11月20日，花园生物跌2.73%，成交额1.64亿元。两融数据显示，当日花园生物获融资买入额2419.56万 元，融资偿还2291.05万元，融资净买入128.51万元。截至11月20日，花园生物融资融券余额合计5.48亿 元。 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。 融资方面，花园生物当日融资买入2419.56万元。当前融资余额5.47亿元，占流通市值的7.26%，融资余 额低于近一年10%分位水平，处于低位。 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。 融券方面，花园生物11月20日融券偿还6900.00股，融券卖出2.93万股，按当日收盘价计算，卖出金额 40.64万元；融券余量5.58万股，融券余额77.39万元，超过近一年60%分位水平，处于较高位。 责任编辑：小浪快报 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 ...

Core Viewpoint - Garden Biologics' stock has shown fluctuations with a recent increase of 2.14%, reflecting a total market capitalization of 7.788 billion yuan, while the company continues to focus on developing a complete vitamin D3 industry chain [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, and a net profit attributable to shareholders of 234 million yuan, down 3.07% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 446 million yuan, with 178 million yuan distributed over the past three years [3] Shareholder Information - As of November 10, 2025, the number of shareholders for Garden Biologics reached 29,100, an increase of 2.11% from the previous period, while the average circulating shares per person decreased by 2.06% to 18,378 shares [2] - The top ten circulating shareholders include Southern CSI 1000 ETF, holding 3.4785 million shares, which decreased by 48,400 shares compared to the previous period [3] Stock Performance - Year-to-date, Garden Biologics' stock price has decreased by 1.48%, but it has seen a 1.70% increase over the last five trading days and a 6.62% increase over the last twenty days [1]

Summary of Key Points Core Viewpoint - Garden Biologics experienced a decline in stock price and significant net financing outflow, indicating potential investor concerns about the company's financial performance and market position [1][2]. Financial Performance - For the period from January to September 2025, Garden Biologics 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]. - Cumulative cash dividends since the company's A-share listing amount to 446 million yuan, with 178 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of October 10, 2025, the number of shareholders increased to 28,600, a rise of 0.47%, while the average circulating shares per person decreased by 0.47% to 18,694 shares [2]. - On October 22, 2025, Garden Biologics had a total financing balance of 599 million yuan, accounting for 8.18% of its market capitalization, which is below the 20th percentile of the past year, indicating a low financing level [1]. Stock Trading and Borrowing - On October 22, 2025, the company saw a financing buy-in of 10.83 million yuan and a repayment of 26.07 million yuan, resulting in a net financing outflow of 15.24 million yuan [1]. - The company had a borrowing balance of 1.16 million yuan with a borrowing volume of 86,600 shares, which is above the 80th percentile of the past year, indicating a high level of short selling activity [1]. Business Overview - Garden Biologics, established in December 2000 and listed in October 2014, focuses on developing, producing, and selling products related to a complete vitamin D3 industry chain. Its revenue composition includes vitamin products (47.41%), pharmaceuticals (30.22%), lanolin and derivatives (20.93%), and other categories [1].

