Group 1 - New stock offering: Guoliang New Materials has an offering code of 920076, with an issue price of 10.76 yuan per share and a subscription limit of 812,000 shares [1] - The Ministry of Commerce announced the continuation of anti-subsidy measures on imported solar-grade polysilicon from the United States, effective January 14, 2026, for a period of five years [2] - The Ministry of Industry and Information Technology issued an action plan for the high-quality development of industrial internet platforms, aiming for over 450 influential platforms by 2028 and a connection of over 120 million industrial devices [3] Group 2 - The Ministry of Civil Affairs and eight other departments released measures to promote the silver economy, focusing on optimizing elderly care services and encouraging community-based operations [4] - Guangzhou's draft policy for integrated circuit industry development aims to support major projects through financial institutions and encourage venture capital participation [5] - Sichuan Province's action plan for a green manufacturing system aims to establish a comprehensive green manufacturing framework by 2030, with significant reductions in energy consumption and carbon emissions [6] Group 3 - Kweichow Moutai's board approved a market-oriented operation plan for 2026, establishing a dynamic adjustment mechanism for retail prices [7] - TCL Technology expects a net profit increase of 169% to 191% year-on-year for 2025 [9] - Baiwei Storage anticipates a net profit increase of 427.19% to 520.22% year-on-year for 2025 [10] - Morning Light Bio forecasts a net profit increase of 272.14% to 330.62% year-on-year for 2025 [11]

Core Viewpoint - The company, Chenguang Biotech Group Co., Ltd., is expected to report a significant increase in net profit for the year 2025, driven by strong performance in its plant extract business and improvements in its cottonseed operations [1][2][3] Financial Performance - The projected net profit attributable to shareholders is between 350 million to 405 million yuan, representing a year-on-year increase of 272.14% to 330.62% from 94.04 million yuan [1] - The expected operating revenue for 2025 is approximately 6.6 billion yuan, indicating stable overall business growth [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between 274 million to 329 million yuan, with a year-on-year growth rate of 519.13% to 643.41% [1] Business Segments - The plant extract business is the core driver of growth, with the sales volume of the key product, Capsicum Red, exceeding 10,000 tons, a year-on-year increase of about 27% [1][2] - The high-value product, Capsicum Extract, saw sales of approximately 2,900 tons, a significant increase of 65% year-on-year, becoming a crucial growth engine for the plant extract business [1][2] - The lutein sales volume, although slightly decreased, remained substantial at 460 million grams, maintaining competitive market strength [1] Operational Improvements - The cottonseed business has improved significantly, with the company focusing on core processing operations and achieving revenue of about 2.9 billion yuan, despite a decline in overall revenue [2] - The company successfully turned the cottonseed business from a loss-making segment to a profitable contributor by optimizing its business structure and benefiting from industry recovery [2][3] Market Position and Future Outlook - Chenguang Biotech has established strong competitive barriers in raw material procurement, production processes, and cost control, reinforcing its leading position in the global plant extract market [3] - The ongoing high growth in the plant extract business and the profitability improvement in the cottonseed segment are expected to support the company's stable future performance [3] - The company is well-positioned to benefit from the expanding market demand for natural plant extracts due to rising consumer health awareness and food industry upgrades [3]

Core Viewpoint - The company expects a significant increase in net profit for 2025, with projections indicating a growth of 272.14% to 330.62% compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is between 35 million and 40.5 million, with a substantial increase in net profit excluding non-recurring gains and losses projected to be between 27.4 million and 32.9 million, reflecting a growth of 519.13% to 643.41% year-on-year [1] - The company anticipates total operating revenue of approximately 6.6 billion for 2025, marking a significant overall performance improvement compared to the previous year [1] Business Segments - The plant extraction business is expected to be a cornerstone of the company's growth, with chili red sales projected to exceed 10,000 tons, representing a year-on-year increase of about 27% [1] - Chili essence sales are expected to reach approximately 2,900 tons, showing a year-on-year growth of about 65% [1] - Lutein sales are projected to be around 460 million grams, indicating a slight decline compared to the previous year [1] - The cottonseed business has seen a decrease in trading activities, with revenue around 2.9 billion, but is expected to recover profitability as market conditions improve [1]

Core Viewpoint - The company, Morning Light Bio (300138.SZ), expects a significant increase in net profit for 2025, projecting a range of 350 million to 405 million yuan, representing a year-on-year growth of 272.14% to 330.62% [1] Group 1: Financial Performance - The projected net profit for 2025 is between 350 million and 405 million yuan, indicating a substantial increase compared to the previous year [1] - The company's overall performance is expected to improve due to growth in the plant extraction business, which is a cornerstone of its development [1] Group 2: Business Segments - The plant extraction segment is anticipated to see revenue and gross profit growth, with chili red sales exceeding 10,000 tons, reflecting a year-on-year increase of approximately 27% [1] - Chili essence sales are projected to be around 2,900 tons, showing a year-on-year growth of about 65% [1] - Lutein sales are expected to be around 460 million grams, with a slight year-on-year decline [1] - The cottonseed segment has seen a reduction in trading business, generating approximately 2.9 billion yuan in revenue, which is a year-on-year decrease; however, with market recovery, product profit margins have rebounded, leading to a turnaround from loss to profit [1]

