在问答环节，公司就各业务板块情况进行了详细解答： -业务收入利润拆分：上半年，因原料价格下降 及下游需求恢复不足，主要产品价格下降，燃料乙醇、淀粉糖、味精等产品销售收入有所下降，但产品 总销量与去年同期基本持平，产销率和开工率较高。通过把握购销节奏、推行系统低成本，上半年毛利 率同比提高1.3个百分点，综合毛利率接近8.5%。其中，燃料乙醇毛利率提高近1个百分点，利润贡献平 稳；淀粉毛利率略降，利润贡献较小；淀粉糖产品毛利率提升约4个百分点，达到12.7%，是利润主要 来源之一，食品原料板块的泰国公司柠檬酸业务利润贡献也较大。生物材料板块的丙交酯产品处于项目 建设期，暂无利润贡献。 -燃料乙醇业务：近两年该业务整体平稳，收入和利润贡献波动不大。市场需 求维持在300 - 350万吨水平，中粮科技燃料乙醇销量平稳且市场占有率高。上半年原料采购均价同比下 降10%左右，销售价格受成本影响下滑。下半年，公司将从原料结构优化和市场需求拓展两方面推动业 务发展。 -淀粉糖业务：成都公司15万吨二期扩建项目进展顺利，已进入收尾阶段，预计九月底投产， 投产后短期内可达满负荷生产，明年进入平稳运行期。江苏太仓项目总投资近十亿 ...

| 平稳，长期发展需关注两个方向：一是原料端突破非粮原料（如 | | --- | | 纤维素等），二是市场需求拓展，未来随着种植技术提升及提高 | | 农民收入的考量，燃料乙醇业务仍有进一步发展的机会。 | | Q: | | 请介绍淀粉糖业务的经营进展，包括成都、太仓等地产能建设阶 | | 段、投产时间及投产后产销率预期 | | A: | | 淀粉糖业务（食品原料板块）是中粮科技大力发展的方向，今年 | | 重点推动了多个项目：成都公司 15 万吨二期扩建项目进展顺利， | | 已进入收尾阶段，预计九月底投产，公司淀粉糖业务技术成熟且 | | 团队经验丰富，投产后将在较短时间内达到满负荷生产，明年会 | | 进入平稳运行期。江苏太仓项目总投资近十亿元，是华东地区重 | | 点布局的淀粉糖业务，年产能 55 万吨，目前正进行前期项目准 | | 备工作，今年四季度会开工建设，预计明年底左右试车。后续公 | | 司将在现有业务基础上，进一步完善区域布局，并逐步向下游产 | | 品延伸。 | | Q: | | 能否介绍一下公司在风味糖浆、特种糖浆等方面的进展情况？ | | A: | | 公司在特种糖浆领域已深耕多年， ...

8月26日晚，代糖行业龙头企业保龄宝（002286）发布2025年半年度报告，报告期内实现营业收入13.99 亿元，同比增长18.02%；净利润9267.2万元，同比增长33.66%。 值得关注的是，今年1月16日，欧盟委员会公布了关于本次赤藓糖醇反倾销调查终裁公告，对国内赤藓 糖醇生产企业征收34.4%-233.3%不等的反倾销税。上述反倾销措施于欧盟终裁公告发布次日(即2025年1 月17日)起生效，实施期限为5年。其中保龄宝相关产品被征收34.4%的反倾销税，为本次反倾销加征税 率最低的企业。 保龄宝表示，公司抓住反倾销税率最低带来的市场机遇，赤藓糖醇产品在欧洲地区实现量价齐升，良好 的国际影响力和品牌力也带动了国内销售。 项目建设进展方面，保龄宝于2024年利用部分富裕产线进行改造，建立了DHA藻油生产线，初步计划 年产2000吨DHA藻油毛油。同年，该公司启动乳果糖项目的生产及上市许可注册工作。此外，保龄宝 还启动新建"年产2,500吨HMOs(母乳低聚糖)建设项目"。上述项目预计2025年下半年投产。 2025年3月，保龄宝了启动年产2万吨阿洛酮糖(二期)扩产项目，目前已完成备案正在建设中。预计2 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-25 宏观策略 [Table_MacroStrategy] 宏观点评 20250818：高质量发展孕育"创新牛" 四重"创新"带来流动性和估值的双重改善 2025 年的"创新牛"本质 是政策引导下资本定价后产业落地的正向循环。宏观政策通过财政货币 工具锚定产业方向，资本市场通过制度创新实现价值发现，增量资金提供 流动性支撑，最终产业趋势通过技术突破兑现盈利。当前，这一闭环仍在 强化：宏观政策的落地仍在进程中、"科特估"体系在逐步完善、中长期 资金入市将逐年完成指标要求、技术国产化盈利尚未完全释放潜力。 当 前，市场的流动性和估值已有改善，随着 2025 年 8 月 13 日 A 股成交额 再次突破 2 万亿元，成交额持续抬升的过程中市场仍在向上突破，呈现 交易结构和情绪的正向循环。融资余额超过 2 万亿创历史新高，保险资 金持续举牌仍在增持金融股，在市场情绪持续向好、增量资金持续入场和 科技产业创新持续突破的背景下，"创新牛"的初期，市场风格大概率沿 着长线资金偏好的金融板块和科技产业有趋势的板块的机器人、海内外 算力、创新药等方向继续延伸。未 ...

