（原标题：瑞德林刘建：重病之后，开启全新人生） 由"云上天泉"冠名播出的《Hi，老板》，最新一期约到了瑞德林董事长刘建。38岁那年，他的事业因为 重病按下暂停键。病愈后，带着对生命的全新敬畏，刘建选择创业，用6年的时间，带领瑞德林穿越死 亡谷，让公司成为合成生物领域的佼佼者。 点击观看视频：瑞德林刘建：重病之后，开启全新人生 以下是我们的对话，更多内容请关注"证券时报"官方视频号、抖音号《Hi，老板》专辑。 凌晨5点钟：属于自己的思考时间 刘建：我天性比较乐观，对生死看得比较开。 于德江：已经到生死这个维度了吗？ 刘建：当然，那叫恶性癌症。 于德江：2002年在兰大毕业之后，就来到了深圳，在一家药企工作，一路也做到了高层，什么原因要毅 然决然地去辞职创业？ 刘建：其实我是喜欢挑战的人，在上市公司，我也负责过一个公司，我们当初花十多个亿，收了一家公 司。我做总经理来做投后管理，它的企业在西北。相对来说，管理比较落后，把这样的一个企业，融入 到这种相对来说节奏比较快、管理要求比较高的一个体系，其实难度很大，所以那时候压力也大、应酬 也多，加上作息不规律、睡眠的时间不够，所以后来到了2015年、2016年的时候就生 ...

Core Viewpoint - The article highlights the financial performance of Kasei Biotech in Q1 2025, showcasing significant growth in revenue and net profit, primarily driven by the sales of long-chain dicarboxylic acids [2][4]. Financial Performance - Kasei Biotech reported a revenue of 776 million yuan in Q1 2025, representing a year-on-year increase of 13.3% [2][3]. - The net profit attributable to shareholders reached 137 million yuan, up 30.1% compared to the same period last year [2][3]. - The net profit after deducting non-recurring gains was 135 million yuan, reflecting a 31.4% increase year-on-year [2][3]. - Research and development expenses amounted to 60.55 million yuan, marking a 35.21% increase from the previous year [2][3]. Product and Market Insights - The growth in net profit is attributed to the increased sales volume and gross profit from the series of long-chain dicarboxylic acids [4]. - Long-chain dicarboxylic acids (LCDA) are gaining traction in various applications, including the production of high-performance materials and pharmaceuticals [5]. - Kasei Biotech is positioned as a leading global supplier of bio-manufactured long-chain dicarboxylic acids, capitalizing on the market shift from traditional chemical methods to more sustainable production [5]. Capacity and Future Outlook - Kasei Biotech has a production capacity of 115,000 tons per year for bio-manufactured long-chain dicarboxylic acids and other related products [7]. - The company has successfully ramped up production of new products, such as dodecanedioic acid, contributing to significant revenue growth [6].

Group 1 - The core viewpoint of the news is that Angel Yeast will face a lock-up expiration of 2.765 million shares next week, with a market value of approximately 98.49 million yuan, accounting for 0.32% of the pre-expiration circulating market value [1] - The type of shares being unlocked is equity incentive restricted shares, with the expiration date set for May 7, 2025 [1] - The shareholders involved in this lock-up expiration include core technical personnel and management, with the largest portion being 2.7078 million shares held by core staff [1] Group 2 - Angel Yeast Co., Ltd. is located in Yichang, Hubei Province, and was founded in 1986, specializing in yeast and deep-processed products widely used in various fields [2] - The company has a total fermentation capacity of 400,000 tons, holding a 55% market share in China and over 18% globally, making it the second-largest yeast producer in the world [2] - Angel Yeast has established a national-level enterprise technology center and has been recognized with over 300 authorized invention patents, contributing to the formulation of all national and industry standards in the yeast sector [2]

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月26日，第三届中国（安徽）科交会专项活动——合成生物平台建设和科技招商专项活动在合肥举办。 在重大项目签约环节，合肥高新区管委会、芜湖三山经开区管委会等地方政府单位与上海凯赛生物、深圳华大基因等企业集中签约了"生物基复合材料新 能源结构件研发制造项目"等5项"双招双引"重点项目， 累计投资达11.8亿元 。 其中，芜湖市三山经开区与 福莱 明生物 签约" 重组胶原蛋白和类胶原蛋白产品研发产业化项目 "；合肥市庐阳区与 华大基因 农业 签约" 华大生物农业 应用研究院建设和科技成果产业化项目 "； 安徽科宝生物 与中科院合肥物质研究院合作签约" 名贵中药材体培牛黄及其关键原料胆红素生物制造产业化 核心技术攻关 "项目，合肥高新区与 凯赛生物 签约" 生物基复合材料新能源结构件研发制造项目 "。 此外，由中国科学技术大学副校长周丛照、安徽师范大学常务副校长熊宇杰等专家学者发起的 安徽省合成生物学会 （筹）组建启动仪式也在当天举行。 资料来源： 添加微信请备注 ...

