证券日报网讯 12月30日，圣达生物在互动平台回答投资者提问时表示，公司维生素产品包括生物素、 叶酸等。在原料供应方面，叶酸生产原料主要通过采购等方式获得。对于大宗原料，公司采取集团化统 一采购模式，以保障原料供应的高品质与稳定性。具体生产经营数据请关注公司后续公告。 （文章来源：证券日报） ...

Core Viewpoint - Zhejiang Medicine is actively expanding its financing channels and improving its industrial chain layout through the planned spin-off of its subsidiary, New Code Biology, for a listing in Hong Kong, alongside significant investments in its main business [1][2]. Group 1: Spin-off and Investment Plans - Zhejiang Medicine announced plans to spin off its subsidiary, New Code Biology, for a Hong Kong listing to optimize resource allocation and broaden financing channels, aiming to enhance its biopharmaceutical business and overall profitability [2][3]. - New Code Biology, a leader in the vitamin sector, focuses on the research and production of biopharmaceuticals and has recently acquired strategic assets to strengthen its R&D pipeline [2]. - The spin-off will not affect Zhejiang Medicine's control over New Code Biology or its other business segments, maintaining operational stability [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, Zhejiang Medicine reported a revenue decline of 5.87% to 66.95 billion, but achieved a net profit of 9.33 billion, reflecting a year-on-year growth of 9.83% [4][5]. - The company’s operating cash flow reached 14.89 billion, marking a significant increase of 115.11% year-on-year, indicating strong profitability and risk resilience [4][5]. Group 3: Strategic Projects - Zhejiang Medicine is investing 16.85 billion in the Changbei Biological Project, which aims to enhance its vitamin intermediate production and develop high-value-added products, with expected annual sales of 9 billion and a gross profit of 2.86 billion [4]. - The project is planned in two phases, with the first phase focusing on vitamin intermediates and expected to complete by November 2027 [4]. Group 4: Shareholder Engagement - To enhance team engagement and operational vitality, Zhejiang Medicine is implementing a share buyback and stock incentive plan, having completed a buyback of 2 billion and initiated a new stock incentive plan for 875 employees [5].

Group 1 - Zhejiang Pharmaceutical plans to spin off its subsidiary, Zhejiang Xima Biotechnology Co., Ltd., for a listing on the Hong Kong Stock Exchange [1] - The spin-off aims to enhance the development of the biopharmaceutical sector, broaden financing channels, and improve overall profitability and core competitiveness of Zhejiang Pharmaceutical [1] - The spin-off will not result in Zhejiang Pharmaceutical losing control over Xima Biotechnology and will not adversely affect other business segments or the company's overall profitability [1] Group 2 - Xima Biotechnology focuses on the research and production of biopharmaceuticals and is the R&D mainstay of Zhejiang Pharmaceutical's biopharmaceutical sector [2] - In early November, Xima Biotechnology completed a strategic acquisition of all preclinical pipelines and corresponding platform technology patents from Shanghai New Concept Biotechnology Co., Ltd., enhancing its R&D capabilities [2] - The acquisition brought in Dr. Han Nian, a scientist with nearly 30 years of experience in the biopharmaceutical industry, to serve as Chief Scientific Officer, strengthening Xima Biotechnology's expertise in drug development [2]

