华源证券8月1日发布研报称，给予科拓生物（300858.SZ）买入评级。评级理由主要包括：1）公司已完 成业务结构调整，益生菌行业的高景气有望催生业绩拐点；2）我国食用益生菌市场前景广阔，公司持 续替代高份额的海外品牌；3）减肥功效打开想象空间，FDA认证释放增长潜力；4）公司扩张路径清 晰，成长动能充足。风险提示：益生菌渗透率提升不及预期、竞争格局恶化、明星菌株研发不及预期。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company is positioned as a leading domestic probiotic brand, benefiting from both category penetration and domestic substitution opportunities [5][7] - The Chinese probiotic market is expected to grow significantly, with a projected market size of approximately 138 billion RMB in 2024, driven by health consumption trends and expanding application scenarios [7] - The company has successfully broken the monopoly of high-end strains held by foreign companies and is expanding its downstream coverage in sectors such as food and beverages, health products, etc. [7] - The recent FDA GRAS certification for the company's star strain opens up new market opportunities, particularly in the weight loss sector [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 299 million RMB - 2024: 303 million RMB - 2025E: 439 million RMB - 2026E: 551 million RMB - 2027E: 691 million RMB - The expected growth rates for revenue are 1.19% in 2024, 44.85% in 2025, 25.65% in 2026, and 25.36% in 2027 [6][8] - The projected net profit for the company is as follows: - 2023: 93 million RMB - 2024: 94 million RMB - 2025E: 128 million RMB - 2026E: 168 million RMB - 2027E: 210 million RMB - The expected growth rates for net profit are 0.94% in 2024, 35.90% in 2025, 31.35% in 2026, and 24.48% in 2027 [6][8] Valuation Metrics - The projected P/E ratios for the company are as follows: - 2025E: 34.93 - 2026E: 26.60 - 2027E: 21.37 [6][8] - The average P/E of comparable companies is estimated at 35X for 2025, indicating a favorable growth outlook for the company [7]

科拓生物今日涨停，全天换手率18.07%，成交额6.63亿元，振幅21.21%。龙虎榜数据显示，机构净买入 935.45万元，营业部席位合计净买入4195.30万元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净买入935.45万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.94亿元，其中，买入成交额为1.23亿 元，卖出成交额为7127.51万元，合计净买入5130.74万元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买三、卖五，合计买入金额2212.86万 元，卖出金额1277.42万元，合计净买入935.45万元。 资金流向方面，今日该股主力资金净流入1.49亿元，其中，特大单净流入1.56亿元，大单资金净流出 780.99万元。近5日主力资金净流入1.46亿元。（数据宝） 科拓生物8月1日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 中信证券股份有限公司上海徐汇区漕溪北路证券营业 | 3368.02 | 0.95 | ...

