Core Viewpoint - The company Garden Biologics (300401) is currently in the process of constructing its "Vitamin D2 raw material project" and "Vitamin D2 preparation project," with specific progress and capacity planning to be disclosed in future announcements [1] Group 1 - The "Vitamin D2 raw material project" is under construction [1] - The "Vitamin D2 preparation project" is also in the construction phase [1] - Future announcements will provide detailed updates on progress and capacity planning [1]

Core Viewpoint - Garden Biologics (300401.SZ) announced that its wholly-owned subsidiary, Zhejiang Garden Pharmaceutical Co., Ltd., has received the drug registration certificates for "Alpha-Lipoic Acid Tablets" and "Bisoprolol Amlodipine Tablets" from the National Medical Products Administration [1] Group 1 - The "Alpha-Lipoic Acid Tablets" are primarily used for the treatment of diabetic peripheral neuropathy [1] - The "Bisoprolol Amlodipine Tablets" are mainly used for the treatment of hypertension and can be used alone or in combination with other antihypertensive medications [1]

Core Viewpoint - The company has received drug registration certificates for "Alpha-Lipoic Acid Tablets" and "Bisoprolol Amlodipine Tablets" from the National Medical Products Administration, which will enhance its product line and positively impact its development [1] Group 1 - The full subsidiary Zhejiang Huayuan Pharmaceutical Co., Ltd. has been approved for the registration of "Alpha-Lipoic Acid Tablets," which are primarily used for treating diabetic peripheral neuropathy [1] - The "Bisoprolol Amlodipine Tablets" are mainly used for the treatment of hypertension [1] - Obtaining these drug registration certificates will further enrich the company's product line and promote the upgrade of product capabilities [1]

证券代码：300401 证券简称：花园生物 公告编号：2025-031 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 （一）硫辛酸片 （二）比索洛尔氨氯地平片 1、药品通用名称：硫辛酸片 2、剂型：片剂 3、注册分类：化学药品3类 4、规格：0.2g、0.6g 5、上市许可持有人:浙江花园药业有限公司 6、生产企业：浙江赛默制药有限公司 7、药品批准文号：国药准字H20255091、国药准字H20255092 8、药品批准文号有效期：至2030年08月18日 1、药品通用名称：比索洛尔氨氯地平片 2、剂型：片剂 3、注册分类：化学药品4类 4、规格：富马酸比索洛尔5mg与苯磺酸氨氯地平（按C20H25ClN2O5计）5mg 5、上市许可持有人/生产企业：浙江花园药业有限公司 6、药品批准文号：国药准字H20255101 7、药品批准文号有效期：至2030年08月18日 关于子公司取得药品注册证书的公告 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。 浙江花园生物医药股份有限公司（以下简称"公司"）全资子公司浙江花园药 业有限公司（以 ...

