Core Viewpoint - The corn industry is a strategic pillar for China's food security, with significant growth in planting area, yield, and total production expected in 2024, despite short-term market adjustments due to international price fluctuations and rising costs [1][8][14]. Group 1: Industry Overview - The corn processing industry in China has developed a complete industrial chain, from primary processing to modern biobased material research, becoming a key hub for agricultural production and industrial manufacturing [1][5][14]. - Corn processing can be categorized into primary processing and deep processing, producing various products for food, feed, and industrial applications [2][3][5]. Group 2: Current Development Status - In 2024, China's corn planting area is projected to reach 44.74 million hectares, a year-on-year increase of 1.18%, with a yield of 439.4 kg/mu, contributing to a total production of 294.92 million tons, a 2.1% increase from the previous year [1][8][10]. - The total corn consumption in 2024 is expected to reach 31.78 million tons, with industrial consumption growing by 3.07% to 7.94 million tons, driven by innovations in deep processing [12][14]. Group 3: Market Trends - The corn deep processing market size is expected to adjust to 190 billion yuan in 2024, down 6.4% from its peak in 2022, but the long-term growth trend remains solid [1][14]. - The corn processing industry is transitioning towards green and low-carbon practices, focusing on high-value product development such as polylactic acid and functional sugars [24][25][26]. Group 4: Competitive Landscape - The corn deep processing industry in China has a tiered competitive structure, with leading companies like COFCO Technology and Meihua Biological occupying the top tier, focusing on high-value products [20][22]. - The market for corn starch is highly concentrated, with top companies holding over 44% market share, and there is a trend towards differentiation and expansion into biobased materials and other emerging fields [22][24].

Group 1 - The core viewpoint indicates that the pig price is expected to maintain a central level above 15 yuan/kg in 2025 due to limited supply growth and cautious breeding practices [1][2] - The industry is experiencing a supply gap, with a notable increase in piglet losses due to a virus mutation, which is expected to drive up pig prices in Q3 2025 [1] - Recent government policies aim to regulate the pig industry, including measures to curb low-price competition and promote the orderly exit of outdated production capacity [1][2] Group 2 - The pig price is under significant downward pressure in H2 2025, but multiple government policies are expected to support price increases and alleviate CPI pressure [2] - The overall investment logic in the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive outlook for investment [2] - The CSI Livestock Breeding Index reflects the performance of listed companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.27% of the index [2]

Core Viewpoint - Meihua Biotech has successfully completed the acquisition of the amino acid business and assets from Concord Fermentation, enhancing its product and business structure in the synthetic biology sector [1]. Group 1: Acquisition Details - The acquisition was finalized on July 1, 2025, with a transaction price of approximately 16.8 billion Japanese yen, equivalent to about 833 million RMB [1]. - The final transaction price was adjusted based on the cash reserves and working capital of the target assets at the time of closing, which included an estimated cash amount of 11.3 billion Japanese yen (approximately 560 million RMB) [1]. - Concord Fermentation is recognized as a leader in biotechnology and fermentation, focusing on high-quality amino acids and other synthetic biology products [1]. Group 2: Business Expansion - The acquisition allows Meihua Biotech to diversify its product offerings by adding various new amino acid products and strains, enhancing its fermentation and refinement capabilities for high-value pharmaceutical amino acids [1]. - The company will also gain production capabilities and intellectual property for three types of Human Milk Oligosaccharides (HMO) through the integration of a precision fermentation platform [1]. - The acquisition supports the company's strategy to expand its industrial footprint internationally by acquiring multiple domestic and foreign operational entities [1]. Group 3: Financial Performance - In Q1 2025, the feed amino acid segment generated revenue of 2.939 billion RMB, accounting for approximately 46.9% of total revenue, marking a year-on-year increase of 6.68% [2]. - The growth in this segment is attributed to the rise in both volume and price of lysine, as well as increased sales of threonine, positioning it as a potential new growth driver for the company [2].

