证券日报网讯2月3日，晨光生物（300138）在互动平台回答投资者提问时表示，公司主要产品广泛应用 于食品饮料、调味品、营养保健、医药、香精香料、动保及饲料蛋白等领域。 ...

Summary of the Conference Call for Morning Bio Company Overview - **Company**: Morning Bio (晨光生物) - **Industry**: Natural and synthetic colorants, plant extracts Key Points Business Performance - The plant extract business showed steady growth, with sales of chili red pigment and chili extract increasing by 27% and 65% year-on-year, respectively, despite a decline in product prices. The company maintained stable profits through cost-plus pricing [2][4] - Revenue from tiered products (e.g., steviol glycosides, Sichuan pepper extract) grew rapidly from 600 million to 800 million, with a growth rate close to 30%. The duty-free business turned profitable, achieving profits of approximately 70-80 million [2][4] - The company plans to expand its monk fruit extract processing business, with an initial expected revenue of about 100 million from a new factory in Guilin [3][19] Market Trends - There is a clear trend towards natural colorants replacing synthetic ones, with the potential market size in the U.S. reaching 2 billion USD. The company has developed alternatives like Temptation Red, Sunset Yellow, and Lemon Yellow, expecting to gradually replace a market space worth 100 billion over the next five years [2][5][6] - The average cost of natural colorants is about ten times that of synthetic ones, but downstream companies prioritize color consistency and stability over cost [2][8] Strategic Adjustments - The company is adjusting its lutein strategy by actively controlling sales to guide price recovery, expecting a slight decline in sales volume in 2026 but an improvement in profit margins [2][7][12] - The company emphasizes R&D investment and team building to provide application solutions, enhancing customer stickiness and extending the industrial chain downstream [2][10] Future Outlook - The operating environment in 2026 is expected to remain stable compared to 2025, with a focus on maintaining profit stability through cost-plus pricing and managing raw material costs [7][12] - The company aims to achieve a sales target of 1 billion grams, which is expected to drive overall profit margins up. The product structure changes, with higher margins from products like tomato red compared to lower-margin products like chili red, will contribute to long-term profit margin increases [17][18] Expansion Plans - The company plans to invest 80 million in building a monk fruit factory to reduce transportation costs and enhance production efficiency. The initial expected revenue from this investment is around 100 million [19] - The company is also looking to expand its overseas bases, particularly in Myanmar, despite political instability affecting expansion plans [15] Competitive Positioning - Morning Bio differentiates itself from competitors by focusing on technical service and customer solutions rather than just logistics and supply flexibility. This approach enhances service quality and product development [10][11] Risks and Challenges - The company faces challenges in the lutein market, where supply exceeds demand, keeping prices under pressure. The management of raw material inventory and strategic stock levels will be crucial for maintaining profitability [12][14] Conclusion - Morning Bio is positioned to capitalize on the growing demand for natural colorants while managing the challenges of pricing and supply dynamics in the industry. The strategic focus on R&D, customer service, and product diversification is expected to enhance its competitive edge and profitability in the long term [2][17]

