凯赛生物（ [Table_StockNameRptType] 688065） 公司点评 25Q2 业绩持续增长，生物基 PA 商业化放量在即 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-25 | | [Table_BaseData] 收盘价（元） | 51.71 | | 近 12 个月最高/最低（元） | 56.98/32.48 | | 总股本（百万股） | 721 | | 流通股本（百万股） | 583 | | 流通股比例（%） | 80.88 | | 总市值（亿元） | 373 | | 流通市值（亿元） | 302 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 6% 27% 48% 69% 8/24 11/24 2/25 5/25 凯赛生物 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮 ...

Core Viewpoint - The environmental adhesive industry in China is experiencing significant growth driven by government policies, increasing demand for eco-friendly products, and technological advancements in production processes [1][5][16]. Group 1: Industry Overview - Environmental adhesives are made from natural, renewable, or low-toxicity materials, featuring low VOC, formaldehyde-free, and biodegradable characteristics [2][5]. - The market for adhesives is expected to grow steadily during the 14th Five-Year Plan period, with production projected to reach approximately 8.55 million tons and consumption around 7.56 million tons by 2024 [1][10]. - The industry is witnessing a shift towards high-performance, low-carbon, and intelligent upgrades, with water-based adhesives developing rapidly [1][16]. Group 2: Policy Background - A series of policies have been introduced in China to promote the green transformation of the environmental adhesive industry, including the "14th Five-Year" energy conservation and emission reduction plan, which sets specific reduction targets for solvent-based adhesives [5][7]. - The regulatory framework aims to cover the entire production, application, and emission processes, establishing a solid foundation for high-quality industry development [5][7]. Group 3: Industry Chain Analysis - The upstream of the environmental adhesive industry is centered around basic chemical raw material manufacturers, while the midstream involves the production processes, and the downstream applications span various sectors, including construction, packaging, and electronics [8][10]. - The demand for high-performance environmental adhesives is rapidly increasing in emerging industries such as new energy vehicles and photovoltaics [8][10]. Group 4: Current Market Status - The adhesive industry in China is projected to maintain an average annual growth rate of 4.2% in production and 4.3% in sales during the 14th Five-Year Plan period [10][14]. - Despite maintaining production growth, the industry faces challenges such as market demand shrinkage and severe product homogeneity, leading to a decline in sales revenue [14][16]. Group 5: Competitive Landscape - The competitive landscape of the environmental adhesive industry is characterized by a clear stratification, with international giants holding high-end markets and local leaders rapidly expanding their market share in mid-tier segments [20][22]. - Local companies are focusing on breakthroughs in bio-based materials and intelligent production lines to overcome technological bottlenecks [20][22]. Group 6: Development Trends - The industry is moving towards technological innovation, with a focus on water-based, bio-based, and intelligent production technologies to enhance product performance and meet high-end market demands [24][25]. - The demand for environmental adhesives is expected to shift towards high-end and green products, driven by policies and market needs in sectors like new energy vehicles and green buildings [25][26]. - The industry is anticipated to see increased concentration, with leading companies expanding their capabilities through vertical integration and horizontal expansion into high-value sectors [26].

自动播放 自动播放 在新型显示技术迭代与新能源产业崛起浪潮中，功能性涂层材料作为连接基础工业与新兴产业的重要桥 梁，正悄然构筑起中国先进制造业的"隐形基石"。无论是新能源汽车的动力电池封装、消费电子的屏幕 防护，还是航空航天装备的轻量化涂层、医疗设备的生物相容性薄膜，其性能直接决定了下游产品的技 术上限与可靠性。 中国功能性材料行业曾长期陷入"卡脖子"困境，高端市场被日韩企业垄断，核心配方受制于人，环保标 准滞后于国际潮流。在长江三角洲西部、苏浙皖三省交界处的广德市，一家专注于功能性环保可回收材 料和功能性涂层复合材料的企业正以纳米级的精度重构产业格局。全球超过15亿部手机用到了他们的功 能性复合材料，某些型号的手机中，甚至应用了他们研发的 26 种材料。其研发的哑黑遮光膜以超越日 本同行的性能指标打破技术垄断，可回收透明有色复合薄膜的专利技术更开创了行业先河。手机专用可 回收环保材料更以20.1%、18.7%的市场占有率连续两年领跑全球。 本期《隐形冠军》节目将走进国家高新技术企业、安徽省专精特新中小企业——安徽明讯新材料科技股 份有限公司（以下简称"明讯科技"）。从进口代理到自主研发，从技术跟随到标准制定 ...

