1月12日晚，花园生物（300401）公告称，根据《新饲料和新饲料添加剂管理办法》等相关规定，经农 业农村部审查，批准花园生物及其全资子公司浙江花园营养科技有限公司联合申报的"胆固醇(源自'羊 毛脂')"为新饲料添加剂，农业农村部于2026年1月12日核发了《新饲料添加剂证书》。 根据公告，胆固醇以羊毛脂为原料，经皂化、提取、结晶、干燥等工艺制得，适用于虾。用量方面，在 配合饲料中的推荐添加量(以干物质含量为88%的配合饲料为基础)为1.0—2.0g/kg；在配合饲料中的最高 限量(以干物质含量为88%的配合饲料为基础)为10g/kg(在仔虾阶段为20g/kg)。 胆固醇(源自"羊毛脂")作为新饲料(适用于"虾")添加剂，市场容量有多大？据中国饲料工业协会数据， 2024年全国工业饲料总产量达31503.1万吨，其中，水产饲料产量约2262万吨，占全国饲料总产量的 7.18%。虾饲料具体产量不详，但虾饲料是水产饲料的重要组成部分。 用途方面，纯度95%以上的羊毛脂胆固醇(NF级胆固醇)是生产维生素D3的主要原材料，低含量的胆固醇 用于虾饲料，胆固醇还可用于医药领域生产胆甾醇酯、甾类激素，化妆品领域中乳液、面霜 ...

Core Viewpoint - Garden Bio reported a slight decline in revenue but an increase in net profit and cash flow, indicating improved operational quality and cash collection ability [1] Financial Performance - The company achieved a revenue of 300 million yuan in the first three quarters, a year-on-year decrease of 0.2% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 72 million yuan, reflecting a year-on-year growth of 9.06% [1] - Total assets reached 5.913 billion yuan, up 5.36% year-on-year [1] - The net cash flow from operating activities was 345 million yuan, an increase of 27.02% year-on-year [1] Business Strategy - The company focuses on two main areas: Vitamin D3 and pharmaceutical manufacturing, implementing a "vertical and horizontal" development strategy [1] - The "vertical" strategy consolidates its advantages in the Vitamin D3 supply chain while entering pharmaceutical manufacturing through the acquisition of Garden Pharmaceuticals [1] - The "horizontal" strategy aims to expand the product line into new varieties such as Vitamins A, E, B6, and biotin, positioning the company as a comprehensive vitamin giant [1] Research and Development - The company has established three R&D centers in Dongyang, Jinhua, and Hangzhou, focusing on natural product biosynthesis, industrial research, and cutting-edge drug trials [2] - Garden Pharmaceuticals has a dedicated R&D center aimed at developing new products and optimizing existing processes to enhance core competitiveness [2] - The company has developed a unique vertical integration advantage by self-producing NF-grade cholesterol and extending into the pharmaceutical health product sector [3] Product Development and Market Position - The company has completed the construction of a 6,000-ton VA powder project and is preparing for trial production of a 5,000-ton VB6 project and a 200-ton biotin project [3] - Garden Pharmaceuticals is strategically selecting products for development based on clinical supply shortages and market potential, focusing on chronic diseases such as hypertension and respiratory diseases [3] - The company has obtained drug registration certificates for 10 products, with several included in national and local centralized procurement, enhancing sales channels [4] Industry Outlook - The company is positioned within strategic concepts like "new quality productivity" and "synthetic biology," which are expected to bring policy support and long-term growth potential [4]

Core Viewpoint - Garden Bio is focused on the development, production, and sales of generic drugs for chronic diseases, particularly in the cardiovascular and nervous system sectors, and has not yet ventured into innovative drugs [1] Company Overview - Garden Bio was established in December 2000 and was listed on the Shenzhen Stock Exchange's ChiNext board on October 9, 2014 [1] - The company has developed a complete industrial chain for Vitamin D3 over more than two decades [1] - Garden Bio's four main product categories—refined lanolin, lanosterol, Vitamin D3, and 25-hydroxy Vitamin D3—are among the global leaders in production capacity [1] Financial Performance - In the first half of 2025, Garden Bio reported revenue of approximately 635 million yuan, representing a year-on-year increase of 5.86% [1] - The net profit attributable to the parent company was approximately 162 million yuan, reflecting a year-on-year increase of 13.67% [1] Future Disclosure - The company has scheduled the disclosure date for its Q3 2025 report on October 18, 2025, and investors are encouraged to monitor the regular report for specific performance details [1]

Core Viewpoint - The company, Huayuan Biological, is a major global producer of lanolin cholesterol and is committed to continuously optimizing its production processes and technologies to enhance its competitive advantage [2]. Company Summary - Huayuan Biological is recognized as one of the leading producers of lanolin cholesterol globally [2]. - The company is focused on improving its production techniques and technological capabilities [2].

Group 1 - The company Garden Biologics (300401.SZ) is a major producer of lanolin cholesterol and aims to continuously optimize its production processes and technology to enhance its competitive advantage [2] - The company has scheduled to disclose its semi-annual report for 2025 on August 16, 2025, which investors are encouraged to monitor for further insights [2]