Core Viewpoint - The speech by Yang Xia, Chairman of Jinbo Biotechnology, emphasizes the company's commitment to original innovation in the development and industrialization of recombinant human collagen, particularly focusing on type III collagen for medical and cosmetic applications [2][4]. Group 1: Original Innovation - Jinbo Biotechnology's academic name for its collagen is type A recombinant human collagen, which is used to develop various medical products and cosmetics, completing a closed-loop production and sales system [4]. - The company has focused on two main areas: life materials based on recombinant human collagen and antiviral products represented by anti-HPV biological proteins [4]. - In 2018, Jinbo Biotechnology discovered that type III collagen has a gene that regulates cell control and information transmission, leading to the world's first large-scale production of injectable recombinant type III human collagen using synthetic biology by 2021 [4][6]. Group 2: Technological Breakthroughs - In 2025, Jinbo Biotechnology received approval for injectable recombinant type III human collagen gel, the first of its kind produced through self-assembly and self-crosslinking technology using synthetic biology, achieving dual functions of filling and repairing against aging [6]. - Compared to traditional filling materials, this product significantly improves safety, manufacturing methods, and mechanisms of action, making it suitable for correcting mid-facial volume loss and contour defects [6][7]. - The company has achieved three breakthroughs: enhancing clinical safety of filling materials, innovating manufacturing methods through AI-driven synthetic biology, and innovating mechanisms of action to promote tissue regeneration and repair [7]. Group 3: Product and Patent Portfolio - Jinbo Biotechnology has established a comprehensive product chain and has obtained 157 patents related to its technologies [6][7].

转自：新华财经 以"如何做大做强龙江玉米产业，推动产业高质量发展"为主题的第22期"珠江路35号"政商沙龙活动9月16日在哈尔 滨举行。肇东星湖生物科技有限公司综合管理部部长谢刚表示，企业正聚焦延伸玉米加工产业链发展，提高玉米 产品附加值，提升市场竞争力。 据介绍，星湖科技是黑龙江省农业产业化龙头企业，2020年被评定为国家高新技术企业，2021年获黑龙江"专精特 新"中小企业和黑龙江省"制造业单项冠军"企业称号，2021年企业技术中心获认定为省级企业技术中心，2022年省 级工程技术研究中心完成备案，2025年获得黑龙江省绿色工厂称号。 星湖科技坐落于绥化市肇东市北郊，总占地约320亩，员工约830人，是集研、产、销于一体的高新技术企业，以 合成生物学为核心技术的制造型企业，主营业务为年产1.2万吨食品添加剂呈味核苷酸二钠及配套的核苷产业链产 品，产品主要应用于酱油、鸡精、汤料包等食品调味料产业，产品销往全球各地。 该企业进入绥化肇东市以来，不断开展技术创新，先后和清华大学、江南大学、湖北大学、黑龙江省微生物所进 行产学研合作，近三年取得发明专利5项，生产技术水平取得了近20%提升，近2年产品规模增加近20 ...

Core Insights - The research team has successfully decoded the frequency modulation (FM) signal processing in bacteria, achieving a significant breakthrough in synthetic biology [2][3] - The study reveals that frequency modulation can enhance information entropy by approximately 2 bits compared to traditional amplitude modulation, allowing for precise coordination of multi-gene systems [2][5] Group 1: Research Findings - The research addresses a core challenge in synthetic biology: achieving precise coordination of multiple genes, which has traditionally relied on amplitude modulation [3] - The team utilized synthetic biology engineering techniques to reconstruct a simplified cAMP signaling pathway in Pseudomonas aeruginosa, creating a frequency decoding cAMP circuit (FDCC) [3][4] - The FDCC system consists of three functional modules: a waveform converter, a threshold filter, and an integrator, each operating within its optimal frequency range [4] Group 2: Methodology and Technology - The research team developed a multi-level theoretical framework that connects microscopic molecular reactions to macroscopic system behaviors, achieving a correlation of 99.2% between theoretical predictions and experimental data [5] - The automated experimental platform at the Shenzhen Synthetic Biology Research Major Science Facility enabled high-throughput processing of samples, demonstrating excellent stability and reproducibility over extended experiments [5][6] Group 3: Implications for Synthetic Biology - The findings indicate that frequency modulation significantly enhances bacterial information processing capabilities, transforming it from a "single-lane" to a "multi-lane" system, thus allowing for more precise control of gene expression [6] - This advancement opens new dimensions for synthetic biology, providing more accurate and complex regulatory mechanisms that can improve metabolic engineering and responsive design in cell therapy [6]

