Investment Rating - The report suggests a positive outlook for the maternal and infant industry, driven by government policies aimed at encouraging childbirth and stimulating market growth [2][3]. Core Insights - The implementation of various supportive policies by the government is expected to boost the maternal and infant industry, with a projected increase in birth rates and consumer spending in this sector [6][9]. - The maternal and infant consumption market in China is anticipated to grow significantly, reaching approximately 76,299 billion yuan in 2024, with a potential increase to 89,149 billion yuan by 2027 [9][11]. - The report highlights the rapid development of the infant food market, with a compound annual growth rate (CAGR) of 8.9% from 2019 to 2024, leading to a market size of about 55.91 billion yuan in 2024 [25][29]. - The maternal and infant retail chain market is also expanding, with a projected growth from 587.4 billion yuan in 2019 to 906.2 billion yuan in 2024, reflecting a CAGR of 9.1% [32][34]. Summary by Sections Policy Impact - The Chinese government has introduced various policies to encourage childbirth, including subsidies and tax reductions, which are expected to stabilize and potentially increase the birth rate [6][7]. - The focus on modern parenting and quality of life among younger parents is driving demand for diverse maternal and infant products [6][9]. Market Growth - The maternal and infant consumption market is projected to grow to 76,299 billion yuan in 2024, marking a significant recovery in birth rates with 9.54 million births expected [9][11]. - The infant food market is experiencing rapid growth, with a projected market size of 55.91 billion yuan in 2024 and a CAGR of 8.9% from 2019 to 2024 [25][29]. Industry Segmentation - The report outlines the structure of the maternal and infant industry, which includes upstream food production, midstream manufacturing of products, and downstream retail channels [13][14]. - The dairy industry is also highlighted, with a projected market size of 5,216.70 billion yuan in 2024, despite a slight decline in milk production due to market imbalances [16][20]. Company Analysis - The report identifies key companies in the maternal and infant sector listed on the Beijing Stock Exchange, including Knight Dairy and Wuxi Jinghai, along with potential listings such as Southern Dairy and Ying's Holdings [44][45]. - The overall market capitalization of the consumer service sector on the Beijing Stock Exchange has increased, with a median market cap of 123.92 billion yuan [52][54].

证券代码：836547 证券简称：无锡晶海 公告编号：2025-048 无锡晶海氨基酸股份有限公司 关于设立新加坡全资子公司并完成工商注册 登记的公告 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、 对外投资概述 （一）基本情况 为进一步拓展海外市场，满足公司长期战略发展需要，提升公司 产品在海外市场的竞争力和知名度，无锡晶海氨基酸股份有限公司 （以下简称"公司"）通过自有资金新设新加坡全资子公司，本次注 册资本为 35 万新加坡元，折合人民币约为 182.97 万元（以实际汇率 为准计算人民币出资额），公司持有 100%股权。 新加坡公司设立后，后期拟设立全资孙公司荷兰公司和全资曾孙 公司美国公司。荷兰公司公司由新加坡公司全额出资，美国公司由荷 兰公司全额出资。荷兰公司和美国公司主营业务为海外市场开发、产 品销售等。 本次设立三个海外公司拟使用自有资金不超过 1,450 万元人民 币（或等值外币，最终投资总额以实际投资为准）。投资款主要用于 设立及运营境外公司、办公场所租赁、铺底流动资金等相关事 ...

证券代码：836547 证券简称：无锡晶海 公告编号：2025-047 无锡晶海氨基酸股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 无锡晶海氨基酸股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 9 日召开的股东会审议通过，本次实施分配方案距离股 东会审议通过的时间未超过两个月。 以公司现有总股本 77,688,000 股为基数，向全体股东每 10 股派 2 元人民币现金。 2、扣税说明 （1） 个人股东、投资基金适用股息红利差别化个人所得税政 策,个人股东、投资基金持股 1 个月（含 1 个月）以内，每 10 股补缴 税款 0.4 元；持股 1 个月以上至 1 年（含 1 年）的，每 10 股补缴税 款 0.2 元；持股超过 1 年的，不需补缴税款。 （2） 对合格境外投资者股东，根据国税函[2009]47 号，公司按 10%的税率代扣代缴所得税后，实际每 10 股派发 1.8 元。 （3） 对于合格境外投资者之外的其他机构投资者和法人股东， 本公司未代扣代 ...

