证券研究报告 | 2025年09月02日 赞宇科技（002637.SZ） 优于大市 上半年收入同比增长，静待杜库达扩建项目逐步达产 投资建议：下调盈利预测，维持 "优于大市"评级。 公司为国内油脂化工、表面活性剂、洗护加工领先企业，油脂化学品产能超 过 100 万吨/年、表面活性剂超 120 万吨/年产能、OEM/ODM 达 110 万吨/年。 考虑到公司上半年所得税费用较高，且公司存在武汉新天达美资产减值预 期，我们谨慎下调盈利预测，预计公司 2025-2027 年收入 149/173/188 亿元 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 公司研究·财报点评 基础化工·化学制品 公司是国内表面活性剂、油脂化工领先企业，OEM/ODM 项目稳步推进。目前 公司表面活性剂年产能突破 120 万吨，油脂化学品年产能突破 100 万吨，洗 护用品 OEM/ODM 加工服务能力达到 110 万吨。公司在江苏镇江、河南鹤壁、 四川眉山等地建立了大型综合日化园区，其中河南鹤壁与四川眉山合计 100 万吨的洗护用品 OEM/ODM 项目已陆续投产。公司依托表活技术优势、规模布 局优势、物流包装配套优势，开展 ...

Core Viewpoint - Fengbei Biotechnology Co., Ltd. has successfully submitted its IPO registration on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste resources, particularly converting waste oils into biodiesel and bio-based materials, but faces challenges including performance decline due to EU anti-dumping policies and weak R&D investment [1][10][24]. Group 1: Company Overview - Fengbei Biotechnology is a high-tech enterprise in the waste resource utilization sector, primarily producing biodiesel and bio-based materials from waste oils, forming a recycling industry chain [2][5]. - The company was established in July 2014 and transitioned to a joint-stock company in January 2022, with its founder, Ping Yuan, holding 85.40% of the shares [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Fengbei's operating revenues were 1.709 billion, 1.728 billion, and 1.948 billion yuan, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% respectively [10][11]. - The net profit attributable to the parent company for the same period was 133 million, 130 million, and 124 million yuan, showing a decline of 2.73% and 4.54% in the last two years [10][11]. Group 3: Market Challenges - The company has faced significant challenges due to the EU's anti-dumping investigations, which have led to a sharp decline in sales in the EU market, affecting overall profitability [15][18]. - Sales to the EU dropped from 3.30 billion yuan in 2021 to 505 million yuan in the first half of 2024, indicating a substantial market shift [15][18]. Group 4: R&D and Competitive Position - Fengbei's R&D expenses as a percentage of operating income were 3.00%, 3.39%, and 2.75% from 2022 to 2024, which is below the industry average [21][22]. - The company claims its competitive advantage lies in basic research, material development, and application development, but it risks falling behind competitors if R&D investment does not increase [24]. Group 5: Financial Health - As of the end of 2024, Fengbei's cash reserves were 167 million yuan, while short-term borrowings amounted to 173 million yuan, indicating potential liquidity issues [24].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.553 billion CNY, a 41.71% increase compared to the same period last year [2] - The net profit attributable to shareholders was 0.97 billion CNY, reflecting a growth of 6.35% year-on-year [2] - Total assets reached 8.586 billion CNY, up 8.29% from the beginning of the year, while total liabilities increased by 15.55% to 4.762 billion CNY [2] - The equity attributable to shareholders rose by 0.99% to 3.824 billion CNY, with a debt-to-asset ratio of 55.47%, an increase of 3.48 percentage points from the start of the year [2] Business Segments - The daily chemical business generated revenue of 2.987 billion CNY, a 56.14% increase year-on-year, with a sales gross margin of 5.31% [3] - The oil chemical business reported revenue of 1.34 billion CNY, up 30.36% from the previous year, with a sales gross margin of 34.21% [3] - The company has an annual production capacity of 1.1 million tons for OEM/ODM processing in personal care products [3] Risk Management - The company engages in futures hedging to mitigate risks associated with raw material price fluctuations, thereby controlling production costs [4] Strategic Development - The company aims to enhance its market share and competitiveness by focusing on the entire supply chain of surfactants, oil chemicals, and personal care products, while emphasizing customer-centric OEM/ODM services [5] - The company is committed to continuous technological innovation and process improvement, maintaining a leading position in product innovation and efficiency within the industry [5]

