据智药局不完全统计，2025年中国生物制造领域最高单笔融资高达5亿元，共计17家企业的融资规模达到或接近亿元水平，足以见证行业信心的集体爆 发。 | | | 2025年生物制造近亿元融资 | | | --- | --- | --- | --- | | | | 中国市场 | | | 时间 | रण्डला | 金额及轮次 | 投资方 | | 2025年1月 | 粒影生物 | 近亿元A轮 | 天水湾科技领投,星博生辉、常金控及南师大常州合成生物产研院跟投 | | 2025年2月 | 瑞德林生物 | 超5亿元C轮 | 松禾资本、基石资本、常德兴鑫、白银科键、常德德源共同投资 | | 2025年2月 | 艾捷博雅 | 亿级别新一轮 | 华大共赢基金及德同资本投资,部分老股东持续追投 | | 2025年3月 | 依诺基科 | 近1.5亿元A轮 | 弘盛资本、张江浩珩领投,合肥产投、飞图创投跟投,老股东信成基金追加投资 国内上市公司恒兴新材参与战略投资 | | 2025年3月 | 中科国生 | 两亿元A+轮 | 中信金石、普华资本领投,赞汇资本、杭州资本跟投 老股东君联资本、五源资本、余杭国投继续加注 | | 2025年 ...

时间拨回至2019年12月19日，嘉必优作为中国食品生物科技领域首家登陆科创板的企业，在资本市场的聚光灯下，开启了高质量发展的新篇章。 六年光阴，既是一段厚积薄发的沉淀期，也是一场与国家战略同频共振、与全球科技浪潮深度交融的跃迁之旅。 站在"十四五"圆满收官、"十五五"蓝图初展的当下回望，嘉必优的成长轨迹不仅是一部企业自主创新、产业突破的奋斗史，更折射出中国生物制造 从"跟跑"到"并跑"乃至局部"领跑"的时代缩影。 六年沉淀，厚积薄发。自上市以来，嘉必优以更坚定的战略定力深耕合成生物学底层技术，持续锻造核心竞争力。公司先后实现ARA（花生四烯 酸）、藻油DHA、β-胡萝卜素、燕窝酸（SA）及母乳低聚糖（HMOs）等高价值营养素的规模化、产业化突破，构建起覆盖人类营养、动物营养与 个人护理的"一主两翼"产品矩阵。 全面而深入的产品矩阵，共同支撑了公司的强劲业绩：公司营业收入从2019年的3.12亿元稳步攀升至2024年的5.55亿元，年复合增长率达12.2%；进 入2025年，增长动能进一步释放——前三季度实现营收4.28亿元，净利润达1.29亿元，同比大幅增长54.16%。 这些成就并非偶然，而是源于二十余年 ...

Core Viewpoint - The health raw materials sector is evolving towards more precise, efficient, and personalized solutions, driven by technological advancements and regulatory improvements [3][7]. Group 1: Key Trends - The development and application of health raw materials are shifting from generalized "nutritional supplements" to refined solutions targeting specific demographics and health scenarios [3]. - Key trends include the upgrade to precision and scenario-based applications, focusing on specific health needs such as menopause care and metabolic management [3]. - The use of patented technologies, such as precision fermentation and advanced extraction processes, is enhancing the bioavailability and efficacy of raw materials, addressing previous cost and utilization challenges [3]. Group 2: Highlighted Raw Materials - Marine-derived active ingredients, such as phospholipid Omega-3 from krill oil, are noted for their significant effects on heart health, supported by pure Antarctic sources and patented technologies [3]. - Ergothioneine, while not yet approved as a new food ingredient in China, is widely used in the US, Europe, and Japan, showing promise in cosmetics and dietary supplements due to technological breakthroughs that alleviate scarcity and cost issues [3]. - Human milk oligosaccharides (HMOs) are gaining attention for their applications in infant formula and regular foods, with regulatory environments improving globally, including FDA approvals in the US and specific approvals in China [3][8]. - Reduced coenzyme Q10, enhanced through precision fermentation, is pushing nutritional supplements towards greater efficiency and precision [3]. Group 3: Market Dynamics - The market for health raw materials is increasingly focused on quality and transparency, with consumers prioritizing active ingredient content, standardization, and traceability [8]. - The cultivation of products using wild-simulated methods is gaining popularity due to balanced composition and high activity, making compliance and process transparency key competitive factors [8]. - Exosomes are emerging in regenerative medicine and precision healthcare, showing potential in areas like neurological disease repair and non-invasive tumor diagnostics, although most applications are still in early research stages [8].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The application of Human Milk Oligosaccharides (HMOs) is expected to accelerate, driven by their recognized nutritional benefits and expanding regulatory approvals [3] - The infant formula market is experiencing increased concentration, with the top 10 companies' market share rising from 68% in 2017 to 83% in Q3 2025, indicating a shift towards premium product offerings that include HMOs [2] - The potential market space for HMOs in the Chinese infant formula sector is estimated to be between 5.86 billion to 11.72 billion yuan, based on projected production and pricing [2] Summary by Sections HMO Nutritional Benefits - HMOs are the third largest nutritional component in breast milk, consisting of various structures that contribute positively to infant health, including growth, gut health, immunity, and cognitive development [1] Market Dynamics - The implementation of stringent new standards for infant formula has led to significant market consolidation and a focus on nutritional enhancement, with major brands introducing HMO-enriched products [2] - The expected production of infant formula in China for 2024 is approximately 1.563 million tons, with a significant portion anticipated to be high-end products requiring HMO addition [2] Regulatory Developments - Recent approvals by health authorities to expand the use of HMOs in various food products indicate a growing recognition of their value, which could lead to exponential market growth if HMOs are utilized beyond infant formula [3] - Companies like Ganbaiyou and Qiu Tian Man Man are already responding to these regulatory changes by launching HMO-added products [3] Company Focus - Companies such as Langkun Technology, Baolingbao, and Jiabiyou are actively developing HMO production capabilities, with significant annual production capacities planned [10]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses for Q3 2025 were CNY 727 million, CNY 41 million, and CNY 34 million, respectively, representing year-on-year growth of 12.23%, 30.21%, and 11.72% [2] - The significant growth in performance is attributed to the substantial increase in sales of core products such as sugar-reduced sweeteners, prebiotics, and dietary fibers, along with improved gross margins due to cost reduction and efficiency enhancement [2][3] - The company's three core products accounted for 61.5% of revenue, with a gross margin contribution of 68.6%, and their sales revenue grew by 25.8% year-on-year [3] - The approval of HMO (Human Milk Oligosaccharides) for infant formula has been finalized, allowing for the expansion of product offerings in this category [4] - The gross margin for Q3 2025 was 13.54%, an increase of 1.76 percentage points year-on-year, while the gross margin for core products improved by 5.3 percentage points [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 2.126 billion, net profit attributable to shareholders of CNY 134 million, and operating cash flow of CNY 158 million, reflecting year-on-year growth of 15.98%, 32.58%, and 62.38% respectively [2] - The company’s inventory decreased by 8.06% year-on-year, with inventory turnover days reduced to 39 days [6] Investment Recommendations - The company is positioned as a leader in the functional sugar industry, with a strong market share in sugar-reduced sweeteners, prebiotics, and dietary fibers [7] - Short-term outlook suggests further improvement in gross margins due to declining corn prices and production efficiency [7] - Mid-term prospects include accelerated approval for allulose, which is expected to open up the domestic market [7] - Long-term growth is anticipated from the launch of high-value products such as HMOs, DHA, and sugar-free resistant dextrin [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are CNY 2.718 billion, CNY 2.966 billion, and CNY 3.211 billion, respectively, with corresponding net profits of CNY 179 million, CNY 222 million, and CNY 269 million [9][11]

