Core Viewpoint - The company, Yong'an Pharmaceutical (002365.SZ), has clarified that it does not currently develop or produce the drug Liraglutide, which has been inquired about for its potential use in weight loss and diabetes treatment [2][4]. Group 1: Company Operations - Yong'an Pharmaceutical primarily engages in three business areas: research, production, and sales of taurine products; research, production, and sales of health foods; and research, production, and sales of special dietary foods (creatine) [2][4]. - The company has not developed or produced Liraglutide products as of the latest update [2][4].

格隆汇12月2日丨永安药业(002365.SZ)在投资者互动平台表示，公司及子公司主要从事三类业务，一是 牛磺酸产品的研发、生产和销售；二是保健食品的研发、生产和销售；三是特殊膳食食品（肌酸）的研 发、生产和销售。目前暂未生产研发利莫那肽产品。 ...

Core Insights - The company significantly improved its profitability in the first three quarters of 2025, achieving revenue of 1.15 billion yuan (down 0.67% year-on-year) and a net profit attributable to shareholders of 211 million yuan (up 43.22% year-on-year) [1] - The garbage power generation segment demonstrated strong operational resilience and profitability enhancement, with a total waste incineration volume of 4.391 million tons (down 2.26% year-on-year) [2] - The company is accelerating its layout in the health industry centered around taurine, with upstream raw material projects progressing smoothly and downstream terminal products being promoted in the market [3] Financial Performance - In Q3 2025, the company achieved revenue of 405 million yuan (up 9.89% year-on-year) and a net profit of 97 million yuan (up 113.85% year-on-year) [1] - Operating cash flow net amount reached 531 million yuan (up 75.02% year-on-year) [1] - The company’s cost control measures led to a 3.5% decrease in operating costs to 645 million yuan and a 15.4% decrease in financial expenses to 120 million yuan [1] Garbage Power Generation Segment - The company’s garbage incineration power plants received a total waste volume of 4.391 million tons and generated 1.488 billion kWh of electricity [2] - The company is focusing on refined management of existing power plants and expanding steam supply business, achieving external steam supply of 83,600 tons and heat supply of 50.86 million GJ [2] - The company plans to sell its water service assets for 382 million yuan to focus on its core garbage power generation business [2] Health Industry Development - The company is constructing a taurine raw material project with an annual capacity of 40,000 tons, expected to start production in June 2024 [3] - Several "taurine+" products have been developed and are being marketed, with sales expenses increasing to 8.12 million yuan as the company invests in brand and channel development [3] - The taurine business is seen as a second growth curve for the company, expected to contribute to revenue growth as production capacity comes online [3] Investment Outlook - The company’s garbage power generation segment is expected to see significant profitability improvements due to various factors, including project upgrades and better receivables recovery [4] - Revenue projections for 2025-2027 are 1.617 billion yuan, 1.939 billion yuan, and 2.229 billion yuan, with net profits of 289 million yuan, 352 million yuan, and 428 million yuan respectively [4] - The company maintains an "overweight" rating with a projected PE ratio for 2025 of 19.15 times [4]

Core Viewpoint - Shengyuan Environmental Protection (300867) is focusing on the development of its "Yuanqi Xiaoshu" product line, which is primarily categorized as special dietary food, emphasizing product efficacy [1] Group 1 - The company is committed to continuously optimizing and improving its marketing strategies for taurine products [1] - The company plans to enhance product quality based on market feedback [1] - The company aims to diversify its product range and optimize aspects such as product capacity and packaging design [1]

Core Viewpoint - Yong'an Pharmaceutical (002365) has experienced significant stock price fluctuations, with a cumulative deviation exceeding 20% over two trading days, despite the company indicating no major changes in its fundamentals and warning of high speculation risks [1][2]. Financial Performance - Yong'an Pharmaceutical has faced declining revenues for three consecutive years, with reported revenues of 1.462 billion yuan, 973 million yuan, and 839 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year declines of 6.58%, 33.48%, and 13.78% [2]. - The core business of taurine generated 635 million yuan in revenue for 2024, accounting for 75.67% of total revenue, but saw a year-on-year decline of 4.14% despite a 16.32% increase in sales volume due to falling prices [2]. - The company incurred a total loss of 17.588 million yuan from the shutdown of its ethylene oxide facility and Qi'an Hydrogen Energy, which accounted for 28.47% of net profit attributable to shareholders [2]. Management and Governance - The actual controller and chairman of Yong'an Pharmaceutical, Chen Yong, has been placed under investigation and detention, raising concerns about management stability [3]. - Despite the investigation, the company asserts that other board members and senior management are performing their duties normally, and that there has been no change in control or significant impact on daily operations [3]. Future Outlook - Yong'an Pharmaceutical faces multiple challenges, including ongoing performance pressures, obstacles in core business operations, setbacks in new business development, and management changes, raising questions about its future strategies [4].

Core Viewpoint - The company, Yong'an Pharmaceutical, is currently facing a significant event as its actual controller and chairman, Chen Yong, has been placed under investigation and detention by the local authorities, which may impact the company's governance and operations [1][5]. Group 1: Company Background and Structure - Yong'an Pharmaceutical was established in 2001 and went public in March 2010. The company primarily engages in three business segments: research, production, and sales of taurine products; health food; and special dietary foods (creatine) [5]. - The company has a well-established governance structure and internal control mechanisms, ensuring compliance with relevant laws and regulations [5]. Group 2: Recent Financial Performance - In the first quarter of the year, the company reported revenue of 171 million yuan, a year-on-year decrease of 12.96%. The net loss attributable to the parent company was 4.37 million yuan, a decline of 115.23% compared to the previous year [5]. Group 3: Stock Market Activity - Prior to the May Day holiday, Yong'an Pharmaceutical's stock experienced significant volatility, achieving five consecutive daily price increases from April 21 to April 29, with a total increase of nearly 60% during this period [4][5]. - On April 30, the stock closed at a limit down price of 12.91 yuan per share, with a market capitalization of 3.8 billion yuan [6].

Core Viewpoint - The actual controller and chairman of Yong'an Pharmaceutical, Chen Yong, has been placed under investigation and detention by the Hefe County Supervisory Committee, as announced by the company on May 5 [2]. Company Overview - Yong'an Pharmaceutical was founded in 2001 and went public in March 2010. The company primarily engages in three business areas: research, production, and sales of taurine products; research, production, and sales of health foods; and research, production, and sales of special dietary foods (creatine) [6]. Recent Developments - The company has stated that it is unaware of the progress and conclusions regarding the investigation of Chen Yong and will continue to monitor the situation while adhering to relevant disclosure obligations [4][6]. - Despite the investigation, the company claims that its governance structure and internal control mechanisms are sound, and that other board members and senior management are performing their duties normally. The company's control has not changed, and its production and operational activities remain unaffected [6]. Financial Performance - In the first quarter of this year, the company reported revenue of 171 million yuan, a year-on-year decrease of 12.96%. The net loss attributable to the parent company was 4.3672 million yuan, a year-on-year increase of 115.23% [7]. Stock Market Activity - Prior to the May Day holiday, Yong'an Pharmaceutical's stock experienced significant volatility, recording five consecutive trading days of price increases from April 21 to April 29, with a total increase of nearly 60%. However, the stock closed at a limit down on April 30, at 12.91 yuan per share, with a market capitalization of 3.8 billion yuan [8].