证券代码：600866 证券简称：星湖科技 公告编号：临 2025-046 广东肇庆星湖生物科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 19 日(星期五)上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 9 月 12 日(星期五)至 9 月 18 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱（sl@starlake.com.cn）进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日披露了公司《2025 年半年度报告》，为便于广大投 资者更全面深入地了解公司 2025 年半年度的经营成果和财务状况， 公司计划于 ...

广东肇庆星湖生物科技股份有限公司 目 录 议案六：关于《未来三年（2025-2027 年）股东回报规划》的议案11 会议须知 为确保广东肇庆星湖生物科技股份有限公司（以下简称"公司"） 各位股东和股东代表依法行使股东权利，保证股东大会的正常秩序和 议事效率，请遵守以下会议须知： 一、股东及股东代表参加本次股东大会，依法享有发言权、质询 权、表决权等各项权利，应遵守本次大会议事规则，认真履行法定义 务，不得侵犯其他股东的权益，不得扰乱大会的正常秩序。 二、如股东拟在本次股东大会上发言，请提前准备发言意向及要 点，并注明所需要的时间。特别提示：因股东大会时间有限，股东发 言由公司按登记情况统筹安排，公司不能保证所有填写发言意向及要 点的股东均能在本次股东大会上发言。 三、股东发言主题应与本次股东大会表决事项有关，与本次股东 大会议题无关或将泄露公司商业秘密或可能损害公司、股东共同利益 的质询，大会主持人或其指定的有关人员有权拒绝回答。 四、本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式。公司通过上海证券交易所网络投票系统向公司股东提供网 络形式的投票平台，股东可以在网络投票时间内通过上述系统行使表 ...

2025 年第二次临时股东大会会议资料 广东肇庆星湖生物科技股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 9 月 15 日 2025 年第二次临时股东大会会议资料 | | | | 会议须知 1 | | --- | | 会议议程 3 | | 议案一：关于取消监事会及修订《公司章程》的议案 5 | | 议案二：关于修订《公司股东大会议事规则》的议案 7 | | 议案三：关于修订《董事会议事规则》的议案 8 | | 议案四：关于修订《独立董事工作制度》的议案 9 | | 议案五：关于修订《对外担保内部控制制度》的议案 10 | | 议案六：关于《未来三年（2025-2027 年）股东回报规划》的议案11 | | 议案七：关于聘任会计师事务所的议案 12 | 2025 年第二次临时股东大会会议资料 会议须知 为确保广东肇庆星湖生物科技股份有限公司（以下简称"公司"） 各位股东和股东代表依法行使股东权利，保证股东大会的正常秩序和 议事效率，请遵守以下会议须知： 一、股东及股东代表参加本次股东大会，依法享有发言权、质询 权、表决权等各项权利，应遵守本次大会议事规则，认真履行法定义 务，不得侵犯其他股 ...

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but significant growth in net profit, indicating strong operational efficiency and cost management [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 8.16 billion yuan, a year-on-year decrease of 3.85% [1] - The net profit attributable to shareholders was 836 million yuan, reflecting a year-on-year increase of 65.22% [1] - The net profit after deducting non-recurring items was 805 million yuan, up 50.73% year-on-year [1] - In Q2 2025, revenue was 4.12 billion yuan, down 3.89% year-on-year [1] - The net profit for Q2 was 362 million yuan, a year-on-year increase of 42.18% but a quarter-on-quarter decrease of 23.63% [1] - The net profit after non-recurring items for Q2 was 344 million yuan, up 22.69% year-on-year but down 25.61% quarter-on-quarter [1] Group 2: Industry Dynamics - The feed production in China has been steadily increasing, contributing to a 5% annual growth in amino acid demand [2] - From 2013 to 2024, China's industrial feed production grew from 190 million tons to 320 million tons, with a CAGR of 4.8% [2] - The global feed amino acids market is expected to grow at a CAGR of 5.8% from 2024 to 2032 [2] - In 2024, the total supply of the four major feed amino acids is projected to be 6.986 million tons, a year-on-year increase of 13.5% [2] - China's supply of lysine and threonine is expected to grow by 10.3% and 15.4% respectively [2] Group 3: Competitive Advantages - The company maintains a leading position in production capacity globally, benefiting from economies of scale [3] - The company is advancing two major projects: a 450,000-ton amino acid project in Daqing, Heilongjiang, and a 600,000-ton corn deep processing project in Xinjiang [3] - These projects are expected to enhance the company's competitive edge and support its vertical expansion in the industry [3] Group 4: Investment Outlook - The company is positioned as a leader in corn deep processing, with expected price increases in lysine and threonine due to rising industry concentration [4] - Future net profits are projected to be 1.516 billion yuan, 1.559 billion yuan, and 1.707 billion yuan for 2025-2027, with corresponding EPS of 0.91, 0.94, and 1.03 yuan [4] - The current price corresponds to a PE ratio of 9X for 2025 and 2026, and 8X for 2027, indicating a favorable growth outlook [4]

