【机构调研】这家营养素供应商一季度 业绩超预期，资产重组有望完善底层研 发实力 2025-05-19 19:55:43 调研要点 : ①这家微生物合成营养素供应商切入"宠物营养+美 妆个护"两大领域,公司涵盖全线宠物食品品类, 储备麦角硫因等多款功能性原料，定增并购事项已 获上交所受理; ②风险提示：调研内容仅为机构与上市公司间的业 务交流，不构成投研观点，信息以上市公司公告和 分析师公开报告为准。 嘉必优于5月6日至5月16日期间接待多批机构调 研,随着新国标对婴配粉生产研发能力、配方科学 性等方面提出了更严格的标准，将加速促使婴幼儿 奶粉市场向具备技术优势和产品优势的头部企业集 中，婴配奶粉企业的集中度进一步提升。 公司深耕婴配领域，长期与飞鹤、伊利、雀巢、达 能、嘉吉、等国内外知名企业头部客户保持稳定深 入的合作，随着行业集中度上升及客户的成长，公 司产品的市场份额稳步提升。 宠物营养领域，基于脂肪酸平衡理论，公司针对不 同生命阶段的宠物健康问题，开展了系列产品应用 解决方案设计和研发。公司动物营养事业部与参股 公司全硕全面合作，已涵盖宠物营养主食、营养补 充剂、营养零食等全线宠物食品品类。 美妆个护是 ...

本报记者 何文英 长沙望城铜官工业片区内，湖南华纳大药厂手性药物有限公司的数个生产车间满负荷运转。即便如此， 市场需求的持续攀升仍在叩击公司的产能天花板。 距此数里之遥，占地百亩的绿色智造基地建设现场热火朝天。作为湖南华纳大药厂股份有限公司（以下 简称"华纳药厂"）战略布局的重要落子，年产3000吨高端原料药及中间体项目自开工以来建设进度势如 破竹，短短半年即将实现三大车间主体封顶。据悉，这座现代化医药生产基地预计2026年5月份迎来首 期投产，届时将为企业锻造更具韧性的产业链条，构筑原料药领域的核心竞争力。 近日，《证券日报》记者通过深度调研了解到，以高端原料药为突破口，从品种和市场双重维度描绘发 展蓝图，华纳药厂正在探索一条破局行业内卷的生物医药企业高质量发展路径。 记者在新基地现场看到，400余名建设者挥汗如雨，在楼宇之巅与地基深处展开冲刺。项目工程师管跃 平向《证券日报》记者介绍："开工仅半年多，3栋生产车间即将封顶，年内将完成主体建设及首批车间 设备进驻，2026年5月份起将陆续释放产能。" "新基地主要聚焦致根高端原料药项目，该项目将生产舒更葡糖钠、替格瑞洛等尖端品种，同时依托合 成生物学技术革新 ...

思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 君合盟生物制药（杭州）有限公司 （以下简称"君合盟"）成立于2020年11月，总部位于浙江省杭州市钱塘 区和享科技中心。公司是一家专注于 重组蛋白创新药物及合成生物学领域创新产品开发 的生物科技公司，致 力于推进创新重组蛋白药物在内分泌、神经治疗、皮肤抗衰和新一代生物医用材料等方面的应用。公司由 冷 春生博士 创立，其凭借多年的重组蛋白药物研发及产业化经验，形成了覆盖产品开发全流程的核心技术、平 台及人才积淀。 君合盟的核心业务聚焦于严肃医疗和消费医疗双赛道，产品管线包括 重组I型人胶原蛋白、重组III型人胶原蛋 白、重组A型肉毒毒素、重组人生长激素和长效生长激素 等。公司拥有多个国内外首创的重组蛋白表达及分离 纯化平台，技术水平及产业化进展处于国内领先。其 重组I/III型人胶原蛋白产品 与天然人胶原蛋白结构高度 一致，已实现规模化放大，商业化规模生产车间已建成投产。 融资历程 欢迎企业积极参与思宇组织的大会↓ 2025年6月12日，首届全球医美科技大会 2025年6月12日，首届全球医美科技大会 2025年7月 ...

