DT产业研究院 |10大链主企业 本文将对 生物制造产业10大链主企业即 凯赛生物、华恒生物、华东医药、梅花生物、川宁生物、华熙生物、富祥药业、朗坤科技、嘉必优、微构工场 基 本情况、主营构成、在研项目、发展策略等概况 进行梳理，以供参考。 01 凯赛生物（688065） 凯赛生物，首次突破30亿！ 1 、基本情况 作为生物基行业盛会风向标， #第11届生物基大会暨展览 （Bio-based 2026）将于5月20-22日在上海盛大举办。 聚焦生物基化学品和材料、应用上下游 ，囊括 " 11 大主题论坛 + 7大同期活动 + 1000 个新品展示 +DT新叶奖评选&颁奖 "同期活动。生物制造领域 微构工场、聚维元创、中科国生、利夫生物、道生生物、华澄生 物、 博辉合生等企业 已加盟参与，诚邀生物制造行业朋友们参与合作交流。 凯赛生物成立于 2000 年，2020 年 8 月登陆上交所科创板。公司是一家以合成生物学等学科为基础，利用生物制造技术，从事新型生物基材料的研发、 生产及销售的高新技术企业，经过多年发展，公司已成为全球领先的利用生物制造规模化生产新材料的企业之一。 公司主营新型生物基材料的研发、生产及销 ...

Core Viewpoint - Tianji New Energy Technology Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, which has led to market volatility and investor concern [1][2]. Group 1: Company Overview - Tianji New Energy's main business includes new energy battery materials and household appliances, with a focus on lithium battery electrolyte additives, establishing a dual-main business development pattern [1]. - The company has been actively expanding production capacity and market reach since 2024, maintaining stable operational conditions [1]. Group 2: Regulatory Context - The investigation reflects the regulatory authority's ongoing "zero tolerance" approach towards information disclosure quality, particularly concerning sensitive financial data and major contracts [2]. - The company has committed to cooperating with the investigation and ensuring compliance with information disclosure obligations during this period [2]. Group 3: Market Reaction and Implications - The announcement of the investigation has caused fluctuations in the company's stock price, raising concerns among investors about the potential impact on corporate governance and market reputation [3]. - The situation serves as a reminder of the importance of compliance in the context of the ongoing implementation of a comprehensive registration system, emphasizing the need for accurate and complete information disclosure [2].

Core Viewpoint - The energy storage industry is experiencing a surge in companies planning to go public in Hong Kong, marking the beginning of a "storage IPO wave" as several firms announce their listing intentions [1][15]. Group 1: Company Listings - Yiwei Lithium Energy has re-submitted its listing application to the Hong Kong Stock Exchange, with plans to raise funds for a 30GWh battery project in Hungary, expected to commence production in 2027 [1][18]. - Huasheng Lithium announced its plan to issue H-shares and list on the Hong Kong Stock Exchange, projecting a significant profit increase for 2025, with net profit expected to reach between 12 million to 18 million yuan, marking a year-on-year growth of 106.87% to 110.30% [1][18]. - Deye Technology has submitted its listing application, aiming to enhance its global development strategy and brand influence, with a reported revenue of 8.846 billion yuan and a net profit of 2.347 billion yuan for the first three quarters of 2025 [5][21]. - In a simultaneous announcement, Huichuan Technology and Keda Intelligent also revealed their plans to list in Hong Kong, with Huichuan reporting a revenue of 31.663 billion yuan and a net profit of 4.254 billion yuan for the first three quarters of 2025 [7][23]. - Keda Intelligent's listing application aims to strengthen its technology in digital energy and robotics, reporting a significant profit increase of 136.62% for the first three quarters of 2025 [9][25]. - Xinnengda has updated its listing application, reporting a revenue of 43.534 billion yuan and a net profit of 1.405 billion yuan for the first three quarters of 2025, with strong production capabilities in energy storage systems [11][27]. - Penghui Energy has submitted its application for H-shares, with a revenue of 7.581 billion yuan and a net profit of 115 million yuan for the first three quarters of 2025, indicating a substantial year-on-year growth [13][29]. Group 2: Industry Trends - The influx of energy storage companies going public reflects the industry's robust growth and strategic responses to market competition and global carbon neutrality opportunities [15][31].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Huasheng Lithium Battery, indicating a decline in stock price and significant trading volume on January 26, with a net financing outflow of 21.34 million yuan [1] - On January 26, Huasheng Lithium Battery's financing buy amounted to 128 million yuan, while the financing balance reached 812 million yuan, accounting for 4.68% of the circulating market value, which is above the 90th percentile of the past year [1] - The company specializes in the research, production, and sales of lithium battery electrolyte additives, with its main business revenue composition being 67.54% from VC, 27.01% from FEC, and 5.44% from others [1] Group 2 - As of September 30, Huasheng Lithium Battery had 12,700 shareholders, an increase of 17.25% from the previous period, with an average of 9,383 circulating shares per person, up by 62.45% [2] - For the period from January to September 2025, Huasheng Lithium Battery achieved operating revenue of 539 million yuan, a year-on-year increase of 62.29%, while the net profit attributable to the parent company was -103 million yuan, reflecting a year-on-year growth of 21.81% [2] - Since its A-share listing, Huasheng Lithium Battery has distributed a total of 157 million yuan in dividends [2]