Industry Overview - The chemical sector's overall performance ranked 12th this week (2025/09/08-2025/09/12) with a change of 2.36%, outperforming the Shanghai Composite Index by 0.83 percentage points and the ChiNext Index by 0.25 percentage points [2][3] - The chemical industry is expected to continue its differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [2][3] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by energy structure adjustments that may disrupt fossil-based materials, favoring low-energy products [2] - Traditional chemical companies are expected to compete on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [2] - Companies like Kasei Bio and Huaheng Bio are highlighted as leaders in the synthetic biology sector [2] Refrigerants - The implementation of quota policies is expected to lead to a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [3] - The demand for refrigerants is projected to grow due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [3] - Companies such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co. are positioned to benefit from this trend [3] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry, characterized by high technical barriers and added value [4] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity [4] - Companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are expected to capitalize on the growing demand driven by semiconductors, displays, and photovoltaics [4] Light Hydrocarbon Chemicals - The trend towards lighter raw materials in the global olefin industry is noted, with a shift from heavy naphtha to lighter alkanes like ethane and propane [5] - Light hydrocarbon chemicals are recognized for their low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [5] - Satellite Chemical is recommended as a key player in the light hydrocarbon chemical sector [5] COC Polymers - The industrialization of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to China [6] - COC/COP materials are increasingly used in high-end applications, with domestic firms expected to overcome supply-side bottlenecks [6] - Akolai is identified as a company to watch in the COC polymer production segment [6] MDI Market - The MDI market is characterized by oligopoly, with demand steadily increasing due to the expansion of polyurethane applications [9] - The market is currently experiencing price stabilization at low levels, but profitability remains strong [9] - Wanhu Chemical is highlighted as a key player in the polyurethane sector, benefiting from the anticipated improvement in the MDI supply landscape [9] Potash Fertilizer - Potash fertilizer prices are expected to rebound as the industry enters a destocking phase, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [7][8] - The demand for potash is projected to rise as farmers increase planting intentions, influenced by rising grain prices [8] - Companies such as Yara International, Salt Lake Potash, and Cangge Mining are noted as leading firms in the potash sector [8] Weekly Price Tracking - The top five price increases this week included liquid chlorine (21.69%), acrylic acid (5.66%), and trichloroethylene (4.44%) [10] - The top five price decreases included butyl rubber (-11.25%), NYMEX natural gas futures (-4.33%), and DMF (-3.68%) [10] Supply-Side Tracking - A total of 162 chemical enterprises had their production capacities affected this week, with 7 new repairs and 11 restarts reported [11]

Core Viewpoint - The company is focusing on synthetic biology technology and expanding its product offerings while maintaining strong research and development capabilities [1] Group 1: Synthetic Biology and Product Development - The company is closely monitoring developments in synthetic biology, which allows for the synthesis of essential components in microorganisms, potentially benefiting the upstream agricultural sector [1] - The company has a robust extraction and separation technology that can enhance the precision of effective component extraction in the synthetic biology industry [1] - The company plans to develop nutritional and medicinal products such as lycopene and grape seed extracts through its U.S. subsidiary, although production lines have not yet been established due to international economic factors [1] Group 2: Research and Development - The company has invested significantly in R&D, establishing advanced research centers and receiving 84 technology-related awards, including two national science and technology progress second prizes [1] - R&D expenses have increased due to project structural changes, particularly in customized and application-oriented product development [1] - The company is collaborating with Jiangnan University on various projects, including cottonseed protein peptides and other products, and plans to expand these collaborations [1] Group 3: Market Strategy and Future Growth - The company aims to become a leader in the natural plant extract industry by developing around ten top products globally and establishing a comprehensive industrial base [1] - The company is optimistic about the long-term growth of natural plant extracts as consumer awareness increases and these products replace synthetic alternatives [1] - The company is focusing on market segments with large scales, long processing chains, and high profit margins for future product development [1] Group 4: Financial Management and Market Position - The company emphasizes value management and shareholder interests, planning to reward shareholders through operational performance [1] - The company’s financing costs are comparable to the same-term Loan Prime Rate (LPR), and market interest rate cuts are expected to lower financing costs [1] - The company is exploring investment and acquisition opportunities based on its development plans and market conditions [1]

