证券代码：600866 证券简称：星湖科技 公告编号：临 2024-041 广东肇庆星湖生物科技股份有限公司 2024 年度前三季度主要经营数据公告 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"）根据 上海证券交易所《上市公司行业信息披露指引第十四号——食品制造 （2022 年修订）》的要求，现将公司 2024 年前三季度主要经营数据 披露如下： 一、主营业务收入情况 二、销售渠道情况 单位：万元 币种：人民币 | | 销售渠道 | 本期主营业务收入 | | --- | --- | --- | | 直营 | | 1,226,801.15 | | | 合计 | 1,226,801.15 | 三、地区分布情况 单位：万元 币种：人民币 区域 本期主营业务收入 国内 660,029.41 国外 566,771.74 合计 1,226,801.15 以上经营数据信息来源于公司报告期内财务数据，且未经审计， 仅为投资者及时了解公司生产经营情况之用，敬请广大投资者理性投 资，注意投资 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-040 广东肇庆星湖生物科技股份有限公司 关于控股股东增持公司股份实施期限届满 暨实施结果的公告 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： 增持计划的基本情况：广东肇庆星湖生物科技股份有限公司 （以下简称"公司"）于 2023 年 9 月 23 日在上海证券交易所网站 披露了《关于控股股东计划增持公司股份的公告》（临 2023-038 号）， 公司控股股东广东省广新控股集团有限公司（以下简称"广新集团"） 基于对公司未来发展的信心和长期投资价值的认可，计划自增持计 划公告披露之日即 2023 年 9 月 23 日起不超过 12 个月内，以自有资 金通过上海证券交易所交易系统（包括但不限于集中竞价交易和大 宗交易）增持公司股份，增持金额不低于人民币 5000 万元、不超过 人民币 1 亿元。本次增持股份的价格不设置固定价格或价格区间， 广新集团将基于对公司股票价值的合理判断及资本市场整体趋势， 择机实施增持计划。 增持计划的实施情况：截至 ...

北京市中伦（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 控股股东增持公司股份的 专项核查意见 二〇二四年九月 北京市中伦（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 控股股东增持公司股份的 专项核查意见 致：广东肇庆星湖生物科技股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）接受广东省广新控股集 团有限公司（以下简称 "控股股东"、"增持方"或"广新集团"）的委托，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司收购管理办法》（以下简称"《收购管 理办法》"）等相关法律、法规及规范性文件的规定，就广东肇庆星湖生物科技 股份有限公司（以下简称"公司"）控股股东广新集团增持公司股份（以下简称"本 次增持"）事宜出具本专项核查意见。 为出具本专项核查意见，本所律师特作如下声明： 1．本所及本所律师对本专项核查意见所涉及的有关事实的了解，依赖于公 司及增持方向本所及本所律师所做陈述、说明或声明及所提供文件资料。本所及 本所律师已得到公司及增持方的如下保证：公司及增持方已经提供了本所为出具 本专项核查意见所要 ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-039 广东肇庆星湖生物科技股份有限公司 关于参加 2024 年广东辖区上市公司投资者网上集体 接待日活动暨召开 2024 年半年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：2024 年 9 月 12 日(星期四)下午 15:30-16:30 会议召开地点：全景路演（网站：http://rs.p5w.net） 会议召开方式：网络互动 广东肇庆星湖生物科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日披露了公司《2024 年半年度报告》，为进一步加强 与投资者的互动交流，公司将参加由广东证监局、广东上市公司协会 于 2024 年 9 月 12 日（星期四）下午 15:30-16:30 联合举办的 2024 年广东辖区上市公司投资者网上集体接待日活动，暨召开 2024 年半 年度业绩说明会，就投资者关心的问题进行交流。 一、 会议主题 本次活动以网络互动形式召开，公司将针对 2024 年 ...

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb5.00 目标价 Rmb7.92 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb8.31bn / US$1.16bn 日交易额 (3 个月均值) US$35.72mn 发行股票数目 1,661mn 自由流通股 (%) 52% 1 年股价最高最低值 Rmb8.18-Rmb3.53 注：现价 Rmb5.00 为 2024 年 08 月 26 日收盘价 1mth 3mth 12mth 绝对值 -3.5% -23.5% 2.9% 绝对值（美元） -1.6% -22.4% 5.1% 相对 MSCI China -6.3% -16.9% 5.5% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 17,374 17,753 18,765 19,703 Re ...

