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 Viewpoint - The article discusses the establishment and growth of Hefei Hydrogen He, a joint venture focused on bio-based materials, highlighting its strategic partnerships and financial performance of its parent company, Kaisa Bio [1][5]. Company Overview - Hefei Hydrogen He was registered on April 9, 2025, in the Hefei area of the China (Anhui) Free Trade Pilot Zone, with a registered capital of 20 million RMB, where Kaisa Bio holds a 55% stake [1]. - The legal representative of Kaisa Bio is Zhang Hongguang, who has been the Vice President since August 2019 [2]. Shareholding Structure - Kaisa Bio holds 55% of Hefei Hydrogen He, contributing 11 million RMB, while 3P.COM Corporation from South Korea holds 45%, contributing 9 million RMB [3]. Strategic Partnerships - In January 2024, Kaisa Bio signed an agreement with 3P.COM to establish a joint venture focusing on thermoplastic bio-based polyamide composite materials for hydrogen storage and transportation, urban air mobility, and wind turbine blades [3]. - Kaisa Bio has also established several other companies, including a joint venture with Ningde Times and Calai Composites, focusing on bio-based composite materials for battery casings and automotive parts [4]. Financial Performance - Kaisa Bio reported a total revenue of 2.958 billion RMB for 2024, marking a year-on-year increase of 39.91%, and a net profit of 489 million RMB, up 33.41% from the previous year [5]. Product Capacity and Sales - Kaisa Bio's total production capacity for various bio-based materials reached nearly 300,000 tons by the end of 2024, with specific capacities as follows: - Bio-based long-chain dicarboxylic acid: 115,000 tons [6] - Bio-based pentamethylenediamine: 50,000 tons [7] - Bio-based polyamide: 100,000 tons [8] - Bio-based continuous fiber thermoplastic composite materials [9]. - The main revenue sources for 2024 were long-chain dicarboxylic acid products, generating 2.670 billion RMB, and bio-based polyamide products, generating 144 million RMB [9]. Application Expansion - In March 2024, Kaisa Bio signed a cooperation agreement with China Merchants Highway and China Merchants Jinling to establish a joint laboratory for bio-based new materials, aiming to enhance performance and reduce costs in highway and green energy materials [11]. - Kaisa Bio provided low-carbon, high-performance composite materials for Qingdao Honghu Aviation Technology's RAP-AT1 active temperature-controlled container, which has entered commercial use [12].

③ 生物基聚酰胺 ，年产能10万吨。其中年产2万吨长链聚酰胺项目于2023年11月结项， 太原年产90万吨生物基聚酰胺项目正在建设中。 ④ 生物基连续纤维热塑型复合材料（Bio-PPA CFRT） ， 凯赛生物 生物基耐高温聚酰胺具有高流动性， 极大提高了聚合速度，可大比例复合连续纤维。 细分领域的上市龙头企业往往是市场风向标，作为国内生物基材料龙头企业， 【DT新材料】 获悉，4月22日， 凯赛生物 发布2024年度报告。报告指出， 凯赛生 物2024年度总营收达29.58亿元，同比增长39.91%， 创下历史新高 ； 实现归母净利润4.89亿元，同比增长 33.41%。 凯赛生物主要产品包括 生物法长链二元酸、 生物基戊二胺、 生物基聚酰胺和 生物基连续纤维热塑型复合材料等， 截至2024年底各类生物基材料总产能已达近30 万吨 ，详情如下所示： ① 生物法长链二元酸（DC10-DC18） ，年产能11.5万吨，生产线位于凯赛金乡、乌苏技术 和太原技术。其中 年产4万吨生物法癸二酸建设项目已于2022年投产。 ② 生物基戊二胺 ，年产能5万吨，生产线位于乌苏材料。 ②2025年2月，公司与福建时代泽远股权 ...