Core Viewpoint - Zhejiang Pharmaceutical plans to spin off its subsidiary, Zhejiang Xima Biopharmaceutical Co., Ltd., for a listing on the Hong Kong Stock Exchange to enhance its biopharmaceutical segment and overall profitability [1][2] Group 1: Spin-off Details - The spin-off is currently in the preliminary planning stage, with no specific plan finalized yet, indicating uncertainty [1] - The purpose of the spin-off is to promote the development of the biopharmaceutical segment, broaden financing channels, and enhance the overall profitability and core competitiveness of Zhejiang Pharmaceutical [1][2] - The spin-off will not result in Zhejiang Pharmaceutical losing control over Xima Biopharmaceutical, nor will it adversely affect the operations or profitability of other business segments [1] Group 2: Xima Biopharmaceutical Overview - Xima Biopharmaceutical is a key subsidiary focused on the research and production of biopharmaceuticals, with capabilities in gene engineering, cell culture, toxin synthesis, and clinical research [2] - In November, Xima Biopharmaceutical completed a strategic acquisition of all preclinical pipelines and related platform technology patents from Shanghai New Concept Biopharmaceutical Technology Co., Ltd., enhancing its management team and research pipeline [2] - The acquisition brought in Dr. Han Nian, a scientist with nearly 30 years of experience in the biopharmaceutical R&D field, who will serve as the Chief Scientific Officer, adding valuable expertise in antibody-drug conjugates (ADC) [2]

Core Viewpoint - The report highlights the financial performance and operational strategies of Shengda Bio-Pharm Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and profit driven by enhanced management practices and market expansion in the vitamin and bio-preservative sectors [1][3]. Financial Performance - The company's operating income for the first half of 2025 reached approximately 400.73 million RMB, representing a 4.23% increase compared to the same period last year [3]. - Total profit amounted to approximately 50.27 million RMB, a substantial increase of 107.77% year-on-year [3]. - The net profit attributable to shareholders was approximately 37.81 million RMB, reflecting a 129.20% increase compared to the previous year [3]. - The net cash flow from operating activities was approximately 22.96 million RMB, up 97.59% from the previous year [3]. Industry Overview - The vitamin industry in China is experiencing steady growth, with the country being a major global producer of various vitamins, including biotin and folic acid [6][8]. - The bio-preservative and functional ingredient market is expanding rapidly, driven by increasing consumer demand for natural and safe food additives [6][8]. - The report indicates that the domestic vitamin market faced price declines in the first half of 2025, but the overall demand remains stable [6][8]. Company Positioning - Shengda Bio-Pharm is recognized as one of the leading suppliers of biotin and folic acid in China, ranking among the top five suppliers of biotin and top four suppliers of folic acid in 2024 [6][8]. - The company is one of the few in China capable of producing multiple types of bio-preservatives, including nisin and natamycin, and is a key player in setting industry standards [6][8]. - Shengda Bio-Pharm has established a strong reputation in the market, supported by long-term partnerships with major domestic and international clients [11][12]. Operational Strategies - The company employs a "sales-driven production" model, optimizing procurement and production processes to enhance efficiency and reduce costs [7][8]. - Shengda Bio-Pharm has invested in smart manufacturing technologies to improve product consistency and operational efficiency [7][8]. - The company is focused on continuous innovation and R&D, with a significant increase in R&D expenditure by 22.39% in the first half of 2025 [3][8]. Market Expansion - The company has successfully registered its biotin products in India, the EU, and South Korea, paving the way for entry into higher-end pharmaceutical markets [8][9]. - Shengda Bio-Pharm's subsidiaries have shown strong performance, with significant sales growth in key products such as lactic acid bacteria and natamycin [8][9].

Core Viewpoint - The report from Dongfang Securities indicates that Huayuan Bio achieved a net profit attributable to shareholders of 162 million yuan in the first half of the year, representing a year-on-year increase of 13.67%, with a non-recurring net profit of 150 million yuan, up 37.36% year-on-year, primarily due to effective cost control [1] Financial Performance - The company's performance is closely linked to vitamin prices, which saw a rapid increase starting from the second half of last year, although there was a slight decline in vitamin prices in the latter half of 2025 [1] - Despite the stable growth in revenue expected for the year, the profit performance remains promising due to cost control and business structure [1] Strategic Development - The "one vertical and one horizontal" strategy is showing positive effects, indicating a favorable long-term development outlook for the company [1] - The company is the only global producer with a full industrial chain for VD3, holding a 70% market share in NF-grade cholesterol, the only legal raw material for VD3 production [1] Cost and Margin Analysis - In the context of declining VD3 prices, the company maintains a cost advantage, with a gross margin of 62.99% for vitamin products in the first half of 2025, an increase of 8.12 percentage points year-on-year [1] Production Capacity and Future Projects - The annual production project for 6,000 tons of VA powder has been completed, while projects for 5,000 tons of VB6 and 200 tons of biotin are in trial production preparation [1] - Other vitamin products are expected to contribute to performance growth in the near future [1] Drug Development Pipeline - The company currently has seven products under review and five in research, with the potential to re-enter an upward trajectory following the elimination of the impact from centralized procurement [1] Valuation - Based on comparable companies, a target price of 18.90 yuan is set for the company, corresponding to a 30 times price-to-earnings ratio for 2025, maintaining a "buy" rating [1]

