利用生物制造技术建设绿色低碳的超级细胞工厂，核心产品为PLA。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 据IPO早知道消息，近日，上海经海纬象生物材料有限公司（下称"经海纬象"）宣布完成近亿元 B 轮融资，本轮融资由嘉植基金独家投资，凯乘资本担任公司顾问并负责后续融资。作为继中国国有企 业混合所有制改革基金注资后的又一重要资本动作，此轮融资将为公司核心技术攻关、产能建设与市 场拓展注入强劲动能，助力公司在生物基材料赛道实现跨越式发展。与此同时，公司正筹备B+轮融 资。 作为国家级高新技术企业和上海市专精特新企业，经海纬象自2020年成立以来，始终聚焦"AI +合 成生物+生物基材料"的闭环创新，利用生物制造技术建设绿色低碳的超级细胞工厂，构建了"非粮生 物质-乳酸-丙交酯-PLA-制品-rPLA回收"的全产业链布局，打造了覆盖"材料合成+产业化应用"的 生物基材料一体化生产体系，为行业绿色转型与高质量发展树立标杆。 经海纬象掌握多项国际领先的生物基材料全产业链生产技术，核心突破"非粮生物质利用"、"新一代 工业菌种"、"无石膏法乳酸技术"、"rPLA回收"等关键技术，技术水平 ...

海正生材（688203.SH）12月15日在投资者互动平台表示，一期7.5万吨聚乳酸生产线正在调试中。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司15万吨PLA产能一期之前说2025年底竣工，目前进 展如何？ ...

关键 词 | SynBio团队 |王丹 教授|二氧化碳转化 【SynBioCon】 获 悉，近日， 重庆大学 王丹教授团队 构建了一种新型多酶级联 - 电化学耦合系统，以乙醇和 CO₂ 为底物高效合成 L - 乳酸。该 工作 发表在《 Green Chemistry 》期刊上。 该系统通过构建多酶级联体系、丙酮酸脱羧酶（ PDC ）定向进化、建立基于电化学的 NADH 再生体系及离子液体（ ILs ）增溶 CO₂ 等关键技术， 解决了多酶级联体系合成中 NADH 依赖、底物转化率低等瓶颈。 在最优条件下， L- 乳酸产量达 4.14 mM ，放大生产后进一步提升至 22.5 mM （ 2.03 g/L ），原子利用率达 100% ，该研究为 CO₂ 资源化利用及绿色化学品合成提供了新策略。 1 ．构建无外源 NADH 依赖的多酶级联体系，通过 ADH 、 PDC 、 LDH 三种酶完成乙醇 →乙醛， CO₂ →丙酮酸→ L- 乳酸的转化。 2 ．锁定 PDC 为限速酶，经随机突变获得高活性突变体 P tdqy ( A25T/H414D/E473Q/I476Y ) ，其 K cat / K m 值较野生型提升 ...

Core Points - The company JinDan Technology (300829.SZ) is currently constructing a polylactic acid (PLA) project with an annual production capacity of 75,000 tons, expected to be completed by June 2026 [1][3]. Company Developments - The PLA project is significant as PLA is widely used in 3D printing applications, indicating potential market demand for the company's products [5]. - The company encourages stakeholders to monitor future announcements and regular reports for updates on major project progress [1][3].

Core Insights - The global shift towards sustainable packaging is accelerating due to consumer demand, regulatory pressures, and business recognition of the strategic benefits of eco-friendly solutions [1] Group 1: Cost and Economic Constraints - A significant barrier for packaging purchasers is the higher cost of sustainable materials, which can be two to five times more expensive than traditional plastics [3] - The variability in consumer willingness to pay for sustainable packaging complicates the ability to pass these costs onto consumers, creating challenges in balancing sustainability goals with profit margins [4] - The demand for recycled materials is expected to exceed supply in the coming years, intensifying economic pressures on purchasers [4] Group 2: Performance and Functional Limitations - Sustainable packaging materials often do not meet the performance standards of conventional options, leading to potential issues such as increased product spoilage and reduced shelf appeal [5] - Addressing performance limitations may require investments in specialized machinery or the use of multiple materials, which can complicate manufacturing processes and affect recyclability [6] - Companies must carefully assess the trade-offs between environmental benefits and practical performance to maintain product integrity [6] Group 3: Regulatory Uncertainty and Compliance Challenges - The regulatory landscape for sustainable packaging is becoming increasingly complex, with varying rules across different regions, creating uncertainty for companies operating on a global scale [7]

