赞宇科技 20250729 摘要 赞宇科技印尼独库达基地受益于印尼棕榈油关税政策，通过当地采购和 加工棕榈油，降低原料成本，提高盈利能力。棕榈油价格上涨时，公司 免除部分关税的优势更加明显，业绩与棕榈油价格呈同向趋势。 全球棕榈油供给方面，印尼种植面积增长放缓，单产因树龄老化而下滑， 导致整体产量自 2018 年以来基本稳定。预计未来三年棕榈油供给将保 持稳定，主要生产国如马来西亚也无明显扩张迹象。 棕榈油需求主要来自食品消费和工业用途，其中生物柴油需求持续增长， 尤其是在印尼等国推动下。棕榈油价格具有季节性变化，减产期价格偏 高，增产季相对较低，但整体价格底部逐步提升。 赞宇科技独库达项目正在进行技改扩能，产能将从 60 万吨逐步增加至 110 万吨，预计三季度开始逐步释放增量，显著提升公司盈利能力。单 吨盈利与棕榈油价格密切相关，关税优势亦贡献盈利。 公司表面活性剂业务面向日化用品领域，产能达到 120 万吨，并新增代 加工业务。新基地投产初期开工率较低导致毛利率下滑，公司将专注于 提升开工率以改善毛利率表现。 Q&A 赞宇科技在表面活性剂和油脂化工领域的产能情况如何？ 赞宇科技目前在表面活性剂领域的产能 ...

高纯度 Omega-3丨 白皮书 核心摘要： 在健康中国战略全面推进的背景下，国民健康管理意识显著提升，健康需求从 "被动治疗"向"主动预防"加 速转型。随着慢性病防控与亚健康改善成为全民健康的核心议题，膳食营养补充剂已成为全民健康管理的重 要工具，其市场发展与科学认知深化同步推进。基于这一现状，本白皮书旨在深入探讨高纯度 Omega-3 在中国居民健康管理中的作用及应用现状，加强公众对其生理功效的认知，为公众提供更加专业的营养指 导。白皮书从以下五个章节展开： 一、中国居民健康管理现状 国家政策推动全民健康管理向主动预防转型，面对慢性病年轻化与全周期防护挑战，需构建监测、干预与营 养支持体系。膳食营养补充剂通过定向支持和免疫力提升，成为公众践行主动健康管理的核心工具，助力实 现从治疗到预防的跨越。 二、膳食营养补充剂市场认知及应用表现 在国民健康管理需求升级与膳食营养补充剂市场快速发展的双轮驱动下，服用膳食营养补充剂已进阶为现代 人健康管理的核心方案。在消费者决策矩阵中，产品本身与品牌背书构成购买双引擎。但不同人群对成分需 求呈现差异化特征，折射精准健康管理趋势。 三、 Omega-3 产品与应用现状 Om ...

相关企业：新疆中泰化学股份有限公司、新疆天业股份有限公司、亿利洁能股份有限公司、郑州博之鑫 机械设备有限公司、济南鑫力源环保设备有限公司、黑龙江龙飞兄弟科技有限公司、菏泽花王压力容器 股份有限公司、上海氯碱化工股份有限公司、湖北宜化集团有限责任公司、陕西北元化工集团股份有限 公司、滨化集团股份有限公司 关键词：妥尔油、妥尔油市场规模、妥尔油行业现状、妥尔油发展趋势 一、行业概述 妥尔油是从碱法（主要为硫酸盐法）制木浆时所残余的黑色溶液制得的副产品，主要成分是脂肪酸和松 香酸。它是一种混合物，外观为暗黑色油状液体，相对密度为0.950～1.024 g/cm³（15.5℃），碘值为 135～216，皂化值为142～185。 内容概况：妥尔油作为造纸工业的副产品，其生产与木材制浆产业紧密相关。随着国内环保政策的加强 和技术进步，妥尔油行业正经历从传统粗放型向绿色、精细化方向的转型。2025年1-5月，中国妥尔油 进口数量为5264.48吨，同比下降6.28%；进口金额为4327.04万元，同比下降23.96%。同期，中国妥尔 油出口数量为110.46吨，同比增长0.71%；出口金额为186.61万元，同比下降15. ...

