无锡晶海氨基酸股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开第四届董事会第十一次会议和第四届监事会第九次会 议，并在 2025 年 8 月 12 日召开 2025 年第四次临时股东会，审议通 过了《关于取消监事会并修订<公司章程>及其附件的议案》，同意 公司根据修订后的《公司法》《上市公司章程指引》以及《北京证 券交易所股票上市规则》等相关法律法规、规范性文件的规定，结 合公司实际情况不再设置监事会，同时对《公司章程》的相关条款 进行修订。 证券代码：920547 证券简称：无锡晶海 公告编号：2026-001 无锡晶海氨基酸股份有限公司 关于完成工商变更登记及公司章程备案的公告 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、基本情况 2026 年 1 月 16 日 具体内容详见公司于 2025 年 7 月 22 日在北京证券交易所官网 （www.bse.cn）上披露的《关于取消监事会并修订《公司章程》的 公告》（公告编号：2025-054）及《公司章程》（公告编号：202 ...

一、 授权委托理财情况 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）。 证券代码：920547 证券简称：无锡晶海 公告编号：2026-002 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。 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，且 超过 1,000 万元的应当及时披露。 ...

Group 1 - The "Healthy China" strategy is driving an increase in residents' health literacy, with a projected level of 31.87% by 2024, up 2.17 percentage points from 2023 [6][10][11] - The silver economy is expected to exceed 9 trillion yuan by 2025, accounting for 6% of GDP, and reach 30 trillion yuan by 2035, indicating significant growth potential [6][11] - The Z generation has integrated health into their fixed living expenses, with 47.0% of young people frequently purchasing health products/services, leading to a high penetration rate of 84.3% in health consumption [19][21][22] Group 2 - The nutritional functional food market in China is projected to reach 233.1 billion yuan in 2024, with an annual compound growth rate (CAGR) of 8.5% expected from 2024 to 2029 [28][38] - The market for special medical foods is expected to grow at a CAGR of 26% from 2019 to 2024, with the market size increasing from 7.3 billion yuan in 2019 to 23.2 billion yuan in 2024 [28][15] - The konjac food market has shown a CAGR of 20% from 2014 to 2023, with consumption trends on the rise, particularly among younger demographics [28][39] Group 3 - The nutritional functional food industry is characterized by a diverse range of subcategories, including weight management, sports nutrition, beauty nutrition, gut health, healthy snacks, and basic nutrition, with sports nutrition being the fastest-growing segment [30][39] - The contract manufacturing market for nutritional functional foods is expected to grow from 25.3 billion yuan in 2024 to 44.1 billion yuan by 2029, with a CAGR of 11.8% [42][38] - The health snack segment is the largest application scenario within the nutritional functional food market, projected to reach 97.1 billion yuan in 2024 [38][41] Group 4 - Companies like Kangbiter, a leading brand in sports nutrition, and Hengmei Health, a contract manufacturer of nutritional functional foods, are positioned to benefit from the growing health consumption trend [28][46][48] - The nutritional functional food industry is experiencing rapid development, with increasing competition among brands and a focus on product innovation to meet diverse consumer demands [30][38] - The overall market for nutritional health foods is expected to reach 522.3 billion yuan in 2024, with a forecasted growth to 720.3 billion yuan by 2029, driven by rising consumer health awareness and regulatory improvements [30][34]

