Overview of Continuous Supervision - The continuous supervision work includes reviewing company governance documents, financial management, internal controls, and fundraising management [1][2][3] Key Findings - No major issues were found during the continuous supervision period [2] Major Risk Factors - Core Competitiveness Risk: The company relies on advanced biomanufacturing techniques for producing new materials, and the retention of skilled personnel is crucial for maintaining competitive advantage [2][3] - Operational Risk: The company faces risks related to raw material and energy costs, which are influenced by market fluctuations [4][5] - Financial Risk: The company has a good credit status but may face challenges in accounts receivable management and potential foreign exchange losses [8][9] Financial Performance - Revenue for the first half of 2025 reached 167,076.79 million, a 15.68% increase from the previous year [15] - Net profit attributable to shareholders was 30,866.71 million, reflecting a 24.74% increase [15] - Total assets increased by 25.23% to 2,382,118.27 million [15] Core Competitiveness - The company has developed a comprehensive production chain for biobased polyamides and maintains a strong patent portfolio with 516 patents [16][17] - The company emphasizes technological innovation and has a stable management team with extensive experience in R&D [16][17] R&D Investment - R&D expenditure for the first half of 2025 was 12,319.85 million, a 23.13% increase compared to the previous year [22][23] - The proportion of R&D investment to revenue increased by 0.44 percentage points, indicating a commitment to maintaining competitive advantage [23] Business Development - The company is expanding its production capacity and has initiated several projects, including a 50,000-ton biobased hexamethylenediamine project [5][20] - The company has established partnerships with major firms and is recognized as a leading supplier in the biobased materials market [21] Environmental and Safety Considerations - The company’s biomanufacturing processes are designed to minimize waste and reduce carbon emissions, contributing to sustainability goals [18][19] - Safety management systems are in place to mitigate risks associated with production processes [21] Market Position - The company is a leading player in the biobased materials sector, with a strong brand and customer base, facilitating further market expansion [21]

中信证券股份有限公司 关于上海凯赛生物技术股份有限公司 一、持续督导工作概述 2025 年半年度持续督导跟踪报告 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 18 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海凯 赛生物技术股份有限公司（以下简称"凯赛生物"或"公司"或"上市公司"） 2023 年度向特定对象发行 A 股股票项目的保荐人，根据《证券发行上市保荐业 务管理办法》、《上海证券交易所科创板股票上市规则》等相关规定，履行持续督 导职责，并出具本持续督导半年度跟踪报告。 （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、 ...

2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 18 日对公司进行了现场检查。 招商证券股份有限公司 关于上海凯赛生物技术股份有限公司 2025 年半年度持续督导跟踪报告 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为上海凯 赛生物技术股份有限公司（以下简称"凯赛生物"或"公司"或"上市公司"） 2023 年度向特定对象发行 A 股股票项目的保荐人，根据《证券发行上市保荐业 务管理办法》、《上海证券交易所科创板股票上市规则》等相关规定，履行持续督 导职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、 ...

今年"全国科普月"乌苏市主场活动现场，乌苏市市场监管局工作人员采取设置展板、悬挂横幅、发放宣 传资料等多种方式，围绕食品、药品、计量、标准、特种设备、产品质量、知识产权、消费维权等20余 项公众关注的热点内容，科普宣传相关知识，广泛宣传市场监管领域科技创新成果，充分展示市场监管 科技成果服务经济社会发展和人民生活的显著成效。（杜志锋、努尔艾力、王春蓉） 9月4日，新疆维吾尔自治区乌苏市市场监管局强化党建引领，以"科学改变生活 创新赢得未来"为主 题，在乌苏市和谐广场会同市科协、商工信、卫健委、人民医院、凯赛生物科技、疆域酒业、紫域庄园 等20个单位，举办2025年乌苏市"全国科普月"启动仪式。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector's overall performance ranked 11th this week, with a change of +1.11%, outperforming the Shanghai Composite Index by 0.27 percentage points but underperforming the ChiNext Index by 6.63 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4][5] Industry Highlights - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the adjustment of energy structures. Traditional chemical companies will compete based on energy consumption and carbon tax costs [4] - The quota policy for third-generation refrigerants is about to be implemented, leading to a high prosperity cycle for this segment. The supply of refrigerants is expected to continue to shrink, while demand remains stable due to market expansion [5] - The electronic specialty gas market is characterized by high technical barriers and high added value, with domestic companies having significant opportunities for domestic substitution due to the rapid upgrade of downstream industries [6][8] - The trend of light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane, which are more cost-effective and environmentally friendly [8] - The COC polymer industry is accelerating its domestic industrialization process, driven by breakthroughs in local companies and the shift of downstream industries to domestic production [9] - Potash fertilizer prices are expected to bottom out and rebound due to supply reductions and increased demand from farmers [10] - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]

