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） ...

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].