Core Viewpoint - The article highlights the significant growth and innovation in the bio-based technology sector, particularly focusing on the achievements of Kasei Biotech in the production of bio-based materials and their applications in various industries [4][6]. Group 1: Financial Performance - Kasei Biotech reported a revenue of 1.671 billion yuan for the first half of 2025, marking a year-on-year increase of 15.68% [4]. - The net profit attributable to shareholders reached 309 million yuan, reflecting a year-on-year growth of 24.74% [4]. - The company's non-recurring net profit was 296 million yuan, up 23.67% year-on-year, achieving a historical high in revenue [4]. Group 2: Product Development and Market Position - Kasei Biotech maintains a leading global position in the production of long-chain dicarboxylic acids (DC10-DC18), with a production capacity of 115,000 tons and record sales [6]. - The bio-based dicarboxylic acid project, with an annual output of 40,000 tons, has steadily increased its market share since its launch in 2022, exemplifying the shift from chemical to bio-based production [6]. - The company's dodecanedioic acid was included in the first batch of the "Iconic Products of Bio-Manufacturing" list published by the Ministry of Industry and Information Technology [6]. Group 3: Innovation and R&D - Kasei Biotech has achieved breakthroughs in several innovative projects, including the production of bio-based piperidine and bio-based continuous fiber composite materials, which are being validated by major clients [6][7]. - The company has filed 39 new invention patents, bringing the total to 516, including 400 invention patents [7]. - The AI protein computing platform has accelerated the efficiency of strain modification, leading to improvements in key technologies such as short-chain dicarboxylic acid strain development [7]. Group 4: Industry Applications and Expansion - Kasei Biotech has established a complete industrial chain from monomers to resins and composite materials, with applications in batteries, photovoltaics, construction, hydrogen storage, wind turbine blades, and high-speed rail flame-retardant flooring [8]. - The company is advancing projects such as the bio-based battery shell manufacturing base in collaboration with CATL, with a planned annual output of 41,000 tons of bio-based composite materials [8]. Group 5: Upcoming Events - The fourth Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, focusing on AI and bio-manufacturing, green chemicals, new materials, future food, and agriculture [14][15].

Group 1 - The chemical sector showed strong performance on August 15, with the chemical ETF (516020) rising by 1.81% and reaching an intraday high of 2.11% [1][3] - Key stocks in the sector included Lianhong Xinke, which hit the daily limit, and Jinfa Technology and Xin Fengming, both rising over 6% [1][3] - The basic chemical sector attracted significant capital inflow, with a net inflow of 11.578 billion yuan on the day, ranking high among 30 sectors [3][4] Group 2 - The chemical ETF (516020) has seen substantial net subscriptions, with a total of 32 million yuan over the last 20 trading days [4][6] - The valuation of the chemical ETF is currently at a price-to-book ratio of 2.07, indicating a favorable long-term investment opportunity [6] - Analysts expect a phase of improvement in the chemical industry as the "anti-involution" trend continues, particularly in sub-sectors like pesticides, organic silicon, and polyester filament [7] Group 3 - The chemical sector is experiencing a structural opportunity, with demand in synthetic biology expected to surge and traditional chemical companies adapting to energy and carbon tax challenges [7] - The potassium fertilizer market is showing signs of recovery, supported by international giants reducing production and improving supply-demand dynamics [7] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and focusing on large-cap leading stocks [7]