Summary of Key Points Core Viewpoint - The latest fund repositioning reveals that 637 stocks have been newly added to fund holdings, with 14 stocks having a new holding ratio exceeding 3% [1] Group 1: Fund Repositioning Data - A total of 2950 stocks appeared in the fund's heavy holdings list, with 637 stocks newly entering the list, 1139 stocks being increased, 1148 stocks being reduced, and 26 stocks remaining unchanged from the previous quarter [1] - Among the newly added stocks, 351 are from the Shanghai and Shenzhen main boards, 194 from the ChiNext, 64 from the Sci-Tech Innovation Board, and 26 from the Beijing Stock Exchange [1] - The industry distribution shows a concentration in basic chemicals, machinery equipment, and electronics, with 74, 63, and 56 stocks respectively being newly added to fund holdings [1] Group 2: High Proportion New Holdings - The stocks with the highest new holding ratios include Guangxin Materials, which was newly included in 11 fund heavy holdings with a total holding of 11.90 million shares, accounting for 8.27% of circulating shares [2] - Youfang Technology was included in 21 funds with a total holding of 6.97 million shares, representing 7.59% of circulating shares [2] - Other notable stocks with high new holding ratios include Ketaobiology, Shutaishen, and Haotong Technology, with holding ratios of 7.52%, 6.99%, and 5.67% respectively [2] Group 3: Market Performance of Newly Added Stocks - The average increase of high proportion newly added stocks since the second quarter is 87.07%, with 13 stocks showing an increase [2] - The top performers include Shutaishen, with a rise of 597.35%, followed by Sifang Precision and Huicheng Shares, with increases of 166.84% and 111.92% respectively [2] - Only one stock, Haitong Development, showed a decline, with a decrease of 1.89% [2] Group 4: Performance Statistics - Among the high proportion held stocks, only one has reported semi-annual results, with Haitong Development showing a net profit decline of 64.14% year-on-year [2]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 1.50 per 10 shares, totaling RMB 39,524,267.70, approved by the shareholders' meeting on May 21, 2025 [1][2]. Summary by Sections Profit Distribution Plan - The total share capital is 263,495,118 shares, and the cash dividend will be distributed at a rate of RMB 1.50 per 10 shares (before tax) [1]. - The total cash distribution amounts to RMB 39,524,267.70 (before tax), with no stock bonus or capital reserve transfer to increase share capital [1]. Taxation Details - For overseas institutions and certain individual shareholders, the cash dividend will be RMB 1.35 per 10 shares after tax [1]. - Different tax rates apply for individual shareholders based on their holding period, with no withholding tax by the company at the time of distribution [2]. Key Dates - The record date for the distribution is July 15, 2025, and the ex-dividend date is July 16, 2025 [2]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies [2]. Adjustments to Parameters - The minimum selling price for shares held under lock-up conditions will be adjusted from RMB 23.70 to RMB 7.58 per share after the distribution [3]. - The stock grant price for restricted stock plans will also be adjusted from RMB 12.85 to RMB 12.70 per share following the distribution [4].

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The approval of D-Alulose as a new food ingredient is a significant development, indicating potential growth in the food additive sector [1] - TDI and DMF prices have shown upward trends, with TDI prices increasing by 6.7% and DMF by 5.1% in the recent week, reflecting supply-demand dynamics in the chemical market [2][3] - The basic chemical sector has underperformed compared to the broader market, with a weekly increase of 0.46% compared to a 1.54% rise in the CSI 300 index, ranking 21st among all sectors [4][16] Summary by Sections Key News Tracking - On July 2, the National Health Commission announced the approval of D-Alulose and other substances as new food materials, which may enhance market opportunities in the food sector [1][13] Product Price Tracking - WTI oil prices rose by 1.5% to $66.5 per barrel, while key chemical products like TDI and DMF saw price increases of 6.7% and 5.1%, respectively [2] - The top five chemical products with price increases included carbon dioxide (+25.6%) and TDI (+6.7%) [2][30] Sector Performance - The basic chemical sector's performance was weaker than the CSI 300 index, with a 0.46% increase compared to the index's 1.54% rise, indicating a need for strategic focus on sectors with better growth potential [4][16] Focused Sub-industry Insights - The report suggests focusing on industries with stable demand and supply dynamics, such as refrigerants and phosphates, while also highlighting opportunities in MDI and agricultural chemicals [5] - Companies recommended for investment include Juhua Co., Yuntianhua, and Wanhua Chemical, reflecting a strategic approach to capitalize on market trends [5]

证券代码：300858 证券简称：科拓生物 公告编号：2025-025 北京科拓恒通生物技术股份有限公司 2024年年度权益分派实施公告 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。 北京科拓恒通生物技术股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益分派方案已获 2025 年 5 月 21 日召开的 2024 年年度股东大会审议通 过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案 1、公司 2024 年年度权益分派方案具体内容为：以截至 2024 年 12 月 31 日 的总股本 263,495,118 股为基数，向全体股东每 10 股派发现金人民币 1.50 元（含 税），共计派发现金人民币 39,524,267.70 元（含税），不实施送股或资本公积金转 增股本。 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 1.350000 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行 差别化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股 期限计算应纳税额【注 ...