Core Insights - The Chinese red date extract market is projected to reach 1.197 billion yuan in 2024, reflecting a year-on-year increase of 5.3% driven by health consumption upgrades, policy support, and technological innovation [1][13][14] Market Overview - The red date extract is derived from the fruit of red dates and is primarily used in pharmaceuticals, health products, beverages, and food additives. It is characterized by a brownish-yellow to brown powder with a sweet taste, containing alkaloids, sugars, organic acids, and vitamins, which provide health benefits such as nourishing the body, regulating endocrine functions, enhancing immunity, and improving blood circulation [3][4] Industry Chain - The red date extract industry chain consists of three segments: - Upstream: Focuses on red date cultivation, agricultural supply, and initial processing equipment manufacturing, with major production concentrated in regions like Xinjiang, Hebei, Shandong, Shaanxi, and Shanxi [7][8] - Midstream: Involves the procurement, processing, and extraction of red dates [8] - Downstream: Encompasses applications in food and beverages, dietary supplements, cosmetics, and pharmaceuticals, catering to consumer demands for natural and healthy products [8][10] Competitive Landscape - The red date extract industry is characterized by a "leading enterprises dominate, small and medium enterprises differentiate" structure. Leading companies leverage their R&D capabilities and full industry chain advantages to maintain market dominance, while smaller firms focus on niche markets and differentiated services [14][15] Development Trends - The application of red date extract is expected to deepen across various sectors: - In the food sector, there will be a shift towards developing functional foods tailored for specific demographics such as the elderly and athletes [17] - In cosmetics, the extract's antioxidant and moisturizing properties will see broader applications in skincare products [17] - In pharmaceuticals, the extract's medicinal value will be further explored for potential use in treatments for cardiovascular issues and immune enhancement [17] Sustainability and Green Production - The industry will increasingly emphasize sustainable development and green production practices, promoting eco-friendly cultivation methods and optimizing resource utilization during production to minimize environmental impact [18] International Market Expansion - Companies will accelerate their international market strategies, responding to growing demand for natural health products in regions like North America and Europe, while leveraging e-commerce to enhance global reach [19]

Investment Rating - The report assigns an "Accumulate" rating for the industry [3] Core Insights - The price of piglets follows a clear historical pattern, with expectations for continued price increases followed by a decline around May/June. A significant capacity reduction cycle is anticipated in 2026, primarily occurring in the second half of the year, while stock prices are expected to start rising in the first half [5][6] - The report emphasizes that piglet prices are influenced by production patterns, with December and January being peak slaughter months, leading to increased demand for piglets. Conversely, supply remains relatively stable, which can lead to price increases when demand surges [7] - The report highlights that piglet prices do not correlate with pig price expectations and cannot be used to predict pig prices. The annual variations in piglet prices are consistent, while pig prices fluctuate yearly, indicating a lack of direct relationship [7] - The report recommends focusing on the pig farming sector, predicting a significant capacity reduction cycle in 2026. It suggests that the first half of 2026 will resemble the first half of 2023, with losses in fat pigs but profits in piglets, leading to a smoother capacity reduction after the anticipated price drop in May/June [7] - Key companies to watch include Muyuan Foods, Wens Foodstuff Group, Tiankang Biological, Juxing Agriculture, and Shennong Group, as their valuations are currently at the bottom, with potential for stock price increases as the industry faces losses and clearer capacity reduction trends [7][8] Summary by Sections Historical Price Trends - Piglet prices exhibit a clear historical trend, typically bottoming out in December/January and peaking in May/June. The fluctuations are tied to seasonal production patterns and demand cycles [5][7] Production and Supply Dynamics - The report discusses the relationship between supply and demand, noting that while supply is stable, demand spikes during certain months can lead to price increases. The cyclical nature of pig farming is highlighted, with adjustments made to align production with demand [7] Investment Opportunities - The report identifies a significant capacity reduction cycle in the pig farming industry for 2026, suggesting that investors should focus on companies with strong fundamentals and current low valuations, as they are likely to benefit from the anticipated market changes [7][8]

