晨光生物 20250710 摘要 晨光生物 2025 年上半年净利润显著增长，预计为 1.74 亿至 2.04 亿元， 同比增长 117%至 154%，主要得益于棉子类业务扭亏为盈和植提业务 销量增长。二季度收入 17.44 亿至 20.44 亿元，同比增长-1%至 16%。 棉子类业务受益于行情回暖和公司对锁采购策略，上半年扭亏为盈。预 计三季度进入淡季，但四季度榨季开始后业务规模将回升。公司加强风 险管控，使其成为稳定现金流和利润的重要资产。 植提业务二季度保持良好恢复态势，尽管辣椒红等产品价格下降，但下 游需求快速增长带动销量增加，毛利率显著改善。预计三季度延续此趋 势，受益于供给侧结构性优化和需求侧天然色素替代。 美国 FDA 禁用石油基合成色素政策可能引发全球范围内的天然色素替代 浪潮，为晨光生物带来巨大市场机遇。公司已布局天然色素 20 多年， 通过提升性价比和技术创新推动天然色素消费量增长。 晨光生物正从生产企业向应用方案服务商转型，通过开发新型产品拓宽 应用领域，与乳制品、调理肉、火锅底料及饮料企业合作，不断丰富天 然植物提取物应用场景，提高产品性价比及使用便利性。 Q&A 2025 年上半年 ...

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].

事件： 7 月9 日，晨光生物发布《2025 年半年度业绩预告》，2025H1，晨光生物预计实现营业收入 34.60 至37.60 亿元，同比-0.89%至+7.71%；预计实现归母净利润2.02 至2.32 亿元，同比增长102.33 至 132.38%。 今年公司植提业务多个主要产品价格均处于底部区间，短期来看，公司未来几年有望持续受益周期叠加 上行；中期来看，梯队产品放量、海外种植基地面积及效率提高、天然色素加速替代、保健品需求持续 扩大等潜在增长，都有望拓展公司的增长曲线。 投资建议：公司是植物提取物领域龙头企业，既有优势品种盈利水平较稳定，规模化品种抢占市场份额 保持较高增速，储备品种前景好，"三步走"战略稳步推进。公司技术领先行业，成本优势显著。赞比亚 种植园持续建设将进一步降低成本，保健品业务持续培育潜力大，短期调整不改长期优势加强趋势，预 计公司2025-2027 年EPS 为0.72、0.83、1.00 元，对应PE 分别为19.0X、16.3X、13.6X，维持"买入"评 级。 风险提示：原材料价格大幅波动、下游需求不及预期、产品出口受阻、原材料采购和加工的季节性，关 税影响。 棉籽行情稳 ...

Core Viewpoint - The company anticipates a mixed performance for the first half of 2025, with revenue expected to range from 3.46 to 3.76 billion yuan, while net profit is projected to significantly increase year-on-year, indicating a strong recovery in its core business segments [1][2] Group 1: Financial Performance - For the first half of 2025, the company expects revenue between 3.46 billion and 3.76 billion yuan, reflecting a year-on-year change of -0.89% to +7.71% [1] - The projected net profit for the same period is estimated to be between 202 million and 232 million yuan, showing a substantial year-on-year increase of 102.33% to 132.38% [1] - In Q2 2025, the company anticipates revenue of 1.744 billion to 2.044 billion yuan, with a year-on-year change of -0.9% to +16.2% [1] Group 2: Business Segments - The cottonseed business is expected to recover profitability in the short term, while the plant extraction business shows positive long-term trends [1] - The company has implemented a strict lock-in operating model for its cottonseed business, which has led to a turnaround in profitability [1] - The plant extraction segment, particularly products like chili red and stevia glycosides, has seen a year-on-year increase in gross profit, indicating a favorable trend [1] Group 3: Market Outlook - The company is positioned to benefit from the FDA's plan to phase out petroleum-based synthetic food colorings by the end of 2026, which is expected to increase demand for natural colorants [1] - The prices of several plant extraction products are currently at relatively low levels, suggesting potential for stabilization and improvement [1] - The company aims to leverage its low-cost industrial production capabilities to efficiently replicate its successful multi-product development model [2] Group 4: Profit Forecast and Investment Rating - The company is projected to achieve net profits of 376 million, 493 million, and 604 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 299%, 31%, and 23% respectively [2] - The company has been upgraded to a "strongly recommended" rating based on its leading position in the plant extraction industry and its strategic growth plans [2]

本次业绩预告是公司财务部门初步测算的结果，具体数据将在公司2025年半 年度报告中详细披露，敬请广大投资者谨慎决策，注意投资风险。 特此公告 证券代码：300138 证券简称：晨光生物 公告编号：2025—067 晨光生物科技集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 本报告期 上年同期 项 目 （2025 年 1—6 月） （2024 年 1—6 月） 营业收入 349,092.99 万元 比上年同期增长：-0.89%至 7.71% 归属于上市公司股东 盈利：20,200 万元—23,200 万元 盈利：9,983.46 万元 的净利润 比上年同期增长：102.33%至 132.38% 归属于上市公司股东 盈利：17,400 万元—20,400 万元 扣除非经常性损益后 盈利：8,003.77 万元 的净利润 比上年同期增长：117.40%至 154.88% 二、业绩预告预审计情况：本次业绩预告相关数据未经注册会计师审计。 三、业绩变动原因说明 的主要影响因素；辣椒红、辣椒精、甜菊糖苷等植提类业务实现的毛利润均同比 ...

Core Viewpoint - Chenguang Biotech has achieved a significant innovation by obtaining approval for sodium chlorogenic acid as a new feed additive, marking a pioneering breakthrough in China's feed industry [1] Group 1: Product Innovation - Sodium chlorogenic acid is extracted from stevia leaves and has been developed using a proprietary short-chain alcohol mixed solution extraction technology, enhancing the yield of the main product, steviol glycosides, while also creating a new product with antioxidant, anti-inflammatory, and antiviral properties [1] - This innovation fills a gap in the global market and improves resource utilization, opening new avenues for the comprehensive use of stevia [1] Group 2: Application in Livestock - In the livestock sector, sodium chlorogenic acid has demonstrated significant functional value, effectively enhancing the immune and antioxidant capabilities of weaned piglets and late-stage laying hens, optimizing gut microbiota, and improving nutrient absorption efficiency [1] - Experimental data indicates that its safety and efficacy meet industry-leading standards [1] Group 3: Market Position and Future Prospects - Chenguang Biotech specializes in the extraction, separation, purification, and application of plant active ingredients, with a diverse product range that includes natural pigments, spices, sweeteners, and health products, positioning it as a leader in the industry [2] - The successful development and application of sodium chlorogenic acid will further solidify Chenguang Biotech's leading position, enhance its brand influence, and increase market competitiveness [2] - The R&D team is accelerating the exploration of sodium chlorogenic acid's applications in food, health products, and pharmaceuticals, with potential in functional food development and chronic disease prevention [2]

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 ...