Group 1: Macro Policy Insights - The Central Political Bureau meeting on July 30 emphasized the need for continuous and stable macro policies to support high-quality development in the context of the 15th Five-Year Plan preparation [1][20][22] - The meeting highlighted the importance of domestic demand as a key driver, with the introduction of a parenting subsidy program amounting to approximately 90 billion yuan, marking a significant direct cash subsidy to the public [1][21] - The meeting also indicated a shift in focus towards urban renewal as a new policy goal, alongside enhancing the attractiveness and inclusivity of the domestic capital market [1][22] Group 2: Credit Market Analysis - The credit market is expected to experience a stable supply in the second half of the year, with favorable liquidity conditions supporting the bond market [2][24][25] - There is a discussion around the potential risks of credit spread compression, with a focus on the need for liquidity management and position adjustments [2][25] - The credit market has shown resilience, with limited widening of credit spreads despite recent market adjustments, suggesting a cautious outlook for the third quarter [2][25] Group 3: Chemical Industry Developments - Recent policies aimed at addressing "involution" in the chemical industry include stricter cost regulation and adjustments to pricing mechanisms, indicating a shift towards more sustainable competition [3][28] - The analysis of various sub-sectors within the chemical industry suggests that those with high concentration and significant losses are more likely to be targeted for policy interventions [3][28][29] - Key sub-sectors identified for potential breakthroughs include soda ash, polyurethane, and organic silicon, which meet multiple criteria for policy focus [3][29] Group 4: Food and Beverage Sector Insights - The recent listing of Jiyuan Group, a leading supplier of HMB raw materials, highlights the growth potential in the muscle health market, driven by increasing demand from aging populations [30][31] - The company is projected to achieve a revenue growth of 12.3% in 2024, with a significant portion of its income derived from overseas markets [30][31] - The focus on innovative nutritional products positions the company well within the expanding sports nutrition and joint health segments [30][33]

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The report highlights that the company is the largest global supplier of HMB and focuses on the muscle and joint health market, with a strong presence in various international markets [1][4] - The company is expected to achieve a revenue growth of 12.3% year-on-year in 2024, reaching 1 billion yuan, with a net profit growth of 9.0% to 170 million yuan [2] - The report emphasizes the high growth potential in the muscle health and aging economy sectors, driven by the increasing demand for HMB and joint health products [4] Summary by Sections Company Overview - The company is the largest global supplier of HMB and a core supplier of high-quality glucosamine and chondroitin sulfate, with established partnerships with major brands like Abbott and Blackmores [1] - The company has a significant international revenue share, with over 90% of its income coming from overseas sales [2] Product Performance - In 2024, the revenue from nutritional raw materials and formulations is expected to be 650 million yuan and 350 million yuan, respectively, accounting for 65% and 35% of total revenue [2] - The gross profit margins for HMB, glucosamine, and chondroitin sulfate are projected to be 62%, 39%, and 29%, respectively [2] Market Trends - The global HMB market is projected to grow at a compound annual growth rate (CAGR) of approximately 11.54% from 2024 to 2030, with an expected production of 3,571.69 tons by 2030 [3] - The report notes that the demand for glucosamine and chondroitin sulfate is also on the rise, with a CAGR of 4.2% and 3.5% expected for the respective markets from 2022 to 2027 and 2023 to 2030 [3]

AI and Market Trends - AI applications are entering a rapid growth phase, supported by mature infrastructure and decreasing costs of large model calls, enhancing commercial potential[3] - China possesses significant data reserves and a broad demand scale, providing a competitive advantage for AI development[3] Market Performance - The A-share market experienced a general rise, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week[15] - Mid-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, with increases of 3.28% and 2.38% respectively[17] Dietary Supplements Industry - The global dietary supplement market is projected to reach $223 billion by 2026, driven by population growth and increasing health awareness[5] - HMB, a key nutrient for muscle health, is expected to see global production reach 3,572 tons by 2030, indicating strong market potential[5] Investment Recommendations - Recommended stocks include Toris (拓尔思), which has a robust open-source intelligence data resource, and Songlin Technology (松霖科技), focusing on health robots[3] - Other notable mentions are Rongxin Culture (荣信文化), which is expanding into AI+ education scenarios[3] Corporate Actions - This week, two companies listed on the A-share market, with C Shanda and C Jiyuan seeing first-day gains of 356% and 274% respectively[33] - There were six new public offerings announced, with an average discount rate of 18.9% and an average return of 40.7% on recent fundraising projects[34][40]