Group 1 - The stock price of Shengda Bio reported at 18.64 yuan as of August 18, 2025, with a decrease of 0.14 yuan, representing a decline of 0.75% from the previous trading day [1] - The company specializes in the research, production, and sales of biotin, folic acid, and other vitamin products, which are widely used in feed, food, and pharmaceutical industries [1] - Shengda Bio's industry classification falls under the chemical products sector, involving synthetic biology and vitamins concepts [1] Group 2 - Shengda Bio announced the redemption of structured deposits amounting to 80 million yuan, which matured on August 15, resulting in a total recovery of 80.1193 million yuan, aligning with expected returns [1] - On August 18, the net outflow of main funds was 6.7311 million yuan, with a cumulative net outflow of 17.9616 million yuan over the past five days [1]

Core Insights - The stock price of Shengda Bio is reported at 18.78 yuan, reflecting an increase of 1.62% compared to the previous trading day, with a trading volume of 0.68 billion yuan [1] Company Overview - Shengda Bio specializes in the research, production, and sales of biotin, folic acid, and other vitamin products, which are widely used in feed, food, and pharmaceutical industries [1] - The company operates in sectors including chemical products, Zhejiang region, and synthetic biology [1] Regulatory Updates - The company has completed the filing of its Articles of Association and the registration of business changes, and has obtained a new business license issued by the Zhejiang Provincial Market Supervision Administration [1]

Group 1 - The company announced the extension of the expected operational dates for several investment projects without changing the implementation subject, location, or investment scale [2] - The projects affected include the annual production of 6,000 tons of Vitamin A powder, 20,000 tons of Vitamin E powder, 5,000 tons of Vitamin B6, 200 tons of Biotin, and 10,000 tons of L-Alanine (fermentation method) along with a biomanufacturing pilot base project [2]

Group 1 - The company Zhejiang Huayuan Biopharmaceutical Co., Ltd. has issued convertible bonds to unspecified investors, with a total amount of RMB 1.2 billion [2][3] - The bonds have a maturity of 6 years, with an annual interest rate that increases from 0.3% in the first year to 2.5% in the sixth year [4][5] - The initial conversion price for the bonds is set at RMB 15.19 per share, subject to adjustments based on various corporate actions [5][6] Group 2 - The funds raised from the bond issuance will be used for projects including the production of 6,000 tons of Vitamin A powder and 20,000 tons of Vitamin E powder, with a total investment of RMB 134.446 million [12][13] - The company plans to adjust the use of raised funds, reallocating some towards a new project for producing 1 billion solid dosage forms and 8 million injections, with a total investment of RMB 19.11 million [22][23] - The project aims to enhance the company's R&D and production capabilities, addressing the growing demand for high-quality pharmaceuticals in various therapeutic areas [23][24] Group 3 - The company has faced increased competition in the generic drug market, prompting a strategic shift in its investment focus [21][24] - The new project is expected to improve the company's production efficiency and meet international quality standards, ultimately benefiting patients [23][25] - The project is aligned with national policies promoting the development of innovative pharmaceuticals and aims to strengthen the company's market position [26][27]