菏泽"智改数转"打通竞速新赛道 车间"智"变 发展"质"变 冬日时节，寒意愈浓，而在菏泽企业生产一线却是一片火热景象。在"智改数转"的浪潮下，一批民 营企业正凭借技术创新与智能化改造，摆脱传统发展路径依赖，在新赛道上跑出加速度。 走进山东大泽成生物科技有限公司（以下简称"大泽生物"）的麦芽糖生产车间，智能化生产线高速 运转，从原料净化到产品包装码垛，全程实现自动化、数字化管控。作为成武县"百亿级"玉米深加工产 业链的"头部"链主企业，大泽生物正以智能化生产、精深化加工、链条化研发的强劲势头，引领传统农 业加工产业向高端化、集群化方向迈进。 通过打造拥有自主知识产权的数字化车间，大泽生物实现了对生产过程的精益管控。同时，将产业 链条从基础的淀粉、麦芽糖，向肌醇、L乳酸等高附加值产品延伸，显著提升了产品竞争力。目前，企 业已为当地直接提供上千个就业岗位，并与华润、青啤等20余家知名企业建立起稳固的合作关系。"企 业计划未来三年再投资24.5亿元，启动结晶葡萄糖、山梨糖醇等新项目，达效后产值将突破百亿 元。"公司生产厂长孙永忠说。 在山东新森服饰有限公司（以下简称"新森服饰"）的智能车间，景象同样令人耳目一新：AG ...

菏泽"智改数转"打通竞速新赛道 车间"智"变 发展"质"变 冬日时节，寒意愈浓，而在菏泽企业生产一线却是一片火热景象。在"智改数转"的浪潮下，一批民 营企业正凭借技术创新与智能化改造，摆脱传统发展路径依赖，在新赛道上跑出加速度。 走进山东大泽成生物科技有限公司（以下简称"大泽生物"）的麦芽糖生产车间，智能化生产线高速 运转，从原料净化到产品包装码垛，全程实现自动化、数字化管控。作为成武县"百亿级"玉米深加工产 业链的"头部"链主企业，大泽生物正以智能化生产、精深化加工、链条化研发的强劲势头，引领传统农 业加工产业向高端化、集群化方向迈进。 "这款氟碳涂料产品，具备极佳的耐候性、耐化学腐蚀性等性能，属于高端工业与建筑防护领域的 关键材料。"在单县平耐新材料科技（山东）有限公司（以下简称"平耐新材料"），董事长吴玉涛指着 新产品介绍。 作为一家民营科技型企业，平耐新材料锚定高性能涂层材料这一细分赛道，致力于打造从基础原材 料到先进化工材料，再到终端涂层产品的立体化完整产业链。其突破的高性能氟涂料技术，成功实现了 在该领域高端产品的进口替代与关键技术补短板。 在转型升级进程中，企业不仅注重技术创新，更以数字化赋能管 ...

Core Viewpoint - The article discusses the shift in investment focus for the company from producing allulose and myo-inositol to developing high-end functional oils and nutritional health products due to declining investment value and increased competition in the allulose market [4][6][10]. Industry Trends - The biomanufacturing industry is experiencing a transformation, with a focus on enhancing key technological barriers and exploring differentiated products to overcome raw material cost challenges [2]. - The demand for high-end functional oils, particularly Omega-3 and ARA, is increasing in the Chinese market, driven by new standards for infant formula and a shift towards modern biomanufacturing techniques [8]. Company Actions - The company has announced a change in its fundraising projects, reallocating funds from the allulose and myo-inositol projects to new initiatives in oil and nutritional health products [4][6]. - The new projects include a 10,000-ton oil project and a smart factory for nutritional health products, with total planned investments of 25,708.54 million and 36,173.86 million respectively [5][9]. Financial Overview - The total planned investment for the new projects is 147,883.52 million, with 128,125.87 million expected to come from fundraising [5]. - The allulose and myo-inositol project had an original planned investment of 53,655.12 million, but was deemed less viable due to market conditions [6]. Project Details - The oil project aims to meet the growing demand for high-end functional oils and enhance China's market share in the international arena [7][8]. - The smart factory project will focus on creating a transparent and automated production system to improve product quality and traceability, enhancing competitiveness in the domestic market [9][10].