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 证券代码：836547 证券简称：无锡晶海 公告编号：2025-046 无锡晶海氨基酸股份有限公司 2024 年年度股东会决议公告 出席和授权出席本次股东会的股东共 6 人，持有表决权的股份总 数 55,625,204 股，占公司有表决权股份总数的 71.60%。 （一）会议召开情况 1.会议召开时间：2025 年 5 月 9 日 2.会议召开地点：公司会议室 其中通过网络投票参与本次股东会的股东共 1 人，持有表决权的 股份总数 6,324 股，占公司有表决权股份总数的 0.01%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 5.会议主持人：李松年 6.召开情况合法、合规、合章程性说明： 本次会议召集、召开符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 （二）会议出席情况 1.公司在任董事 6 人，出席 6 人； 2.公司 ...

上海市广发律师事务所 关于无锡晶海氨基酸股份有限公司 2024 年年度股东会的法律意见书 致：无锡晶海氨基酸股份有限公司 无锡晶海氨基酸股份有限公司（以下简称"公司"）2024 年年度股东会于 2025 年 5 月 9 日 14 时在无锡晶海氨基酸股份有限公司会议室召开。上海市广发 律师事务所经公司聘请，委派孙薇维律师、孟祥全律师出席现场会议，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律法规、其他规范性文件以及《无锡晶海 氨基酸股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次股东 会的召集和召开程序、召集人及出席会议人员的资格、会议议案、表决方式和表 决程序、表决结果和会议决议等出具本法律意见书。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺，公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一 切足以影响本法律意见书的事实和文件均已向本所披露，而无任何隐瞒、 ...

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 7, 2025, from 15:00 to 17:00 [3] - The event was conducted online via the Shanghai Securities News and China Securities Network [3] - Key participants included the Chairman and General Manager, CFO, and sponsoring representatives [4] Group 2: Sales and Production Capacity - The company reported a decline in sales revenue for 2024 and discussed strategies to absorb increased production capacity from the new factory [3] - Strategies to manage new capacity include developing new products for existing customers, increasing demand in the domestic special medical food sector, and expanding into overseas markets [4] Group 3: Research and Development Progress - The project on "Preparation Method and Industrialization Research of High Purity L-Leucine" is currently in the industrialization verification stage, with expected sales in the second half of the year [4] - The histidine project is also in the industrialization verification phase, with significant progress noted in the establishment of a production line [5] Group 4: Supplier Relations and Market Impact - The acquisition of Japan's Kyowa by Meihua Group may have implications for the supply of raw materials, but the company believes the impact will be minimal due to a sufficient supply of amino acid raw materials [5] - The company is focused on enhancing its technological innovation and overall strength to mitigate potential supply chain risks [5]

Investment Rating - The investment rating for Wuxi Jinghai is "Outperform" (maintained) [1] Core Views - The company reported a sales recovery in both domestic and international markets, with an increase in the proportion of high-value-added products [6] - The first quarter of 2025 showed a revenue of 104 million yuan, a year-on-year increase of 13.0% and a quarter-on-quarter increase of 21.0% [6] - The net profit attributable to the parent company for Q1 2025 was 19.13 million yuan, reflecting a year-on-year growth of 30.4% and a quarter-on-quarter growth of 308.2% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 368 million yuan, with a year-on-year growth rate of 8.7% [5] - The net profit attributable to the parent company for 2025 is estimated at 58 million yuan, with a year-on-year growth rate of 34.3% [5] - Earnings per share for 2025 is projected to be 0.74 yuan [5] - The gross profit margin for Q1 2025 was 32.2%, an increase of 1.4 percentage points year-on-year [6] - The return on equity (ROE) for 2025 is expected to be 8.2% [5] Revenue and Profitability Insights - The growth in revenue is primarily driven by high-priced raw materials and culture medium products, with domestic sales recovering as inventory depletion ends [6] - The company has seen a decrease in raw material prices, contributing to an increase in the gross profit margin [6] - The product mix has shifted towards higher-margin raw materials and culture medium products, which have gross margins of 36.0% and 42.2%, respectively [6] Future Outlook - The existing fields are expected to recover in 2025, with new production lines anticipated to contribute significantly in 2026 [6] - The company is focusing on expanding into overseas markets and special medical foods following the completion of its fundraising projects [6] - The estimated net profits for 2025-2027 are adjusted to 58 million, 80 million, and 100 million yuan, respectively [6]

无锡晶海氨基酸股份有限公司 第四届监事会第八次会议决议公告 本公司及监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 证券代码：836547 证券简称：无锡晶海 公告编号：2025-043 3.回避表决情况： 会议应出席监事 3 人，出席和授权出席监事 3 人。 1. 会议召开时间：2025 年 4 月 29 日 2. 会议召开地点：公司会议室 3. 会议召开方式：现场 4. 发出监事会会议通知的时间和方式：2025 年 4 月 25 日以电话方 式发出 5. 会议主持人：沈洪 6. 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 年第一季度报告>的议案》 1.议案内容： 根据《北京证券交易所上市公司业务办理指南第6号——定期报 告相关事项》《北京证券交易所股票上市规则》等相关规定，结合公 司2025年第一季度实际经营情况，编制了公司2025年第一季度报 告。公司2025年第一季度报告的编制程序、内容、格式符合中国证 监会 ...

