川宁生物（301301.SZ）2025 年三季报点评 抗生素淡季业绩承压筑底，合成生物产能稳步爬坡 2025 年 10 月 28 日 ➢ 事件：2025 年 10 月 27 日川宁生物发布 2025 年三季度报告，2025Q1-Q3，公司 实现营业收入 34.4 亿元（同比-22.9%），实现归母净利润 6.1 亿元（同比-43.2%）；单 三季度看，公司实现营业收入 10.9 亿元（同比-13.8%，环比+3.4%），实现归母净利润 1.6 亿元（同比-49.4%，环比-6.1%）。 ➢ 青霉素中间体价格下滑明显+部分费用开支提升压缩盈利空间。根据健康网数据，公 司三大主营产品之一青霉素类中间体 6-APA，自 2024 年 12 月高点 320 元/公斤，逐步 回落至 2025 年 9 月低点 190 元/公斤，相对跌幅达 40.6%。而在医药中间体中间需求回 落叠加主要抗生素品种价格下降影响下，公司 25 年前三季度总体毛利率下滑至 32.8%。 从公司前三季度费用率变动情况来看，管理费用由于部分产线进行新产品试车致使的期间 费用增加，管理费用率同比提升 1.9 个百分点；研发费用由于新产品开发相关的投 ...

（文章来源：证券日报） 证券日报网讯川宁生物10月28日发布公告，在公司回答调研者提问时表示，目前公司的甲醇蛋白项目已 和农业农村部积极展开申报工作，预计在明年年底会有结果，并和下游意向客户新希望、海大等进行了 相关联合实验，公司根据下游反馈情况进行了工艺提升，进一步提高了甲醇蛋白的蛋白、氨基酸含量， 并进一步减少了灰分的含量，甲醇蛋白项目现已进行中试实验，前几批的中试实验结果都相对良好，预 计最终结果会在年底进行反馈。 ...

证券日报网讯川宁生物（301301）10月28日发布公告，在公司回答调研者提问时表示，甲醇蛋白项目目 前还在中试阶段，具体的产能规划以及投资金额还要等中试试验结束进行可研调查后进行确定；公司预 计投入金额会在50亿元以上，到时会根据公司发展情况，再决定是否进行融资方面的工作。 ...

证券代码：301301 证券简称：川宁生物 伊犁川宁生物技术股份有限公司投资者关系活动记录表 编号：0018 | | 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 业绩交流会 | | | 其他：电话调研 ☐ | | | 东方证券、国联民生、中信证券、国盛证券、天风证券、申 | | 参与单位名称 | 万宏源、银河证券、国投证券、中信建投、山西证券、太平 | | 及人员姓名 | 洋证券、东吴证券、中金证券、西部证券、国金证券等共 60 | | | 余人 | | 时间 | 年 月 日（周二）上午 2025 10 28 10:30~11:30 | | 地点 | 董事会办公室会议室 | | 上市公司接待 | 总经理邓旭衡先生；副总经理、财务总监李懿行先生；副总 | | 人员姓名 | 经理、首席科学家赵华先生；副总经理、董事会秘书顾祥先 | | | 生。 | | | 1. 三大中间体三季度以来的价格情况和明年展望？ | | | A：三大产品分产品来看，首先，硫氰 ...

Core Viewpoint - The financial performance of Chuaning Bio (301301) for the first half of 2025 shows significant declines in revenue and net profit, indicating challenges in the market and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 2.349 billion yuan, a decrease of 26.5% year-on-year [1]. - Net profit attributable to shareholders was 455 million yuan, down 40.64% compared to the previous year [1]. - The gross profit margin improved slightly to 35.87%, an increase of 1.57% year-on-year, while the net profit margin fell to 19.36%, a decrease of 19.29% [1]. - Total expenses (selling, administrative, and financial) amounted to 139 million yuan, representing 5.94% of revenue, an increase of 55.83% year-on-year [1]. - Earnings per share decreased to 0.20 yuan, down 41.18% year-on-year [1]. Cash Flow and Investment Summary - The net cash flow from operating activities decreased by 49.32%, attributed to lower product prices and reduced collections [5]. - The net cash flow from investing activities increased by 35.87%, due to reduced payments for fixed assets and investments [2]. - The net increase in cash and cash equivalents dropped significantly by 274.54%, primarily due to decreased collections and increased dividend payments [5]. Market and Product Insights - The overall demand for the company's main products has declined, impacting sales and pricing [3]. - The price of the main intermediate products has remained stable, with slight increases in some areas, while others have seen price drops due to reduced market demand [3]. - The company is focusing on enhancing its core competencies in traditional antibiotic intermediates and exploring new product lines in synthetic biology [6][7][8]. Future Outlook - The company anticipates a challenging year due to the impact of declining penicillin prices, but expects improvements in the fourth quarter with increased market demand [14]. - The release of synthetic biology products is expected to enhance overall performance and profitability in 2026 [14].