接下来，拱墅将以赛引才，通过AI+创新大赛等深度挖掘一批有潜力的创新团队及项目，为辖区创 新资源池注入新鲜力量；同时通过商务社区为企服务、项目全生命周期管理、专业化干部一线选派攻坚 等方式，并进一步助力推广"产业教授""创业导师"，建立政校企三方联动的教科人一体专硕联合培养机 制，通过定制化培养，为"共同体"企业输送一批具备科研与产业能力的复合型专业人才，推动教科人一 体化、亮实效。 据了解，华东合成生物学产业技术研究院由拱墅区政府、浙江工业大学和杭州中美华东制药有限公 司三方共建，探索"政产学研用"创新合作，由政府提供政策与资金，高校输送人才与技术，企业打通产 业链与市场。目前，该研究院已孵化7家合成生物企业，裕元生物正是其中之一。 "生物医药产业投入大、周期长，单靠企业或高校难以突破。"拱墅区委人才办相关负责人表示。为 进一步推动供需精准匹配，今年3月，拱墅区在2025年推进科技创新发展新质生产力大会上正式宣布， 以华东医药为牵头单位，联合浙江工业大学、良渚实验室、杭州资本等顶尖力量，联动生命健康企业、 创新机构和人才团队正式成立"生命健康产业人才科创共同体"，推进搭建"需求库""成果库""人才库"三 张 ...

Market Overview - The Shanghai Composite Index fell by 0.4% to 3367.46 points, while the Shenzhen Component Index slightly decreased by 0.07% to 10179.6 points, and the ChiNext Index dropped by 0.19% to 2039.45 points. The SSE 50 Index declined by 0.86%, and the Northbound 50 Index increased by 0.49% [1] - Total trading volume in the Shanghai, Shenzhen, and North exchanges was 112.42 billion yuan, a decrease of over 66 billion yuan compared to the previous day [1] - Sectors such as chemical fiber, insurance, brokerage, liquor, and banking experienced declines, while automotive and pharmaceutical sectors showed strength. Chemical, tourism, and non-ferrous metals sectors rose, with active concepts in controllable nuclear fusion, COVID-19 drugs, and humanoid robots [1] Investment Opportunities - The market for ergothioneine is expected to grow rapidly, with the Chinese market projected to reach 1.57 billion yuan by 2024, primarily in skincare and health food sectors. The global ergothioneine raw material market is expected to grow from 0.63 million USD in 2024 to 1.61 million USD by 2031, with a CAGR of over 14% [2] - As a fifth-generation antioxidant, ergothioneine is gaining popularity among consumers due to its superior performance and higher product prices compared to competitors. The long-term development of synthetic biology new materials is viewed positively [2] Phosphate Fertilizer Export - Recent guidance on phosphate fertilizer exports indicates a phased approach starting in 2025, with the first phase requiring customs declaration by October 15 and a concentrated export window from May to September. The total export quota for 2025 will be lower than last year [3] - High international phosphate fertilizer prices are expected to boost profitability, with strong demand for calcium dihydrogen phosphate supported by traditional aquaculture demand and low inventory levels [3] Exoskeleton Robots - The global exoskeleton robot market is projected to reach 1.8 billion USD by 2024 and exceed 12 billion USD by 2030, with a CAGR of 28%. The inclusion of exoskeletons in China's "14th Five-Year Plan" and their reimbursement by various health insurance policies is expected to accelerate commercialization in the medical rehabilitation sector [4] Telecommunications and Computing - The Ministry of Industry and Information Technology emphasizes the need for accelerated research and development of 5G-A and 6G technologies to support modern industrial systems [5] - A new computing power internet trial network has been launched by major telecom operators in China, aiming to enhance the interconnectivity of computing resources across various sectors [6] - The National Data Bureau is focusing on building high-quality datasets for artificial intelligence, with a goal for the digital economy's core industry value to exceed 10% of GDP by 2025 [7] Retail and Consumption - The Ministry of Commerce is working to expand the coverage of tax refund stores to enhance the attractiveness of tax refund products and boost inbound consumption [8] Battery Technology - CATL has announced the launch of a standardized battery swap solution for heavy trucks, aiming for a 50% market penetration within three years and plans to establish 300 battery swap stations in key regions by 2025 [9]