Core Insights - Chili oil resin, a natural plant extract, is widely used in food processing, cosmetics, and biomedicine due to its coloring, preservative, and antioxidant properties. The food processing sector is the primary demand source, with increasing needs for stable spiciness and uniform flavor in ready-to-eat meals and compound seasonings. The market for chili oil resin is expected to grow, reaching a market size of 650 million yuan in 2024, driven by rising penetration rates and expanding application fields [1][10]. Industry Overview - Chili oil resin, also known as chili essence, is derived from chili peppers and contains over a hundred complex chemical substances, including capsaicin, proteins, pectin, polysaccharides, and chili pigments. It is a natural food ingredient and not an illegal additive, with a spiciness level starting from one million SHU [3][10]. Industry Chain - The chili oil resin industry chain consists of three segments: 1. **Upstream**: Chili cultivation, which is influenced by climate and soil conditions, primarily located in Sichuan, Guizhou, Hunan, and Hubei provinces. The planting area has remained stable at over 11 million acres, with a production exceeding 16 million tons from 2015 to 2023 [6][7]. 2. **Midstream**: Involves the extraction, refinement, and deep processing of chili oil resin [6]. 3. **Downstream**: Applications in food, pharmaceuticals, and cosmetics, with food industry being the largest segment, accounting for 46% of the market [10][11]. Market Size and Growth - The chili oil resin market in China is projected to reach 650 million yuan by 2024, with expectations of continued growth as penetration rates increase and application fields expand [1][10]. Competitive Landscape - Major companies in the chili oil resin industry include Morning Bio, Yasheng Group, Tianwei Foods, and others. Morning Bio holds a dominant market position, but faces competition from domestic peers and international brands [2][11]. Development Trends 1. **Integration of Industry Chain**: There will be a stronger collaboration between processing companies and chili cultivation bases, focusing on high-quality chili varieties and stable supply [14]. 2. **Diversified and Globalized Market Demand**: Demand will expand into non-food sectors like pharmaceuticals and cosmetics, while international markets will see increased exports as product quality improves [15]. 3. **Increasing Industry Penetration**: Currently, the penetration rate of chili oil resin in downstream sectors is below 1%, indicating significant growth potential as consumer preferences evolve [16].

证券代码：300138 证券简称：晨光生物 公告编号：2026—007 晨光生物科技集团股份有限公司 关于为子公司银行借款提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 公司与昆仑银行就上述借款事宜签署了《保证合同》，担保金额：2,000 万 元人民币；保证方式为：连带责任保证；保证期间为：自主合同项下的每笔债务 借款期限届满之次日起三年；保证范围为：主债权本金、利息、复利（含期内利 息、逾期未付利息）、罚息、违约金、损害赔偿金、汇率损失（因汇率变动引起 的相关损失）以及实现债权的费用（包括但不限于诉讼费、仲裁费、律师费、保 全费、鉴定费、执行费、拍卖费等）。 一、担保情况概述 晨光生物科技集团股份有限公司（简称"公司"）于 2025 年 4 月 3 日召开 第五届董事会第十五次会议、2025 年 5 月 6 日召开 2024 年年度股东大会，审议 通过了《关于公司与子公司或子公司之间融资担保的议案》，同意公司及合并报 表范围内各级子公司在2024年年度股东大会审议通过之日起至2025年年度股东 大会召开日，向融资机构申请办理各类融资业务余 ...

Core Viewpoint - The company has received production approval for sodium chlorogenic acid as a new feed additive, indicating a significant advancement in its product offerings and market potential [2]. Group 1: Product Development - The company officially obtained production licensing for sodium chlorogenic acid as a new feed additive on December 29, 2025 [2]. - The product exhibits clear antioxidant, anti-inflammatory, and antiviral functions, suggesting a broad market outlook in the feed additive sector [2]. Group 2: Production Technology - Sodium chlorogenic acid is a byproduct of the steviol glycosides production process, utilizing the company's self-developed short-chain alcohol mixed solution extraction technology [2]. - This technology allows for resource integration while ensuring the main product's production, demonstrating good unit efficiency [2].

