Core Viewpoint - The establishment of the Synthetic Biology and Bio-Manufacturing Institute at Tianjin University marks a significant step in advancing synthetic biology education and research in China, aiming to respond to the challenges of the biotechnology revolution and the transformation of the bio-manufacturing industry [1][2][3]. Group 1: Strength in Synthetic Biology - Tianjin University has a strong foundation in synthetic biology, housing the National Key Laboratory of Synthetic Biology and the Ministry of Education's "Zhu Feng Plan" Frontier Science Center for Synthetic Biology, leading to a vibrant innovation team composed of academicians and national-level talents [2][3]. - The university has undertaken 34 national key research and development projects and has published the highest number of research papers in synthetic biology globally over the past three years [2][3]. Group 2: Goals for World-Class Discipline - The new institute aims to integrate multidisciplinary resources and leverage artificial intelligence to enhance teaching and research, creating a comprehensive talent cultivation and research innovation platform [3]. - The institute plans to achieve significant breakthroughs in forward-looking basic research and leading original results, producing key common technologies and disruptive innovations to support sectors such as healthcare, energy materials, biological breeding, and environmental governance [3]. - A dynamic adjustment mechanism for professional disciplines will be established, along with interdisciplinary courses and practical projects, fostering a cross-disciplinary learning and research environment for students [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 revenue was 4.39 billion yuan, a year-on-year decrease of 29.42%, and the net profit attributable to the parent company was 584 million yuan, down 43.07%. The performance was generally in line with expectations [7] - The decline in revenue and profit was primarily due to a high base in Q1 2024, the impact of centralized procurement on the infusion business, and fluctuations in the prices of raw materials and intermediates [7] - The company is expected to maintain stable profits in its three main businesses (large-volume infusion, raw materials, and generic drugs) while benefiting from the commercialization of innovative drugs [7] Financial Forecasts - Total revenue forecast for 2023A is 21.454 billion yuan, with a year-on-year growth of 12.69%. For 2024A, it is projected at 21.812 billion yuan, with a growth of 1.67%. The forecast for 2025E is 25.3 billion yuan, reflecting a growth of 15.99% [1][8] - The net profit attributable to the parent company is forecasted to be 2.456 billion yuan for 2023A, with a growth of 44.03%. For 2024A, it is expected to be 2.936 billion yuan, a growth of 19.53%, and for 2025E, it is projected at 3.534 billion yuan, with a growth of 20.37% [1][8] - The earnings per share (EPS) for 2025E is estimated to be 2.21 yuan, with a price-to-earnings (P/E) ratio of 16.37 [1][8] Business Segments - The large-volume infusion segment is expected to maintain stable profits despite a projected revenue decline of 11.9% for 2024, primarily due to price impacts from centralized procurement [7] - The raw materials and intermediates segment is forecasted to achieve a revenue of 5.86 billion yuan for 2024, with a growth of 21%. The company anticipates stable profits in this segment for 2025 [7] - The generic drug segment is expected to maintain positive growth, driven by new products that can achieve significant market share through centralized procurement [7] Innovation and Internationalization - The innovative pipeline is expected to continue contributing significant revenue, with several products receiving approval and entering the market [7] - The company is actively pursuing internationalization, with ongoing clinical trials and potential overseas registrations for its innovative products [7]

作为新质生产力的代表，合成生物学、生物制造以及生物产业，近些年，受到来自政产学研用金各 方广泛关注和重点支持，多地政府将合成生物制造产业写进工作报告。 科学家、企业家和投资家， 在产业发展中发挥着重要作用。 融行业智慧、共襄盛举 扫码！锁定免费参会名额！ 话题将覆盖： 农业、食品与能源， 医美、医药、大健康 ， 合成生物技术、中试放大与商业化， 以 及 项目路演 等多个方面，诚邀莅临，共襄盛举！ 往期精彩： 聚产业力量、擘画未来 第三届SynBio Suzhou中国合成生物学"科学家+企业家+投资家"大会 将于2025年8月1-2日在 苏州 国际博览中心 举办（同期举办 第七届CMC-China博览会 ）！ 圆满落幕！下一站去哪？2023中国（苏州）合成生物学创新峰会成功举办 2023中国(苏州)合成生物学产业技术峰会圆满落幕 合成生物，聚势苏州：2024中国合成生物学"科学家+企业家+投资家"大会圆满召开！ 大会主办丨 Synbio深波 会议时间 | 2025年8月1-2日 会议地点 | 中国·苏州·国际博览中心B馆 扫码！锁定免费参会名额！ 往期嘉宾 阵容 (按首字母排序,排名不分先后，嘉宾单位或头衔为参 ...

