Layn(SZ:002166) Sou Hu Cai Jing·2026-01-04 02:44Core Viewpoint - The control of Rhein Biotech (002166.SZ), known as the "first stock of plant extraction," will be transferred to Guangzhou Defu Nutrition, led by the well-known investment institution Defu Capital, alongside a strategic acquisition of 80% of Beijing Jinkangpu, a company specializing in food nutrition fortifiers [2][3]. Group 1: Company Overview - Rhein Biotech is a leading player in the global plant extraction industry, with over 20 years of experience in natural sweeteners, holding a significant market share in stevia and monk fruit extracts [3]. - The company has recently achieved a major milestone with its synthetic biology technology, which is expected to generate over 1 billion yuan in annual output once its first domestic production line reaches full capacity [3]. Group 2: Financial Performance - Despite revenue growth, Rhein Biotech's net profit attributable to shareholders decreased by 30.73% year-on-year in the third quarter of 2025, highlighting the industry's challenges of intensified competition and price pressure [3]. Group 3: Strategic Moves - The acquisition by Defu Capital is not merely a financial investment but aims to vertically integrate the industry chain by acquiring control and injecting assets to fill Rhein Biotech's downstream gaps [4]. - The injected asset, Beijing Jinkangpu, is a leader in the food nutrition fortifier sector, providing a strategic intent to create an industry closed loop, allowing Rhein Biotech's upstream natural extracts to supply high-value nutrition fortifiers and end products [4]. Group 4: Future Outlook - Post-acquisition, Rhein Biotech's development path is clear, with short-term synergies expected to enhance profitability and risk resilience [5]. - In the medium to long term, the company will transition from a single plant extract supplier to a comprehensive platform covering "natural raw materials—core ingredients—end formulations," expanding into broader health and nutrition sectors [5]. - The success of this integration will determine whether Rhein Biotech can navigate through cycles and secure a more significant position in the global health industry [5].