Is the Biden New Deal Order intended to invest 2 billion US dollars in this field?"Synthetic creature" has become the frontier of the investment circle

The new administrative order "National Biotechnology and Biological Manufacturing Plan" recently signed by Biden should invest over $ 2 billion to strengthen the supply chain of domestic biological manufacturing in the United States. Under the heavy investment, the "synthetic biology" will break into the public's vision again.

Earlier, the concept of "synthetic biology" repeatedly appeared in the "Fourteenth Five -Year Plan" biological economic development plan. Some securities firms pointed out that, as a new way of emerging production, biological manufacturing based on synthetic biology will become one of the key areas of the future technology industry.

According to sorting out Southwest Securities in August, there are Kaisai creatures in the domestic chemical, medicine, and food fields (SH688065, a stock price of 73.50 yuan, a market value of 42.863 billion yuan), Huarong Bio (SH688639, a stock price of 149.15 yuan, and a market value of 16.168 billion yuan) (SH688363, the stock price of 143.30 yuan, a market value of 68.940 billion yuan), etc.), including more than 10 synthetic biology related companies.

What makes the capital market look forward to is that there is no real synthetic biology leader at home and abroad (the market value of the relevant companies listed on Nasdaq is below 5 billion US dollars). Realize the curve overtaking.

The real target behind CXO, nearly 30 domestic companies that have been financing since last year

According to the "Chang'an Street Knowledge" report, on the 14th, the White House held a biotechnology and biological manufacturing summit, and the US government will provide more than $ 2 billion to implement the new policy. Among them, the Ministry of Health and Public Services will invest 40 million US dollars to strengthen biological manufacturing of active drug components (API), antibiotics and key raw materials required for the epidemic. Infrastructure construction in the biological industry.

Different from the new policy on the 12th, the stock price of the domestic CXO (pharmaceutical outsourcing) sector was dived. Today (September 15), a number of CXO leading companies rose; at the same time, the company's company such as Kaisai biology and other composite biology trended well, The real target of "the United States uses biological systems to create a series of products and materials, including new drugs, human tissues to biofuels, agriculture and food" -synthetic biological manufacturing.

From the perspective of research, synthetic biology and traditional biology use anatomy to study their inherent structures through anatomy, and pay attention to "bottom -up" to genet and transform cells or life. Biomatical biological system.

Because containing many disciplines such as genetic engineering, protein engineering and other disciplines and their research ideas, synthetic biology is a typical "convergence" emerging discipline, and enterprises tend to provide customer companies with services to obtain income instead of self -built factory production. Therefore The scene is far from the scene and is rarely known for individual investors.

Synthetic biology enterprise map

Image source: "Research on the Development and Investment and Financing Strategy of Synthetic Biology Industry"

However, in the investment circle, the top capital of the world's top capitals such as Gao Yan and Sequoia has already laid out this low -key gold track.

According to statistics from Synbiobeta, in 2021, global synthetic biological start -up financing reached US $ 18 billion, and the annual financing amount was close to all the investment amount obtained from the previous 12 years (2009 to 2020).

According to Star Mine data statistics, nearly 30 Chinese synthetic biological companies have announced financing since 2021, and the head investment institution Gao Yan invested in blue crystal microorganisms, piloting biological creatures, etc.; Investment in Eunhe Bio, micro -dollar synthesis, etc.

In the "Fourteenth Five -Year Plan" Biological Economic Development Plan released this year, the "synthetic biology" appeared 4 times in total, combined with the previous carbon neutralization policies and the new version of the "plastic limit order" The close -related synthetic biological track may become increasingly hot.

The two major medical and beauty companies have entered the game, to b is still a problem

According to sorting out the August Report of Southwest Securities, 12 domestic synthetic biology -related companies are spreading all over the chemical, medicine, and food industries.

From the perspective of the compound growth rate of operating income, medicine and chemical enterprises rank higher; from the perspective of profit, in addition to Kaisai creatures and Huaheng biological, most companies are still in the new entry or transformation stage. Small.