Core Viewpoint - Garden Biologics experienced a decline in stock price by 3.71% on October 20, with a trading volume of 204 million yuan, indicating potential investor concerns and market volatility [1]. Financing Summary - On October 20, Garden Biologics had a financing buy-in amount of 40.22 million yuan, while the financing repayment was 47.11 million yuan, resulting in a net financing outflow of 6.89 million yuan [1]. - The total financing and securities lending balance for Garden Biologics reached 619 million yuan, with the financing balance accounting for 8.42% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, 100 shares were repaid while 9,900 shares were sold, amounting to a selling value of 133,600 yuan. The securities lending balance was 1.50 million yuan, which is above the 90th percentile level over the past year, indicating a high level of short selling [1]. Business Performance - As of October 10, the number of shareholders for Garden Biologics was 28,600, an increase of 0.47%, while the average circulating shares per person decreased by 0.47% to 18,694 shares [2]. - 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, and a net profit attributable to the parent company of 234 million yuan, down 3.07% year-on-year [2]. Dividend Information - Since its A-share listing, Garden Biologics has distributed a total of 446 million yuan in dividends, with 178 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder of Garden Biologics was the Southern CSI 1000 ETF, holding 3.48 million shares, a decrease of 48,400 shares compared to the previous period. The tenth largest shareholder was Hong Kong Central Clearing Limited, holding 2.23 million shares, a decrease of 403,600 shares [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment has experienced a revenue growth of 17.98%, although this growth is relatively moderate due to new capacity coming online and a slight decline in market prices [11]. - The pharmaceutical segment has faced challenges, with a revenue decline of 20.30%, primarily due to the impact of centralized procurement and bidding processes [11]. - The company's strategic focus on a "vertical and horizontal" approach is yielding positive results, positioning it well for long-term growth [11]. Financial Forecasts - Revenue projections for 2025-2027 are set at 1,362 million CNY, 1,497 million CNY, and 1,672 million CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The forecasted earnings per share for 2025, 2026, and 2027 are 0.63 CNY, 0.73 CNY, and 0.93 CNY, respectively [2][4]. - The gross margin is expected to decline slightly from 59.9% in 2023 to 55.4% in 2025, before recovering to 56.7% by 2027 [4]. Company Overview - The company is recognized as the only global producer with a complete supply chain for vitamin D3, holding a 70% market share in NF-grade cholesterol, which is a key raw material for vitamin D3 production [11]. - The company has several projects in various stages of production, including a 6,000-ton VA powder project and a 5,000-ton VB6 project, which are expected to contribute to revenue growth [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 CNY based on a 30x P/E ratio for 2025 [2][6]. Core Insights - The company has shown a strong performance in its wool grease and its derivatives, with a revenue increase of 42.12% year-on-year, attributed to increased demand from new production capacities [11]. - The vitamin product segment experienced a revenue of 3.01 billion CNY, growing by 17.98% year-on-year, although growth is expected to stabilize due to new industry capacities and price fluctuations [11]. - The pharmaceutical segment saw a decline in revenue by 20.30% year-on-year, primarily due to the impact of centralized procurement policies [11]. - The company's strategic focus on a full industrial chain for Vitamin D3 production has resulted in a significant cost advantage, with a gross margin of 62.99% in the first half of 2025, up by 8.12 percentage points year-on-year [11]. Financial Forecasts - Revenue projections for 2025-2027 are 1.362 billion CNY, 1.497 billion CNY, and 1.672 billion CNY, respectively, with year-on-year growth rates of 9.6%, 9.9%, and 11.7% [4]. - The net profit attributable to the parent company is forecasted to be 343 million CNY in 2025, with a growth rate of 11.1% [4]. - Earnings per share are expected to be 0.63 CNY in 2025, increasing to 0.73 CNY in 2026 and 0.93 CNY in 2027 [4]. Company Overview - The company operates in the pharmaceutical and biotechnology sector, specifically focusing on vitamin production and pharmaceutical products [6]. - As of August 20, 2025, the company's stock price was 15.52 CNY, with a market capitalization of 8.435 billion CNY [6].

Group 1 - The company reported a stable performance with revenue of 635 million yuan (up 5.86% year-on-year) and a net profit of 162 million yuan (up 13.67% year-on-year) for the first half of 2025, driven by effective cost control [1] - Vitamin product revenue reached 301 million yuan (up 17.98% year-on-year), while revenue from lanolin and its derivatives grew significantly to 133 million yuan (up 42.12% year-on-year) [1] - The pharmaceutical segment experienced a decline in revenue to 192 million yuan (down 20.30% year-on-year) due to the impact of centralized procurement [1] Group 2 - The company is the only global producer of the full VD3 industrial chain, holding a 70% market share in NF-grade cholesterol, which provides a cost advantage despite falling VD3 prices [2] - New production capacities for vitamin A powder, vitamin B6, and biotin are expected to contribute to future revenue growth [2] - The company has adjusted its revenue forecasts for vitamin products and pharmaceuticals while increasing projections for cholesterol and lanolin derivatives, with expected earnings per share of 0.63, 0.73, and 0.93 yuan for 2025-2027 [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown a recovery in performance and is actively expanding into new business areas [1] - The vitamin product segment is expected to recover, while the pharmaceutical segment remains under pressure [9] - The company is implementing a "vertical and horizontal" strategy to expand its business and new product offerings [9] Financial Performance Summary - The company's revenue for 2023 was 1,095 million, with a projected increase to 1,243 million in 2024, representing a year-on-year growth of 13.6% [5] - Operating profit is expected to rise from 207 million in 2023 to 355 million in 2024, reflecting a significant growth of 71.6% [5] - Net profit attributable to the parent company is forecasted to increase from 192 million in 2023 to 309 million in 2024, a growth of 60.8% [5] - Earnings per share are projected to grow from 0.35 in 2023 to 0.57 in 2024 [5] - The gross margin is expected to be 58.4% in 2024, with a net margin of 24.9% [5] Earnings Forecast and Investment Recommendations - The report adjusts revenue forecasts for vitamin products and pharmaceuticals while increasing the gross margin for vitamin products [3] - The projected earnings per share for 2025-2027 are 0.88, 1.05, and 1.36 respectively [3] - Based on comparable companies, a target price of 14.96 is set for 2025, corresponding to a 17 times price-to-earnings ratio [3]