Core Viewpoint - Meihua Biotechnology is advancing steadily in the synthetic biology sector through diversified expansion and deepening development, highlighted by its recent acquisition of assets from Kyowa Hakko Bio, which will enhance its amino acid product lines and operational capabilities [1][2]. Group 1: Acquisition Details - The acquisition agreement between Meihua Biotechnology and Kyowa Hakko Bio is set to be completed by July 1, 2025, with a final transaction value of approximately 16.8 billion yen, equivalent to about 833 million yuan [1]. - The cash reserves of the target assets are estimated at around 11.3 billion yen, or approximately 560 million yuan, as of June 30, 2025 [1]. Group 2: Product and Market Expansion - Post-acquisition, the company will introduce various new amino acids and fermentation strains, including arginine, histidine, serine, citrulline, ornithine, and hydroxyproline, along with patents related to these amino acids [2]. - The transaction will enable the company to extend its industrial chain, enhancing its fermentation and refinement capabilities for high-value pharmaceutical-grade amino acids [2]. Group 3: Strategic Positioning - Meihua Biotechnology aims to implement its overseas development strategy through this acquisition, gaining multiple domestic and international production entities [2]. - The company will also acquire the ability to produce three types of HMO products through a precision fermentation platform, along with the associated intellectual property rights [2]. Group 4: Industry Background - Kyowa Hakko Bio has a long-standing reputation in the global synthetic biology field, with over 70 years of technological expertise and numerous patents in amino acid and HMO product development [3]. - The company has successfully commercialized various amino acids and HMO products, including 2'-fucosyllactose, 3'-sialyllactose, and 6'-sialyllactose [3]. Group 5: Financial Performance - Meihua Biotechnology reported a revenue of 25.069 billion yuan and a net profit of 2.74 billion yuan for 2024, with a significant year-on-year growth of 35.52% in net profit for the first quarter of 2025 [3].

Core Insights - The acquisition of assets from Kiri Holdings by Meihua Biological has been successfully completed, with a final transaction price of approximately 16.8 billion yen, equivalent to about 833 million yuan [1] - The acquisition will enhance Meihua Biological's business structure, product offerings, and industry layout, particularly in the high-value-added pharmaceutical amino acid sector [2] Group 1: Acquisition Details - The acquisition includes food amino acids, pharmaceutical amino acids, and human milk oligosaccharides (HMO) business and assets [1] - The final transaction price was adjusted based on the cash reserves and working capital of the acquired assets, with an estimated cash reserve of about 11.3 billion yen, or approximately 560 million yuan [1] Group 2: Business Expansion - Post-acquisition, Meihua Biological will gain access to various new amino acid strains and patents, enhancing its fermentation and refinement capabilities [2] - The company will also introduce production capabilities for three types of HMO products and strengthen its intellectual property system [2] Group 3: Financial Performance - In Q1 2025, the feed amino acid segment generated revenue of 2.939 billion yuan, accounting for approximately 46.9% of total revenue, marking a year-on-year increase of 6.68% [2] - The segment is expected to become a new growth driver for the company, following its transformation from a "monosodium glutamate king" to a "synthetic biology giant" [2] Group 4: Market Outlook - Institutional investors maintain a positive outlook on Meihua Biological, with projected net profit for 2024 at 2.740 billion yuan, a year-on-year decrease of 13.85% [3] - However, Q1 2025 net profit reached 1.019 billion yuan, reflecting a year-on-year increase of 35.52% and a quarter-on-quarter growth of 36.72%, indicating robust performance and future growth potential [3]

Group 1 - The company has signed a share and asset purchase agreement with Kirin Holdings' subsidiary to acquire certain businesses for 10.5 billion JPY (approximately 500 million CNY) [1] - The acquisition includes food amino acids, pharmaceutical amino acids, and human milk oligosaccharides (HMO) [1] - The final transaction price is approximately 16.8 billion JPY (about 833 million CNY) after adjustments based on cash reserves and working capital [2] Group 2 - The business transfer was completed on July 1, 2025, with all conditions of the agreement met [2] - As of June 30, 2025, the estimated cash on hand for the acquired assets was approximately 11.3 billion JPY (about 560 million CNY) [2] - The company will continue to monitor the progress of the acquisition and provide timely updates as required [2]

