Core Viewpoint - Meihua Biological's net profit attributable to shareholders is expected to increase by 20% year-on-year in the first half of 2025, driven by improved product sales and reduced costs, alongside the completion of overseas acquisition transactions [1] Group 1: Financial Performance - The net profit for the first half of 2025 is projected to grow by 20% year-on-year [1] - The profit growth is primarily attributed to cost reductions and increased sales of key products, including monosodium glutamate and 98% lysine [1] Group 2: Strategic Developments - The company has successfully completed overseas acquisition transactions, which may contribute to its growth strategy [1]

2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 杨丽蓉 S0350524090008 | | | yanglr@ghzq.com.cn | [Table_Title] 2025H1 业绩同比+20%，海外并购交易完成 ——梅花生物（600873）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 梅花生物 | -3.3% | 2.4% | 19.7% | | 沪深 300 | 8.7% | 15.0% | 36.9% | | 市场数据 | | | 2025/09/05 | | 当前价格（元） | | | 10.83 | | 52 周价格区间（元） | | | ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance relative to the market [5][10]. Core Insights - The company has shown steady growth in its performance, with a notable increase in net profit despite a slight decline in revenue. The first half of 2025 saw a revenue of 12.28 billion yuan, a year-on-year decrease of 2.87%, while the net profit attributable to shareholders increased by 19.96% to 1.768 billion yuan [5]. - The company's international expansion strategy is progressing well, highlighted by a successful cross-border acquisition that enhances its intellectual property and product offerings in the amino acid sector [5]. - The report forecasts continued growth in net profit for the years 2025 to 2027, with expected figures of 3.144 billion yuan, 3.367 billion yuan, and 3.745 billion yuan respectively, translating to earnings per share (EPS) of 1.10, 1.18, and 1.31 yuan [5][6]. Company Overview - The latest closing price of the company's stock is 11.06 yuan, with a total market capitalization of 31.6 billion yuan. The company has a debt-to-asset ratio of 38.8% and a price-to-earnings (P/E) ratio of 11.77 [4][5]. - The company has a total share capital of 2.853 billion shares, all of which are circulating [4]. Financial Projections - Revenue is projected to reach 25.1 billion yuan in 2024, with a growth rate of -9.69%, followed by 27.2 billion yuan in 2025, representing an 8.32% increase. The net profit attributable to shareholders is expected to grow from 2.74 billion yuan in 2024 to 3.745 billion yuan in 2027 [6][9]. - The report outlines a consistent improvement in profitability metrics, with the net profit margin expected to rise from 10.9% in 2024 to 11.7% in 2027 [9].

Group 1 - The core viewpoint of the news is that China's preliminary anti-dumping ruling on imported pork from the EU is expected to create a favorable configuration opportunity for the domestic pig farming sector, leading to price increases in the industry [1][2] - The Ministry of Commerce of China announced a preliminary ruling on September 5, 2025, recognizing that imported pork and related products from the EU are being dumped, and will implement temporary anti-dumping measures starting September 10, 2025, with deposit rates ranging from 15.6% to 62.4% [1] - The livestock ETF (159867) rose by 2.60%, reflecting positive market sentiment towards the pig farming sector following the anti-dumping announcement [1] Group 2 - Open Source Securities noted that over 50% of China's imported pork and offal comes from the EU, and the anti-dumping measures may drive domestic pork prices higher, indicating a potential bottoming out of prices [2] - As temperatures cool, demand for pork is expected to improve, leading to tighter market supply of large pigs and an expansion of price differentials for fat pigs [2] - The China Livestock Breeding Index (930707) includes companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.57% of the index [2]

Core Viewpoint - Meihua Biological has successfully completed its share repurchase plan, signaling strong financial health and stability in its operations, while also focusing on expanding its global presence in the amino acid industry [1][4]. Group 1: Share Repurchase and Financial Performance - The company repurchased 48.5471 million shares, accounting for 1.70% of its total share capital, at a price range of 9.10 to 10.97 yuan per share, totaling 492 million yuan [2][3]. - The repurchased shares will be canceled, reducing the total share capital from 2.853 billion shares to 2.804 billion shares, and increasing the shareholding ratio of major shareholders from 33.34% to 33.92% [2][3]. - In the first half of 2025, the company reported a net profit of 1.768 billion yuan, a year-on-year increase of 19.96%, despite a slight decline in revenue [6]. Group 2: Business Strategy and Market Position - Meihua Biological has focused on its core business of amino acids, enhancing its competitive edge through international expansion and refined operations [1][5]. - The company has maintained a stable profit distribution policy, with cumulative cash dividends exceeding 12 billion yuan since its restructuring in 2010, and a record dividend payout of 1.699 billion yuan for 2024 [3][4]. - The company has a diversified product matrix, leading in the production of lysine and threonine globally, and ranking second in MSG production [5]. Group 3: Research and Development - Meihua Biological has increased its R&D investment, with total R&D expenses reaching 897 million yuan over two and a half years, reflecting a commitment to maintaining its technological leadership in the industry [7]. - The company has accelerated its international strategy, completing a cross-border acquisition that enhances its product offerings and strengthens its global supply chain position [7].

