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 | | □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） | | 参与单位名称及 | 国泰海通林逸丹、天风证券林毓鑫、信达证券赵雷、中信证券 | | | 罗寅、广发证券吴思颖、方正证券谌保罗、申万宏源王子昂、 | | | 西南证券杜雨聪、华福证券童杰、瑞银刘思莹、中邮证券王琦、 | | 人员姓名 | 浙商证券王宇洋、中泰证券熊欣慰、泓德基金郑名洋、工银安 | | | 盛吕佳音、财通基金曹熠、光大资管严可人、澄金资管彭港富、 | | | 双安资管郑轶群、广银理财朱际冬、荷荷私募唐巍等 40 名投 | | | 资者。 | | 时间 | 2025 年 08 月 26 日 | | 地点 | 河北省邯郸市曲周县城晨光路 1 号会议室 | | | 其他各电话会议方处不同地点 | | 上市公司接待人 | 董事会秘书周静、董办主任门宁 | | 员 | | ...

证券研究报告 晨光生物 (300138 CH) 业绩加速修复，植提份额提升 华泰研究 中报点评 投资评级(维持): 增持 资料来源：Wind 经营预测指标与估值 | 目标价(人民币): | 17.76 | | --- | --- | | 吕若晨 | 研究员 | | SAC No. S0570525050002 | lvruochen@htsc.com | | SFC No. BEE828 | +(86) 755 8249 2388 | 倪欣雨 研究员 SAC No. S0570523080004 SFC No. BVQ058 nixinyu@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (人民币) | 17.76 | | --- | --- | | 收盘价 (人民币 截至 8 月 25 日) | 14.20 | | 市值 (人民币百万) | 6,860 | | 6 个月平均日成交额 (人民币百万) | 178.46 | | 52 周价格范围 (人民币) | 7.00-14.20 | | BVPS (人民币) | 6.75 | 股价走势图 (6) 20 47 73 99 Aug- ...

== 农林牧渔 2025 年 08 月 26 日 晨光生物 (300138) 业绩符合预期，植提新品变化积极 报告原因: 有业绩公布需要点评 撸持(维持) 联系人 王子昂 (8621)23297818× wangza@swsresearch.com | 市场数据: | 2025年08月25日 | | --- | --- | | 收盘价（元） | 14.20 | | 一年内最高/最低（元） | 14.44/6.91 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 0.92 | | 流通 A 股市值(百万元) | 5,656 | | 上证指数/深证成指 | 3,883.56/12,441.07 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产 (元) | 6.75 | | 资产负债率% | 64.40 | | 总股本/流通 A 股 (百万) | 483/398 | | 流通 B 股/H 股 (百万) | | 年内股价与大盘对比走势： 相关研究 证券分析师 몸昌 A0230516010001 lvchang@sws ...

8月20日公司公告称，全资子公司河北晨光药业拟将持有的河北晨光天润制药97.5%股权转让给四川同 晟生物医药。转让完成后，晨光天润制药将不再纳入公司合并报表范围。截至2025年7月31日，公司向 晨光天润制药提供借款余额为7078.24万元。 晨光生物8月21日股价报13.67元，较前一交易日下跌1.87%。当日成交量为97213手，成交金额达1.34亿 元。 晨光生物主要从事植物提取物的研发、生产和销售，产品广泛应用于食品、保健品、化妆品等领域。公 司主要产品包括辣椒红素、叶黄素、甜菊糖苷等天然植物提取物。 8月21日主力资金净流入193.26万元，占流通市值的0.04%。近五日主力资金累计净流出2076.32万元， 占流通市值的0.38%。 风险提示：投资有风险，入市需谨慎。 ...

从"门外汉"到行业翘楚，从初涉植物提取行业到多项产品销量世界领先，晨光生物科技集团创造的这些 奇迹，都离不开公司创始人——晨光生物董事长卢庆国。 成功秘诀在哪儿？卢庆国坦言：是时代赋予了好机遇，向新而行是企业发展的动力源泉。 作为晨光生物的创立者，卢庆国始终秉持"天道酬勤"的人生信念。他脚踏实地、深耕细作，以创新为驱 动，以人才为支撑，长期致力于植物有效成分的提取制备技术开发及产业化工作。 选准行业 晨光生物贵阳生产基地内一派繁忙景象：农产品原料进厂、生产线精加工生产、产成品出厂，一项项工 序有条不紊地进行。"这是公司新建的生产基地，拥有一条香辛料超临界提取生产线，主要用于干花椒 的生物提取。"晨光生物贵阳生产基地负责人、晨光生物香辛料事业部经理武亚明介绍。 在企业生产基地，卢庆国打开记忆的闸门："1998年前，企业还是河北曲周县的五金厂，只能生产木质 窗户上的拉手插销和手工扳手。企业要想活下去，必须寻找新的发展机会。经过一番深度调研后发现， 市场对辣椒红素的需求很大，但却没有一家规模化企业，这是一个发展机会。" 但是发展新产业，对卢庆国来说难点也很突出——天然色素提取的技术含量比做扳手高多了。 卢庆国决定放 ...

