Cathay Biotech (SH:688065) Chang Jiang Shang Bao·2025-08-18 23:41Core Viewpoint - Kasei Biotech (688065.SH), recognized as the "first synthetic biology stock" on the STAR Market, has shown continuous growth in its operating performance, with significant increases in both revenue and net profit in the first half of 2025 [1][2] Financial Performance - In the first half of 2025, Kasei Biotech achieved total revenue of 1.671 billion yuan, representing a year-on-year growth of 15.68%, and a net profit of 309 million yuan, up 24.74% year-on-year [1][2] - The company's revenue has grown from 1.497 billion yuan in 2020 to 2.958 billion yuan in 2024, marking a 97.6% increase over the period [2] - In 2024, the core product, long-chain dicarboxylic acid series, generated revenue of 2.670 billion yuan, with a growth rate of 39.94% [3] Research and Development - Kasei Biotech has invested a total of 951 million yuan in R&D from 2020 to the first half of 2025, with a consistent increase in annual investment [4] - The company has obtained a total of 516 patents by the end of the first half of 2025, with 77.5% being invention patents, which strengthens its technological barriers [5][6] Asset Growth and Capital Operations - As of the end of the first half of 2025, Kasei Biotech's total assets reached 23.82 billion yuan, a 30.02% increase compared to the same period last year [1][6] - The company successfully raised 5.915 billion yuan through a private placement to fund the second phase of its 900,000-ton bio-based polyamide project and upgrade its R&D center [6]