近年来，厦门市锚定示范区建设和海洋强市任务部署，着力推动海洋新兴产业链延伸和产业配套能力提 升，大力发展海洋药物和生物制品、海洋高端装备与新材料等新兴产业，布局深海空天开发等未来产 业，海洋新兴产业对当地经济的贡献值逐年攀升。2024年，厦门海洋新兴产业增加值占全市海洋生产总 值近四成。 其中，海洋药物和生物制品产业作为厦门市涉海产业中的优势产业，区域特色突出，创新能力在国内领 先。全市生产企业近50家，拥有高新技术企业超过30家，涵盖海洋药物和生物材料、海洋保健品和化妆 品、海洋生物育种和生物制品等多个领域，从中诞生了福建省首个取得批文的海洋药物——蓝湾硫酸氨 基葡萄糖，金达威、汇盛多家企业走向国际，获得较高的市场占有率。 海洋高端装备与新材料产业规模扩增，海洋船舶工业整体向好，在海洋环境监测、海洋立体观测、船舶 通信导航电子设备领域不断创新，多个产品实现国产化替代。目前，厦门市已拥有双瑞船舶涂料、吉龙 德、斯坦道等19家国家级高新技术企业。中船七二五所海洋材料环境试验公共服务平台、鹭江创新实验 室、福建省海洋高端装备产业计量测试中心等一批海洋装备与新材料创新平台持续发力，推动海洋装备 核心技术不断取得新突 ...

Core Viewpoint - Chengyi Pharmaceutical (603811) expects a significant increase in net profit for the first half of 2025, driven by the growth in joint health drug sales and reduced losses from subsidiaries [1][2] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 107 million to 119 million yuan, representing a year-on-year growth of 40% to 55% [1] - The expected non-net profit is projected to be between 106 million to 113 million yuan, with a year-on-year increase of 47.4% to 57.4% [1] - Revenue from joint health drugs is expected to grow by 23.41% year-on-year, reaching 502 million yuan in 2024, with a continued growth trend into the first quarter of 2025, where revenue is expected to increase by 49.62% year-on-year to 143 million yuan [1] Group 2: Product Advantages - Chengyi Pharmaceutical is a major integrated manufacturer of glucosamine, benefiting from four key advantages: product positioning focused on elderly joint health, dual licenses for raw material and formulation production, self-sourced raw materials ensuring cost and quality, and a favorable geographic location in Wenzhou [2] - The company utilizes marine resources for its glucosamine production, aligning with government policies emphasizing the development of marine economy and biotechnology [2] Group 3: Strategic Initiatives - The company is advancing a project to build a thousand-ton capacity for high-purity EPA fish oil, which is in high demand and has received FDA approval for lowering blood lipids [3] - The infrastructure for the health industry park is complete, and the review for high-purity EPA formulations is nearing completion, which will enable a full supply chain from raw materials to health products and pharmaceuticals [3] Group 4: Employee Incentives - The company has proposed an employee stock ownership plan, aiming to raise up to approximately 48.29 million yuan, with a share price set at 5.02 yuan per share [3][4] - The plan includes performance targets for revenue and non-net profit growth over three years, with specific growth rates set for 2025, 2026, and 2027 [4] - The implementation of this plan is intended to enhance employee engagement and align interests between employees and shareholders, supporting the company's high-quality development [4]

三大电力公司是我国电网智能监测产品的重要供应商，主要提供故障录波监测 装备、输电线路故障监测装置以及时间同步装置等产品。公司还布局了新能源 充电桩和储能产品。三大电力是国内最早进入电力系统监测领域的企业之一， 产品覆盖输电、变电、配电、用电多个应用场景，并与国家电网和南方电网及 主要发电集团建立了长期稳定的合作关系，涵盖国内主要省市区域。 从市场容 量来看，根据公司招股书中的预测，变电侧市场容量约为 20 亿元，而输配侧 市场容量在 290 亿至 380 亿元之间。公司的第一大股东是山东大学 100%控 股的山大资本，公司依托山东大学深厚的科研背景和早期业务拓展经验，与国 家电网建立了稳定合作关系。最新报告期内，国网贡献了公司总收入的近七成。 新股探寻（山大电力、技源集团、华电新能）20250611 华电新能是中国华电唯一风光电业务整合平台，装机容量排名国内前列。 募资 182 亿元投入风电及光伏基地建设。2022 至 2024 年营收年增速 稳定在 15%左右，归母净利润总体保持稳定。 华电新能预计 2025-2026 年完工项目装机容量超 1,700 万千瓦。公司 实控人华电已取得多个清洁能源基地开发权， ...

