Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company plans to invest up to 3.3 billion RMB to build amino acid and supporting projects, increasing annual production capacity of threonine and MSG by 200,000 tons and 250,000 tons respectively [1][2] - The company's threonine and MSG production capacity is expected to rise from 268,000 tons and 420,000 tons in 2024 to 468,000 tons and 670,000 tons in 2027, enhancing its market share [1][2] - The report anticipates that the global threonine capacity and domestic MSG capacity will maintain a CR3 of over 80% by 2027, with the company’s market share projected to increase to 26% and 17% respectively [1][2] Summary by Sections Investment Overview - The project is located in Daqing, Heilongjiang, with a construction period of approximately 22 months and expected annual sales revenue of about 3.9 billion RMB upon reaching full capacity [2] - The company will finance the project through a mix of self-funding and bank loans, each accounting for about 50% [2] Market Conditions - The report notes that the prices for lysine and threonine have seen slight declines, but demand is expected to improve as the peak season approaches and due to the reduction in soybean meal usage [3] - The company’s corn deep processing project in Xinjiang, which includes small amino acid products, is progressing and is expected to contribute to future growth [3] Financial Projections - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 1.32 billion, 1.41 billion, and 1.59 billion RMB respectively, representing year-on-year growth of 40%, 7%, and 12% [4] - The estimated EPS for the same period is projected to be 0.80, 0.85, and 0.96 RMB [4] - The target price is set at 9.60 RMB, with a PE ratio of 12 times for 2025, reflecting the company's early-stage project developments [4][8]

Core Viewpoint - Xinghuo Technology plans to invest up to 3.3 billion yuan to build a 450,000-ton amino acid production project in Heilongjiang, aiming to optimize its business structure and enhance its competitive position in the amino acid industry [2][4]. Investment Details - The investment will be implemented by Heilongjiang Yipin Biotechnology Co., a subsidiary acquired by Xinghuo Technology in 2022, which has significantly improved the company's profitability [3][4]. - The project includes the construction of a production line for 200,000 tons of feed-grade threonine and 250,000 tons of monosodium glutamate, along with supporting facilities [5]. Financial Projections - Upon reaching full production, the project is expected to generate annual revenue of approximately 3.9 billion yuan with a gross margin of about 10%, and a payback period of around 8.5 years [6]. - In the first quarter of 2025, the company's net profit excluding non-recurring items was 462 million yuan, reflecting an 81.61% year-on-year increase [3][8]. Market Position and Strategy - Xinghuo Technology has established itself as a leading player in the domestic amino acid industry, with a high revenue concentration in animal nutrition products, which accounted for 67.69% of total revenue in 2024 [4][5]. - The company aims to reduce its business concentration and enhance its resilience to industry cycles through this investment, thereby solidifying its market position [4][6]. Historical Performance - The acquisition of Yipin Biotechnology has led to significant growth in Xinghuo Technology's financial performance, with net profits increasing by 299.85% in 2022 and continuing to grow in subsequent years [8]. - The company has a history of strategic acquisitions, including a notable purchase of Sichuan Jiuling Pharmaceutical Technology Co. in 2019, which has contributed to its competitive edge [7][8].

Core Viewpoint - The company Xinghuo Technology plans to invest up to 3.3 billion RMB in a new amino acid production project in Daqing, Heilongjiang, with an expected annual revenue of approximately 3.9 billion RMB upon reaching full production capacity [1][10]. Project Information - Project Name: 450,000 tons amino acid and supporting engineering project [3] - Location: Daqing, Heilongjiang Province, covering approximately 483 acres [3] - Investment Entities: The project will be developed by the company's subsidiaries Heilongjiang Yipin Biotechnology and Heilongjiang Yipin Energy [3][4]. Project Construction Details - The project includes a new production line for 450,000 tons of amino acids, primarily producing 200,000 tons of feed-grade threonine and 250,000 tons of monosodium glutamate, along with related by-products [5]. - Supporting engineering will involve the construction of cogeneration and public service facilities to meet the project's heating and power needs [6]. Financial Overview - Total Investment: Up to 3.3 billion RMB, with approximately 2.95 billion RMB allocated for the amino acid production line and about 340 million RMB for supporting engineering [7]. - Funding Sources: The investment will be financed through a combination of the company's own funds and bank loans, each accounting for approximately 50% [8]. - Construction Timeline: The project is expected to take 22 months to complete [9]. Economic Benefits - Estimated Annual Revenue: Upon reaching full production and sales, the project is expected to generate around 3.9 billion RMB in annual sales, with a gross margin of approximately 10% [10]. - Investment Recovery: The estimated payback period for the investment is about 8.5 years, excluding the construction period [10]. Market Analysis - The demand for feed amino acids is increasing due to national policies promoting reduced soybean meal usage, alongside rising consumer demand for animal products [11]. - Monosodium glutamate, as a fundamental seasoning in the food industry, continues to see stable growth in production and consumption, particularly driven by the expanding ready-to-eat meal market [11]. 2024 Business Outlook - Projected Revenue: In 2024, the company anticipates revenues of 4.248 billion RMB from food additives, 11.734 billion RMB from feed additives, and other segments contributing smaller amounts [12]. - Profitability: Despite a slight decline in overall revenue due to falling market prices, increased sales volume is expected to mitigate some of the revenue loss, with gross and net profit margins improving [12].