Within chemical enterprises, the gross profit margin of Kaisai Biology and Huarong Biology with a large proportion of biology is 40%~ 50%, and the net interest rate is 20%to 30%, which is about 30%, 10 ~ 10 ~ from traditional chemical enterprises, respectively. 20%, the side reflects the barriers and bargaining capabilities of synthetic biology.

The corporate related performance is still small, and the scale effect has not yet formed a picture source: Southwest Securities Research Report

In the field of pharmaceuticals, in addition to Kingsley Biotechnology (HK01548, HK $ 21.25, a market value of HK $ 44.922 billion), it is clearly set to "providing biotechnology outsourcing services". From R & D to the excessive ability of the full chain of the product to reduce its own business risks and ensure strong competitiveness.

For example, in April of this year, Huaxi Biological, a leading domestic hyaluronic acid raw material, acquired 51%of Beijing Yidong Biological Engineering Co., Ltd. and officially entered the collagen industry. In the Investor Relations Activity Record Form, "synthetic creatures" appeared 28 times.

The collagen raw material faucet giant creature is the world's first company to achieve mass production and restructuring collagen skin care products. It has also established a full -industry chain business system from R & D raw materials to terminal products, functional skin care products, and functional foods. In foreign countries, companies that explore synthetic biology earlier have formed TO C (for consumers) and TO B (facing enterprises). Among them, the representatives are Amyris, which mainly sells pure beauty, fragrance, and health products. (AMRS.O, the stock price of US $ 3.92, a market value of US $ 1.260 billion) and Ginkgo Bioworks (DNA.N, the stock price of US $ 3.07, a market value of US $ 5.479 billion), which cooperates with the road.

Compared with Amyris, Ginkgo Bioworks can cover more fields such as pharmaceutical, consumer goods, food, and agriculture. The profit model includes sales division, authorization permit, equity investment, milestone payment and other methods.

The company's "manufacturing" ability is very critical, the industrial environment is the biggest challenge

On September 15, Huang Haijun, the founder of Zhonghai Capital Partners, was interviewed by a reporter from the Daily Economic News. From the perspective of industry development, three positioning of domestic synthetic biological companies, namely ITBT (information technology, biotechnology) combined Platform -type company, product companies that locate high -value products, and product companies that are located in large products.

From the perspective of commercialization and investment, the platform -type company is an infrastructure industry and requires a very long growth process. High -value products mainly act on medical and medical beauty, characterized by long cycles, high value, and small amounts. Products are mainly used to replace traditional chemical products, with strong product popularity and large market capacity, which is of the most significant significance to achieve "double carbon" strategic significance.

Among them, most of the "product" synthetic biological companies were born in the top colleges and research institutes in China. These scientific research institutions have strong cross -disciplinary capabilities and important technical precipitation, which determines that companies born here have a complete industrial chain ability and become the pioneers of China's synthetic biological development.

For example, as a synthetic biology enterprise established by Tsinghua University's scientific and technological achievements, the micro -structure workshop currently follows the "platform+product" dual matrix road. In an interview with the "Daily Economic News" reporter, his co -founder Wu went to the Qing Dynasty that only "platform" and "products" can better face global competition in the field of synthetic biology.

But this also tests the company's "manufacture" ability. Liu Lihe, director of CIC Burning Consultation, believes that the current gap between synthetic biology at home and abroad is mainly due to the inadequate application scenarios of the downstream application of domestic industries. There is no mature application scenario; or there are application scenarios, but real practice needs to be further explored.

Wu Linqing said that the challenge of "manufacturing" is a large -scale product, often the profit margin is not high, and there are many companies produced; and high -profit products often have small market size. Therefore, enterprises should find a balance point in high production efficiency, market size and profit margin.

The new decree signed by Biden did not bring too much concern to several people in the industry.

Huang Haijun said that due to the late start of the domestic synthetic biological industry, the industry's risk investment amount, the number of employees, and the synthetic biological application market are backward, but the biggest challenge is not from the United States, but the industrial environment to be improved.

For example, different degradable materials have different processing methods, but at present, no provincial and municipal autonomous regions in the country have formulated a clear waste of waste classification measurement measures for degradable materials. There are no policy support related to degradable materials, no industrial support, and many downstream manufacturers and consumers naturally have no motivation to use new degradable materials products.

Daily Economic News

- END -