证券代码：600866 证券简称：星湖科技 公告编号：临 2025-001 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 一届董事会第九次会议于 2025 年 1 月 18 日发出会议通知，2025 年 1 月 24 日在广东省肇庆市端州区工农北路 67 号本公司会议室以现场 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，公司监事会主席和部分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。 二、董事会会议审议情况 经全体董事审议表决，通过了《关于实施 3500 吨核苷、核苷酸 产品技改项目的议案》的议案。 2025 年 1 月 25 日 2 1 基于公司战略发展的需求，推动产业战略发展，公司全资子公司 肇东星湖生物科技有限公司（以下简称"肇 ...

Group 1: Company Strategy and Support - Star Lake Technology's future development strategy focuses on core industries, including animal nutrition, food additives, and seasonings, with an emphasis on innovation in biomedicine, food nutrition, and plant nutrition [2][3] - Guangxin Group aims to provide strong support for Star Lake Technology's development strategy, reinforcing its role as a leading enterprise in the biotechnology and food health sector [2][3] - The company is committed to optimizing its industrial structure and upgrading its operations through strategic guidance and leveraging state-owned shareholder advantages [3] Group 2: Key Investment Projects - The company is investing in a 600,000-ton corn deep processing project with a total investment of CNY 3.712 billion, expected to produce 115,000 tons of various small amino acids annually [3] - Upon reaching full production, the project is projected to generate annual sales revenue of approximately CNY 3.4 billion, with an estimated gross profit margin of 21% [3] - The project is a crucial part of the company's long-term strategic planning, aimed at expanding production capacity and enhancing competitiveness in the small amino acid market [3] Group 3: Investor Relations and Communication - The company emphasizes the importance of maintaining investor relations and effective communication, ensuring that all stakeholders are informed and engaged [3] - The management team, including the chairman and financial director, actively participates in investor meetings to address concerns and provide updates on company progress [2][3] - The company adheres to information disclosure regulations, cautioning investors about the risks associated with strategic planning and performance commitments [3]

Investment Rating - The report gives a "Recommend" rating for Xinghu Technology (600866 SH) [1] Core Views - Xinghu Technology has successfully acquired Yipin Bio, becoming a leading player in the corn deep processing industry [1] - The amino acid industry is benefiting from the policy of reducing soybean meal usage, leading to increased demand for lysine and threonine [1] - The monosodium glutamate (MSG) industry is oligopolistic, with the I+G market experiencing rapid growth [1] - Xinghu Technology's capacity and financial advantages are becoming more prominent, with profitability expected to continue improving [1] Company Overview - Xinghu Technology, originally a MSG producer, expanded its business to include food additives, pharmaceutical intermediates, and bio-APIs after acquiring Yipin Bio in 2022 [1] - Post-acquisition, the company's revenue surged from 1 235 billion yuan in 2021 to 17 486 billion yuan in 2022, a 329 51% increase [1] - Net profit attributable to the parent company rose from 106 million yuan in 2021 to 608 million yuan in 2022, a 299 85% increase [1] - In the first three quarters of 2024, the company achieved revenue of 12 79 billion yuan, a 0 48% YoY increase, and net profit of 677 million yuan, a 38 38% YoY increase [1] Amino Acid Industry - The demand for lysine and threonine is expected to grow due to the reduction in soybean meal usage [1] - The supply side is characterized by a concentration of production capacity among leading companies, with Xinghu Technology being a global leader [1] - The industry is moving towards consolidation, which will further highlight the scale advantages of leading companies [1] MSG and I+G Industry - China is the world's largest producer and consumer of MSG, with production and demand reaching 2 69 million tons and 2 68 million tons respectively in 2023 [1] - The MSG industry is dominated by three major players: Fufeng Group, Meihua Group, and Xinghu Technology [1] - The I+G market, known as "strong MSG," is also growing steadily, with major players including CJ, Meihua Group, and Xinghu Technology [1] Financial Performance and Projections - Xinghu Technology's revenue is projected to grow from 17 374 billion yuan in 2023 to 23 058 billion yuan in 2026 [1] - Net profit attributable to the parent company is expected to increase from 678 million yuan in 2023 to 1 371 billion yuan in 2026 [1] - EPS is forecasted to rise from 0 41 yuan in 2023 to 0 83 yuan in 2026 [1] - The company's PE ratio is expected to decrease from 17X in 2023 to 8X in 2026 [1] Strategic Advantages - Xinghu Technology's global leading production capacity and cost control capabilities are significant advantages [1] - The company's financial strength is increasing, with improved operational capabilities [1] - In 2023, the company increased its cash dividend ratio to 93 13%, with a dividend yield of 5 63% [1]

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-045 广东肇庆星湖生物科技股份有限公司股东减持股份 计划期限届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次大宗交易减持计划实施前，广东肇庆星湖生物科技股份有限公司（以下 简称"公司"）持股 5%以上股东宁夏伊品投资集团有限公司（以下简称"伊品 集团"）及其一致行动人铁小荣合计持有公司股份 310,821,510 股，占公司总股 本的 18.71%，其所持股份全部来源于发行股份购买资产取得。其中伊品集团持 有公司股份 189,667,209 股，占有公司总股本的 11.42%；铁小荣持有公司股份 121,154,301 股，占有公司总股本的 7.29%。 减持计划的实施结果情况 2024 年 8 月 8 日，公司披露了《关于持股 5%以上股东大宗交易减持股份计 划公告》（公告编号：临 2024-036）。伊品集团及其一致行动人铁小荣根据自身 资金需求，计划从 2024 年 8 月 29 ...

