证券代码：300138 证券简称：晨光生物 晨光生物科技集团股份有限公司 投资者关系活动记录表 编号：2025-005 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | √其他 （电话会议） 天风证券吴立/陈潇/林毓鑫、中金公司宗旭豪、信达证券赵雷、 | | | 财通证券吴文德、中信证券罗寅、方正证券谌保罗、申万宏源 | | | 王子昂、长江证券陈硕旸、西南证券杜雨聪、国泰海通蔡子慕、 | | 参与单位名称及 | 博时基金谢泽林、天弘基金田继龙、广发基金顾益辉、华泰资 | | 人员姓名 | 管陈少楠、泓德基金郑名洋、PleiadInvestmentAdvisors | | | LimitedSimonSun、Sequoia Capital 闫慧辰、源乘私募曾尚、 | | | 彬元资本周振兴等 67 名投资者。 | | 时间 | 2025 年 07 月 10 日 | | 地点 | 河北省邯郸市曲周县城晨光路 1 号会议室 | | | 其他各电话会议方 ...

Core Viewpoint - The company, Morning Bio, is experiencing a significant recovery in its performance, with a projected net profit increase of 102.33% to 132.38% in the first half of 2025 compared to the same period last year, primarily driven by the recovery of its cottonseed business and growth in plant extraction products [1][4]. Group 1: Financial Performance - Morning Bio expects a net profit of 202 million to 232 million yuan in the first half of 2025, compared to 99.83 million yuan in the same period last year [1][4]. - In 2023, the company achieved a record high revenue of 6.872 billion yuan and a net profit of 480 million yuan [3]. - In 2024, the company faced challenges with a net profit drop of 80.39% to 94.05 million yuan due to significant losses in the cottonseed business [3][4]. Group 2: Business Segments - The recovery in the cottonseed business is attributed to improved market conditions, with the company planning to increase the protein content in its products to enhance profitability [4][7]. - The plant extraction business, including products like chili red, chili essence, and stevia glycosides, has shown a year-on-year increase in gross profit, contributing to overall performance improvement [1][4]. Group 3: Industry Position - Morning Bio has become the largest listed company in China's plant extraction industry and ranks among the top tier globally, competing with international leaders [5][6]. - The company has developed proprietary technologies for extracting chili red pigment, positioning China as a leading producer in this sector [5]. Group 4: Technological Advancements - The company has invested nearly 10 million yuan in process improvements for its cottonseed business and over 3 million yuan in upgrading its stevia production line, achieving a 30% reduction in production costs [7]. - The first quarter of 2025 saw the plant extraction business generate 867 million yuan in revenue, a 13.78% increase year-on-year, attributed to a successful volume-based pricing strategy [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Views - The company is experiencing a performance recovery that exceeds expectations, with growth potential still present in the mid-term [1]. - The recovery in the cottonseed business is a significant factor contributing to the strong performance in the first half of the year, supported by favorable market conditions [2]. - The company is positioned as a leader in the plant extract sector, with stable profitability from key products and a strategic plan that is progressing steadily [9]. Financial Summary - **Revenue Forecast**: The company expects to achieve revenues of 6,872 million yuan in 2023, with a growth rate of 9.1%. Projections for 2024 and 2025 show revenues of 6,994 million yuan and 7,064 million yuan, respectively, with growth rates of 1.8% and 1.0% [1]. - **Net Profit**: The forecasted net profit for 2023 is 480 million yuan, with a year-on-year growth of 10.5%. However, a significant drop is expected in 2024, with a projected net profit of 94 million yuan, reflecting an 80.4% decline. A recovery is anticipated in 2025, with a net profit of 346 million yuan, representing a growth of 268.1% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to be 0.99 yuan in 2023, dropping to 0.19 yuan in 2024, and recovering to 0.72 yuan in 2025 [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to be 13.7 in 2023, soaring to 70.0 in 2024, and then stabilizing at 19.0 in 2025 [1][9]. Market Conditions - The cottonseed market is showing a stable upward trend, which has positively impacted the company's performance in the first half of the year [2]. - The company is expected to benefit from multiple growth drivers, including increased product volume, improved efficiency in overseas plantations, and a growing demand for health products [2].