Core Viewpoint - Fuxiang Pharmaceutical (300497) anticipates significant improvement in its financial performance for 2025, projecting revenue between 1.15 billion to 1.25 billion yuan and a reduced net loss of 39 million to 57 million yuan compared to 2024, with a turnaround expected in Q4 2025 [1] Group 1: Business Segments - The company has been deeply involved in the pharmaceutical intermediates and active pharmaceutical ingredients sectors, while also expanding into lithium battery electrolyte additives and synthetic biology microbial protein businesses [1] - The lithium battery electrolyte additive segment is expected to be the main driver of revenue growth in 2025, benefiting from rising demand in the power battery and energy storage markets [1] - The average price of battery-grade VC has increased over 200% since the low point in September 2025, reflecting a tight supply-demand balance in the industry [2] Group 2: Financial Performance - Fuxiang Pharmaceutical has leveraged its scale production capacity and cost control advantages to benefit from the current price increase cycle, resulting in significant improvements in product shipment volume, sales revenue, and gross margin [2] - The pharmaceutical manufacturing segment has seen a reduction in the price of key raw materials, which has alleviated cost pressures and improved gross margins year-on-year [2] - The company has reduced asset impairment provisions, enhancing asset value stability as profitability improves in both its new energy and pharmaceutical businesses [2] Group 3: Future Growth Potential - The synthetic biology microbial protein business has achieved critical breakthroughs in 2025, with multiple certifications obtained, paving the way for compliance from research to large-scale production [3] - Although the microbial protein business is expected to contribute limited revenue in 2025, it is anticipated to become a core profit growth point as production capacity is released and market expansion progresses [3] - The company aims to consolidate its market position in pharmaceuticals, capitalize on price increases in the new energy sector, and accelerate the construction and market deployment of its microbial protein project to drive high-quality development [3]

Core Viewpoint - The company, Jiangsu Hengxing New Material Technology Co., Ltd., forecasts a significant increase in net profit for the year 2025, with expectations of a rise between 65.28% to 90.05% compared to the previous year [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of between 57.61 million to 66.24 million yuan for the year 2025, an increase of 22.75 million to 31.39 million yuan compared to the previous year [2][4]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 42.94 million to 51.57 million yuan, reflecting an increase of 20.34 million to 28.98 million yuan year-on-year [2][4]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 41.31 million yuan, with a net profit attributable to shareholders of 34.85 million yuan, and a net profit excluding non-recurring gains and losses of 22.59 million yuan [6]. Group 3: Reasons for Performance Increase - The company has focused on solidifying its four production bases and has been actively expanding both domestic and international markets. This has led to improved capacity utilization and reduced unit costs [6]. - The demand in downstream markets, such as green herbicide intermediates and lithium battery electrolyte additives, remains strong, supported by favorable industry policies, providing significant growth opportunities for the company [6].

Core Viewpoint - Hengxing New Materials expects a significant increase in net profit for the year 2025, projecting a range of 57.61 million to 66.24 million yuan, which represents a year-on-year increase of 22.75 million to 31.39 million yuan, or an increase of 65.28% to 90.05% compared to the previous year [2] Group 1: Company Performance - The company is committed to its core business, enhancing capacity utilization and reducing unit costs [2] - The demand in downstream markets, such as green herbicide intermediates and lithium battery electrolyte additives, remains strong, contributing to increased production and sales volume [2] - The production scale effect is evident, driving a substantial improvement in performance [2]

Core Viewpoint - The company expects a significant increase in net profit for the year 2025, projecting a range of 57.61 million to 66.24 million yuan, which represents a year-on-year increase of 22.75 million to 31.39 million yuan, or 65.28% to 90.05% [1] Group 1: Financial Performance - The anticipated net profit for 2025 is between 57.61 million and 66.24 million yuan, indicating a substantial increase compared to the previous year [1] - The increase in net profit is attributed to enhanced production capacity utilization and a decrease in unit costs [1] Group 2: Market and Industry Conditions - The company operates in sectors with strong market demand, such as green herbicide intermediates and lithium battery electrolyte additives, which provide ample growth opportunities [1] - Favorable industry policies are contributing to a positive environment for the company's growth [1] Group 3: Operational Strategy - The company focuses on solidifying its four production bases and expanding both domestic and international markets [1] - Continuous refined management and capacity optimization have led to improved production efficiency and scale effects [1]

Core Viewpoint - Hengxing New Materials is expected to achieve a significant increase in net profit for the year 2025, with projections indicating a growth of 65.28% to 90.05% compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be between 57.61 million and 66.24 million yuan [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 42.94 million and 51.57 million yuan, reflecting a year-on-year increase of 90.04% to 128.25% [1] Operational Strategy - The company focuses on solidifying its four production bases as a key priority [1] - Continuous expansion in both international and domestic markets, along with refined management and capacity optimization, has led to improved capacity utilization and reduced unit costs [1] Market Environment - The demand in downstream industries such as green herbicide intermediates and lithium battery electrolyte additives remains strong, supported by favorable industry policies [1] - The dual increase in production and sales, along with enhanced operational efficiency, has significantly boosted the company's performance for the year [1]

Core Viewpoint - The company, Fuxiang Pharmaceutical, is actively managing its production plans for lithium battery electrolyte additives based on market demand, inventory levels, and annual production planning [1] Group 1 - The production plan for lithium battery electrolyte additives is dynamically formulated and managed according to market orders and inventory conditions [1] - During the Spring Festival, the company will coordinate arrangements to ensure stable operation of order delivery and production systems [1]