主论坛由天俱时科技论坛组委会副主席，天津大学英才教授、博士生导师刘庆岭教授与天俱时科技 论坛组委会副主席，上海海嘉诺医药发展股份有限公司董事长张华博士共同主持。 图丨主持人刘庆岭(左)、张华(右)主持会议 01 开幕致辞：共绘产业创新蓝图 10月23日-24日，由天俱时科技论坛组委会与天俱时集团联合主办的"2025·第18届天俱时科技论 坛"(以下简称论坛)，在石家庄中茂海悦酒店隆重举办。论坛以"破局 蝶变：共谋精细化工与合成生物产 业新篇"为主题，汇聚了近三百位来自国内外的知名专家学者、科研人员及企业代表，共赴一场科技与 创新的思想盛宴。 视频丨2025·第18届天俱时科技论坛盛况 天俱时科技论坛组委会副主席、天俱时首席技术官陈平博士致欢迎辞。陈平博士表示，当前精细化 工与合成生物产业正处在向高端化、智能化、绿色化转型的"攻坚深水区"。本届论坛以"破局·蝶变"为主 题，旨在汇聚产学研顶尖力量，共同探寻产业发展航向，期待通过论坛促成思维碰撞，转化为发展的实 际动能。 图丨陈平博士致欢迎辞 深圳市研一新材料有限责任公司董事长岳敏先生在致辞中表示，创新不能止于实验室，必须转化为 产业价值。他通过分享与天俱时合作打 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [7] Core Views - The company reported a revenue of 2.18 billion RMB for 2024, a year-on-year increase of 12%, but the net profit attributable to shareholders decreased by 58% to 190 million RMB [1] - The decline in profitability is attributed to the drop in valine prices and increased expenses, with the fourth quarter of 2024 showing a significant drop in net profit [1] - The first quarter of 2025 saw a revenue increase of 37% year-on-year, driven by a rebound in valine prices [1][2] - The company is expected to benefit from the gradual market expansion of new products such as tryptophan, PDO, and succinic acid, which may open up growth opportunities [1][3] Summary by Sections Financial Performance - In 2024, the average market price of valine was 14.4 RMB/kg, down 37% year-on-year, primarily due to competition and increased industry capacity [2] - The overall revenue from amino acid products increased by 3% to 1.51 billion RMB, but the gross margin decreased by 13.3 percentage points to 30% [2] - The comprehensive gross margin for the company fell by 15.6 percentage points to 24.9% in 2024 [2] Product Pricing and Market Conditions - As of April 22, 2024, the prices for valine, tryptophan, and arginine were 13.5, 45.5, and 28 RMB/kg respectively, indicating a decline due to industry competition [3] - The first quarter of 2025 showed a slight recovery in valine prices, but the overall market conditions for small amino acids remain challenging [2][3] Future Growth Potential - New projects, including the production of succinic acid and PDO, are expected to gradually release capacity and contribute to future growth [3] - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 290 million and 380 million RMB respectively, reflecting a decrease from previous estimates [4] - The target price for the company is set at 30.42 RMB, based on a price-to-earnings ratio of 26 times for 2025 [4][8]