东方证券股份有限公司 1 项目 工作内容 1、审阅公司信息披露文件 保荐机构及时审阅了公司信息披露文件。 2、督导公司建立健全并有效执 行规则制度 保荐机构督导公司建立健全规则制度，并有效执行规则制 度。 3、募集资金使用监督 保荐机构查阅公司募集资金使用台账、募集资金银行账户 对账单，查看募投项目进度，了解募集资金使用情况，对 公司募集资金使用情况进行现场核查，及时审阅募集资金 信息披露情况等。 4、督导公司规范运作 保荐机构通过查阅公司章程、公司治理制度、三会会议等 资料、日常沟通、访谈、现场核查等方式，督促公司规范 运作。 5、现场核查 保荐机构于 2025 年 8 月 25 日在无锡晶海现场核查募集资 金使用等事项。 一、持续督导工作概述 | 项目 | 工作内容 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 6、发表专项意见 | 2025 年 月 1 6 月 日，保荐机构对公司发 | 1 | 日至 | 2025 | 年 | 30 | | | 表了以下专项意见：（1）《东方证券股份有限公司关于无 | | | | | | | | 锡晶海 ...

证券代码：836547 证券简称：无锡晶海 公告编号：2025-095 无锡晶海氨基酸股份有限公司 关于使用闲置自有资金购买理财产品进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 一、 授权委托理财情况 2、本次购买理财产品不构成关联交易。 1、 审议情况：公司于 2025 年 4 月 17 日召开第四届董事会第 八次会议、2025 年 5 月 9 日召开 2024 年年度股东会，审议通过了 《关于公司使用闲置自有资金投资理财的议案》，公司使用不超过 人民币 2 亿元的自有闲置资金进行投资理财，在上述额度内，资金 可以滚动使用，自 2024 年年度股东会审议通过之日起至 2025 年年 度股东会召开止。具体内容详见公司在北京证券交易所信息披露平 台（http://www.bse.cn/）披露的《关于公司使用闲置自有资金投 资理财的公告》（公告编号：2025-035）。 2、 披露标准：根据《北京证券交易所股票上市规则》相关规 定，交易的成交金额占上市公司最近一期经审计净资产的 10%以上， ...

Investment Rating - The investment rating for Wuxi Jinghai is maintained at "Outperform" [1][2] Core Views - The company reported a revenue of 203 million yuan in H1 2025, representing a year-on-year growth of 18.67%, and a net profit attributable to shareholders of 37.30 million yuan, up 34.77% year-on-year [2] - The company is actively expanding its overseas market share and has established a wholly-owned subsidiary in Singapore, with plans to set up subsidiaries in the Netherlands and the United States [3] - The company is focusing on technological upgrades and has initiated research on high-purity amino acid production technologies, which are expected to enhance its competitive edge in the amino acid market [3] Financial Summary - The total market capitalization of the company is 21.12 billion yuan, with a circulating market capitalization of 9.68 billion yuan [1] - The company's revenue is projected to grow from 402 million yuan in 2025 to 607 million yuan in 2027, with corresponding net profits expected to rise from 73 million yuan to 103 million yuan during the same period [4][6] - The company's earnings per share (EPS) are forecasted to increase from 0.94 yuan in 2025 to 1.32 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 29.0 to 20.6 over the same period [4][6]