证券代码：836547 证券简称：无锡晶海 公告编号：2025-042 无锡晶海氨基酸股份有限公司 第四届董事会第九次会议决议公告 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 7.召开情况合法、合规、合章程性说明： 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。 （一）会议召开情况 1.会议召开时间：2025 年 4 月 29 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 4 月 25 日以电话方 式发出 5. 会议主持人：李松年 6. 会议列席人员：监事会主席沈洪、监事王丰、职工代表监事曹一 岗、财务总监兼董事会秘书陈向红 （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。 二、 议案审议情况 （一） 审议通过《关于公司<2025 年第一季度报告>的议案》 1.议案内容： 根据《北京证券交易所上市公司业务办理指南第 6 号——定 ...

Financial Performance - Net profit attributable to shareholders rose by 30.39% to CNY 19,132,669.99 for Q1 2025, up from CNY 14,673,681.53 in the same period last year[10] - Operating revenue for Q1 2025 reached CNY 104,177,997.52, reflecting a growth of 13.04% compared to CNY 92,158,215.06 in Q1 2024[10] - The company reported a significant increase in investment income by 269.97% to CNY 1,403,223.67, due to higher returns from structured deposits and low-risk investments[13] - The total comprehensive income for Q1 2025 was ¥19,132,669.99, compared to ¥14,673,681.53 in Q1 2024, indicating a strong performance[38] - Operating profit for Q1 2025 was ¥22,329,633.86, an increase of 28.3% from ¥17,416,882.06 in Q1 2024[38] Cash Flow - The net cash flow from operating activities increased by 29.86% to CNY 19,967,691.32, compared to CNY 15,376,630.73 in the previous year[10] - Cash inflow from operating activities increased to CNY 109,889,613.19 in Q1 2025, up from CNY 91,034,853.10 in Q1 2024[43] - The company reported a net cash outflow from financing activities of CNY -26,347,107.13 in Q1 2025, contrasting with a net inflow of CNY 22,068,986.34 in Q1 2024[42] - Cash flow from investment activities increased by 118.53% to 38,617,287.68 RMB, driven by the redemption of structured deposits and the issuance of bank acceptance bills for fixed asset payments[14] - The company received CNY 20,679,280.00 in other operating cash in Q1 2025, a substantial increase from CNY 1,000,130.80 in Q1 2024[43] Assets and Liabilities - Total assets increased by 5.68% to CNY 849,583,307.77 as of March 31, 2025, compared to CNY 803,935,578.14 at the end of 2024[10] - The company's asset-liability ratio (consolidated) improved to 19.72% from 17.84% year-on-year[10] - Current liabilities rose to ¥161,800,354.49 from ¥137,598,061.35, reflecting an increase of approximately 17.6%[32] - Total liabilities increased to ¥167,570,141.98 from ¥143,457,042.34, marking a growth of around 16.8%[33] - Shareholders' equity rose to ¥682,013,165.79 from ¥660,478,535.80, showing an increase of about 3.3%[33] Shareholder Information - Major shareholder Li Songnian holds 59.87% of the total shares, amounting to 46,512,000 shares[20] - The total number of ordinary shares remained at 77,688,000, with 45.83% being unrestricted shares[19] - The total number of shares held by major shareholders is 57,642,490, representing 74.20% of the total shares[21] Operational Insights - The company plans to continue expanding its market presence, focusing on both domestic and international sales[13] - The company is in the process of merging its wholly-owned subsidiary Wuxi Jinghong Biotechnology Co., Ltd. into Wuxi Jinghai, with the merger expected to complete soon[25] - The company expects to sell goods worth 5,000,000 yuan to related party Wuxi Jingyang Biotechnology Co., Ltd. in 2025, with no sales recorded as of the reporting period[25] Other Financial Metrics - The gross profit margin showed slight improvement due to enhanced cost control measures[13] - Research and development expenses rose to ¥4,502,779.43 in Q1 2025, compared to ¥3,732,394.90 in Q1 2024, marking a 20.6% increase[37] - Tax expenses for Q1 2025 were ¥3,164,246.82, up from ¥2,673,200.53 in Q1 2024, reflecting a 18.3% increase[38] - The company reported a 71.39% decrease in tax payments to 783,501.04 RMB, attributed to reduced income tax liabilities from last year's profit decline[14]