从"门外汉"到行业翘楚，从初涉植物提取行业到多项产品销量世界领先，晨光生物科技集团创造的这些 奇迹，都离不开公司创始人——晨光生物董事长卢庆国。 成功秘诀在哪儿？卢庆国坦言：是时代赋予了好机遇，向新而行是企业发展的动力源泉。 作为晨光生物的创立者，卢庆国始终秉持"天道酬勤"的人生信念。他脚踏实地、深耕细作，以创新为驱 动，以人才为支撑，长期致力于植物有效成分的提取制备技术开发及产业化工作。 选准行业 晨光生物贵阳生产基地内一派繁忙景象：农产品原料进厂、生产线精加工生产、产成品出厂，一项项工 序有条不紊地进行。"这是公司新建的生产基地，拥有一条香辛料超临界提取生产线，主要用于干花椒 的生物提取。"晨光生物贵阳生产基地负责人、晨光生物香辛料事业部经理武亚明介绍。 在企业生产基地，卢庆国打开记忆的闸门："1998年前，企业还是河北曲周县的五金厂，只能生产木质 窗户上的拉手插销和手工扳手。企业要想活下去，必须寻找新的发展机会。经过一番深度调研后发现， 市场对辣椒红素的需求很大，但却没有一家规模化企业，这是一个发展机会。" 但是发展新产业，对卢庆国来说难点也很突出——天然色素提取的技术含量比做扳手高多了。 卢庆国决定放 ...

Core Insights - The increasing prevalence of electronic devices has heightened awareness of the potential visual hazards associated with prolonged screen exposure, leading to a surge in demand for lutein as a vital nutrient for eye health [1][3] - The children's market for lutein products has become a competitive battleground, driven by rising concerns among parents regarding children's vision health [1][15] Market Overview - The domestic market for lutein is estimated to reach nearly 6 billion yuan, with a compound annual growth rate (CAGR) of 19.8% from 2020 to 2024, significantly outpacing global market growth [4][3] - The eye care sector is the primary contributor to market growth, with annual sales of lutein soft capsules exceeding 200 million bottles [4] Competitive Landscape - The lutein market is characterized by intense competition across both health food and regular food sectors, with no dominant brand currently leading the market [2][20] - Major players in the extraction and processing segment include Chenguang Biotech, DSM, and Kemin, creating a "three-legged" competitive structure [4] Product Development - The market has seen a rapid increase in the registration of lutein health products, with over 150 products registered, primarily in capsule form [7][8] - Innovative product forms such as gummies and ready-to-drink beverages are gaining popularity, with the market for lutein gummies expected to exceed 1.5 billion yuan by 2024 [11] Consumer Trends - The demand for lutein products is driven by the rising incidence of myopia among children, with the overall myopia rate in Chinese children reaching 51.9% [18] - The average price of imported lutein products is significantly higher than that of domestic products, with imported items often exceeding 100 yuan per unit [17] Regulatory Environment - Lutein products are primarily classified as health foods and must undergo a registration process, as they are not included in the approved health food ingredient directory [9][14] - The lack of a clear definition for dietary supplements in China has led to many imported lutein products being marketed as regular foods, despite their health claims [13] Future Outlook - The lutein market is expected to continue evolving, with a focus on product differentiation and innovation to address the challenges of market saturation and consumer trust [20][22] - Companies are encouraged to invest in research and development to create unique products that can withstand competition and avoid the pitfalls of market homogenization [22]

Group 1: Company Overview and Market Position - The company is focused on the replacement of synthetic colorants with natural colorants, which presents significant opportunities for the natural colorant industry [2][3] - The company has established subsidiaries in India, Zambia, and Myanmar for capacity expansion and raw material processing [2][4] - The company currently has no refinancing needs but will disclose any future requirements promptly [3] Group 2: Product Development and Competitive Advantage - The company emphasizes enhancing its technical advantages, cost advantages, and solution-providing capabilities to maintain product competitiveness [3] - New product developments include ginger yellow pigment, with ongoing trials to improve processes and reduce costs [4][5] - The company is addressing the stability issues of natural colorants to facilitate their replacement of synthetic colorants [3][4] Group 3: Market Dynamics and Financial Performance - The market for natural colorants replacing synthetic colorants is expected to evolve gradually, with a need for several years to reach a balance between supply and demand [3][4] - The company aims to capture a larger market share, particularly in products like capsicum red and lutein, while tomato lycopene will depend on cost reductions and market demand [3][4] - The company has seen significant improvements in gross margins for capsicum red due to reduced raw material costs [4][5] Group 4: Strategic Initiatives and Future Plans - The company plans to expand its health food business through partnerships, leveraging its technical and production strengths [6][7] - The company is exploring the application of plant-based gels in the health food sector [7] - The company is focused on building raw material strategic bases in countries like Myanmar, India, and Zambia to enhance cost advantages [7]

