证券代码：300138 证券简称：晨光生物 晨光生物科技集团股份有限公司 投资者关系活动记录表 编号：2025-005 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | √其他 （电话会议） 天风证券吴立/陈潇/林毓鑫、中金公司宗旭豪、信达证券赵雷、 | | | 财通证券吴文德、中信证券罗寅、方正证券谌保罗、申万宏源 | | | 王子昂、长江证券陈硕旸、西南证券杜雨聪、国泰海通蔡子慕、 | | 参与单位名称及 | 博时基金谢泽林、天弘基金田继龙、广发基金顾益辉、华泰资 | | 人员姓名 | 管陈少楠、泓德基金郑名洋、PleiadInvestmentAdvisors | | | LimitedSimonSun、Sequoia Capital 闫慧辰、源乘私募曾尚、 | | | 彬元资本周振兴等 67 名投资者。 | | 时间 | 2025 年 07 月 10 日 | | 地点 | 河北省邯郸市曲周县城晨光路 1 号会议室 | | | 其他各电话会议方 ...

Core Viewpoint - The company, Morning Bio, is experiencing a significant recovery in its performance, with a projected net profit increase of 102.33% to 132.38% in the first half of 2025 compared to the same period last year, primarily driven by the recovery of its cottonseed business and growth in plant extraction products [1][4]. Group 1: Financial Performance - Morning Bio expects a net profit of 202 million to 232 million yuan in the first half of 2025, compared to 99.83 million yuan in the same period last year [1][4]. - In 2023, the company achieved a record high revenue of 6.872 billion yuan and a net profit of 480 million yuan [3]. - In 2024, the company faced challenges with a net profit drop of 80.39% to 94.05 million yuan due to significant losses in the cottonseed business [3][4]. Group 2: Business Segments - The recovery in the cottonseed business is attributed to improved market conditions, with the company planning to increase the protein content in its products to enhance profitability [4][7]. - The plant extraction business, including products like chili red, chili essence, and stevia glycosides, has shown a year-on-year increase in gross profit, contributing to overall performance improvement [1][4]. Group 3: Industry Position - Morning Bio has become the largest listed company in China's plant extraction industry and ranks among the top tier globally, competing with international leaders [5][6]. - The company has developed proprietary technologies for extracting chili red pigment, positioning China as a leading producer in this sector [5]. Group 4: Technological Advancements - The company has invested nearly 10 million yuan in process improvements for its cottonseed business and over 3 million yuan in upgrading its stevia production line, achieving a 30% reduction in production costs [7]. - The first quarter of 2025 saw the plant extraction business generate 867 million yuan in revenue, a 13.78% increase year-on-year, attributed to a successful volume-based pricing strategy [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Views - The company is experiencing a performance recovery that exceeds expectations, with growth potential still present in the mid-term [1]. - The recovery in the cottonseed business is a significant factor contributing to the strong performance in the first half of the year, supported by favorable market conditions [2]. - The company is positioned as a leader in the plant extract sector, with stable profitability from key products and a strategic plan that is progressing steadily [9]. Financial Summary - **Revenue Forecast**: The company expects to achieve revenues of 6,872 million yuan in 2023, with a growth rate of 9.1%. Projections for 2024 and 2025 show revenues of 6,994 million yuan and 7,064 million yuan, respectively, with growth rates of 1.8% and 1.0% [1]. - **Net Profit**: The forecasted net profit for 2023 is 480 million yuan, with a year-on-year growth of 10.5%. However, a significant drop is expected in 2024, with a projected net profit of 94 million yuan, reflecting an 80.4% decline. A recovery is anticipated in 2025, with a net profit of 346 million yuan, representing a growth of 268.1% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to be 0.99 yuan in 2023, dropping to 0.19 yuan in 2024, and recovering to 0.72 yuan in 2025 [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to be 13.7 in 2023, soaring to 70.0 in 2024, and then stabilizing at 19.0 in 2025 [1][9]. Market Conditions - The cottonseed market is showing a stable upward trend, which has positively impacted the company's performance in the first half of the year [2]. - The company is expected to benefit from multiple growth drivers, including increased product volume, improved efficiency in overseas plantations, and a growing demand for health products [2].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The approval of D-Allulose as a food ingredient marks a significant milestone for the company, positioning it as the second enterprise in China to receive approval for enzyme-based production of D-Allulose, enhancing its competitive edge in the functional sweetener market [3][4]. - The company currently has an annual production capacity of 10,000 tons for D-Allulose and is evaluating the potential for further expansion, indicating a strong growth trajectory in the sweetener segment [3][4]. - The financial projections for the company show a recovery in net profit, with expected figures of 1.17 billion, 2.12 billion, and 2.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant growth rate [4][3]. Summary by Sections Company Overview - The company is recognized for its technological leadership in the functional sweetener sector, particularly with the recent approval of its enzyme product for D-Allulose production [3]. Financial Performance - The projected revenue for 2025 is 6.63 billion yuan, with a growth rate of 25.03% compared to the previous year [4]. - The expected EBITDA for 2025 is 1.83 billion yuan, indicating a strong operational performance [4]. - The net profit for 2025 is projected to be 1.17 billion yuan, with a remarkable growth rate of 110.40% [4]. Market Position - The approval of D-Allulose aligns the company with international standards, as it follows similar approvals in the US, Canada, Australia, and New Zealand, suggesting a robust market potential both domestically and internationally [2][3].

