【DT新材料】 获悉， 10月15日， 亚科股份生物基材料项目 签约落户淮安工业园区。 项目一期计划建设一条涵盖上游原料和下游材料的中试产 线；二期规划建设5万吨/年的产业化项目，总投资10亿元，年销售额预计30亿元 ，并陆续落户公司其他在研项目。 亚科股份基于与 中国科学院宁波材料所 携手开发的"糠醛-糠酸-FDCA"非粮生物质技术路线 ，目前正在推动FDCA和PEF产业化。 亚科股份 创立于2003年，总部位于中国苏州。经过多年的创新发展，现已形成集研发、生产、销售和服务于一体的国家高新技术企业，业务范围覆 盖生命科学、体外诊断原辅料、新材料、科研采购电子商务、检测、绿色能源等。2023年，亚科股份获评 国家级"专精特新小巨人"企业 ，2024年 海外收入占比达50%。 FDCA 的芳香环结构赋予其卓越的热稳定性和刚性，使其成为PTA的理想替代品。 PTA 是全球需求量巨大的大宗化学品之一，而 FDCA 作为 PTA 的潜在替代品，按照替代率10%计算，市场规模可达千万吨。 相较于 主流的"果糖-HMF-FDCA"， 亚科股份的技术路线可 利用 玉米芯、植物秸秆等 非粮生物质为原料 ， 原料更丰富可持续、 ...

文 | 张冰冰 编辑 | 阿至 36氪获悉，「象生科技」近期宣布连续完成两轮数千万元天使+轮融资，由产业方CVC美丽境界资本、毅达资本、纳川资本联合领投，英诺天使基金、苏 州市科创投、苏州天使母基金、苏高新科创天使基金等机构跟投，资金将用于AI催化技术平台建设、产品研发、产线拓展及智能工厂建设。 「象生科技」成立于2024年1月，是依托深圳清华大学研究院、南京工业大学全国重点实验室等科研平台的产业化企业，专注于生物基及高性能材料微流 智能制造。「象生科技」团队成员来自布朗大学、剑桥大学、南京理工大学等海内外高校，创始人于超2020年作为江苏特聘教授回国，投入到AI纳米催 化和多相流微反应器的工程化研究与落地。 基于自研的多相流微反应器平台，「象生科技」通过研发生物酶及纳米催化剂，实现生物基呋喃材料FDCA、PEF产品量产，并为多家产业客户提供微流 工艺开发及量产（CRDMO）服务，目前产品及技术服务已在功能聚酯薄膜及纤维、纳米涂料、有机光电等领域落地，与多家五百强企业供应链达成产品 合作意向。 一、AI纳米催化+多相微流矩阵反应，实现生物基FDCA高效制备与降本 说起塑料材料，大众较为熟知的是PET聚酯，「象 ...

全球生物基和生物制造产业服务平台 www.bio-basedlink.net 【生物基能源与材料】 获悉，近日， 象生科技近期宣布连续完成两轮数千万元天使+轮融资 ，资金将用于AI催化技术平台建设、产品研发、产线拓展 及智能工厂建设。 象生科技成立于2024年1月，团队成员来自布朗大学、剑桥大学、南京理工大学等海内外高校，创始人于超2020年作为江苏特聘教授回国，投入到AI纳 米催化和多相流微反应器的工程化研究与落地。 象生科技从一开始瞄准 高阻隔包装场景 ，并通过自研的多相微流矩阵反应平台降低生产成本，为 复杂化学反应设计高度集成化系统 。 平台通过 构建 起 AI催化材料设计平台及实验数据库 ， 提升催化剂的活性和选择性 ，并 通过 流体模拟 的手段，提升混合效率并减少压力损失，最终 实现FDCA的 一步法制备 ，提升收率、产率和工艺稳定性，并降低生产和三废处理成本。 象生科技基于自研平台，研发 生物酶及纳米催化剂 ， 实现FDCA、PEF量产，并为多家产业客户提供微流工艺开发及量产服务 。目前产品及技术服务 已在 功能聚酯薄膜及纤维、纳米涂料、有机光电等领域落地 ， 与多家五百强企业供应链达成产品合作意 ...

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].