Core Viewpoint - The article highlights the advancements and projects of Kasei (Taiyuan) Biomaterials Co., Ltd., particularly in the production of bio-based materials, showcasing significant growth in revenue and profit, as well as innovative product applications in the industry [2][5]. Group 1: Project Developments - Kasei is constructing a project with an annual capacity of 500,000 tons of bio-based hexamethylenediamine and 900,000 tons of bio-based polyamide, located in the Shanxi Synthetic Biology Industrial Ecological Park [2]. - The company currently has a series of bio-based dicarboxylic acids (DC10-DC18) with an annual capacity of 115,000 tons, and a bio-based sebacic acid project with an annual capacity of 40,000 tons that commenced production in 2022 [4]. - The bio-based hexamethylenediamine has an annual capacity of 50,000 tons, primarily used as a raw material for bio-based polyamide production [4]. Group 2: Financial Performance - In the first half of 2025, Kasei achieved a revenue of 1.671 billion yuan, representing a year-on-year increase of 15.68% [5]. - The net profit attributable to shareholders reached 309 million yuan, up 24.74% year-on-year, while the net profit after deducting non-recurring items was 296 million yuan, reflecting a growth of 23.67% [5]. Group 3: Research and Development - The company invested 123.2 million yuan in R&D in the first half of 2025, a 23.13% increase year-on-year, accounting for 7.37% of its revenue [4]. - Significant progress has been made in R&D projects related to green dicarboxylic acids, bio-based piperidine, bio-based long-chain polyamides, and high-value utilization of agricultural waste [4].

Group 1: Strategy and Market Outlook - The report suggests a strong allocation towards precious metals, particularly gold, and recommends overweighting Hong Kong stocks benefiting from potential Federal Reserve rate cuts, while maintaining positions in A-shares with a balanced focus on resources and technology growth [1][10] - The report highlights the acceleration of de-dollarization and challenges to the independence of the Federal Reserve, which may lead to increased demand for gold as a safe asset [8][9] Group 2: Motorcycle Industry Insights - The domestic large-displacement motorcycle penetration rate is continuously increasing, with significant growth potential for Chinese motorcycle manufacturers in the global market, particularly in large-displacement segments [2][12] - The report indicates that from 2020 to 2024, the sales of large-displacement motorcycles in China are expected to grow from approximately 140,000 units to 400,000 units, with a CAGR of 30% [13] - Exports are becoming a crucial growth driver for Chinese motorcycle manufacturers, with the export volume of motorcycles expected to increase significantly, particularly in the large-displacement category [14][15] Group 3: Company-Specific Analysis - Tengya Precision (301125.SZ) is expected to achieve a net profit of 44 million, 149 million, and 231 million yuan from 2025 to 2027, with corresponding PE ratios of 64.2, 18.9, and 12.2, indicating strong growth potential [5][22] - Zhongke Shuguang (603019.SH) is projected to have a net profit of 2.712 billion, 3.355 billion, and 3.762 billion yuan from 2025 to 2027, with a year-on-year growth of 41.9%, 23.7%, and 12.2% respectively [6][24] - The report emphasizes the robust growth of the AI and smart inspection business for Zeyu Intelligent (301179.SZ), with expected net profits of 222 million, 266 million, and 322 million yuan from 2025 to 2027 [37][39] Group 4: Investment Recommendations - Key recommendations include focusing on leading motorcycle manufacturers such as Chunfeng Power, Longxin General, and Qianjiang Motorcycle, which are expected to benefit from the growing global demand for large-displacement motorcycles [3][16] - The report suggests maintaining a "buy" rating for Tengya Precision, Zhongke Shuguang, and Zeyu Intelligent based on their growth prospects and market positioning [22][24][39]