广东肇庆星湖生物科技股份有限公司 简式权益变动报告书 上市公司名称：广东肇庆星湖生物科技股份有限公司 股票上市地点：上海证券交易所 股票简称：星湖科技 股票代码：600866 信息披露义务人：宁夏伊品投资集团有限公司 住所：银川市永宁县望远镇金盛物流信息中心 4 号楼 423 号房 通讯地址：宁夏银川市金凤区德宁国际中心 信息披露义务人的一致行动人：铁小荣 住所：宁夏银川市金凤区森林公园首善花园 通讯地址：宁夏银川市金凤区森林公园首善花园 信息披露义务人声明 一、本报告书系根据《中华人民共和国证券法》《上市公司收购管理办法》 《公 开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 及其他相关 法律法规编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反信息 披露义务人合伙协议或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的公 司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本报告书已全面披露 了信息披露义务人及其一致行动人在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 ...

股票代码：600866 股票简称：星湖科技 公告编号：临 2024-044 广东肇庆星湖生物科技股份有限公司 关于持股5%以上股东减持超过1%暨 权益变动累计达到5%的提示性公告 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: ● 本次权益变动属于减持，不触及要约收购，不会导致广东 肇庆星湖生物科技股份有限公司（以下简称"公司"）控股股东及 实际控制人发生变化。 1.本次权益变动基本情况 2024年9月25日至2024年11月21日，伊品集团及其一致行动人 铁小荣通过大宗交易方式累计减持公司股份27,906,730股，累计减 持比例占公司总股本的1.68%，持股比例由18.71%减少至17.03%， 具体情况如下： | 股东名称 | 变动 | 变动日期 | 减持数量 | 减持比例 | | --- | --- | --- | --- | --- | | | 方式 | | （股） | （%） | | 伊品集团 | 大宗 | 2024年9月25日至2024 | 16,982,180 | 1.02 | | | | 年 ...

证券代码：600866 证券简称：星湖科技 公告编号：临2024-043 广东肇庆星湖生物科技股份有限公司 关于参加广东省广新控股集团有限公司上市公司 2024年投资者集体交流会的公告 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 为进一步加强与投资者沟通交流，广东肇庆星湖生物科技股份有限 公司（以下简称"公司"）将参加广东省广新控股集团有限公司（以下 简称"广新集团"）举办的广新集团上市公司2024年投资者集体交流会 （以下简称"集体交流会"），现将有关事项公告如下： 一、召开的时间、方式及地点 （一）联系人：张凯甲 （三）召开地点：全景路演（https://rs.p5w.net/） 二、公司参加人员 参加本次集体交流会的人员：董事长刘立斌先生、总经理应军先生、 财务总监陈军来先生、董事会秘书张凯甲先生。 具体参会人员以当天实际为准。 三、投资者参加方式 （一）投资者可于2024年12月11日（星期三）17:00前将感兴趣的 问题通过电子邮件的形式发送至公司邮箱：sl@starlake.com.cn，公 司将在本次集体交流 ...

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"）董事 会于 2024 年 11 月 15 日收到公司副总经理张番平先生的书面辞职报 告。因工作调整，张番平先生辞去公司副总经理职务。辞职后张番平 先生不再担任公司任何职务。 张番平先生在担任公司副总经理期间，恪尽职守、勤勉尽责，为 公司的高质量发展发挥了积极作用。公司董事会对张番平先生在任职 期间为公司发展所做出的贡献表示衷心的感谢。 特此公告。 股票代码：600866 股票简称：星湖科技 编号：临 2024-042 广东肇庆星湖生物科技股份有限公司 关于公司高级管理人员辞职的公告 根据《公司法》及《公司章程》等相关规定，张番平先生的辞职 报告自送达公司董事会之日起生效。张番平先生的辞职不会对公司的 正常运作及经营管理产生影响。 广东肇庆星湖生物科技股份有限公司董事会 2024 年 11 月 16 日 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 7.92, based on a 12x PE for 2024 [1][11]. Core Insights - The company achieved a recurring net profit growth of 62.99% year-over-year in the first three quarters of 2024, with operating income of RMB 12.79 billion, up 0.48% year-over-year [2][7]. - The gross profit margin improved to 15.72%, an increase of 3.03 percentage points year-over-year, driven by lower procurement costs and optimized production processes [8][9]. - The company’s overseas sales accounted for 46.20% of total revenue in the first three quarters, reflecting a year-over-year increase of 10.47 percentage points [3][9]. Financial Performance - For the first three quarters of 2024, the company reported a net profit of RMB 677 million, a year-over-year increase of 38.38%, while the net profit after deduction was RMB 762 million, up 62.99% year-over-year [2][7]. - In Q3 2024, the company’s revenue was RMB 4.303 billion, showing a quarter-over-quarter increase of 0.38% but a year-over-year decline of 3.56% [2][7]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.66, RMB 0.73, and RMB 0.81, respectively [11]. Product Segmentation - Revenue from the food additives business decreased by 1.27% year-over-year to RMB 3.335 billion, while feed additives revenue increased by 1.13% to RMB 8.453 billion [3][9]. - The biochemical raw materials and preparations business saw a revenue decline of 6.53%, and pharmaceutical intermediates revenue dropped by 24.15% year-over-year [3][9]. Market Conditions - Prices for lysine and threonine have risen, with lysine prices in Shandong reaching RMB 10,950 per ton, up RMB 150 from late October 2024 [4][10]. - The report indicates a widening price spread for lysine and threonine, which is expected to positively impact the company's profitability [10].