Core Viewpoint - The company reported a revenue decline of 12.13% year-on-year for the first half of 2025, while net profit increased by 14.15%, attributed to lower raw material costs and contributions from new products [2][3]. Financial Performance - Revenue for the first half of 2025 was 2.911 billion yuan, down from 3.313 billion yuan in the same period last year, marking a decrease of 12.13% [3]. - Net profit attributable to shareholders was 160.67 million yuan, up from 140.76 million yuan, reflecting a growth of 14.15% [3]. - Net profit excluding non-recurring items was 159.78 million yuan, a significant increase of 43.21% compared to 111.57 million yuan in the previous year [3]. - Operating cash flow increased by 4.49%, reaching 259.93 million yuan compared to 248.76 million yuan in the same period last year [3]. Segment Performance - Advanced Polymer Materials segment generated revenue of 1.651 billion yuan, down 6.04% year-on-year, with a gross margin decrease of 3.22% [3]. - Specialty Fine Materials segment saw revenue rise to 679.76 million yuan, up 25.32% year-on-year, with a gross margin increase of 10.07% [3]. - By-products and others generated 580.83 million yuan, down 42.72% year-on-year, with a gross margin increase of 2.88% [3]. Product Contributions - Ethylene-vinyl acetate (EVA) revenue was 764.94 million yuan, down 3.92% year-on-year, while the gross margin decreased by 5.27% [3]. - Polypropylene specialty materials generated 800.71 million yuan, down 4.47% year-on-year, with a stable gross margin [3]. - Epoxy derivatives revenue increased by 26.75% to 535.21 million yuan, with a gross margin improvement of 10.60% [3]. Business Development - The company aims to build a leading "specialized, refined, unique, and innovative" industrial cluster in various new materials fields, including new energy materials, biological materials, and electronic materials [4]. - Significant projects include a 200,000-ton EVA production line expected to be operational by the end of 2025, and a 10,000-ton lithium battery additive facility planned for completion in Q3 2025 [4][5]. - The company is also developing solid-state battery materials in partnership with Beijing Weilan New Energy, with some products already validated by downstream customers [4][5]. Strategic Moves - The company announced plans to merge its wholly-owned subsidiary, Lianhong (Shandong) Chemical Co., to enhance management efficiency and reduce costs [7]. - Lianhong Chemical, established in 2004, has significant assets and revenue contributions, including a 90,000-ton/year acetic acid production capacity [7].

Core Viewpoint - The article discusses the challenges faced by COFCO Technology (中粮科技) in the corn deep processing industry, highlighting issues such as industry overcapacity, slow transformation, and declining profitability due to market competition and low margins [1][6][14]. Financial Performance - COFCO Technology's revenue has fluctuated, with a peak of 234.69 billion in 2021, followed by a decline to 203.79 billion in 2023, and a projected revenue of 200.53 billion in 2024 [6][12]. - The company reported a net profit of 10.54 billion in 2021, but faced a loss of over 6 billion in 2023, indicating a significant downturn in financial performance [6][12]. - The gross margin dropped to 5.51% in 2023, reflecting the industry's low profitability and competitive pressures [14][23]. Industry Overview - The corn deep processing industry in China has an overcapacity of 1.2 billion tons, with an actual processing volume of approximately 76 million tons, resulting in an average operating rate of only 63% [7][14]. - COFCO Technology holds a 3.6% market share in the corn starch sector, producing 1.36 million tons, ranking ninth among competitors [7][9]. Business Segments - COFCO Technology operates three main business segments: 1. Alcohol and its by-products, contributing 49% of revenue in 2024 [11]. 2. Starch, starch sugars, and related products, also accounting for nearly half of the revenue [11]. 3. Biodegradable materials, which have not yet generated revenue [11][22]. Market Challenges - The alcohol industry faces severe overcapacity, with a domestic fuel ethanol production capacity of 587.5 million tons against a demand of only 376 million tons, leading to low operating rates [18][19]. - The company is exploring non-grain biomass fuel transitions, but faces challenges in scaling up production due to higher costs associated with cellulose ethanol [20][21]. Growth Opportunities - Potential growth areas include high-end alcohol products, functional sugars, and biodegradable materials, particularly PLA and PHA, which are derived from corn starch [24][25][30]. - The approval of alulose as a new food ingredient may provide a new revenue stream, as it is positioned as a healthier sugar alternative [3][24]. Transformation Efforts - COFCO Technology is attempting to shift its product structure to address market challenges, but the transformation process has been slow and fraught with difficulties [20][32]. - The company has made progress in developing cellulose ethanol and biodegradable materials, but large-scale production remains a challenge due to high costs and competition [21][30].