Overview - Tryptophan is an essential amino acid that cannot be synthesized by the human body and must be obtained through food [2][4] - The market demand for tryptophan has rapidly increased due to the development of the livestock industry and the "reduction of soybean meal substitution" policy [4][9] - In 2024, the demand for tryptophan in China is projected to reach 23,800 tons, with a market size of 1.309 billion yuan [4][9] Market Policy - The Chinese government has issued several policies to support the development of the amino acid industry, including the "14th Five-Year Plan" and various guidelines for the pharmaceutical and feed industries [4][5] Industry Chain - The upstream of the tryptophan industry includes suppliers of raw materials like corn and molasses, while the midstream involves the production of tryptophan, and the downstream encompasses applications in feed, pharmaceuticals, health products, and food [6][7] Current Development - The feed sector accounts for over 70% of the demand for tryptophan in China, with industrial feed production expected to reach 158.5 million tons in the first half of 2025, a year-on-year increase of 7.7% [9][10] - The increasing focus on health foods has led to a rise in the use of tryptophan as a nutritional supplement for improving sleep and emotional balance [4][9] Competitive Landscape - The market concentration of tryptophan has increased, with international companies like Ajinomoto and CJ Cheiljedang holding significant market shares, while domestic companies such as Ningxia Yipin Biotechnology and Anhui Huaheng Biological Technology are gaining ground through innovation and resource advantages [10][11] Key Players - Fujian Group is a major player in the tryptophan market, with projected revenues of 27.76 billion yuan and a gross profit of 5.057 billion yuan in 2024 [12] - Anhui Huaheng Biological Technology focuses on synthetic biology and expects revenues of 2.178 billion yuan in 2024, with amino acid products contributing 69.28% of total revenue [12][13] Future Trends - The production of tryptophan is primarily through microbial fermentation, with future advancements expected in genetic engineering to enhance production efficiency and product purity [14] - There is a growing emphasis on green production processes to reduce costs and environmental impact, aligning with stricter environmental regulations [14]

Core Viewpoint - Wuxi Jinghai reported significant double-digit growth in both revenue and profit for the first half of 2025, indicating strong operational performance and financial health. Financial Performance - The company's revenue for the first half of 2025 was 202.84 million, representing an 18.67% increase compared to 170.92 million in the same period last year [1] - The net profit attributable to shareholders was 37.30 million, showing a 34.77% increase from 27.68 million year-on-year [1] - The net profit after deducting non-recurring items was 36.68 million, which is a 62.70% increase from 22.54 million in the previous year [1] - Basic earnings per share were 0.48, up 33.33% from 0.36 [1] Profitability Metrics - The gross margin for the first half of 2025 was 31.90%, an increase of 2.22 percentage points compared to the previous year [2] - The net profit margin was 18.39%, up 2.20 percentage points year-on-year [2] Expense Analysis - Total operating expenses for the first half of 2025 were 25.41 million, an increase of 1.58 million compared to the previous year [2] - The expense ratio decreased to 12.53%, down 1.42 percentage points from the same period last year [2] - Sales expenses decreased by 0.84%, while management expenses decreased by 18.33% [2] - Research and development expenses increased by 4.79%, and financial expenses rose significantly by 80.48% [2] Company Background - Wuxi Jinghai Amino Acid Co., Ltd. was established on May 9, 1995, and is located in Xishan District, Wuxi City, Jiangsu Province [5] - The company specializes in the research, production, and sales of amino acids [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in the first half of 2025 slightly exceeded expectations, with revenue of 203 million yuan, a year-on-year increase of 18.7%, and a net profit attributable to shareholders of 37.3 million yuan, up 34.8% year-on-year [6] - The bottoming out logic of the company is clear, supported by a recovery in both domestic and international sales, with high-value-added products increasing their share [4][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 404 million yuan, with a year-on-year growth rate of 19.2% [5] - Net profit attributable to shareholders is expected to reach 63 million yuan in 2025, reflecting a year-on-year growth of 47.4% [5] - Earnings per share are projected to be 0.81 yuan in 2025, with a gross margin of 32.1% [5] - The company is expected to maintain a stable expense ratio, with a decrease in share-based payment expenses and fair value losses from financial products contributing to a reduction in overall costs [6] Business Outlook - The company is set to continue its upward trend in the second half of 2025, with new factory capacity coming online and plans for overseas expansion [6] - The establishment of a wholly-owned subsidiary in Singapore and plans for further subsidiaries in the Netherlands and the United States are aimed at enhancing the company's global market presence [6]