Market Overview - On July 11, 2025, A-shares saw collective gains with the Shanghai Composite Index up 0.01%, Shenzhen Component Index up 0.61%, and ChiNext Index up 0.8%. The total trading volume in the Shanghai and Shenzhen markets was approximately 171.21 billion yuan, an increase of about 21.8 billion yuan from the previous trading day [1] - Hong Kong stocks experienced fluctuations with the Hang Seng Index and the National Index both rising over 1% during the day. The Hang Seng Index closed up 0.46% at 24,139.57 points, with a total trading volume of 323.95 billion HKD. For the week, the Hang Seng Index rose 0.93% [1] - In contrast, US stocks closed lower on the same day, with the Dow Jones down 0.63%, Nasdaq down 0.22%, and S&P 500 down 0.33%. The Dow Jones fell 1.02% over the week [1] New Stock Offerings - Shanda Electric Power, with a stock code of 301609, is offering shares at 14.66 yuan each with a price-to-earnings ratio of 19.57. The company focuses on the research and development of intelligent products related to power systems and has leading products in the smart grid sector [3] - Jiyuan Group, with a stock code of 603262, is offering shares at 10.88 yuan each with a price-to-earnings ratio of 25.51. The company specializes in the research and development of dietary nutritional supplements and is the largest global supplier of HMB raw materials [3] Regulatory Updates - The Shanghai Stock Exchange has confirmed that the trading threshold for individual investors in the Sci-Tech Innovation Board remains at 500,000 yuan in assets and two years of investment experience. Investors must sign a risk disclosure statement before investing in newly registered unprofitable tech companies [4] Industry Developments - The Ministry of Industry and Information Technology has announced a plan to promote digital transformation in manufacturing. This includes pilot programs for new technology upgrades and digital transformation for small and medium-sized enterprises. The initiative aims to guide large industrial companies and specialized small and medium enterprises in accelerating their digital upgrades [5]

Group 1: Shanda Electric Power (山大电力) - Shanda Electric Power is an indirect holding enterprise of Shandong University, focusing on the research, manufacturing, sales, and service of smart grid monitoring and new energy products [1][3] - The company has a market capitalization of 17.91 billion yuan and an issuance price of 14.66 yuan per share, with an issuance P/E ratio of 19.57 [2] - The revenue structure is stable, with the smart grid monitoring sector contributing 87.94% of the total revenue in 2024, while the new energy sector accounts for 12.06% [4] - The company has established long-term partnerships with major clients such as State Grid and Southern Power Grid, enhancing its competitive edge in the smart grid monitoring and new energy sectors [3][4] - The company plans to invest 1.35 billion yuan in smart grid fault analysis and distribution network intelligence projects, and 1.80 billion yuan in R&D center projects [2][3] Group 2: Jiyuan Group (技源集团) - Jiyuan Group specializes in the research and industrialization of dietary nutritional supplements, with a focus on products like HMB and glucosamine [5][10] - The company has a market capitalization of 38.08 billion yuan and an issuance price of 11.09 yuan per share, with an institutional offering price of 10.88 yuan [6] - Jiyuan Group is the largest global supplier of HMB raw materials and has established partnerships with major companies such as Abbott and Nestlé [10][11] - The revenue from nutritional raw materials is projected to be 5.71 billion yuan in 2022, increasing to 6.47 billion yuan by 2024, maintaining a revenue share of over 60% [10][11] - The company plans to invest 2.06 billion yuan in the construction of a nutritional health raw material production base and 1.47 billion yuan in the expansion of its production line [9][10]

策 略 研 究 2025 年 07 月 07 日 技源集团：HMB 全球市占率第一， 布局多个膳食营养细分市场 ——注册制新股纵览 20250707 本期投资提示： 证 券 研 究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 新股分析 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 报 告 相关研究 - ⚫ AHP 得分——剔除流动性溢价因素后，技源集团 1.70 分，位于总分的 22.8%分位。技源 集团于 2025 年 7 月 4 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算技 源集团AHP得分为1.70分、2.23分，分别位于非科创体系AHP模型总分22.8%分位、39.0% 分位，处于中游偏下、中游偏上水平。假设以 90%入 ...