Summary of the Conference Call for Morning Light Bio Industry and Company Overview - The conference call pertains to the food and health supplement industry, specifically focusing on Morning Light Bio, a company involved in the production of natural colorants and health products. Key Points and Arguments Sales and Growth - The company experienced accelerated growth in Q2 due to a low base effect, with chili extract sales expected to reach 3,000 tons for the year, having sold approximately 1,400 tons in the first half [2][3] - Vitamin C sales grew rapidly due to the launch of a new production line, although revenue growth was limited by declining prices from lower costs [2][3] - Sales of Sichuan pepper extract continued to grow rapidly even in the off-season, with gross margins gradually recovering [2][3] - The stevia market shows significant potential, with expected annual revenue of 300 million yuan, bolstered by process advantages and the approval of a by-product for use as a feed additive [2][3] Pricing and Supply Dynamics - In 2024, the price of chili red is expected to be at historical lows due to a bountiful harvest, but gross margins are anticipated to recover significantly [2][3] - The company is actively expanding its customer base and promoting the use of natural colorants over synthetic ones, with expectations for chili red prices to recover depending on procurement plans [2][3] - The supply of chili extract is expected to grow by over 50% in 2024, with even faster growth anticipated in 2025, despite potential price increases in 2026 due to ample inventory [2][3][6] Market Competition and Strategy - The company has seen a rapid increase in overseas market share due to a significant drop in domestic raw material costs, with chili extract sales growing over 50% in 2024 [6][8] - The pricing trend for chili red and chili extract is currently at the bottom of the price cycle, with expectations for a recovery in prices based on agricultural product cycles [7][8] - The competitive landscape is not driven by intensified competition but rather by changes in supply and demand dynamics, with domestic products gaining market share at the expense of Indian competitors [6][8] Product Categories and Future Outlook - The company categorizes its customers into three main segments: food, feed additives, and health food enterprises, with food enterprises making up the largest share [9] - The lutein industry is currently facing an oversupply situation, leading to low prices, but the company is optimizing its strategy by prioritizing food-grade products and expanding overseas planting bases [10][11] - The health supplement business is rapidly developing, with total production capacity expected to reach 3 billion capsules, and projected revenues of 200 million yuan in 2025 [16][17] OEM and Brand Development - The OEM business primarily serves large overseas health food companies and aims to expand its scale, targeting over 1 billion yuan in revenue [18] - The company is in the early stages of developing its own brand, exploring various channels and partnerships, with plans to increase investment once a suitable model is identified [19] Profitability and Risk Management - The company emphasizes overall profitability rather than focusing solely on revenue size, with a target profit level of around 100 million yuan per product [15] - The cottonseed business is recovering from a low point, with a focus on stable operations and risk management to ensure profitability [13][14] Other Important Insights - The company is actively working on securing raw material supply chains globally, with production bases in regions like Xinjiang, Yunnan, and overseas in Zambia and India [12] - The overall market environment is expected to improve in the fourth quarter of 2025, with stable demand growth anticipated for the following year [14]

Core Insights - Micro Yuan Synthetic Allulose (also known as fig sugar) has officially received administrative approval from the National Health Commission as a new food ingredient, making it the first company in China to produce and market allulose through a biological fermentation process [1][2] - The innovative AS10 strain fermentation method has increased conversion efficiency to 80%, significantly reducing production costs by 50% [3][4] - The approval of this production method is tied to the company's patented technology, preventing unapproved companies from legally selling allulose in China [1][2] Company Developments - Micro Yuan Synthetic has launched its first phase of allulose production in Qinhuangdao, with a second phase set to begin in 2027 [4] - The company is collaborating with traditional biological manufacturing partners across North China, Northeast China, and Northwest China to upgrade multiple production lines, aiming to become the world's largest supplier of allulose [4] - The company’s allulose product is now compliant for sale in various regions, including Asia-Pacific and North America, potentially reaching a population of around 2 billion [4] Industry Context - Allulose is viewed as a promising natural sweetener that can meet consumer demand for sweetness without the metabolic burden associated with traditional sugars, particularly in the context of rising obesity and diabetes rates [2][3] - The global market for biological manufacturing is expanding, with China holding the largest production capacity, particularly in the starch sugar industry, which is currently underperforming due to high production costs and low profitability [3][4] - The synthetic biology sector is gaining traction, with applications spanning biomedicine, food nutrition, and environmental sustainability, supported by favorable policies from local governments [5][6]