作为生物基行业盛会风向标， #第11届生物基大会暨展览 （Bio-based 2026）将于5月20-22日在上海盛大举办。 聚焦生物基化学品和材料、应用上下游 ，囊括 " 11 大主题论坛 + 7大同期活动 + 1000 个新品展示 +DT新叶奖评选&颁奖 "同期活动。生物制造领域 微构工场、聚维元创、中科国生、利夫生物、道生生物、华澄生 物、 博辉合生等企业 已加盟参与，诚邀生物制造行业朋友们参与合作交流。 本文将对 生物制造产业10大链主企业即 凯赛生物、华恒生物、华东医药、梅花生物、川宁生物、华熙生物、富祥药业、朗坤科技、嘉必优、微构工场 基 本情况、主营构成、在研项目、发展策略等概况 进行梳理，以供参考。 01 凯赛生物（688065） 凯赛生物，首次突破30亿！ 1 、基本情况 凯赛生物成立于 2000 年，2020 年 8 月登陆上交所科创板。公司是一家以合成生物学等学科为基础，利用生物制造技术，从事新型生物基材料的研发、 生产及销售的高新技术企业，经过多年发展，公司已成为全球领先的利用生物制造规模化生产新材料的企业之一。 公司主营新型生物基材料的研发、生产及销售，主要产品包括：系列生物法长链二 ...

分红方面，花园生物A股上市后累计派现4.46亿元。近三年，累计派现1.78亿元。 机构持仓方面，截止2025年9月30日，花园生物十大流通股东中，南方中证1000ETF（512100）位居第 四大流通股东，持股347.85万股，相比上期减少4.84万股。香港中央结算有限公司位居第十大流通股 东，持股223.26万股，相比上期减少40.36万股。 2月25日，花园生物涨1.07%，成交额3.08亿元。两融数据显示，当日花园生物获融资买入额3778.56万 元，融资偿还5776.19万元，融资净买入-1997.63万元。截至2月25日，花园生物融资融券余额合计7.89 亿元。 融资方面，花园生物当日融资买入3778.56万元。当前融资余额7.87亿元，占流通市值的8.47%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，花园生物2月25日融券偿还500.00股，融券卖出800.00股，按当日收盘价计算，卖出金额1.37 万元；融券余量13.54万股，融券余额231.26万元，超过近一年90%分位水平，处于高位。 资料显示，浙江花园生物医药股份有限公司位于浙江省金华市东阳市南马镇花园村，成立日期2000 ...

Group 1 - Garden Biologics' stock increased by 5.06%, reaching 18.68 CNY per share, with a trading volume of 356 million CNY and a turnover rate of 3.65%, resulting in a total market capitalization of 10.152 billion CNY [1] - The company, Zhejiang Garden Biologics Co., Ltd., was established on December 18, 2000, and went public on October 9, 2014. Its main business focuses on developing, producing, and selling products related to a complete vitamin D3 industry chain [1] - The revenue composition of the company includes vitamin products at 47.41%, pharmaceuticals at 30.22%, lanolin and its derivatives at 20.93%, sales of raw materials and others at 1.01%, rental income at 0.31%, other trade products at 0.10%, and medical devices at 0.01% [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Garden Biologics, having reduced its holdings by 48,400 shares to 3.4785 million shares, representing 0.65% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 78.996 billion CNY. Year-to-date returns are 8.61%, ranking 1564 out of 5569 in its category, while the one-year return is 34.61%, ranking 1862 out of 4295 [2] Group 3 - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 98 days. The total asset scale under management is 137.02 billion CNY, with the best fund return during the tenure being 251.88% and the worst being -15.93% [3]

Group 1 - Garden Biologics' stock increased by 5.42%, reaching 19.05 CNY per share, with a trading volume of 245 million CNY and a turnover rate of 2.47%, resulting in a total market capitalization of 10.353 billion CNY [1] - The company, Zhejiang Garden Biologics Co., Ltd., was established on December 18, 2000, and went public on October 9, 2014. Its main business focuses on developing, producing, and selling products related to a complete vitamin D3 industry chain [1] - The revenue composition of the company includes vitamin products at 47.41%, pharmaceuticals at 30.22%, lanolin and its derivatives at 20.93%, sales of raw materials and others at 1.01%, rental income at 0.31%, other trade products at 0.10%, and medical devices at 0.01% [1] Group 2 - Among the top circulating shareholders of Garden Biologics, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 48,400 shares in the third quarter, now holding 3.4785 million shares, which is 0.65% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 78.996 billion CNY. Year-to-date returns are 6.21%, ranking 1574 out of 5564 in its category; the one-year return is 39%, ranking 1777 out of 4288; and since inception, the return is 21.47% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 93 days, managing total assets of 137.02 billion CNY. The best fund return during this period is 279.97%, while the worst is -15.93% [2]