Core Insights - The article discusses recent developments in the nutrition and health industry, highlighting regulatory changes, new product approvals, and market trends that could impact investment opportunities [2][3][4][5][6]. Regulatory Developments - The State Administration for Market Regulation issued a guideline clarifying the definition of commercial advertising under the Advertising Law, addressing ongoing disputes in advertising enforcement [2]. - The National Health Commission approved D-alloheptulose and four other substances as new food raw materials, indicating a push for innovation in the nutrition sector [3]. - The market regulator released multiple responses to proposals regarding health food regulations, signaling a focus on traditional Chinese medicine formulations as a potential growth area [4]. Market Trends and Investment Opportunities - Yangtuo Technology Inc. submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for market expansion and supply chain optimization, reflecting growing investor interest in the nutrition and health sector [5]. - A report on 68 nutrition and health companies showed an average market value increase of 20% in the first half of the year, driven by rising consumer health awareness and demand for nutritional products [6]. Company Performance - New Hope Liuhe (002001) projected a net profit of 3.3 billion to 3.75 billion yuan for the first half of 2025, representing a year-on-year growth of 50% to 70% [12]. - Brother Technology (002562) expects a net profit of 60 million to 75 million yuan for the same period, marking an increase of 325% to 431% compared to the previous year [13]. New Product Launches - Guangji Pharmaceutical (000952) received a notice of administrative penalty for information disclosure violations, indicating regulatory scrutiny in the sector [14]. - TCM brand Tongrentang launched its first OTC glucosamine product, expanding its product line in the bone and joint health category [14].

Group 1 - The A-share market saw active performance in marine biopharmaceutical concept stocks, with companies like Chengyi Pharmaceutical, Haiwang Biological, and Dongfang Ocean hitting the daily limit up [1] - The Central Financial Committee emphasized the promotion of a unified national market and the high-quality development of the marine economy [1] - Chengyi Pharmaceutical, as the first listed company in Zhejiang focusing on marine biopharmaceuticals, has a revenue share of nearly 70% from this sector [1] Group 2 - Chengyi Pharmaceutical is leveraging its core businesses of glucosamine and fish oil to establish a strong presence in the marine biopharmaceutical field [1] - The company's key product, hydrochloride glucosamine, is derived from chitin sourced from crab and shrimp shells, offering unique advantages such as being all-natural and additive-free [1] - Chengyi Pharmaceutical has developed a full-chain integration advantage in glucosamine products, from raw material extraction to production [1] Group 3 - Dongfang Ocean is also gaining market attention, focusing on marine seed breeding, aquatic product processing, and biotechnology [2] - The company has established a leading position in sea cucumber farming and fish seed breeding, collaborating with institutions like the Chinese Academy of Sciences and Ocean University of China [2] - Dongfang Ocean is advancing its health industry development by establishing platforms for immune technology, mass spectrometry, molecular technology, and third-party medical testing laboratories [2]

政策巨变下，姚俊华展现出技术出身的决断力。2019年，他力排众议启动"仿创双轮驱动"战略：每年拿 出销售额10%-16%投入研发，在南京、天津增设研发中心，组建260余人的研发团队（占员工总数 1/3）。当同行忙于分红时，他坚持将利润投入研发池。"仿制药是生存根基，创新药是未来命脉"，在 南通海门的车间里，这条理念正转化为现实：三条自动化生产线昼夜不停，最新获批的奥美沙坦酯氨氯 地平片单季度产量达500万片，17个仿制药新品去年密集上市，全国药企批文数量排名第十。 更重要的突破在实验室深处：首个创新药进入临床三期，预计2026年上市；20亿元的生物医药项目去年 3月落户海门开发区，为后续创新药量产铺路。"以前靠3-5个品种打天下的时代结束了，"姚俊华在一次 访谈中强调，"仿制药是马拉松补给站，创新药才是终点线。" 二、绿茵场上的健康方程式 夏夜的南通足球训练中心海门基地灯火通明，激情的浪潮在绿茵场上翻滚。当有球员带球突破时，场 边，一位目光严肃的中年人嘴角泛起欣慰的弧度——他正是万高药业掌门人姚俊华。此刻，实验室里的 药物研发专家、转型中的企业家、体育IP的塑造者三重身份在此交融，勾勒出一家药企的破圈生长轨 ...

智通财经6月20日电，泰恩康(301263.SZ)公告称，公司全资子公司安徽泰恩康制药有限公司收到国家药 监局签发的硫酸氨基葡萄糖胶囊境内生产药品注册上市许可申请《受理通知书》。硫酸氨基葡萄糖胶囊 适用于原发性及继发性骨关节炎，原研药于1982年在意大利获批上市，1996年在中国获批上市。根据米 内网数据显示，2024年国内城市和县级公立医院、城市和网上药店、城市社区医院和乡镇卫生院的销售 金额约33.62亿元人民币。目前国内共有13家企业获得药品注册证书。 泰恩康：全资子公司收到硫酸氨基葡萄糖胶囊药品注册受理通知书 ...