证券代码：300138 证券简称：晨光生物 公告编号：2025—132 晨光生物科技集团股份有限公司 一、担保情况概述 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。 发生下列情形之一的，债权人有权要求保证人履行保证责任：主合同项下债 务履行期限届满，债权人未受清偿；债务人、保证人被人民法院受理破产申请或 者裁定和解；债务人、保证人被撤销、吊销营业执照、责令关闭或者出现其他解 散事由；保证人违反本合同项下义务；其他严重影响债权实现的情形；债权人与 保证人采取任何方式约定的保证人应履行担保责任的其他情形。 三、累计对外担保情况 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额不超 70 亿元；融资担保方 式 ...

Core Viewpoint - Morning Light Bio has been recognized as a high-tech enterprise by the Hebei provincial authority, enhancing its credibility and potential for innovation in the industry [1] Group 1: Company Recognition - Morning Light Bio's subsidiary, Handan Morning Light, has been included in the second batch of high-tech enterprise filings by the Hebei provincial authority, with certificate number GR202513001844, issued on December 2, 2025 [1] - Another subsidiary, Morning Light Testing, has also been recognized as a high-tech enterprise, with certificate number GR202513002612, issued on December 2, 2025 [1] - The subsidiary, Shache Morning Light, received its high-tech enterprise certificate from the Xinjiang authorities, with certificate number GR202565000276, issued on October 28, 2025, valid for three years [1]

证券代码：300138 证券简称：晨光生物 公告编号：2025—131 晨光生物科技集团股份有限公司 全资子公司——晨光生物科技集团莎车有限公司（以下简称"莎车晨光"） 于近日正式收到新疆维吾尔自治区科学技术厅、新疆维吾尔自治区财政厅及国家 税务总局新疆维吾尔自治区税务局联合颁发的《高新技术企业证书》，证书编号： GR202565000276，发证时间：2025 年 10 月 28 日，有效期：三年。 邯郸晨光、晨光检测及莎车晨光公司本次高新技术企业认定系原高新技术企 业证书有效期满后进行的重新认定，根据国家对高新技术企业的相关税收优惠政 策，上述子公司自通过高新技术企业认定当年起三年内可享受国家关于高新技术 企业的税收优惠政策，即按 15%的税率缴纳企业所得税。邯郸晨光及晨光检测公 司 2025 年度已根据国家对高新技术企业的相关税收优惠政策预缴企业所得税； 莎车晨光 2025 年度已根据《关于深入实施西部大开发战略有关税收政策问题的 通知》（财税[2011]58 号）、《国家税务总局关于深入实施西部大开发战略有 关企业所得税问题的公告》（2012 年 12 号）、《财政部 税务总局 国家发展改 革委关于延 ...

Core Viewpoint - The construction of pilot test platforms in China's manufacturing sector is steadily advancing, supported by national policies, with over 2,400 platforms expected to be built by 2024 and more than 150,000 industrial enterprises engaged in pilot testing activities [1][8]. Group 1: Overview of Pilot Test Platforms - Pilot test platforms serve as an intermediate testing stage before formal production, crucial for transforming new products from the trial phase to industrial application, often referred to as the "last mile" of technology transfer [2]. - The platforms play a vital role in ensuring product quality and feasibility, helping research outcomes transition smoothly from laboratories to production lines [2][5]. Group 2: Types of Pilot Test Platforms - There are three main types of pilot test platforms: resource-based, shared, and ecological. Resource-based platforms focus on individual enterprises' needs, while shared platforms involve collaboration among various stakeholders to enhance technology commercialization [3][4]. - Ecological platforms, led by government entities, aim to create a collaborative environment for technology transfer, integrating resources from various sectors to support innovation and industrial development [4][5]. Group 3: Industry Policies - National policies have significantly supported the development of pilot test platforms, including the "Implementation Opinions on the Innovative Development of Manufacturing Pilot Test" released in January 2024, which encourages leading enterprises to build industry chain pilot platforms [6][7]. - Local governments are also actively promoting pilot test platform development through various initiatives, such as funding and support for collaborative construction among industry parks, research institutions, and enterprises [7]. Group 4: Current Industry Status - Since the early 1990s, China has been developing pilot test platforms, evolving from a focus on internal research outcomes to addressing market demands and fostering open, collaborative models [8]. - The number of pilot test platforms in the manufacturing sector is expected to exceed 2,400 by 2024, with significant investments in new projects across various regions [8]. Group 5: Competitive Landscape - The pilot test platform industry encompasses multiple sectors, including electronics, biomedicine, new materials, and artificial intelligence, with leading companies leveraging their technological advantages to dominate the market [10]. - Key players in the industry include companies like Shenzhen Jinbai Technology Co., Ltd. and Morning Light Biological Technology Group Co., Ltd., which have established robust pilot test platforms to enhance their research and development capabilities [11][13]. Group 6: Future Trends - The future of pilot test platforms is characterized by systematic and standardized development, with the establishment of a standardization technical committee to create guidelines for platform construction and management [13]. - There is a growing focus on specialization and networking, with pilot platforms increasingly targeting specific industries and utilizing digital technologies to create interconnected service networks [13].