Investment Rating - The report maintains a "Buy" rating for the company [4][36]. Core Viewpoints - The company is entering a new growth phase driven by the completion of the Dukuda expansion project and improved profitability [3][35]. - The Dukuda base has significant tariff advantages, with profitability positively correlated to palm oil prices [1][15]. - Stable supply combined with growing demand is expected to push palm oil prices higher, benefiting the company's profitability [2][33]. Summary by Sections 1. Tariff Advantages and Profitability - The Dukuda base in Indonesia benefits from high export tariffs on crude palm oil while facing no tariffs on refined products, leading to a competitive cost advantage [1][15]. - Historical performance shows a clear positive correlation between the company's earnings and palm oil prices, with higher prices leading to increased profitability [16]. 2. Supply and Demand Dynamics - Indonesia's palm oil production is stabilizing due to slowed planting area growth and aging trees, which is expected to maintain overall production levels [2][28]. - Demand for palm oil is supported by food consumption and industrial uses, particularly in biodiesel, with significant growth expected in regions like India and Southeast Asia [30][33]. 3. Dukuda Expansion Project - The Dukuda expansion project, with an investment of 248 million yuan, is progressing towards full production, which is anticipated to significantly enhance the company's performance [3][35]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 399 million, 540 million, and 662 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.85, 1.15, and 1.41 yuan [4][36]. - The current price corresponds to P/E ratios of 11.99, 8.85, and 7.22 for the same years, indicating a favorable valuation outlook [4][36].

Core Insights - Renewable chemicals have significant potential in reducing carbon footprints and promoting sustainability, but face challenges such as high costs, climate change, and policy uncertainty [1] - The renewable chemicals sector has not achieved substantial commercial success despite significant investment and R&D efforts [3] - Stable and effective policies are crucial for fostering an environment conducive to renewable raw material applications [4] Group 1: Industry Challenges - The production of renewable chemicals accounts for less than 2% of the total chemical output in the U.S., despite decades of research and investment [2] - High capital costs, lengthy market development cycles, and competition from existing products have led to failures among many leading companies [2] - Recent bankruptcies and strategic shifts, such as Danimer Scientific's bankruptcy and Coca-Cola's adjustments to its sustainability goals, indicate a cooling trend in the renewable chemicals sector [2][3] Group 2: Market Dynamics - Consumer willingness to pay a premium for renewable chemicals is weak, particularly in the packaging sector, leading manufacturers to question the true market demand [2] - Companies like Unilever have scaled back sustainability commitments, reflecting broader industry hesitance [2] - The lack of strong momentum in renewable chemicals development is attributed to consumer focus on energy issues rather than material concerns [2] Group 3: Technological and Policy Considerations - Successful renewable chemical projects often rely on technological integration and supply chain compatibility [3] - Effective policies can promote innovation and simplify regulatory processes, yet current U.S. policies remain insufficiently focused on renewable chemicals [4] - The use of biomass balance methods to increase renewable content in chemicals has faced criticism for being misleading, although proponents argue it is a low-cost transitional solution [4]

