（原标题：蔚蓝生物(603739.SH)：合成生物学产品的生产涉及分离、提纯等生产工艺，公司目前尚不 具备该工艺） 格隆汇11月24日丨蔚蓝生物(603739.SH)在投资者互动平台表示，合成生物学产品的生产涉及分离、提 纯等生产工艺，且提纯工艺难度较大，公司目前尚不具备该工艺，有待进一步开发。同时，产品未来还 可能涉及注册及法规审批、选品及市场推广等，周期较长，难度较大，商业化存在重大的不确定性。预 计在较长的时间，不会对公司的经营产生重大的影响。 ...

Core Viewpoint - The company Jinhe Biological has developed a synthetic astaxanthin product with strong antioxidant capabilities, applicable in various sectors including health food, aquaculture, feed, pharmaceuticals, and cosmetics [2] Company Summary - Jinhe Biological's astaxanthin product is the first synthetic biology product resulting from a strategic partnership with Shanghai Jiao Tong University School of Life Sciences and Technology [2] - The astaxanthin is produced as a metabolic byproduct of red yeast during fermentation, offering a higher yield and lower cost compared to natural extraction methods [2] - The company has established an annual production capacity of 3,000 tons of astaxanthin, with the feed additive product already receiving approval and currently in the market promotion phase [2]

Core Viewpoint - The company, Jinhe Biology, has developed astaxanthin products with strong antioxidant capabilities, applicable in various fields such as health food, aquaculture, feed, pharmaceuticals, and cosmetics [2]. Group 1: Product Application and Market Response - Astaxanthin products can be utilized in health food, aquaculture, feed, pharmaceuticals, and cosmetics due to their strong antioxidant properties [2]. - The company has initiated a strategic partnership with Shanghai Jiao Tong University School of Life Sciences and Technology to develop its first synthetic biology product, astaxanthin [2]. - The astaxanthin produced is a metabolite from red yeast during fermentation, which has a similar left-handed structure to naturally extracted astaxanthin from red algae, but with higher yield and lower cost compared to natural extraction methods [2]. Group 2: Production Capacity and Market Promotion - The company has established an annual production capacity of 3,000 tons for astaxanthin [2]. - The feed additive product derived from red yeast has received product approval and is currently in the market promotion phase [2].

Core Viewpoint - The company has developed astaxanthin products with strong antioxidant capabilities, applicable in various fields such as health food, aquaculture, feed, pharmaceuticals, and cosmetics [2]. Group 1: Product Applications - Astaxanthin can be utilized in health food, aquaculture, feed, pharmaceuticals, and cosmetics due to its strong antioxidant properties [2]. - The company's astaxanthin product is the first synthetic biology product developed in collaboration with Shanghai Jiao Tong University [2]. Group 2: Production and Market Status - The company has established an annual production capacity of 3,000 tons of astaxanthin [2]. - The feed additive derived from red yeast has received product approval and is currently in the market promotion phase [2].

Core Viewpoint - King’s Ray Biotechnology focuses on "technology-driven" and "global layout" as its core development strategy, aiming for long-term revenue growth and clear growth paths for various segments [1] Group 1: Financial Projections - The company maintains a "buy" rating, predicting revenue for its main business segments to be $939 million, $825 million, and $961 million for 2025-2027, with year-on-year growth rates of 58%, -12%, and 16% respectively [1] - The estimated PS valuation for the main business segment is based on a 6x PS multiple for 2026 revenue, leading to a valuation of 35.2 billion RMB [1] - The fair value of the company's stake in Legend Biotech, a US-listed company, is estimated at 17 billion RMB as of November 20, 2025 [1] Group 2: Strategic Goals - The company aims to be the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products [2] - The strategic plan includes solidifying cash flow to support life sciences, biopharmaceutical CRDMO, and synthetic biology, driving profit growth [2] - The long-term revenue target is set at $3 billion by 2035, with an operating profit margin exceeding 20% [2] Group 3: Business Development Focus - The company is focused on ensuring steady growth in its core businesses, particularly in gene & plasmid services, aiming to expand downstream applications [2] - The antibody protein business aims to enhance core competitiveness and capture the non-outsourcing market by providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to leverage the rebound in China's biotech sector, accumulate more projects, and enhance sales capabilities in Europe and the US [2] Group 4: Growth Strategy - The company seeks to consolidate its business capabilities by transforming mature services into one-stop solutions, accelerating productization for downstream clients [3] - There is a focus on high-margin products in enzyme preparations, particularly in starch sugar, alcohol, and home care sectors [3] - The company is looking for explosive industry opportunities through innovative protein/enzyme preparations and collaborative development of licensed products [3]

