济宁高新区合成生物产业发展交流会。 核芯医药企业场景。 生命科学中心提供载体支撑。 于伟通讯员吴丛赵相炎济宁报道 合成生物学是一门前沿学科,也是生物制造产业的创新源头。国家"十五五"规划提出"前瞻布局未来产 业",将生物制造这一未来产业列为新的经济增长点。 作为国家级生物技术产业基地,济宁高新区紧跟国家战略,将合成生物作为医药健康产业重点突破领域,出 政策、引人才、建平台、设基金……正全力竞逐新质生产力新赛道。 1 院士领衔 转化成果高效落地 位于济宁高新区的核芯医药(山东)有限公司(以下简称"核芯医药")的生产车间,正进行DHA藻油产品的试 生产,而该产品正是合成生物产业转化成果落地项目之一。 "我们与南京师范大学黄和院士团队签约合作,作为承接黄院士团队合成生物学研发成果的转化基地,目前 DHA藻油项目已率先落地。"核芯医药常务副总经理袁海滨指着企业园区规划图介绍,"这个车间改造后, 现有四个生物发酵罐,专门用于DHA藻油产品生产,目前已进入到最后的试生产阶段,预计在明年实现量 产,前期产量预计约1000吨,整个立项规模可达到3750吨/年。" DHA藻油,是通过生物合成手段,利用特定菌发酵获得,相比传统鱼 ...

Industry Overview - The chemical sector's overall performance ranked 13th this week (2025/11/24-2025/11/28) with a change of 2.98%, positioned in the upper-middle of the market. The Shanghai Composite Index rose by 1.40%, while the ChiNext Index increased by 4.54%. The Shenwan Chemical sector outperformed the Shanghai Composite by 1.58 percentage points but underperformed the ChiNext by 1.56 percentage points [1]. Key Insights - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1]. Synthetic Biology - A pivotal moment for synthetic biology is anticipated, driven by energy structure adjustments. Traditional chemical companies will face competition based on energy consumption and carbon tax costs. Companies that adopt green energy alternatives and leverage integrated and scaled advantages are likely to reduce energy costs and expand into larger overseas markets. The demand for bio-based materials is expected to surge, leading to potential profitability and valuation increases. Key companies to watch include Kasei Bio and Huaheng Bio [1]. Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants. Starting in 2024, the supply of these refrigerants will enter a "quota + continuous reduction" phase, while second-generation refrigerants will be phased out more rapidly. The demand for refrigerants is projected to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia. Companies with high quota shares, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly [2]. Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrialization. The domestic market is experiencing rapid upgrades in wafer manufacturing, but there is a mismatch with the fragmented and insufficient capacity of high-end electronic specialty gases. Companies that establish high-end capacity and possess substantial technical reserves are likely to seize opportunities for growth. Demand is driven by integrated circuits, displays, and photovoltaics. Key players include Jinhong Gas, Huate Gas, and China Shipbuilding Gas [3]. Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry has been significant over the past decade, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane. This transition is characterized by shorter processes, higher yields, and lower costs. Light hydrocarbon chemicals also align with global low-carbon and energy-saving initiatives. Companies in this sector, such as Satellite Chemical, are expected to see their values reassessed [4]. COC Polymers - The industrialization of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs after years of R&D. The shift of downstream industries, such as consumer electronics and new energy vehicles, to domestic sources is increasing the demand for these materials. The market is currently constrained by high prices, but domestic companies are expected to break through and expand market space. Key company to watch is Acolyte [5]. Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle. Canpotex has withdrawn new quotes, and Nutrien has announced production cuts, leading to a short-term decline in supply. The termination of the Black Sea Grain Export Agreement has increased the prices of wheat and corn, boosting the demand for potash fertilizers. Companies like Yara International, Salt Lake Potash, and Zangge Mining are positioned to benefit from this trend [6]. MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications. The global MDI production capacity is concentrated among five major chemical giants, which account for 90.85% of total capacity. Despite current price fluctuations, MDI remains a high-margin product. Companies like Wanhua Chemical are expected to benefit from a favorable supply structure as demand recovers [7]. Price Tracking - The top five price increases this week included methanol (East China) at 6.27%, NYMEX natural gas (futures) at 5.90%, and caprolactam (East China CPL) at 5.49%. The top five price decreases included liquid chlorine (East China) at -7.82% and propylene oxide (East China) at -5.85% [8]. Supply Side Tracking - This week, 168 chemical enterprises had their production capacities affected, with 9 new repairs and 3 restarts reported [9].

