12月9日晚间，深耕植物提取领域25年的莱茵生物（002166.SZ）发布重磅公告，宣布筹划控制权变更及 资产收购事项，股票自12月10日起停牌。此次由管理超34亿美元基金的德福资本主导的资本运作， 以"控制权受让+优质资产注入"的模式，为这家全球植物提取领域标杆企业注入强劲发展动能。 作为天然健康原料领域的全球领军者，莱茵生物的技术硬实力为此次战略升级奠定坚实基础。公司不仅 手握300余项标准化植物成分提取技术，更搭建起"国家热带水果加工技术研发分中心"、"博士后科研工 作站"等多个国家级研发平台，其罗汉果甜苷全球市场份额稳定在20%-25%，甜叶菊提取物销量跻身全 球前三。在合成生物领域，公司已实现突破性进展，与江南大学合作完成罗汉果甜苷V全合成技术路 径，成为全球首家掌握该技术的企业，其甜菊糖苷RM2产品更是斩获美国FDA GRAS认证，正加速推动 天然健康甜味剂应用新浪潮。 双方的业务协同将构建强大产业闭环。莱茵生物的天然原料可直供金康普生产体系，解决终端产品的原 料品质保障问题；金康普的优质客户资源与国际渠道，则能为莱茵生物的高附加值产品开辟增量市场。 这种"上游原料供给+下游终端落地"的布局，将大 ...

Core Viewpoint - Guilin Rhein Biotech Co., Ltd. reported a sales revenue growth of over 15% in the first half of 2025, but profits were under pressure due to industry competition, increased depreciation, and tariffs [1]. Group 1: Business and Performance - The company’s sales revenue growth exceeded 15% in the first half of 2025, but profits faced challenges from competitive pressures, rising depreciation costs, and tariffs [1]. - The company’s Vice General Manager and Board Secretary, Luo Huayang, participated in an online communication with nine institutions, including Zheshang Securities and Tianfeng Securities, to discuss operational performance [1]. Group 2: Raw Material and Product Price Trends - The purchase price of monk fruit raw materials is expected to remain stable this year, while the price of stevia raw materials is anticipated to be similar to last year [2]. - Some specifications of stevia products have seen slight price declines due to industry competition, but raw material costs are expected to support price stability [2]. - The price of monk fruit extracts is projected to rise as raw material prices recover [2]. Group 3: Product Development and Market Position - Rhein Biotech holds exclusive technology for the industrialization of stevia glycoside RM2, which is noted for its good taste, compatibility, and relatively controllable costs [2]. - The domestic certification for RM2 is dependent on government approval, while it has already received GRAS certification from the FDA in the U.S. and is in discussions with clients for cooperation [2]. - The company expects its synthetic biology workshop capacity to meet market demand within the next 2-3 years [2]. Group 4: Industrial Hemp Business - Despite potential policy adjustments regarding hemp by the U.S. President, there has not been a significant market recovery [2]. - The Indiana factory has been transformed into a comprehensive extraction facility, and the company will actively follow up if demand for industrial hemp revives [2]. Group 5: Competitive Advantages and Future Outlook - Rhein Biotech enhances its competitiveness through technological innovation and expanding application scenarios, particularly in synthetic biology and emerging markets like pet nutrition [2]. - The utilization rate of the new stevia extraction factory is expected to reach 40-50% for the year, with a significant increase anticipated after new raw materials are launched in September [2]. - The Indiana factory is positioned to navigate complex trade environments, focusing on natural sweeteners and leveraging local raw material procurement for supply chain security [2]. - The company anticipates a positive shift in operational performance in the third and fourth quarters of 2025, as trade policy uncertainties diminish and new products are launched [2].

Group 1: Raw Material Prices and Trends - The acquisition prices for core products, Luo Han Guo and Stevia, are expected to remain stable this year due to stable planting areas and yields [2][3] - The price of Stevia products has slightly decreased due to increased competition, but this is viewed as a short-term trend as raw material costs have limited downward potential [3][4] - Luo Han Guo extract prices are anticipated to rise further based on raw material price fluctuations [4][6] Group 2: RM2 Product Overview - RM2 is a unique steviol glycoside that offers superior taste, stability, and solubility compared to existing products like RD and RM [4][6] - RM2 has excellent compatibility with other sweeteners, allowing for diverse applications in baking and other food products [4][6] - The production cost of RM2 is controllable due to the advantages in raw material production, providing a cost advantage over traditional extraction methods [4][6] Group 3: Market Position and Competitive Advantage - RM2 is currently exclusive to the company, with significant barriers for competitors due to the need for specific technology and lengthy safety reviews [6][10] - The company has made substantial progress in product development and market expansion, particularly in emerging markets like pet nutrition and animal feed [10][11] - The company aims to leverage continuous innovation and differentiation to maintain a competitive edge in the natural sweetener market [10][11] Group 4: Production Capacity and Future Outlook - The new production facility in Indiana is expected to meet market demand over the next 2-3 years, with production capacity utilization projected to reach 40-50% by year-end [11][12] - The company anticipates a sales revenue growth of over 15% in the first half of the year, despite pressure on profits from competition and tariffs [12] - The outlook for the second half of the year is optimistic, with expectations of improved operational conditions as new products are launched [12]