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].

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 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][15]. Core Insights - The company achieved a recurring net profit increase of 128.03% year-on-year in the first half of 2024, with operating revenue of Rmb 8.486 billion, up 2.66% year-on-year [11][12]. - The gross profit margin improved to 15.84%, an increase of 4.15 percentage points year-on-year, while the net profit margin reached 6.01%, up 3.19 percentage points year-on-year [11][12]. - The company is constructing a new 600,000-ton corn deep processing production line, with a planned investment of Rmb 3.712 billion, primarily funded by bank loans [14]. Financial Summary - The company's market capitalization is Rmb 8.31 billion (approximately US$1.16 billion) with a current share price of Rmb 5.00 and a target price of Rmb 7.92 [2][3]. - Revenue projections for the next three years are as follows: Rmb 17.75 billion in 2024, Rmb 18.77 billion in 2025, and Rmb 19.70 billion in 2026, reflecting growth rates of 2%, 6%, and 5% respectively [6][10]. - Net profit forecasts are Rmb 1.10 billion for 2024, Rmb 1.22 billion for 2025, and Rmb 1.35 billion for 2026, with growth rates of 62%, 11%, and 11% respectively [6][10]. - The expected diluted EPS for the next three years is Rmb 0.66 in 2024, Rmb 0.73 in 2025, and Rmb 0.81 in 2026 [6][10]. Product Performance - The company's main product sales volume increased despite a decline in market prices, with feed additives revenue growing by 4.30% year-on-year to Rmb 5.575 billion, while food additives revenue slightly decreased by 0.47% to Rmb 2.257 billion [12][13].

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 ...