并表协和发酵，出海战略落地
并表协和发酵，出海战略落地 ConsolidateKyowa Hakko Bio& Implementoverseas strategy 最新动态 ➢并表协和发酵，实现产业出海战略落地。2025年10月22日，经评估，于评估基准日2025年6月30日，协和发酵食品氨基酸、医药氨基酸及母乳低聚糖（HMO）业务所涉及的模拟合并股东全部权益价值评估值为16.26亿元。根据评估结果，公司预计将于2025年度合并利润表中确认增加营业外收入约7.8亿元。公司于2025年7月1日成功完成对日本协和发酵相关食品、医药氨基酸、HMO业务与资产的交割，通过本次交易，公司产业链向下游高附加值医药级氨基酸市场延伸，氨基酸产品管线进一步增加，并获得了位于上海、泰国、北美等地多个生产经营实体，实现产业出海战略落地，通过国际化产能布局增强区域市场风险应对能力。 动向解读 ➢积极应诉，下调欧盟赖氨酸反倾销税税率。公司出口比例长期稳定在30%以上，公司通过深入研究国际贸易规则，组建专业团队积极应诉，与海外客户紧密沟通协作，历经艰辛努力，成功将欧盟赖氨酸反倾销终裁税率由初裁的84.8%大幅下调37.1%至47.7%。这一成果不仅直接提升了产品的价格竞争力，更体现了公司在国际贸易摩擦应对方面的专业能力和坚定决心。 ➢优质项目助力规模扩张。通辽味精产能升级项目实现满产达效，目前该生产线是全球单体味精产能最大的生产线之一。为提高整体利用效率，新产线投产前，因设备老化、资源利用效率低下等原因，原部分产线提前关停，进行技术改造并已转产为其他优质产品。吉林赖氨酸项目正在建设之中，预计于今年四季度投产试车。这些优质项目的成功推进，有助于公司经营规模的扩大。 ➢加大研发投入，推进合成生物学技术产业化。为提升从研发到产业化的转化效率，公司持续完善“研发—中试—产业”联动机制，系统布局中试验证平台。吉林中试研发平台作为首个标杆性项目，已于2025H1建成投入使用，配备多规格中试发酵系统及完整提取纯化设备，覆盖氨基酸、多糖等产品的小试放大需求。平台在新菌株验证、工艺成熟度评估、调试周期压缩等方面效果显著，为后续产品快速商业化提供了强有力支撑。公司已完成对协和发酵的并购整合。作为氨基酸产业的先驱，协和发酵具备深厚的技术积淀和国际注册资源。公司已引入精氨酸、色氨酸、组氨酸、丝氨酸、瓜氨酸、鸟氨酸、羟脯氨酸等多个新品类及其核心菌株，获得涵盖菌种、工艺、用途等环节的关键专利。 策略建议 ➢盈利预测。我们预测2025-2027年公司归母净利润分别为32.55、35.04、37.93亿元，结合同行业可比公司估值，给予公司2026年11.5倍PE，对应目标价14.38元，首次覆盖给予“买入”评级。 风险提示 贸易政策风险、市场竞争加剧、产品价格波动的风险、下游需求不及预期风险。 What’s New ➢Merge and combine withKyowa Hakko Bioto achieve the implementation of the industry's overseas strategy.OnOctober 22, 2025, after evaluation, as of the benchmark date of June 30, 2025, the assessed value of the simulatedmergedshareholders'total equity involved in the amino acid,pharmaceutical amino acid,and human milkoligosaccharides (HMO) business of Concord Fermented Foods was 1.626bnyuan. According to the evaluation results,the company expects to recognize an increase of approximately 780mnyuan innon-operatingincome in the consolidatedincome statement for the year 2025. On July 1, 2025, the company successfully completed the delivery of food,pharmaceutical amino acids, and HMO businesses and assets related toKyowa Hakko Bioin Japan. Through thistransaction, the company's industrial chain extends to the downstream high value-added pharmaceutical grade aminoacid market, the amino acid product pipeline is further increased, and multiple production and operation entities locatedin Shanghai, Thailand, North America, and other places are obtained, achieving the implementation of the industry'soverseas strategy and enhancing regional market risk response capabilities through international production capacitylayout. What’s Different ➢Actively respond to the lawsuit and lower the anti-dumping duty rate on lysine in the European Union.The exportproportion of the company has remained stable at over 30% for a long time. Through in-depth research on internationaltrade rules, the company has formed a professional team to actively respond tolawsuits andhas closely communicatedand cooperated with overseas customers. After arduous efforts, the final anti-dumping duty rate for lysine in the EuropeanUnion has been significantly reduced from 84.8% in the initial ruling by 37.1% to 47.7%. This achievement not only directlyenhancesthecompetitiveness of theproduct butalso reflects the company's professional ability and firm determinationin dealing with international trade frictions. ➢High quality projects help expand the scale.The Tongliao MSG production capacity upgrade project has achieved fullproduction and efficiency. Currently, this production line is one of the largest single MSG production lines in the world. Inorder to improve overall utilization efficiency, before the new production line was put into operation, due to agingequipment, low resource utilization efficiency, and other reasons, some of the original production lines were shut down inadvance for technological transformation and have been converted to otherhigh-quality products. The Jilin Lysine Projectis currently under construction and is expected to be put into trial operation in the fourth quarter of this year. The successfulimplementation of these high-quality projects will contribute to the expansionof the company's business scale. ➢Increase R&D investment and promote the industrialization of synthetic biology technology.In order to improvethe conversion efficiency from research and development to industrialization, the company continues to improve the "R&Dpilot industry" linkage mechanism and systematically layout the pilot verification platform. The Jilin Pilot Research andDevelopment Platform, as the first benchmark project, was completed and put into use in 2025H1. It is equipped with amulti specification pilot fermentation system and complete extraction and purification equipment, covering the small-scalescalingup needs of products such as amino acids and polysaccharides. The platform has achieved significant results innew strain validation, process maturity assessment, and shortened debugging cycles, providing strong support for therapid commercialization of subsequent products. The company has completed the merger and integration of ConcordFermentation. As a pioneer i
