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].

Core Viewpoint - The recent inquiry by the Shanghai Stock Exchange into Xinghuo Technology's annual report highlights concerns regarding the company's high levels of cash and debt, questioning its repayment capabilities and the authenticity of performance commitments from past acquisitions [2][6][9]. Financial Performance - Xinghuo Technology has shown stable performance over the past three years, with net profits increasing from 608 million yuan in 2022 to an expected 943 million yuan in 2024, despite a slight decline in revenue [5][6]. - The company reported cash reserves exceeding 1.7 billion yuan, yet has maintained long-term and short-term borrowings exceeding 2 billion yuan for three consecutive years, raising regulatory concerns about its financial authenticity [6][9]. Debt and Cash Management - The Shanghai Stock Exchange has requested explanations regarding the company's borrowing practices in light of its substantial cash reserves, with Xinghuo citing the capital-intensive nature of the biopharmaceutical industry as justification [7][9]. - Comparisons with peer companies, such as Meihua Biological and Fufeng Group, reveal that these companies have cash reserves that adequately cover their borrowings, unlike Xinghuo, which has a cash-to-debt coverage ratio of only 12.09% [8][9]. Acquisition and Performance Commitments - The inquiry also revisits a six-year-old acquisition of Jiuling Pharmaceutical, which has seen a significant decline in performance post-commitment period, raising questions about the legitimacy of the performance guarantees made during the acquisition [10][11]. - Jiuling Pharmaceutical's performance during the commitment period was satisfactory, but its profits plummeted significantly from 36.9 million yuan in 2021 to a loss of 404,000 yuan in 2023, illustrating a stark contrast to earlier commitments [10][14]. Industry Challenges - The decline in Jiuling Pharmaceutical's performance has been attributed to external factors such as increased trade tensions and tariffs on pharmaceutical intermediates, leading to reduced orders from overseas clients and intensified market competition [11][14]. - The overall market for pharmaceutical intermediates has become increasingly competitive, with Jiuling's revenue growth stagnating over the past decade and its gross margin dropping from 52.31% to 13.39% [14].

Core Viewpoint - The company, Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd. (Xinghuo Technology), has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its cash flow from investment activities, which has shown continuous outflows over the past three years [1][2]. Investment Activities - The net cash flow from investment activities for the years 2022 to 2024 was -789 million, -859 million, and -864 million yuan respectively, indicating a consistent cash outflow [1]. - The cash payments for investments during the same period were 1.579 billion, 2.412 billion, and 1.8 billion yuan [1]. Major Investment Projects - The company has detailed its major investment projects, including the acquisition of 99.22% of Ningxia Yipin Biotechnology Co., Ltd. for a total transaction price of 5.376 billion yuan, with 4.585 billion yuan paid through share issuance and 791.6384 million yuan in cash [3][4]. - The decision to use self-owned funds for the cash payment of the acquisition was approved by the board of directors, adhering to the company's investment decision-making procedures [4]. Financial Performance - The company reported operating revenues of 1.601 billion, 1.606 billion, and 1.605 billion yuan for the years 2022 to 2024, with net profits attributable to the parent company of 120.579 million, 75.997 million, and 108.141 million yuan respectively [6]. - The net cash flow from operating activities increased from 211.975 million yuan in 2022 to 239.776 million yuan in 2024, indicating improved operational efficiency [19]. Cash Management and Investment Strategy - As of the end of 2024, the company had a cash balance of 1.759 billion yuan, a year-on-year increase of 23.97%, with interest income of 13 million yuan [9]. - The company has established a risk management system and a comprehensive financial management policy to control investment risks, including a clear approval process for investment products [8]. Debt and Financing - The company’s long-term borrowings stood at 1.721 billion yuan and short-term borrowings at 1.008 billion yuan at the end of 2024, with interest expenses of 110 million yuan [9]. - The company has been reducing its bank loan balance over the years, with a total bank borrowing of 3.391 billion yuan at the end of 2024, down from 4.188 billion yuan in 2022 [19]. Acquisition and Goodwill - The company acquired 100% of Sichuan Jiuling Pharmaceutical Technology Co., Ltd. in 2019, resulting in goodwill of 198 million yuan, which has been subject to impairment testing due to declining profitability in subsequent years [20][23].