Core Viewpoint - The epoxy soybean oil (ESBO) market is projected to grow steadily, driven by increasing demand for environmentally friendly plasticizers and regulatory support for non-toxic alternatives to traditional phthalate plasticizers [2][11]. Market Overview - The global epoxy soybean oil market size was $738.42 million in 2020 and is expected to reach $827.15 million by 2024, with a compound annual growth rate (CAGR) of 2.88% from 2020 to 2024 [2]. - By 2031, the market is anticipated to grow to $1,189.78 million, with a CAGR of 5.33% from 2025 to 2031 [4]. Regional Insights - The Asia-Pacific region holds the largest market share, accounting for 53% of global sales in 2024, followed by Europe at 20% [5]. - The industrial grade of epoxy soybean oil is significant, with a projected sales share of 76.47% in 2024, and plasticizer applications are expected to represent 67.25% of sales [5]. Industry Characteristics - The industry is characterized by its bio-based and environmentally friendly properties, as ESBO is derived from renewable soybean oil and is biodegradable [8]. - There is a clear trend towards replacing traditional phthalate plasticizers due to global regulatory restrictions [9]. Application Areas - ESBO is widely used in various sectors, primarily in the PVC industry, including construction materials, packaging, medical devices, food packaging, automotive interiors, and coatings [10]. Favorable Factors - Supportive policies and environmental regulations encourage the use of non-toxic, biodegradable alternatives [11]. - Stable demand growth in downstream industries such as PVC products, flooring, and packaging is driven by urbanization in developing countries [11]. - Technological advancements are reducing manufacturing costs and improving product quality [11]. Challenges - Fluctuations in raw material prices, particularly soybean oil, pose uncertainties for profitability [12]. - The industry faces intense price competition due to high standardization and limited product differentiation [12]. - High certification barriers for food-grade products complicate entry into high-end markets [12]. Entry Barriers - Technical barriers exist, particularly for food-grade or high-purity products requiring advanced processing capabilities [13]. - Regulatory barriers include the need for compliance with international certifications, which can be costly and time-consuming [13]. - Capital investment barriers are significant for small and medium enterprises, especially for projects requiring extensive production and quality control systems [13]. Competitive Landscape - Major global players in the epoxy soybean oil market include companies like Cargill, BASF, and others, with the top three companies holding a market share of 27% in 2024 [5][15].

又是热门的尼龙，不过跟前几天的 中石化、金发科技、神马股份 集体出手的特种尼龙不同，这次是生物基尼龙复合材料，不仅有电池，还有光伏、建筑 等应用，行业一直观望的生物基新材料商业化终于有新突破。 【DT新材料】 获悉，8月11， 由 安徽凯酰时代复合材料有限责任公司 （下称"安徽 凯酰时代 "）承 建的宁德时代-凯赛(合肥)生物基电池壳制造基地项 目。 总投资50000万元，拟建设18条电池壳生产线及配套设施，采用长玻纤和短玻纤生物基尼龙56复合材料板材，达产后可形成年产 250万套生物基电池壳 的 生产能力 ，产品厚度本体大面为 1.0mm 厚、周圈法兰为 3mm 厚。 资料显示， 安徽凯酰时代 是由 凯赛生物 、 宁德时代 旗下产投平台溥泉资本以及 卡涞复材 于2025年2月12日联合成立 ， 法人LIU XIUCAI， 整合生物 基聚酰胺（PA56）合成技术与CTP3.0电池集成工艺， 从事生物基复合材料在电池壳体、储能箱体、汽车零部件以及其他交通领域应用产品的研发、生产 和销售。 | 表 2-4 产品万案一览表 | | | | | | --- | --- | --- | --- | --- | | 产品 ...