Market Overview - The global polylactic acid (PLA) market is projected to grow significantly from 2020 to 2031, with various product types showing distinct growth trends [4][5] - The PLA industry is categorized into several product types including injection grade, extrusion and thermoforming grade, film grade, fiber grade, 3D printing grade, and coating grade [4][5] Application Segmentation - The main applications of PLA include tableware, food and beverage packaging, electronics, medical and personal care, 3D printing materials, and others, with each segment expected to experience growth from 2020 to 2031 [4][5][6] Industry Development Status - The overall development of the PLA industry is characterized by increasing demand driven by environmental concerns and the shift towards biodegradable materials [4][5] - Key factors influencing the PLA industry include favorable conditions such as technological advancements and regulatory support, as well as challenges like competition from conventional plastics [4][5][6] Supply and Demand Analysis - Global PLA supply and demand dynamics are expected to evolve from 2020 to 2031, with production capacity, output, and utilization rates being critical metrics [5][6] - The report highlights the production capacity and output trends in major regions, including North America, Europe, and Asia-Pacific [5][6] Revenue and Sales Trends - The global PLA market revenue is anticipated to increase significantly, with detailed projections provided for various regions and product types from 2020 to 2031 [5][6] - The report includes sales volume and revenue data for both global and Chinese markets, indicating the market share of PLA in the overall bioplastics sector [5][6] Competitive Landscape - The competitive landscape of the PLA market is analyzed, focusing on major manufacturers and their market shares, production capacities, and revenue rankings [6][7] - Key players in the PLA industry include NatureWorks, TotalEnergies Corbion, and others, with detailed profiles provided for each [6][7] Regional Analysis - The report provides a comprehensive analysis of PLA market dynamics across different regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa [6][7] - Each region's sales volume, revenue, and market share are projected for the years 2020 to 2031, highlighting growth opportunities [6][7] Product Type Analysis - Different product types of PLA are analyzed in terms of sales volume and revenue, with forecasts extending to 2031 [6][7] - The report emphasizes the importance of understanding market trends for specific PLA product types to identify investment opportunities [6][7] Application Analysis - The report details the sales volume and revenue of PLA across various applications, projecting growth trends from 2020 to 2031 [6][7] - Understanding application-specific trends is crucial for stakeholders looking to capitalize on the growing demand for PLA [6][7]

Group 1 - The core viewpoint of the article emphasizes the rapid development of China's non-grain bio-based materials industry driven by low-carbon transformation and dual carbon strategies, supported by policies and technological advancements [1][18][23] - In 2023, six departments jointly released the "Three-Year Action Plan for Accelerating the Innovative Development of Non-Grain Bio-Based Materials," outlining key goals for 2025 [1][32] - The industry is transitioning from laboratory-scale to large-scale production, with significant projects like the establishment of a 10,000-ton non-grain bio-based rubber production line and a 100,000-ton PLA production line [1][27][23] Group 2 - The non-grain bio-based materials industry is characterized by its use of non-food biomass, which avoids competition with food production and offers sustainable, biodegradable alternatives to traditional petroleum-based materials [7][9][18] - The industry is expected to replace over 30% of grain-based products by 2030, driven by continuous policy support and technological advancements [9][10][18] - The industry is currently in a phase of industrialization breakthroughs, with significant advancements in synthetic biology and CO₂ biomanufacturing technologies [1][27][49] Group 3 - The development of non-grain bio-based materials is crucial for achieving resource security, reducing carbon emissions, and promoting sustainable development [18][19] - The industry has a rich resource endowment, with agricultural waste and forestry residues providing a sustainable raw material supply [40][45] - Technological breakthroughs in synthetic biology and process engineering are accelerating the industrialization of non-grain bio-based materials, enhancing their competitiveness against petroleum-based products [49][50][57]

Core Viewpoint - The article discusses the rapid development and potential of the biomanufacturing industry, highlighting its role in the Fourth Industrial Revolution and the significant growth opportunities it presents in various sectors, particularly in China [3][4]. Industry Overview - Biomanufacturing is defined as an advanced production method centered on industrial biotechnology, utilizing biological resources and processes to produce target products at scale [5]. - The global biomanufacturing industry is projected to reach approximately $12,190 billion in 2024, with a year-on-year growth of 7.4%, and is expected to exceed $20 trillion by 2030, with a compound annual growth rate (CAGR) of 8.4% [9]. Market Dynamics - In China, the biomanufacturing industry is anticipated to reach a scale of 1.01 trillion yuan in 2024, growing by 15.4%, and is expected to surpass 2.5 trillion yuan by 2030, with a CAGR of 16.8% [9][10]. - The top three segments in China's biomanufacturing industry in 2024 will be biopharmaceuticals, biological food, and bio-chemical products, with biopharmaceuticals remaining the largest segment [10]. Technological Advancements - The industry is experiencing a shift from traditional resource reliance to technology-driven approaches, with significant improvements in biomass resource utilization and equipment efficiency [8]. - Innovations in biopharmaceuticals, such as the development of bispecific antibodies and ADC drugs, have seen an annual growth of 65% in product pipelines [8][12]. Application and Impact - In the medical field, biomanufacturing technologies like 3D printing are enabling personalized implants, achieving gross margins of 75% [9]. - In agriculture, microbial fertilizers have improved corn yields by 12% while reducing chemical fertilizer usage by 30% [9]. Future Trends - The article outlines several key trends, including the restructuring of industrial ecosystems, regional layout changes, deepening technological revolutions, product innovation iterations, and capital factor restructuring [17][18][19]. - The integration of AI and biotechnology is expected to enhance production efficiency and product quality, with significant implications for the industry [18]. Strategic Recommendations - Companies are encouraged to build a three-dimensional competitive system focusing on technology research and development, scene innovation, and ecosystem construction [20]. - Local governments should create a supportive industrial service matrix to foster the growth of the biomanufacturing sector [20].