公 司 研 究 / 基 础 化 工 / 证 券 研 究 报 告 新和成（002001）财报点评 Q2 维生素价格环比下降，蛋氨酸项目 投入试运行 2025 年 09 月 30 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：张志扬 证书编号：S1160524100006 证券分析师：梅宇鑫 证书编号：S1160525020002 相对指数表现 -20% -12% -4% 4% 12% 20% 2024/9 2025/3 2025/9 新和成 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 72,993.76 | | 流通市值（百万元） | 72,125.47 | | 52 周最高/最低（元） | 25.19/19.55 | | 52 周最高/最低（PE） | 13.19/10.24 | | 52 周最高/最低（PB） | 2.64/2.05 | | 52 周涨幅（%） | 21.48 | | 52 周换手率（%） | 51.74 | 注：数据更新日期截止 2025 年 09 月 29 日 相关研究 《公司产品量价齐升，2024 年保持 ...

Financial Performance - In the first half of 2025, the company achieved a revenue of 11.101 billion yuan, a year-on-year increase of 12.76% [1] - The net profit attributable to shareholders was 3.603 billion yuan, reflecting a significant year-on-year growth of 63.46% [1] - For Q2 2025, the company reported a revenue of 5.661 billion yuan, up 5.89% year-on-year and 4.07% quarter-on-quarter [1] - The net profit for Q2 2025 was 1.723 billion yuan, showing a year-on-year increase of 29.12% but a quarter-on-quarter decrease of 8.32% [1] Product Development and Market Expansion - The company is actively promoting new products such as HA series and tryptophan while maintaining its market advantage in existing products [2] - The liquid methionine project in partnership with Sinopec is in trial production, and the Tianjin nylon new materials project has completed compliance approvals [2] - Other technical upgrades and management improvement projects are progressing steadily, with new project planning being conducted in an orderly manner [2] Pricing and Market Trends - Prices for major products showed a mixed trend, with some prices decreasing quarter-on-quarter while others increased year-on-year [3] - The average prices for vitamins A, E, D3, C, and methionine in Q2 2025 were 73.67, 104.38, 237.15, 21.04, and 22.27 yuan/kg, respectively [3] - The nutrition products segment generated a revenue of 7.200 billion yuan in H1 2025, a year-on-year increase of 7.78%, with a gross margin of 47.79%, up 11.93 percentage points year-on-year [3] Future Outlook - The company is a leading player in the domestic market for vitamins A, E, and methionine, with the methionine project expected to gradually contribute to profits [4] - Revenue forecasts for 2025-2027 are projected at 23.938 billion, 26.136 billion, and 28.785 billion yuan, with net profits of 6.741 billion, 7.139 billion, and 7.641 billion yuan, respectively [4] - The price-to-earnings ratios for 2025-2027 are estimated to be 10.83, 10.23, and 9.55 times, maintaining a "buy" rating [4]

Core Viewpoint - The company is actively implementing its "Bio+" strategy through the development of a range of bio-fermentation products at its Heilongjiang base, focusing on high-value and technologically advanced offerings [2] Group 1: Company Strategy - The Heilongjiang base is positioned as a center for bio-fermentation products, with a focus on vitamins such as Vitamin C, Coenzyme Q10, Vitamin B5, B12, and amino acids like serine, cysteine, and tryptophan [2] - The company emphasizes a technology-first approach in the development of new products, aiming for a series of high-value, large-scale offerings [2] - There is a strong focus on extending the existing business's industrial chain and creating synergistic effects with current operations [2] Group 2: Research and Development - The company has established a bio-fermentation research institute to foster internal and external collaboration, aiming to stay at the forefront of biotechnology [2] - The goal is to create a comprehensive "Bio+" platform that integrates technology and products deeply [2]

Group 1 - The company announced a management change with the resignation of CFO Zhou Yana due to personal reasons, and General Manager Cai Yonggang will temporarily assume CFO responsibilities until a new appointment is made [2] - The board expressed gratitude for Zhou Yana's contributions and emphasized that the management change is a normal adjustment that will not impact the company's operations or financial management [2] Group 2 - Northeast Pharmaceutical is a large comprehensive pharmaceutical enterprise in China, with a diverse product matrix covering chemical raw materials and formulations, including core products like Vitamin C, anti-infection products, neurological drugs, and anti-tumor medications [3] - The company is actively optimizing its strategy by increasing investment in innovative drugs and high-value generics while expanding into international markets to maintain a stable market position [3] Group 3 - The company's financial performance in the first half of 2025 showed a decline in both revenue and net profit, with revenue at 3.853 billion yuan, down 7.58% year-on-year, and net profit at 129 million yuan, down 17.62% [4] - R&D expenses significantly increased to 83.49 million yuan, a rise of 84.09% compared to the previous year, indicating a strong commitment to innovation [4] Group 4 - The company has experienced frequent changes in key management positions over the past three years, including roles such as director, board secretary, and vice president [5] - The reasons for these changes are attributed to the need for strategic optimization and industry environment shifts, with plans to enhance the management team through a combination of internal selection and external recruitment [6]