Group 1 - The report highlights the significant progress in the pharmaceutical and healthcare system reforms during the "14th Five-Year Plan" period, with a focus on grassroots healthcare and urban-rural integration [1][12] - The "15th Five-Year Plan" emphasizes the support for innovative drugs and medical devices, aiming to enhance the healthcare system and promote the development of traditional Chinese medicine [1][17] - The report indicates that the 11th batch of national drug procurement successfully implemented innovative goals, including maintaining clinical stability and quality assurance [1][14] Group 2 - As of December 31, 2025, the total market capitalization of 21 pharmaceutical and biotechnology companies on the North Exchange reached 748.30 billion, reflecting a growth of 45.81% from the beginning of the year [2][20] - The average market capitalization of these companies increased to 35.63 billion, up 38.87% from the previous year [2][21] - The North Exchange's pharmaceutical sector is primarily composed of chemical pharmaceuticals (38.10%), medical devices (28.57%), and biological products (19.05%) [2][31] Group 3 - In 2025, the North Exchange's pharmaceutical and biotechnology sector experienced a year-on-year increase of 37.38%, ranking third among various sectors [3][54] - The report notes that 80.95% of the pharmaceutical companies on the North Exchange saw an increase in their stock prices throughout the year [3][42] - The top-performing companies in terms of stock price growth included JinHao Medical (+174.08%), NuoSiLanDe (+105.64%), and BeiYiKang (+76.39%) [3][45] Group 4 - The report indicates that the North Exchange's pharmaceutical companies had a PE TTM average of 73X by the end of 2025, with a peak of 119X in August [2][34] - The distribution of valuations shows that the North Exchange has a higher proportion of companies with significant losses compared to other exchanges, with 28.57% of companies in the loss category [2][40] - The report highlights that the North Exchange's pharmaceutical sector is characterized by a high concentration of companies in the 100X and above PE TTM range [2][43]

Group 1 - The report highlights the performance of the North Exchange in 2025, indicating a significant rise in the North Index 50 to around 1400 points, with three distinct phases of market movement: rapid increase, oscillating rise, and a correction phase [2][12][15] - In the rapid increase phase (January 1 - March 11, 2025), the North Index 50 surged from 1,037.81 to 1,418.65 points, achieving a cumulative return of 36.70%, while the specialized index rose from 1,683.33 to 2,421.50 points, with a return of 43.85% [15][16] - The oscillating rise phase (April 7 - September 5, 2025) saw the North Index 50 increase from 1,044.07 to 1,647.01 points, yielding a cumulative return of 58.70%, and the specialized index from 1,759.64 to 2,806.39 points, with a return of 66.72% [16][17] Group 2 - The correction phase (September 15 - December 19, 2025) stabilized the North Index 50 and specialized index around 1400 and 2400 points, respectively, with the North Index 50 declining to 1,445.84 points and the specialized index to 2,440.21 points, resulting in cumulative returns of 39.32% and 44.96% [17][23] - The report emphasizes the performance of small-cap stocks, indicating that companies with market capitalizations of 0-20 billion, 20-40 billion, 40-80 billion, and above 80 billion had average returns of 54.08%, 38.60%, 18.26%, and 30.59%, respectively [26][31] - The report identifies that national and provincial-level "little giant" companies outperformed non-little giant firms, with average returns of 48.26%, 38.06%, and 39.19% for national, provincial, and non-little giants, respectively [27][29] Group 3 - The report highlights that national and provincial-level single champion companies achieved average returns of 59.27% compared to 39.61% for non-single champion companies [32][34] - In terms of industry performance, high-end equipment and new chemical materials sectors showed higher returns, with average returns of 50.20%, 28.67%, 48.49%, 40.43%, and 43.56% for high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, respectively [34][36] - The report also notes that companies with new productive forces, ESG attributes, high scarcity, and high dividends had average returns of 50.49%, 48.44%, 49.14%, and 57.51%, respectively, indicating a strong performance in these categories [37][43]

证券代码：920547 证券简称：无锡晶海 公告编号：2025-114 无锡晶海氨基酸股份有限公司 关于设立美国全资曾孙公司并完成工商登记的公告 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"）通过自有资金设立新加坡全资子公司、荷兰全 资孙公司、美国全资曾孙公司。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）。2025 年 6 月，公司已完成设立新加坡全资子公司：WJAA GLOBAL PTE. LTD.，2025 年 11 月，公司已完成设立荷兰全资孙公司： WJAA PHARMACEUTICAL B.V.，具体内容详见公司于 2025 年 6 月 25 日 和 11 月 4 日在北京证券交易所信息披露平台（www.bse.cn）上披露 的《关于设立新加坡全资子公司并 ...

证券代码：920547 证券简称：无锡晶海 公告编号：2025-113 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 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、本次购买理财产品不构成关联交易。 三、 公司对委托理财相关风险的内部控制 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 ...

