Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 23.23 [6][5]. Core Views - The company achieved a revenue of RMB 3.398 billion in 2025, representing a year-on-year growth of 10.7%, and a net profit attributable to the parent company of RMB 401 million, up 33.18% year-on-year [1][2]. - The company is optimistic about the future development of its microbial protein project and pet segment, which are expected to provide new growth momentum for high-quality development [1][5]. Revenue Breakdown - The revenue from the biological products segment was RMB 1.475 billion, growing by 11.4% year-on-year, accounting for 43.4% of total revenue [2]. - The pet segment saw significant growth, with revenue reaching RMB 858 million, a year-on-year increase of 24.4% [2]. - The international business segment reported revenue of RMB 127 million, with a year-on-year growth of 33.0% [2]. Profitability Analysis - The gross margin for the biological products business improved by 0.94 percentage points to 63.7%, enhancing overall profitability [3]. - The gross margin for the drug formulation and raw materials segment decreased by 1.34 percentage points to 35.3% due to intensified industry competition [3]. - The company increased its R&D investment, with R&D expenses reaching RMB 253 million, a year-on-year increase of 28.7% [3]. Strategic Initiatives - The company invested RMB 679 million to build a 60,000-ton annual production base for mycelium protein in Tianjin, which is expected to contribute approximately RMB 1.3 billion in annual revenue once fully operational [4]. - The company has obtained 19 new veterinary drug certificates in the pet sector, covering various fields such as deworming and vaccines, and has established a comprehensive supply chain covering over 14,000 medical terminals across 24 provinces [4].

【SynBioCon】 获 悉， 4月28日，主题为"技术造物 创引未来"的天津港保税区生物制造产业新闻发 布会举行。会上，天津港保税区发布了 《天津港保税区推动生物制造产业高质量发展行动方案》 （以 下简称《行动方案》）和 《天津港保税区关于支持生物制造产业高质量发展的若干政策》 （以下简 称"生物制造十条"）。 近些年，生物制造作为全新的"造物"技术，成为全球竞相布局的科技战略高地。今年政府工作报告中 提到，因地制宜发展新质生产力，培育生物制造、量子科技、具身智能、6G等未来产业。我市去年已 印发《天津市加快合成生物创新策源推动生物制造产业高质量发展实施方案》，天津港保税区按照全市 工作部署正全力打造生物制造先导区。此次发布会展现了天津港保税区生物制造产业在创新策源、成果 产业化、空间布局、人才支撑、标志性项目等方面的先发优势及推动生物制造创新成果产业化应用实 践，促进新产业、新模式、新动能加快 落地。 01 政策上新 全力打造百亿级产业集群 记者从会上获悉，《行动方案》以推动生物制造创新成果产业化应用实践为主线，因地制宜构建符合新 质生产力发展的新型生产关系，重点聚焦创新策源地、孵化转化高地和创新生态三 ...