Group 1: Company Overview and Strategy - Morning Light Bio's long-term development strategy consists of three steps: achieving the world's largest production and sales of capsicum red, establishing around ten leading products globally, and building a natural plant extract industry base [12] - The company is currently in the second step of its strategy, having begun preparations for the third step [12] Group 2: Research and Development - The company has invested significantly in R&D, with a total of 702 patent applications and 450 patents granted as of mid-2025 [3] - R&D expenses have increased significantly in the first half of the year, driven by changes in project structure and higher material costs [8] Group 3: Market Position and Product Development - The company is focusing on expanding its product range, particularly in natural colorants, which are expected to replace synthetic colorants, providing a broader market opportunity [9] - The company has established a strong foothold in the herbal medicine sector, with 11 drug registration certificates obtained and several products in the pipeline [10] Group 4: Financial Performance and Growth Prospects - The revenue from traditional Chinese medicine granules is currently less than 1% of total revenue, indicating potential for growth in this area [3] - The company has expressed confidence in maintaining high growth rates, driven by increasing consumer demand for natural and healthy products [4] Group 5: International Operations - The U.S. subsidiary is currently evaluating the production of nutritional and medicinal products, with no production lines established yet due to economic factors [4] - The company is monitoring the international market for opportunities, particularly in the extraction of astaxanthin from cotton plants [6]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is positioned well in the yeast industry, benefiting from an improved competitive landscape, structural growth in global demand, and alleviated cost pressures. The yeast industry has undergone a consolidation phase, with smaller players exiting the market, leading to a more rational competition among leading firms [4][5] - The company has established a strong moat through its scale advantages and technological accumulation, maintaining reasonable profit levels in bidding processes and avoiding vicious competition [4] - The company is expected to achieve double-digit revenue growth in the coming years, with significant profit elasticity and long-term investment value [5][14] Company Overview - The latest closing price is 41.81 yuan, with a total market capitalization of 363 billion yuan and a circulating market capitalization of 358 billion yuan. The company has a total share capital of 8.68 billion shares, with a circulating share capital of 8.57 billion shares [3] - The company has a debt-to-asset ratio of 47.8% and a price-to-earnings ratio of 26.97 [3] Industry Dynamics - The yeast industry has seen rapid capacity expansion followed by a consolidation phase due to ongoing cost pressures and changing market demands. The competitive landscape is stabilizing as leading companies focus on quality, service, and technology rather than price wars [4][5] - The global yeast production capacity exceeds 2.1 million tons, with the company ranking among the top three players in the industry, holding over 20% of the global market share [4] Domestic Market Performance - The domestic market has reached a bottom and is showing signs of weak recovery, with the company enhancing its distribution channels and dealer systems to improve market penetration [8] - The demand for natural, healthy, and functional food ingredients is growing, which, combined with the exit of smaller competitors, is expected to lead to a rebound in the company's domestic business [8] International Market Strategy - The company's overseas business is a key growth driver, maintaining rapid double-digit growth since 2022. The company aims to increase its revenue share from international markets through comprehensive product sales and channel penetration in emerging markets [6][7] - The company has established local operations in various regions, including Egypt and Russia, to enhance market presence and operational efficiency [6][7] Cost Management - The company is benefiting from a decline in molasses prices, which are expected to continue decreasing, leading to improved profit margins [9] - The company is actively developing hydrolyzed sugar replacement technology, which is anticipated to further enhance cost efficiency and product applications [9] Financial Projections - The company forecasts revenue growth of 12.19%, 10.75%, and 9.46% for the years 2025 to 2027, with projected net profits of 16.51 billion yuan, 19.17 billion yuan, and 22.01 billion yuan respectively [14][16] - The earnings per share (EPS) are expected to be 1.90 yuan, 2.21 yuan, and 2.54 yuan for the same period, with corresponding price-to-earnings ratios of 22, 19, and 16 [14][16]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the ongoing global biotechnology revolution, emphasizing its integration into economic and social development to address major challenges such as health, climate change, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Biological Economy Development," indicating a trillion-yuan market potential in the biological economy [3][4]. Market Performance - The synthetic biology index increased by 2.01% to 1218.13 during the week of September 1-5, 2025, outperforming the Shanghai Composite Index by 3.19% and underperforming the ChiNext Index by 0.34% [4][20]. - The top five performing companies in the synthetic biology sector during the same week were: - Haizheng Biomaterials (+17%) - BeiGene (+15%) - Kelun Pharmaceutical (+11%) - Health元 (+9%) - Yuanli Technology (+6%) [21][22]. Company Developments - Fuxiang Pharmaceutical has established a wholly-owned subsidiary in Singapore to expand its microbial protein business, aiming for an annual production capacity of 20,000 tons of microbial protein and 50,000 tons of amino acid water-soluble fertilizer [26]. - Kasei (Taiyuan) Biomaterials Co., Ltd. has announced a project for the annual production of 90,000 tons of bio-based polyamide, with existing production capabilities in bio-based products [26]. - Zhejiang Zhenyuan has officially launched its industrialization base for synthetic biology, which includes a facility for the production of histidine and other bio-based products [29]. - Honeywell has partnered with Syzygy Plasmonics to initiate the world's first electrified biogas-to-sustainable aviation fuel (SAF) project in Uruguay, expected to produce over 350,000 gallons of SAF annually [29][30]. Industry Standards - The national standard GB/T 46256-2025 for bio-based materials and products has been released, which will take effect on March 1, 2026. This standard establishes a comprehensive identity certification system for bio-based materials, promoting industry standardization and regulation [10].

