不过今年一季度，回盛生物营收增长92.96%，净利润增长371.23%，同时将这种增长态势延续到今年上 半年。根据国信证券研报数据，一季度一方面原料药产能维持释放且销售价格上行；另一方面下游养殖 现金流修复，动保需求回暖带动制剂量价修复，初步出现复苏信号。 回盛生物（300871）8月5日晚发布半年度业绩报告称，2025年上半年营业收入约8.22亿元，同比增加 88.45%；归母净利润约1.17亿元，同比扭亏，较上年同期增长325.88%。公司拟向全体股东每10股派发 现金红利1元(含税)。 分板块来看，公司化药制剂销售收入较上年同期增长54.23%，毛利率较上年同期下降0.36%。兽用原料 药销售收入较上年同期增长199.01%，毛利率较上年同期提升27.14%。因可转债赎回，本报告期可转债 利息计入财务费用同比减少1130.71万元，对净利润产生一定影响。 回盛生物2020年8月上市，主营业务为兽用药品、饲料及添加剂的研发、生产和销售，以猪用药品为核 心(含兽药原料药)，主要终端客户大多为生猪养殖企业。 近年来，下游生猪养殖行业景气度低迷，兽药需求受到一定的抑制，回盛生物业绩也受到影响。虽然近 年来公司营 ...

Core Insights - Nanyang, located in southern Henan, has a strong foundation for biomass manufacturing and energy conversion, with over 30 million tons of biomass raw materials produced annually, including over 10 million tons of crop straw and over 10 million livestock [1] - The "2025 Nanyang Synthetic Biology Industry Conference" established the "Central Plains Synthetic Biology Industry-Academia-Research Innovation Alliance" and released the "Biomanufacturing Pilot Zone Action Plan" 1.0, aiming to develop a trillion-level synthetic biology industry cluster [1][5] - The synthetic biology industry in Nanyang has a solid demand foundation, with Muyuan, a leading pig farming company, driving the development of synthetic biology technology through cost reduction initiatives [1][3] Company Developments - In 2023, Muyuan partnered with Westlake University to establish the Nanyang Westlake Muyuan Synthetic Biology Research Institute and Muyuan Laboratory, focusing on producing small amino acids through synthetic biology technology [2] - Muyuan's production of synthetic biological products has commenced, with an annual output of 30,000 tons, promoting the industrialization of amino acid biosynthesis technology [2] Financial Performance - Muyuan's 2025 mid-year performance forecast indicates a net profit of 10.2 billion to 10.7 billion yuan, representing a year-on-year increase of 1129.97% to 1190.26% [3] - The company expects a non-net profit of 10.6 billion to 11.1 billion yuan, reflecting a year-on-year growth of 882.95% to 929.31% [3] - The significant increase in performance is attributed to a rise in pig output and a decrease in breeding costs, with the total cost of pig farming dropping from 13.1 yuan/kg at the beginning of the year to below 12.1 yuan/kg by June [3] Industry Trends - The application of synthetic biology technology in the livestock industry is just a small part of its potential, with future applications expected in materials, agricultural technology, food, and healthcare [4] - Nanyang is developing a comprehensive industrial support service system, focusing on energy integration and logistics to further reduce production costs [4][6] - The region aims to focus on key areas such as feed amino acid substitution, biomedicine, and bio-based materials, driving the entire industry chain upgrade through breakthroughs in synthetic biology [6]