民生证券给予川宁生物“推荐”评级，2025年三季报点评：抗生素淡季业绩承压筑底，合成生物产能稳步爬坡

Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommended" rating to Chuaning Biological (301301.SZ) based on several factors [1] - The significant decline in penicillin intermediate prices and the increase in certain expenses are compressing profit margins [1] - The company's main product structure remains stable, and it is expected to recover after passing through a phase of low demand [1] - The first phase of production capacity for Jiangning Biological is steadily ramping up, and products related to synthetic biology are expected to enter a phase of steady realization [1]