事件描述
　　2026年8月20日，公司发布2026年半年报。2026年上半年，公司实现营收81.89亿元，同比增长0.36%；实现归母净利润0.71亿元，同比下降91.54%；实现扣非归母净利润0.55亿元，同比下降93.14%。其中2026Q2，公司实现营收44.49亿元，同比增长7.98%；实现归母净利润1.18亿元，同比下降67.52%；实现扣非归母净利润1.09亿元，同比下降68.27%。
　　事件点评
　　分板块经营有所分化，饲料添加剂板块收入小幅增长，其余多数板块收入承压。据公司2026年8月20日披露的半年度主要经营数据公告，2026H1，食品添加剂实现收入18.65亿元，同比降低4.24%；饲料添加剂实现收入55.92亿元，同比增长1.59%；生化原料药及制剂实现收入0.63亿元，同比降低4.61%；医药中间体实现收入0.92亿元，同比降低14.45%；有机肥料实现收入1.60亿元，同比降低8.23%。
　　行业周期底部承压，多重贸易壁垒加剧出口压力。2026年上半年，氨基酸、味精行业处于产能扩张调整周期，部分产品阶段性供给过剩，下游养殖、餐饮需求偏弱，行业承压周期拉长。2025年国内饲用氨基酸全球供给占比已提升至72.7%，新增产能持续投放，市场同质化竞争加剧。2026年上半年，全球贸易保护持续升温，美国、巴西、欧盟接连对华饲料氨基酸、味精发起反倾销、反补贴等贸易救济调查，多重关税壁垒冲击国内产品出口。中国作为全球饲用氨基酸和味精的主要生产国，国内企业在行业周期底部承压和面临行业格局重塑。
　　全链布局夯实壁垒，多维优势持续领跑。公司主要产品产能规模位居全球前列，生产基地布局宁夏、内蒙古、黑龙江、新疆等玉米、煤炭主产区以及广东、四川专业化工园区，区位资源禀赋突出，可依托多基地调度优化生产与物流，实现成本与市场响应速度优势。公司重点项目建设取得阶段性成效，可克达拉60万吨玉米深加工及配套热电联产项目2026上半年完成竣工验收，关键产线爬坡达产实现平稳运营；黑龙江大庆45万吨氨基酸及配套工程项目严格依照建设节点稳步实施，项目单体工程已全部开工，厂房基础施工完毕，后续建设有序推进。研发层面，公司形成“深圳前端研发、基地中试放大、快速价值变现”闭环降本模式；截至2026年6月末，公司建成16个科技创新平台（其中国家级平台4个），有效专利合计328项，其中发明专利285项；2026上半年研发费用0.79亿元，占营业收入比重0.96%，技术护城河不断筑牢，龙头综合竞争壁垒持续加固。
　　盈利预测与估值
　　预计公司20262028年营业收入分别为158.77亿元、164.61亿元、170.95亿元，同比增速分别为0.15%、3.68%、3.85%；归母净利润分别为9.12亿元、9.57亿元、10.22亿元，对应归母净利润增速分别为6.82%、4.87%、6.85%。公司20262028年对应PE估值分别为8倍、7倍、7倍，维持“买入”评级。
　　风险提示：
　　主要产品价格波动及市场竞争加剧风险；原材料价格大幅波动风险；环保管理不当风险。

Star Lake Bioscience reported 1H26 results:revenue reached RMB8.20bn(+0.36%YoY),attributable NP came in at RMB70.7mn(-92%YoY),and recurring NP arrived at RMB55.3mn(-93%YoY).In 2Q26,revenue stood at RMB4.40bn(+8%YoY,+19%QoQ),while attributable NP reached RMB120mn(-68%YoY,+351%QoQ),beating our preview expectation(RMB50mn)mainly on the back of margin and price recovery across amino acids and monosodium glutamate(MSG)in 2Q26.Factoring in rising penetration in farming applications,solid amino acid demand fueled by soybean meal reduction and substitution programs,and incremental capacity from new projects,we maintain BUY.