Q2 业绩超预期，棉籽持续回暖，植提业务向好。单25Q2 看，预计公司营业收入为17.44-20.44 亿元， 同比-0.9%至+16.2%，预计公司归母净利润为0.93-1.23 亿元，同比+51.1%至+100.1%，预计公司扣非归 母净利润为0.78-1.08 亿元，同比+147.5%至+242.6%。25H1 棉籽类业务行情回暖，公司严格执行对锁经 营模式，同比实现扭亏为盈；植提类业务中，辣椒红、辣椒精、甜菊糖苷等植提类业务毛利润均实现同 比增长，植提呈现向好趋势 短期看棉籽业务盈利修复，中长期植提业务景气度向上。棉籽业务方面，25 年，公司在严格执行对锁 经营模式的情况下，锁定了加工环节的利润，全年盈利改善的趋势较强；植提业务方面，当前多个植提 产品价格处于相对低位，有望逐渐企稳向好，25 年4 月，美国FDA 宣布计划将于26 年底前逐步停止使 用石油基合成的食品色素，我们认为美国FDA 此举将有望推动全球人工色素的加速淘汰，天然色素占 比将提升，推动公司的辣椒红、叶黄素、番茄红素等天然色素的需求增长，植提业务的毛利率有望提 升。 盈利预测与投资评级：公司作为植物提取物龙头企业，植提技术行业领先， ...

内容概要：桑叶提取物是从桑树叶片中提取的活性成分，富含多种生物活性物质。得益于桑叶的药用和 保健价值被不断挖掘，以及国内外市场对天然植物提取物需求的增长，我国桑叶提取物行业近年来发展 迅速。我国是全球桑叶资源最丰富的国家之一，产业链从种桑养蚕延伸到高附加值提取物，形成了一定 规模。2024年，国内桑叶提取物市场规模19917万元，行业产值27658万元，产能834吨，产量563吨，需 求量411.5吨；预计2025年，我国桑叶提取物市场规模将达21765万元，行业产值将达30065万元，产能 将达892吨，产量将达598.4吨，需求量将达439.7吨。随着桑叶提取物在医药、食品、保健品等领域的应 用不断扩大，市场规模将逐年增长。特别是随着功能性食品的兴起和消费者对天然、健康产品的需求增 加，桑叶提取物作为天然、健康的添加剂，市场潜力巨大。桑叶提取物细分市场将呈现多元化与专业化 并行的发展态势。 二、桑叶提取物行业发展现状 上市企业：莱茵生物（002166） 桑叶在中国种植历史悠久，不仅具有较高的经济价值、药用价值，也具有一定的食用价值，是优良的食 药同源作物。我国桑树资源丰富，为桑叶提取物行业提供了坚实的原料 ...

证券代码：833230 证券简称：欧康医药 公告编号：2025-049 成都欧康医药股份有限公司 投资者关系活动记录表 √特定对象调研 二、 投资者关系活动情况 活动时间：2025 年 5 月 27 日 活动地点：成都欧康医药股份有限公司 参会单位及人员：西南证券 上市公司接待人员：董事会秘书、财务总监：曹永强先生 三、 投资者关系活动主要内容 问题 1、请问公司主要核心产品价格变动情况及未来的价格走势如何？ 回复：公司产品根据原料丰收或歉收情况，采用成本加成与市场渗透相结 合的定价策略。2024 年，公司槐米系列产品（含槲皮素、芦丁、鼠李糖等）综 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 合单价同比下降 15%以上，枳实系列产品（含地奥司明、查尔酮、橙皮苷、枳 实黄酮等）综合单价同比上升 35%以上。今年新原料上市前，部分产品价格根 据市场行情有小幅度下调。 未来价格走势将取决于原料收成情况和与市场竞争格局变化，原料丰收时 产品价格随之下降，原料歉收时价格会上调。公司将持续优化产品结构，通过 新建项目实现量产来降低成本以对冲价格波动风险，提升公司产品在食品添加 剂 ...

证券代码：833230 证券简称：欧康医药 公告编号：2025-045 成都欧康医药股份有限公司 □分析师会议 □路演活动 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 29 日（周二）15:00-16:00 活动地点：公司 2024 年年度报告业绩说明会于 2025 年 4 月 29 日（周二） 15:00-16:00 在上海证券报·中国证券网（https://roadshow.cnstock.com）举行，通 过网络方式与投资者进行了沟通和交流。 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：赵卓君先生；公司董事会秘书、 财务负责人：曹永强先生；公司保荐代表人：罗泽先生。 三、 投资者关系活动主要内容 公司在 2024 年年度业绩说明会上就投资者 ...