晨光生物（300138.SZ）12月26日在投资者互动平台表示，公司建有多个符合国家药品GMP标准的现代 化生产车间，其中中药车间已于2018年通过国家药品GMP认证，具备片剂、胶囊剂、颗粒剂、丸剂四 个剂型的专业化、自动化生产能力。同时，公司还拥有十万级净化车间及完善的质量体系认证，可确保 产品质量稳定可控。目前，公司中药及配方颗粒产能在现有订单和已备案品种范围内可以满足业务需 要，具备承接集采订单的合格生产能力。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：随着中成药和中药配方颗粒逐步扩大纳入集采范围， 我公司凭借标准化和成本优势有望接连中标，请问是否已经具备了相当的产能来应对即将到来的中成药 和中药配方颗粒的大规模集采？ ...

Core Viewpoint - The company is steadily advancing in the traditional Chinese medicine sector, with a focus on producing various herbal products in compliance with national GMP standards [1] Group 1: Company Developments - The company has established a GMP-certified workshop for traditional Chinese medicine, enabling mass production of products such as ginkgo biloba tablets, ban lan gen granules, compound danshen tablets, wei ling granules, and bai zi yang xin pills [1] - The company has successfully won bids for several products, including ginkgo biloba tablets, danshen formula granules, yi mu cao formula granules, and astragalus formula granules [1]

Summary of the Conference Call for Morning Light Biological Company Overview - Morning Light Biological specializes in natural colorants, particularly chili red and chili extract, with a global market share of approximately 66% to 70% [2][3]. - The company is experiencing significant growth in sales, particularly in chili extract, which is expected to see a year-on-year growth rate of around 70% for the current year [2][5]. Industry Insights - The natural colorant industry is projected to maintain a natural growth rate of about 10% in the coming years, driven by increased penetration in mature markets and the development of the food industry in emerging markets [2][3]. - The market for lutein remains stable, with annual supply and sales around 400-500 million grams, showing no significant changes in market share [2][5]. Key Points - **Sales Growth**: Chili red and chili extract have seen historical peaks in sales, with chili extract's sales increasing by 80% in the first three quarters of the year [3][5]. - **Market Dynamics**: The increase in market share is expected to slow down as the market matures, with future growth relying more on natural industry growth rather than market share gains [3][5]. - **Cost Advantages**: Morning Light Biological has established a cost advantage through technological innovation and large-scale production, typically achieving production costs 5% to 10% lower than competitors [2][8]. - **Customized Solutions**: The company is focusing on customized solutions to enhance customer loyalty and product value, with customized products now accounting for 15% of sales [2][11]. Financial Performance - The company’s raw material procurement costs have remained stable compared to last year, despite a decrease in planting area for key raw materials [4][13]. - The health food contract manufacturing business is operating at nearly full capacity, with plans to expand production capacity by 50% next year [4][17]. Competitive Landscape - The competitive landscape in the plant extract industry is fragmented, with a few major players dominating larger product categories while smaller categories may have only one or two key competitors [6][7]. - Morning Light Biological's focus on technological innovation and efficiency gives it a competitive edge over many smaller firms in the industry [7][9]. Future Outlook - The company plans to maintain high levels of investment in research and development, particularly in customized product development, although a slight decrease in overall R&D expenses is expected in the coming years [16][18]. - The health food and traditional Chinese medicine sectors are expected to grow, with the latter projected to achieve breakeven in the near future [17][18]. Additional Considerations - The company is learning from international firms in the flavor and fragrance industry, which may influence its future growth strategies [22][23]. - The overall profitability of upstream farmers is currently low, which may impact raw material supply in the future [15]. This summary encapsulates the key insights and developments discussed during the conference call, providing a comprehensive overview of Morning Light Biological's current position and future prospects in the natural colorant industry.

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额不超 70 亿元；融资担保方 式涉及公司合并报表范围内各主体之间担保：公司向合并报表范围内各级子公司 或各级子公司之间融资担保余额不超过 25 亿元，其中：向子公司新疆晨光生物 科技股份有限公司（简称"新疆晨光"）及其合并报表范围内子公司提供担保的 余额不超过 20.5 亿元（含新疆晨光合并报表范围内各主体互相担保），向其他 子公司提供担保或其他子公司之间互相担保的余额不超过 4.5 亿元。公司股东大 会授权管理层在融资担保余额不超过 25 亿元的前提下，结合合并报表范围内各 子公司资产负债率、融资授信及放款等情况，具体调整被担保的子公司及对其担 保额度(相关文件已于 2025 年 4 月 8 日、2025 年 5 月 6 日公 ...