Core Viewpoint - The company, Morning Bio (300138.SZ), anticipates significant growth in its financial performance for the first half of 2025, driven primarily by the recovery in its cottonseed business and steady growth in its plant extraction segment [1][2]. Financial Performance Summary - The company expects to achieve revenue between 3.46 billion to 3.76 billion yuan, reflecting a year-on-year change of -0.89% to 7.71% [1]. - The projected net profit attributable to shareholders is estimated to be between 202 million to 232 million yuan, indicating a substantial year-on-year increase of 102.33% to 132.38% [1]. - The expected non-recurring net profit ranges from 174 million to 204 million yuan, with a remarkable growth rate of 117.40% to 154.88% compared to the previous year [1]. Business Segment Performance - The recovery in the cottonseed business is identified as the main factor influencing the company's performance, transitioning from losses to profitability due to improved market conditions [1]. - The plant extraction business, including products like chili red, chili essence, and steviol glycosides, has also contributed to the overall profit growth, with significant year-on-year increases in gross profit [1]. Strategic Insights - The company has committed to a locked-in operating model, which has effectively mitigated risks associated with price fluctuations in the cottonseed market, leading to a turnaround in profitability [1][2]. - The company anticipates that high prices for cottonseed protein and the implementation of new standards for lutein will provide ongoing growth momentum in the second half of the year [2].

Q2 业绩超预期，棉籽持续回暖，植提业务向好。单25Q2 看，预计公司营业收入为17.44-20.44 亿元， 同比-0.9%至+16.2%，预计公司归母净利润为0.93-1.23 亿元，同比+51.1%至+100.1%，预计公司扣非归 母净利润为0.78-1.08 亿元，同比+147.5%至+242.6%。25H1 棉籽类业务行情回暖，公司严格执行对锁经 营模式，同比实现扭亏为盈；植提类业务中，辣椒红、辣椒精、甜菊糖苷等植提类业务毛利润均实现同 比增长，植提呈现向好趋势 短期看棉籽业务盈利修复，中长期植提业务景气度向上。棉籽业务方面，25 年，公司在严格执行对锁 经营模式的情况下，锁定了加工环节的利润，全年盈利改善的趋势较强；植提业务方面，当前多个植提 产品价格处于相对低位，有望逐渐企稳向好，25 年4 月，美国FDA 宣布计划将于26 年底前逐步停止使 用石油基合成的食品色素，我们认为美国FDA 此举将有望推动全球人工色素的加速淘汰，天然色素占 比将提升，推动公司的辣椒红、叶黄素、番茄红素等天然色素的需求增长，植提业务的毛利率有望提 升。 盈利预测与投资评级：公司作为植物提取物龙头企业，植提技术行业领先， ...