Core Insights - The company Junhe Alliance has completed a strategic financing round of several tens of millions, exclusively funded by Shiyao Guofang Pioneer Fund [2] - The financing will be used to advance the development of the company's product pipeline, deepen its technological layout in serious medical and consumer healthcare fields, and accelerate clinical progress, application processes, and market promotion [3] Company Overview - Junhe Alliance Biopharmaceuticals (Hangzhou) Co., Ltd. was established in November 2020, focusing on the development of innovative recombinant protein drugs and synthetic biology products [3] - The company has accumulated core technologies, platforms, and talent covering the entire product development process, forming a complete technical and product development system [3] Product Pipeline - The research and development pipeline is centered around serious medical, consumer healthcare, and metabolic fields, which have vast market potential [3] - The company has achieved large-scale production of high-end recombinant protein products, including recombinant type I/III human collagen solutions and formulations, as well as recombinant type A botulinum toxin [3] - The core product, recombinant human growth hormone injection, has completed Phase III clinical trials; the recombinant type A botulinum toxin has recently completed the first dosing of Phase III clinical trials for moderate to severe glabellar lines and is nearing the end of Phase II clinical trials for post-stroke upper limb spasticity [3] Future Outlook - The CEO of Junhe Alliance, Xu Kui, emphasized the company's focus on unmet clinical needs in serious medical and consumer healthcare since its inception, with independent research and development as the core driving force [4] - The company aims to continue deepening innovative technological breakthroughs and accelerate the development and market application of its product pipeline, striving to become a leader in the recombinant protein drug field [4]

Investment Rating - The report provides a positive outlook for the pharmaceutical and biotechnology sector, indicating a strong performance compared to the broader market indices [2][3]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.27%, outperforming the Wind All A index (0.72%) and the CSI 300 index (1.12%) [3][8]. - Key sub-sectors such as raw materials (3.79%), in vitro diagnostics (2.25%), and vaccines (1.98%) showed significant gains, while offline pharmacies (-1.24%) and blood products (-0.03%) experienced declines [3][9]. - The report highlights the competitive advantage of tirzepatide over semaglutide in weight loss efficacy, with tirzepatide achieving a 1.47 times greater relative weight reduction and a 64.6% participant rate achieving ≥15% weight loss compared to 40.1% for semaglutide [3][12]. - COVID-19 is entering a phase of periodic outbreaks, with increasing infection rates reported in various regions, prompting recommendations for booster vaccinations among older populations [3][11]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from May 12 to May 16 showed a 1.27% increase, with raw materials leading the gains at 3.79% [8]. - Notable individual stock movements included a significant rise in COVID-19 related stocks like Tuoxin Pharmaceutical, which surged by 45% [11]. Industry News and Key Company Announcements - Recent monitoring data from health authorities in Hong Kong and Singapore indicate a rise in COVID-19 cases, suggesting a potential peak in infections soon [11][13]. - Eli Lilly's tirzepatide clinical trial results demonstrate its superiority over Novo Nordisk's semaglutide in weight loss, indicating a promising market opportunity for obesity treatments [12][13]. - Several companies, including North Sea Kangcheng and Hengrui, have made significant announcements regarding new drug approvals and clinical trials, reflecting ongoing innovation in the sector [13][14].

