Core Viewpoint - The company, Keta Bio (300858), emphasizes the unique formulation and functional claims of its probiotic product, ProSci-246, which focuses on gut microbiota management and weight management support [1] Group 1 - The company responded to investor inquiries on August 25 regarding its probiotic product, highlighting its specific focus on gut microbiota management [1] - Keta Bio clarifies that the formulations and functional claims of its products differ from those of other companies, indicating a lack of comparability due to differences in positioning and formulation [1] - The company does not evaluate the effectiveness or pricing of third-party products, reinforcing its distinct market position [1]

Core Viewpoint - The company, Keta Bio, emphasizes the unique benefits of its probiotic product ProSci-246 in gut microbiota management and weight management support, while refraining from comparing its product with third-party offerings due to differences in formulation and positioning [1] Group 1 - Keta Bio's ProSci-246 focuses on gut microbiota management and weight management support [1] - The company does not evaluate the effectiveness or pricing of third-party products, highlighting the non-comparability due to differences in brand positioning and formulations [1] - The response indicates a commitment to maintaining brand integrity and product differentiation in the market [1]

Market Performance - The three major A-share indices collectively closed higher, with the Shanghai Composite Index rising by 1.45%, the Shenzhen Component Index increasing by 2.07%, and the ChiNext Index up by 3.36% [2] - The North Stock 50 index saw a gain of 0.69% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 25,788 billion yuan, an increase of 872 billion yuan compared to the previous day [2] Sector Performance - Over 2,800 stocks in the market experienced an increase [2] - The semiconductor sector showed strong performance, with stocks such as Shengmei Shanghai, Haiguang Information, Hanwha, and Chengdu Huamei hitting the daily limit of 20% [2] - The securities sector also performed well, with Everbright Securities and Xinda Securities reaching their daily limit [2] - The CPO sector saw gains, with stocks like Founder Technology and Xuguang Electronics hitting the daily limit [2] - Conversely, the dairy sector weakened, with Keta Bio falling nearly 4% [2] - The gas sector also declined, with Hongtong Gas dropping over 2% [2]

Core Viewpoint - The company reported a revenue of 163 million yuan for H1 2025, reflecting an 18.32% year-over-year increase, but the net profit attributable to shareholders decreased by 5.31% to 41 million yuan [1][2] Financial Performance - For H1 2025, the company achieved a revenue of 163 million yuan, with a net profit of 41 million yuan and a non-recurring net profit of 35 million yuan, showing a decrease of 5.31% and 6.67% year-over-year respectively [1][2] - In Q2 2025, the company generated a revenue of 86 million yuan, with a net profit of 21 million yuan, marking a 16.49% decline year-over-year [1][2] Revenue Breakdown - The revenue from probiotic products and plant-animal micro-ecological preparations reached 116 million yuan and 28 million yuan, respectively, with year-over-year increases of 13.85% and 83.12% [2] - Revenue from compound food additives and probiotic technology services was 18 million yuan and 1 million yuan, showing declines of 0.49% and 43.42% year-over-year [2] Profitability Analysis - The company's gross margin and net profit margin for H1 2025 were 49.24% and 25.23%, down by 5.74 and 6.30 percentage points year-over-year, primarily due to product mix adjustments and increased depreciation from new factories [3] - The company’s operating expenses showed a mixed trend, with sales, management, and R&D expense ratios decreasing, while financial expenses increased [3] Strategic Initiatives - The company is focusing on expanding its C-end market and overseas presence, including a strategic investment in Qinghe Shixiang to develop ready-to-eat probiotic products for teenagers [3] - The establishment of an overseas division and participation in international exhibitions signify the company's commitment to global market expansion [3] Future Outlook - The company is expected to achieve revenues of 383 million yuan, 471 million yuan, and 569 million yuan from 2025 to 2027, with year-over-year growth rates of 26.5%, 23%, and 20.7% respectively [4] - Projected net profits for the same period are 110 million yuan, 141 million yuan, and 184 million yuan, with expected growth rates of 16.5%, 28.4%, and 30.3% [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Viewpoints - The company's main business in probiotics shows steady growth, with a projected revenue increase from 3.83 billion to 5.69 billion yuan from 2025 to 2027, representing a compound annual growth rate (CAGR) of approximately 20.7% [9]. - The company is focusing on expanding its C-end market and overseas presence, enhancing product competitiveness through strategic partnerships and product innovations [3][4]. Financial Performance Summary - For 2025H1, the company achieved a revenue of 163 million yuan, a year-on-year increase of 18.32%, while the net profit attributable to the parent company was 41 million yuan, a decrease of 5.31% year-on-year [2][3]. - The revenue breakdown shows that edible probiotics and plant microbial agents generated 116 million and 28 million yuan, respectively, with year-on-year growth of 13.85% and 83.12% [2]. - The company's gross margin for 2025H1 was 49.24%, down 5.74 percentage points year-on-year, primarily due to product mix adjustments and increased depreciation from new factory operations [3]. Future Projections - The company is expected to achieve revenues of 3.83 billion, 4.71 billion, and 5.69 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.1 billion, 1.41 billion, and 1.84 billion yuan [9]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 50, 39, and 30 times, respectively, indicating a favorable valuation trend as earnings grow [9].