Core Viewpoint - Solena Materials, a UK-based synthetic biology company, has raised $6.7 million in seed funding to scale the production of sustainable high-performance textile fibers made from novel protein fibers [1][2]. Group 1: Company Overview - Solena was founded in 2022 and previously secured €3.6 million in seed funding from Insempra [2]. - The company utilizes artificial intelligence to custom design protein fibers at the molecular level, optimizing characteristics such as appearance, feel, and tensile strength [2][3]. - Solena's technology represents a paradigm shift in protein fiber design, allowing for the creation of fibers that do not currently exist in nature [2][3]. Group 2: Technology and Production - The company’s approach involves designing proteins from scratch, making the production process simpler, more cost-effective, and highly scalable compared to traditional methods [2]. - Solena plans to relocate to a larger facility at the I-HUB building in Imperial College London to enhance collaboration with renowned fashion brands and increase production capacity [2]. Group 3: Industry Impact - The innovative technology of Solena is seen as a model for accelerating material discovery, combining computational design with rapid evaluation of fiber morphology [3]. - The protein-based fibers developed by Solena aim to replace petrochemical-derived materials, offering biodegradable and functional alternatives for consumers and industries [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 revenue was 4.39 billion yuan, a year-on-year decrease of 29.42%, and the net profit attributable to the parent company was 584 million yuan, down 43.07% [7] - The decline in revenue and profit is attributed to a high base in Q1 2024, the impact of centralized procurement on the infusion business, and fluctuations in the prices of raw materials and intermediates [7] - The company is expected to maintain stable profits in its three main businesses: large-volume infusion, raw materials, and generic drugs, while the innovative drug pipeline is anticipated to contribute significantly to revenue [7] Financial Forecasts - Total revenue is projected to reach 25.3 billion yuan in 2025, with a year-on-year growth of 15.99% [1] - The net profit attributable to the parent company is expected to be 3.53 billion yuan in 2025, reflecting a growth of 20.37% [1] - The earnings per share (EPS) is forecasted to be 2.21 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.37 [1] Business Segments - The large-volume infusion segment is expected to generate 8.91 billion yuan in revenue for the full year 2024, with a decline of 11.9% [7] - The raw materials and intermediates segment is projected to achieve 5.86 billion yuan in revenue for 2024, showing a growth of 21% [7] - The generic drug segment is expected to maintain positive growth, supported by new products entering the market [7] Innovation and Internationalization - The innovative drug pipeline is expected to continue generating significant revenue, with products like TROP2 ADC and others receiving regulatory approval [7] - The company is actively pursuing internationalization, with ongoing clinical trials and potential overseas registrations for its innovative products [7] Valuation Metrics - The company is projected to have a P/E ratio of 12.38 by 2027, indicating a favorable valuation outlook [1] - The net profit margin is expected to improve to 15.28% by 2027 [8]