Summary of the Conference Call for Morning Bio Company Overview - **Company**: Morning Bio (晨光生物) - **Industry**: Plant Extracts and Natural Colorants Key Points and Arguments Industry and Market Dynamics - The prices of plant extract raw materials and products have rapidly declined over the past two years due to an expansion in upstream supply [2][3] - The company has increased raw material procurement and low-cost reserves to cope with the situation, resulting in sufficient raw material reserves for the upcoming year [2][3] - The pricing strategy is based on cost-plus, with procurement costs in 2025 expected to remain stable compared to 2024, leading to stable selling prices [4][5] - The company aims to maintain lower prices to facilitate the exit of outdated industry capacity, with potential price increases anticipated if planting areas decrease [5] Product Performance and Profitability - Major profit sources include Capsicum Red, Capsicum Extract, and Lutein, with expectations for average prices in 2026 to be higher than in 2025 [6] - The market for Lutein is gradually improving, with a forecasted gross margin recovery to around 15% for feed-grade Lutein and 30%-40% for food-grade Lutein in 2026 [9] - The competition in the Lutein market has eased, leading to improved gross margins and net profits expected to continue into the next year [6][7] Supply and Demand Trends - The supply-demand relationship for Lutein is improving but has not yet reversed the oversupply situation [8] - A few global companies dominate the supply, making aggressive price competition less meaningful [8] - Rising domestic planting costs are expected to tighten supply, leading to significantly higher prices over the next 3-5 years [8] Growth of Other Products - Other tiered products such as Silymarin, Turmeric, and Tomato Lycopene are expected to see good growth, with profitability higher than the main products [10][12] - The company anticipates that the structural changes in tiered products will lead to profit growth outpacing revenue growth [12] Business Stability and Risk Management - The company is focused on stabilizing its cottonseed business by locking in profits through strategic procurement and risk management [13] - The management emphasizes avoiding excessive procurement or risky contracts to maintain stability [13] Regulatory and Competitive Landscape - There are no recent updates on the FDA's policies regarding natural colorant replacements, which remain a point of interest [14] - The transition from synthetic to natural colorants is expected to take time, with large-scale applications not anticipated until 2027 [15] Future Outlook - The health supplement business has seen rapid growth, with new production lines expected to increase capacity by 50% [18] - The company aims to enhance production efficiency and product development over the next 3-5 years, with initial lower margins expected to improve over time [18] - Revenue and profit expectations for 2026 are optimistic, driven by price stabilization and volume growth [19] Additional Important Insights - The company holds a significant advantage in the natural colorant market, being the largest producer in China, particularly in red and yellow pigments [16][17] - The potential market for natural colorants is substantial, with a projected demand increase of 200,000 tons, translating to a market size of approximately $2-3 billion [17]

Core Insights - The food and beverage ETF Tianhong (159736) has seen significant trading activity, with a total transaction volume of 26.84 million yuan as of December 15, 2025, and a 0.87% increase in the tracked CSI Food and Beverage Index [1] - The agricultural ETF Tianhong (512620) recorded a turnover of 6.55% and a transaction volume of 21.58 million yuan, with the CSI Agricultural Theme Index rising by 0.67% [1] Group 1: Food and Beverage Sector - The food and beverage ETF Tianhong (159736) has experienced a net inflow of funds for four consecutive days, totaling 42.82 million yuan, with a peak single-day inflow of 19.36 million yuan [1][2] - Key stocks in the food and beverage ETF include leading brands in high-end and mid-range liquor, as well as beverages, dairy, and condiments, with top ten weighted stocks including Moutai, Wuliangye, and Yili [2] - The performance of constituent stocks such as Huanlejia (300997) and Yiyuan Health (605388) has been notable, with increases of 19.98% and 10.04% respectively [1] Group 2: Agricultural Sector - The agricultural ETF Tianhong (512620) has also seen a net inflow of 42.82 million yuan over the past five trading days, indicating strong investor interest [2] - The agricultural ETF tracks the CSI Agricultural Index, selecting 50 stocks with a focus on livestock (41.9%) and agricultural chemicals (17.7%), featuring leading companies like Muyuan and Haida [2] - The agricultural sector is diversifying its portfolio to mitigate cyclical risks, showcasing a strategic approach to investment [2] Group 3: Market Trends and Insights - A recent article emphasizes the importance of expanding domestic demand as a strategic move for economic stability and security, highlighting the need for sustained economic growth [4] - Research breakthroughs in barley seed dormancy mechanisms may provide new pathways for sustainable agricultural systems, addressing future food security challenges [5] - Analysts from China Galaxy Securities note a slight pullback in the food and beverage index due to seasonal sales fluctuations, but maintain a positive outlook for new consumption trends and potential recovery in traditional consumption [6]