证券日报网讯富祥药业（300497）11月14日发布公告，在公司回答调研者提问时表示，公司是他唑巴坦 全球主要供应商，目前三氮唑新工艺他唑巴坦产品顺利完成下游客户合格供应商备案，产品产能将逐步 释放，将不仅能够降低他唑巴坦产品生产成本，同时还能提高产品售价及市场竞争力；公司是全球最大 的舒巴坦供应商，也是国内舒巴坦领域唯一通过国际规范市场认证的供应商，目前舒巴坦产品呈现涨价 趋势；同时，公司正在扩大哌拉西林产品产能，哌拉西林与他唑巴坦、舒巴坦均可配比成为复方制剂， 是市场上的主流品种，需求广阔。此外，公司是国内为数不多的从起始原料到下游原料药全产业链布局 的碳青霉烯类培南系列产品生产商，培南产品市场价格已处于历史低位，价格进一步下降空间小，公司 已与江西师范大学陈芬儿院士团队合作开发连续流酶法工艺，将有望推动培南产品成本下降15%-20%。 ...

证券日报网讯富祥药业（300497）11月14日发布公告，在公司回答调研者提问时表示，他唑巴坦、舒巴 坦是公司主要医药产品，2024年销售收入占公司营业收入40%左右。而6-apa是他唑巴坦、舒巴坦的主 要原材料，根据万得数据显示，截至2025年11月3日，6-apa价格较2024年底下降38%。随着其价格下 降，将有效提升公司医药制造业务毛利率。 ...

吨/年。公司 VC 和 FEC 产品的主要客户是天赐材料、新宙邦等。 2、据说 6-apa 价格下降，请介绍下具体情况，对公司业绩影响 大吗？ 答：他唑巴坦、舒巴坦是公司主要医药产品，2024 年销售收入 占公司营业收入 40%左右。而 6-apa 是他唑巴坦、舒巴坦的主要原材 料，根据万得数据显示，截至 2025 年 11 月 3 日，6-apa 价格较 2024 年底下降 38%。随着其价格下降，将有效提升公司医药制造业务毛 利率。 3、除 6-apa价格下降外，公司医药业务是否还有其他的增长点？ 答：公司是他唑巴坦全球主要供应商，目前三氮唑新工艺他唑 巴坦产品顺利完成下游客户合格供应商备案，产品产能将逐步释放， 将不仅能够降低他唑巴坦产品生产成本，同时还能提高产品售价及 市场竞争力；公司是全球最大的舒巴坦供应商，也是国内舒巴坦领 域唯一通过国际规范市场认证的供应商，目前舒巴坦产品呈现涨价 趋势；同时，公司正在扩大哌拉西林产品产能，哌拉西林与他唑巴 坦、舒巴坦均可配比成为复方制剂，是市场上的主流品种，需求广 阔。此外，公司是国内为数不多的从起始原料到下游原料药全产业 链布局的碳青霉烯类培南系列产品生产商， ...

Group 1: Macro Strategy - The current A-share market resembles the early stages of the 2020-2021 bull market, indicating a slow bull phase driven by strategic funds, similar to the role of foreign capital in early 2020 [1][8] - The market is expected to follow a structural "innovation bull" trend in 2026, as new funds and improved performance from domestic institutions emerge [1][8] Group 2: Fixed Income Market - The bond market remains in a box range, with the central bank maintaining liquidity through reverse repos and net purchases of government bonds, while new redemption fee regulations may cause volatility [2][9] - The 10-year government bond yield is expected to continue a narrow fluctuation pattern, with potential opportunities arising from rapid interest rate increases due to new redemption fee regulations [2][9] Group 3: Company Analysis - Fuxiang Pharmaceutical - Fuxiang Pharmaceutical is set to benefit from a significant increase in the price of vinyl carbonate (VC), which has risen 63% from 4.75 million CNY/ton to 7.75 million CNY/ton due to increased demand in the energy storage sector [6][20] - The company has invested in projects to produce 6,000 tons of lithium battery additives annually, positioning itself as a leader in the industry [6][20] - The decline in the price of 6-APA, a key raw material, is expected to enhance the company's gross margin as high-cost inventory is consumed [6][20] Group 4: Company Analysis - Xiaogoods City - Xiaogoods City has acquired land to develop an integrated cultural and commercial complex, which is expected to expand its market presence and increase revenue and profit [7] - The projected net profit for 2025-2027 is 49.0 billion CNY, 61.6 billion CNY, and 72.8 billion CNY, reflecting growth rates of 59%, 26%, and 18% respectively [7]