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-038 广东肇庆星湖生物科技股份有限公司 2024 年度上半年主要经营数据公告 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"）根据 上海证券交易所《上市公司行业信息披露指引第十四号——食品制造 （2022 年修订）》的要求，现将公司 2024 年上半年度主要经营数据 披露如下： 一、主营业务收入情况 单位：万元 币种：人民币 | 产品类别 | 本期主营业务收入 | | --- | --- | | 食品添加剂 | 225,695.11 | | 饲料添加剂 | 557,464.16 | | 生化原料药及制剂 | 6,664.60 | | 医药中间体 | 9,183.70 | | 有机肥料 | 16,467.04 | | 合计 | 815,474.61 | 二、销售渠道情况 单位：万元 币种：人民币 三、地区分布情况 单位：万元 币种：人民币 | | 区域 | 本期主营业务收入 | | --- | --- | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥8,486,338,979.59, an increase of 2.66% compared to ¥8,266,438,872.37 in the same period last year[14]. - Net profit attributable to shareholders of the listed company was ¥506,169,600.07, representing a significant increase of 119.91% from ¥230,169,769.28 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥534,309,700.78, up 128.03% from ¥234,310,872.27 year-on-year[14]. - Basic earnings per share for the reporting period was ¥0.3047, a 120.00% increase from ¥0.1385 in the same period last year[15]. - The weighted average return on net assets increased to 6.56%, up 3.28 percentage points from 3.28% in the previous year[15]. - The company's total assets at the end of the reporting period were ¥14,905,316,450.64, an increase of 3.62% compared to ¥14,384,585,770.83 at the end of the previous year[14]. - The net cash flow from operating activities was ¥449,789,290.38, a decrease of 3.73% from ¥467,204,994.75 in the same period last year[14]. - The company reported a non-recurring loss of ¥28,140,100.71, primarily due to fair value changes in financial assets and liabilities, which resulted in a loss of ¥37,043,856.14[17]. - The company’s financial performance is influenced by government subsidies, with ¥5,227,674.63 recognized in the current period, excluding those related to normal business operations[17]. Market and Industry Insights - The company operates in the food manufacturing industry, specifically in the production of amino acids, flavor enhancers, and other bio-fermentation products, utilizing corn as the main raw material[18]. - The company anticipates further technological breakthroughs in the bio-fermentation industry, particularly in amino acid production, which will lower production costs and expand profit margins[21]. - The global supply of amino acids saw a slight increase in production in the first half of 2024, driven by new capacity in China and a significant rise in export demand[22]. - The company is positioned to benefit from national policies promoting the reduction of soybean meal in animal feed, aiming for a decrease of 0.5 percentage points annually until 2025[19]. - The company has strong R&D capabilities in microbial strains and large-scale fermentation processes, enhancing its market competitiveness[18]. - In the first half of 2024, domestic lysine consumption increased slightly year-on-year, while overseas demand surged, with lysine export volume up approximately 10% and threonine export volume up about 20%[24]. - The average market price of lysine hydrochloride increased by 13.81% year-on-year, while the average price of valine decreased by 41.84%[25]. - Raw material prices, including corn and liquid ammonia, decreased compared to 2023, leading to a significant reduction in amino acid production costs[26]. Operational Developments - The company is investing in a new corn deep processing production line with a capacity of 600,000 tons, which will enhance its product structure and production capacity[29]. - The company has established 16 technology innovation platforms, including 4 national-level R&D platforms, to maintain its technological advantage in the industry[32]. - The company implemented a marketing digitalization project, developing a CRM system to standardize business processes and enhance management efficiency[38]. - Research and development efforts led to significant breakthroughs in production technology for key products, enhancing production capacity and reducing costs[39]. - The company is focusing on the integration of Star Lake Technology and Yipin Bio, establishing a foundation for comprehensive organizational and strategic integration[36]. Financial Position and Investments - The company reported a 27.70% increase in long-term borrowings to CNY 2,243,917,931.29, aimed at adjusting the borrowing structure[44]. - The company made a total capital increase of CNY 780 million to its subsidiaries during the reporting period[47]. - The company established new subsidiaries for a corn deep processing project with a registered capital of CNY 103,275,000[49]. - The company’s overseas assets amounted to CNY 470,122,099.25, accounting for 3.15% of total assets[45]. - The company plans to invest CNY 3.712 billion in a 600,000-ton corn deep processing and cogeneration project in Xinjiang, with a cumulative investment of CNY 61 million as of the report date[51]. Environmental and Sustainability Efforts - The company has established a high-standard environmental protection management system but faces risks related to potential environmental accidents and stricter regulations[58]. - The company achieved stable compliance with environmental discharge standards, with SO2 emissions from the biological engineering base controlled at 2 mg/m³ against a standard of 35 mg/m³, resulting in a total discharge of 0.12 tons[64]. - The company’s wastewater discharge of CODcr was controlled at 15 mg/L, with a total discharge of 5 tons, against an allowed total of 175 tons per annum[64]. - The company has implemented a comprehensive waste management strategy, ensuring all industrial solid waste is fully utilized and hazardous waste is handled by qualified entities[68]. - The company is committed to sustainable development, integrating economic growth with environmental protection initiatives[68]. Shareholder and Corporate Governance - The company has committed to ensuring the independence of its personnel, assets, business, finance, and organization post-transaction completion[93]. - The company guarantees that its senior management will not hold positions outside the company, ensuring full dedication to its operations[93]. - The company will ensure fair and reasonable pricing in any transactions related to its business operations[92]. - The company has committed to not seeking control over the board of Xinghuo Technology and will cooperate with Guangxin Group to maintain its control[101]. - The company has not reported any major litigation or arbitration matters aside from the ongoing patent case[103]. Future Outlook - Future performance guidance indicates a focus on increasing operational efficiency and enhancing product offerings[159]. - The company is actively pursuing new product development initiatives to drive growth and market share[159]. - The company plans to expand its market presence through strategic acquisitions and investments in new technologies[159].

