Core Viewpoint - The company has received approval for its feed additive product, red yeast, which is expected to enhance its product portfolio and market competitiveness, driven by the increasing demand for natural astaxanthin in various industries [2][3]. Group 1: Product Approval and Market Potential - The company has obtained the product approval number for its feed additive, red yeast, from the Inner Mongolia Agricultural and Animal Husbandry Department [2]. - Astaxanthin, a carotenoid with strong antioxidant properties, has a market value of $3.7 billion in 2022 and is projected to reach $11 billion by 2032 [2]. - The company has a production project with an annual capacity of 3,000 tons of astaxanthin, indicating significant production capabilities [2]. Group 2: Advantages of Red Yeast - Red yeast is recognized for its rapid growth cycle, short fermentation period, ease of cultivation, and ability to utilize various carbon sources, making it commercially valuable [3]. - The approval of the red yeast feed additive is expected to enrich the company's product structure and positively impact its operational performance and market competitiveness [3].

化工ETF（516020）及其联接基金（联接A：012537，联接C：012538）被动跟踪细分化工指数，该指 数前十大权重股分别为万华化学、盐湖股份、天赐材料、巨化股份、藏格矿业、金发科技、宝丰能源、 华鲁恒升、恒力石化、云天化。 11月4日，截至9时42分，化工ETF（516020）盘中表现疲软，场内价格现跌0.3%，成交额为998.27万 元，基金最新规模为25.93亿元。 成份股方面，杭氧股份、恩捷股份和天赐材料表现最为强劲，涨幅分别达到3.26%、2.39%和1.27%。另 一方面，扬农化工、金发科技和华鲁恒升表现相对疲软，跌幅分别为3.29%、2.42%和1.52%。 消息面上，中国石油广西石化百万吨级乙烯工程在钦州投产成功，配套16套装置采用多项自主技术，投 产后每年可增产化工品306万吨并实现绿电保障，助力西南地区高端化工新材料产业发展。 中银国际指出，中长期关注政策复苏需求、半导体/新能源材料等新兴领域，及氟化工、农化等供给侧 改革子行业。维生素A/E价格近期上涨，蛋氨酸价格下跌。 华安证券指出，电子特气作为电子工业的"粮食"，呈现高技术壁垒和高附加值特征，国内高端产能不足 与晶圆制造升级矛 ...

Core Viewpoint - The company has received approval for its feed additive product, red yeast, which is expected to enhance its product portfolio and market competitiveness, although it is not anticipated to significantly impact the company's financial performance for the current year [1]. Group 1: Product Approval Details - The product name is red yeast, with the approval number being 蒙饲添字（2025）090001, issued by the Inner Mongolia Agricultural and Animal Husbandry Department on September 15, 2025 [1]. - The product adheres to the standard Q/JHSW 253-2025 [1]. Group 2: Impact on the Company - The approval of the red yeast feed additive is a result of the company's ongoing commitment to research and development, particularly in the application of synthetic biology [1]. - The company has established a project with an annual production capacity of 3,000 tons of astaxanthin, a metabolite produced during the fermentation of red yeast [1]. - The new product approval is expected to positively influence the company's operational performance and market competitiveness [1].

Core Viewpoint - The article discusses the establishment of significant investment funds by China Resources Double Crane and China Resources Pharmaceutical, focusing on synthetic biology and innovative pharmaceuticals, indicating a strategic shift towards high-growth sectors in the biomanufacturing industry [2][3]. Investment Fund Establishment - China Resources Double Crane and China Resources Pharmaceutical announced the formation of a 500 million RMB fund, with a commitment of 123 million RMB from the group, representing 24.6% of the total fund [2]. - China Resources Double Crane also established the "China Resources Double Crane Industry Fund," committing up to 83 million RMB, approximately 16.6% of the total fund, aimed at optimizing strategic layout in synthetic biology [3]. Collaboration and Partnerships - The funds involve collaboration with local governments and multiple investors, including 11 limited partners (LPs) such as various China Resources entities and Chengdu local government funds, collectively forming a 1 billion RMB investment fund [3][4]. - The partnership includes significant contributions from local government funds and private enterprises, showcasing a collaborative approach to investment in the biomanufacturing sector [4]. Strategic Focus on Synthetic Biology - China Resources Double Crane has previously invested 502 million RMB to acquire a 50.11% stake in Shenzhou Biology, enhancing its capabilities in the biomanufacturing field [5]. - The establishment of a synthetic biology research institute in 2023 indicates a commitment to developing a comprehensive R&D, pilot testing, and industrialization system, focusing on industrial enzymes and microorganisms [5]. Research and Development Initiatives - The company has developed seven technology platforms in synthetic biology, with over ten ongoing projects, leveraging expertise from seasoned scientists with experience in major corporations [5].