晨光生物公告，预计2025年度净利润为3.5亿元—4.05亿元，同比增长272.14%至330.62%。2025年，植 提类业务实现的收入和毛利额同比增长，是公司发展的基石，其中辣椒红实现销量1万吨以上，同比增 长约27%；辣椒精销量约2900吨，同比增长约65%；叶黄素销量约4.6亿克，同比略有下降。棉籽类业务 减少了贸易业务，实现收入约29亿元，同比有所下降，但随着行情回暖，产品利润率回升，同比实现扭 亏为盈。 ...

证券代码：300138 证券简称：晨光生物 公告编号：2026—001 晨光生物科技集团股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、预计的业绩：预计净利润为正值且属于同向上升50%以上情形。 | 项目 | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利：35,000 万元—40,500 | 万元 | 盈利：9,404.96 | 万元 | | | 比上年同期增长：272.14%至 | 330.62% | | | | 归属于上市公司股东 扣除非经常性损益后 | 盈利：27,400 万元—32,900 | 万元 | 盈利：4,425.55 | 万元 | | 的净利润 | 比上年同期增长：519.13%至 | 643.41% | | | 二、与会计师事务所沟通情况 公司已就业绩预告有关事项与会计师进行了预沟通，不存在分歧。 三、业绩变动原因说明 ...

Market Overview - The agricultural processing sector increased by 0.15% on January 5, with Morning Glory Biological leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Morning Glory Biological (300138) closed at 12.83, with a rise of 3.38% and a trading volume of 75,200 shares, amounting to 95.67 million yuan [1] - Other notable performers included: - ST Zhongji (000972) at 4.03, up 2.81% with a trading volume of 258,900 shares [1] - Jinlongyu (300999) at 29.37, up 2.19% with a trading volume of 123,900 shares [1] - Daodaoquan (002852) at 10.73, up 1.71% with a trading volume of 44,300 shares [1] Capital Flow - The agricultural processing sector saw a net inflow of 30.45 million yuan from main funds, while retail funds experienced a net outflow of 11.92 million yuan [2] - The main funds' net inflow and outflow for specific stocks included: - Huadao Industrial (600191) with a net inflow of 24.94 million yuan [3] - Guannong Co. (600251) with a net inflow of 17.58 million yuan [3] - Yongshuntai (001338) with a net inflow of 9.82 million yuan [3]

Investment Rating - The report recommends focusing on the cyclical turning points in the pig and beef farming sectors, highlighting companies like Muyuan Foods and WH Group as potential investments. The pet industry shows clear growth potential, with companies that integrate production, sales, and research expected to succeed, such as Zhongchong Co., Guibao Pet, and Petty Co. The planting sector also has significant growth potential, with recommendations for companies like Morning Light Bio and Noposion [11]. Core Insights - The pig farming sector is expected to face continued low prices in the first half of 2026, driven by both policy and cyclical factors, with a focus on cost improvement and growth potential in pig farming enterprises [2][15]. - The poultry sector is experiencing a recovery phase, with white chicken prices remaining low and yellow chicken demand potentially increasing due to promotional activities [3][37]. - The beef farming sector is characterized by a long production cycle, with supply-side contractions likely to drive prices upward, particularly from 2025 onwards [4][46]. - The feed and animal health sectors are expected to see growth in sales, with a focus on the competitive landscape and the impact of low profits on animal health demand [5][63]. - The planting sector is projected to see stable grain prices, driven by domestic control and innovation, with a focus on specialty crops and plant extracts [6][69]. Summary by Sections Pig Farming - Prices are expected to remain low in the first half of 2026, with a gradual increase in supply due to rising breeding sow inventories [15]. - Capacity policies and cyclical adjustments are leading to a continued reduction in production capacity, with a focus on cost reduction and debt management among pig farming companies [23][27]. - Companies like Muyuan Foods are highlighted for their cost improvements, with expectations of further reductions in production costs [29]. Poultry Farming - The white chicken industry is in a deep price slump, with recovery expected to take time, while yellow chicken prices may see slight recovery due to promotional efforts [32][37]. - Leading companies are improving their operational efficiencies to cope with low prices, which may enhance their performance when prices recover [33]. Beef Farming - The long production cycle and fragmented market structure of beef farming in China are significant factors, with supply reductions expected to lead to price increases starting in 2025 [41][46]. - The beef supply is projected to decrease in the latter half of 2025, with expectations of continued price increases through 2027 [47]. Feed and Animal Health - The feed sector is expected to see a recovery in sales, with high inventory levels in the livestock sector supporting growth [52]. - The animal health sector may face pressure due to low profits in the livestock sector, but there are opportunities for breakthroughs in key products [63][65]. Planting - Grain prices are expected to stabilize and rise, with a focus on domestic production and innovation in seed varieties [69][75]. - The planting sector is seeing a shift towards high-quality, innovative seed varieties, with companies like Kangnong Seed showing strong growth potential [87].