Core Insights - Chinese scientists have made a significant breakthrough in understanding how the marine phytoplankton, specifically the diatom, optimizes its photosynthetic system to adapt to varying light conditions in the ocean [1] Group 1: Research Findings - The research team led by researchers Wang Wenda and Tian Lijin from the Chinese Academy of Sciences has revealed the unique strategy of diatoms in adapting their photosynthetic system structure at the atomic level [1] - The PSI-FCPI supercomplex of diatoms consists of 51 protein subunits and 819 pigment molecules, with a molecular weight of 1.66 megadaltons, significantly larger than known eukaryotic photosystem I complexes [2] - The light-harvesting efficiency of the diatom's PSI-FCPI exceeds 95%, comparable to that of terrestrial plants, indicating special protein assembly and energy transfer characteristics [2] Group 2: Structural Characteristics - The core of the diatom's photosystem I is surrounded by 38 phycobilin-chlorophyll a/c binding protein light-harvesting antennas, arranged in a modular fashion into eight radial bands, greatly expanding the light-capturing area [2] - The newly discovered light-harvesting antennas contain a high concentration of chlorophyll c and phycobilin types of carotenoids, effectively absorbing blue-green and green light wavelengths in deep water [4] Group 3: Ecological Importance - Diatoms, with their calcium carbonate cell walls, were major contributors to marine primary productivity during the Cretaceous period and play a crucial role in oceanic carbon deposition and the global carbon cycle [4]

Core Insights - The rapid advancement of biomanufacturing technology in China is leading to significant breakthroughs and applications across various industries, including pharmaceuticals, materials, and agriculture [2][3][5] Group 1: Biomanufacturing Applications - Biomanufacturing is increasingly applied in pharmaceuticals, with new strains like DB1 developed to target tumors and activate the immune system [2] - In biobased materials, innovative technologies have achieved record production levels for polyhydroxyalkanoates (PHA) and biobased polyurethane microcapsules [2] - The agricultural sector is seeing advancements through gene editing, resulting in rice varieties with enhanced coenzyme Q10 content without affecting yield [2] Group 2: Policy Support and Industry Development - The Chinese government has included "biomanufacturing" in its work reports for two consecutive years, emphasizing the establishment of a growth mechanism for future industries [3][4] - Various provinces are implementing tailored action plans to accelerate the development of biomanufacturing, aiming to create competitive industry clusters and innovation platforms [4] Group 3: Future Growth Potential - Experts predict that by 2030, the biomanufacturing industry in China could exceed 2.5 trillion yuan, with a compound annual growth rate of 16.8% [5] - The industry is entering a golden period of development, driven by policy measures, technological breakthroughs, and expanding application scenarios [6] Group 4: Challenges and Recommendations - The industry faces challenges such as insufficient raw material development and slow commercialization processes, necessitating collaborative efforts to overcome these hurdles [6][7] - There is a need to enhance the commercialization of research outcomes through partnerships between academic institutions and enterprises [7] - Promoting the integration of artificial intelligence with biomanufacturing can lead to innovative breakthroughs and expand the scope of biomanufacturing applications [7]