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-035 广东肇庆星湖生物科技股份有限公司 股东集中竞价减持股份结果暨权益变动超过 1%的 提示性公告 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 本次集中竞价减持计划实施前，广东肇庆星湖生物科技股份有限公司（以下 简称"公司"或"星湖科技"）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 327,088,410 股，占 公司总股本的 19.69%，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 199,479,009 股股份，占有公司总股本的 12.01%；铁小荣持有 公司 127,609,401 股，占有公司总股本的 7.68%。 集中竞价减持计划的实施结果情况 2024 年 5 月 15 日，公司披露了《关于持股 5%以上股东集中竞价减持股份 计划的公告》（公告编号：临 2024-025）。 2024 年 8 月 2 日，公司收到伊品 ...

Investment Rating and Target Price - The report initiates coverage with a "Buy" rating and a target price of RMB 7.56 [1] Core Views - The company is a global leader in the amino acid industry, with annual production capacities of 800,000 tons for lysine and 268,000 tons for threonine, ranking second globally in both categories [3][8] - The company is expected to benefit from the growing demand for amino acids as a substitute for soybean meal, driven by food security concerns and the potential cost reduction from the adoption of genetically modified corn [3][8] - The company is expanding into synthetic biology, with plans to produce small-scale amino acids and bio-based nylon, which could drive future growth [8][33] - The integration of Yipin Bio is showing positive results, and the company's high dividend payout ratio of 93% in 2023, along with synergies from its parent group, could lead to a revaluation of the company [8][9] Industry and Market Dynamics - The amino acid industry is experiencing improved supply-demand dynamics, with leading companies gaining stronger pricing power [4] - The demand for amino acids is expected to grow due to the substitution of soybean meal in animal feed, supported by the recovery in pig prices and export demand [3][8] - The supply side has seen consolidation, with some capacity exiting the market, leading to an optimized industry structure [3] - The company's lysine and threonine production capacities are among the largest globally, giving it significant scale and cost advantages [3][8] Synthetic Biology and New Growth Opportunities - The company is investing in synthetic biology, with plans to build a 600,000-ton corn deep processing production line and a cogeneration project in Xinjiang, aiming to produce small-scale amino acids such as valine, isoleucine, tryptophan, and arginine [9][33] - The company is also developing a full industrial chain for bio-based nylon, including the production of 1,5-pentanediamine (PDA) and PA56, with a planned annual capacity of 10,000 tons [9][33] - The company's focus on synthetic biology could open up new growth opportunities, particularly in small-scale amino acids and bio-based materials [33][35] Financial Performance and Projections - The company's revenue and net profit are expected to grow, with projected net profits of RMB 1.05 billion, RMB 1.29 billion, and RMB 1.46 billion for 2024-2026, respectively [8] - The company's EPS is projected to be RMB 0.63, RMB 0.78, and RMB 0.88 for 2024-2026, respectively [8] - The company's high dividend payout ratio of 93% in 2023 reflects its commitment to shareholder returns [9][14] Competitive Advantages - The company has significant scale and cost advantages in the production of lysine and threonine, with global rankings of second in both categories [3][8] - The company's production bases are located in major corn-producing regions in China, ensuring stable and cost-effective raw material supply [57][77] - The company's integration with Yipin Bio has strengthened its position in the amino acid market, with improved operational efficiency and profitability [9][61] Market Trends and Future Outlook - The adoption of genetically modified corn could further reduce production costs for amino acids, enhancing their competitiveness as a substitute for soybean meal [13][69] - The global demand for amino acids is expected to grow, driven by the increasing use of amino acids in animal feed and the potential for cost reductions through synthetic biology [8][33] - The company's focus on innovation and expansion into new product lines, such as bio-based nylon, positions it well to capitalize on future market trends [33][35] Risks and Challenges - The report does not include specific risk factors, but potential challenges could include fluctuations in raw material prices, changes in regulatory policies, and competition in the amino acid market [8][33]

证券代码：600866 证券简称：星湖科技 公告编号：临 2024-034 广东肇庆星湖生物科技股份有限公司 2024 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 | 1、出席会议的股东和代理人人数 | 23 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 914,220,797 | | 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（%） | 55.0247 | (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。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2024 年 7 月 15 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 ...