该项公告的发布，标志着由江西富祥药业股份有限公司（以下简称"公司"）子公司江西富祥生物科技有 限公司（以下简称"富祥生物"）向国家卫健委提出的关于威尼斯镰刀菌蛋白新食品原料行政许可审批获 得通过，富祥未冉蛋白将可作为新食品原料在国内进行生产、销售，有利于公司全面加速国内未冉蛋白 商业化布局，保障国家粮食供给安全，助力实现"双碳"目标，同时满足我国日益增长的高质量蛋白需 求。 本报讯 （记者曹琦）近日，国家卫生健康委员会（以下简称"国家卫健委"）发布了《关于威尼斯镰刀 菌蛋白等14种"三新食品"的公告》（2025年第7号），根据《中华人民共和国食品安全法》规定，国家 卫健委审评机构组织专家对威尼斯镰刀菌蛋白物质申请新食品原料的安全性评估材料进行审查并通过。 近年来，富祥生物始终致力于以技术创新为驱动，打造具备国际竞争力的未冉蛋白全产业链能力，已具 备年产1200吨微生物蛋白（未冉蛋白）生产能力，成为国内首家实现未冉蛋白千吨级产业化企业，且正 在加速建设年产20万吨微生物蛋白（未冉蛋白）及资源综合利用项目（一期），项目建成后将形成年产 2万吨微生物蛋白（未冉蛋白）和5万吨氨基酸水溶肥的产品规模，未冉蛋白产能规模有 ...

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]

Core Viewpoint - The company is actively engaging with investors and addressing concerns regarding its financial performance and future prospects, particularly in the pharmaceutical and new energy sectors. Financial Performance - The company reported that its production and operations are normal, and it is focusing on improving its performance despite facing uncertainties due to market conditions and industry policies [3][6][14]. - The company has been operating at a loss for three consecutive years, but management is committed to enhancing operational efficiency and performance across its key business segments [6][14]. Business Segments - The company is concentrating on three main areas: pharmaceutical manufacturing, lithium battery electrolyte additives, and synthetic biological protein [6][12]. - The pharmaceutical sector is expected to benefit from a stable market demand and the approval of new formulations, which will drive sales growth [13][15]. - The lithium battery additive business is projected to grow due to increasing demand in downstream applications like power and energy storage batteries [12][15]. - The synthetic biological protein segment is seen as a blue ocean market with significant growth potential, supported by government policies and rising demand for alternative proteins [12][15]. Regulatory Approvals - The company has submitted a new food raw material registration for its synthetic protein product to the National Health Commission and has received an acceptance notice, indicating progress towards market entry [2][10]. Market Outlook - The pharmaceutical industry is characterized as a stable growth sector, while the new energy sector is recognized as a strategic development area with ongoing demand growth [12][15]. - The synthetic biological protein market is anticipated to reach a substantial size by 2035, with microbial fermentation protein expected to capture a significant market share [13][15].