Core Viewpoint - The article highlights various fruits that are rich in Vitamin C, emphasizing their health benefits and nutritional values, particularly in boosting immunity and providing antioxidant properties [1]. Group 1: Vitamin C Rich Fruits - **NO.1: Prickly Pear**: Known as the "Vitamin C King," it contains 2585 mg of Vitamin C per 100 grams, significantly higher than citrus fruits and kiwifruit. It also has high levels of carotenoids and various beneficial compounds [2]. - **NO.2: Winter Jujube**: Contains 243 mg of Vitamin C per 100 grams, which is 60-70 times that of apples. It is rich in dietary fiber and other vitamins, promoting immune health [4]. - **NO.3: Sea Buckthorn**: Offers 204 mg of Vitamin C per 100 grams, along with other vitamins and active compounds that support digestion and immunity [6]. - **NO.4: Kiwifruit**: Contains 62 mg of Vitamin C per 100 grams and is known for its antioxidant properties and ability to aid in blood sugar regulation [8]. - **NO.5: Hawthorn**: Provides 53 mg of Vitamin C per 100 grams and is beneficial for digestion and alleviating food stagnation [10]. - **NO.6: Grapefruit**: Contains 38 mg of Vitamin C per 100 grams and is noted for its potassium content, which can help lower blood pressure [12]. - **NO.7: Kumquat**: Offers 35 mg of Vitamin C per 100 grams and has various organic acids that provide health benefits [14]. - **NO.8: Orange**: Contains 33 mg of Vitamin C per 100 grams and is associated with various health benefits, including immune support and cardiovascular health [15]. Group 2: Importance of Vitamin C - Vitamin C is essential for human health, aiding in collagen synthesis, free radical elimination, and immune function. It cannot be synthesized by the body and must be obtained through diet [17]. - The recommended daily intake for adults is 100 mg, with a higher intake of 200 mg suggested for chronic disease prevention [17]. Group 3: Consumption Tips - Fresh fruit consumption is emphasized over fruit juices, as juicing can lead to significant Vitamin C loss due to oxidation [19]. - It is advised to consume fresh fruits promptly to retain their nutritional value, as prolonged storage can degrade their quality [20]. - For individuals with high blood sugar, it is recommended to limit fruit intake to 50-150 grams per day and to consume fruits in moderation to avoid spikes in blood sugar levels [22].

Financial Performance - The company achieved a revenue of 11.1 billion CNY, representing a year-on-year growth of 12.76% [3] - The total profit reached 4.2 billion CNY, marking a significant increase of 56.68% compared to the previous year [3] - Net profit attributable to shareholders was 3.6 billion CNY, reflecting a growth of 36.03% [3] Business Segments - The liquid methionine project is in trial production, with a capacity of 180,000 tons/year, and is expected to undergo maintenance for 3-4 weeks [3] - The new materials segment generated a revenue of 1.038 billion CNY, up 43.75% year-on-year, driven by demand in new energy and high-end manufacturing [4] - The fragrance and flavor segment reported a revenue of 2.105 billion CNY, with plans for product optimization and expansion [4] Strategic Initiatives - The company is focusing on international expansion, with exports accounting for 58.04% of total sales, reaching over 100 countries [6] - Future investments will prioritize new materials, including the nylon project in Tianjin, expected to commence production in 2027 [6] - The company plans to distribute cash dividends of 6.12 CNY per share, totaling 1.5 billion CNY, subject to shareholder approval [8] Market Outlook - The company aims to enhance its competitive edge through innovation and a focus on sustainable development, aligning with the "anti-involution" policy to foster a healthy market environment [8] - The strategic focus will remain on fine chemicals, health nutrition, new materials, and raw pharmaceutical ingredients [6]

Core Insights - The nutrition and health supplement industry faces ongoing debates regarding the effectiveness of products, particularly concerning vitamins, which are essential yet chemically unstable [1][2] - Vitamin B1 is highlighted as a particularly unstable vitamin, sensitive to various environmental factors, leading to significant losses during processing and storage [2][5] - The industry struggles with inconsistent testing results for vitamin-containing products, which can undermine consumer trust and complicate regulatory compliance [5][7] Group 1: Vitamin Stability Challenges - Vitamins are categorized into fat-soluble and water-soluble types, with water-soluble vitamins being more unstable due to their sensitivity to heat, light, and oxygen [1][2] - Vitamin B1's instability is exacerbated by factors such as high temperatures, pH levels, and the presence of metal ions, leading to degradation rates of 20%-50% at temperatures above 80°C [2][3] - The complexity of vitamin B1's stability is compounded by diverse product formulations and the interference of other ingredients during testing [3][4] Group 2: Testing and Regulatory Issues - The industry faces challenges in achieving consistent testing results, as demonstrated by discrepancies in vitamin B1 levels in products due to varying testing methods and environmental conditions [5][6] - Regulatory bodies have had to adapt testing standards to account for the unique characteristics of different products, similar to past challenges faced in the specialty dairy sector [9][10] - The current testing methods, such as High-Performance Liquid Chromatography (HPLC), have limitations due to the complexity of product formulations, which can lead to misleading results [11][12] Group 3: Industry Innovations and Future Directions - The industry is exploring various solutions to enhance vitamin stability, including the use of antioxidants, microencapsulation, and inert gas packaging, although these methods can be costly and not entirely effective [6][12] - There is a pressing need for the development of universal solutions and updated testing standards to balance product efficacy and consumer trust [8][12] - Future advancements in technology, including AI and big data, are expected to play a crucial role in improving the detection and stability of vitamins, ultimately enhancing the overall health and nutrition landscape [12]

