Group 1: Company Overview - The company primarily engages in the research, production, and sales of nutritional health foods (including raw materials and finished products) and feed additives [2][3] - The production of health food raw materials and feed additives mainly occurs domestically, with a high export ratio; finished health food products are primarily produced and sold overseas, showing significant growth through cross-border e-commerce [3] Group 2: Product Development and Market Position - The company utilizes synthetic biology as a foundational technology for large-scale production of various raw materials, including Coenzyme Q10, NMN, NADH, Vitamin K2, and others [3] - Coenzyme Q10 holds the largest global market share, demonstrating notable cost and scale advantages [3] - The company aims to reduce production costs for products like astaxanthin, DHA, and EPA to enhance market competitiveness [3] Group 3: Brand and Sales Strategy - The company owns two major health food brands, Doctor's Best and Zipfizz, with production capabilities for capsules, tablets, and powders [3][4] - Doctor's Best is a well-known health brand in North America, showing steady growth, while Zipfizz maintains stable performance with new products developed for the U.S. market [4] - The marketing strategy for domestic health food business focuses on market insights, product strategy, resource integration, and data-driven upgrades to create market-leading products [4] Group 4: Financial Performance - The company's performance growth in the first half of 2025 is primarily attributed to increased sales of Coenzyme Q10, vitamins, and domestic health products [3]

Core Viewpoint - Selay is redefining the dietary supplement industry with a focus on personalized health solutions, combining natural ingredients with scientific innovation to cater to diverse consumer needs [1][5][7] Group 1: Product Philosophy - Selay emphasizes the importance of pure, natural ingredients sourced from plants and animals, ensuring high quality through rigorous selection processes [3] - The brand utilizes organic materials from local German farms and high-purity fish oil from Norway, achieving an Omega-3 content of 95% with minimal heavy metal residues [3] Group 2: Targeted Product Lines - Selay offers personalized product lines for various demographics, including blood sugar balance capsules for the elderly, hormone-regulating drinks for women, vitality supplements for men, and growth drinks for children [5] - Each product is designed to address specific health needs, such as cardiovascular health, metabolic balance, and developmental support for children [5] Group 3: Consumer Impact - The "Selay Arginine Capsule" exemplifies the brand's approach, combining ingredients like maca, arginine, oyster peptides, and zinc to significantly enhance physical strength and energy levels [7] - Selay aims to provide health solutions that resonate with different lifestyles, from busy professionals to health-conscious homemakers, ensuring that everyone can find their ideal health answer [7] Group 4: Future Outlook - The company is committed to ongoing research and innovation, with plans to expand its product line and offer more precise and effective nutritional solutions [7] - Selay envisions a future where health is easily accessible, promoting a lifestyle that harmonizes scientific advancements with natural wellness [7]

Core Viewpoint - Anhui Huaheng Biological Technology Co., Ltd. reported a significant increase in overseas revenue for 2024, driven primarily by growth in amino acid product sales and the introduction of new products [2][19]. Group 1: Overseas Revenue Performance - The company achieved overseas revenue of 1.032 billion yuan in 2024, accounting for 47.39% of total revenue, representing a year-on-year growth of 30.34% [2][19]. - The breakdown of overseas revenue shows that the main business revenue increased by 30.34% to 1.032 billion yuan, while other business revenue rose by 88.86% to 40.65 million yuan [2][5]. - The primary regions for overseas sales include Europe, America, and Asia, with varying gross profit margins due to differences in product structure [5][19]. Group 2: Audit Procedures and Findings - The annual audit firm conducted thorough procedures to verify the authenticity and accuracy of overseas revenue, including internal control evaluations and document checks [7][8]. - The audit confirmed that 74.73% of overseas revenue was verified through customer confirmations, indicating a high level of reliability in reported figures [9][21]. - The audit also matched overseas sales data with third-party data, such as export tax refund claims and foreign exchange management bureau data, revealing minimal discrepancies [11][12]. Group 3: Gross Margin Analysis - The company's overall gross margin for 2024 was reported at 24.92%, a decline of 15.60 percentage points from the previous year, primarily due to decreased margins in amino acid and vitamin products [21][22]. - The average selling prices for amino acids and vitamins fell significantly, with L-valine prices dropping by 17.89% and vitamin prices by 54.09% [23][24]. - The decline in gross margins is attributed to increased competition and market dynamics, with the company implementing measures to address these challenges [27][35]. Group 4: Future Outlook and Industry Trends - The demand for amino acids is expected to grow due to trends in precision nutrition and reduced reliance on traditional feed ingredients, which may positively impact future margins [27][29]. - The global market for biosynthetic vitamins is projected to grow significantly, indicating potential opportunities for the company as it expands its product offerings [29][30]. - The company is positioned to benefit from technological advancements in production processes, which may enhance cost efficiency and product competitiveness in the long term [31][32].