近日，赞宇科技（002637.SZ）迎来一则好消息，其WindESG评级从BB级成功上调至A级。这一评级的 提升，不仅反映出赞宇科技在环境、社会和公司治理（ESG）方面取得的显著进步，也预示着其在可持 续发展道路上迈出了坚实的一步。根据最新的ESG评级结果，公司在所有参评的173家同行业企业中脱 颖而出，成功跻身前列，排名第20位。 ESG评级是衡量企业可持续发展能力的重要指标，涵盖了企业对环境的影响、社会责任的履行以及公司 治理的有效性。 赞宇科技在此次评级中，企业环境管理（E）、社会责任（S）、公司治理（G）三大维度得分均超行业 平均分，充分展现出企业ESG体系化管理水平与可持续发展综合实力。 近年来，赞宇科技坚持"立足表面活性剂、油脂化学品、洗护用品OEM/ODM主业砥砺前行"的发展战 略，注重科技创新和人才队伍建设。公司不断完善ESG体系建设及工作机制，提升ESG专业水平和ESG 综合治理能力，并凭借良好表现，在华证等国内外知名ESG评级机构发布的ESG评级结果中实现稳步提 升。 截至2024年末，赞宇科技已成为RSPO棕榈油可持续发展圆桌会议成员，会议致力于减少棕榈油生产对 环境和社会的负面影响，确 ...

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

Core Viewpoint - Suzhou Fengbei Biotechnology Co., Ltd. has been approved for IPO by the Shanghai Stock Exchange, marking it as the 39th company to pass the review this year, indicating a positive trend in the IPO market [1] Company Overview - Fengbei Biotechnology is a high-tech enterprise in the field of waste resource utilization, primarily focusing on producing resource-based products from waste oils. The company has developed a comprehensive industrial chain from waste oils to biofuels and bio-based materials [2] - The controlling shareholder and actual controller of Fengbei is Pingyuan, who holds 59.78% of the shares directly and controls an additional 25.62% through other entities, totaling 85.40% control [2] IPO Details - Fengbei plans to publicly issue up to 35.90 million shares, which will account for no less than 25% of the total share capital post-issuance. The company aims to raise 750 million yuan for various production projects, including biofuels and microbial fertilizers [3] Key Questions from Listing Committee - The listing committee inquired about the reasons for the decrease or stability in sales and management expenses despite expected growth in revenue for 2024, and the authenticity of sales revenue and expenses related to industrial-grade mixed oil [4] - The committee also requested clarification on the sustainability of revenue from biofuels and the growth potential of industrial-grade mixed oil, considering changes in product structure and market conditions [4]

财务方面，于2022年度、2023年度及2024年度，丰倍生物实现营业收入约为17.09亿元、17.28亿元、 19.48亿元人民币；同期，公司实现净利润分别为约1.33亿元、1.30亿元、1.24亿元人民币。 8月7日，苏州丰倍生物科技股份有限公司(简称：丰倍生物)通过上交所上市委会议。此次IPO的保荐人为 国泰海通证券，拟募资10亿元。 招股书显示，丰倍生物是一家废弃资源综合利用领域的高新技术企业，主要以废弃油脂生产资源化产 品。基于长期的研发投入和产业实践，公司在废弃油脂资源综合利用的深度及广度上不断拓展，形成 了"废弃油脂—生物燃料(生物柴油)—生物基材料"的废弃资源再生产业链。此外，公司还依托自身油脂 综合利用核心技术和渠道优势为客户提供油脂化学品。 截至2024年末，公司现有生物柴油产能10.5万吨，产能规模位居我国生物柴油行业第六。结合主要资源 化产品生物柴油的产量来看，根据USDA统计，2024年我国生物柴油产量约为171万吨，发行人生物柴油 产量为8.01万吨，对应以产量计的公司生物柴油市场占有率约为4.68%。 生物基材料方面，公司已成功推广生物基材料在农化等细分领域的应用，其产品符合安全 ...

