中化新网讯 近日，合肥利夫生物科技有限公司（以下简称"利夫生物"）核心产品FDCA和PEF（高性能 生物基聚酯）通过ISCC PLUS（国际可持续发展与碳认证体系）认证，成为全球首个基于非粮食原料通 过该认证的FDCA/PEF产品，利夫生物也成为全球首家获此认证的FDCA/PEF生产企业。 作为ISCC体系内首个针对FDCA/PEF的认证案例，利夫生物团队提供了详尽的技术资料、工艺参数及碳 排放测算数据，为认证过程提供了科学依据，为生物基新材料的标准化和全球化应用奠定了基础。 ...

Core Insights - The article highlights the establishment of a bio-based materials project by Yako Co., Ltd. in Huai'an Industrial Park, with an initial investment of 1 billion yuan and an expected annual sales revenue of 3 billion yuan from the first phase [1] - Yako Co., Ltd. is advancing the industrialization of FDCA and PEF based on a non-grain biomass technology route developed in collaboration with the Ningbo Institute of Materials Technology and Engineering [2] - The company has achieved a FDCA purity of 99.9% and is capable of supplying PEF at a ton-scale, focusing on applications in packaging [5] Group 1 - Yako Co., Ltd. was founded in 2003 and has evolved into a national high-tech enterprise with a diverse business scope, including life sciences, new materials, and green energy [4] - The FDCA's aromatic ring structure provides excellent thermal stability and rigidity, making it an ideal substitute for PTA, which has a significant global demand [4] - Yako's technology utilizes non-grain biomass such as corn cobs and plant straw, offering a more sustainable and cost-effective production method compared to mainstream routes [4] Group 2 - The company has completed trial samples with dozens of packaging enterprises and expects to enter mass production of its thousand-ton demonstration line by the second half of 2025 [5] - Yako Co., Ltd. has also achieved stable operation of a 50-ton/year demonstration line for PECF, which has better toughness compared to PEF [5] - The company is set to receive the New Leaf Award 2025 for its innovative materials at the 10th Bio-based Conference and Exhibition in May 2025 [5] Group 3 - The article mentions a forthcoming forum on high-value utilization of non-grain biomass, scheduled for November 2025, aimed at discussing strategic directions for biomass applications [6] - The forum will gather industry representatives and experts to explore topics such as biomass green pretreatment and sustainable aviation fuel [6] - The article emphasizes the need for addressing industrialization challenges in non-grain biomass utilization while highlighting emerging opportunities in the sector [5]

Core Insights - Xiangsheng Technology has recently completed two rounds of angel financing totaling several tens of millions, which will be used for the construction of an AI catalysis technology platform, product development, production line expansion, and smart factory construction [1] - The company aims to reduce production costs through its self-developed multiphase microflow matrix reaction platform, targeting high-barrier packaging scenarios [1] - Xiangsheng Technology has developed biocatalysts and nano-catalysts for the mass production of FDCA and PEF, providing microflow process development and mass production services to multiple industry clients [1] Financial Projections - By 2025, Xiangsheng Technology expects to have orders in hand and intentions reaching the million-level, with two strategic product lines contributing approximately 50% each to revenue [2] - The company anticipates a profit growth of 40%-50% over the next 3-4 years [2]

Core Viewpoint - Lifebio has recently completed a multi-billion B2 round financing led by the listed company Xin Fengming, with participation from GGV Capital and several existing shareholders [2][3]. Group 1: Company Overview - Lifebio is a leading global company in bio-based aromatic materials, having developed a unique "biomass-glucose-HMF-FDCA" process over more than a decade, which allows for the production of furan-based bio-materials without relying on food-sourced fructose [3][10]. - The company has established the world's first FDCA production line with a capacity of 1,000 tons and has initiated the construction of a 10,000-ton production line in Tongling, Anhui, in September 2024 [10][11]. Group 2: Investment and Partnerships - Xin Fengming, the lead investor in the recent financing round, is a major player in the polyester industry, with over 15% of global polyester filament capacity [4][7]. - GGV Capital, another significant investor, is a top-tier venture capital firm with over $9 billion in assets under management and a history of investing in over 500 companies, including Alibaba and Airbnb [7][8]. - Lifebio's previous investors include Lan Chuang Capital, which is associated with the listed company Zhongkong Technology, and Chengkai Fund, linked to Wankai New Materials, which has completed trial production of bio-based furan polyester [7][8]. Group 3: Industry Development - Lifebio has achieved the industry's first large-scale production of 100% bio-based polyester PEF filament through collaboration with leading companies [6][16]. - The company is focusing on non-food biomass sources such as corn cobs and straw to produce bio-based PEF, which can be applied in packaging materials, textiles, and electronics [13][19]. - Lifebio has signed a strategic cooperation agreement with Moutai to accelerate the application of bio-based materials in bottle caps and containers [19][20].