Core Viewpoint - The company, Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd., has responded to regulatory inquiries regarding its 2024 annual report, highlighting its financial status, including cash reserves, debt levels, and operational funding needs. Financial Performance - As of December 31, 2024, the company's cash balance was CNY 1.759 billion, representing a year-on-year increase of 23.97% [1] - The company reported long-term borrowings of CNY 1.721 billion and short-term borrowings of CNY 1.008 billion, with interest expenses totaling CNY 110 million [1] - The average cash balance for 2024 was CNY 1.588 billion, with interest income of CNY 13.39 million, resulting in an interest income rate of 0.84% [3] Debt Management - The company has seen a reduction in bank borrowings, with a decrease from CNY 1.201 billion at the beginning of the year to CNY 1.339 billion by year-end [4] - The interest coverage ratio improved significantly to 12.24 in 2024, indicating enhanced ability to meet interest obligations [5] - The company has a credit line of CNY 12.6 billion, with only CNY 3.6 billion utilized, reflecting strong creditworthiness [5] Operational Needs - The company requires substantial cash reserves for its operations, particularly for purchasing corn, which exceeds CNY 8 billion annually [3] - Seasonal purchasing patterns necessitate maintaining adequate liquidity, with projected funding needs of approximately CNY 2.483 billion for the first quarter of 2025 [3] Risk Management - The company has confirmed that there are no co-managed accounts with controlling shareholders, ensuring no financial conflicts of interest [7] - The financial arrangements are deemed reasonable, with cash reserves aligned with operational scale and industry standards [7]

关于对广东肇庆星湖生物科技股份有限公司 2024 年 年度报告的信息披露监管问询函的回复 上海证券交易所上市公司管理一部: 根据广东肇庆星湖生物科技股份有限公司(以下简称"星湖科技"、"公司")转来的贵部 门 2025 年 6 月 3 日《关于对广东肇庆星湖生物科技股份有限公司 2024 年年度报告的信息披露 监管问询函》(上证公函【2025】0717 号)(以下简称"问询函")已收悉，根据贵部门要求，信 永中和会计师事务所（特殊普通合伙）（以下简称"我们"）对贵部门在问询函中提出需我 们发表意见的有关问题回复如下： 一、年报披露，2024 年公司期末货币资金余额为 17.59 亿元，同比增长 23.97%，利息收 入 0.13 亿元；2024 年期末长期借款 17.21 亿元，短期借款 10.08 亿元，利息费用 1.10 亿元。 2022 年至 2024 年期末，公司货币资金规模维持 10 亿以上的同时，长短期负债规模维持在 20 亿以上。 请公司补充披露：（1）列示年末货币资金存放的具体银行支行名称及对应金额、存取是 否受限，并结合公司控股股东、实际控制人及其关联方最近三年在上述银行的存贷款金额， 说明 ...

证券代码：600866 证券简称：星湖科技 公告编号：临2025-033 广东肇庆星湖生物科技股份有限公司 关于2024年年度报告的信息披露监管问询函的回复公告 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。 广东肇庆星湖生物科技股份有限公司（以下简称"公司"或"星湖科技"）于近期收 到上海证券交易所《关于广东肇庆星湖生物科技股份有限公司2024年年度报告的信息披露 监管问询函》（上证公函【2025】0717号）（以下简称问询函）。公司高度重视并积极组 织相关方对问询函所涉问题逐项进行落实，现就问询函有关问题回复如下： 一、年报披露，公司2022年至2024年投资活动产生的现金流量净额分别为-7.89亿元、 -8.59亿元、-8.64亿元，投资现金持续流出，投资支付的现金分别为15.79亿元、24.12 亿元、18亿元。 请公司补充披露：（1）近三年投资活动现金流出涉及的主要项目情况、投资金额、 投资目的、资金来源、内部投资决策及审议程序；（2）结合公司发展战略、主要投资标 的经营业绩及投资收益率等，说明公司持续大额投资的合理 ...

关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 证券代码：600866 证券简称：星湖科技 公告编号：临 2025-032 广东肇庆星湖生物科技股份有限公司 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年度及 2025 年第一季度的经营成果和财务指标的具体情况与投资者 进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的 问题进行回答。 二、说明会召开的时间、地点 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 6 月 27 日(星期五)上午 11:00-12:00 ? 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 6 月 23 日(星期一)至 6 月 26 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 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-032 广东肇庆星湖生物科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度 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 6 月 27 日(星期五)上午 11:00-12:00 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 6 月 23 日(星期一)至 6 月 26 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 4 月 22 日披露了公司《2024 年年度报告》和《2025 年第一 季度报告》，为便于广大投资者更全面深入地了解公司 20 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-031 广东肇庆星湖生物科技股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.38元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2025/6/20 | － | 2025/6/23 | 2025/6/23 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 6 日的2024年年度股东大会 审议通过。 二、 分配方案 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,661,472,616股为基 数 ， 每 股 派 发 现 金 红 利 0.38 元 （ 含 税 ）， 共 计 派 发 现 金 红 利 631,359,594.08元（含税） ...