凯赛生物（ [Table_StockNameRptType] 688065） 公司点评 25Q2 业绩持续增长，生物基 PA 商业化放量在即 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-08-25 | | [Table_BaseData] 收盘价（元） | 51.71 | | 近 12 个月最高/最低（元） | 56.98/32.48 | | 总股本（百万股） | 721 | | 流通股本（百万股） | 583 | | 流通股比例（%） | 80.88 | | 总市值（亿元） | 373 | | 流通市值（亿元） | 302 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 6% 27% 48% 69% 8/24 11/24 2/25 5/25 凯赛生物 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮 ...

Core Viewpoint - The article highlights the significant growth and innovation in the bio-based technology sector, particularly focusing on the achievements of Kasei Biotech in the production of bio-based materials and their applications in various industries [4][6]. Group 1: Financial Performance - Kasei Biotech reported a revenue of 1.671 billion yuan for the first half of 2025, marking a year-on-year increase of 15.68% [4]. - The net profit attributable to shareholders reached 309 million yuan, reflecting a year-on-year growth of 24.74% [4]. - The company's non-recurring net profit was 296 million yuan, up 23.67% year-on-year, achieving a historical high in revenue [4]. Group 2: Product Development and Market Position - Kasei Biotech maintains a leading global position in the production of long-chain dicarboxylic acids (DC10-DC18), with a production capacity of 115,000 tons and record sales [6]. - The bio-based dicarboxylic acid project, with an annual output of 40,000 tons, has steadily increased its market share since its launch in 2022, exemplifying the shift from chemical to bio-based production [6]. - The company's dodecanedioic acid was included in the first batch of the "Iconic Products of Bio-Manufacturing" list published by the Ministry of Industry and Information Technology [6]. Group 3: Innovation and R&D - Kasei Biotech has achieved breakthroughs in several innovative projects, including the production of bio-based piperidine and bio-based continuous fiber composite materials, which are being validated by major clients [6][7]. - The company has filed 39 new invention patents, bringing the total to 516, including 400 invention patents [7]. - The AI protein computing platform has accelerated the efficiency of strain modification, leading to improvements in key technologies such as short-chain dicarboxylic acid strain development [7]. Group 4: Industry Applications and Expansion - Kasei Biotech has established a complete industrial chain from monomers to resins and composite materials, with applications in batteries, photovoltaics, construction, hydrogen storage, wind turbine blades, and high-speed rail flame-retardant flooring [8]. - The company is advancing projects such as the bio-based battery shell manufacturing base in collaboration with CATL, with a planned annual output of 41,000 tons of bio-based composite materials [8]. Group 5: Upcoming Events - The fourth Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, focusing on AI and bio-manufacturing, green chemicals, new materials, future food, and agriculture [14][15].

Group 1 - The latest stock price of Kaisa Biotech is 49.08 yuan, an increase of 1.42 yuan from the previous trading day's closing price [1] - The company focuses on the research, production, and sales of bio-based materials, with key products including long-chain dicarboxylic acids and bio-based polyamides [1] - In the first half of 2025, the company achieved operating revenue of 1.671 billion yuan, a year-on-year increase of 15.68%, and a net profit attributable to shareholders of 309 million yuan, up 24.74% [1] - Research and development investment reached 123 million yuan, reflecting a year-on-year growth of 23.13% [1] Group 2 - The company has made significant progress in multiple R&D projects, with long-chain dicarboxylic acid product sales reaching a historical high [1] - Bio-based piperidine has begun production and sales, while bio-based polyamide modifications and continuous fiber composites are undergoing commercial validation in more application areas [1] - The company raised 5.915 billion yuan through a targeted placement, bringing in China Merchants Group as a strategic investor to support business development [1] Group 3 - On August 15, the net inflow of main funds was 5.0283 million yuan, while the net outflow over the past five days was 23.7965 million yuan [1]

