近日，晨光生物科技集团股份有限公司发布公告称，其第五届董事会第十八次会议审议通过了《关于开 展套期保值业务的议案》。为合理降低或规避原材料及其他经营相关产品价格波动风险，减少商品价格 波动对公司经营业绩的影响，公司子公司新疆晨光生物科技股份有限公司及其合并报表范围内主体公司 计划使用自有资金不超过4600万元（含持仓保证金和应付行情变化的风险金）开展商品套期保值业务。 公告显示，公司主营业务分为天然色素/香辛料/甜味剂/营养及药用类业务和棉籽类相关业务两大类。子 公司新疆晨光主要从事棉籽类产品（棉油、棉粕/棉蛋白）加工及相关产品贸易类业务，棉籽作为主要 原材料，占公司棉籽类产品成本比重较大。近年来，受供求关系及宏观经济形势影响，国内棉籽及加工 产品价格大幅波动。同时，新疆晨光还从事部分菜粕贸易，其价格受市场供应、关税政策及国内需求等 因素影响。为顺应行业基差销售模式，降低生产经营中原材料价格及库存产品价格波动带来的风险，新 疆晨光及其子公司决定开展套期保值业务。 此次套期保值业务的具体情况如下： - 套期保值品种：仅限于与新疆晨光（含下属子公司）经营有关的 大宗原料棉籽及产品棉油、棉粕/棉蛋白的相关或相近的期 ...

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]

Investment Rating - The report maintains a cautious outlook for the food and beverage industry in 2025, with a focus on growth sectors such as beverages, snacks, and pet food, while highlighting the stable performance of high-end liquor and regional leaders [1][15]. Core Insights - The financial reporting season has concluded, showing a mixed performance across the industry, with high-end liquor under pressure and a stable overall sales performance for mass-market products in April [1][15]. - Key companies are expected to see improvements in Q2, particularly in dairy and snack sectors, while the liquor segment continues to face challenges [1][15]. - The report emphasizes the importance of shareholder meetings as potential catalysts for positive changes within companies [15]. Summary by Sections Core Company Tracking - Shede Liquor is experiencing significant pressure in Q2, with a notable increase in demand for its main products in banquet settings, but still facing challenges in business scenarios [2][10]. - Water Well is also under pressure in Q2, with a clear decline in seasonal demand, but is expanding its store network significantly [2][10]. - Yili Group is showing signs of improvement in Q2, driven by strong sales in infant and adult milk powder products [2][11]. - Zhongchong Co. is maintaining high growth in its proprietary brands and expanding overseas production capacity [3][11]. - Ximai Foods is achieving rapid online growth and improving gross margins, with a focus on maintaining double-digit growth offline [3][12]. - New Dairy is performing well in the low-temperature segment, with a strong growth trajectory expected [3][13]. - Morning Light Bio is seeing a recovery in core products and is focusing on diversified development strategies [3][14]. Investment Recommendations - The report suggests focusing on growth sectors, particularly in liquor, dairy, snacks, and pet food, with specific recommendations for companies like Guizhou Moutai and Yili Group [7][16]. - It highlights the potential for improved sales and structural changes in Qingdao Beer and emphasizes the importance of seasonal demand recovery for brands like Nongfu Spring [7][16]. - The report also recommends strong players in the seasoning sector, such as Haitian Flavoring, and suggests monitoring companies like Zhongchong Co. for their overseas expansion capabilities [7][16].

Summary of the Conference Call for Morning Bio (2025 Q1) Company Overview - The conference call pertains to Morning Bio, a company involved in the production and sale of various plant extracts, including chili red, lutein, steviol glycosides, and cottonseed products. Key Points and Arguments Chili Red Sales and Pricing - Chili red sales volume increased by approximately 30% year-on-year in Q1 2025, reaching over 3,000 tons, with an expected annual sales volume between 11,000 to 12,000 tons [2][6] - Current chili red price is at its lowest in nearly a decade, around 120,000 yuan per ton, but the company maintains a reasonable gross margin through cost-plus pricing [2][4][5] - The company anticipates a 10% growth in chili red sales for the year, contingent on raw material cost trends [6] Chili Extract Market Dynamics - Chili extract prices are also at historical lows, with domestic production shifting back to Yunnan due to cost advantages, leading to a more than doubling of sales volume in Q1 [2][7] - The company aims to increase its market share to over 50% through large-scale production and cost reduction strategies [2][8] Lutein Product Performance - Food-grade lutein sales grew by approximately 50% year-on-year, while feed-grade lutein is expected to see minimal growth due to market oversupply [2][9] - The market for lutein is characterized by excess supply, leading to lower prices and potentially reduced profits compared to the previous year [11][12] Steviol Glycosides Growth - Steviol glycosides are experiencing rapid growth primarily due to increased market share, with production efficiency significantly higher than competitors [2][13][15] - The company has optimized its production process, achieving over 95% yield, which contributes to its cost advantage [15] Cottonseed Business Recovery - The cottonseed business turned profitable in Q1 2025, with most cottonseed already procured and market conditions improving [2][16][17] - The company has locked in orders for over 99% of its products, expecting profit realization in Q2 and Q3 to mirror Q1 performance [17][18] Research and Development - R&D expenses in Q1 were at normal levels, focusing on efficiency improvements, new product development, and various health-related sectors [20] Capacity Expansion Plans - The company is expanding its production capacity, including a new health food production line expected to be operational by mid-2025 [21][22] International Market and Trade Impact - Approximately 40% of the company's plant extract business is exported, primarily to Asia, Europe, and South America, with minimal impact from US-China trade tensions due to prior adjustments [24][25] Financial Outlook - The company expects a significant improvement in overall profitability for 2025, with cottonseed business projected to contribute nearly 200 million yuan in incremental revenue [26] - Despite current low prices across products, a reversal in performance is anticipated, with profits expected to gradually improve over the next few years [26] Additional Important Insights - The company is currently at an early turning point in its business cycle, with expectations of gradual recovery in product prices and profitability in the coming years [26]