Core Viewpoint - The company plans to change its fundraising project from the "30,000 tons of allulose and 5,000 tons of inositol construction project" to the "10,000 tons of oil project" and the "nutritional health products smart factory project" due to significant changes in supply and demand dynamics in the industry for allulose and inositol products [2][5]. Group 1: Fundraising and Project Changes - The company announced the change in fundraising projects just over four months after completing fundraising of 1.292 billion yuan, with a net amount of 1.281 billion yuan after expenses [4][3]. - Originally, 537 million yuan was planned for the sugar-alcohol project, with 453 million yuan sourced from the fundraising [4][5]. - The company has already invested 40.58 million yuan in the sugar-alcohol project for construction and equipment [4]. Group 2: Industry Dynamics - The company noted that the industry has seen a significant increase in capacity, with allulose production expected to exceed 900,000 tons by the end of 2025, compared to just 10,000 tons in 2022 [5]. - The price of inositol has been declining since Q4 2023, dropping below 40 yuan per kilogram in 2025, indicating a trend of low prices for related products in the future [5][6]. Group 3: New Project Plans - The company plans to invest 257 million yuan in the oil project, using 173 million yuan from the fundraising, which includes funds already allocated to the previous sugar-alcohol project [7]. - The oil project is expected to generate annual revenue of 407 million yuan and a net profit of 56.14 million yuan, with a post-tax internal rate of return of 20.05% [8]. - For the health products factory project, the company plans to invest 362 million yuan, with 280 million yuan coming from the previous sugar-alcohol project funds [9]. - The health products factory is projected to achieve annual revenue of 649 million yuan and a net profit of 96.74 million yuan, with a post-tax internal rate of return of 20.19% [9].

Core Viewpoint - The company has approved a change in its fundraising investment projects, shifting focus from producing alulose and inositol to new projects related to oil and health products [1] Group 1: Fundraising and Investment Projects - The company will issue convertible bonds to raise funds for new projects, specifically the "10,000-ton oil project" and the "smart factory for nutritional health products" [1] - The implementation of these projects will be carried out by the company's wholly-owned subsidiary, Inner Mongolia Jindawei Pharmaceutical Co., Ltd. [1] - The projects will be located within the factory premises of Jindawei Pharmaceutical [1] Group 2: Board Decisions and Authorizations - The ninth board meeting has authorized the chairman or designated individuals to handle specific matters related to the fundraising, including opening a special account and signing regulatory agreements [1]

Group 1 - The core viewpoint of the article highlights the impressive transformation of Kelun Pharmaceutical, showcasing its full-chain innovation capabilities in the ADC drug sector and synthetic biology, establishing a model for innovation-driven development in Chinese pharmaceutical companies [1][4][5]. Group 2 - In the ADC drug field, Kelun has become a representative enterprise in China, with its product, Lukanasatuzumab (Jiatailai®), being the first domestically developed ADC drug to receive full approval and global intellectual property rights [4]. - The company has initiated 15 global Phase III studies for Lukanasatuzumab in collaboration with Merck, targeting prevalent cancers such as lung and breast cancer, demonstrating its global innovation potential [4]. - Kelun has multiple ADC drug pipelines, with SKB518, SKB500, and SKB571 in Phase II clinical trials, and the NDA for another ADC drug, Botuzumab (HER2 ADC Shuitailai®), approved in October, showing significant efficacy advantages over traditional drugs [4]. Group 3 - In synthetic biology, Kelun has established a commercial system around "synthetic biology" through a strong fermentation technology platform and increasing R&D investment, successfully applying cutting-edge technology to high-value product development [5]. - The company is leveraging AI technology to enhance synthetic biology research and optimize production processes, leading to cost reduction and efficiency improvements [5]. - Kelun has successfully brought several products, including Red Methyl Alcohol, 5-Hydroxytryptophan, and others, into production and sales, becoming one of the first domestic companies to deliver products in the synthetic biology sector [5].

川宁生物（301301.SZ）12月11日在投资者互动平台表示，公司采用合成生物学技术生产肌醇，相较于 传统提取工艺，在菌种设计、发酵工艺等方面具备创新优势。目前该技术已实现产业化应用，具体成本 数据涉及商业机密，望您理解。肌醇作为公司合成生物学重点产品，已进入生产阶段。目前巩留合成生 物学基地处于产能爬坡期，具体产能数据及明年销量规划将根据市场订单情况动态调整。公司肌醇已获 得饲料添加剂许可证书，广泛应用于水产、禽畜饲料领域。基于商业保密原则及信息披露合规要求，具 体客户信息暂不便透露，敬请谅解。公司将持续推进合成生物学产业化进程，相关进展请关注公司法定 披露渠道。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：近期关注到中国维生素产业发展高层论坛，川宁生物 继续推出肌醇（维生素B8）。采用生物技术合成替代传统提取方式成本是否有大幅降低。肌醇作为饲 料添加剂，获得了国内外饲料许可。现目前肌醇的价格如何？公司产能如何？预计明年销量如何？肌醇 在水产，禽畜饲料中的应用相当广泛，与公司合作的企业有哪些？ ...