Core Viewpoint - The report highlights the financial performance and operational updates of Cathay Biotech for the first half of 2025, showcasing growth in revenue and net profit, alongside advancements in product development and market expansion in the biomanufacturing sector. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 1.67 billion RMB, representing a 15.68% increase compared to the same period last year [5] - The total profit amounted to approximately 342 million RMB, reflecting a 21.81% increase year-on-year [5] - The net profit attributable to shareholders was approximately 309 million RMB, marking a 24.74% increase compared to the previous year [5] - The company's total assets increased by 25.23% year-on-year, reaching approximately 23.82 billion RMB [5] Business Overview - Cathay Biotech specializes in the research, production, and sales of new bio-based materials, leveraging synthetic biology and biomanufacturing technologies [6] - The company has an annual production capacity of 115,000 tons for bio-based long-chain dicarboxylic acids, with ongoing projects to expand production capabilities [6] - The bio-based diamine production capacity is 50,000 tons annually, primarily used for producing bio-based polyamides [6] - The company is also developing bio-based nitrogen-containing heterocyclic compounds, which are expected to replace traditional petroleum-based products [6] Industry Context - The biomanufacturing industry is gaining traction due to increasing environmental concerns and the need for sustainable alternatives to fossil fuels [7] - The Chinese government has initiated several policies to promote the development of the bio-economy, including the integration of biotechnology and information technology [8] - The industry is positioned as a strategic emerging sector, with a focus on innovation and sustainability, aiming to achieve competitive parity with fossil-based products by 2025 [8]

Core Points - The annual general meeting of Shanghai Cathay Biotech Co., Ltd. is scheduled for June 27, 2025, at 14:00, combining on-site and online voting methods [3][4] - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching CNY 2,957.91 million, a 39.91% increase year-on-year, and net profit attributable to shareholders amounting to CNY 488.96 million, a 33.41% increase [16][32] - The company plans to distribute a cash dividend of CNY 4.00 per 10 shares, totaling CNY 287.58 million, based on the audited net profit for 2024 [8][9] Meeting Procedures - Attendees must register and confirm their attendance before the meeting starts, and they are required to present their shareholder certificates to enter the venue [2][3] - The meeting will include the election of monitors and counters, the presentation of the independent directors' report, and the discussion of various proposals [4][6][11] Financial Performance - The company achieved a net profit of CNY 488.96 million in 2024, with a significant increase in net profit excluding non-recurring gains and losses, which rose by 51.60% to CNY 464.73 million [16][32] - The total assets of the company reached CNY 19.02 billion, reflecting a stable financial position [32] Strategic Developments - The company has successfully introduced CNY 5.915 billion in funding through a directed issuance of shares to enhance its business development [18] - A strategic cooperation agreement was signed with Hefei Municipal Government and China Merchants Innovation Technology Group to establish a synthetic biological materials industry cluster [18][28] Governance and Compliance - The board of directors and the supervisory board have actively fulfilled their responsibilities, ensuring compliance with relevant laws and regulations [19][25] - The company has maintained a high standard of information disclosure, achieving an A-level rating for its disclosure practices in the Shanghai Stock Exchange [23][26]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 776 million yuan, a year-on-year increase of 13% and a quarter-on-quarter increase of 4%. The net profit attributable to the parent company was 137 million yuan, reflecting a year-on-year growth of 30% [6][7] - The long-chain dicarboxylic acid business is experiencing steady growth, particularly with the ramp-up of sebacic acid, which has enhanced profitability. The company has increased sales efforts and is expanding its market share in new products [6] - Significant progress has been made in promoting bio-based polyamide modified and continuous fiber composite materials, with commercial orders expected to materialize [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3,539 million yuan, with a year-on-year growth rate of 19.6%. The net profit attributable to the parent company is forecasted to be 648 million yuan, representing a growth rate of 32.4% [6][7] - The gross profit margin for Q1 2025 was 33.63%, showing an increase of 4.95 percentage points year-on-year and 5.22 percentage points quarter-on-quarter [6] - The company’s return on equity (ROE) is projected to improve from 0.8% in Q1 2025 to 5.4% by 2027 [6]