据证券之星公开数据整理，近期中粮科技（000930）发布2025年中报。截至本报告期末，公司营业总收 入88.12亿元，同比下降11.09%，归母净利润1.07亿元，同比上升74.44%。按单季度数据看，第二季度 营业总收入44.27亿元，同比下降14.53%，第二季度归母净利润6671.51万元，同比上升82.08%。本报告 期中粮科技盈利能力上升，毛利率同比增幅17.84%，净利率同比增幅85.33%。 本次财报公布的各项数据指标表现一般。其中，毛利率9.04%，同比增17.84%，净利率1.25%，同比增 85.33%，销售费用、管理费用、财务费用总计4.3亿元，三费占营收比4.88%，同比增17.04%，每股净资 产5.75元，同比增2.36%，每股经营性现金流0.43元，同比增174.67%，每股收益0.06元，同比增74.62% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 99.11 Z | 88.12 Z | -11.09% | | 归母净利润(元) | 6148.17万 | 1.07亿 | 7 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 金威转债定价：首日转股溢价率 33-36% 报告摘要： ---东北固收转债分析 [Table_Summary] 8 月 18 日，金达威发布公告，拟于 2025 年 8 月 20 日通过网上发行可转 债，公司本次计划发行可转换公司债券募集资金总额不超过 12.92 亿元。 其中 2.97 亿元拟用于投资"辅酶 Q10 改扩建项目"，总投资 3.2 亿元； 4.64 亿元拟用于投资"年产 30,000 吨阿洛酮糖、年产 5,000 吨肌醇建设 项目"，总投资 5.37 亿元；1.44 亿元拟用于投资"信息化系统建设项目"， 总投资 1.53 亿元；3.88 亿元拟用于补充流动资金。 金威转债发行方式为优先配售，网上发行，债项和主体评级 AA。发行规 模为 12.92 亿元，初始转股价格为 19.59 元，参考 8 月 19 日正股收盘价 格 19.58 元，转债平价 99.95 元，参考同期限同评级中债企业债到期收益 率（8 月 18 日）为 2.47%，到期赎回价 110 元，计算纯债价值为 98.2 元。 博弈 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89, and the expected winning rate is 0.0048%. Considering the good bond - bottom protection, average attractiveness in rating and scale, the expected conversion premium rate on the first - day of listing is around 29%. It is recommended to actively subscribe [1][13][14]. - Jindawei is a leading enterprise in the full - industry chain of nutritional health, with fluctuating revenue and net profit attributable to the parent company since 2020. The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series, and the product structure changes annually. The sales net profit margin and gross profit margin have decreased, while the sales expense ratio has increased [1][20][22]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Jinwei Convertible Bonds (127111.SZ) started online subscription on August 20, 2025, with a total issuance scale of RMB 1.292 billion. After deducting issuance fees, the net raised funds will be used for Coenzyme Q10 reconstruction and expansion projects, construction projects of 30,000 tons of allulose and 5,000 tons of inositol per year, information system construction projects, and supplementary working capital [1]. - The current bond - bottom valuation is RMB 98.24, and the YTM is 2.16%. The conversion parity is RMB 99.95, and the parity premium rate is 0.05%. The convertible bond terms are average, and the total share capital dilution rate is 9.76%, with relatively small dilution pressure on the equity [1][11][12]. 3.2. Investment Subscription Suggestions - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89. By referring to comparable targets and empirical results, the expected conversion premium rate on the first - day of listing is around 29% [13][14]. - The expected priority subscription ratio of original shareholders is 68.21%, and the expected winning rate is 0.0048% [17]. 3.3. Analysis of the Underlying Stock's Fundamental 3.3.1. Financial Data Analysis - Jindawei is a leading enterprise in the full - industry chain of nutritional health, mainly engaged in the R & D, production, and sales of health food and feed additives. Its revenue has fluctuated since 2020, with a compound growth rate of - 1.94% from 2020 - 2024. In 2024, the revenue was RMB 3.24 billion, a year - on - year increase of 4.43%. The net profit attributable to the parent company also fluctuated, with a compound growth rate of - 22.73% from 2020 - 2024. In 2024, it was RMB 342 million, a year - on - year increase of 23.59% [18][19][20]. - The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series. The proportion of health product sales revenue in the main business revenue has been increasing steadily since 2022, while the proportions of Coenzyme Q10 and Vitamin A series have been decreasing steadily [22]. - The company's sales net profit margin and gross profit margin have decreased, the sales expense ratio has increased, the financial expense ratio has decreased, and the management expense ratio has increased. The sales revenue is mainly from overseas markets [23]. 3.3.2. Company Highlights - The company uses synthetic biology as the underlying technology, applies it to the large - scale production of most raw material products, and actively uses synthetic biotechnology to layout new products [31]. - The company adheres to the principle of "strengthening innovation and leading the future", establishes a technology R & D and innovation system integrating enterprises, the market, and industry - university - research cooperation. It has multiple R & D platforms, more than 200 R & D personnel, and 194 domestic and foreign patent technologies as of December 31, 2024 [32].