Core Viewpoint - The delivery of the world's first bio-based composite refrigerated container marks a significant advancement in the application of bio-based materials in the cold chain logistics sector, providing a replicable "Chinese solution" for the global container industry’s low-carbon transition [1][3]. Group 1: Product Innovation - The newly delivered refrigerated container utilizes Kasei Biotech's self-developed bio-based polyamide continuous fiber composite materials in key components such as the inner ceiling and side panels [3]. - The bio-based material offers low carbon and high performance, featuring lightweight, high strength, wear resistance, and corrosion resistance, with a density only 1/4 that of steel and 2/3 that of aluminum, while achieving comparable or superior mechanical properties [3]. Group 2: Environmental Impact - The lightweight design significantly reduces the weight of the container, leading to decreased transportation energy consumption and improved logistics efficiency [3]. - The material requires no additional surface treatment to meet functional needs, thereby lowering production costs and environmental pollution [3]. - The lifecycle carbon emissions of the bio-based materials are substantially lower than those of traditional metal materials, aligning with global carbon neutrality trends [3]. Group 3: Future Developments - In addition to the container delivery, a bio-based battery shell manufacturing base project, with a total investment of 500 million yuan, has been established, aiming for an annual production capacity of 2.5 million bio-based battery shells [3]. - The bio-based materials exhibit strong corrosion resistance, maintaining stability in harsh environments such as high humidity and low temperatures, which extends the product's lifespan [3].

Core Viewpoint - The delivery of the world's first bio-based composite refrigerated container marks a significant advancement in the application of bio-based materials in the logistics industry, providing a replicable "Chinese solution" for the global container industry’s low-carbon transition [2][4]. Group 1: Product Innovation - The refrigerated container utilizes Kasei Biotech's bio-based polyamide continuous fiber composite materials in critical components, showcasing low-carbon and high-performance advantages [4]. - The material has a density of only 1/4 that of steel and 2/3 that of aluminum, yet achieves mechanical performance comparable to or better than metal materials [4]. Group 2: Environmental Impact - The bio-based materials significantly reduce the carbon emissions throughout their lifecycle compared to traditional metal materials, aligning with global carbon neutrality trends [4]. - The lightweight design through "plastic replacing steel and aluminum" reduces transportation energy consumption, enhancing logistics efficiency [4]. Group 3: Additional Developments - A new manufacturing base for bio-based battery shells, with a total investment of 500 million yuan, is set to produce 2.5 million sets annually, further expanding the application of bio-based materials [4]. - The materials used in the container do not require additional surface treatment, which lowers production costs and environmental pollution [4]. Group 4: Collaborating Entities - The project involves collaboration with China Merchants Group's subsidiary, China Merchants Container Transportation Co., and COSCO Shipping Development Group's subsidiary, Shanghai Huanyu Qingdao Container Factory [2].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][6]. Core Insights - The chemical industry is experiencing a recovery in profitability in Q2 2025, driven by a decrease in oil and coal prices, which has alleviated cost pressures. The industry is expected to enter a long-term upward trend due to improved supply-demand balance and supportive domestic policies [4][5][7]. - The report highlights strong demand recovery in specific sectors such as pesticides, fluorochemicals, potassium fertilizers, and coal chemicals, while some sectors like organic silicon and viscose have seen significant declines [5][6][7]. - The report emphasizes the importance of focusing on high-growth demand sectors, including the textile supply chain, agricultural chemicals, and export-related products, while also considering the benefits from "anti-involution" policies [5][6][7]. Summary by Sections 1. Industry Overview - In Q2 2025, the chemical sector's revenue reached 548.3 billion yuan, a year-on-year increase of 2% and a quarter-on-quarter increase of 10%. Net profit was 35.5 billion yuan, down 5% year-on-year but up 8% quarter-on-quarter [5][32]. - The overall gross margin for the chemical industry was 17.9%, with a slight quarter-on-quarter increase of 0.3 percentage points [5][32]. 2. Sector Performance - The report identifies significant performance improvements in sectors such as pesticides, fluorochemicals, potassium fertilizers, and coal chemicals, while sectors like organic silicon and viscose have faced declines [5][6]. - The report notes that the overall asset-liability ratio for the chemical industry is at 50.0%, indicating a historical low, and capital expenditure growth has significantly slowed down [5][32]. 3. Future Outlook - The report anticipates a long-term recovery in demand driven by stable global GDP growth and easing external trade tensions, with a focus on key materials for semiconductor and AI-related industries [5][6][7]. - The report suggests that the chemical industry will benefit from a combination of improved demand and supply-side reforms, including the exit of outdated production capacities [5][6][7].