Core Viewpoint - The company reported a slight decline in revenue and net profit for Q1 2025, primarily due to high base effects and weakened demand in the large infusion segment, but maintains a positive outlook for steady profit growth in 2025 driven by product upgrades and new market explorations [1][2]. Group 1: Financial Performance - Q1 2025 revenue reached 3.079 billion yuan, a year-over-year decrease of 2.10%, with net profit attributable to shareholders at 507 million yuan, down 1.26% year-over-year [1]. - The large infusion segment saw a revenue decline of 16% year-over-year, totaling 770 million yuan, attributed to high base effects and seasonal demand fluctuations [1]. - Non-infusion segment revenue for Q1 2025 was 2.28 billion yuan, reflecting a year-over-year increase of 3.35%, driven by growth in gynecology and oncology specialties [2]. Group 2: Segment Analysis - The large infusion segment is expected to stabilize in sales volume, with ongoing upgrades in packaging and production efficiency to maintain profit levels despite revenue declines [1]. - The non-infusion segment's growth is supported by steady performance in chronic disease treatments and strong sales in specialty areas, particularly gynecology and oncology [2]. - The raw materials segment experienced an 8.7% year-over-year revenue decline, but is anticipated to recover due to new product introductions and improved sales volumes [2]. Group 3: Growth Potential - The company has established eight core technology platforms and is advancing over 20 key projects, indicating a robust pipeline for future growth [2]. - Expansion into e-commerce and OTC channels is expected to contribute to a targeted revenue growth of 10% in 2025 [2]. - New product launches, including innovative drugs for diabetes and antiviral treatments, are projected to drive revenue growth, supported by a strong sales team [2]. Group 4: Profit Forecast and Valuation - The company forecasts EPS of 1.69, 1.83, and 1.96 yuan for 2025, 2026, and 2027 respectively, with a target price of 27.04 yuan based on a 16x PE ratio for 2025 [3].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company achieved a revenue of 5.76 billion yuan in 2024, representing a year-on-year growth of 19.4%, and a net profit attributable to shareholders of 1.4 billion yuan, up 48.9% year-on-year [3]. - In Q1 2025, the company reported a revenue of 1.3 billion yuan, a decline of 14.9% year-on-year, and a net profit of 290 million yuan, down 18.3% year-on-year [3][5]. - The strong performance in 2024 was driven by robust growth in the main business, particularly in pharmaceutical intermediates, with a revenue of 5.4 billion yuan, up 19.5% year-on-year [4]. - The company is expected to see improvements in performance throughout 2025, with a focus on maintaining price stability in key products and leveraging AI technology for cost reduction [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.76 billion yuan, with a net profit of 1.4 billion yuan, and a gross margin of 36.39% [7][11]. - The forecast for 2025 indicates a slight revenue increase to 5.88 billion yuan, with net profit expected to remain stable at 1.41 billion yuan [7][11]. Business Segments - The pharmaceutical intermediates segment showed strong growth, with key products like penicillin intermediates and cephalosporin intermediates experiencing significant revenue increases [4]. - The company is expanding its synthetic biology segment, with several products entering production, indicating potential for future growth [6]. Future Outlook - The company is projected to maintain stable profit levels from 2025 to 2027, with net profits of 1.41 billion yuan in 2025 and gradually increasing to 1.46 billion yuan by 2027 [6][7]. - The anticipated PE ratios for the forecasted years are 19 for 2025 and 18 for 2026 and 2027, reflecting a stable valuation outlook [7][11].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 27.04 RMB [7][8]. Core Views - The company reported Q1 2025 revenue of 3.079 billion RMB (down 2.10% year-on-year) and a net profit of 507 million RMB (down 1.26% year-on-year), primarily due to a high base in the large infusion segment and weakening demand [1]. - Despite a slight decline in the large infusion segment, the company is expected to see steady net profit growth in 2025, driven by packaging upgrades and an increase in the proportion of nutritional and therapeutic infusions [1][4]. - The non-infusion segment showed robust growth, with Q1 2025 revenue of 2.28 billion RMB (up 3.35% year-on-year), supported by steady performance in chronic disease products and strong growth in specialty areas like gynecology and oncology [3]. Summary by Sections Infusion Segment - Q1 2025 revenue for the infusion segment was 770 million RMB (down 16% year-on-year), affected by high base effects and seasonal demand fluctuations [2]. - The company anticipates a slight decline in revenue for the large infusion segment but expects to maintain profit levels through cost reductions via packaging upgrades and automation [2]. Non-Infusion Segment - The non-infusion segment's revenue growth is driven by chronic disease products and specialty areas, with a 15% year-on-year increase in the specialty segment due to the launch of new oncology products [3]. - The raw material drug segment experienced an 8.7% year-on-year decline, but the company expects recovery in 2025 due to new product launches and improved sales [3]. Potential Growth Points - The company has established eight core technology platforms and has over 20 core projects in development, indicating a strong pipeline for future growth [4]. - The expansion into e-commerce and OTC channels is expected to contribute to a 10% revenue growth target for 2025 [4]. Profit Forecast and Valuation - The company’s EPS is projected to be 1.69 RMB for 2025, with a PE ratio of 16 times, aligning with the industry average [5][6]. - The revenue forecast for 2025 is 11.605 billion RMB, reflecting a growth rate of 3.51% [6].