证券代码：836547 证券简称：无锡晶海 公告编号：2025-094 合伙）对募集资金的资金到位情况进行了审验，并出具了上会师报 字(2023)第 14448 号《验资报告》。 公司因主承销商行使超额配售选择权新增发行股票数量为 2,340,000 股，增加的募集资金总额为 38,680,200.00 元，扣除发 行费用 3,103,530.92 元 （ 不 含 税 ）， 实 际 募 集 资 金 净 额 为 35,576,669.08 元。截至 2024 年 1 月 11 日，上述募集资金已全部 到账，并由上会会计师事务所（特殊普通合伙）出具了上会师报字 (2024)第 0089 号《验资报告》。 无锡晶海氨基酸股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项 报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、募集资金基本情况 1、实际募集资金金额与到账时间 经中国证券监督管理委员会出具《关于同意无锡晶海氨基酸股 份有限公司向不特定合格投资者公开发行股票注册的批复》(证监 许可 ...

证券代码：836547 证券简称：无锡晶海 公告编号：2025-091 无锡晶海氨基酸股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 一、 会议召开和出席情况 （一）会议召开情况 本次会议的召集、召开、议案审议程序符合有关法律法规、规范 性文件和《公司章程》的规定，所做决议合法有效。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 1.会议召开时间：2025 年 8 月 22 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2025 年 8 月 11 日以电话方式 发出 5.会议主持人：李松年 6.会议列席人员：财务总监兼董事会秘书陈向红 7.召开情况合法、合规、合章程性说明： 二、 议案审议情况 （一） 审议通过《关于公司<2025 年半年度报告及其摘要>的议案》 1.议案内容： 就公司 2025 年半年度整体经营情况，公司董事会根据《公司章 程》《北京证券交易所股票上市规则》等相关 ...

Core Viewpoint - The amino acid market in China is experiencing growth driven by downstream sectors such as feed, food processing, pharmaceuticals, and health products, with a projected demand of 575.08 million tons in 2023, but expected to decline to 561.52 million tons in 2024 due to macroeconomic factors [1][19]. Overview - Amino acids are essential components of proteins and are widely used in various industries, including feed, food, and pharmaceuticals [2][6]. - The classification of amino acids includes essential, semi-essential, and non-essential types, with specific applications based on their properties [3][4]. Market Demand and Trends - The demand for amino acids is projected to decrease in 2024, with the market size expected to drop to 60.862 billion yuan, where glutamic acid accounts for 33.35%, lysine for 32.79%, threonine for 10.11%, methionine for 13.73%, and tryptophan for 2.15% [1][19]. - There is a growing consumer preference for natural and healthy products, which is expected to boost the demand for green and environmentally friendly amino acids and derivatives [1][19]. Industry Development - The amino acid industry in China has evolved from extraction methods to microbial fermentation, significantly reducing production costs and increasing efficiency [6][7]. - The industry is witnessing consolidation, with larger companies acquiring smaller ones to enhance market share and competitiveness [7][8]. Market Policies - Recent policies in China support technological innovation and industrial upgrades in the amino acid sector, promoting the use of amino acids in feed to ensure supply safety [10][12]. Industry Chain - The upstream of the amino acid industry includes suppliers of raw materials like corn, soybeans, and wheat, while the downstream encompasses applications in feed, food processing, pharmaceuticals, and health products [13][15]. - The feed sector is the largest market for amino acids, accounting for over 60% of demand, with significant growth in industrial feed production [17][19]. Competitive Landscape - The amino acid market in China is concentrated among leading companies such as Meihua Biological Technology Group, Fujian Fufeng Group, and Zhejiang New Hope Liuhe, which dominate the market [21][25]. - Meihua Biological is the largest producer of lysine, while Fufeng Group leads in MSG production, indicating a competitive environment with significant market players [21][27]. Future Trends - There is an increasing demand for high-purity amino acids in pharmaceuticals and cosmetics, supported by national policies favoring green production methods [29][30].

Group 1 - The company, Wuxi Jinghai, announced the convening of its first employee representative meeting on August 12, 2025 [2] - The meeting will review the proposal to cancel the supervisory board and the positions of employee representative supervisors [2]