Core Insights - The company has over 20 years of experience in the global dietary supplement industry, focusing on scientific research and clinical trials to provide innovative and customized nutritional ingredients and formulations [1] - In 2024, the company achieved a revenue of 1.002 billion yuan, representing a year-on-year growth of 12.33% [1] Industry Overview - The global dietary supplement market exceeded $187 billion in 2023 and is expected to maintain a steady growth rate of 6% over the next three years, reaching $223 billion by 2026 [2] - The company operates as both a nutritional ingredient supplier and a formulation manufacturer, with strong competitiveness in HMB, glucosamine, and other nutritional ingredients [2] Product Segmentation - **HMB**: The company holds over 50% of the global market share and is a key player in the HMB industry, collaborating with major companies like Metabolic and Abbott to drive HMB commercialization [2] - **Glucosamine**: The company is a leading provider of high-quality glucosamine, achieving a stable global market share of 12.61% in 2024 [3] - **Other Nutritional Ingredients**: The company has enhanced its research capabilities through the strategic acquisition of Metabolic Technologies, focusing on new ingredient development [3] - **Formulation Business**: The company emphasizes innovative dosage forms and has obtained TGA GMP certification for its production facility, enabling it to offer personalized nutritional solutions [4] Financial Projections - The company is expected to achieve revenues of 1.184 billion yuan, 1.436 billion yuan, and 1.758 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.2%, 21.2%, and 22.5% respectively [5] - Projected net profits for the same period are 199 million yuan, 239 million yuan, and 310 million yuan, with growth rates of 13.8%, 20.1%, and 30.1% respectively [5]

Market Overview - The Shanghai Composite Index broke through the 3600-point mark for the first time since October 8, 2024, driven by a short-term rally in the banking and brokerage sectors, with Guosheng Financial hitting the daily limit [1] - The Hong Kong stock market showed significant strength, with the Hang Seng Index rising over 0.8% during the morning session [2][12] - The A-share market exhibited mixed performance, with the Shanghai Index reaching a new high for the year while the North Star 50 Index weakened [4] Sector Performance - In terms of industry sectors, non-bank financials, steel, and banking sectors led the gains, while defense and military industries showed weakness [5] - The brokerage sector, often seen as a market barometer, experienced a notable rally, with Guosheng Financial hitting the daily limit and other major brokerages like Citic Securities also seeing gains of over 2% [6] New Listings - Two new stocks debuted in the A-share market, both experiencing significant gains during the morning session [8] - Shanda Electric saw its stock price surge by over 500% at one point, focusing on smart products for power systems and maintaining a leading position in the industry [9] - Jiyuan Group's stock rose by over 300%, specializing in dietary supplements and becoming a major supplier of HMB raw materials globally [10] Hong Kong Market Highlights - The Hong Kong market continued to show strength, with notable gains in stocks such as Zhongsheng Holdings, Baidu Group, and China Life [13] - Other volatile stocks in the Hong Kong market included Feishang Wuyan Coal, which surged by over 400% [14]

Core Viewpoint - The company aims to enhance public health through the development and sale of dietary nutritional supplements, focusing on early detection and prevention of health risks, particularly through the use of nutrients like HMB [2][9]. Company Overview - The company, 技源集团, has over 20 years of experience in the dietary nutritional supplement industry and has established a global network for R&D, production, sales, and service, becoming the largest supplier of HMB raw materials worldwide [2][4]. - The company went public on July 23, with plans to use the IPO proceeds to expand production capacity and enhance R&D capabilities [2][8]. Product and Market Focus - HMB is identified as a crucial nutrient for maintaining muscle health, particularly beneficial for individuals over 35, aiding in muscle preservation and recovery [3][6]. - The company has developed a comprehensive product line that includes various forms of HMB and is collaborating with major firms like 蒙牛 to create specialized products [6][7]. Financial Performance - The company has shown strong financial growth, with projected revenues of 940 million, 890 million, and 1 billion yuan from 2022 to 2024, respectively, and net profits of 140 million, 160 million, and 170 million yuan [8]. - The global dietary supplement market is growing, with a consumption scale exceeding $150 billion in 2021, indicating a robust demand for nutritional products [8]. Strategic Development - The company has transitioned from a trading model to an integrated platform model, enhancing its capabilities across the entire supply chain from raw material production to finished product formulation [4][7]. - The company holds 147 domestic and international patents, including a patented HMB and Vitamin D3 combination that has shown superior effects in clinical trials [6][5]. Industry Context - As China faces an aging population, there is an increasing emphasis on health and wellness, positioning the company to contribute significantly to public health initiatives [9].