1H26 amino&MSG prices soften YoY;2Q26 ASPs rebound
In 1H26,feed additives revenue reached RMB5.59bn(+2%YoY).According to Boyar,1H26 average market prices for 98.5%lysine/70%lysine/threonine stood at RMB7.24/RMB4.66/RMB8.51 per kg(-21%/-14%/-19%YoY).In 2Q26,segment revenue rose+11%YoY to RMB3.05bn,with average market prices for 98.5%lysine/70%lysine/threonine reaching RMB7.52/RMB4.68/RMB9.15 per kg(-9%/-14%/-10%YoY,+8%/+1%/+16%QoQ).Food additives revenue fell-4%YoY to RMB1.87bn in 1H26.According to Baiinfo,sluggish demand drove 1H26 MSG prices down-6%YoY to RMB6,787/t.In 2Q26,food additives revenue grew+11%YoY to RMB3.05bn,and average MSG prices rose to RMB7,200/t(-1%YoY,+13%QoQ),with sequential price improvement reflecting price-stablizing measures by industry leaders.In 1H26,revenue from organic fertilizers/pharmaceutical intermediates/biochemical drugs reached RMB160mn/RMB90mn/RMB60mn(-8%/-14%/-5%YoY).Blended gross margin contracted-10.4pp YoY to 10.3%in 1H26,mainly due to lower product prices.
Spreads poised for recovery;new projects fuel growth
According to Boyar,as of August 19,market prices for 98.5%lysine/70%lysine/threonine/MSG stood at RMB6.35/RMB4.30/RMB7.20/RMB6.90 per kg(-2%/-4%/-3%/-4%vs end-June).Supported by peak-season demand in 2H26 and disciplined supply dynamics,we believe product spreads and profitability across amino acids and MSG are poised for gradual recovery.According to the 1H26 interim report,the 600ktpa corn deep-processing and matching CHP project in Kokdala progressed smoothly,passing completion inspection in 1H26,with key production lines steadily ramping to designed capacity.The 450ktpa amino acid and auxiliary project in Daqing,Heilongjiang is advancing on schedule,with all individual units breaking ground.Meanwhile,post-merger integration synergies from the 2022 acquisition of Eppen Biotech continue to materialize.On expanding scale and margin improvement,the dividend payout ratio rose significantly over 2023-2025(93%/67%/65%,respectively)compared with 2022.Anticipated capacity additions from ongoing projects should support are-rating,in our view.
Earnings forecast and valuation
Downstream demand and margins for amino acids and MSG have yet to normalize.With this in mind,we lower our ASPs and gross margin assumptions,revising down our 2026-2028E attributable NP forecasts to RMB550mn/RMB810mn/RMB910mn(from RMB1.07bn/RMB1.30bn/RMB1.50bn,down-48%/-37%/-39%),representing YoY growth of-43%/+47%/+12%and corresponding to EPS of RMB0.33/RMB0.49/RMB0.55.Benchmarked against apeer average valuation of 13x 2026E PE,and reflecting the growth runway from project pipeline investments,we assign 16x 2026E PE(vs 14x previously),deriving atarget price of RMB5.28(from RMB8.96).Maintain BUY.
Risks:slower-than-expected progress on greenfield projects,loss of core proprietary technology.

　　星湖科技公布上半年业绩：2026年H1实现营收82亿元（yoy+0.36%），归母净利7072万元（yoy-92%），扣非净利5528万元（yoy-93%）。其中Q2实现营收44亿元（yoy+8%，qoq+19%），归母净利1.2亿元（yoy-68%，qoq+351%）。公司Q2归母净利高于我们前瞻预期（0.5亿元），主要系二季度氨基酸、味精等景气有所修复。考虑养殖领域渗透率提升、豆粕减量替代下氨基酸需求向好及公司新项目增量，维持“买入”评级。
　　26H1氨基酸/味精景气同比下滑，Q2均价环比有所上涨