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights the need to prevent disorderly competition and encourages companies to enhance product quality while promoting the orderly exit of outdated production capacity. Focus areas include silicon materials, coal chemical, and chlor-alkali chemical sectors, with price increases expected in potassium fertilizers, phosphorus fertilizers, active dyes, and pesticides [5][6] Summary by Sections Industry Overview - The closing index for the industry is at 3518.55, with a 52-week high of 3564.08 and a low of 2687.54 [2] - The basic chemical sector experienced a weekly change of +0.80%, underperforming the CSI 300 index, which had a weekly change of +1.54% [6][19] Stock Performance - Notable stock price increases include: - Kaimete Gas: +27.46% - Kete Biology: +21.90% - Jiuri New Materials: +21.01% [7][20] - Significant stock price decreases include: - Tiansheng New Materials: -15.80% - Jinji Co.: -15.34% - Xinyaqiang: -14.41% [8][21] Commodity Price Movements - Key commodities with price increases include: - Dichloropropane-white material: +8.82% - Isobutyraldehyde: +7.20% - TDI: +7.02% [9][23] - Key commodities with price decreases include: - Liquid chlorine: -86.51% - Chick seedlings: -47.31% - Meta-cresol: -9.09% [10][26] Investment Recommendations - The report suggests focusing on opportunities in silicon materials, coal chemical, and chlor-alkali chemical sectors while monitoring price trends in fertilizers and pesticides [5][6]

Core Insights - The Helicobacter pylori concept stock increased by 2.18%, ranking 8th among concept sectors in terms of growth [2] - A total of 61 stocks within this sector saw an increase, with notable performers including Keta Bio (科拓生物) reaching a 20% limit up, and other stocks like Jiaotong University Anli (交大昂立) and Junyao Health (均瑶健康) also hitting the limit up [2][3] Market Performance - The Helicobacter pylori concept sector attracted a net inflow of 367 million yuan, with 32 stocks receiving net inflows [3][4] - Jiaotong University Anli led the net inflow with 191 million yuan, followed by Keta Bio with 90.21 million yuan and Kelun Pharmaceutical (科伦药业) with 69.54 million yuan [3][4] Stock Performance - The stocks with the highest net inflow ratios included *ST Sailong (88.77%), Junyao Health (75.70%), and Huason Pharmaceutical (华森制药) (50.71%) [4] - The top stocks by net inflow and their respective performance included: - Jiaotong University Anli: +10.01%, net inflow of 190.68 million yuan [4] - Keta Bio: +19.99%, net inflow of 90.21 million yuan [4] - Huason Pharmaceutical: +9.98%, net inflow of 68.11 million yuan [4]

Core Viewpoint - The dairy sector has seen a significant increase of 3.55%, ranking second among concept sectors, with 28 stocks rising, including notable gains from companies like Ketaobiotechnology and Junyao Health, which hit the daily limit of 20% [1][2]. Group 1: Market Performance - The dairy concept sector experienced a 3.55% increase, with 28 stocks rising, while the top gainers included Ketaobiotechnology and *ST Tianshan, both reaching a 20% limit up [1][2]. - The leading stocks in terms of percentage increase were Junyao Health (10.01%), Huanlejia (7.48%), and Xibu Muye (6.98%) [1][2]. - Conversely, stocks such as New Dairy, Yili, and Yiyaton saw declines of 2.42%, 0.49%, and 0.22% respectively [1][2]. Group 2: Capital Inflow - The dairy sector attracted a net inflow of 243 million yuan, with 21 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow [2][3]. - Ketaobiotechnology led the net inflow with 90.21 million yuan, followed by Yiming Foods (45.94 million yuan) and Beingmate (33.55 million yuan) [2][3]. - The net inflow ratios for Junyao Health, Ketaobiotechnology, and *ST Tianshan were 75.70%, 20.12%, and 16.10% respectively [3]. Group 3: Stock Performance Metrics - Ketaobiotechnology had a daily increase of 19.99% with a turnover rate of 13.90% and a net inflow of 90.21 million yuan [3]. - Other notable performers included Yiming Foods (4.16% increase, 5.10% turnover) and Beingmate (3.43% increase, 24.22% turnover) [3]. - Stocks like New Dairy and Yili experienced declines of 2.42% and 0.49% respectively, with negative net inflows [4].