Company Overview - Company is a leading global supplier of HMB (beta-hydroxy-beta-methylbutyrate) raw materials, holding over 50% market share globally and serving as the core supplier for Abbott's HMB products [1][2] - Established in 2002, the company has developed a strong vertical integration from raw material production to finished product formulation, enhancing its competitive edge in the industry [1][2] - The management team, led by US national Zhou Jingshi, has extensive experience in the nutrition raw materials sector, having previously worked with renowned companies like Amway and Avon [1][2] Financial Performance - The company reported revenues of 947 million yuan, 892 million yuan, and 1.002 billion yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 18.19%, -5.84%, and 12.33% respectively [3] - Net profits for the same years were 142 million yuan, 160 million yuan, and 174 million yuan, with growth rates of 29.34%, 12.63%, and 9.02% respectively [3] - Preliminary forecasts indicate a revenue increase of 15.03% to 273.6 million yuan and a net profit increase of 8.56% to 192 million yuan for the first half of 2025 compared to the same period in 2024 [3] Market Position and Industry Trends - The global dietary supplement market is projected to exceed $187 billion in 2023, with a steady growth rate of 6% expected, reaching $223 billion by 2026 [3] - The HMB market is anticipated to grow at a compound annual growth rate (CAGR) of approximately 11.54%, reaching an estimated production of 3,571.69 tons by 2030 [3] - The glucosamine market, in which the company is a key player, is expected to maintain a stable growth rate of 4.2% from 2022 to 2027, with a market demand of around 20,000 tons in 2022 [3] IPO Details - The company plans to issue 50.01 million new shares, raising approximately 544 million yuan, with funds allocated for three projects and working capital [4] - The projects include a production base for health raw materials, an expansion of the nutrition health food production line, and a technology innovation center [4] Valuation and Market Sentiment - The company's IPO price is set at 10.88 yuan per share, which is considered low compared to the average dynamic price-to-earnings ratio of comparable companies at 36.54, suggesting a potential upside of 49.51% on the first trading day [6][7] - Recent trends indicate that new stocks in the A-share market have experienced an average first-day increase of 230.68%, with a median increase of 174.56% [6][7] - The favorable market sentiment and the company's strong fundamentals may contribute to a positive performance on its debut [5][6]

股票简称：技源集团 股票代码：603262 技源集团股份有限公司 TSI Group Co., Ltd. （江苏省江阴临港经济开发区锦绣路 2 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （上海市中山南路 318 号东方国际金融广场 24 层） 二零二五年七月二十二日 1 特别提示 技源集团股份股份有限公司（以下简称"技源集团"、"发行人"、"公司" 或"本公司"）股票将于 2025 年 7 月 23 日在上海证券交易所主板上市。本公司 提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市初期 切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 查 阅 刊 载 于 上 海 证 券 交 易 所 网站 （http://www.sse.com.c ...