Group 1 - Gao Yi Asset recently conducted research on three listed companies, including Muyuan Foods, Zhongmi Holdings, and Taiji Group [1][2][3] - Muyuan Foods has partnered with Element Driven to establish Henan Muyuan Anliang Company, with a synthetic biology project that has commenced production at an annual capacity of 30,000 tons [1] - Zhongmi Holdings holds an 11.11% stake in Chengdu Chuanha Robot and Intelligent Equipment Research Institute, and has technological advantages in the field of sealing components for new energy vehicle batteries [2] - Zhongmi Holdings has won bids for water conservancy projects in Yunnan, marking its first breakthroughs in flow regulation valves with a diameter of DN1000 [2] - Taiji Group has developed "Taiji Acute Support Health" smart body and collaborated on the "Herbal Intelligence Library · Traditional Chinese Medicine Model" with several institutions [3] - Taiji Group's subsidiary, Sichuan Nanchong Pharmaceutical Co., produces pediatric hepatitis granules for clearing heat and dampness, and relieving pain [3] Group 2 - Gao Yi Asset Management is a prominent private equity fund management company in China, known for its strong research capabilities and large management scale [4] - The company focuses on capital markets and aims to provide top-notch research support and resources to outstanding investment managers [4] - The research team consists of over 30 members, including experienced investment managers and award-winning fund managers from leading firms [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 2.371 billion, a year-on-year increase of 9.04%, and a net profit of CNY 100 million, up 15.9% [1] - In Q1 2025, revenue reached CNY 625 million, a growth of 20.35%, with a net profit of CNY 51.12 million, increasing by 13.23% [2] - The net cash flow from operating activities for 2024 was CNY 498 million, a significant increase of 150.76% [2] Product Performance - The veterinary pharmaceutical segment saw a 21% increase in sales volume and a 21.47% rise in revenue in 2024; Q1 2025 sales volume surged by 55.55% [2] - The expected annual sales volume for 2025 is approximately 100,000 tons of gold mildew powder, reflecting a growth of around 65% [2] - The gross margin for gold mildew premix in 2024 improved by about 10 percentage points due to a 16.31% decrease in corn prices [2] Market Expansion - The U.S. market is the largest overseas market, accounting for about two-thirds of exports; the company plans to raise prices in the U.S. market starting May 1, 2025, to cover increased tariffs [3] - The company is expanding its product applications, with new approvals for gold mildew premix for sheep and ongoing applications for cattle and rabbit [2] Strategic Developments - A strategic cooperation agreement was signed with Shanghai Jiao Tong University for synthetic biology applications, aiming to develop new products and improve existing processes [2] - The company has established a pet division in Shanghai, with 8 health products and 1 rabies vaccine currently available, and 11 products under application [3][5] Investor Engagement - The company engaged with various investors and analysts during an online conference, discussing financial performance, market strategies, and product developments [1] - Key questions from investors included the pricing strategy for gold mildew products and the company's market share in the U.S. [3][4]

日前，韩国出台了全球首个合成生物法，而正在此时，韩国一家替代蛋白质初创公司传来重大融资消息。 INTAKE 利用当地种植的葡萄开发了一种 酵母菌株 ，其蛋白质含量比传统酵母高 1.5 倍 ，旨在取代 乳清蛋白 。该菌株通过适应性进化，并非转基因产 品，因此不受重大监管限制。尽管如此，Intake 正在准备所有必要的数据，以获得美国食品药品监督管理局的 NDI（新膳食成分）和 GRAS认证，确保不存 在任何安全问题。 此外，Intake 正在利用基于 CRISPR 的基因编辑技术，在原生菌株中表达，研发血红素蛋白——一种已知赋予牛肉红色和肉味的主要成分。植物肉巨头 Impossible Foods 也利用精准发酵技术，为其牛肉类似物生产血红素蛋白。 该公司还在利用该技术开发 蛋清蛋白 。加州的 Every Company 和芬兰的 Onego Bio 是这一领域的领导者，前者销售重组鸡蛋蛋白已有数年，后者最近获准 在美国销售其成分。 Intake 现有的业务包括补水品牌 Vital Water，去年为公司带来了 1520 万美元的净收入，年增长率达 30%。Innocent 品牌旗下销售素食饺子、肉丸、沙拉三 ...