Financial Performance - In the first half of 2025, the company achieved total revenue of 139,923.89 million yuan, a year-on-year increase of 18.02% [3] - The net profit attributable to shareholders, after deducting share-based payment expenses, was 9,532.72 million yuan, with a year-on-year growth of 32.15% [3] - The second quarter of 2025 saw revenue of 71,444.25 million yuan, a year-on-year increase of 12.63% and a quarter-on-quarter growth of 4.33% [3] Product Performance - The three core products (prebiotics, dietary fiber, and sugar-reducing sweeteners) generated revenue of 66,354.78 million yuan, a year-on-year increase of 32.15% [3] - Sugar-reducing sweeteners achieved revenue of 37,152.41 million yuan, growing by 61.22% [3] - Prebiotics generated revenue of 18,867.03 million yuan, with a year-on-year growth of 20.23% [3] - The revenue share of the three core products accounted for 47.42% of total revenue, an increase of 5.07% compared to the previous year [3] Cost Management - The overall gross margin for the first half of 2025 improved to 13.17%, up by 1.36% from the previous year [3] - The gross margin for the three core products was 17.94%, an increase of 1.93% year-on-year [3] - The company implemented cost control measures, including optimizing production processes and enhancing supply chain management to mitigate rising raw material costs [4] Business Development - In 2024, the company established projects for the annual production of 2,000 tons of DHA algae oil and 2,500 tons of HMOs (human milk oligosaccharides), which are expected to commence production in the second half of 2025 [5] - The company received approval for its HMO application as a new food nutrition fortifier in July 2025 [5] - The company is actively pursuing new product development in the field of synthetic biology, with several patents and trademarks registered in the first half of 2025 [6] Market Trends - The company noted that corn prices have been fluctuating, impacting production costs and gross margins [8] - The company’s products are primarily used in beverages, dairy products, functional foods, and health products, which typically do not exhibit significant seasonality [8] Strategic Initiatives - The establishment of a subsidiary in the United States is part of the company's strategy to enhance international business operations [9] - The company is focusing on expanding its market presence and product offerings in the field of synthetic biology and prebiotics [7]

Core Viewpoint - Tianjin Hesheng Biotechnology Co., Ltd. has completed a multi-million Pre-A round financing, which will accelerate its technological innovation in the synthetic biology field and lead new trends in health and nutrition solutions [1][2]. Group 1: Company Overview - Established in August 2023, Hesheng Biotechnology is a key technology transfer enterprise of Nankai University, gathering a leading research team in synthetic biology with nearly 30 years of experience [2]. - The company has developed a "DBTL" (Design-Build-Test-Learn) technical platform, utilizing proprietary gene element databases and self-developed AI algorithms to create high-productivity microbial strains [2]. - Hesheng Biotechnology has a comprehensive technical coverage from product research and development to downstream applications, focusing on probiotics, functional foods, and medical foods [2]. Group 2: Key Product Focus - Human Milk Oligosaccharides (HMOs) - The core technology for Hesheng Biotechnology's HMO products originates from the National Key Basic Research Program (973 Program), with the team first synthesizing HMOs in 2016 and obtaining invention patents for industrial strains [3]. - The company has developed several industrial strain construction technologies for HMOs, including 2'-FL, 3-FL, and others, with a product purity of 98.98%, significantly exceeding domestic and international quality standards [3][4]. Group 3: Research and Application - Hesheng Biotechnology is committed to independent innovation and has initiated research on the functional applications of HMOs, including their role in immune balance and disease intervention [4].