Group 1 - The report highlights a significant downward revision in the US non-farm employment data for June, with a total adjustment of 90,000 jobs, primarily affecting government, leisure, and construction sectors, indicating potential economic instability due to tariffs [2] - The Federal Reserve is expected to maintain a hawkish stance on inflation, with a possibility of 1-2 rate cuts in the second half of the year as trade negotiations progress [3] - The market is anticipated to enter a new upward phase in the second half of the year, with a focus on cyclical sectors and emerging industries [4][5] Group 2 - The FDCA industry is projected to grow significantly due to increasing demand for PEF as a superior alternative to PET, with recommended investments in companies like Tongkun Co., New Fengming, and Zhenhai Refining [13] - The "anti-involution" policy is expected to continue, benefiting sectors like photovoltaic materials, with a focus on price elasticity in the supply chain [14][16] - The coal industry is seeing improved price expectations due to recent policy measures, with recommendations for investments in major coal companies [18] Group 3 - Qingdao Bank reported a 7.5% year-on-year increase in revenue for the first half of 2025, with a net profit growth of 16%, indicating strong performance and asset quality [20] - China Petroleum & Chemical Corporation (Sinopec) anticipates a significant decline in net profit for the first half of 2025, but maintains a "buy" rating based on long-term competitive advantages [23] - Huaneng International's second-quarter net profit increased by 50% year-on-year, driven by lower fuel costs and expansion in renewable energy [24] Group 4 - Ningde Times reported a 33.73% year-on-year increase in net profit for the second quarter of 2025, with strong market positioning in lithium batteries and new product developments [25] - Tencent is expected to see strong growth in core gaming and advertising revenues, with an upward revision of profit forecasts for 2025-2027 [26] - Meta Platforms exceeded revenue expectations in Q2 2025, with plans for increased investment in AI infrastructure [27]

Investment Rating - The report maintains a rating of "Overweight" for the FDCA industry [7] Core Insights - FDCA is a high-value bio-based compound with a wide range of applications, particularly in the production of PEF, which has significant market potential [1][3][5] - The global FDCA market is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2028, potentially reaching USD 873.28 million by 2028 [3] - PEF, derived from FDCA, exhibits superior properties compared to PET, making it a promising alternative in various applications [4][5] Summary by Sections FDCA Overview - FDCA is a bio-based aromatic monomer derived from biomass such as starch and cellulose, recognized as a suitable substitute for terephthalic acid [1][14] - The synthesis routes for FDCA include chemical and biological methods, with the HMF route being the most promising for industrialization [1][26][27] Domestic and International Development - Internationally, several companies have achieved FDCA production since 2004, while domestic efforts began around 2010 and are rapidly advancing [2][45][56] - Notable international players include Avantium, Corbion Purac, and DuPont, which have made significant strides in FDCA and PEF research and production [45][46][48] Market Potential and Applications - The FDCA market is projected to exceed USD 1.13 billion by 2031, driven by increasing demand for bio-based products [3] - PEF's applications span food packaging, films, and fibers, with its oxygen and carbon dioxide barrier properties significantly outperforming PET [4][18][19] Investment Recommendations - The report suggests focusing on companies involved in FDCA production, such as Tongkun Co., New Fengming, and Zhenhai Refining & Chemical [5][58][60]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to invest 100 million RMB in Lif Biotechnology, acquiring a 7.0175% stake, which is a strategic move to position itself in the bio-based polyester industry chain [6][7] - Lif Biotechnology is a leading manufacturer of bio-based FDCA, a key material in the "green chemistry" sector, which has the potential to replace petrochemical-based PET in the long term [6][7] - The investment is expected to create synergies with the company's existing polyester business, despite short-term challenges such as the target company's losses and industrialization risks [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 1.344 billion, 1.845 billion, and 2.234 billion RMB respectively, with corresponding P/E ratios of 12.65, 9.21, and 7.61 [8] - Revenue is expected to grow from 67.091 billion RMB in 2024 to 81.610 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 6.5% [11] - The gross margin is projected to improve from 5.6% in 2024 to 7.5% in 2027, indicating enhanced profitability [11]