　　26H1饲料添加剂板块营收55.9亿元，同比+2%，据博亚和讯，98.5%赖氨酸/70%赖氨酸/苏氨酸26H1均价分别为7.24/4.66/8.51元/kg，yoy-21%/-14%/-19%，其中26Q2板块营收30.5亿元，yoy+11%，赖氨酸（98.5%）/赖氨酸（70%）/苏氨酸市场均价7.52/4.68/9.15元/kg，yoy-9%/-14%/-10%（qoq+8%/+1%/+16%）。26H1食品添加剂板块营收yoy-4%至18.7亿元，据百川盈孚，因需求偏弱等因素，26H1味精均价6787元/吨，yoy-6%，26Q2食品添加剂板块营收yoy+11%至30.5亿元，味精市场均价0.72万元/吨（yoy-1%/qoq+13%），环比有所提高主要系头部企业挺价等；26H1有机肥料/医药中间体/生化药销售板块营收同比-8%/-14%/-5%至1.6/0.9/0.6亿元。26H1公司毛利率yoy-10.4pct至10.3%，主要系产品价格有所下跌。
　　产品景气有望逐步修复，新项目助力未来成长
　　据博亚和讯，8月19日赖氨酸（98.5%）/赖氨酸（70%）/苏氨酸/味精价格6.35/4.3/7.2/6.9元/kg，较6月末-2%/-4%/-3%/-4%，伴随下半年旺季来临及供给格局较好等因素，氨基酸、味精等产品景气有望逐步修复。据26年半年报，可克达拉60万吨玉米深加工及配套热电联产项目进展顺利，已于26年上半年完成竣工验收，关键生产线持续爬坡达产。黑龙江大庆45万吨氨基酸及配套工程项目严格依照建设节点稳步实施，项目单体工程已全部开工，后续建设工作有序推进。同时公司2022年并购伊品生物后重组效益逐步显现，经营规模提升及盈利改善下，公司23-25年分红率较2022年显著提升（分别为93%/67%/65%），未来项目增量兑现有望助力公司价值重估。
　　盈利预测与估值
　　考虑到氨基酸、味精等下游景气目前仍待进一步修复，我们下调公司氨基酸、味精等均价、毛利率，由此下调公司26-28年归母净利润为5.5/8.1/9.1亿元（前值为10.7/13.0/15.0亿元，下调48%/37%/39%），同比-43%/+47%/+12%，对应EPS为0.33/0.49/0.55元。结合可比公司26年平均13倍PE估值，考虑到公司在投项目成长性，给予公司26年16倍PE估值，给予目标价5.28元（前值为8.96元，对应26年14xPE），维持“买入”评级。
　　风险提示：新建项目进展不及预期风险；核心技术流失风险。

Star Lake Bioscience has reported 2025 revenue/attributable net profit(NP)/recurring NP of RMB15.90/0.98/0.93bn(-8/+4/-19%YoY),including 4Q25 revenue/attributable NP of RMB3.82bn/-RMB36.24mn(-16/-114%YoY,-2/-120%QoQ).The company plans to distribute acash dividend of RMB0.38 per share.4Q25 NP came in below our expectation of RMB210mn,mainly due to pressure on product prices.We maintain our BUY rating,citing the company's rising penetration in the farming sector,the improving amino acid demand driven by soybean meal substitution,and incremental contributions from new projects.
Feed&food additives pressured,amino acids&fertilizers sold well
For 2025,feed additive revenue declined by 10%YoY to RMB10.56bn,mainly due to pressure on amino acid prices.Sales volume increased by 3%YoY to 2,284kt,while average selling price declined by 12%YoY to RMB4,625/tonne.According to Boyar,the average prices of 98%lysine/70%lysine/threonine for 2025 were RMB8.19/5.26/9.77 per kg,down by 23/4/13%YoY.Segment gross margin increased by 0.7pp YoY to 17.6%,chiefly due to lower raw material costs.Food additive revenue declined by 5%YoY to RMB4.03bn,mainly due to lower selling prices of MSG and disodium flavor nucleotides.Sales volume came down by 0.2%YoY to 493kt,while average selling price fell by 4.9%YoY to RMB8,188/tonne.Average MSG market price in 2025 declined by 10%YoY to RMB6.91/kg,while segment gross margin dropped by 0.9pp YoY to 11.4%.Organic fertilizer revenue declined by 11%YoY to RMB345mn,mainly due to lower fertilizer prices.Sales volume increased by 7.7%YoY to 385kt,while average selling price declined by 17.2%YoY to RMB897/tonne.Gross margin increased by 0.2pp YoY to 36.7%.Pharmaceutical intermediates revenue grew by 10%YoY to RMB233mn,driven by improving CMO industry fundamentals.Sales volume jumped by 299%YoY to 3,310 tonnes,while average selling price declined by 72.5%YoY to RMB70,300/tonne.Gross margin rose by 11.2pp YoY to 25%.Overall company gross margin declined by 0.7pp YoY to 16.5%,chiefly due to lower prices of certain products.