Core Viewpoint - The financial performance of Keta Bio (300858) for the first half of 2025 shows an increase in total revenue but a decline in net profit, indicating mixed results in operational efficiency and profitability [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 163 million yuan, a year-on-year increase of 18.32% compared to 138 million yuan in 2024 [1]. - Net profit attributable to shareholders was 41.21 million yuan, down 5.31% from 43.51 million yuan in the previous year [1]. - The gross profit margin decreased to 49.24%, a decline of 10.44% year-on-year, while the net profit margin fell to 25.23%, down 19.97% [1]. - The company reported a significant increase in accounts receivable, which reached 69.07 million yuan, up 23.88% from 55.58 million yuan [1]. - Operating cash flow per share decreased by 44.47% to 0.11 yuan, compared to 0.19 yuan in the previous year [1]. Cost and Expense Analysis - Total expenses (selling, administrative, and financial) amounted to 17.93 million yuan, accounting for 10.98% of revenue, which is a decrease of 7.62% year-on-year [1]. - The increase in operating costs was attributed to a 33.41% rise in costs related to the production base for animal and plant micro-ecological agents [2]. Investment and Financing Activities - The net cash flow from financing activities increased by 97.49%, primarily due to dividend distributions in the previous year [3]. - The company has seen a 73.69% increase in construction in progress, reflecting investments in the food sector's research and production base [2]. Market and Business Model Insights - The company's return on invested capital (ROIC) was reported at 3.95%, indicating weak capital returns, while the historical median ROIC since listing is 12.39% [3]. - Analysts project that the company's performance for 2025 will reach approximately 128 million yuan, with an average earnings per share of 0.49 yuan [3].

北京市东城区 北三环东路 36 号环球贸易中 心 B 座 11 层 电话（Tel）： 52213236/7 邮编（P.C）： 100013 关 于 北 京 科 拓 恒 通 生 物 技 术 股 份 有 限 公 司 2024 年 限 制 性 股 票 激 励 计 划 授 予 价 格 调 整 事 项 的 法 律 意 见 书 君致法字[2025]226 号 北 京 市 君 致 律 师 事 务 所 北京市东城区北三环东路 36 号环球贸易中心 B 座 11 层 邮编(100013) Add:11/F,Tower B,Global Trade Center,No.36 North Third Ring Road East, Dongcheng District,Beijing,100013,PRC Tel:010-52213236/7 www.junzhilawyer.com 法律意见书 北京市君致律师事务所 关于北京科拓恒通生物技术股份有限公司 2024 年限制性股票激励计划授予价格调整事项的 法律意见书 君致法字[2025]226 号 致：北京科拓恒通生物技术股份有限公司 北京市君致律师事务所（以下简称"本所"）接受北 ...

