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Price to Cost-of-raw-materials Ratio (PC) of biomanufacturing: definition and application
ZHANG Yi-Heng P. Job, CHEN Xuemei, SHI Ting
Synthetic Biology Journal    2025, 6 (1): 8-17.   DOI: 10.12211/2096-8280.2024-072
Abstract   (890 HTML120 PDF(pc) (3064KB)(634)  

Biomanufacturing is one of the strategic emerging industries in China during the “14th Five-Year Plan” period. The author once proposed “Tao-Fa-Shu-Qi” for the industrial biomanufacturing and provided its philosophical guideline. Focusing on the “Fa” of biological manufacturing and further analyzing the concept of “Fa as rules” in biomanufacturing, the author first proposed the concept of “Price to Cost-of-raw-materials Ratio” (PC value), which is the ratio of product market price to cost with raw materials. Biomanufactured products can be categorized by PC value into high-value products, value-added products, biocommodity, and products for public good. The PC value is a key indicator for evaluating the technological capability and economic viability of biomanufactured products. It is simple, transparent, and publicly accessible, offering a new approach for categorizing biomanufactured products. This indicator aids in guiding new technologies towards pathways of efficiency enhancement and cost reduction, forecasting future manufacturing costs and market prices for bioproducts, and assessing the industrialization potential of emerging biotechnologies. This article focuses on the biomanufacturing of fructose syrup, fructose solution, crystalline fructose, allulose, myo-inositol, and tagatose as examples, analyzing pathways for developing new technologies and predicting their economic feasibility. The calculation and analysis of the PC value could provide a new methodological tool for the top-level strategic design of the future development of emerging biomanufacturing industries, and could effectively facilitate the high-quality development of the bioeconomy.


产品

产品市场价格

/(元/吨)

原料

原料成本

/(元/吨)

实际得率

(质量比)

PC值
情怀产品(PC≤1)
脂肪醇12000~15000蔗糖3000~650025%0.71
乙烯7000~8000乙醇5000~700058%0.72
微生物蛋白10000~13000淀粉2800~320025%0.96
大宗产品(1<PC≤4)
乙醇6000~7500淀粉2800~320048%1.08

果葡糖浆F42

(70%)

2500~3000淀粉2800~320096%1.26
葡萄糖酸钠4000~4500葡萄糖3000~4000105%1.27
谷氨酸钠7000~9000葡萄糖3000~400074%1.69
麦芽糖(75%)2400~2700淀粉2800~320096%1.71
柠檬酸5000~6000淀粉2800~320095%1.74
苏氨酸10000~12000葡萄糖3000~400058%1.82
果糖溶液6000~7000淀粉2800~320094%2.04
赖氨酸9000~11000葡萄糖3000~400085%2.43
结晶果糖10000~12000淀粉2800~320090%3.30
增值产品(5≤PC≤20)
乳果糖(70%)25000~40000乳糖5000~900080%5.31
阿洛酮糖15000~25000淀粉2800~320085%5.67
法尼烯90000~110000葡萄糖3000~400025%7.14
纤维素酶90000~110000葡萄糖3000~400033%9.43
蛋白酶90000~110000葡萄糖3000~400033%9.43
塔格糖40000~60000淀粉2800~320075%12.50
肌醇30000~50000淀粉2800~320085%11.33
手性肌醇800000~1000000肌醇30000~7000080%18.00
高值产品(PC≥50)
L-核糖90000~110000D-木糖10000~1400080%66.67
鲨肌醇350000~450000肌醇30000~7000080%80.00
手性肌醇800000~1000000淀粉2800~320080%240.00
Table 1 Current PC values of representative biomanufactured products
Extracts from the Article
我们对众多代表性生物制造产品目前的主流技术、市场数据进行了梳理,获得产品市场价格、原料价格与产品实际得率,计算其相应PC值(表1),并分析其产品技术发展特点以及市场前景。
本文作者提出的市本率(PC)概念,在企业估值方面与市销率具有相似的逻辑,尤其适用于评估处于早期阶段、尚未实现收入和销售额的科技型初创企业。从投资角度来看,选品对于科技型初创企业至关重要。初创公司产品的市本率越高,意味着更大的降本增效空间,表明公司具有更多成长潜力,估值更具吸引力;反之,企业选品的市本率越低,甚至低于1,则往往预示着无效研发及企业估值泡沫的风险。显然,在同一行业、同一发展阶段,高市本率、低市销率的生物制造企业,意味着更乐观的投资机会。
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