Core Viewpoint - Xiamen Jindawei Group Co., Ltd. is issuing convertible bonds to raise funds for production projects, including coenzyme Q10, allulose, and inositol, while highlighting various risks associated with production, market demand, and financial performance [1][2][4]. Group 1: Financial Performance - The company's net profit for 2024 was CNY 34,198.69 million, representing a year-on-year increase of 23.59%, attributed to a mild recovery in the vitamin industry and stable prices for vitamin A [14]. - In Q1 2025, the net profit reached CNY 12,174.36 million, a significant increase of 71.97% compared to the previous year, driven by a rise in both sales volume and price of vitamin A [14][15]. Group 2: Fundraising and Investment Projects - The funds raised will be allocated to projects including the expansion of coenzyme Q10 production, with expected annual capacities of 620 tons for coenzyme Q10, 30,000 tons for allulose, and 5,000 tons for inositol [3][4]. - The financial internal rate of return for the coenzyme Q10 project is estimated at 25.69%, with a payback period of 6.19 years, while the allulose and inositol projects have a payback period of 7.49 years [5]. Group 3: Risks - The company faces risks related to safety production, including potential accidents during the use of flammable and explosive materials, which could lead to economic losses and regulatory penalties [2][3]. - There is a risk of declining gross margins, with reported rates of 40.50%, 37.36%, and 38.54% over the reporting periods, influenced by raw material prices and market competition [2][3]. - The company’s ability to meet market demand for new products post-investment is uncertain, with potential oversupply risks if market conditions do not align with production capacity [3][4]. Group 4: Credit Rating and Shareholder Returns - The convertible bonds have been rated AA by Dongfang Jincheng International Credit Evaluation Co., Ltd., with a stable outlook, indicating a solid credit standing [8]. - The company has a profit distribution policy emphasizing stable and reasonable returns to investors, with recent cash dividends totaling CNY 48,794.78 million over the last three years, exceeding the average distributable profits [13].

Investment Rating - The report gives an "Accumulate" rating for the sweetener industry, marking it as a first-time rating [5]. Core Insights - The sweetener market in China is poised for significant growth, with a current per capita sugar consumption of approximately 30g/day, exceeding the recommended limit of 25g/day. This indicates a substantial potential for sugar substitutes [1][9]. - The report highlights the dual demand for health and sweetness, leading to the rise of sugar substitutes. Nearly 40% of American consumers are opting for low-calorie or zero-calorie sugars to reduce calorie intake [1][17]. - The report identifies two main investment themes: the ongoing demand for artificial sweeteners like sucralose and the potential for new natural sweeteners like allulose, driven by consumer acceptance and technological advancements [3]. Market Overview - The sweetener market is characterized by a growing trend towards reduced sugar consumption, with a projected sugar consumption of 15.9 million tons in China for the 2025/26 season, reflecting a compound annual growth rate (CAGR) of about 0.5% from 2015/16 to 2025/26 [9]. - The beverage sector represents the largest share of sugar demand, with a market penetration rate for sugar-free beverages at only 7.9% in 2023, suggesting significant room for growth [20][22]. Selection Criteria - The choice of sweeteners is influenced by economic factors, taste, and safety. Artificial sweeteners generally have a higher sweetness-to-price ratio compared to natural sweeteners, which often have lower ratios [2][28]. - Safety concerns are paramount, with natural sweeteners typically having no Acceptable Daily Intake (ADI) limits, while artificial sweeteners are subject to ADI restrictions and some face safety controversies [2][40]. Product Analysis - Sucralose is identified as the largest artificial sweetener in terms of market space, with a global sales volume of approximately 20,000 tons in 2023, reflecting a 7% year-on-year growth [46]. - Erythritol, a low-calorie sugar alcohol, has seen rapid market expansion, particularly following its use in popular beverages, leading to a significant increase in production capacity [63][65]. Future Outlook - The report emphasizes the importance of consumer education and acceptance for the successful adoption of new sweeteners like allulose, which currently faces low consumer awareness [3][42]. - Investment opportunities are highlighted in companies with strong technological capabilities and financial strength, particularly those involved in the production of sucralose and erythritol [3][3].

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].