Core Viewpoint - The company anticipates stable growth in its business operations, with a reported revenue increase of 14% year-on-year for the first three quarters of 2025, amounting to RMB 12.93 billion [1] Financial Performance - The company's revenue for the first three quarters of 2025 reached RMB 12.93 billion, reflecting a 14% year-on-year growth [1] - Gross profit increased by 4% to RMB 3.6 billion, driven by the rising penetration of liquid amino acids and double-digit sales growth in specialty products [1] Market Dynamics - The market demand is expected to remain strong; however, the entry of new methionine and vitamin production capacity into the market is intensifying industry competition [1] - The company is committed to supporting business growth and will continue to invest for future expansion [1] Communication and Disclosure - The company emphasizes adherence to information disclosure regulations, ensuring that all significant information is released through designated channels in a timely and accurate manner [1] - Investors are encouraged to monitor company announcements and periodic reports for authoritative operational data [1]

Core Viewpoint - The company held its first extraordinary board meeting of 2026, where several key resolutions were passed, including the approval of bank credit limits and related party transactions for the year [1][2][4][6][10]. Group 1: Bank Credit and Financing - The board approved a total bank credit limit of 5.771 billion yuan for 2026, with 1.960 billion yuan allocated to the headquarters and 3.811 billion yuan to subsidiaries [2]. - Additionally, the company and its subsidiaries will apply for project financing credit totaling 1.145 billion yuan, with 740 million yuan for the headquarters and 405 million yuan for subsidiaries [2]. Group 2: Related Party Transactions - The board approved ongoing sales of poultry vaccines and veterinary medicines to Shandong Zhongxin Food Group Co., Ltd., with an estimated transaction amount not exceeding 24 million yuan for 2026 [4][14]. - The company will also continue to purchase production raw materials from Xiamen Jindawei Group Co., Ltd., with an estimated transaction amount not exceeding 31 million yuan for 2026 [6][16]. Group 3: Internal Audit and Salary Budget - The board approved the internal audit plan for 2026 [8][9]. - The board also approved the salary budget for 2025, along with the evaluation report for the total salary for 2024 [10][11]. Group 4: Upcoming Shareholder Meeting - The board agreed to convene the second extraordinary shareholder meeting of 2026 to discuss additional matters requiring shareholder approval [11]. Group 5: Performance Forecast - The company anticipates a net profit attributable to shareholders of 148.59 million to 192.29 million yuan for 2025, representing an increase of 77.70 million to 121.41 million yuan compared to the previous year, which is a year-on-year increase of 109.62% to 171.27% [32][33]. - However, the net profit after deducting non-recurring gains and losses is expected to be between 16.90 million and 23.24 million yuan, a decrease of 38.90 million to 45.24 million yuan compared to the previous year, reflecting a year-on-year decrease of 62.60% to 72.80% [33]. Group 6: Reasons for Performance Increase - The increase in net profit is attributed to gains from investments, including the subscription of convertible bonds issued by Xiamen Jindawei Group and the abandonment of the right of first refusal for shares in Zhongpu Biopharmaceutical Co., Ltd. [37]. - The company has also optimized its marketing structure and product development to enhance operational efficiency [37].