Core Viewpoint - Zhejiang Jiaao Environmental Protection Technology Co., Ltd. (Jiaao Environmental, 603822.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its operational stability and investor confidence [1][3]. Group 1: Regulatory Issues - Jiaao Environmental has previously faced regulatory penalties, including a warning and a fine of 1 million yuan from the Zhejiang Securities Regulatory Bureau for false disclosures related to its financial reports from 2019 to 2020 [6]. - The company failed to consolidate certain subsidiaries and did not properly offset transactions, leading to inflated revenue and costs in multiple financial reports [4][5]. Group 2: Financial Performance - The company's financial performance has been under pressure, with revenues declining from 12.30 billion yuan in 2020 to an estimated 12.74 billion yuan in 2024, reflecting a year-on-year decrease of 16.98% in 2023 and 52.23% in 2024 [9]. - Net profits have shown a continuous loss over three years, with figures of 0.40 billion yuan, 1.03 billion yuan, -0.46 billion yuan, -0.05 billion yuan, and -3.73 billion yuan from 2020 to 2024 [9]. Group 3: Debt and Market Position - The company's debt-to-asset ratio has been increasing, reaching 61.35% in 2022 and projected to be 80.45% in 2024 [10]. - Despite the financial struggles, the company's stock price has remained above 40 yuan since 2025, with a closing price of 50.54 yuan as of June 24, 2023, indicating no immediate risk of delisting based on market value [10]. Group 4: Delisting Risks - Recent changes in the delisting rules by the Shanghai and Shenzhen Stock Exchanges have broadened the scope for mandatory delisting due to serious violations, which could pose a significant risk for Jiaao Environmental if further violations are confirmed [11].

Core Insights - The successful launch of the quality control sample for fatty acid and trans fatty acid analysis in milk powder marks a significant advancement in the industry, reducing reliance on expensive imported samples [1][3] - The new product, developed by the Panjin Inspection and Testing Center in collaboration with national food quality inspection bodies, offers enhanced measurement capabilities and lower costs, thus supporting food safety and nutritional quality [1][2] Group 1: Product Development and Features - The quality control sample allows for the identification of 44 fatty acid methyl ester peaks in matrix milk powder, surpassing the 18 types found in foreign samples, including 13 trans fatty acid methyl ester peaks [2] - The product was developed over 18 months and is priced at 1,200 yuan for a 10-gram sample, significantly lower than the previous imported samples priced at 14,000 yuan for the same quantity [1][3] Group 2: Industry Impact - The introduction of this quality control sample breaks the dependency on imported products, reducing costs to one-tenth of the previous imports, which is a substantial benefit for laboratories and food production companies [3] - The Panjin Inspection and Testing Center's method for measuring fatty acids is applicable to all food matrices and can determine 87 types of C4-C24 fatty acids, including 35 types of trans fatty acids, demonstrating superior performance and cost-effectiveness compared to existing standards [2]

Core Viewpoint - The company, Jiabiyou Biotechnology (Wuhan) Co., Ltd., is undergoing a significant asset restructuring by acquiring a 63.2134% stake in Shanghai Ouyi Biomedical Technology Co., Ltd. through a combination of issuing shares and cash payment, with the total transaction value estimated at approximately 83,062.37 million RMB [1][2]. Group 1: Company Overview - Jiabiyou Biotechnology was established on September 22, 2004, with a registered capital of 120 million RMB, located in Wuhan, China [1]. - The company operates in the food manufacturing industry, focusing on the research, production, and sales of polyunsaturated fatty acids such as ARA and DHA, as well as natural β-carotene, primarily for infant formula, health foods, and dietary supplements [1][2]. Group 2: Major Asset Restructuring - The restructuring involves acquiring a 63.2134% equity stake in Shanghai Ouyi Biomedical Technology Co., Ltd., with an assessed value of 131,600 million RMB for the entire equity and 83,188.80 million RMB for the stake being acquired [1][2]. - The share issuance price is set at 19.29 RMB per share, which is not less than 80% of the average stock price over the previous 20 trading days [1][2]. Group 3: Financial Reporting Basis - The pro forma financial statements are prepared under the assumption that the restructuring was completed on January 1, 2023, and are based on the new equity structure post-restructuring [2][3]. - The financial statements do not include cash flow statements or changes in equity, focusing solely on pro forma consolidated financial information [4][5]. Group 4: Accounting Policies - The company follows the Chinese Accounting Standards, with a fiscal year from January 1 to December 31, and uses RMB as its functional currency [6][7]. - The company employs a weighted average method for inventory valuation and recognizes impairment losses for inventory when the net realizable value is lower than the cost [12][13]. Group 5: Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, with categories including those measured at amortized cost and those measured at fair value [14][15]. - The company assesses expected credit losses for financial assets measured at amortized cost, applying a three-stage model based on credit risk changes [19][20]. Group 6: Long-term Investments and Fixed Assets - Long-term equity investments are accounted for using the cost method for controlled entities and the equity method for joint ventures and associates [24]. - Fixed assets are depreciated using the straight-line method, with specific depreciation rates and useful lives defined for different asset categories [26][27].

