Core Viewpoint - The company, Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd., anticipates a significant increase in net profit for the first half of 2025, projecting a rise of over 50% compared to the same period last year [2][4]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 790 million to 850 million yuan, an increase of 283.83 million to 343.83 million yuan, representing a year-on-year growth of 56.07% to 67.93% [2][4]. - The projected net profit, excluding non-recurring gains and losses, is estimated to be between 760 million to 820 million yuan, an increase of 225.69 million to 285.69 million yuan, reflecting a year-on-year increase of 42.24% to 53.47% [2][4]. Group 2: Previous Year’s Performance - In the first half of 2024, the total profit was 648.20 million yuan, with a net profit attributable to shareholders of the parent company at 506.17 million yuan, and a net profit excluding non-recurring gains and losses at 534.31 million yuan [6]. Group 3: Reasons for Performance Change - The company achieved improved performance in the first half of 2025 through enhanced internal management and the implementation of "three precision management" initiatives, leading to increased efficiency in production and operations [8]. - Additionally, a decrease in the procurement costs of key raw materials contributed to the overall optimization of product costs, positively impacting profit growth [8]. Group 4: Shareholder Information - As of the announcement date, the major shareholder, Ningxia Yipin Investment Group Co., Ltd., and its associated party hold a total of 233,036,630 shares, accounting for 14.03% of the company's total share capital [11]. - The shareholder, Tie Xiaorong, has released a pledge on 57,043,761 shares, which is 94.52% of his pledged shares, representing 3.43% of the total share capital [11][12]. - After the release of the pledge, Tie Xiaorong has no pledged shares remaining, while the total pledged shares by him and his associates amount to 89,351,604 shares, which is 38.34% of their total holdings and 5.38% of the total share capital [12][14].

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-035 广东肇庆星湖生物科技股份有限公司 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： ? 本业绩预告适用情形：实现盈利，且净利润与上年同期相比上 升 50%以上。 ? 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）预 计 2025 年半年度实现归属于母公司所有者的净利润为 79,000 万元到 万元到 34,383 万元，同比增加 56.07%到 67.93%。 ? 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性 损益的净利润 76,000 到 82,000 万元，与上年同期（法定披露数据） 相比，预计增加 22,569 万元到 28,569 万元，同比增加 42.24%到 一、 本期业绩预告情况 （一） 业绩预告期间 （一）2024 年半年度利润总额：64,820.09 万元；归属于母公司所有者的 净利润：50,616.96 万元；归属于母公司所有者的扣除非经常性损益 的净利润：53,430.97 万元。 （二）20 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-036 广东肇庆星湖生物科技股份有限公司 关于持股 5%以上股东股份解除质押的公告 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： ? 截至本公告披露日，广东肇庆星湖生物科技股份有限公司（以 下简称"公司" 本次股东铁小荣所持股份解除质押的具体情况如下： | 股东名称 | 铁小荣 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 本次解质押股份 | 57,043,761 | | | 股 | | | | 占其所持股份比例 | 94.52% | | | | | | | 占公司总股本比例 | 3.43% | | | | | | | 2025 解质押时间 | 年 | 7 | 月 | 7 | 日 | | | 持股数量 | 60,351,601 | | 股 | | | | | 持股比例 | 3.63% | | | | | | | 剩余被质押股份数量 | | | 0股 | | | | | 剩 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-036 本次解除质押完成后，铁小荣持有公司股份累计质押数量为 0 股； 铁小荣及其一致行动人累计质押数量为 89,351,604 股，占其合计持 股数量的 38.34%，占公司总股本的 5.38%。 2025 年 7 月 10 日，公司收到股东铁小荣《关于所持星湖科技股 份解押的告知函》，获悉其将持有公司的部分股份办理了解除质押手 续，具体情况如下： 一、 本次股份解除质押的具体情况 2023 年 12 月，股东铁小荣将持有公司的 99,826,581 股股份质 押给广东省广新控股集团有限公司（以下简称"广新集团"）作为业 绩承诺的保证，具体内容详见公司于 2023 年 12 月 28 日在上海证券 交易所网站（www.sse.com.cn）披露的《关于持股 5%以上股东部分 股份质押的公告》（公告编号：临 2023-051）。根据信永中和会计师 事务所（特殊普通合伙）出具的《关于宁夏伊品生物科技股份有限公 司 2024 年 度 及 累 积 承 诺 业 绩 实 现 情 况 的 审 核 报 告 》 广东肇庆星湖生物科技股份有限公司 关于持股 5 ...

Investment Rating - The report maintains an "Overweight" rating for the Basic Chemicals and Oil & Gas sectors [5]. Core Insights - The overall price spread in the industry is weak, with the CCPI-oil price spread at approximately 558, below the 30% percentile since 2012, indicating a potential turning point in the industry as supply and demand begin to recover [1][14]. - Capital expenditure growth in the chemical raw materials and products industry has significantly declined, with a year-on-year increase of only 0.4% from January to May 2025, suggesting a self-adjustment phase in the supply side [2][31]. - The domestic PMI for June 2025 is reported at 49.7, indicating a slight recovery in demand, although uncertainties remain regarding tariff policies post-July 9 [2][16]. Summary by Sections Supply Side - The industry capital expenditure growth has dropped to a low level, indicating a potential turning point for supply-side adjustments, with expectations for a recovery starting in the second half of 2025 [2][31]. - The report highlights that the competitive intensity has increased, leading to a significant decline in profitability across most sub-sectors since the second half of 2022 [2][31]. Demand Side - The report notes a recovery in domestic PMI, but uncertainties regarding tariff policies may disrupt future export orders [2][16]. - The demand for chemical products is expected to improve in the medium to long term, supported by domestic economic recovery and growth in demand from regions like Asia, Africa, and Latin America [2][16]. Investment Strategy - The report suggests that the second half of 2025 may see an upward turning point, with a focus on resilient demand and improved supply dynamics [34]. - Specific recommendations include: - Oil & Gas: Favorable long-term prospects for high-dividend companies like China Petroleum [34]. - Bulk Chemicals: Attention on refrigerants and isocyanates, with recommendations for companies like Juhua Co., Luxi Chemical, and Wanhua Chemical [34]. - Downstream Products: Recommendations for companies like Meihua Biological Technology and Xinghuo Technology, anticipating recovery in downstream demand [34]. - Export-driven chemical products: Companies like Senqilin and Sailun Tire are highlighted for their competitive advantages in exports [34]. - High-dividend assets: Companies like Hengli Petrochemical are recommended for their potential to increase dividend payouts [34].