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit and earnings per share, indicating strong operational efficiency and profitability despite revenue challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.716 billion yuan, a year-on-year decrease of 0.9% [1]. - The net profit attributable to shareholders was 109 million yuan, reflecting a year-on-year increase of 183.7% [1]. - Basic earnings per share (EPS) reached 0.2266 yuan, up 212.6% year-on-year [1]. Business Segment Analysis - The cottonseed business has returned to normal operations, while the plant extraction business has exceeded expectations [2]. - The plant extraction segment generated revenue of 867 million yuan, a year-on-year increase of 13.8%, with a gross margin improvement of 2.15 percentage points [2]. - The cottonseed segment reported revenue of 760 million yuan, a year-on-year decrease of 9.5%, with a gross margin of approximately 6.1% [2]. Market Strategy - The company adopted a strategy of "price for volume," leading to increased sales volume and revenue growth in various product lines [3]. - The price of chili red pigment significantly decreased, resulting in a revenue increase of approximately 7% due to volume elasticity [3]. - The company capitalized on domestic raw material cost advantages to expand into overseas markets, with chili extract sales doubling and contributing to a revenue increase of about 24% [3]. Long-term Outlook - The company is focused on long-term advantages, expanding overseas planting bases, and making breakthroughs in new businesses such as traditional Chinese medicine and health products [3]. - The company anticipates maintaining high growth rates in performance as major products return to a cyclical uptrend [3]. Investment Recommendation - The company is a leading player in the plant extract sector, with stable profitability in key products and a strong growth trajectory in market share [4]. - The ongoing construction of the Zambia plantation is expected to further reduce costs, and the health product business shows significant potential for growth [4]. - Projected EPS for 2025-2027 is 0.67, 0.83, and 1.00 yuan, with corresponding price-to-earnings ratios of 16.3X, 13.1X, and 10.9X, maintaining a "buy" rating [4].

近年来,青少年近视已成为全球公共卫生问题。我国作为近视高发地区,儿童青少年总体近视率超过50%, 高度近视引发的视网膜病变风险更令人担忧。在现有的防控手段中,0.01%低浓度阿托品滴眼液虽被广泛 使用,但其对眼轴增长的控制效果有限。而一项来自日本的突破性研究发现,天然植物提取物藏红花酸 (Crocetin)不仅能够延缓眼轴增长,还能显著增厚脉络膜,为近视防控开辟了新路径。 一、现有近视防控的困境:阿托品的局限 低浓度阿托品通过麻痹睫状肌放松调节,能有效延缓近视度数增长(约60%控制率),但其对眼轴的控制效果 (约30%)却明显不足。研究发现,这种差异源于阿托品的双重作用: 1. 验光偏差:其扩瞳作用可能导致验光度数测量值偏低; 2. 代偿效应:长期使用会诱导晶状体变薄,通过屈光力下降对冲眼轴增长的影响 这意味着,即便近视度数看似稳定,眼球的病理性拉长仍在持续,而眼轴每增长1mm,近视度数加深约 200~300度,视网膜脱离风险也随之升高。因此,寻找能直接抑制眼轴增长的干预手段迫在眉睫。 二、藏红花酸的发现:从分子筛选到动物验证 2018年,日本研究团队在《自然·眼科研究》发表了一项开创性研究。他们从207种天 ...

证券代码：300138 证券简称：晨光生物 晨光生物科技集团股份有限公司 | 性。受豆粕等大宗农产品行情影响，今年以来棉籽加工行 | | --- | | 业行情回暖，公司把握市场机遇，严格执行对锁的经营模 | | 式，2025 年一季度棉籽类业务经营同比显著改善。 | | 7、公司短期借款增长比较多的原因？ | | 2025 年一季度，为准备下阶段原料采购所需资金及置 | | 换前期融资，公司新增了短期融资。因融资资金到位、计 | | 划偿还的银行借款尚未到期并偿还，一季度末账面短期借 | | 款规模增长较多，相应货币资金也大幅增长。 | | 8、2025 年公司在保健食品和中药方面有哪些新规划？ | | 保健食品 2024 年收入约 1.6 亿元，目前正在建设新的 | | 生产车间，新产能投产能够支撑公司保健食品业务规模继 | | 续增长。目前保健食品业务以 OEM 代工为主，2025 年将致 | | 力于研发新的功效明确、有晨光特色的产品，争取以卓越 | | 的品质和服务不断扩大在行业内的影响力。 | | 中成药业务仍在早期发展阶段，2024 年收入突破 1000 | | 万元，2025 年重点将放单方大 ...