Group 1 - The board of directors of Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd. held its 11th meeting on June 8, 2025, with all 9 directors present, confirming the meeting's validity [1][2] - The board approved an investment proposal for a 450,000-ton amino acid and supporting engineering project, which will be submitted for shareholder approval [1][2] - The board also agreed to convene the 2025 first extraordinary general meeting of shareholders on June 30, 2025, to discuss the matters presented in the board meeting [2]

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-029 广东肇庆星湖生物科技股份有限公司 关于投资建设 45 万吨氨基酸 及配套工程项目的公告 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： 投资项目名称：45 万吨氨基酸及配套工程项目。 预计投资金额：项目总投资不超过 33 亿元人民币。 相关风险提示：项目可能存在审批风险、资金筹措风险、项目 建设风险、市场风险、环保风险等。 一、对外投资概述 （一）对外投资的基本情况 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）经过 数十年发展，目前已成为国内氨基酸行业排名前列的企业。但当前业 务组合中动物营养类产品的营收占比较高，业务较为集中，整体抗行 业周期波动能力仍待增强。为更好落实公司战略规划，优化业务结构， 进一步提升规模化生产的协同效应以降低生产成本，通过提升产品竞 争力巩固公司行业地位，公司拟以控股子公司黑龙江伊品生物科技有 限公司（以下简称"黑龙江伊品生物"）、黑龙江伊品能源有限公司 （以下简称"黑龙江伊品能源"）为建设主体，以 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-030 广东肇庆星湖生物科技股份有限公司 关于召开2025年第一次临时股东大会的通知 至2025 年 6 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 30 日 10 点 00 分 召开地点：广东省肇庆市端州区工农北路 67 号公司会议室 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络 ...

2025 年第一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 年第一次临时股东大会会议资料 2025 年 6 月 30 日 2025 年第一次临时股东大会会议资料 目 录 会议须知 ................................................. 1 议案一：关于投资建设 45 万吨氨基酸及配套工程项目的议案 .... 3 2025 年第一次临时股东大会会议资料 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 决权。公司股东只能选择现场投票和网络投票中的一种表决方式，如 同一表决权出现重复投票的，以第一次投票结果为准。现场会议采用 记名投票方式表决，股东和股东代表在表决时，以其所代表的有表决 权的股份数额行使表决权，每一股有一票表决权。 1 2025 年第一次临时股东大会会议资料 五、请股东和股东代表对本次会议的所有议案予以逐项表决，现 场投票的股东和股东代表在表决票中非累积投票议案所对应的"同 意"、"反对"和"弃权"中 ...

股票代码：600866 股票简称：星湖科技 公告编号：临 2025-027 广东肇庆星湖生物科技股份有限公司 监事会会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）第十一 届监事会第八次会议于 2025 年 6 月 13 日在公司会议室召开，会议应 参会监事 3 人，实参会监事 3 人。全体监事一致推举监事庄新女士主 持本次会议，会议的召集、召开符合有关法律、法规和本公司章程的 规定。 会议审议并一致表决通过《关于选举第十一届监事会主席的议 案》。 公司监事会同意选举监事庄新女士为公司第十一届监事会主席， 任期自本次监事会审议通过之日起至第十一届监事会届满之日止。 表决结果为 3 票同意，0 票反对，0 票弃权。 特此公告。 广东肇庆星湖生物科技股份有限公司监事会 2025 年 6 月 14 日 二、监事会会议审议情况 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2025-028 广东肇庆星湖生物科技股份有限公司 董事会会议决议公告 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。 一、董事会会议召开情况 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）第十 一届董事会第十一次会议于 2025 年 6 月 8 日发出会议通知，2025 年 6 月 13 日在广东省肇庆市端州区工农北路 67 号公司会议室以现场结 合通讯的方式召开，应出席会议董事 9 人，实际出席会议董事 9 人。 其中，董事刘立斌、闫晓林、闫小龙、李永生、卢馨、刘衡以通讯方 式参加本次会议。会议由董事长刘立斌先生主持，公司监事会主席和 高级管理人员列席会议，会议的召开符合《中华人民共和国公司法》 及本公司章程的规定，会议决议有效。 详见同日披露的临 2025-029《关于投资建设 45 万吨氨基酸及配 套工程项目的公告》，本事项已经公司董事会战略发展与 ESG 委员会 审议通过，尚需提交公司股东大会审议。 表决结果为 9 票同意，0 票反对，0 票弃权。 （ ...

Core Viewpoint - The company plans to invest up to 3.3 billion yuan in a new amino acid production project with a capacity of 450,000 tons annually, aiming to enhance its product offerings and revenue potential [1] Investment Project Details - The project will be constructed by the company's subsidiaries Heilongjiang Yipin Biological and Heilongjiang Yipin Energy [1] - The new production line will primarily focus on feed-grade threonine (200,000 tons) and monosodium glutamate (250,000 tons), along with related by-products [1] - The expected construction period for the project is 22 months [1] Financial Projections - Upon reaching full production, the project is anticipated to generate annual sales revenue of approximately 3.9 billion yuan [1] - The projected gross profit margin for the project is around 10% [1] - The total dynamic investment payback period is estimated to be about 8.5 years [1] Funding Sources - The funding for the project will be sourced from the company's own funds and bank loans, each accounting for approximately 50% of the total investment [1] - Funds will be allocated in phases according to the project's construction progress [1]