Core Viewpoint - The company plans to invest 100 million RMB in Hefei Lif Biological Technology Co., acquiring a 7.0175% stake, marking its entry into the high-end bio-based fiber sector [2][3]. Group 1: Investment Overview - The investment in Lif Biological represents a strategic move to enhance the company's competitiveness while expanding into emerging industries [3]. - Lif Biological is recognized as a pioneer in the research of furan-based materials, focusing on bio-based furan materials characterized by being environmentally friendly, low-carbon, and high-performance [3][4]. Group 2: Lif Biological's Market Position - Lif Biological is a leader in the domestic FDCA (Furan-2,5-dicarboxylic acid) industry, with its products exhibiting superior quality compared to competitors [4]. - The company has established the world's first 1,000-ton FDCA production line and plans to launch a 10,000-ton production line by 2025, with the 1,000-ton line achieving a product purity of 99.99% [4]. - Following the launch of the 10,000-ton line, the expected price of FDCA is projected to decrease to 50,000-60,000 RMB per ton by 2025, and further to 20,000-30,000 RMB per ton after 2027 [4]. Group 3: Applications of FDCA - FDCA can be used to synthesize various polymers, including polyesters, polyurethanes, and polyamides, and is also applicable in producing plasticizers and new semi-aromatic nylon [5]. - PEF (polyethylene furanoate), derived from FDCA, exhibits superior mechanical properties, heat resistance, and gas barrier properties compared to PET (polyethylene terephthalate), making it suitable for a wide range of applications, particularly in packaging [5].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is actively investing in strategic emerging industries while consolidating its traditional business, specifically by investing 100 million RMB in Lif Biotechnology, aiming to enter the high-end bio-based fiber sector [2][3]. - Lif Biotechnology is recognized as a leader in the domestic FDCA (Furan-2,5-dicarboxylic acid) industry, with plans to establish the world's first 10,000-ton FDCA production line by 2025, which is expected to significantly reduce the price of FDCA in the coming years [3]. - The downstream applications of FDCA are extensive, with PEF (polyethylene furanoate) showing superior performance compared to PET (polyethylene terephthalate) in various properties, making it suitable for a wide range of industries including packaging, electronics, automotive, and construction [4]. Financial Forecasts and Valuation - The company has adjusted its profit forecasts for 2025-2026, with expected net profits of 1.466 billion RMB (down 28%), 1.882 billion RMB (down 22%), and 2.207 billion RMB for 2027, translating to EPS of 0.96, 1.23, and 1.45 RMB respectively [4][6]. - The company is expected to maintain its leading position in the polyester market, with increasing market share as polyester production capacity expands [4].

Core Viewpoint - The 10th Bio-based Conference and Exhibition, Bio-based 2025, aims to accelerate the integration of technological and industrial innovation in the bio-based sector, with over 2000 industry professionals expected to attend [1]. Group 1: Event Overview - The event will take place from May 25-27, 2025, at the Sheshan Maoyuan Hotel in Shanghai, featuring three main components: an industry conference, an innovation exhibition, and the New Leaf Award ceremony [1][15]. - The conference will include one evaluation, five major forums, 17 specialized sessions, and eight unique matchmaking meetings [1]. Group 2: Organizers and Support - The event is organized by the Zhejiang Provincial Key Laboratory of Bio-based Polymer Materials and Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) [9]. - Supporting organizations include the China Synthetic Resin Association's Bio-based and Degradable Branch and the China Synthetic Rubber Industry Association's Thermoplastic Elastomer Branch [10]. Group 3: Expert Advisory Team - The conference features a distinguished advisory team, including academicians and professors from various prestigious institutions, such as Tsinghua University and the Chinese Academy of Sciences [10]. Group 4: Exhibitors and Innovations - Notable exhibitors include Wanhua Chemical Group, Mitsubishi Chemical, and Hefei Lif Biotechnology, showcasing advancements in bio-based materials and technologies [12][13]. - The event will highlight innovative companies in the bio-based sector, such as Suzhou Polygen Biotech and Jiangsu Saierke New Material Technology [12]. Group 5: Agenda Highlights - The first day will feature a Youth Scientist Forum focusing on cutting-edge technologies in the bio-based field [27]. - The second day will include a macro forum on the bio-based industry, featuring keynote speeches from prominent academicians [30]. Group 6: Networking and Collaboration - The conference will facilitate networking opportunities through specialized forums and matchmaking sessions, aimed at fostering collaboration between industry players and researchers [57][59]. - A dedicated session for technology cooperation and project roadshows will be held to connect innovative projects with potential investors [51][52].