关键词 | 资本事件 | 修实生物 【SynBioCon】 获 悉 ， 近日，修实生物医药（南通）有限公司（简称"修实生物"）宣布已完成近亿元 A轮融资。 本轮融资由老股东华泰紫金领投，老股东拾萃资本追加投资，金鼎资本与湖南艾臣共同参与。 修实生物成立于2020年，是一家专注于合成生物学和多肽创新合成的国家级高新技术企业。该公司密切关 注多肽药物赛道，建立了基于合成生物学元件理性设计的多肽创新生物合成技术开发平台。其凭借深厚的 专业技术实力，持续不断地攻克技术难关，打破了复杂结构环肽生物合成的行业瓶颈，成为国内率先实现 复杂结构短肽药物规模化生物合成生产的企业。 围绕合成生物学这一新兴技术的应用，修实生物已建成超5000㎡AI 赋能研发中心和13000㎡智能化多肽药物 生产基地，可实现从克级研发样品到吨级商业化产品的柔性生产，既能满足多品种小批量的临床样品需 求，也能支撑大规模商业化供应。 技术和商业化等多项进展叠加，使得修实生物已发展成为多肽生物合成领域的领军企业之一，吸引了大量 投资机构关注。其完成本轮融资，既有Pre-A轮投资机构华泰紫金以及天使轮投资机构拾萃资本等老股东的 持续认可，也有产业投资机构金 ...

Core Viewpoint - Meihua Biological has been sued by Ajinomoto Co., Ltd. for allegedly infringing on two of its patents related to the production of L-glutamate and L-amino acids, with claims for significant financial damages totaling RMB 260 million [1][3]. Group 1: Legal Proceedings - Ajinomoto has filed a lawsuit in the Guangdong High Court, claiming that Meihua Biological and its subsidiaries have infringed on its patents during the production and sale of monosodium glutamate [1][3]. - The lawsuit requests an immediate cessation of the alleged infringing activities, destruction of equipment used for production, and compensation for economic losses amounting to RMB 130 million for each patent [3]. Group 2: Company Operations and Financial Performance - Meihua Biological maintains that its operations are normal and that it will actively respond to the lawsuit, emphasizing its commitment to protecting its and its shareholders' legal rights [4][7]. - The company has faced declining revenues and net profits in 2023 and 2024, with a reported net profit of RMB 3.025 billion in the first three quarters of 2025, reflecting a year-on-year increase of 51.61%, despite a revenue decline of 2.49% to RMB 18.215 billion [4][7]. Group 3: Corporate Governance and Market Impact - The company has stated that the legal issues involving its major shareholder, Meng Qingshan, who was sentenced for market manipulation, do not affect its operations or governance structure, as he has not held any position in the company since January 2017 [7]. - Following the announcement of the lawsuit and the shareholder's legal troubles, Meihua Biological's stock price fell by 2.35%, closing at RMB 10.37 per share, with a total market capitalization of RMB 29.08 billion [7].

Core Viewpoint - The article emphasizes the importance of biomanufacturing as a key emerging industry in China's economic transformation, highlighting its potential for sustainable development and economic benefits [1][3]. Economic Benefits - Biomanufacturing can convert waste into valuable resources and enhance cost efficiency. A newly developed enzymatic technology can convert 100% of nine types of crop straw into various industrial raw materials, reducing the cost of produced pulp by 30% to 40% compared to traditional chemical methods [2]. - The total scale of China's biomanufacturing industry is approaching 1 trillion yuan, with fermentation capacity accounting for over 70% of the global market. By 2030, industries currently contributing one-third of global GDP are expected to be reshaped by synthetic biology applications [2]. Sustainable Development - Biomanufacturing has significant low-carbon attributes, making it a crucial pathway to achieve carbon neutrality goals. Biobased products in the chemical sector can reduce emissions by 50% to 70% compared to petrochemical routes. A 30% substitution rate in the chemical and materials sectors could lead to a cumulative reduction of over 1.5 billion tons of CO2 by 2030 [3]. - Technologies in biomanufacturing can even enable "negative carbon" outcomes, as demonstrated by Shougang Longze, which utilizes steel industry waste gases to produce feed protein and fuel ethanol [3]. Policy Support and Development - The "14th Five-Year Plan" has identified biomanufacturing as a key development direction, with previous policies dating back to 2012 emphasizing the establishment of a biomanufacturing technology system [3]. - Recent initiatives by the Ministry of Industry and Information Technology and the National Development and Reform Commission aim to cultivate biomanufacturing pilot platforms and promote the integration of biotechnological industries [4]. - The collaborative efforts of government, industry, academia, and research will accelerate the commercialization of biomanufacturing innovations, creating new employment and entrepreneurial opportunities [4].

