Core Insights - The article highlights the recent approval of a feed additive product, red yeast, by Jinhe Biological, which is expected to enhance the company's product structure and market competitiveness [2][3]. Product Development - Jinhe Biological has received the product approval number for red yeast, which is a feed additive, with the approval date set for September 15, 2025 [3]. - The approval of red yeast is anticipated to positively impact the company's operational performance and market competitiveness [3]. Key Ingredient and Benefits - Red yeast produces astaxanthin during fermentation, which is a powerful natural antioxidant with applications in aquaculture, feed industry, health care, and cosmetics [3]. - Astaxanthin is recognized for its superior antioxidant capacity compared to common antioxidants [3]. Production Methods - The primary sources of astaxanthin include natural extraction, chemical synthesis, and microbial fermentation, with the latter being favored for its safety, stability, and practicality [4]. - Red yeast is noted for its rapid growth cycle, short fermentation period, and ability to utilize various carbon sources, making it commercially valuable [4]. Company Strategy - Jinhe Biological has established a project with an annual production capacity of 3,000 tons of astaxanthin, indicating a strategic focus on research and innovation in synthetic biology applications [5].

Investment Rating - The report maintains a "Buy" rating for Jinhe Biological (002688) with a target price not specified [1]. Core Views - The company reported a revenue of 2.036 billion yuan for the first three quarters of 2025, a year-on-year increase of 22.86%, and a net profit attributable to shareholders of 139 million yuan, up 22.25% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 646 million yuan, a 9.20% increase year-on-year, but the net profit dropped to 1.15 million yuan, a decline of 94.94% year-on-year [2][3]. - The decline in Q3 profit is attributed to increased marketing efforts, higher employee compensation, and increased R&D expenses [3]. - The main product, Jinmeisu, has seen a cost reduction, and both domestic and international sales are performing well [4]. - The company is actively expanding its pet business, focusing on pharmaceuticals and vaccines, with a dual-brand strategy for domestic and international markets [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.036 billion yuan, a 22.86% increase year-on-year, and a net profit of 139 million yuan, up 22.25% year-on-year [2]. - In Q3 2025, revenue was 646 million yuan, a 9.20% increase year-on-year, while net profit fell to 1.15 million yuan, a 94.94% decline year-on-year [2][3]. Market and Product Analysis - The sales of the main product, Jinmeisu, have increased significantly, with growth in both domestic and international markets [4]. - The company has adjusted the cost of Jinmeisu downwards, benefiting from lower raw material prices and increased production capacity [4]. - The pet business is a key strategic focus, with plans to develop a range of pharmaceutical and vaccine products [5]. Future Outlook - The company forecasts revenue for 2025-2027 to be 2.835 billion, 3.030 billion, and 3.274 billion yuan respectively, with net profits projected at 197 million, 326 million, and 423 million yuan [7]. - The report highlights the potential for growth in the pet market, which is expected to exceed 300 billion yuan in 2024 [5].

Core Viewpoint - The company has received approval for its feed additive product, red yeast, which is expected to enhance its product portfolio and market competitiveness, although it is not anticipated to significantly impact the company's financial performance for the current year [1]. Group 1: Product Approval Details - The product name is red yeast, with the approval number being 蒙饲添字（2025）090001, issued by the Inner Mongolia Agricultural and Animal Husbandry Department on September 15, 2025 [1]. - The product adheres to the standard Q/JHSW 253-2025 [1]. Group 2: Impact on the Company - The approval of the red yeast feed additive is a result of the company's ongoing commitment to research and development, particularly in the application of synthetic biology [1]. - The company has established a project with an annual production capacity of 3,000 tons of astaxanthin, a metabolite produced during the fermentation of red yeast [1]. - The new product approval is expected to positively influence the company's operational performance and market competitiveness [1].

Core Viewpoint - The company Jinhe Biotechnology (002688.SZ) has received approval for its feed additive product, red yeast, from the Inner Mongolia Agricultural and Animal Husbandry Department, which is expected to enhance its product portfolio and market competitiveness [1] Group 1: Product Development - The approved feed additive, red yeast, is a metabolite produced during the fermentation process, which includes astaxanthin [1] - The company has established a project with an annual production capacity of 3,000 tons of astaxanthin [1] Group 2: Research and Innovation - The approval of the feed additive product is a result of the company's ongoing emphasis on research and innovation [1] - The company is accelerating the application and layout of synthetic biology in its industry [1] Group 3: Business Impact - The approval is expected to positively contribute to the company's operational performance and market competitiveness [1] - It is anticipated that this approval will not have a significant impact on the company's operating performance for the current year [1]