Core Viewpoint - The increasing health awareness among the public and the deepening "sugar reduction" consciousness have made sugar-free/low-sugar food and beverages mainstream choices, with steviol glycosides emerging as a preferred alternative to sucrose and artificial sweeteners due to their natural, low-calorie, and blood sugar-neutral characteristics. The "Healthy China" strategy and related policies are driving food and beverage companies to adopt natural sweeteners, leading to a projected market size of 1.037 billion yuan for the steviol glycoside industry in China by 2024, representing a year-on-year growth of 10.2% [1][10]. Industry Overview - Steviol glycosides, derived from the Stevia plant, are natural sweeteners with a sweetness level 200-300 times that of sucrose and only 1/300 of its calories, making them suitable substitutes for sugar [2][4]. - The industry has evolved through five stages: introduction, initial industrialization, rapid expansion, adjustment and integration, and high-end upgrading, transitioning from low-end raw material supply to a comprehensive industry chain and high-end product leadership [4][5]. Market Policies - Recent policies emphasize food safety and quality control, including the "14th Five-Year Plan for National Health" and various regulations aimed at optimizing food additive standards, which encourage the use of steviol glycosides and promote a shift towards a more standardized, green, and high-quality industry [6][9]. Industry Chain - The steviol glycoside industry chain includes upstream activities such as the cultivation and harvesting of Stevia, midstream processes like extraction and purification, and downstream applications in food, beverages, health products, pharmaceuticals, and daily chemicals [6][8]. Current Market Demand - The food and beverage sectors are the primary consumers of steviol glycosides, with sugar-free beverages, baked goods, dairy products, and seasonings increasingly incorporating these sweeteners. By 2024, these sectors are expected to account for over 60% of the market [8][10]. Competitive Landscape - The market concentration of the steviol glycoside industry has increased, with leading companies such as Guilin Liyang Biotechnology Co., Ltd. and Chenguang Biotech Group Co., Ltd. dominating the market through technological innovation and comprehensive industry chain strategies [10][11]. Company Analysis - Guilin Liyang Biotechnology Co., Ltd. reported a total revenue of 837 million yuan and a gross profit of 197 million yuan in the first half of 2025, with a gross margin of 23.57% [11]. - Chenguang Biotech Group Co., Ltd. achieved a revenue of 3.658 billion yuan and a gross profit of 507 million yuan in the same period, with a gross margin of 13.86% [11]. Future Development Trends - The industry is expected to focus on high-quality rare components like RebA/RebD/RebM, with a shift from homogeneous price competition to high-end product value competition. There will be a transition from single steviol glycosides to composite products that combine steviol glycosides with other functional ingredients, catering to specific dietary needs [12][13].

Investment Rating - The report assigns an "Accumulate" rating for the agricultural industry [9] Core Insights - In 2026, the pig and beef cattle farming sectors are expected to reach a cyclical turning point, with clear growth potential in the pet sector and significant opportunities in specialty planting [2][13] - Companies with complete production, sales, and research capabilities in the pet industry are likely to succeed amid competitive pressures [8] Summary by Sections Pig Farming - Price: The pig price is expected to remain low in the first half of 2026, leading to continued low profits in the industry [3] - Capacity: Policy and cyclical adjustments are driving capacity reduction, with a focus on cost improvement and growth potential in pig farming enterprises [3][27] - Debt Reduction: The average debt-to-asset ratio for listed pig farming companies has decreased to 56.27%, indicating improved financial health [27] Poultry Farming - White Chicken: The industry is experiencing deep price declines, with a return to supply-demand balance expected to take time [4][30] - Yellow Chicken: Prices may see slight recovery, supported by promotional activities for native chicken varieties [35] Beef Farming - Long Cycle: The beef farming cycle is lengthy, with a fragmented supply structure impacting pricing dynamics [39] - Price Outlook: A supply contraction is expected to support continued price increases for beef from 2025 onwards [46] Feed and Animal Health - Feed: The feed sector is anticipated to see growth in sales, with a positive outlook for 2026 as livestock numbers remain high [49] - Animal Health: Demand for animal health products may face pressure due to low profits in farming, but breakthroughs in key products are worth monitoring [58][59] Planting - Grain Prices: Grain prices are expected to trend upwards, driven by increased focus on food security and innovation in seed varieties [7][64] - Specialty Planting: Opportunities in specialty crops like blueberries and mushrooms are highlighted, with a focus on innovation and market demand [7][70] Pet Industry - Growth Potential: The pet market is thriving, with strong consumer willingness to spend, indicating clear growth prospects [8][13] - Competitive Landscape: Companies with integrated production, sales, and research capabilities are rare and likely to outperform in the competitive environment [8][13]