Core Viewpoint - The establishment of the Western Smart Biomanufacturing Innovation Center in Chongqing aims to enhance synthetic biology technology research and development, creating a collaborative platform for academia and industry [1] Group 1: Center Establishment and Objectives - The center is a joint initiative between Chongqing University’s School of Chemistry and Chemical Engineering and the Shapingba District, focusing on synthetic biology technology R&D and pilot testing [1] - It integrates resources from local universities, research institutes, and industry chain enterprises, gathering top national and provincial talents [1] Group 2: Achievements and Impact - Since its inception, the center has fostered an active industrial innovation ecosystem, successfully incubating several academic institutions and technology companies, including the Chongqing Shapingba Synthetic Biology Society [1] - The center has attracted numerous well-known enterprises and industry alliances, establishing joint laboratories to strengthen the collaboration between industry, academia, and research [1] - Through efficient results transformation, the center's technologies and applications have generated a cumulative profit of 221 million yuan for several partner companies [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3, with a year-on-year increase in revenue and net profit, indicating strong performance and innovation potential [6][8] - The company is actively innovating in synthetic biology and other new fields, which may create new growth curves in the future [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.599 billion yuan, a year-on-year increase of 7.62%, and a net profit attributable to shareholders of 390 million yuan, a year-on-year increase of 661.66% [6] - In Q3 2025, the company reported a single-quarter revenue of 1.147 billion yuan, a year-on-year increase of 9.66%, and a net profit of 121 million yuan, a year-on-year increase of 522.30% [6] - The company has maintained high product prices, which has limited the decline in net profit compared to previous quarters [6][7] Product Performance Summary - The average price of the company's key product, Mancozeb, in Q3 2025 was 25,902 yuan/ton, with a year-on-year increase of 12.62% [7] - The average price of another key product, Bactericide, was 29,500 yuan/ton, reflecting a year-on-year increase of 47.42% [7] - The company benefits from its ownership of a 34% stake in a subsidiary, which contributes to its net profit growth due to rising product prices [7] Future Growth Potential - The company is focusing on advanced technologies such as RNAi biopesticides and small peptide biopesticides, which may lead to new product lines and revenue streams [8] - The establishment of the AI-driven platform is expected to enhance the efficiency of compound development and shorten the screening cycle for new compounds [8] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 503 million yuan, 575 million yuan, and 666 million yuan, respectively, with corresponding EPS of 1.13 yuan, 1.30 yuan, and 1.50 yuan [6][9] - The current stock price corresponds to a P/E ratio of 16.2, 14.2, and 12.3 for the years 2025, 2026, and 2027, respectively [6][9]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown stable growth in revenue and profit, with a 15.69% year-on-year increase in revenue and a 25.93% increase in net profit for the first three quarters of 2025 [5][7] - The company is expected to maintain a growth trend due to the release of new production capacity and expansion into international markets [7][8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 293 million yuan, a year-on-year increase of 15.69%, and a net profit of 48.06 million yuan, up 25.93% [5][7] - The gross margin for the first three quarters was 31.87%, an increase of 2.06 percentage points year-on-year, while the net margin was 16.43%, up 1.34 percentage points [7] - The company’s revenue from exports accounted for approximately 56.88%, indicating a recovery in foreign market demand [7] Growth Drivers - The company is currently undergoing trial production and product validation for new factories, which will help alleviate existing capacity constraints [7] - Expansion into international markets through subsidiaries in Singapore, the Netherlands, and the United States is expected to enhance local market service and increase international market share [7] - The company is also exploring new product categories beyond amino acids, such as amino acid derivatives and functional peptides, which could provide additional revenue streams [7] Valuation and Forecast - The company’s revenue is projected to grow from 400.06 million yuan in 2025 to 556.52 million yuan in 2027, with year-on-year growth rates of 18.02%, 18.44%, and 17.45% respectively [9] - The net profit forecast for the same period is 59.71 million yuan in 2025, increasing to 86.98 million yuan by 2027, with growth rates of 39.35%, 14.72%, and 26.98% [9] - The current market valuation corresponds to a price-to-earnings ratio (P/E) of 36.69 for 2025, decreasing to 25.19 by 2027 [9]