Group 1 - The core event on November 24 marks a significant "super meeting day" for multiple listed companies in Zhejiang, indicating a collective strategic decision-making process [1][3][4][5] - Companies like Huawai Technology, Anglikang, and Hechuan Technology are holding shareholder meetings to discuss future strategies and governance [1][6] Group 2 - There is a noticeable performance divergence among Zhejiang-listed companies, with Zhejiang Rongtai reporting a revenue of 960 million yuan for Q1-Q3 2025, a year-on-year increase of 18.65%, and a net profit of 203 million yuan, up 22.04% [7][8] - In contrast, Zhejiang Natural reported a revenue decline of 30.38% and a net profit drop of 40.63% for the same period [7][8] Group 3 - Emerging sectors are seeing accelerated investments, with Zhejiang Rongtai focusing on humanoid robot components, which are expected to experience significant growth [9][10] - The company is also involved in the new energy sector, with its mica products being crucial for electric vehicle battery safety, anticipating increased demand due to upcoming regulations [10] Group 4 - Institutional investors are showing strong interest in Zhejiang companies, with Zhejiang Rongtai projected to achieve revenues of 1.423 billion, 2.481 billion, and 4.178 billion yuan from 2025 to 2027, alongside net profits of 277 million, 485 million, and 839 million yuan respectively [11][12] - Zhejiang Pharmaceutical has also attracted attention, with forecasts estimating a net profit of 1.113 billion yuan for 2025 [13] Group 5 - Strategic upgrades are underway among Zhejiang-listed companies, focusing on optimizing corporate governance structures, as seen with Anglikang's adjustments to its supervisory framework [15] - International expansion is being pursued, with Zhejiang Rongtai establishing a production base in Thailand and Zhejiang Natural having subsidiaries in Vietnam and Cambodia [15][16] - Continuous investment in technological innovation is emphasized, with companies like Zhejiang Rongtai and Zhejiang Zhenyuan enhancing their R&D capabilities [16]

Core Viewpoint - The report maintains a "Buy" rating for King’s Ray Biotechnology (01548) with a target price of HKD 26.21 per share, emphasizing the company's long-term growth strategy driven by technology and global expansion [1] Group 1: Long-term Strategic Planning - The company aims to become the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products, with a focus on solid cash flow to support its life sciences and biopharmaceutical CRDMO foundations [1] - The long-term revenue target is set at USD 3 billion by 2035, with an operating profit margin exceeding 20% [1] Group 2: Business Growth and Market Position - The gene & plasmid business has achieved continuous growth, aiming to expand downstream applications to enhance business potential and support further growth [2] - The antibody protein business seeks to strengthen core competitiveness and achieve market leadership by exploring non-outsourcing markets and providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to capitalize on the rebound of China's biotechnology sector, accumulate more projects and capabilities, and enhance sales in Europe and the U.S. to expand high-margin revenue sources [2] Group 3: Growth Opportunities and Product Development - The company plans to integrate its business capabilities (life sciences + thriving biology) to transform mature services into one-stop solutions, accelerating productization for downstream clients [3] - Focus areas include high-margin products in enzyme preparations, such as starch sugar, alcohol, and home care, while seeking explosive industry opportunities through innovative protein/enzyme products [3] Group 4: Financial Forecast and Valuation - The company’s revenue projections for the main business segments from 2025 to 2027 are USD 939 million, USD 825 million, and USD 961 million, with year-on-year growth rates of 58%, -12%, and 16% respectively [4] - The valuation method applied is based on a PS multiple of 6 times the projected 2026 revenue, leading to a main business valuation of RMB 35.2 billion [4] - The fair value of the company's stake in Legend Biotech, a U.S.-listed company, is estimated at RMB 17 billion as of November 20, 2025 [4]