证券研究报告：医药生物|深度报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 7467.89 | | --- | --- | --- | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6876.88 | 行业相对指数表现（相对值） -9% -4% 1% 6% 11% 16% 21% 26% 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:辛家齐 SAC 登记编号:S1340526030001 Email:xinjiaqi@cnpsec.com 近期研究报告 《海外 CXO 订单回暖，2026 指引转向乐 观》 - 2026.03.23 核心维生素品种：产能格局、合成路径与涨价复盘 ⚫ 投资要点 维生素行业已启动新一轮涨价周期，多个核心品种价格自历史低 位显著上涨。 截至 2026 年 3 月 20 日，VE 价格从 55.5 元 ...

Group 1: Company Overview and Product Information - The company has four production bases, with key products including Vitamin K3, chromium tanning agents, and various pharmaceutical raw materials [1] - The main applications of para-hydroxyphenol span multiple industries, including food, daily chemicals, pesticides, pharmaceuticals, dyes, and polymer materials [1] - The company has officially started selling para-hydroxyphenol in the PEEK field and is currently in the verification stage with major domestic PEEK manufacturers [2] Group 2: Regulatory Approvals and Product Registration - The company has obtained various regulatory approvals for iodine contrast agents, including registrations in China, India, Japan, and CEP certification [2] - Currently, the company holds registration certificates for two formulation products, with one product, Bisoprolol fumarate tablets, having commenced market promotion in 2024 [2] Group 3: Financial Performance and Inventory Management - The growth in performance for the first half of 2025 is attributed to the year-on-year price increase of certain vitamin products and a decrease in production costs [2] - The company maintains a large ending inventory balance due to its diverse product lines, which include vitamins, flavors, raw materials, and chromium salts, and is focused on improving asset turnover efficiency [2] Group 4: Supply Chain and Procurement - The company sources chromium ore locally in South Africa as needed and currently has no plans to acquire chromium mines [2] Group 5: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [2]