Investment Rating - The report highlights a focus on the power equipment industry chain in the context of the rapid growth in electricity demand driven by artificial intelligence technology [1]. Core Insights - The global electricity demand for data centers is projected to reach 945 TWh by 2030, with a current consumption of 415 TWh in 2024, representing 1.5% of global electricity consumption, and growing at an annual rate of 12% [3][9]. - The report identifies 16 companies within the North Exchange's power equipment industry chain, including key players such as Kai Fa Technology, Guangxin Technology, and Can Energy [3][45]. - The median price-to-earnings (P/E) ratio for the electronic equipment industry on the North Exchange has increased from 60.1X to 60.5X, indicating a slight upward trend in valuation [51]. Summary by Sections 1. Current AI Technology Development Driving Electricity Demand Surge - AI operations currently face a lack of sufficient electricity, with projections indicating that global data center electricity demand could reach 945 TWh by 2030 [7][18]. - The rapid increase in electricity demand is pushing the global energy system towards a critical turning point [9]. 2. Total: Median Price Change of North Exchange Technology Growth Stocks at -3.57% - As of November 7, 2025, the median price change for technology growth stocks on the North Exchange was -3.57%, with 27 companies experiencing an increase [47][50]. - Notable gainers included Can Energy (+31.13%) and Hongxi Technology (+19.07%) [49]. 3. Industry: Electronic Equipment Industry P/E Ratio Median Increased by 0.70% to 60.5X - The median P/E ratio for the electronic equipment industry rose to 60.5X, with the total market value decreasing from 1509.9 billion to 1461.4 billion [51][52]. - The report notes a decrease in the number of companies in the >100X P/E ratio category, while those in the 30X-50X and 50X-100X categories increased [51][54]. 4. Announcements - Tianhong Lithium Battery is establishing a joint venture to further develop its energy storage independent power station business [4][38]. - Kai Fa Technology plans to invest in new projects with a total investment of 283.7 million yuan [4][38].

证券代码：920547 证券简称：无锡晶海 公告编号：2025-112 无锡晶海氨基酸股份有限公司 关于设立荷兰全资孙公司并完成工商登记的公告 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"）拟通过自有资金设立新加坡全资子公司、荷兰 全资孙公司、美国全资曾孙公司。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）。2025 年 6 月，公司已完成设立新加坡全资子公司：WJAA GLOBAL PTE. LTD.。具体内容详见公司于 2025 年 6 月 25 日在北京证 券交易所信息披露平台（www.bse.cn）上披露的《关于设立新加坡全 资子公司并完成工商注册登记的公告》（公告编号：2025-048）。 近日，公司已完成荷兰全资孙公司的注册登记手续，注册资本为 100 欧 ...

Investment Rating - Investment rating: "Outperform" (maintained) [1][3] Core Insights - The company reported a revenue of 293 million yuan for the first three quarters of 2025, representing a year-on-year increase of 15.69%. The net profit attributable to the parent company was 48 million yuan, up 25.93% year-on-year. The non-recurring net profit attributable to the parent company reached 50 million yuan, showing a significant growth of 55.28% year-on-year [3][4] - The company is actively expanding both domestic and international markets, focusing on high-end applications of amino acids in fields such as microelectronics cleaning, biopharmaceuticals, and special medical foods. This strategy aims to increase market share and strengthen its competitive position [4][5] - The company has completed its fundraising project for the "High-end High Value-added Key Series Amino Acid Industrialization Construction Project," which is expected to enhance production capacity and efficiency [4] Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 402 million yuan, with a year-on-year growth of 18.7%. The net profit attributable to the parent company is expected to be 73 million yuan, reflecting a substantial increase of 69.8% year-on-year [5][7] - The gross margin is forecasted to be 31.2% in 2025, with a net margin of 18.1%. The return on equity (ROE) is expected to reach 10.1% [7] - The earnings per share (EPS) for 2025 is estimated at 0.94 yuan, with a price-to-earnings (P/E) ratio of 29.9 times [5][7]