Core Viewpoint - The article highlights the financial performance of Kasei Biotech in Q1 2025, showcasing significant growth in revenue and net profit, primarily driven by the sales of long-chain dicarboxylic acids [2][4]. Financial Performance - Kasei Biotech reported a revenue of 776 million yuan in Q1 2025, representing a year-on-year increase of 13.3% [2][3]. - The net profit attributable to shareholders reached 137 million yuan, up 30.1% compared to the same period last year [2][3]. - The net profit after deducting non-recurring gains was 135 million yuan, reflecting a 31.4% increase year-on-year [2][3]. - Research and development expenses amounted to 60.55 million yuan, marking a 35.21% increase from the previous year [2][3]. Product and Market Insights - The growth in net profit is attributed to the increased sales volume and gross profit from the series of long-chain dicarboxylic acids [4]. - Long-chain dicarboxylic acids (LCDA) are gaining traction in various applications, including the production of high-performance materials and pharmaceuticals [5]. - Kasei Biotech is positioned as a leading global supplier of bio-manufactured long-chain dicarboxylic acids, capitalizing on the market shift from traditional chemical methods to more sustainable production [5]. Capacity and Future Outlook - Kasei Biotech has a production capacity of 115,000 tons per year for bio-manufactured long-chain dicarboxylic acids and other related products [7]. - The company has successfully ramped up production of new products, such as dodecanedioic acid, contributing to significant revenue growth [6].

【SynBioCon】 获 悉，4月21日晚间， 凯赛生物 发布2024年年度报告。报告期内， 公司实现营业收入29.58 亿元，比上年同期上升39.91%，实 现营业利润 5.52 亿元，比上年同期上升21.41%；归属于上市公司股东的净利润 4.89 亿元，比上年同期上升33.41% 。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | | | (%) | | | 营业收入 | 2, 957, 911, 554. 76 | 2, 114, 174, 868. 81 | 39. 91 | 2, 441, 103, 971. 54 | | 归属于上市公 司股东的净利 | 488, 961, 919. 11 | 366, 524, 351. 34 | 33. 41 | 553, 265, 973. 38 | | 润 | | | | | | 归属于上市公 司股东的扣除 | 464, 730, 541. 23 | 306, 551, 869. 92 | ...

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月21日晚间， 凯赛生物 发布2024年年度报告。报告期内，公司实现 营业收入29.58 亿元，比上年同期上升39.91% ， 实现营业利润 5.52 亿元，比上年 同期上升21.41% ；归属于上市公司股东的净利润 4.89 亿元，比上年同期上升33.41%。 | 单位 | | --- | | . | | 리 | | 市种 . | | 人民币 . | | | | | 本期比上年 | | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 同期增减 | 2022年 | | | | | (%) | | | 营业收入 | 2, 957, 911, 554. 76 | 2, 114, 174, 868. 81 | 39. 91 | 2, 441, 103, 971. 54 | | 归属于上市公 | | | | | | 司股东的净利 | 488, 961, 919. 11 | 366, 524, 3 ...

Core Insights - The company reported a revenue of 2.958 billion yuan in 2024, representing a year-on-year growth of 39.91%, and a net profit of 489 million yuan, up 33.41% year-on-year [2] - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares to all shareholders [2] Group 1: Business Performance - The company maintains a global leading position in long-chain dicarboxylic acid products, with significant sales growth driven by technological advancements and market expansion [2][3] - The production capacity of bio-based caprylic acid has significantly increased since the project commenced in Q3 2022, leading to improved operational rates and market share [3] - The company successfully launched a 10,000-ton bio-based piperidine project at the end of 2024, which has begun generating sales [3] Group 2: Strategic Developments - The company has entered into a strategic cooperation agreement with the Hefei government and China Merchants Group to leverage their strengths in policy guidance, application scenario development, and biomanufacturing technology innovation [4] - A new company focused on composite materials manufacturing has been established, and projects are accelerating in Hefei, indicating the establishment of a comprehensive industrial chain for bio-based materials [4] Group 3: Research and Development - The company plans to focus on the development of the bio-based polyamide market in 2025, with a factory for bio-based polyamide modification and Bio-PPA CFRT under construction in Hefei [5] - Research and development expenses for 2024 amounted to 233 million yuan, a year-on-year increase of 23.38%, accounting for 7.89% of total revenue, with significant progress in various R&D projects [5]