Financial Performance - The company's operating revenue for Q3 2024 was ¥4,303,243,495.44, a decrease of 3.56% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥171,050,776.25, down 34.02% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥227,576,266.50, a decrease of 2.39% compared to the same period last year[2]. - The basic earnings per share for Q3 2024 was ¥0.1030, a decrease of 33.97% year-on-year[2]. - The weighted average return on equity for Q3 2024 was 2.27%, a decrease of 1.30 percentage points compared to the previous year[3]. - Total operating revenue for the first three quarters of 2024 reached RMB 12.79 billion, a slight increase from RMB 12.73 billion in the same period of 2023, representing a growth of 0.48%[18]. - Net profit for the first three quarters of 2024 was RMB 681.71 million, up from RMB 494.91 million in 2023, reflecting a growth of 37.69%[19]. - The basic earnings per share increased to RMB 0.4076 from RMB 0.2946, showing a rise of 38.34%[19]. - The total comprehensive income for the first three quarters was RMB 701.52 million, up from RMB 516.30 million, reflecting a growth of 35.73%[19]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was ¥1,873,578,368.94, an increase of 8.50% year-on-year[2]. - Cash flow from operating activities generated RMB 1.87 billion, compared to RMB 1.73 billion in the previous year, indicating an increase of 8.06%[20]. - The company reported a non-recurring loss of ¥56,525,490.25 for Q3 2024, primarily due to fair value changes in financial assets[5]. - The company received RMB 1.20 billion from investment recoveries, down from RMB 1.35 billion in the previous year, a decrease of 11.06%[20]. - Net cash flow from investment activities was -532,372,281.72 CNY, a decrease from -928,765,163.63 CNY in the previous period[21]. - Cash inflow from investment activities totaled 1,209,074,158.25 CNY, down from 1,352,012,742.41 CNY in the previous period[21]. - Cash outflow for the acquisition of fixed assets and intangible assets was 288,809,118.54 CNY, compared to 138,872,384.85 CNY in the previous period[21]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥14,307,225,745.33, a decrease of 0.54% from the end of the previous year[3]. - The company's current assets increased to CNY 5,051,801,276.11 from CNY 4,911,884,472.22, representing a growth of approximately 2.86%[14]. - Total liabilities decreased to CNY 6,542,998,069.13 from CNY 6,725,179,142.55, indicating a decline of about 2.7%[15]. - The company's equity attributable to shareholders increased to CNY 7,627,177,804.76 from CNY 7,561,695,028.71, showing a growth of approximately 0.87%[16]. - The company's total liabilities to equity ratio improved to approximately 0.86 from 0.88, indicating a stronger equity position relative to liabilities[15]. Shareholder Information - The number of common shareholders at the end of the reporting period was 59,288[7]. - The top shareholder, Guangdong Guangxin Holdings Group Co., Ltd., holds 34.09% of the shares, totaling 405,703,292 shares[8]. - Ningxia Yipin Investment Group Co., Ltd. and Tie Xiaorong are acting in concert, with Yipin holding 11.05% (89,351,604 shares) and Tie holding 7.05% (57,043,761 shares) of the shares[10]. - The report indicates that the company has not disclosed any significant changes in shareholder relationships or actions during the reporting period[12]. - The report indicates that there were no new entries or exits among the top shareholders during the reporting period[12]. - The company has not reported any shares that are currently lent out and not returned in the top 10 shareholders[11]. Other Information - The financial report does not indicate any audit opinion type applicable for the quarter[13]. - The company has not identified any other important information regarding its operational status during the reporting period[13]. - The company did not adopt new accounting standards for the current reporting period[22]. - The company reported a financial expense reduction, with interest expenses decreasing to RMB 97.49 million from RMB 137.26 million, a decline of 29.00%[18]. - Research and development expenses for the first three quarters were RMB 120.13 million, slightly down from RMB 131.89 million, a decrease of 8.63%[18]. - Other comprehensive income after tax amounted to RMB 19.81 million, compared to RMB 21.39 million in the previous year, a decrease of 7.41%[19].