吨/年。公司 VC 和 FEC 产品的主要客户是天赐材料、新宙邦等。 2、据说 6-apa 价格下降，请介绍下具体情况，对公司业绩影响 大吗？ 答：他唑巴坦、舒巴坦是公司主要医药产品，2024 年销售收入 占公司营业收入 40%左右。而 6-apa 是他唑巴坦、舒巴坦的主要原材 料，根据万得数据显示，截至 2025 年 11 月 3 日，6-apa 价格较 2024 年底下降 38%。随着其价格下降，将有效提升公司医药制造业务毛 利率。 3、除 6-apa价格下降外，公司医药业务是否还有其他的增长点？ 答：公司是他唑巴坦全球主要供应商，目前三氮唑新工艺他唑 巴坦产品顺利完成下游客户合格供应商备案，产品产能将逐步释放， 将不仅能够降低他唑巴坦产品生产成本，同时还能提高产品售价及 市场竞争力；公司是全球最大的舒巴坦供应商，也是国内舒巴坦领 域唯一通过国际规范市场认证的供应商，目前舒巴坦产品呈现涨价 趋势；同时，公司正在扩大哌拉西林产品产能，哌拉西林与他唑巴 坦、舒巴坦均可配比成为复方制剂，是市场上的主流品种，需求广 阔。此外，公司是国内为数不多的从起始原料到下游原料药全产业 链布局的碳青霉烯类培南系列产品生产商， ...

Group 1 - The core viewpoint of the article highlights the establishment of a joint venture between Yihai Kerry (Golden Dragon Fish) and Xinhua Yang to enter the synthetic biology industry, focusing on the production of various enzymes and bio-based materials [2][4]. - Yihai Kerry is a significant player in the agricultural and food processing sector in China, involved in multiple industries including edible oil refining, food ingredients, and deep processing of grains [2][4]. - Xinhua Yang is recognized as one of the top ten enzyme preparation manufacturers in China, specializing in microbial ecological preparations [3]. Group 2 - The joint venture, named Xinhua Yang Yihai Kerry, aims to utilize synthetic biology technology to produce food-grade enzymes, feed enzymes, and other industrial enzymes, targeting global markets [4]. - By December 2024, Yihai Kerry plans to establish two companies with Fuxiang Pharmaceutical, focusing on the manufacturing and sales of food ingredients and pharmaceutical intermediates, with an expected annual production capacity of 200,000 tons [6]. - Fuxiang Pharmaceutical is noted for being the first company in China to achieve industrialization of filamentous fungal protein at a scale of over 1,000 tons, and is accelerating the construction of a project with an annual capacity of 20,000 tons of microbial protein and 50,000 tons of amino acid water-soluble fertilizer [7].

Core Viewpoint - Fuxiang Pharmaceutical is experiencing a growth in its mid-year performance compared to last year, but it remains in a loss position. The company plans to improve its net profit through various products and strategies [2]. Group 1: Business Performance and Strategies - The company aims to enhance its pharmaceutical business by increasing the selling price of key intermediates and expanding production capacity for various products, which will improve gross margins and competitiveness [2]. - In the new energy sector, Fuxiang's lithium battery electrolyte additive products are performing well in terms of shipment volume and cost control, with prices at historical lows, indicating potential for profit growth as the industry recovers [2]. - The synthetic biology sector is being developed with a focus on microbial protein, with a new food raw material application already accepted for review by the National Health Commission, aiming for approval and market launch in the second half of the year [2][4]. Group 2: Microbial Protein Business Advantages - Fuxiang Pharmaceutical is a pioneer in the domestic microbial protein industry, with significant production capacity and proprietary technology, including patents in multiple countries [3]. - The company has achieved international advanced levels in key technologies for microbial protein production and has received various quality certifications for its products [3]. - Collaborations with academic institutions are in place to foster innovation across the entire industry chain, emphasizing green production and cost efficiency [3]. Group 3: Future Plans for Synthetic Biology - The company plans to obtain necessary approvals for its new protein products and enhance market presence through brand building and international expansion [4]. - Focus will be on accelerating the industrialization of new protein products and recruiting talent to build a high-performance team [4]. - Strategic partnerships have been established to advance product development and market promotion, with a strong outlook for amino acid water-soluble fertilizers [4].