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Financial Performance - Company reported total revenue of 8.16 billion yuan for the first half of 2025, a decrease of 3.85% year-on-year [1] - Net profit attributable to shareholders reached 836 million yuan, an increase of 65.22% year-on-year [1] - Gross margin improved to 20.77%, up 31.1% year-on-year, while net margin increased to 10.28%, up 70.95% year-on-year [1] Key Financial Metrics - Total revenue for Q2 2025 was 4.12 billion yuan, down 3.89% year-on-year, with net profit for the same period at 362 million yuan, up 42.18% year-on-year [1] - Operating cash flow per share increased to 0.37 yuan, a rise of 36.59% year-on-year [1] - Earnings per share rose to 0.5 yuan, reflecting a 65.18% increase year-on-year [1] Investment Insights - Company has a historical average ROIC of 5.33% over the past decade, indicating weak investment returns [3] - The estimated dividend yield is 5.12%, suggesting potential for income generation [3] - Company has significant cash flow concerns, with cash to current liabilities ratio at 52.31% [3] Market Position and Strategy - Company is investing in a 60,000-ton corn deep processing project in Xinjiang, which is expected to enhance its market position and core competitiveness [5] - The 450,000-ton amino acid project has a lower gross margin of 10%, raising questions about its strategic significance [5] Fund Holdings - The largest fund holding in the company is the Western Gain CSI 1000 Index Enhanced A, with 962,100 shares newly added to its top holdings [4] - The fund has shown a significant increase of 70.14% over the past year, indicating strong market interest [4]

Group 1 - The 9th meeting of the 11th Supervisory Board of Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd. was held on August 26, 2025, with all 3 attending supervisors present [2] - The Supervisory Board reviewed and approved the proposal regarding the 2025 semi-annual report, confirming that the report complies with relevant regulations and accurately reflects the company's operational and financial status [2][3] - The Supervisory Board also approved the appointment of Tianjian Accounting Firm as the auditor for the 2025 financial report, with an annual audit fee not exceeding 2.4 million yuan, subject to shareholder approval [3]

Meeting Information - The shareholder meeting is scheduled for September 15, 2025, at 10:30 AM [1] - The meeting will be held at two locations: Guangzhou and Zhaoqing, Guangdong Province [1] - Voting will be conducted through a combination of on-site and online methods [1] Voting Procedures - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system [2] - Voting will be available from 9:15 AM to 3:00 PM on the day of the meeting [1][2] - Shareholders can vote via the trading system or the internet voting platform [3][4] Shareholder Eligibility - Shareholders registered by the close of trading on September 8, 2025, are eligible to attend the meeting [5] - Shareholders can appoint proxies to attend and vote on their behalf [5] Registration Process - Registration for attending the meeting must be completed by September 9, 2025 [6] - Required documents for registration include identification and proof of shareholding [5][6] Additional Information - Shareholders are responsible for their own travel and accommodation expenses [6] - Contact information for the company is provided for any inquiries [6]

Group 1 - The company reported a revenue of 8.16 billion yuan for the first half of the year, representing a year-on-year decrease of 3.85% [1] - The net profit attributable to shareholders of the listed company was 836 million yuan, showing a year-on-year increase of 65.22% [1] - The basic earnings per share were 0.5033 yuan [1]