Core Viewpoint - The company reported a significant increase in overseas revenue for 2024, driven primarily by the growth in amino acid product sales and the introduction of new products, despite a decline in overall gross margin due to competitive pricing pressures in the market [2][18]. Group 1: Overseas Revenue Performance - The company achieved overseas revenue of 1.032 billion yuan in 2024, accounting for 47.39% of total revenue, representing a year-on-year growth of 30.34% [2][3]. - The main contributors to the overseas revenue growth were the amino acid series products, particularly L-valine, and the vitamin series products, which saw increased sales volumes [5][18]. - The company’s overseas sales were primarily concentrated in Europe (41.58%), the Americas (28.51%), and Asia & others (29.91%) [3][4]. Group 2: Gross Margin Analysis - The overall gross margin for the company in 2024 was reported at 24.92%, a decrease of 15.60 percentage points compared to the previous year [18]. - The gross margin for amino acid products was 30.00%, down 13.32 percentage points, while the vitamin products experienced a more significant decline [18][19]. - The decline in gross margin was attributed to lower average selling prices for key products such as L-valine and myo-inositol, which saw price drops of 17.89% and 54.09% respectively [19][20]. Group 3: Future Outlook and Industry Trends - The demand for amino acids is expected to continue growing due to trends in precision nutrition and the reduction of traditional feed ingredients like soybean meal [23][24]. - The global market for biosynthetic vitamins is projected to grow significantly, with a compound annual growth rate of 9.32% from 2024 to 2030, driven by advancements in synthetic biology [24]. - The company is positioned to benefit from its technological advantages in fermentation processes, which are more environmentally friendly and cost-effective compared to traditional methods [27][28].

本报告导读： 2024 年缬氨酸价格下降造成公司利润下滑。公司打造开放式研发体系，持续推进合成生物平台的升级 建设。 投资要点： 维持"增持" 评级。由于缬氨酸价格波动，调整公司 2025-2026 年EPS 并新增2027 年EPS 分别为 1.12/1.58/2.09 元（原为3.40/4.59/-元）。参考可比公司估值，给予公司25 年30 倍PE，目标价格为33.60 元。 2024 年归母净利润同比减少57.80%。2024 年公司营业收入21.78亿元，同比增长12.37%；归母净利润 1.90 亿元，同比减少57.80%；扣非净利润1.77 亿元，同比减少59.54%。2025 年第一季度营业收入6.87 亿元，同比增长37.20%；归母净利润0.51 亿元，同比减少40.98%；扣非净利润0.51 亿元，同比减少 40.98%。 持续丰富产品矩阵，综合竞争能力日益增强。2024 年，公司基于生物制造全产业链能力，在新产品布 局方面持续加大投入。从实验室分子研发/菌种改造，到中试阶段的参数优化/菌种优化，再到工厂的规 模化低成本生产，公司1,3-丙二醇、丁二酸、色氨酸、精氨酸等一系列新产品取得关 ...

编号：20250522 证券代码：002626 证券简称：金达威 20250522 投资者关系活动记录表 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 人员姓名 | | | | 浙商证券（杨骥） 银华基金（李爽） | | | 博时基金（钟天皓） | | | 方正富邦基金（庄英杰） | | | 永赢基金（潘俊汝） | | | 华泰证券资管（朱骏） | | | 天风证券（吴艾锜） | | | 深圳量度资本投资管理有限公司（罗涛） | | 时间 | 2025 年 5 月 22 日 | | 地点 | 公司会议室 | | 上市公司接待人 员姓名 | 董事会办公室 洪彦 林洁（证代） 张燕婷 | | | 调研主要围绕行业发展及公司各板块业务经营情况进行 交流，主要内容如下： | | 投资者关系活动 | 1. 公司目前的经营情况如何？ | | 主要内容介绍 | 公司已顺利完成辅酶 Q10 原料生产线 1.5 倍扩 ...