Financial Performance - The company reported an increase in mid-year performance compared to last year, but remains in a loss state [2] - Future strategies will focus on improving net profit through various products and avenues [2] Pharmaceutical Manufacturing - The decline in raw material prices for 6-APA and the recovery in prices for the key intermediate 4-AA will enhance the gross margin of the pharmaceutical business [3] - Successful completion of supplier qualification for the new process product, Tazobactam, is expected to reduce production costs and improve market competitiveness [3] - Expansion of Piperacillin production capacity is underway, with significant market demand for combination formulations [3] - New compound formulations are being launched, which will drive demand for related products [3] New Energy Business - The company leads in the industry for lithium battery electrolyte additives in terms of shipment volume and cost control [3] - Current prices for these additives are at historical lows, with limited room for further decline; a price rebound could significantly enhance profits [3] Synthetic Biology - The company is a pioneer in microbial protein production, with significant advancements in core strains, production technology, and market access [4][5] - The registration application for the new protein as a food ingredient has been accepted, with expectations for approval in the second half of the year [4][9] - The company is constructing a project with an annual capacity of 200,000 tons of microbial protein, aiming for a production scale of 20,000 tons of microbial protein and 50,000 tons of amino acid water-soluble fertilizer [5][15] Quality and Certification - The new protein has received multiple international certifications, including HALAL and KOSHER, and has passed various food safety management system certifications [6] - The company has developed proprietary strains and achieved international advanced levels in production technology [5][6] Market Expansion and Collaboration - Strategic partnerships have been established with various companies in the microbial protein sector, enhancing market penetration [11] - The company plans to build an open commercial transformation platform to accelerate product commercialization and brand development [10] Product Development - The new protein can be applied in various sectors, including plant-based meat alternatives, protein drinks, and health products [12] - The company is actively developing new applications and has created several product samples for market introduction [12] Environmental and Regulatory Compliance - The company’s production processes aim for zero emissions and align with national agricultural reduction goals [7][14] - The amino acid water-soluble fertilizer is positioned to meet growing market demands due to regulatory support for green products [15]

Core Viewpoint - The company has made significant progress in its strategic development, focusing on optimizing governance structures and enhancing operational efficiency while achieving a reduction in net losses during the first half of 2025 [5][6]. Company Overview - The company reported a revenue of 514.67 million yuan in the first half of 2025, with a net profit attributable to shareholders of -6.91 million yuan, reflecting a year-on-year reduction in losses by 15.55 million yuan [5][6]. Key Developments - The company has optimized its governance structure, ensuring continuity and stability through the re-election of the board and the appointment of senior management [6]. - The company’s new protein product successfully obtained GRAS certification in the U.S., facilitating its entry into international markets [6]. - The company was included in the first batch of the national bio-manufacturing landmark product list, showcasing its technological strength in the field of microbial protein [6]. Future Plans - For the second half of 2025, the company will focus on three main business divisions: pharmaceuticals, new energy, and synthetic biology, aiming to enhance marketing and R&D capabilities [7]. - The pharmaceutical division plans to deepen collaboration with key customers and enhance product development to improve market competitiveness [8]. - The new energy division aims to strengthen strategic partnerships and optimize production processes to reduce costs and enhance operational efficiency [8]. - The synthetic biology division will focus on commercializing its new protein product and expanding its market presence through innovative applications [9][10]. Product Development - The company is advancing its amino acid water-soluble fertilizer product, which utilizes by-products from its new protein production process, aiming for certification and market launch in the second half of 2025 [12].