舒巴坦和他唑巴坦对6-APA 高度敏感，合成1 吨分别需要消耗1.3 和5吨6-APA。由于原料药企业有一定 原材料库存，因此毛利率的提升还没有完全反映在报表端。随着高价库存消耗完毕，公司毛利率有望提 升。 盈利预测与投资评级：由于微生物蛋白仍需时间进行市场推广、新增折旧规模略超预期，我们调整公司 盈利预测， 2025-2026 年收入由20.0/25.2 亿元调整至11.5/14.9 亿元，2027 年收入为16.4 亿元；2025- 2026 年归母净利润由1.5/2.5 亿元调整至-0.6/1.9 亿元，2027 年归母净利润为2.4 亿元；2026-2027 年对应 当前市值P/E 估值40.78/33.31X。考虑到公司受益于VC 涨价和6-APA 降价，维持 "买入"评级。 风险提示：下游需求不及预期；微生物蛋白商业化进度不及预期。 事件：11 月12 日，根据百川盈孚数据，碳酸亚乙烯酯（VC）价格上涨至7.75 万元/吨。 VC 价格快速上涨，公司产能位居行业前列有望受益。VC 是一种锂电池电解液核心成膜助剂，是锂电 池电解液中的核心添加剂。11 月12 日，VC 最新报价7.75 万元/吨，相 ...

Core Insights - Fuxiang Pharmaceutical reported a revenue of 769 million yuan for the first three quarters of 2025, focusing on the synergistic development of its three core businesses: pharmaceutical manufacturing, new energy lithium battery materials, and synthetic biological microbial proteins [1] R&D Foundation - In the pharmaceutical manufacturing sector, the company is enhancing product potential through green alternatives and process optimizations, leading to a continuous decrease in production costs [2] - The company has achieved a production capacity of 8,000 tons of vinyl carbonate (VC) and 3,700 tons of fluorinated ethylene carbonate (FEC) in its new energy segment, benefiting from a recovering market for electrolyte additives, with prices rising over 20% month-on-month [2] Marketing Expansion - Fuxiang Pharmaceutical is strengthening strategic partnerships with core customers and expanding into international markets, particularly in the synthetic biological microbial protein sector [4] - The establishment of the Weiran Alliance in Shanghai aims to commercialize new protein products and has attracted several international brands as initial members [4] International Market Development - The company has secured a patent in South Korea for its application of short-handled fungus in producing mycelium protein, laying a solid foundation for entering the East Asian market [5] - Fuxiang Pharmaceutical has established a subsidiary in Singapore to focus on the development and sales of microbial protein consumer products, accelerating its overseas market expansion [5][6] Future Outlook - The company plans to continue investing in R&D innovation, enhancing marketing networks, and deepening collaborative innovation with strategic partners to activate new growth momentum [6]

Core Insights - Fuxiang Pharmaceutical reported a revenue of 769 million yuan for the first three quarters of 2025, highlighting its differentiated high-quality development path in the competitive chemical pharmaceutical sector [1] Group 1: R&D and Business Segments - The company is focusing on three core business areas: pharmaceutical manufacturing, new energy lithium battery materials, and synthetic biological microbial proteins, aiming to build a diversified strategic framework [2] - In pharmaceutical manufacturing, Fuxiang is enhancing product potential through green alternatives and process optimizations, leading to a continuous reduction in production costs and reinforcing its competitive position in the active pharmaceutical ingredient market [2] - The new energy segment has established a production capacity of 8,000 tons of vinyl carbonate (VC) and 3,700 tons of fluorinated ethylene carbonate (FEC), benefiting from a recovering market for electrolyte additives, with prices rising over 20% month-on-month [2] Group 2: Marketing and Market Expansion - Fuxiang is enhancing its market presence by deepening strategic partnerships with core customers and expanding into key international markets, thereby creating new growth opportunities [4] - The company has established the Weiran Alliance in Shanghai to facilitate the commercialization of its new protein products, attracting international brands as initial members [4] - Fuxiang is actively expanding into the East Asian market, having secured a patent in South Korea for its production technology, and is developing a subsidiary in Singapore to accelerate overseas market penetration [5] Group 3: Future Outlook - The company plans to continue strengthening its R&D investments, enhancing marketing networks, and fostering collaborative innovation with strategic partners to drive the application of microbial protein technology across various sectors [6]