证券代码：300858 证券简称：科拓生物 公告编号：2025-032 4、2024 年 4 月 8 日，公司召开 2024 年第一次临时股东大会，审议通过了 《关于<北京科拓恒通生物技术股份有限公司 2024 年限制性股票激励计划（草 案）>及其摘要的议案》《关于<北京科拓恒通生物技术股份有限公司 2024 年限 制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办 理 2024 年限制性股票激励计划相关事宜的议案》，关联股东已回避表决，同时公 司披露了《关于 2024 年限制性股票激励计划内幕信息知情人及激励对象买卖公 司股票情况的自查报告》。 北京科拓恒通生物技术股份有限公司 关于调整 2024 年限制性股票激励计划授予价格的公告 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。 北京科拓恒通生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日召开的第三届董事会第十四次会议、第三届监事会第十三次会议，审议通 过了《关于调整 2024 年限制性股票激励计划授予价格的议案》。现将相关内容 公告如下： 一、2024 年限 ...

Group 1 - The core viewpoint of the report indicates that Keta Bio achieved a revenue of 163.35 million yuan in the first half of 2025, representing an 18.32% increase year-on-year, while the net profit attributable to shareholders decreased by 5.31% to 41.21 million yuan [1] - The net cash flow from operating activities was 27.88 million yuan, showing a significant decline of 44.47% compared to the previous year [1] - Research and development investment amounted to 16.74 million yuan, reflecting a year-on-year growth of 4.25% [1] Group 2 - Keta Bio strategically invested 20 million yuan in Qinghe Shixiang, acquiring a 7.14% stake to develop ready-to-eat probiotic products for teenagers, aiming to expand the ToC probiotic market [2] - The company established an overseas division to actively explore international markets and participated in the European International Nutrition and Health Food Exhibition to showcase the research progress and application value of "Chinese bacteria" [2] - The food sector's R&D production base Phase I project is progressing smoothly, with major construction completed and trial production expected to commence within 2025 [2] Group 3 - As of June 30, 2025, Keta Bio's total assets reached 1.94 billion yuan, a 1.46% increase from the end of the previous year, while the net assets attributable to shareholders grew by 0.09% to 1.79 billion yuan, indicating stable overall financial conditions [2]

Core Viewpoint - The company reported revenue growth in the first half of 2025 but experienced a decline in profit, indicating potential challenges in maintaining profitability despite increasing sales [1][3]. Financial Performance - The company achieved an operating revenue of 163 million yuan, representing a year-on-year increase of 18.32% [1]. - The net profit attributable to shareholders was 41 million yuan, reflecting a year-on-year decrease of 5.31% [1]. - The net profit margin decreased from 31.52% in the first half of 2024 to 25.23% in 2025, a decline of 6.30 percentage points [3]. - The gross profit margin fell from 54.98% to 49.24%, a decrease of 5.74 percentage points [3]. - The return on equity was 2.28%, down by 0.20 percentage points compared to the previous year [3]. Operational Efficiency - The company faced cash flow contraction, with net cash flow from operating activities amounting to 28 million yuan, down from 50 million yuan in the same period last year, a decline of 22 million yuan [5]. - Inventory turnover days improved to 98.42 days, a decrease of 8.48% compared to the first half of 2024, indicating better inventory management [5]. - The asset-liability ratio increased to 7.84%, up by 3.37 percentage points year-on-year [5]. Institutional Holdings - The number of institutional investors holding the company's stock decreased to 3, down from 43 in the same period last year, indicating a loss of confidence among institutional investors [7]. - The company's market capitalization reached a peak of 8.511 billion yuan on August 17, 2020, and currently stands at 5.312 billion yuan, requiring a 60.22% increase in stock price to reach its historical high [7]. - The stock price has increased by 41.47% year-to-date, suggesting some recovery [7].