Group 1 - Garden Biologics experienced a stock price increase of 3.57% on January 15, with a trading volume of 828 million yuan [1] - The company had a net financing buy of -2.61 million yuan on the same day, with a total financing and margin balance of 732 million yuan [1] - The financing balance of Garden Biologics is 730 million yuan, accounting for 8.13% of its circulating market value, which is above the 80th percentile level over the past year [1] Group 2 - As of December 31, the number of shareholders for Garden Biologics was 26,200, a decrease of 12.35% from the previous period [2] - For the period from January to September 2025, the company reported a revenue of 936 million yuan, a year-on-year decrease of 0.20%, and a net profit attributable to shareholders of 234 million yuan, down 3.07% year-on-year [2] - The company has distributed a total of 446 million yuan in dividends since its A-share listing, with 178 million yuan distributed in the last three years [2]

Group 1 - Garden Biologics experienced a stock decline of 0.90% on January 9, with a trading volume of 484 million yuan [1] - The company had a net financing purchase of 22.48 million yuan on the same day, with a total financing balance of 683 million yuan, accounting for 7.62% of its market capitalization [1] - The company’s financing balance is above the 60th percentile of the past year, indicating a high level of financing activity [1] Group 2 - As of December 31, the number of shareholders for Garden Biologics decreased by 12.35% to 26,200, while the average circulating shares per person increased by 14.09% to 20,383 shares [2] - For the period from January to September 2025, the company reported a revenue of 936 million yuan, a slight decrease of 0.20% year-on-year, and a net profit of 234 million yuan, down 3.07% year-on-year [2] - The company has distributed a total of 446 million yuan in dividends since its A-share listing, with 178 million yuan distributed in the last three years [2]

Core Viewpoint - Garden Biologics has seen a stock price increase of 5.04% on January 8, reaching 16.67 CNY per share, with a trading volume of 648 million CNY and a turnover rate of 7.39%, resulting in a total market capitalization of 9.06 billion CNY [1] Group 1: Company Overview - Zhejiang Garden Biologics Co., Ltd. was established on December 18, 2000, and went public on October 9, 2014 [1] - The company's main business focuses on developing, producing, and selling products related to a complete vitamin D3 industry chain [1] - Revenue composition includes: Vitamin products 47.41%, Pharmaceuticals 30.22%, Lanolin and derivatives 20.93%, Sales of raw materials and others 1.01%, Rental income 0.31%, Other trade products 0.10%, Medical devices 0.01% [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Garden Biologics, having reduced its holdings by 48,400 shares in the third quarter, now holding 3.4785 million shares, which is 0.65% of the circulating shares [2] - The ETF has generated an estimated floating profit of approximately 2.7828 million CNY today and 2.6089 million CNY during the three-day stock price increase [2] Group 3: Fund Manager Profile - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 64 days [3] - The total asset size of the fund is 122.76 billion CNY, with the best fund return during the tenure being 208.53% and the worst being -15.93% [3]

Core Insights - Garden Biologics experienced a decline of 2.73% in stock price on November 20, with a trading volume of 164 million yuan [1] - The company reported a financing buy-in amount of 24.2 million yuan and a net financing buy of 1.3 million yuan on the same day [1][2] - As of November 20, the total financing and securities lending balance for Garden Biologics was 548 million yuan, with a financing balance of 547 million yuan, representing 7.26% of the circulating market value [1] Financing and Securities Lending - On November 20, the financing buy-in for Garden Biologics was 24.2 million yuan, with a financing balance of 547 million yuan, which is below the 10% percentile level over the past year [1] - The company repaid 6,900 shares in securities lending and sold 29,300 shares, with a selling amount of 406,400 yuan [1] - The securities lending balance was 773,900 yuan, which is above the 60% percentile level over the past year, indicating a relatively high position [1] Company Overview - Garden Biologics, established on December 18, 2000, and listed on October 9, 2014, is located in Jinhua City, Zhejiang Province [1] - The company's main business focuses on developing, producing, and selling products related to a complete vitamin D3 industry chain [1] - The revenue composition includes vitamin products (47.41%), pharmaceuticals (30.22%), lanolin and derivatives (20.93%), and other minor segments [1] Financial Performance - For the period from January to September 2025, Garden Biologics reported a revenue of 936 million yuan, a slight decrease of 0.20% year-on-year [2] - The net profit attributable to the parent company was 234 million yuan, reflecting a year-on-year decrease of 3.07% [2] Shareholder Information - As of November 10, the number of shareholders for Garden Biologics was 29,100, an increase of 2.11% from the previous period [2] - The average circulating shares per person decreased by 2.06% to 18,378 shares [2] - Cumulatively, the company has distributed 446 million yuan in dividends since its A-share listing, with 178 million yuan distributed over the past three years [3]