每经记者｜赵李南 每经编辑｜魏官红 "从2011年上市到现在，对于市值管理，说实在话，我的初心很简单，把企业做好，扎扎实实做好。你有好的产品、好的市场，获得好的利润回报，回报股 东、回报社会、回报员工，我认为（这就是）最好的市值管理。"金达威董事长江斌说道。 2024年和今年一季度，金达威（002626.SZ，股价19.18元，市值116.99亿元）分别实现归母净利润约3.4亿元和1.2亿元，同比增长约23.6%和72%。 江斌解释称，一季度之所以能够取得这样的业绩，最主要的因素源于企业规模效应及管理效率的提升。 2025年一季度，金达威的整体销售毛利率约41.7%。2024年，金达威的维生素A、辅酶Q10和营养保健品的毛利率分别达到了32.8%、48.2%和35.2%。 "传统的鱼油市场本身已达百万吨级规模，但通过微藻生物制造的藻油（EPA/DHA）Omega-3，成本有望比鱼油（EPA/DHA）Omega-3更低，这个市场容量 非常巨大，以百万吨级来计。藻油有几个优势，一是可再生，只需要有钱投发酵罐；二是通过微藻异养无溶剂提纯，属植物源性产品，避免了海鲜过敏问 题；三是绿色环保，不涉及海洋资源过度捕捞和重 ...

Group 1: AI and Computing Power - Step1X-3D, a 3D large model with 4.8 billion parameters, has been released and open-sourced by Jieyue Xingchen, enhancing the capability of domestic large models in generating high-fidelity 3D content [2] - China's AI computing power expenditure is projected to grow from $18 billion in 2024 to $90 billion by 2029, indicating a strong demand for computing resources [2] - The successful launch of the "Trinity Computing Constellation" marks the establishment of China's first interconnected space computing infrastructure, with a total computing power of 1000 POPS [3] Group 2: E-commerce and Retail - Tencent has established an e-commerce product department to explore new transaction models within WeChat, aiming to enhance transaction infrastructure and ecosystem [4] - The integration of AI in e-commerce is expected to reshape the traditional retail landscape through intelligent product selection and personalized recommendations [4] Group 3: Biotechnology - The application of synthetic biology to transform microorganisms into "super factories" for efficient synthesis of new materials is seen as a key driver for the third biotechnology revolution [5] - The demand for biomanufacturing is increasing, with new regulatory frameworks anticipated to guide the healthy development of the synthetic biology industry [5] - AI technologies are expected to support synthetic biology research by analyzing large datasets and optimizing experimental conditions [5]

A股复盘 | 实在是找不到主线了 / 2025.05.15 昨天大金融狂拉，给人一种牛市起点的感觉，没想到今天悉数还回去了！低开后 毫无抵抗，一路奔着下跌去了！ 从昨天晚上开始，一直讨论"报复性订单"、"集装箱预订量大涨"， 央视财经也报道"外贸企业连夜赶工应对爆单潮"。 今早，路透援引集装箱追踪软件供应商Vizion数据，在中美两国关税战停火之 后，美国方面预订从中国输美的集装箱运输订量激增了近300%。 不过航运和纺服并没有出现暴涨，资金还是盯着那几个确定性的票。 谁能想到，今天又出来一个新概念——麦角硫因。 早在5月8日，哈哈哈，科伦集团官方视频号发布了一条麦角硫因胶囊的广告，视 频中一男子赤裸上身，展现出结实的肌肉线条。该视频文案为"刘先生75岁—— 没有不可能！麦角硫因，生命长青。科伦永年，与您相伴。" 经核实，该视频中出现的男子确为科伦药业董事长刘革新。 哈哈哈，A股已经这样了吗？机器人、低空经济、算力、CPO啥的都不行了吗？ 又开始整这些奇奇怪怪的概念。 谁能给A股发明一个抗跌的产品？ 据科伦药业透露， 刘革新董事长已连续服用该产品三年，并且一直保持着每日清 晨五点健身的自律习惯，广告中的画面未 ...