Amino acid and MSG prices recovering
According to Boyar,as of 24 April,market prices for lysine(98.5%)/lysine(70%)/threonine/MSG were RMB8.45/4.95/10.35/7.19 per kg,up by 33/18/42/16%from the beginning of the year.The current amino acid and MSG prices remain at relatively low levels.With the arrival of the peak season,downstream demand recovery,and optimization of industry supply structure,we expect product fundamentals to improve gradually.According to the 2025 annual report,the company's 600kt corn deep-processing and supporting CHP project in Kokdala has entered trial production,while the 450kt amino acid and supporting project in Daqing,Heilongjiang is progressing steadily as planned.In addition,the company plans in 2026 to fully ramp up capacity utilization for the Zhaodong 3,500-tonne nucleoside and nucleotide product technical upgrade project,while cultivating new profit growth drivers through coordinated production-supply-sales operations,pharmaceutical business transformation,and new product development.
Earnings forecasts and valuation
Given continued pressure on product prices,we lower our gross margin forecasts for food additives and other businesses,and accordingly revise down our 2026/2027 attributable NP forecasts by 24/16%to RMB1.07/1.30bn(previous:RMB1.40/1.56bn).We introduce a2028 attributable NP forecast of RMB1.50bn,representing YoY growth of 9/22/15%for 2026/2027/2028,implying EPS of RMB0.64/0.78/0.90.We value the stock at 15x 2026E PE,in line with its peers'average on Wind consensus,for our target price of RMB9.60(previous:RMB11.76,based on 14x 2026E PE).Maintain BUY.
Risks:Slower progress of new projects than we expect,loss of core technology.

Star Lake Bioscience's 1Q26 revenue/attributable net profit(NP)/recurring NP were RMB3,740mn/-RMB47mn/-RMB54mn,down by 7/110/112%YoY or 2/30/2%QoQ,chiefly due to lower YoY prices of major products,in our view.We expect product fundamentals to improve gradually with the arrival of the peak season,downstream demand recovery,and supply optimization.We maintain our BUY rating,citing the company's rising penetration in the farming sector,improving amino acid demand driven by soybean meal substitution,and incremental contributions from new projects.
Gross margin down to 7.7%on lower product prices
For 1Q26,feed additive revenue declined by 8%YoY to RMB2.54bn,which we attribute mainly to lower prices of major products during the off season.According to Boyar,the average market prices of 98.5%lysine/70%lysine/threonine were RMB6.96/4.64/7.86 per kg,down by 30/13/27%YoY.Food additive revenue declined by 8%YoY to RMB900mn,with the average MSG market price down by 11%YoY to RMB6.4/kg.For 1Q26,revenue from biochemical APIs and preparations fell by 28%YoY to RMB20mn,pharmaceutical intermediate revenue declined by 36%YoY to RMB30mn,and organic fertilizer revenue declined by 12%YoY to RMB70mn.Due to lower prices of major products,the overall gross margin for 1Q26 shrank by 14.8pp YoY to 7.7%.
Amino acid and MSG prices recovering in 2026
According to Boyar,as of 29 April,market prices for lysine(98.5%)/lysine(70%)/threonine/MSG were RMB8.0/4.8/10.2/7.2 per kg,up by 25/14/39/16%from the beginning of the year.The current amino acid and MSG prices remain at relatively low levels.With the arrival of the peak season,downstream demand recovery,and optimization of industry supply structure,we expect product fundamentals to improve gradually.According to the 2025 annual report,the company's 600kt corn deep-processing and supporting CHP project in Kokdala has entered trial production,while the 450kt amino acid and supporting project in Daqing,Heilongjiang is progressing steadily as planned.In addition,the company plans in 2026 to fully ramp up capacity utilization for the Zhaodong 3,500-tonne nucleoside and nucleotide product technical upgrade project,while cultivating new profit growth drivers through coordinated production-supply-sales operations,pharmaceutical business transformation,and new product development.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB1.07/1.30/1.50bn(+9/+22/+15%YoY),implying EPS of RMB0.64/0.78/0.90.We value the stock at 14x 2026E PE,in line with its peers'average on Wind consensus,for our target price of RMB8.96(previous:RMB9.60,based on 15x 2026E PE).BUY.
Risks:Slower progress of new projects than we expect,loss of core technology.