Core Insights - The sixth Biomanufacturing Industry Conference was held in Shenzhen, showcasing China's strength in biomanufacturing and innovation density in the region [2][4] - The conference revealed the "Top Ten New Products" for 2025, covering various fields such as pharmaceuticals, materials, and consumer goods, highlighting the market potential of synthetic biology technology [5] Regulatory Developments - Shenzhen's new legislation, "Regulations on Promoting Innovation and Development of the Synthetic Biology Industry," aims to shorten product pre-testing cycles and reduce production costs for enterprises [3] - The legislation is designed to address the actual needs of the synthetic biology industry and improve the business environment [3] Industry Collaboration - The conference emphasized the importance of collaborative innovation within the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging Hong Kong's advantages in international standards and cross-border financial services [3] - The establishment of the National Biomanufacturing Industry Innovation Center marks a significant step in integrating technology and industry innovation [5] Achievements and Statistics - Shenzhen has over 400 biomanufacturing companies, with 160 new firms established in the last three years, 80% of which chose the Guangming Science City as their location [4] - The city leads the nation in patent applications for biomanufacturing, indicating a high density of industry resources [5] New Initiatives - The DIKI Biomanufacturing Industry Intelligent Analysis Platform was launched, providing a comprehensive data set for government and business decision-making [5] - The conference also featured thematic forums exploring diverse technological routes and business models in biomanufacturing [6]

Core Insights - The Shenzhen Innovation and Entrepreneurship Competition concluded its ninth international finals, showcasing 21 top innovative projects from seven major industries, with "Sifeng Photon: Silicon Photonics Innovation for Artificial Intelligence" winning the championship due to its disruptive technology and promising market potential [2][3]. Group 1: Event Overview - The competition was organized by the Shenzhen Municipal Government and aimed to foster international collaboration and innovation opportunities, aligning with Shenzhen's "20+8" industrial cluster strategy [2][4]. - A total of 89 projects have signed intention agreements with various districts in Shenzhen, indicating early success in connecting innovative projects with local industrial needs [2]. Group 2: Judging and Evaluation - The judging panel included top experts from academia, investment, and industry, ensuring a comprehensive evaluation of the projects based on team background, innovation capability, technology products, business models, industry prospects, and compatibility with Shenzhen [4][5]. - The competition format involved an "8+7" model, consisting of 8 minutes for project presentations followed by 7 minutes of Q&A, allowing for rigorous assessment of the projects [5]. Group 3: Project Quality and Participation - Nearly 3,000 projects were registered for this year's competition, with over 3,000 overseas talents participating, of which 49% were PhD holders and 81% held master's or doctoral degrees combined [6]. - The participating projects collectively held 761 patents and 194 software copyrights, covering cutting-edge fields such as artificial intelligence, quantum computing, synthetic biology, and deep-sea technology [6]. Group 4: Market Integration and Future Prospects - An "interactive invitation segment" was introduced to enhance industry coupling efficiency, allowing observers from investment institutions and enterprises to engage directly with promising projects [6]. - The competition has established a prize pool exceeding 8 million yuan, attracting over 50 well-known venture capital institutions to provide comprehensive capital support for the participating projects [6]. Group 5: Successful Project Integration - The competition served as a platform for projects to connect with the Chinese market, with several projects already committing to establish operations in Shenzhen, such as the AI electronic medical record system from the UK and the NeweraBIO project from Australia [7][8]. - Since its inception in 2016, the competition has attracted 23,000 global innovators, becoming a significant brand for gathering international innovation resources and supporting Shenzhen's urban development [9].