Product Prices and Market Performance - Overall demand has decreased due to the pharmaceutical environment, but the three main intermediate products of the company have shown varied performance. The price of thiocyanate erythromycin has risen slightly, with a single-digit increase since the beginning of the year, and is expected to remain stable in the second half of the year. The price of cephalosporin products is stable and is expected to maintain the current situation in the second half. The price of penicillin has decreased since the beginning of the year, but with increasing industry concentration, it is becoming more difficult for small companies to enter the market. An increase in demand is expected in the fourth quarter, which may improve the situation [1]. Synthetic Biology and Project Progress - Sales of synthetic biology products are steadily advancing, with the company achieving a revenue of 22.32 million yuan in the first half of the year. With adjustments and releases in production capacity, future sales are expected to increase. The methanol protein project has undergone trials in a 30m³ fermentation tank, with initial results available and samples sent to downstream manufacturers for testing. The company is also actively applying for qualifications from the Ministry of Agriculture and Rural Affairs [2]. Overseas Capacity and Domestic Planning - After assessment, the company has decided to postpone its entry into Kazakhstan due to several uncontrollable risks. The first phase of the company is in a rapid development stage, and the second phase will be determined based on the R&D progress of the Shanghai Research Institute and the release of first-phase capacity [3]. Order Expectations and Capital Expenditure - The company anticipates growth in orders with Kelun Yongnian Company for ergotamine. There are no significant capital expenditures expected in the short term, with fixed asset depreciation for the first half of 2025 amounting to 273 million yuan, an increase of 22 million yuan year-on-year. Starting in 2026, the main equipment depreciation is expected to decrease significantly, with a projected reduction of tens of millions if no new fixed assets are added by the end of 2027 [4]. R&D and Product Selection Planning - Future R&D will focus on four main areas: traditional product synthesis and biological modification; technology enhancement and cost reduction for delivered products; efficient biological utilization of C1/C2 resources; and the development of amino acids and vitamin products [5]. Cost Trends and Import-Export Situation - The price of the main raw material, corn, is expected to rise to 1.8 - 1.9 yuan/kg in November. Energy costs, particularly coal prices, have decreased compared to 2024 and are expected to remain stable in the coming years. The export amount has increased by approximately 25% compared to the same period last year, mainly due to increased exports of thiocyanate and 6-APA, while cephalosporin exports have slightly decreased. Exports are primarily directed towards India and Hong Kong, with tariffs having minimal impact on the company's exports [6]. Gross Margin and Production Efficiency - With the increase in synthetic biology product volume and the application of AI technology, the company has room for improvement in gross margin. AI-controlled fermentation tank output exceeds the control group by 3% - 5%, reducing production fluctuations and enhancing R&D efficiency. The overall gross margin for the company in the first half of 2025 was 35.90%, a year-on-year increase of 0.55%, while the gross margin for pharmaceutical intermediates was 38.64%, a year-on-year increase of 1.37% [7]. Expenses and Performance Outlook - The sales expense ratio for the first half of 2025 was 0.58%, an increase of 0.21% year-on-year, and is expected to remain stable in the second half. The management expense ratio was 3.37%, an increase of 0.13% year-on-year, while the financial expense ratio was 0.67%, a decrease of 0.19% year-on-year. The company is facing performance pressure this year due to the impact of penicillin prices, with expectations of a decline compared to last year. However, in 2026, with the increase in synthetic biology product volume and the recovery of penicillin prices, performance and profits are expected to improve [8].

Group 1: Market and Product Performance - The overall demand for the company's three main intermediates has decreased due to the pharmaceutical environment, with the price of erythromycin thiocyanate showing a slight increase of single digits since the beginning of the year, expected to remain stable in the second half [2][3] - The sales revenue for synthetic biology products reached CNY 22.32 million in the first half of the year, with future sales expected to improve as production capacity is gradually released [3][4] - The export value increased by approximately 25% compared to the same period last year, mainly due to higher exports of erythromycin and 6-APA, while cephalosporin exports slightly decreased [9] Group 2: Financial Performance and Projections - The gross profit margin for the first half of 2025 was 35.90%, an increase of 0.55% year-on-year, driven by cost reductions and production efficiency improvements [11][12] - The company anticipates a decline in overall performance for the year due to pressure from cephalosporin prices, but expects improvement in the fourth quarter with increased market demand [12] - Fixed asset depreciation for the first half of 2025 was CNY 273 million, a year-on-year increase of CNY 22 million, primarily due to the depreciation of the subsidiary [6] Group 3: Strategic Developments - The company has decided to postpone its expansion plans into Kazakhstan due to various political and management risks identified during assessments [4] - Future research and development will focus on four strategic areas, including the synthesis of antibiotic intermediates and the efficient biological utilization of C1/C2 resources [7][8] - The company plans to enhance its core competitiveness through technology upgrades and cost reductions in existing products [7][10]