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]

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 证券代码：920547 证券简称：无锡晶海 公告编号：2025-111 无锡晶海氨基酸股份有限公司 2025 年第六次临时股东会决议公告 1.会议召开时间：2025 年 10 月 31 日 2.会议召开地点：公司会议室 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.召开情况合法合规的说明： 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 出席和授权出席本次股东会的股东共 5 人，持有表决权的股份总 数 53,780,824 股，占公司有表决权股份总数的 69.23%。 二、 议案审议情况 （一）审议通过《关于公司申请银行授信额度的议案》 1.议案表决结果： 同意股数 53,759,880 股，占本次股东会有表决权股份总数的 99.96%；反对股数 20,944 股，占本次股东会有表决权股份总数的 0 ...

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、疏漏之 处。 在本法律意见书中,本所律师根据《股东会规则》的要求,仅就本次股东会 的召集、召开程序是否合法及是否符合《公司章程》、出席会议人员资格和会议 召集人资格的合法有效性、会议表决程序和表决结果的合法有效性发表意见,而 不对本次股东会所审议的议案内容和该等议案中所表述的事实或数据的真实性 和准确性发表意见。 本法律意见书仅供本次股东会之目的使用,不得被任何人用于其他任何目的。 本所同意,公司可以将本法律意见书作为公司本次股东会公告材料,随其他需公 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 2025 年第六次临时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"）2025 年第六次临时股 东会于 2025年10月 31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 ...

证券代码：920547 证券简称：无锡晶海 公告编号：2025-110 无锡晶海氨基酸股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 上市公司接待人员：财务总监兼董事会秘书陈向红 三、 投资者关系活动主要内容 1、近期氨基酸原材料价格下跌，对公司是否有影响？ 答：原材料市场价格存在波动，原材料价格波动与公司客户价 格端存在相对滞后性，公司根据生产需求及原材料市场行情把握采 购节奏、适时调整备货策略，减少原材料波动的影响。 2、根据今年前三季度销售情况，内外销方面经营情况如何？ 二、 投资者关系活动情况 活动时间：2025 年 10 月 28 日 活动地点：进门财经线上电话会议 参会单位及人员：申万宏源证券研究所、创金合信基金管理有限 公司、易方达基金、JM Capital 君茂资本、华源证券股份有限公司、 高腾国际资产管理、长江证券股份有限公 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 performance is generally in line with expectations, with a revenue of 293 million yuan for the first three quarters of 2025, representing a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 48.06 million yuan, up 25.9% year-on-year [6] - The company is experiencing a trend of demand recovery, although domestic sales prices are under pressure due to centralized procurement [6] - The new factory's depreciation is impacting profitability, but the overall cost burden is gradually decreasing as the company completes provisions for financial product impairments [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 404 million yuan, with a year-on-year growth rate of 19.2% [5] - The net profit attributable to shareholders for 2025 is estimated at 63 million yuan, reflecting a year-on-year increase of 47.3% [5] - The company’s gross margin for Q3 2025 is reported at 31.8%, showing a year-on-year increase of 1.7 percentage points [6] - The company is expected to achieve revenues of 506 million yuan and 622 million yuan in 2026 and 2027, respectively [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved year-on-year growth in both revenue and net profit for the first three quarters of 2025, with expectations to expand applications in specialized medical and microelectronics cleaning fields [5][7] - The company is positioned as a leading supplier of amino acid raw materials in the domestic pharmaceutical market and is actively exploring new downstream application markets [7] Summary by Sections Market Performance - As of October 27, 2025, the closing price is 26.70 yuan, with a market capitalization of 2,074.27 million yuan and a circulating market value of 1,007.08 million yuan [3] Financial Forecast and Valuation - Revenue projections for 2023 to 2027 are as follows: 389 million yuan (2023), 339 million yuan (2024), 400 million yuan (2025E), 483 million yuan (2026E), and 581 million yuan (2027E) [6] - Net profit forecasts are: 53 million yuan (2023), 43 million yuan (2024), 67 million yuan (2025E), 82 million yuan (2026E), and 102 million yuan (2027E) [6] - The company is expected to maintain a price-to-earnings ratio (P/E) of 31, 25, and 20 for the years 2025 to 2027, respectively [7] Earnings Performance - For Q1-Q3 2025, the company reported revenue of 293 million yuan (up 16% year-on-year) and a net profit of 48.06 million yuan (up 26% year-on-year) [7] - The gross margin for Q1-Q3 2025 was 31.87%, reflecting an increase of 2.05 percentage points year-on-year [7] Business Development - The company is expanding its overseas market presence and has completed the construction of a new factory, which is expected to alleviate capacity constraints [7] - The company is pursuing certifications for its products in the EU and Japan, and plans to establish wholly-owned subsidiaries in Singapore, the Netherlands, and the United States to enhance its global market footprint [7]

证券代码：920547 证券简称：无锡晶海 公告编号：2025-108 无锡晶海氨基酸股份有限公司 第四届董事会第十五次会议决议公告 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。 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 年第三季度实际经营情况，编制了公司 2025 年第三季度报 告。公司 2025 年第三季度报告的编制程序、内容、格式符合中国证 监会和北京证券交易所的有关规定，符合相关法律、行政法规、公司 章程、公司内部管理制度的各项规定。具体内容详见公司于同日在北 京证券交易所信息披露平台（www.bse.cn）上披露的《2025 年第三季 度报告》（公告编号：2025-109）。 2.议案表决结果：同意 6 票；反对 0 票；弃权 0 票。 议案已经公 ...

Core Insights - The Chinese special medical food market is expected to reach 23.42 billion yuan by 2027, supported by increasing government policy backing and improved regulations [1][4] - Amino acids, as a core raw material for special medical foods, are poised to benefit significantly from the growth of this market [1][4] Industry Overview - The amino acid industry is experiencing rapid growth due to rising global demand for nutrition and health, particularly in developed economies [1] - Amino acids are essential components of proteins and are widely used in feed, food, and pharmaceuticals [1] Market Dynamics - The supply of raw materials for amino acid production is abundant, with China being a major corn producer, projected to yield 291 million tons in 2024 [3] - The feed sector is the largest application area for amino acids, with China's feed production expected to reach 316 million tons in 2024, making it the largest feed producer globally [3] Regulatory Environment - Recent policy changes, including the 2023 revision of the Special Medical Food Registration Management Measures, have streamlined the approval process, reducing it to 18 months and allowing for expedited reviews [4] - The inclusion of special medical foods in health insurance coverage in various cities is expected to enhance market penetration [4] Company Spotlight - Wuxi Jinghai (920547.BJ) is highlighted as a "small giant" in the pharmaceutical amino acid industry, holding over 30% market share domestically and establishing partnerships with global companies like Nestlé and Fresenius Kabi [2] Future Trends - The demand for pharmaceutical-grade amino acids is anticipated to grow due to the increasing domestic production of cell culture media, which are essential for biopharmaceutical manufacturing [5] - The expansion of applications in cell therapy and gene therapy is expected to drive further growth in the cell culture media market, thereby increasing the demand for amino acids [5]

证券代码：920547 证券简称：无锡晶海 公告编号：2025-107 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、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。 ...