Core Viewpoint - Huaheng Biological has submitted a listing application to the Hong Kong Stock Exchange for an "A+H" dual listing, with Huatai International as the sole sponsor. The company specializes in the research, production, and sales of bio-based products, holding the largest global market share for L-alanine and L-valine as of 2024. However, it faces significant challenges including declining product prices, sharply reduced profit margins, and intensified industry competition [1][2]. Financial Performance - From 2022 to 2024, Huaheng Biological's revenue is projected to grow from 1.419 billion to 2.178 billion yuan, indicating a strong growth trend. However, net profit is expected to drop from 319 million yuan in 2022 to 185 million yuan in 2024, reflecting a year-on-year decline of 58.67%. In the first three quarters of 2025, revenue reached 2.194 billion yuan, a year-on-year increase of 42.53%, but net profit still fell by 5.1% to 159 million yuan [2][3]. - The company's gross margin has significantly decreased from 40.4% in 2023 to 24.8% in 2024, and further down to 23.5% in the first three quarters of 2025, nearly halving from its peak [2][3]. Product Pricing and Market Dynamics - The decline in profitability is attributed to a comprehensive drop in market prices across nearly all product lines. For instance, the average price of amino acid products has fallen from 18,900 yuan per ton in 2022 to 15,000 yuan per ton in the first half of 2025, a decrease of over 20%. Specifically, the price of L-alanine dropped from 35,000 yuan per ton at the beginning of 2025 to 20,000 yuan per ton by mid-year, a decline of approximately 42.86% [3][4]. Supply and Demand Changes - The market's supply-demand dynamics have shifted significantly, with many sub-markets transitioning from high growth to stagnation. For example, the compound annual growth rate for valine is expected to drop from 60.2% (2020-2024) to 8.6% (2024-2030) and further to 3.4% (2030-2035). The inositol market is projected to experience nearly stagnant growth during the same period [4][5]. - The oversupply situation is exacerbated by rapid capacity expansion driven by high previous profits, alongside a slowdown in downstream demand due to macroeconomic factors. This has led to increased price competition [4][5]. Industry Competition and Strategic Shifts - Other companies in the industry are also expanding capacity, with significant new production planned for L-valine by competitors such as Yipin Biological and Jinhai Biological, which will further intensify competition [5][6]. - In response to the fierce competition in its core business, Huaheng Biological is attempting to pivot towards high-value beauty and personal care ingredients. However, this transition faces challenges due to the importance of patent barriers, brand effects, and channel control, areas where the company currently lacks strength [6][7].

Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The company reported a revenue of 2.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 43%. However, the net profit attributable to the parent company was 170 million yuan, a decrease of 1.3% year-on-year [1] - Despite weak price performance of main products, the increase in sales volume has contributed to revenue growth. The average price of valine was 14 yuan/kg, down 4.5% year-on-year, while tryptophan and arginine saw price declines of 29% and 25% respectively [2] - The company is optimizing product resource allocation and enhancing sustainable profitability through increased R&D investment in new products, including biobased materials [2][3] - The establishment of an AI digital laboratory aims to integrate AI technology into synthetic biology and company management, enhancing operational efficiency [3] - The company plans to issue overseas shares and list on the Hong Kong Stock Exchange to support its globalization strategy and improve capital structure [3] Financial Summary - For 2025, the company expects net profits of 230 million yuan, 310 million yuan, and 360 million yuan for the years 2025, 2026, and 2027 respectively, with adjustments made due to declining prices of some main products [3] - The projected revenue for 2025 is 3.16 billion yuan, with a growth rate of 44.98% [4] - The company’s EBITDA for 2025 is estimated at 495.79 million yuan, with a P/E ratio of 42.63 [4][10] Product and Market Strategy - The company is advancing projects in biobased materials and has initiated technical upgrades to existing production facilities to allow flexible production of various products [2] - The R&D expenditure for the first three quarters of 2025 was 110 million yuan, reflecting a year-on-year increase of 17.58% [3]

Core Viewpoint - The company is focusing on the commercialization of synthetic biology products, which are currently in a ramp-up phase of production, with improved order conditions compared to the previous year [1] Group 1: Synthetic Biology Products - The synthetic biology products currently in mass production include resveratrol, 5-hydroxytryptophan, ergothioneine, squalene, and inositol [1] - As of the third quarter of 2025, the revenue from synthetic biology products is projected to be 44.8 million yuan [1] - The company adheres to a dual-driven strategy of "biological fermentation + synthetic biology" to continuously optimize production processes [1] Group 2: Production Capacity and Orders - The synthetic biology base is still in the capacity ramp-up phase [1] - There has been an improvement in order conditions compared to the same period last year [1] - The company is actively promoting the commercialization process of synthetic biology products [1]