Core Viewpoint - The report from Dongfang Securities indicates that Huayuan Bio achieved a net profit attributable to shareholders of 162 million yuan in the first half of the year, representing a year-on-year increase of 13.67%, with a non-recurring net profit of 150 million yuan, up 37.36% year-on-year, primarily due to effective cost control [1] Financial Performance - The company's performance is closely linked to vitamin prices, which saw a rapid increase starting from the second half of last year, although there was a slight decline in vitamin prices in the latter half of 2025 [1] - Despite the stable growth in revenue expected for the year, the profit performance remains promising due to cost control and business structure [1] Strategic Development - The "one vertical and one horizontal" strategy is showing positive effects, indicating a favorable long-term development outlook for the company [1] - The company is the only global producer with a full industrial chain for VD3, holding a 70% market share in NF-grade cholesterol, the only legal raw material for VD3 production [1] Cost and Margin Analysis - In the context of declining VD3 prices, the company maintains a cost advantage, with a gross margin of 62.99% for vitamin products in the first half of 2025, an increase of 8.12 percentage points year-on-year [1] Production Capacity and Future Projects - The annual production project for 6,000 tons of VA powder has been completed, while projects for 5,000 tons of VB6 and 200 tons of biotin are in trial production preparation [1] - Other vitamin products are expected to contribute to performance growth in the near future [1] Drug Development Pipeline - The company currently has seven products under review and five in research, with the potential to re-enter an upward trajectory following the elimination of the impact from centralized procurement [1] Valuation - Based on comparable companies, a target price of 18.90 yuan is set for the company, corresponding to a 30 times price-to-earnings ratio for 2025, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment has experienced a revenue growth of 17.98%, although this growth is relatively moderate due to new capacity coming online and a slight decline in market prices [11]. - The pharmaceutical segment has faced challenges, with a revenue decline of 20.30%, primarily due to the impact of centralized procurement and bidding processes [11]. - The company's strategic focus on a "vertical and horizontal" approach is yielding positive results, positioning it well for long-term growth [11]. Financial Forecasts - Revenue projections for 2025-2027 are set at 1,362 million CNY, 1,497 million CNY, and 1,672 million CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The forecasted earnings per share for 2025, 2026, and 2027 are 0.63 CNY, 0.73 CNY, and 0.93 CNY, respectively [2][4]. - The gross margin is expected to decline slightly from 59.9% in 2023 to 55.4% in 2025, before recovering to 56.7% by 2027 [4]. Company Overview - The company is recognized as the only global producer with a complete supply chain for vitamin D3, holding a 70% market share in NF-grade cholesterol, which is a key raw material for vitamin D3 production [11]. - The company has several projects in various stages of production, including a 6,000-ton VA powder project and a 5,000-ton VB6 project, which are expected to contribute to revenue growth [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment experienced a revenue of 3.01 billion CNY, growing by 17.98% year-on-year, although growth is expected to stabilize due to new industry capacities and price fluctuations [11]. - The pharmaceutical segment saw a decline in revenue by 20.30% year-on-year, primarily due to the impact of centralized procurement policies [11]. - The company's strategic focus on a full industrial chain for Vitamin D3 production has resulted in a significant cost advantage, with a gross margin of 62.99% in the first half of 2025, up by 8.12 percentage points year-on-year [11]. Financial Forecasts - Revenue projections for 2025-2027 are 1.362 billion CNY, 1.497 billion CNY, and 1.672 billion CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The net profit attributable to the parent company is forecasted to be 343 million CNY in 2025, with a growth rate of 11.1% [4]. - Earnings per share are expected to be 0.63 CNY in 2025, increasing to 0.73 CNY in 2026 and 0.93 CNY in 2027 [4]. Company Overview - The company operates in the pharmaceutical and biotechnology sector, specifically focusing on vitamin production and pharmaceutical products [6]. - As of August 20, 2025, the company's stock price was 15.52 CNY, with a market capitalization of 8.435 billion CNY [6].

Group 1 - The company reported a stable performance with revenue of 635 million yuan (up 5.86% year-on-year) and a net profit of 162 million yuan (up 13.67% year-on-year) for the first half of 2025, driven by effective cost control [1] - Vitamin product revenue reached 301 million yuan (up 17.98% year-on-year), while revenue from lanolin and its derivatives grew significantly to 133 million yuan (up 42.12% year-on-year) [1] - The pharmaceutical segment experienced a decline in revenue to 192 million yuan (down 20.30% year-on-year) due to the impact of centralized procurement [1] Group 2 - The company is the only global producer of the full VD3 industrial chain, holding a 70% market share in NF-grade cholesterol, which provides a cost advantage despite falling VD3 prices [2] - New production capacities for vitamin A powder, vitamin B6, and biotin are expected to contribute to future revenue growth [2] - The company has adjusted its revenue forecasts for vitamin products and pharmaceuticals while increasing projections for cholesterol and lanolin derivatives, with expected earnings per share of 0.63, 0.73, and 0.93 yuan for 2025-2027 [2]

Group 1 - As of August 20, 2025, Garden Biologics' stock price is 15.52 yuan, down 0.45% from the previous trading day [1] - The opening price for the day was 15.59 yuan, with a high of 15.69 yuan and a low of 15.40 yuan, resulting in a trading volume of 276 million yuan and a turnover rate of 3.33% [1] - Garden Biologics operates in the chemical pharmaceutical sector, focusing on the research, production, and sales of Vitamin D3 and its derivatives [1] Group 2 - The company has stated on its investor interaction platform that the procurement price for 25-hydroxy VD3 with DSM remains stable, while there is no long-term contract for regular VD3 [1] - On August 20, the net outflow of main funds for Garden Biologics was 20.02 million yuan, with a cumulative net outflow of 72.08 million yuan over the past five days [1]

Group 1 - The company has signed a long-term contract with DSM for the procurement of 25-hydroxy VD3, with stable pricing [2] - The pricing for ordinary VD3 does not have a long-term contract [2]