Group 1 - Huaguang Huaneng's stock has experienced five consecutive trading limits, with a cumulative turnover rate of 29.41% over the past five trading days, indicating potential irrational speculation risk [3] - The company confirms that its production and operational activities are normal, with no significant changes in its fundamentals or business structure [3] Group 2 - Andeli's actual controller Wang An transferred 90% of the shares of BVI Pingan to his daughter Wang Meng, but this transfer does not affect the company's shareholding structure or governance [4] - The controlling shareholder and actual controllers remain unchanged, ensuring the company's governance structure and ongoing operations are unaffected [4] Group 3 - Suntech's indirect controlling shareholder, Suntech Holdings, has had 4.26 million unrestricted circulating shares (8.51% of its holdings, 0.19% of total shares) judicially disposed of, but this is not expected to impact the company's daily operations [5] Group 4 - Three Gorges Energy reported a total power generation of 39.314 billion kWh in the first half of 2025, representing an 8.85% year-on-year increase [6] - The company generated 19.531 billion kWh in the second quarter of 2025, a 6.24% increase compared to the same period last year [6] Group 5 - New Zhonggang's stock has experienced four consecutive trading limits, with no significant media reports or market rumors affecting its stock price [7] - The company confirms that its production and operational status is normal, with no major adjustments in market environment or industry policies [7] Group 6 - ST Yazhen's controlling shareholder Wu Tao's tender offer for 55.1779 million shares (21.00% of total shares) at a price of 5.68 yuan per share has reached its deadline, leading to a one-day suspension of trading [8] Group 7 - Zhongli's wholly-owned subsidiary plans to invest 478 million yuan in a smart logistics equipment project in Jiangsu, with the project covering approximately 120 acres [9][10] Group 8 - Xianda expects a net profit of 130 million to 150 million yuan for the first half of 2025, a year-on-year increase of 2443.43% to 2834.73%, driven by rising product prices and improved operational efficiency [12] - The company's main product, Oxyfluorfen, has seen a price increase, contributing to higher gross margins [12] Group 9 - Morninglight Bio expects a net profit of 202 million to 232 million yuan for the first half of 2025, a year-on-year increase of 102.33% to 132.38%, primarily due to the recovery of cottonseed business [13] Group 10 - Xinlian Electronics anticipates a net profit of 166 million to 198 million yuan for the first half of 2025, reversing a loss from the previous year, largely due to increased non-recurring gains [14] Group 11 - Wohua Pharmaceutical expects a net profit of 37 million to 53 million yuan for the first half of 2025, a year-on-year increase of 233.89% to 378.27%, attributed to improved market adaptation and cost control [15] Group 12 - Yonghe expects a net profit of 255 million to 280 million yuan for the first half of 2025, a year-on-year increase of 126.30% to 148.49%, driven by rising refrigerant prices [16] Group 13 - Shanghai Pharmaceuticals anticipates a net profit of 4.45 billion yuan for the first half of 2025, a year-on-year increase of approximately 52%, mainly due to the acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals [17] Group 14 - Jingneng Real Estate expects a net loss of 190 million to 210 million yuan for the first half of 2025, primarily due to reduced project turnover and increased expenses [18] Group 15 - Fengfan has won a bid for a project with a value of approximately 337 million yuan from Southern Power Grid, accounting for 10.45% of the company's audited revenue for 2024 [19] Group 16 - Longjian has been awarded a joint bid for a project worth 362 million yuan, with the company responsible for 99.39% of the work [20]