Core Viewpoint - The agricultural processing sector experienced a rise of 0.59% on January 20, with Morning Glory Biological leading the gains, while the Shanghai Composite Index fell by 0.01% and the Shenzhen Component Index decreased by 0.97% [1]. Group 1: Market Performance - The agricultural processing sector's stocks showed varied performance, with Morning Glory Biological closing at 14.20, up by 3.35%, and a trading volume of 246,300 shares, amounting to 347 million yuan [1]. - Other notable performers included COFCO Technology, which rose by 2.52% to close at 6.11, and Yisheng Biological, which increased by 2.06% to 34.70 [1]. - The overall trading volume for the sector was significant, with Morning Glory Biological and Golden Dragon Fish contributing 347 million yuan and 348 million yuan respectively [1]. Group 2: Fund Flow Analysis - The agricultural processing sector saw a net outflow of 39.79 million yuan from institutional investors and 23.27 million yuan from retail investors, while individual investors contributed a net inflow of 63.07 million yuan [2]. - Specific stocks like COFCO Technology experienced a significant net outflow of 31.50 million yuan from institutional investors, while Golden Dragon Fish had a net inflow of 15.73 million yuan [3]. - The fund flow dynamics indicate a mixed sentiment, with retail investors showing interest in certain stocks despite the overall outflow from larger investors [2][3].

证券代码：300138 证券简称：晨光生物 公告编号：2026—006 | 股东姓 名 | 减持方式 | 减持时间 | 减持均价 （元） | 减持股数 （股） | 减持比例 | 股份来源 | | --- | --- | --- | --- | --- | --- | --- | | 李凤飞 | 集中竞价 交易 | 2026 年 1 月 16 日 | 13.69 | 140,000 | 0.03% | 公司首次公开发行前发 行的股份上市后资本公 积金转增股本取得的股 | | | | | | | | 份，公司实施股权激励 | | | | | | | | 计划被授予的股份 | 2、股东本次减持前后持股情况 | 股东名 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | 称 | | 股数（股） | 占总股本 比例（%） | 占总股本 股数（股） 比例（%） | | | 李凤飞 | 合计持有股份 | 567,883 | 0.12% | 427,883 | 0.09% | | | 其中：无限售条件股份 | 141,971 ...

Investment Rating - The report provides an "Increase" rating for the industry, indicating a positive outlook compared to the Shanghai and Shenzhen 300 Index [46]. Core Insights - The report highlights the strengthening of pig prices, with a current price of 12.69 CNY/Kg, reflecting a week-on-week increase of 0.20 CNY/Kg. Factors contributing to this trend include a decrease in sales plans for January and the anticipated impact of a nationwide cold wave starting January 19, which may further boost prices [5][10]. - In the planting sector, corn and soybean prices have shown stability, with corn prices at 2364 CNY/ton (up 0.5% week-on-week) and soybean prices at 4072 CNY/ton (up 0.6% week-on-week). The report expresses optimism for the recovery of planting sector profitability [3][10]. - The pet industry is experiencing increased attention due to major exhibitions, with significant events scheduled in March 2026, which are expected to catalyze new product launches from leading domestic brands [4]. Summary by Sections Livestock - The report notes that pig prices are on the rise, with a current price of 12.69 CNY/Kg, up 1.60% week-on-week and 10.06% month-on-month, although down 19.33% year-on-year. The report suggests that the cold wave and increased demand during the lunar month will be key factors influencing future price movements [5][10]. - Recommended stocks in the livestock sector include Muyuan Foods, Wens Foodstuffs, and others, with a focus on companies that are expected to benefit from the recovery in pig prices [5][40]. Planting - The report indicates that corn and soybean prices are stable, with corn at 2364 CNY/ton and soybeans at 4072 CNY/ton. The planting sector is expected to see a recovery in profitability, particularly benefiting seed companies that focus on high-quality products [3][10]. Pet Industry - Major pet exhibitions are set to take place in March 2026, which are expected to enhance market interest and lead to new product launches from top brands. The report emphasizes the potential for growth in the pet sector due to these events [4][10]. Key Company Coverage - The report includes earnings forecasts and valuations for key companies in the industry, with all covered companies receiving an "Increase" rating. Notable companies include Muyuan Foods, Wens Foodstuffs, and various firms in the pet and agricultural sectors [40].