Financial Performance - The company reported an increase in mid-year performance compared to last year, but remains in a loss state [2] - Future strategies will focus on improving net profit through various products and avenues [2] Pharmaceutical Manufacturing - The decline in raw material prices for 6-APA and the recovery in prices for the key intermediate 4-AA will enhance the gross margin of the pharmaceutical business [3] - Successful completion of supplier qualification for the new process product, Tazobactam, is expected to reduce production costs and improve market competitiveness [3] - Expansion of Piperacillin production capacity is underway, with significant market demand for combination formulations [3] - New compound formulations are being launched, which will drive demand for related products [3] New Energy Business - The company leads in the industry for lithium battery electrolyte additives in terms of shipment volume and cost control [3] - Current prices for these additives are at historical lows, with limited room for further decline; a price rebound could significantly enhance profits [3] Synthetic Biology - The company is a pioneer in microbial protein production, with significant advancements in core strains, production technology, and market access [4][5] - The registration application for the new protein as a food ingredient has been accepted, with expectations for approval in the second half of the year [4][9] - The company is constructing a project with an annual capacity of 200,000 tons of microbial protein, aiming for a production scale of 20,000 tons of microbial protein and 50,000 tons of amino acid water-soluble fertilizer [5][15] Quality and Certification - The new protein has received multiple international certifications, including HALAL and KOSHER, and has passed various food safety management system certifications [6] - The company has developed proprietary strains and achieved international advanced levels in production technology [5][6] Market Expansion and Collaboration - Strategic partnerships have been established with various companies in the microbial protein sector, enhancing market penetration [11] - The company plans to build an open commercial transformation platform to accelerate product commercialization and brand development [10] Product Development - The new protein can be applied in various sectors, including plant-based meat alternatives, protein drinks, and health products [12] - The company is actively developing new applications and has created several product samples for market introduction [12] Environmental and Regulatory Compliance - The company’s production processes aim for zero emissions and align with national agricultural reduction goals [7][14] - The amino acid water-soluble fertilizer is positioned to meet growing market demands due to regulatory support for green products [15]

Core Viewpoint - The company has made significant progress in its strategic development, focusing on optimizing governance structures and enhancing operational efficiency while achieving a reduction in net losses during the first half of 2025 [5][6]. Company Overview - The company reported a revenue of 514.67 million yuan in the first half of 2025, with a net profit attributable to shareholders of -6.91 million yuan, reflecting a year-on-year reduction in losses by 15.55 million yuan [5][6]. Key Developments - The company has optimized its governance structure, ensuring continuity and stability through the re-election of the board and the appointment of senior management [6]. - The company’s new protein product successfully obtained GRAS certification in the U.S., facilitating its entry into international markets [6]. - The company was included in the first batch of the national bio-manufacturing landmark product list, showcasing its technological strength in the field of microbial protein [6]. Future Plans - For the second half of 2025, the company will focus on three main business divisions: pharmaceuticals, new energy, and synthetic biology, aiming to enhance marketing and R&D capabilities [7]. - The pharmaceutical division plans to deepen collaboration with key customers and enhance product development to improve market competitiveness [8]. - The new energy division aims to strengthen strategic partnerships and optimize production processes to reduce costs and enhance operational efficiency [8]. - The synthetic biology division will focus on commercializing its new protein product and expanding its market presence through innovative applications [9][10]. Product Development - The company is advancing its amino acid water-soluble fertilizer product, which utilizes by-products from its new protein production process, aiming for certification and market launch in the second half of 2025 [12].

Group 1: Financial Performance and Market Trends - The company has seen a price decrease of 10-20% in key raw materials like 6-APA, which is expected to improve production costs for products like Shubatan and Tazobactam [2] - The company reported that the production cost of lithium battery electrolyte additives is now at an industry-leading level, although product prices remain low, resulting in lower profit margins [3] - The global market for Penem formulations is substantial and continues to grow, with some product prices showing an upward trend [3] Group 2: Product Development and Regulatory Approvals - The company has submitted the new food raw material registration for its microbial protein to the National Health Commission and received an acceptance notice, indicating progress towards market entry [3][11] - The company is actively expanding its production capacity in the microbial protein sector, with a current capacity of 1,200 tons per year and plans for a 20,000-ton project under construction [13] - The microbial protein market is projected to reach $290 billion by 2035, with a 22% market share for microbial fermentation protein, highlighting significant growth potential [10] Group 3: Strategic Focus and Future Outlook - The company is focusing on three main business segments: pharmaceutical manufacturing, lithium battery electrolyte additives, and synthetic microbial protein, aiming for sustainable growth [5][9] - The company anticipates that the increasing demand for alternative proteins driven by population growth will support the development of the microbial protein sector [10] - The management emphasizes that the pharmaceutical industry is a stable growth sector, with ongoing demand due to aging populations and increased health awareness [9][10] Group 4: Market Challenges and Investor Relations - The company acknowledges that its financial performance is influenced by market conditions, industry policies, and competition, which may lead to short-term volatility in stock prices [14][21] - The management is committed to improving operational efficiency and delivering better financial results to regain investor confidence [19][21] - The company is focused on maintaining transparency with investors regarding its financial health and future performance expectations [18][21]