1] - The financing balance of Garden Biologics is 730 million yuan, accounting for 8.13% of its circulating market value, which is above the 80th percentile level over the past year [1] Group 2 - As of December 31, the number of shareholders for Garden Biologics was 26,200, a decrease of 12.35% from the previous period [2] - For the period from January to September 2025, the company reported a revenue of 936 million yuan, a year-on-year decrease of 0.20%, and a net profit attributable to shareholders of 234 million yuan, down 3.07% year-on-year [2] - The company has distributed a total of 446 million yuan in dividends since its A-share listing, with 178 million yuan distributed in the last three years [2]

| 证券代码：300401 | 证券简称：花园生物 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | | 浙江花园生物医药股份有限公司 1、转股起止时间：2023年9月11日至2029年3月5日 关于"花园转债"恢复转股的提示性公告 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 3、恢复转股时间：2026年1月19日 浙江花园生物医药股份有限公司（以下简称"公司"）经中国证券监督管理委员会 "证监许可〔2023〕252号"文同意注册，公司于2023年3月6日向不特定对象发行了 12,000,000张可转换公司债券（以下简称"可转债"），每张面值100元，发行总额 120,000.00万元。经深圳证券交易所同意，公司120,000.00万元可转债于2023年3月23日起 在深交所挂牌交易。目前，"花园转债"处于转股期。 公司于2025年12月31日召开2025年第二次临时股东会及"花园转债"2025年第二次债 券持有人会议，审议通过了《关于调整部分募投项目投资金额的议案》，同意公司 ...

| 证券代码：300401 | 证券简称：花园生物 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | | 浙江花园生物医药股份有限公司 关于"花园转债"回售的第三次提示性公告 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 1、回售价格：100.855元/张（含息、税） 2、回售申报期：2026年1月12日至2026年1月16日 3、发行人资金到账日：2026年1月21日 4、回售款划拨日：2026年1月22日 5、投资者回售款到账日：2026年1月23日 6、回售申报期内"花园转债"将暂停转股 7、本次回售不具有强制性，"花园转债"持有人有权选择是否进行回售 8、风险提示：投资者选择回售等同于以人民币100元/张（不含利息）卖出持有的 "花园转债"。截至本公告发出前的最后一个交易日，"花园转债"的收盘价为 148.000元/张。投资者选择回售可能会带来损失，敬请投资者注意风险。 浙江花园生物医药股份有限公司（以下简称"公司"）于2025年12月31日召开2025 年第二次临时股东 ...

Summary of Huayi Biological Conference Call Company Overview - Huayi Biological holds a dominant position in the global cholesterol market with a market share of 70%-80% [2][7] - The company utilizes patented technology from lanolin, creating high technical barriers and limiting the number of competitors in high-purity cholesterol production [2][7] Key Insights and Arguments - The Ministry of Agriculture has approved the inclusion of cholesterol in aquaculture feed, with rapid completion of provincial registration expected, positioning Huayi Biological to accelerate commercialization of cholesterol products [2][9] - Adding cholesterol to aquaculture feed can reduce fishmeal usage by 8%-10%, leading to overall cost savings of 200-700 RMB per ton of feed despite an additional cost of 500-1,000 RMB for cholesterol [2][5] - The total volume of aquaculture feed in 2024 is projected to be approximately 22.6 million tons, with shrimp and crab feed accounting for about 3.5 million tons, indicating significant market potential for cholesterol [2][6] Pricing and Market Dynamics - The current price of industrial-grade cholesterol produced by Huayi Biological is around 500 RMB per kilogram, with potential for price increases due to rising demand and supply constraints [2][8] - The price of fishmeal ranges from 15,000 to 17,000 RMB per ton, making cholesterol a cost-effective alternative [2][8] Commercialization and Growth Expectations - Huayi Biological anticipates that 2026-2027 will be critical growth years for cholesterol sales, with plans to adjust sales strategies and expand production capacity based on market demand [2][10] - The company is also advancing its pharmaceutical business, with new products expected to contribute to revenue growth [4][15] Strategic Partnerships and Product Development - Huayi Biological has renewed its strategic cooperation agreement with DSM for 25-hydroxyvitamin D3, with optimistic conditions for future product launches [4][12] - The company is developing L-alanine fermentation technology, which has cost and environmental advantages, targeting well-known clients like BASF [4][14] Impact of Industry Trends - The pharmaceutical business has stabilized after the impact of centralized procurement, and the company is actively applying for new products to achieve business growth [4][15] - Other vitamin products, such as biotin and B6, have begun production and are expected to enter the market soon, with rising prices positively impacting vitamin D3 prices [4][17] Additional Considerations - Cholesterol's role in shrimp and crab farming is critical for molting, reproduction, and overall growth efficiency, highlighting its importance in aquaculture [3][11] - The demand for cholesterol is expected to influence vitamin D3 prices, which are currently low in inventory and may see price increases [11][12] Future Projections - The market for fish feed is significantly larger than that for shrimp and crab feed, indicating greater potential for cholesterol adoption in fish feed [19][20] - Capital expenditures in the coming years will primarily focus on convertible bond projects, with cholesterol expansion requiring minimal investment due to pre-allocated resources [20]

Group 1 - The trading volume of Huayuan Bio reached 1.003 billion yuan, marking a new high since April 25, 2025 [2] - The latest stock price of Huayuan Bio decreased by 7.14%, with a turnover rate of 11.68% [2] - The trading volume on the previous trading day was 939 million yuan [2]

Core Viewpoint - Garden Bio has received approval from the Ministry of Agriculture and Rural Affairs for its cholesterol derived from lanolin as a new feed additive, which is expected to enhance its product application areas and core competitiveness [1][2][3] Group 1: Product Approval and Market Potential - Cholesterol derived from lanolin has been approved as a new feed additive for shrimp, with a recommended addition rate of 1.0-2.0g/kg in feed and a maximum limit of 10g/kg [1] - The total industrial feed production in China is projected to reach 31,503.1 million tons in 2024, with aquaculture feed accounting for approximately 2,262 million tons, representing 7.18% of the total feed production [1] Group 2: Company Overview and Production Capacity - Garden Bio is primarily engaged in the research, production, and sales of vitamin D3 and A series products, with a focus on lanolin cholesterol, vitamin D3, and 25-hydroxy vitamin D3 [2] - The company has established itself as a global leader in the vitamin D3 production chain, with an annual production capacity of 3,600 tons, making it one of the largest vitamin D3 producers globally [3] - The annual production of NF-grade cholesterol is 1,200 tons, accounting for over half of the global capacity [3] Group 3: Financial Performance - In the first half of 2025, Garden Bio reported a revenue of 635 million yuan, with vitamin products contributing 301 million yuan and lanolin and its derivatives generating 133 million yuan [3] Group 4: Future Outlook - The approval of the new feed additive certificate is expected to create favorable conditions for the company's stable development and will be followed by compliance with relevant laws and regulations in production and sales [3]