丰倍生物沪主板IPO过会。 8月7日，上交所上市委举行2025年第29次审议会议，审议苏州丰倍生物科技股份有限公司（简称"丰倍 生物"）首次公开发行事项，最终公司顺利过会。 丰倍生物是一家废弃资源综合利用领域的高新技术企业，主要以废弃油脂生产资源化产品。基于长期的 研发投入和产业实践，公司在废弃油脂资源综合利用的深度及广度上不断拓展，形成了"废弃油脂—生 物燃料（生物柴油）—生物基材料"的废弃资源再生产业链。此外，公司还依托自身油脂综合利用核心 技术和渠道优势为客户提供油脂化学品。 作为国家级专精特新"小巨人"企业和苏州市独角兽培育企业，丰倍生物深知创新是企业发展的核心动 力。公司在研发领域持续投入大量资源，形成了以"基础研究、材料开发、应用开发"为核心的创新体 系。截至2025年3月31日，丰倍生物已拥有144项专利，其中包括31项国内发明专利和3项国际发明专 利。 业绩方面，2023年至2025年上半年，丰倍生物实现营收17.09亿元、19.48亿元和14.78亿元；净利润为1.3 亿元、1.24亿元和0.85亿元。 本次IPO，丰倍生物拟募资7.5亿元，分别投入到新建年产30万吨油酸甲酯、1万吨工业级混 ...

今天，沪主板迎来一家公司上会。 格隆汇获悉，上交所定于8月7日召开第29次上市委审议会议，将审议苏州丰倍生物科技股份有限公司（简称"丰倍生 物"）的主板IPO首发事项，由国泰海通证券股份有限公司担任保荐人。 丰倍生物专注于废弃油脂资源综合利用领域，行业符合政策导向。 然而废弃油脂的收集以及下游客户的认知尚存在挑战，同时相关产品的价格受能源行业整体的周期波动影响较大。 01 总部位于江苏苏州，专注于废弃油脂资源综合利用领域 丰倍生物成立于2014年7月，2022年3月完成股改，注册地址位于江苏省苏州市。 公司的实际控制人是平原，本次发行前，平原通过直接和间接的方式合计控制公司85.4%的股份。 平原今年49岁，硕士研究生学历，任丰倍生物董事长。他曾在中粮东海粮油工业（张家港）有限公司任业务主任，此 后曾在多家国际贸易公司任业务总监。 公司的总经理是李寅，他今年39岁，本科学历。他与平原曾在多家国际贸易公司做过同事；丰倍有限成立后，他先后 担任副总经理、总经理，目前任丰倍生物董事、总经理。 丰倍生物自成立以来就专注于废弃油脂资源综合利用领域，形成了"废弃油脂—生物燃料（生物柴油）—生物基材 料"的废弃资源再生产业 ...

今天，沪主板迎来一家公司上会！ 格隆汇获悉，上交所定于8月7日召开第29次上市委审议会议，将审议苏州丰倍生物科技股份有限公司（简称"丰倍生 物"）的主板IPO首发事项，由国泰海通证券股份有限公司担任保荐人。 丰倍生物专注于废弃油脂资源综合利用领域，行业符合政策导向。 然而废弃油脂的收集以及下游客户的认知尚存在挑战，同时相关产品的价格受能源行业整体的周期波动影响较大。 01 总部位于江苏苏州，专注于废弃油脂资源综合利用领域 丰倍生物成立于2014年7月，2022年3月完成股改，注册地址位于江苏省苏州市。 公司的实际控制人是平原，本次发行前，平原通过直接和间接的方式合计控制公司85.4%的股份。 平原今年49岁，硕士研究生学历，任丰倍生物董事长。他曾在中粮东海粮油工业（张家港）有限公司任业务主任，此 后曾在多家国际贸易公司任业务总监。 公司的总经理是李寅，他今年39岁，本科学历。他与平原曾在多家国际贸易公司做过同事；丰倍有限成立后，他先后 担任副总经理、总经理，目前任丰倍生物董事、总经理。 丰倍生物自成立以来就专注于废弃油脂资源综合利用领域，形成了"废弃油脂—生物燃料（生物柴油）—生物基材 料"的废弃资源再生产业 ...