Core Viewpoint - The company Jinhe Biotechnology (002688.SZ) has received approval for its feed additive product, red yeast, from the Inner Mongolia Agricultural and Animal Husbandry Department, which is expected to enhance its product portfolio and market competitiveness [1] Group 1: Product Development - The approved feed additive, red yeast, is a metabolite produced during the fermentation process, which includes astaxanthin [1] - The company has established a project with an annual production capacity of 3,000 tons of astaxanthin [1] Group 2: Research and Innovation - The approval of the feed additive product is a result of the company's ongoing emphasis on research and innovation [1] - The company is accelerating the application and layout of synthetic biology in its industry [1] Group 3: Business Impact - The approval is expected to positively contribute to the company's operational performance and market competitiveness [1] - It is anticipated that this approval will not have a significant impact on the company's operating performance for the current year [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, with revenue at 3.16 billion and net profit at 250 million, reflecting year-on-year decreases of 18.4% and 30.3% respectively [1] Group 1: Financial Performance - In Q1, Q2, and Q3 of 2025, the company achieved revenues of 1.08 billion, 1.18 billion, and 900 million respectively, with year-on-year declines of 20.8%, 18.4%, and 15.2% [1] - The net profit for Q1, Q2, and Q3 of 2025 was 100 million, 120 million, and 30 million respectively, showing a year-on-year change of -58.1%, +20.9%, and +55.6% [1] - The gross profit margin for the first three quarters of 2025 was 70.7%, a decrease of 3.2 percentage points year-on-year, while the gross profit margin for Q3 2025 was 69.9%, down 2.5 percentage points year-on-year [3] Group 2: Business Segments - The raw materials business showed steady growth, with a revenue increase of 2.69% year-on-year in Q3 2025, and a high gross margin of 84.8%, indicating strong core barriers in high-end raw materials [2] - The medical terminal business achieved revenue of 359 million in Q3 2025, a year-on-year increase of 14.51%, with the medical beauty segment contributing 229 million, up 7.88% [2] - The skin science innovation transformation business is in a deepening transition phase, with a nearly 10 percentage point decrease in sales expense ratio in Q3 2025, leading to improved overall operational quality [2] Group 3: Strategic Initiatives - The company is transitioning its brand communication from a "scale-oriented" approach to an "efficiency-oriented" one, resulting in a significant reduction in sales expense ratio [4] - The company is actively pursuing external growth, including strategic placements in companies like Saint Pharma and He Yuan Bio, to expand its product offerings in the field of small nucleic acid drugs and plant-based bioactive products [4] - The company is enhancing its global research collaborations, with strategic partnerships established for ECM-related research and joint development projects in PDRN with leading international medical beauty firms [4] Group 4: Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 380 million, 540 million, and 720 million, reflecting downward revisions of 19%, 9%, and 10% respectively [5] - The company is recognized as a leading player in the ECM field, with a strong emphasis on foundational research and product synergy, maintaining a "buy" rating despite current challenges [5]

Core Viewpoint - The rise of Gu Yu in the competitive domestic skincare market is attributed to its strategic shift from traditional competition to redefining industry standards through innovative research and development [1] Group 1: Ideological Leadership - Gu Yu's approach marks a transition from "following trends" to "defining standards," moving away from mimicking international brands to creating unique products based on extensive data analysis of nearly 100,000 skin samples from Chinese women [2][3] - The company emphasizes a "component-centric" research logic, focusing on rigorous molecular biology methods to ensure genuine safety and efficacy rather than relying on marketing concepts [2][3] Group 2: Technological Breakthroughs - Gu Yu's technology matrix showcases its disruptive thinking, including extreme purification and precise delivery of traditional plant extracts [5] - The company has developed proprietary technologies such as melt crystallization purification, achieving a purity level of 99% for its star ingredient, Glycyrrhizic acid, significantly enhancing its efficacy and reducing allergy risks [6] - The 28-nanometer encapsulation technology improves transdermal absorption by 3.4 times, while targeted delivery technology allows for precise intervention at the cellular level [6] Group 3: Innovative Production Methods - Gu Yu has shifted from sourcing rare ingredients to producing them through synthetic biology, exemplified by its enzyme biomimetic technology that enables the large-scale production of ginsenoside CK with over 98% purity [7] - This innovation breaks the dependency on natural resources, moving the industry towards a customizable bio-manufacturing era [7] Group 4: Advanced Anti-Aging Solutions - The introduction of human-like exosome HME represents a new standard in anti-aging research, utilizing high-precision biomimetic technology to create a safe and effective product without the risks associated with natural exosomes [8][9] - The AI-driven process enhances the efficiency of component analysis and selection, resulting in an anti-aging product that outperforms natural counterparts [9][11] Group 5: Market Impact and Validation - Gu Yu's ginsenoside CK shows remarkable efficacy, promoting collagen production significantly more than leading competitors, establishing a generational gap in effectiveness [13] - Clinical trials demonstrate that products containing HME reduce wrinkle count by an average of 26.61% after 28 days, providing strong evidence for its anti-aging claims [13] - Collaborations with academic institutions have revealed broader health implications, linking Gu Yu's products to overall anti-aging benefits, thus redefining skincare as a field closely related to biotechnology [13][14]