Group 1 - The Shenzhen Innovation and Entrepreneurship Competition concluded its ninth international finals, showcasing 21 top innovative projects from seven major industries, with "Sifai Photon: Silicon Photonics Innovation for Artificial Intelligence" winning the championship due to its disruptive technology and mature business model [2] - The competition aimed to align with Shenzhen's "20+8" industrial cluster layout, focusing on new-generation electronic information, digital and fashion, high-end equipment manufacturing, green and low-carbon, new materials, biomedicine and health, and marine economy [2][6] - A total of 89 projects have signed intention agreements with various districts in Shenzhen, indicating early success in connecting innovative projects with local industrial needs [2][7] Group 2 - The competition is organized by the Shenzhen Municipal Government and aims to attract global innovative talents, with a significant presence of international participants, including over 60% foreign competitors [6] - The event featured a high-caliber judging panel, including experts from top universities and investment institutions, ensuring the authority and fairness of the evaluation process [4][5] - The competition attracted nearly 3,000 projects and over 3,000 overseas talents, with 49% holding doctoral degrees, showcasing the high quality of participants [6] Group 3 - The final competition adopted an "8+7" format, allowing 8 minutes for project presentations followed by 7 minutes of Q&A, rigorously assessing technical innovation, business models, and team capabilities [5] - An "interactive invitation segment" was introduced to facilitate direct connections between investors and promising projects, enhancing the efficiency of industry coupling [5] - The competition has a prize pool exceeding 8 million yuan, attracting over 50 well-known venture capital institutions to support participating projects [6] Group 4 - The competition serves as a platform for projects to connect with the Chinese market, with several projects already establishing partnerships in Shenzhen, such as the "KenBridge AI" project and the "New Generation Smart Electric Surfboard" project [8] - Since its inception in 2016, the competition has attracted 23,000 global innovators, becoming a significant brand for gathering international innovation resources and serving Shenzhen's development [9] - Many projects from the competition have evolved into "National High-tech Enterprises" and "Specialized and New Enterprises," illustrating the deep integration of innovation and global wisdom in Shenzhen [9]

Group 1: Production Capacity and Operations - The company's isooctanol production capacity is currently operating at full load [2] - The design capacity for propylene is approximately 480,000 tons per year [2] - The company has completed full payment of the consumption tax and expects minimal impact on future performance [2] Group 2: Strategic Acquisitions and Market Position - The acquisition of DIC patents by the subsidiary Chengzhi Yonghua enhances the company's patent layout in the liquid crystal business, strengthening its industry position [2] - The company holds a leading market share in the mixed liquid crystal sector domestically [2] Group 3: IPO and Development Initiatives - Chengzhi Yonghua is actively preparing for its IPO, focusing on legal, business, and financial compliance while maintaining communication with regulatory bodies [3] - The company is advancing its synthetic biology projects in collaboration with a research team, expanding its capabilities in the biomanufacturing sector [3] Group 4: Shareholder Structure and Future Plans - The recent transfer of 100% equity of Qingdao Haikong Investment Holdings by the indirect controlling shareholder will not affect the company's control structure or operations [3] - There are currently no plans for major shareholder increases or employee stock ownership plans, but the company will disclose any significant developments as required [3]

Group 1 - The core viewpoint of the article highlights the emergence of synthetic biology as a transformative industry, with Jining High-tech Zone positioning itself as a new engine for regional transformation and high-level development through strategic planning and early layout [1][2] - Synthetic biology has been included in the "14th Five-Year Plan" as a strategic emerging industry, with a market scale reaching trillions, indicating its significance in reshaping industrial patterns across various sectors such as healthcare, green manufacturing, and environmental technology [1][2] - The Jining High-tech Zone has established a robust industrial foundation for synthetic biology, housing leading companies like Rukang Pharmaceutical and Nucore Pharmaceutical, and developing a complete industrial chain from R&D to large-scale manufacturing [2][3] Group 2 - A strategic cooperation agreement was signed between Nanjing Normal University and Nucore Pharmaceutical to establish a synthetic biology achievement transformation base, focusing on five key areas including new resource food and pharmaceutical intermediates, which marks a new stage in collaborative innovation [3] - The future industrial blueprint for Jining High-tech Zone includes building a comprehensive industrial ecosystem, enhancing collaboration with universities, and expanding domestic and international application scenarios to create a high-value synthetic biology industry cluster [3][4] - The Jining High-tech Zone has planned the construction of a synthetic biology industrial park and established an industrial development fund to support core areas such as strain creation and fermentation technology, aiming to create a closed-loop ecosystem for technology R&D, application, and industrialization [4]