本次业绩预告是公司财务部门初步测算的结果，具体数据将在公司2025年半 年度报告中详细披露，敬请广大投资者谨慎决策，注意投资风险。 特此公告 证券代码：300138 证券简称：晨光生物 公告编号：2025—067 晨光生物科技集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 本报告期 上年同期 项 目 （2025 年 1—6 月） （2024 年 1—6 月） 营业收入 349,092.99 万元 比上年同期增长：-0.89%至 7.71% 归属于上市公司股东 盈利：20,200 万元—23,200 万元 盈利：9,983.46 万元 的净利润 比上年同期增长：102.33%至 132.38% 归属于上市公司股东 盈利：17,400 万元—20,400 万元 扣除非经常性损益后 盈利：8,003.77 万元 的净利润 比上年同期增长：117.40%至 154.88% 二、业绩预告预审计情况：本次业绩预告相关数据未经注册会计师审计。 三、业绩变动原因说明 的主要影响因素；辣椒红、辣椒精、甜菊糖苷等植提类业务实现的毛利润均同比 ...

Core Viewpoint - Chenguang Biotech has achieved a significant innovation by obtaining approval for sodium chlorogenic acid as a new feed additive, marking a pioneering breakthrough in China's feed industry [1] Group 1: Product Innovation - Sodium chlorogenic acid is extracted from stevia leaves and has been developed using a proprietary short-chain alcohol mixed solution extraction technology, enhancing the yield of the main product, steviol glycosides, while also creating a new product with antioxidant, anti-inflammatory, and antiviral properties [1] - This innovation fills a gap in the global market and improves resource utilization, opening new avenues for the comprehensive use of stevia [1] Group 2: Application in Livestock - In the livestock sector, sodium chlorogenic acid has demonstrated significant functional value, effectively enhancing the immune and antioxidant capabilities of weaned piglets and late-stage laying hens, optimizing gut microbiota, and improving nutrient absorption efficiency [1] - Experimental data indicates that its safety and efficacy meet industry-leading standards [1] Group 3: Market Position and Future Prospects - Chenguang Biotech specializes in the extraction, separation, purification, and application of plant active ingredients, with a diverse product range that includes natural pigments, spices, sweeteners, and health products, positioning it as a leader in the industry [2] - The successful development and application of sodium chlorogenic acid will further solidify Chenguang Biotech's leading position, enhance its brand influence, and increase market competitiveness [2] - The R&D team is accelerating the exploration of sodium chlorogenic acid's applications in food, health products, and pharmaceuticals, with potential in functional food development and chronic disease prevention [2]

公司报告 | 公司点评 莱茵生物（002166） 证券研究报告 当植物提取遇到合成生物——公司当前进展如何？ 1、合成生物——助力植物提取物行业解决天然产物规模化生产关键技术 我国植物提取物行业发展于 2021 年进入提质期，多项技术于这一时间段取得普及和突破。技 术创新是推动行业发展的重要动力，其中，合成生物技术的发展能够有效缓解企业对植物原 料的依赖，规避异常气候、地缘政治等因素带来的风险，增强供应链的稳定性；同时，与从 植物原料中提取的方式相比，合成生物技术生产天然产物的方式更符合行业对可持续发展和 绿色生产的追求，为企业提供了转型升级和实现差异化竞争的新机遇。 2、莱茵生物：将"天然提取+生物合成"双技术路线发展上升至战略目标 自 2016 年起，公司就先后与中国科学院天津工业生物技术研究所、江南大学等科研机构合 作，在罗汉果甜苷、甜菊糖苷等天然甜味剂的生物合成领域开展研究，并取得多项阶段性成 果。此后，公司建立了桂林莱茵合成生物技术有限公司和成都赛迪科生物科技有限公司两个 研发平台，分别负责天然甜味剂和生物多糖领域的生物合成技术研究与开发。截至 2024 年 9 月，公司在合成生物学领域已获得 8 ...