Financial Data and Key Metrics Changes - For the second quarter of fiscal 2025, the company reported record revenue of $92.8 million, an increase of 23% year over year and 4.6% sequentially [13][24] - Gross margin for the quarter was 49.6%, up from 41% in the same quarter of fiscal 2024, reflecting improved operational efficiency [13][29] - Adjusted EBITDA loss was approximately $14.8 million, an improvement of about $11.9 million compared to the second quarter of fiscal 2024 [30] Business Line Data and Key Metrics Changes - Revenue from Synbio increased to $36 million, a growth of 21% year over year [13][24] - NGS revenue grew to approximately $51.1 million, an increase of 25% year over year [16][25] - Biopharma services revenue was $5.7 million, reflecting a growth of 21% year over year [16][25] Market Data and Key Metrics Changes - Healthcare revenue rose to $52.8 million, up 29% year over year [26] - Industrial chemical revenue increased to $22.8 million, a 12% rise from the previous year [26] - Academic revenue was $16.5 million, up 20% year over year [27] Company Strategy and Development Direction - The company has spun out DNA Data Storage as an independent entity, Atlas Data Storage, to focus on commercialization and drive success [9][11] - The strategy emphasizes operational agility and customer engagement to maintain competitive positioning [18][19] - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, with a focus on innovation and market share growth [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong order bookings exceeding $100 million in the last two quarters [38] - The company is prepared to navigate market volatility and leverage it as an opportunity for growth [36][38] - Management acknowledged challenges in the academic sector but remains confident in the value proposition of their products [72][74] Other Important Information - The company ended the quarter with cash, cash equivalents, and short-term investments of approximately $257.1 million [31] - The company expects gross margin improvements to exceed 50% in the latter half of the fiscal year [34] Q&A Session Summary Question: Impact of tariffs on guidance and demand from competitors - Management indicated that they have accounted for potential tariff impacts in their guidance and noted strong share gains despite macro challenges [40][42] Question: Effect of promotions on academic market growth - Management confirmed that the 20% growth in the academic market was partly due to promotional activities, which they plan to continue until the end of the fiscal year [47][50] Question: Guidance for NGS revenue from top customers - Management expects growth from both existing and new customers, with top customers growing at a rate similar to the overall NGS business [53][54] Question: Reinvestment of savings from the spin-off into R&D - Management confirmed that savings from the spin-off will be partially reinvested into higher priority R&D initiatives [56][61] Question: Academic market's importance and growth assumptions - Management highlighted a significant opportunity in the academic market, with expectations for continued growth despite budget constraints [83][84]

Group 1: Overall Financial Performance - In 2024, the company achieved total revenue of 28.767 billion CNY, with feed product revenue accounting for 19.054 billion CNY (66.24%) [2] - The net profit for 2024 was 715 million CNY, with a year-on-year growth of 115.9% [2] - The overall gross profit margin improved to 15.14% [2] Group 2: Business Segment Performance Feed Segment - In 2024, external sales volume of feed products was 5.4055 million tons, a decrease of 7.6% year-on-year [3] - Revenue from pig feed was 14.658 billion CNY, down 21.7% due to raw material price declines [3] - Aquaculture feed external sales volume decreased by 29.9%, with revenue of 1.33 billion CNY, a 32.3% decline [3] Pig Farming Segment - Total pig output for 2024 was 6.4046 million heads, a 5.9% increase year-on-year [4] - Average profit per head was 175 CNY, with some regions exceeding 300 CNY [4] - The total cost of pig farming was below 14 CNY/kg [4] Seed Industry Segment - In 2024, total sales of corn, rice, and soybean seeds reached 53.5264 million kg [5] - Corn seed sales were 36.3039 million kg, down 9%, generating revenue of 820 million CNY [5] - Soybean seed sales increased by 102%, achieving revenue of 22 million CNY [5] Group 3: Q1 2025 Performance - In Q1 2025, the company reported revenue of 6.865 billion CNY, a 2.4% increase year-on-year [7] - The net profit for Q1 2025 was 134 million CNY, a 164.13% increase [7] - Pig farming output for Q1 2025 was 1.8399 million heads, a 26.7% increase [7] Group 4: Future Technology and Research Initiatives - The company is advancing synthetic biology research, focusing on high-efficiency genetic transformation and gene editing [10] - The establishment of the Agricultural Synthetic Biology Innovation Center aims to develop key technologies in agricultural biotechnology [12] - The center will support the development of new products such as feed proteins and green fertilizers [12] Group 5: Cost Management and Efficiency - The company has implemented measures to reduce costs in pig farming, achieving a complete cost of 12.9 CNY/kg [8] - Strategies include breed improvement, enhanced biosecurity, and optimized nutrition [14] - The company aims to further reduce costs through continuous improvements in various operational aspects [14] Group 6: Market Position and Growth Strategy - The company targets a feed production capacity of 10 million tons, focusing on differentiated product offerings [18] - The market share for seed traits is expected to increase, supported by favorable government policies [17] - The company plans to enhance collaboration across business segments to explore new growth opportunities [19]