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-034 广东肇庆星湖生物科技股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 30 日 (二)股东大会召开的地点：广东省肇庆市端州区工农北路 67 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 51.8695 A股 857,359,051 99.4849 4,237,202 0.4917 201,700 0.0234 (二)关于议案表决的有关情况说明 本次股东大会共一项议案，已经出席本次股东大会的股东或股东代理人所持 表决权的过半数通过。会议表决符合《公司法》和公司章程有关股东大会的表决 和决议的规定。 三、 律师见证情况 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会采取现场记名投票和网络投票相结合的方式表决，符合《公司法》 及公司章程 ...

北京大成（广州）律师事务所 关于 广东肇庆星湖生物科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 广州市天河区珠江新城珠江东路 6 号周大福金融中心（K11）14 层、15 层 14F，15F，CTF Finance Centre，No.6 Zhujiang East Road， Zhujiang New Town， Guangzhou 510623， China Tel： +86 20-8527 7000 Fax： +86 20-8527 7002 二〇二五年六月 致：广东肇庆星湖生物科技股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和国公 司法》（以下简称《公司法》）和中国证券监督管理委员会《上市公司股东会规则（2025 修订）》（以下简称《股东会规则》）等法律、法规和其他有关规范性文件的要求， 北京大成（广州）律师事务所（以下简称"本所"）接受广东肇庆星湖生物科技股份 有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年第一次临时股东大 会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-034 (一)股东大会召开的时间：2025 年 6 月 30 日 (二)股东大会召开的地点：广东省肇庆市端州区工农北路 67 号公司会议室 广东肇庆星湖生物科技股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 401 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 861,797,953 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 51.8695 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次大会采取现场记名投票和网络投票相结合的方式表决，符合《公司法》 及公司章程的规定，大会由公司董事长刘立斌先生主持。 ( ...

Core Business Strategy - The company will firmly implement the "231" industrial development strategy, focusing on "animal nutrition, food seasoning, and value chain extension" as its two core businesses [1] - The company aims to strengthen its animal nutrition, food additives, and seasoning sectors while promoting breakthroughs in three innovative fields: biomedicine, human nutrition and health, and plant nutrition [1] Financial Performance - In 2024, the company achieved operating revenue of 17.334 billion yuan and a net profit attributable to shareholders of 943 million yuan, representing a year-on-year growth of 39.12% [1] - In the first quarter of 2025, the company reported operating revenue of 4.039 billion yuan and a net profit attributable to shareholders of 474 million yuan, showing a year-on-year increase of 88.55% [1] Production Capacity and Market Position - The company ranks among the top producers globally in core products such as lysine, threonine, monosodium glutamate, and nucleotides, with both production capacity and technology levels leading the industry [1] - The company is investing in a 600,000-ton corn deep processing and cogeneration project in Xinjiang, which is currently under construction and will primarily produce small-volume amino acid products [2] Project Investments - The company plans to invest no more than 3.3 billion yuan in a 450,000-ton amino acid and supporting engineering project, with funding sourced from its own capital and bank loans, each accounting for approximately 50% [2] - The construction period for the amino acid project is expected to be 22 months [2] Market Conditions - The company acknowledges that product sales prices are influenced by raw material costs, market supply and demand, and industry competition, leading to some volatility [2] - The company is focused on enhancing product competitiveness through cost reduction and efficiency improvement, leveraging its large-scale production capabilities [2]

Core Viewpoint - The company is facing challenges in its amino acid project due to low profit margins and rising raw material costs, but it remains committed to its strategic investments to strengthen its market position [2][5][7]. Group 1: Company Performance - As of June 27, 2025, the company's stock price closed at 6.93 yuan, down 5.46% from the previous week, with a total market capitalization of 11.514 billion yuan [1]. - The company reported a year-on-year increase of 23.97% in cash balance, reaching 1.759 billion yuan by the end of 2024 [8][9]. Group 2: Strategic Investments - The company is investing over 3 billion yuan in a 450,000-ton amino acid project, which currently has a profit margin of only 10%, to consolidate its industry position [2][5][7]. - A 600,000-ton corn deep processing project in Xinjiang is under construction, with an expected completion date in 2026 [7]. Group 3: Market Challenges - The company is experiencing intense competition in the market, particularly with its subsidiary Sichuan Jiuling Pharmaceutical, which has contributed minimally to overall performance [3][4]. - The company acknowledges the volatility in product pricing and raw material costs, which affects profit margins [7]. Group 4: Future Outlook - The company is focused on high-quality development and is exploring new technologies and markets, including biopharmaceuticals and new materials [4][6]. - The company plans to enhance its competitive advantages and market presence through strategic investments and operational improvements [6][9].