Financial Performance - The company expects a significant decline in net profit for 2025, projecting a decrease of 56.21% to 70.56%, with estimated profits ranging from 18.19 million to 27.05 million yuan, primarily due to intense competition in the taurine market [2][4] - The company's stock price has experienced considerable volatility, with a reported cumulative decline of 8.00% as of February 1, 2026, and a net outflow of 50.26 million yuan in principal funds [5] Operational Developments - The company signed an annual equipment processing framework agreement with an affiliate, Hubei Yongbang Engineering Technology Co., Ltd., with a total transaction amount not exceeding 20 million yuan, valid for one year [3] Industry Environment - The taurine market is facing a downturn and fierce competition, which is likely to continue impacting the company's performance in 2026 [4] - The pharmaceutical and biotechnology sector is supported by policy initiatives, such as accelerated reviews for innovative drugs, and is driven by an aging population, although individual stock performance varies [4]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 牛磺酸 （ Taurine ） 在细胞 线粒体 的翻译过程中发挥着关键作用。哺乳动物细胞通过质膜转运蛋白 SLC6A6 介导的外源摄取或通过胞质内生物合成来获取牛 磺酸。然而， 牛磺酸如何进入线粒体以及如何影响细胞代谢，目前仍不清楚。 2026 年 2 月 6 日，复旦大学代谢与整合生物学研究院 李福明 副教授、 陈立 副教授和 中国科学院分子细胞科学卓越创新中心 周小龙 研究员作为共同通讯作者 （ 李留成 、 游建伟 和 柴子晴 为共同第一作者） ，在 Nature 子刊 Nature Metabolism 上发表了 题为： SLC6A6 imports taurine into mitochondria to sustain mitochondrial translation and tumour growth 的研究论文。 该研究表明， 细胞质膜上的牛磺酸转运蛋白 SLC6A6 同样也定位于线粒体，通过将 牛磺酸转运进入线粒体，以维持线粒体的翻译和肿瘤生长。 在这项最新研究中，研究团队发现， SLC6A6 对线粒体代谢和癌细胞生长至关重要 ，而外源性牛磺酸则并非如 ...

Core Viewpoint - Yong'an Pharmaceutical (002365.SZ) forecasts a significant decline in its 2025 annual performance, with net profit attributable to shareholders expected to drop by 56.21% to 70.56% compared to the previous year [1] Financial Performance - The projected net profit for 2025 is between 18.19 million yuan and 27.05 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be a loss of 1.55 million yuan to 2.88 million yuan, compared to a profit of 26.76 million yuan in the same period last year [1] - Basic earnings per share are estimated to be between 0.0617 yuan and 0.0918 yuan [1] Market Conditions - The decline in performance is primarily attributed to a sluggish market environment and intense competition in the taurine market [1] - Both the production and sales volume, as well as the selling price of the main product taurine, have decreased compared to the same period last year [1]

Group 1 - The company expects a significant decline in net profit for the year 2025, projecting a decrease of over 50% compared to the previous year [1][2] - The performance forecast period is from January 1, 2025, to December 31, 2025, with the net profit expected to be positive but substantially lower [1] - The decline in performance is attributed to a sluggish market and intense competition in the taurine market, leading to a decrease in both the sales volume and prices of the main product, taurine [2] Group 2 - The performance forecast has not been audited by the accounting firm, and the final financial data will be confirmed in the annual report for 2025 [1][3] - Initial communication regarding the performance forecast has taken place with the annual audit accounting firm, but specific data will depend on the final audit results [1][3]

Core Viewpoint - Yong'an Pharmaceutical is expected to report a significant decline in net profit for the year 2025, with projections indicating a decrease of 56.21% to 70.56% compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be between 18.19 million and 27.05 million yuan [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be between -2.88 million and -1.55 million yuan [1] Market Conditions - The company's performance is anticipated to decline sharply due to a sluggish market environment [1] - The competition in the taurine market has intensified, leading to a decrease in both the production and sales prices of the company's main product, taurine [1]