Core Viewpoint - Synthetic biology is rapidly transforming various aspects of life, including healthcare, energy, and food production, driven by interdisciplinary research and innovation in biological engineering [1][3]. Group 1: Industry Development - The field of synthetic biology and biomanufacturing aims to design and modify biological systems to address challenges in materials, food, energy, environment, and health [1]. - In 2022, the National Development and Reform Commission emphasized the promotion of synthetic biology technology innovation in the "14th Five-Year Plan for Bioeconomic Development" [3]. - The establishment of the Synthetic Biology and Biomanufacturing Institute at Tianjin University aims to respond to the challenges of the biotechnology revolution and train innovative talents in this field [5]. Group 2: Research and Innovations - Researcher Sun Yuanxia has developed a sugar bioconversion synthesis platform, achieving a breakthrough in the precise total synthesis of rare sugars from carbon dioxide, significantly reducing resource dependency and production time from years to hours [2]. - Tianjin University's research team has utilized synthetic biology strategies to produce rare ginsenosides, known for their high bioactivity and health benefits, providing a new approach for efficient production [5]. - The advancements in biological engineering are expected to lower production costs and enhance accessibility to beneficial compounds like rare ginsenosides for the general public [5].

作为新质生产力的代表，合成生物学、生物制造以及生物产业，近些年，受到来自政产学研用金各 方广泛关注和重点支持，多地政府将合成生物制造产业写进工作报告。 科学家、企业家和投资家， 在产业发展中发挥着重要作用。 融行业智慧、共襄盛举 聚产业力量、擘画未来 第三届SynBio Suzhou中国合成生物学"科学家+企业家+投资家"大会 将于2025年8月1-2日在 苏州 国际博览中心 举办（同期举办 第七届CMC-China博览会 ）！ 扫码！锁定免费参会名额！ 话题将覆盖： 农业、食品与能源， 医美、医药、大健康 ， 合成生物技术、中试放大与商业化， 以 及 项目路演 等多个方面，诚邀莅临，共襄盛举！ 往期精彩： 圆满落幕！下一站去哪？2023中国（苏州）合成生物学创新峰会成功举办 2023中国(苏州)合成生物学产业技术峰会圆满落幕 合成生物，聚势苏州：2024中国合成生物学"科学家+企业家+投资家"大会圆满召开！ 大会主办丨 Synbio深波 会议时间 | 2025年8月1-2日 会议地点 | 中国·苏州·国际博览中心B馆 扫码！锁定免费参会名额！ 往期嘉宾 阵容 (按首字母排序,排名不分先后，嘉宾单位或头衔为参 ...

合成生物学因其具有的革命性和颠覆性创新潜力，已成为世界各国抢占的新科技战略热点。目前，全球 已有 50 多个国家和地区发布合成生物学相关战略部署和支持计划，纷纷通过 加大投入、完善设施、创 新监管 等具体举措，加快抢占未来经济发展制高点。中国凭借完整的产业链优势与政策红利，有望在 合成生物驱动的"新质生产力"浪潮中占据引领地位，进一步释放合成生物在成分定制、资源节约和低碳 转型中的潜力，成为全球生物经济的重要增长极。 2025第二届合成生物制造创新发展大会 将于 2025年5月22-23日 在 上海浦东喜来登由由大酒店 盛大启 幕。本次大会以" 合成新'基'遇，智造赢未来 "为主题，邀请 全球生物制造领域的专家、企业家 和科研 机构 ，聚焦合成生物技术在 医药、食品、化妆品、新材料、AI方向 的应用，共同探讨生物制造技术的 发展趋势、市场机遇与挑战，为全球消费者提供更安全、高效、可持续的创新解决方案。 0元门票限时领取中 邀您直达新质生产力前沿！ 组织架构 ▶ 指导单位： 上海市经济和信息化委员会、上海市浦东新区科技和经济委员会 ▶ 主办单位： 中国医药保健品进出口商会、上海市合成生物产业协会、上海博华国际展 ...