Group 1 - The basic chemical and chemical products industry is experiencing a trend of diversification, with synthetic biology entering a pivotal moment and fossil-based materials facing disruptive challenges [1] - The demand for bio-based materials is expected to surge due to cost reductions and breakthroughs in "non-food" raw materials [1] - Electronic specialty gases, as a core component of the electronics industry, have significant domestic substitution potential driven by the demand from semiconductors, panels, and photovoltaics [1] - The third-generation refrigerants are entering a high prosperity cycle, with a continuous reduction in supply and stable demand growth leading to an expanding supply-demand gap and rising prices [1] - Light hydrocarbon chemicals are becoming a global trend, with raw material lightening driving changes in the olefin industry, aligning with carbon neutrality goals [1] - The industrialization of COC polymers is accelerating, with domestic breakthroughs expected, and optical performance advantages driving applications in consumer electronics and new energy vehicles [1] - The MDI industry is seeing an improved supply structure, characterized by high technical barriers and oligopolistic features, making it a resilient chemical product [1] - Potash fertilizer prices have bottomed out, with international giants reducing production and an increase in grain planting intentions improving supply-demand relationships and driving industry recovery [1] Group 2 - The chemical leader ETF (516220) tracks the sub-sector chemical index (000813), which selects listed companies involved in the manufacturing of chemical products and fibers to reflect the overall performance of representative enterprises in the chemical industry [1] - The index employs a balanced industry distribution strategy aimed at accurately capturing market dynamics and industrial upgrade trends in the chemical field [1]

Group 1 - A new company, Jiangxi Lvzhu Yuan Bio-based New Materials Co., Ltd., has been established with a registered capital of 12 million RMB [1] - The legal representative of the company is Jia Huiping, and it is located in the Yanshangang Industrial Park, Dongxiang District, Fuzhou City, Jiangxi Province [1] - The company is primarily engaged in the manufacturing and sales of bio-based materials, as well as the research and development of related technologies [1] Group 2 - The major shareholders include Jiangxi Zhenguan Environmental Degradable New Materials Co., Ltd. (67%), Fuzhou Dongxiang District Industrial and Technological Innovation Investment Group Co., Ltd. (18.83%), and Ganzhou Yourui Membrane New Materials Technology Co., Ltd. (12.17%) [1] - The company operates in the chemical fiber manufacturing industry, specifically focusing on cellulose fiber raw materials and fiber manufacturing [1] - The business scope also includes the sales of renewable resources and the development of carbon fiber recycling technology [1]

蒙旦蜡是塑料加工领域的一种重要的添加剂，以尼龙为例，尼龙改性行业普遍使用 德国蒙旦蜡 作为助剂辅助生产，其中， OP蜡多用做尼龙改性润 滑剂，CaV102、NaV101多用做尼龙改性成核剂 。德国蒙旦蜡来自于独有的富蜡褐煤矿，也是蒙旦蜡的发源地，经过100多年的开采，具备开采价值 的褐煤矿即将枯竭， 非粮生物基化学改性米糠蜡可以有效的替代蒙旦蜡 ，同时更加符合双碳目标，按蒙旦蜡年产⼀万吨计，米糠蜡代替蒙旦蜡，每 年可以减少由于生产蒙旦蜡而产生的1500万吨的褐煤。 重庆合才化工科技有限公司生产的 化学改性米糠蜡 是以稻米油精致过程中废弃物米糠蜡糊为原料，通过水解、氧化、酯化、皂化得到的非粮生物基 化工新材料，是 全球第一家以生物废弃物米糠蜡糊为原料生产高性能化工助剂 的公司， 拥有自主知识产权，性能、供应链稳定安全，在颜色和耐高 温性方面甚至更优越。 重庆合才化工科技有限公司将携最新产品，参加 9月10-12日 于 合肥 召开的 2025高分子产业年会 （展位号A07） 。欢迎各位业界同仁共同参与， 交流合作！ 企业介绍 重庆合才化工科技有限公司生产研发基地坐落于重庆潼南高新区工业园区，公司专注于化学改性米糠 ...