态势，经营业绩实现高质量增长——前三季度实现营业收入 25.44 亿元，同比增长 13.50%；归属于上市公司股东的净利润 3.62 亿元，同比大幅增长 45.64%，基本每股收益 0.7972 元/股，同比 提升 47.60%，核心指标的亮眼表现，离不开客户的信任，也得 益于公司在产品研发、业务布局和运营管理上的持续深耕。 三季度，公司在核心业务领域亮点纷呈：公司收入规模扩张 与产品结构优化，产品毛利率提升；精益降本与价值创新成效显 著，销售费用、管理费用率同比下降 0.27 个百分点；研发端成 果密集落地，不仅斩获全球首个食品动物用 mRNA 疫苗临床试 验批件，还新增 7 项涵盖生物制品、化药、抗体的新产品获批， 进一步完善了宠物及经济动物医药产品矩阵；战略布局上，公司 完成部分募集资金用途变更，发力万吨级微生物蛋白产业化项 目，向优质蛋白解决方案提供者延伸，同时合资设立瑞圣生物深 化反刍动物疫苗领域合作，为长期发展注入新动能。 公司就投资者在本次说明会中提出的问题进行了回复，主要 问答情况如下： 1、请问公司今年三季度利润增速强于收入增速的原因？ 回复：投资者您好，前三季度归母净利润实现高速增长的原 ...

Core Insights - The Chinese biological manufacturing industry is experiencing robust growth, with a total scale nearing 1 trillion yuan and fermentation capacity accounting for over 70% of the global market [1][2] - Microbial protein represents a disruptive innovation in the food supply system, offering a more efficient and environmentally friendly alternative to traditional agriculture and livestock farming [3][4] Industry Overview - The biological manufacturing sector is characterized by the use of industrial biotechnology, leveraging microorganisms, cells, and enzymes for product production [2] - The industry is currently in a "blue ocean" phase, with less than 1% of microbial species on Earth having been discovered, indicating significant potential for resource exploration and development [2] Technological Advancements - New strains of fungi developed through large-scale industrial fermentation can yield protein content exceeding 50%, comparable to animal-derived meat in terms of nutrition and taste [1] - Synthetic biology techniques are significantly reducing the costs of pharmaceuticals, such as the production of bear bile acid substitutes, which are now much more affordable and environmentally sustainable [4][5] Environmental Impact - Microbial protein production can replace the protein generated from traditional sources like soybeans and livestock, leading to a reduction of over 90% in land, water usage, and carbon emissions [3] - The production facility for fungal protein can replace the protein output of 10,000 cattle or 24 million chickens, showcasing its environmental advantages [3] Policy and Investment - The growth of the biological manufacturing industry is supported by targeted industrial policies and patient capital, which are crucial for scaling production and fostering innovation [5][6] - The Ministry of Industry and Information Technology (MIIT) is actively promoting the application of artificial intelligence in biological manufacturing and facilitating the transition from research to industrial application [7] Collaboration and Innovation - Successful innovation in the biological manufacturing sector requires collaboration between academia and industry, with a focus on integrating research outcomes into practical applications [6][7] - The establishment of innovation centers aims to bridge the gap between basic research and industrial implementation, facilitating the transfer of scientific achievements into market-ready products [7]

Core Viewpoint - The company is actively engaging with investors and addressing concerns regarding its financial performance and future prospects, particularly in the pharmaceutical and new energy sectors. Financial Performance - The company reported that its production and operations are normal, and it is focusing on improving its performance despite facing uncertainties due to market conditions and industry policies [3][6][14]. - The company has been operating at a loss for three consecutive years, but management is committed to enhancing operational efficiency and performance across its key business segments [6][14]. Business Segments - The company is concentrating on three main areas: pharmaceutical manufacturing, lithium battery electrolyte additives, and synthetic biological protein [6][12]. - The pharmaceutical sector is expected to benefit from a stable market demand and the approval of new formulations, which will drive sales growth [13][15]. - The lithium battery additive business is projected to grow due to increasing demand in downstream applications like power and energy storage batteries [12][15]. - The synthetic biological protein segment is seen as a blue ocean market with significant growth potential, supported by government policies and rising demand for alternative proteins [12][15]. Regulatory Approvals - The company has submitted a new food raw material registration for its synthetic protein product to the National Health Commission and has received an acceptance notice, indicating progress towards market entry [2][10]. Market Outlook - The pharmaceutical industry is characterized as a stable growth sector, while the new energy sector is recognized as a strategic development area with ongoing demand growth [12][15]. - The synthetic biological protein market is anticipated to reach a substantial size by 2035, with microbial fermentation protein expected to capture a significant market share [13][15].