新三板挂牌仅3天，光速冲刺北交所！生物制造这一领域，热度空前高涨！

Core Viewpoint - Yinuo Biotech, a company focused on converting non-grain biomass waste into valuable products, recently listed on the National Equities Exchange and Quotations (NEEQ) on December 22, 2023, and has been recognized as a typical case of innovation in the non-grain bio-based materials industry by the Ministry of Industry and Information Technology [1][10]. Company Overview - Established in 2015, Yinuo Biotech specializes in the research, production, and sales of bio-based furan series and bio-based polyol series products [3][11]. - The company primarily utilizes corn cobs as a raw material, achieving a 98% raw material conversion rate, significantly higher than the industry average of 85%, and increasing the value of corn cobs by 300% per ton [5][13]. Product Details - Key products include furfural alcohol and 2-methyl tetrahydrofuran (2-MeTHF), with furfural alcohol recognized as a national manufacturing single champion product, essential for synthetic resins, coatings, and pharmaceutical intermediates [5][13]. - 2-MeTHF is acknowledged as a provincial manufacturing single champion product in Shandong, serving as an important eco-friendly solvent and chemical intermediate widely used in pharmaceuticals, electronic chemicals, and coatings [5][13]. Financial Performance - For the fiscal year 2024, Yinuo Biotech reported revenues of 944.51 million yuan and a net profit of 104.49 million yuan, with a gross margin of 20.8% [6][14]. - The company's revenue for the first four months of 2025 is projected at 370.08 million yuan, with a net profit of 55.69 million yuan [6][14]. - The decline in main business performance is attributed to a decrease in average sales prices of key products like furfural alcohol and 2-MeTHF [6][14]. Market Position and Relationships - Yinuo Biotech has established long-term stable partnerships with notable companies such as Kao Corporation, Yangnong Chemical, and Jinan Shengquan, gaining widespread recognition from downstream customers [6][14]. Industry Trends - The bio-based materials market in China has grown from 13.511 billion yuan in 2016 to 42.961 billion yuan in 2023, with a strong growth forecast as 35% of petrochemical and coal chemical products are expected to be replaced by bio-manufactured products in the next decade [7][15]. - The "14th Five-Year Plan" for bio-economy development predicts robust growth in the bio-based materials sector, supported by government initiatives aimed at promoting innovation in non-grain biomass materials [7][15]. Recent Developments - In December 2023, the Ministry of Industry and Information Technology released typical cases of innovation in the non-grain bio-based materials industry, aiming to enhance the collection and transportation of non-grain biomass [9][17]. - Yinuo Biotech announced on December 25, 2023, that the Shandong Securities Regulatory Bureau accepted its application for listing guidance on the Beijing Stock Exchange, with Guotou Securities as the advisory institution [9][17].