证券代码：600873 证券简称：梅花生物 公告编号：2025-043 梅花生物科技集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 重要内容提示： 一、回购股份的基本情况 梅花生物科技集团股份有限公司（以下简称"公司"）分别于 2024 年 9 月 23 日、2024 年 10 月 11 日召开了公司第十届董事会第十三次会议和 2024 年第二次临 时股东大会，会上审议通过了《关于以集中竞价交易方式回购公司股份的议案》。 公司于 2024 年 10 月 12 日披露了《梅花生物科技集团股份有限公司关于以集中竞 价交易方式回购股份的回购报告书》，本次回购金额不低于人民币 3 亿元，不超过 人民币 5 亿元，回购 ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-045 1.因交易涉及多个国内外生产经营实体的股权变更，相关变更手续尚在办理 中。 2.公司已聘请专业机构对标的资产开展审计、评估工作，本次交易对公司 2025 年业绩影响将参考审计、评估结果确定。 经公司第十届董事会第十六次会议审议通过，2024 年 11 月 22 日，公司及 全资子公司 PLUM BIOTECHNOLOGY GROUP PTE.LTD.（简称"新加坡公司"） 与 Kirin Holdings Company, Limited（简称"麒麟控股"，东京证券交易所上市公 司，股票代码 2503.T）的全资子公司 Kyowa Hakko Bio Co., Ltd.（协和发酵株式 会社，简称"协和发酵"）签署了《股份及资产购买协议》，新加坡公司或新加坡 公司下新设的特殊目的实体（"SPV"）拟以 105 亿日元（以当日汇率折合人民币 约 5 亿元）现金收购协和发酵旗下食品氨基酸、医药氨基酸及母乳低聚糖（HMO） 业务（统称"标的资产"），具体内容详见公司披露的相关公告。 二、交易进展 依据《股份及资产购买协议》及相关补充协议约定，协议 ...

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个别及连带责任。 梅花生物科技集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 11 日、2025 年 2 月 27 日召开第十届董事会第十七次会议和 2025 年第一次临时 股东大会，审议通过《关于公司 2025 年员工持股计划（草案）及其摘要的议案》 《关于公司 2025 年员工持股计划管理办法的议案》《关于提请股东大会授权董事 会全权办理公司员工持股计划相关事项的议案》，具体内容详见公司于 2025 年 2 月 12 日、2025 年 2 月 28 日在上海证券交易所网站（http://www.sse.com.cn）上 披露的相关公告。 证券代码：600873 证券简称：梅花生物 公告编号：2025-044 梅花生物科技集团股份有限公司 关于2025年员工持股计划实施进展的公告 截至 2025 年 6 月底，公司 2025 年员工持股计划专户已通过二级市场以集中 竞 价 交 易 方 式 累 计 买 入 公 司 股 份 16,083,051 股 ， 占 公 司 目 前 股 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 13.20 CNY, compared to the current price of 10.76 CNY [1][12]. Core Views - The company focuses on the amino acid industry and aims to become a leader in synthetic biology, leveraging its extensive experience and capabilities in the sector [5][16]. - The company has established a strong market position in various segments, including animal nutrition amino acids, flavor enhancers, human medical amino acids, and colloidal polysaccharides, with significant production capacities [5][9]. - The acquisition of Xiehe Fermentation is expected to enhance the company's product portfolio and accelerate its international expansion strategy [10][11]. Summary by Sections 1. Focus on Amino Acid Core Business - The company has been deeply engaged in the amino acid industry for years, establishing a leading position with production bases in Jilin, Inner Mongolia, and Xinjiang [5][16]. - Current production capacities include 1.1 million tons/year for MSG, 1 million tons/year for lysine, and 450,000 tons/year for threonine, with plans for further expansion [5][25]. 2. Steady Demand Growth and Competitive Advantage - The demand for animal nutrition amino acids is steadily increasing, driven by rising consumer income and the need for high-quality animal protein [5][9]. - The company benefits from a strong competitive position, with a high concentration in the threonine industry and a significant market share in lysine [5][9]. 3. Acquisition and International Expansion - The planned acquisition of Xiehe Fermentation is expected to enhance the company's capabilities in pharmaceutical amino acids and facilitate its international market entry [10][11]. - This acquisition will allow the company to optimize its product structure and strengthen its risk resistance in the global market [10][11]. 4. Financial Performance and Shareholder Returns - The company has maintained a strong cash flow, with cumulative cash dividends of 11.51 billion CNY from 2012 to 2024 and a dividend payout ratio of 62% in 2024 [10][11]. - The report forecasts revenue growth from 27.24 billion CNY in 2025 to 32.78 billion CNY in 2027, with corresponding net profits increasing from 3.14 billion CNY to 3.86 billion CNY [12][7].