智通财经记者 | 袁颖琪 嘉必优（688089.SH）发布了2025年上半年业绩预告，预计实现营业收入3.07亿元，同比增长17.59%。净利润达1.07亿 元，同比增长57.6%，创下单季新高。 然而，这份高增长背后暗藏隐忧。不难发现，嘉必优的营收增速远低于利润增幅。公司解释，主因ARA产品单价出现 下降。 但这只是表面原因。嘉必优有94%收入依赖婴幼儿奶粉客户，与国内新生儿数量持续下降形成根本矛盾；燕窝酸、 HMOs等储备产品产业化缓慢，技术转化效率拖累新增长点培育。此外，公司高溢价收购的欧易生物，给嘉必优带来了 6.82亿商誉，埋下商誉风险。 嘉必优的合成生物学进击之路，正面临技术转化、客户依赖与资本豪赌的三大生存命题。 技术转化：实验室到货架的距离有多远？ 嘉必优通过改造微生物菌种，使其在发酵罐中高效生产高附加值营养素，其商业模式类似"细胞工厂"。 图片来源：智通财 经研究部制图 根据2024年年报，嘉必优的主要产品包括ARA（花生四烯酸）和藻油DHA。ARA作为婴幼儿配方奶粉必需成分，作用 是促进婴幼儿大脑发育，占公司2024年总收入的70.25%。 藻类DHA替代传统鱼油来源的DHA（二十二碳六烯 ...

Core Insights - National Investment Group's subsidiary, Guotou Juli, has completed a strategic investment of 450 million RMB in the synthetic biology company Yikolei Biotech, marking another significant investment in the biomanufacturing sector following a previous investment of 300 million RMB in Muen Biotech in 2024 [1][2]. Company Overview - Yikolei Biotech, established in 2015, has developed a comprehensive synthetic biology technology pathway and industrial production capabilities, focusing on enzyme-biosynthesis routes and intelligent cell design [3]. - The company has a diverse product matrix and has become a strategic partner for several industry giants, maintaining a leading position in biomedicine and green agriculture, with recent breakthroughs in the nutrition and health sector [5]. Product Innovations - Yikolei Biotech is the first company in China to receive approval for several functional food ingredients, including HMOs (human milk oligosaccharides), steviol glycosides, and sialic acid [5]. Industry Event - The 2025 Synthetic Biology and Green Biomanufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, Zhejiang, focusing on AI and biomanufacturing, green chemicals, new materials, future food, and agriculture [7]. - The conference aims to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan, emphasizing technology transfer, product scaling, and talent acquisition [7].