Core Viewpoint - Meihua Biological has completed its share repurchase plan, having repurchased a total of 48,547,100 shares, which represents 1.70% of the company's total share capital [1] Summary by Category Company Actions - The company announced the completion of its share repurchase plan as of September 2, 2025 [1] - A total of 48,547,100 shares were repurchased, which is 1.70% of the total share capital of 2,852,788,750 shares [1]

Core Points - The company announced the implementation results of its share repurchase plan, which was initially proposed on September 24, 2024, and approved by the board and shareholders [1][2] - The total amount expected for the repurchase is between RMB 300 million and RMB 500 million, with a maximum repurchase price of RMB 12 per share [2][3] - The actual number of shares repurchased is 48,547,100, accounting for 1.70% of the total share capital, with a total expenditure of RMB 492.017 million [2][3] Repurchase Plan Details - The repurchase plan was approved during board meetings on September 23, 2024, and October 11, 2024, and the report was disclosed on October 12, 2024 [1] - The repurchase period is from November 11, 2024, to October 10, 2025 [1] - The repurchase price was adjusted to a maximum of RMB 11.824 per share after the 2024 semi-annual dividend distribution and further adjusted to RMB 11.398 per share after the 2024 annual dividend distribution [2] Implementation Status - The first repurchase occurred on October 23, 2024, and the plan was completed by September 2, 2025 [2][3] - The highest repurchase price was RMB 10.97 per share, and the lowest was RMB 9.10 per share, with an average price of RMB 10.13 per share [2] Impact of the Repurchase - The repurchase will not have a significant impact on the company's operations, finances, or future development, nor will it affect the company's listing status or control [3] Share Cancellation Arrangement - The company has completed the necessary procedures for notifying creditors regarding the cancellation of repurchased shares [4] - The total share capital will decrease from 2,852,788,750 shares to 2,804,241,650 shares after the cancellation of the repurchased shares [4] Shareholder Changes - Following the cancellation, the controlling shareholder Meng Qingshan and his concerted actors will see a change in their shareholding proportions [4] - Meng Qingshan's shareholding will increase from 29.94% to 30.46% after the cancellation [4]

Core Viewpoint - Meihua Biological (600873.SH) has completed its share repurchase plan, acquiring a total of 48.5471 million shares, which represents 1.70% of the company's total share capital [1] Summary by Categories Share Repurchase Details - The company repurchased shares at a maximum price of 10.97 CNY per share and a minimum price of 9.10 CNY per share, with an average repurchase price of 10.13 CNY per share [1] - The total amount of funds used for the repurchase was 492.017 million CNY, excluding transaction fees [1] Company Capital Structure - The total share capital of the company is 2,852,788,750 shares [1]

证券代码：600873 证券简称：梅花生物 公告编号：2025-054 梅花生物科技集团股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 | 回购方案首次披露日 | 2024/9/24，由公司董事长王爱军提议 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2024 10 | 10 | 月 | 11 | 日~2025 | 年 | 10 | 日 | | 预计回购金额 | 30,000万元~50,000万元 | | | | | | | | | 回购价格上限 | 12元/股 | | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 实际回购股数 | 4,854.71万股 | | | | | | | | | 实际回购股 ...

Group 1 - The company, Meihua Biological (600873.SH), has completed its share repurchase plan as of September 2, 2025 [1] - A total of 48.5471 million shares were repurchased, accounting for 1.70% of the company's total share capital [1] - The highest repurchase price was 10.97 yuan per share, while the lowest was 9.10 yuan per share, with an average repurchase price of 10.13 yuan per share [1] - The total amount of funds used for the repurchase was 492 million yuan, excluding transaction fees [1]