Core Viewpoint - Yong'an Pharmaceutical announced an expected decline in net profit attributable to shareholders for 2025, forecasting a range of 18.19 million to 27.05 million yuan, representing a decrease of 56.21% to 70.56% compared to the previous year [1] Financial Performance - The net profit after deducting non-recurring gains and losses is projected to be between -2.88 million and -1.55 million yuan, indicating a decline of 105.80% to 110.77% year-on-year [1] - The decline in performance is primarily attributed to a sluggish market and intense competition in the taurine market, leading to a decrease in both the production and sales prices of the main product, taurine [1]

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) is progressing with its 40,000-ton annual production project for taurine, with the main structure and supporting buildings completed and currently in the equipment installation and decoration phase [1] Group 1: Project Development - The core facilities of the taurine project are being installed rapidly, aiming for an early start of overall project commissioning [1] - The specific production start date will be announced by the company through official channels [1] Group 2: Additional Projects - In addition to the taurine project, the company has completed and put into operation two pilot production lines for derivatives in Xiamen [1] - The company is planning to construct a phase one project for the food and pharmaceutical health industry at the site of the raw material project, which is currently in the preliminary design and "five connections and one leveling" stage [1]

Core Viewpoint - Shengyuan Environmental Protection has confirmed the progress of its 40,000-ton chemical pharmaceutical (food) raw material taurine project, which is currently in the equipment installation and decoration phase, aiming for early overall project commissioning [1] Group 1 - The main structure and supporting buildings of the taurine project have been completed and are now in the installation phase [1] - The company is accelerating the installation of core facilities to ensure timely project development [1] - The specific production start date will be announced by the company in due course [1]

Group 1 - The core viewpoint of the news is that Yong'an Pharmaceutical has experienced significant stock price fluctuations and changes in financial performance, with a notable increase in stock price year-to-date but a decline in recent trading periods [1][2]. Group 2 - As of December 18, Yong'an Pharmaceutical's stock price increased by 2.01% to 15.25 CNY per share, with a market capitalization of 4.494 billion CNY [1]. - The company has seen a year-to-date stock price increase of 93.23%, but it has declined by 0.20% over the last five trading days, 7.41% over the last 20 days, and 15.79% over the last 60 days [1]. - Yong'an Pharmaceutical has appeared on the trading leaderboard 30 times this year, with the most recent appearance on July 21, where it recorded a net buy of -289 million CNY [1]. Group 3 - For the period from January to September 2025, Yong'an Pharmaceutical reported operating revenue of 577 million CNY, a year-on-year decrease of 6.72%, and a net profit attributable to shareholders of 25.4963 million CNY, down 58.78% year-on-year [2]. - The company has distributed a total of 401 million CNY in dividends since its A-share listing, with 87.6649 million CNY distributed over the past three years [3]. Group 4 - Yong'an Pharmaceutical is primarily engaged in the research, production, and sales of taurine products, with taurine accounting for 64.14% of its main business revenue [1]. - The company is classified under the pharmaceutical and biological industry, specifically in chemical pharmaceuticals and raw materials, and is associated with various concept sectors including pet economy, pharmaceutical e-commerce, and graphene [1].

Core Viewpoint - Yong'an Pharmaceutical (002365) clarified that its main product, taurine, is used as a food additive primarily in the food and beverage industry, and that its subsidiary, Yong'an Health, offers products suitable for fatigue relief. The company and its subsidiaries do not supply related products directly to the military [1]. Group 1 - The main product of the company is taurine, which serves as a food additive [1] - Taurine is primarily applied in the food and beverage industry [1] - Yong'an Health, a subsidiary, has products aimed at individuals seeking fatigue relief [1] Group 2 - The company and its subsidiaries have not supplied related products to the military [1]