Core Viewpoint - The research group led by Yu Tao focuses on utilizing synthetic biology to address major issues such as sustainable manufacturing, green energy, and food security through innovative methods of converting CO2 into valuable compounds [1][2]. Group 1: CO2 Conversion and Sustainable Production - Significant progress has been made in converting CO2 into simple low-carbon compounds (C1-3) through various methods, but producing complex compounds remains challenging [1]. - The research group successfully demonstrated the conversion of CO2 into glucose and fatty acids using an electrochemical-coupled microbial cell factory, providing a viable method for sustainable production of sugar-derived food and chemicals [1]. - This achievement was recognized as one of the "Top Ten Scientific Advances in China" in 2022 [1]. Group 2: Synthetic Energy Systems - The research team constructed a synthetic energy system within yeast cells, supporting cell growth and efficient fatty acid synthesis [2]. - Low-carbon compounds such as methanol and ethanol were converted into sugars and sugar derivatives, including glucose and starch, through synthetic biology and metabolic engineering techniques [2]. Group 3: Upcycling Chemical Byproducts - The research group collaborated with other institutions to address the challenge of surplus byproducts in the chemical industry, specifically converting excess acetone into high-value natural products using a tandem electro-biosystem [3]. - The results of this work were published in Nature Sustainability, showcasing a novel approach to upcycling surplus acetone into long-chain chemicals [3][6]. Group 4: Electrochemical and Biological Catalysis - A synergistic strategy combining electrochemical and synthetic biology was proposed, where acetone is first converted into high-purity isopropanol (IPA) through electrochemical hydrogenation, followed by fermentation to produce high-value natural products [6][8]. - The research demonstrated a maximum IPA Faradaic efficiency of 95.6% and a current density of -240 mA cm-2 using a specially designed catalyst [8][10]. Group 5: Future Directions - Future research will focus on optimizing the bipolar membrane electrode reactor design, regulating metabolic pathways for fermentation, and expanding the application of electro-biosynthetic coupling systems [15].

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文 不构成任何投资建议！转载请注明来源！ 近日， 珠海麦得发生物科技股份有限公司 （以下简称"麦得发生物"）宣布，其 医用级聚羟基脂肪酸酯 （PHA）微球材料 成功通过国家药品监督管理局医疗器械技术审评中心（CMDE）的主文档备案登记 （登记编号：M2025155-000）。这是我国首个通过医用级PHA微球主文档备案的创新成果，标志着国 产生物医用材料在标准化、规范化领域迈出关键一步，为下游医疗器械产品研发与产业化提速注入新动 能。 主文档备案：加速医疗产品创新"绿色通道" 根据《医疗器械注册申报资料要求及审批程序》，主文档备案制度旨在通过规范关键原材料的质量数据 管理，简化下游产品注册申报流程。麦得发生物此次备案的医用级PHA微球，将作为标准化原材料， 直接服务于Ⅲ类可吸收医疗器械、药物缓释递送等临床应用 。 作为国内PHA生物医用材料的领军企业，麦得发生物已构建覆盖医用PHA原料提纯、规模化制备到终 端应用的全链条技术壁垒： 医美领域用于皮肤软组织修复，兼具支撑性与渐进降解特性； 介入治疗作为 ...