Core Insights - The "14th Five-Year Plan" suggests promoting quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [1] Biomanufacturing Industry Development - Jinshi City has gathered 27 core biomanufacturing enterprises capable of producing over 200 high-end synthetic biological products, indicating a rapid transformation and upgrade of the biomanufacturing industry [1] - The history of biomanufacturing in Jinshi dates back to 1978 with the establishment of the Jinshi Enzyme Factory, which evolved into Hunan Hongying Biological Engineering Co., continuing to develop enzyme products [1] - Leading local enterprise, Xinhong Biological Technology Co., established in 2013, focuses on the R&D, production, and sales of steroid intermediates and raw materials, forming a complete industrial chain for steroid drugs [1] Strategic Collaborations and Investments - Jinshi has partnered with leading institutions like AstraZeneca and CICC to establish 16 funds totaling 20 billion yuan, with 104 projects invested and 23 projects settled in Jinshi [2] - Hunan Yihang Biotechnology Co. received over 5 million yuan in government support and secured 1.2 billion yuan in industrial fund investment and 1 billion yuan in bank financing for its production base [2] - Lier Biological Technology Co. achieved the world's largest sales volume for its herbicide product, with a global market share of 62% last year [2] Technological Advancements and Infrastructure - Muen (Guangzhou) Biotechnology Co. established a complete microbial industrialization technology system in Jinshi, becoming an international leader in microbial platform technology [3] - Jinshi has created a comprehensive incubation system for biomanufacturing, including a "scientific innovation platform—pilot base—acceleration factory—industrial park" model [3] - The Hunan Biomanufacturing Pilot Base Co. was established in 2023 to assist companies in conducting pilot tests for amino acids, vitamins, and cosmetic products [3] Support for Innovation and Talent Attraction - Jinshi promotes the "Acceleration Factory" project to assist companies in overcoming challenges from pilot testing to mass production [4] - The Shenzhen Innovation Platform is operational, with two companies settled and three awaiting entry, while the Jinshi (Changsha) Biomanufacturing Research Institute focuses on key areas like pharmaceuticals and health products [4] - The Jinshi (Shanghai) Technology Achievement Transformation Center was established to enhance collaboration with universities and attract high-level talent for synthetic biology projects [4]

Core Insights - The investment landscape for beauty brands in China has cooled significantly, with only 14 beauty brands receiving funding from January to November 2023, representing less than 20% of total investments in the sector [1][5][22] - In contrast, upstream raw material companies have attracted over 60% of the 71 investment and acquisition events in the same period, indicating a shift in capital focus towards these suppliers [1][5][19] Investment Trends - A total of 71 investment and acquisition events occurred in the beauty sector from January to November 2023, with 43 events (over 60.6%) involving raw material companies [1][5] - The beauty brands that did receive funding primarily focused on functional skincare, with notable examples including PMD, Corex, and LAN [5][19] - The only male beauty brand to secure investment this year was GREENLAB, which completed a Pre-A round financing of nearly 10 million yuan [5][19] Funding Amounts - Among the 71 investment events, 53 companies disclosed their funding amounts, with 31 companies receiving less than 100 million yuan, accounting for 43.1% of the total [16][19] - Notably, 15 companies received over 100 million yuan in funding, maintaining the same number as the previous year [16][19] Focus on Synthetic Biology - Synthetic biology has emerged as a hot investment area, with 20 out of 43 upstream companies receiving funding in this field, representing over 46.5% of total investments [19][21] - Companies like 瑞德林 and 巨微生物 have attracted significant investments, highlighting the growing interest in innovative raw materials for cosmetics [19][20] Market Dynamics - The shift in investment focus reflects a broader trend where capital is moving from short-term brand growth strategies to long-term technological advancements in the raw material sector [22] - Industry experts suggest that the current investment climate is becoming more rational, emphasizing research capabilities and innovation potential over mere brand popularity [22]

上海寶濟藥業股份有限公司 Shanghai Bao Pharmaceuticals Co., Ltd. 股份代號 : 2659 （於中華人民共和國成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程的任何內容有任何疑問，應尋求專業獨立意見。 Shanghai Bao Pharmaceuticals Co., Ltd. 上海寶濟藥業股份有限公司 （於中華人民共和國成立的股份有限公司） 全球發售 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程副本連同附錄八「送呈香港公司註冊處處長及展示文件」所列的文件已遵照香港法例第32章公司（清盤及雜項條文）條例第342C條的規定送呈香港公 司註冊處處長登記。證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責。 發售價將為每股發售股份26.38港元。 ...