Investment Rating - The report provides a positive investment rating for the health supplement industry, particularly highlighting the growth potential of the HMB segment and the overall market expansion [4][28]. Core Insights - The report emphasizes that the global dietary supplement industry is experiencing continuous expansion, with the market size expected to approach $200 billion by 2025, driven by increasing health awareness among consumers [28]. - The company, as the largest global supplier of HMB, is well-positioned to benefit from the growing demand for muscle health products, with a projected revenue increase of 22.8% in 2024 [49][60]. - The report also notes the company's strong partnerships with major clients like Abbott, which significantly contribute to its revenue, particularly in the HMB segment [55][111]. Financial Performance - The company achieved a revenue of 1.0 billion yuan in 2024, reflecting a year-on-year growth of 12.3% [3][7]. - The net profit attributable to shareholders reached 174.4 million yuan in 2024, with a compound annual growth rate (CAGR) of 16.7% from 2021 to 2024 [7][21]. - The gross margin improved to 43.5% in 2024, while the net margin slightly decreased to 17.5% due to a minor increase in expenses [21][22]. Revenue Breakdown - In 2024, the revenue from nutritional raw materials and formulations was 6.5 billion yuan and 3.5 billion yuan, respectively, accounting for 64.6% and 35.1% of total revenue [12][96]. - The HMB segment generated 2.93 billion yuan in revenue in 2024, representing 45.3% of the nutritional raw materials revenue [49][85]. - The company’s international sales are significant, with the U.S. accounting for 30.6% of revenue, indicating a strong presence in overseas markets [15]. Market Trends - The global sports nutrition market is projected to grow at a CAGR of 4.5% from 2020 to 2026, with HMB being a key ingredient driving this growth [33][35]. - The joint health supplement market, including glucosamine and chondroitin sulfate, is expected to maintain a steady growth rate of 5.8% from 2020 to 2027, supported by an aging population [39][41]. - The report highlights the increasing penetration of contract manufacturing in the health supplement industry, with a market size exceeding 100 billion yuan [45]. Production Capacity and Utilization - The company’s production capacity for HMB, glucosamine, and chondroitin sulfate is expected to exceed 90% utilization in 2024, indicating strong demand [117]. - The company plans to invest 210 million yuan to expand its production capacity for HMB and other nutritional raw materials, which will enhance its ability to meet growing market demands [117][120].

Summary of Chengyi Pharmaceutical Conference Call Company Overview - **Company**: Chengyi Pharmaceutical - **Industry**: Pharmaceutical, focusing on health supplements and raw materials Key Points and Arguments 1. **Strong Performance in H1 2025**: Chengyi Pharmaceutical reported a robust performance in the first half of 2025, with hospital sales increasing by over 100% year-on-year, attributed to the transition from national procurement to provincial-level procurement, expanding coverage from 9 to over 30 provinces [2][3][4] 2. **Growth Drivers**: The primary growth driver is the glucosamine product line, which saw a growth rate of 36% in H1 2025, with expectations to maintain around 30% growth for the full year [2][4] 3. **Profitability Improvement**: The company is optimizing its asset structure by closing loss-making subsidiaries and focusing on profitable ones like Fujian Huakang, which is expected to achieve a net profit of between 10 million to 20 million yuan [2][4][18] 4. **Market Strategy**: Chengyi Pharmaceutical is implementing a strategy of changing product specifications to drive growth in mature markets, such as replacing 30-count packages with 60 and then 120-count packages, which increases prescription volume and market size [7][8] 5. **OTC Market Growth**: The OTC segment is projected to reach 140 million yuan in sales for 2025, a 27% increase, primarily due to improved profit margins after eliminating the general agent [9][10] 6. **Fish Oil Product Launch**: The company plans to launch its fish oil products in Q3 2025, aiming for reasonable domestic pricing and potential collaboration with large pharmaceutical companies [12][13] 7. **High-Purity EPA Raw Material**: The company is facing challenges with DMF (Drug Master File) submissions for high-purity EPA raw materials, with completion expected by mid-2026 [15] 8. **Employee Stock Ownership Plan**: Chengyi Pharmaceutical has introduced an employee stock ownership plan with performance targets set for a 35% profit growth in 2025 [19][21] 9. **Future Revenue Goals**: The company aims for a 30% revenue growth in 2025, with a projected overall growth of 65% by 2027, relying heavily on glucosamine and future fish oil products [20][24] Additional Important Insights 1. **Stable Pricing Strategy**: The pricing for glucosamine has remained stable for five years due to limited competition, with only three companies producing it, allowing Chengyi to maintain the lowest price in the market [6] 2. **Market Positioning**: The company holds a significant market share in the glucosamine sector, accounting for 30% of the total revenue, while the remaining 70% comes from health supplements [22][23] 3. **Long-term Outlook**: Chengyi Pharmaceutical is optimistic about its future growth, particularly in the health supplement market, and is focused on expanding its product line to include more marine-based products [24]