Group 1 - Chikungunya fever is an acute infectious disease caused by the chikungunya virus, primarily transmitted through mosquito bites, with symptoms including fever, joint pain, and rash [1] - There is currently no specific treatment for chikungunya fever, and management focuses on symptomatic relief and nutritional support to enhance immunity [1] Group 2 - Protein is essential for the immune system, with recommendations for daily intake of 120-200 grams of high-quality protein, including fish, milk, and eggs [2] - Plant-based proteins, such as soy products, are also beneficial, with suggestions to consume 25-35 grams of soybeans and drink 250 milliliters of soy milk daily [2] Group 3 - Vitamins play a crucial role in regulating the immune system, with vitamin C, D, and A being particularly important for enhancing immune function [3] - Daily intake of vitamin C-rich fruits, such as oranges and strawberries, is recommended, along with regular consumption of vitamin D-rich foods like deep-sea fish and eggs [3] Group 4 - Minerals like zinc and iron are vital for immune defense, with dietary sources including oysters, lean meats, and leafy greens [4] - It is suggested to consume oysters 2-3 times a week and red meat 2-3 times a week to ensure adequate zinc and iron intake [4] Group 5 - Probiotics can enhance gut immunity, which is crucial for overall health, and should be included in the diet [5] - Garlic extract is noted for its antibacterial and antiviral properties, and should be taken according to dosage instructions to avoid gastrointestinal discomfort [6] Group 6 - A balanced diet is essential, incorporating a variety of food groups to meet nutritional needs [7] - High sugar and high-fat foods should be avoided to maintain immune function and reduce infection risk [8] - Regular eating habits are encouraged to support metabolic stability and immune system health [9]

理性与科学是去伪存真的利器。要鼓励医疗卫生机构和医务人员开展健康教育，让专业人士多做科普工 作，帮助居民提升健康素养。加大权威健康指南的宣传力度，定期开展公益讲座，帮助居民养成健康生 活方式。当科学知识便捷可及，健康生活理念深入人心，那些以提供"营养指导"为幌子的营销套路，自 然就失去了生存土壤。 （文章来源：经济日报） "专业指导"不该成为销售套路。要完善营养指导资质认证体系。可借鉴推广深圳"医码通"经验——扫码 查看营养师的执业资质和投诉记录，帮助公众辨别真伪。还要压实平台审查责任，对"营养师"账号实 行"双验证"。一方面，清理"营养顾问""健康讲师"等模糊头衔，验证营养师资质；另一方面，多渠道验 证"营养指导"内容的科学性和真实性，屏蔽虚假宣传。 产品包装上写着食用量每日1片至2片的维生素C，"营养师"却建议一天吃30片到40片。近期，一则关于 保健品"营养指导"的报道，揭露出该行业的乱象。近年来，打着"营养师"旗号推荐保健品的现象屡见不 鲜，一些所谓"专业指导"，实际上是商家卖货的套路。 随着保健品市场规模持续扩大，"营养指导"专业服务与营销的边界日益模糊。一些商家通过伪造案例、 夸大产品功效等手段诱 ...

Core Viewpoint - The article highlights the recent project announcements by Heilongjiang Xinhecheng Biotech Co., Ltd., focusing on their expansion in production capacity and the upcoming SynBioCon 2025 conference, which emphasizes advancements in synthetic biology and green manufacturing [2][5]. Group 1: Project Announcements - Heilongjiang Xinhecheng Biotech Co., Ltd. has two new projects: the A9, A10, and functional fermentation products project, and the A18, A20, and isocyanic acid project [3][4]. - The A9, A10 project aims to utilize existing facilities to establish a production capacity of 6,000 tons/year for A9, 5,000 tons/year for A10, and smaller capacities for other products, totaling various outputs [3]. - The A18, A20 project plans to produce 1,000 tons/year of A18, 10,000 tons/year of isocyanic acid, and 3,000 tons/year of A20, with an estimated investment of 83.16 million yuan [4]. Group 2: Financial Performance - Xinhecheng reported impressive financial results with revenues of 21.6 billion yuan and a net profit of 5.869 billion yuan, indicating strong growth in their operations [5]. Group 3: Upcoming Conference - The SynBioCon 2025 conference will take place from August 20-22 in Ningbo, Zhejiang, focusing on AI and synthetic biology, green chemistry, new materials, future food, and agriculture [9][10]. - The conference will feature various activities, including a youth forum, high-level discussions, and a showcase of synthetic biology innovations [9][11].