Core Viewpoint - The corn starch industry in China is a crucial pillar of the agricultural product deep processing sector, exhibiting a mature supply-demand system with a balanced state in 2024, where production is projected to reach 37.99 million tons and apparent demand at 37.97 million tons, indicating a tight balance overall [1][13]. Group 1: Industry Overview - The corn starch industry has established a stable supply-demand structure, with production and demand closely aligned, reflecting a trend of "stable total volume and optimized structure" [1][13]. - The industry is transitioning from traditional scale expansion to high-quality development, with an increasing proportion of high-value-added products, demonstrating resilience [1][13]. - The corn starch is derived from corn kernels through various processes and is categorized into three types: regular corn starch, modified starch, and specialty corn starch, widely used in food processing, pharmaceuticals, textiles, and biodegradable materials [2][4]. Group 2: Policy Support - Recent national policies have significantly supported the corn starch industry, emphasizing green manufacturing and high-end product development, with specific encouragement for bio-based products and functional food additives [4]. - Local governments are also promoting the development of the corn starch deep processing industry, aiming for a stable planting area and a substantial industry scale by 2027 [4]. Group 3: Industry Chain - The corn starch industry in China features a complete industrial chain with a "dispersed upstream, concentrated midstream, and diversified downstream" structure [6]. - The midstream processing segment is highly concentrated, with key regions like Shandong and Hebei forming industrial clusters, while downstream applications are diversifying into traditional and emerging sectors [6]. Group 4: Market Dynamics - The corn production in China is vital, with a total output exceeding 294.92 million tons in 2024, accounting for over 40% of the total grain production, supported by increased planting area and yield [9]. - The demand for corn starch is robust across various sectors, with the food industry being the largest consumer, followed by starch sugar, paper, pharmaceuticals, and chemicals [11]. Group 5: Competitive Landscape - The competitive landscape of the corn starch industry is characterized by a concentration of leading firms, with the top five companies holding approximately 45% market share, while smaller firms focus on niche markets [19]. - The industry is evolving towards a "technology-driven, chain collaboration, and scenario-focused" competitive model, with leading companies integrating their operations from corn to starch to bio-based materials [19]. Group 6: Future Trends - The corn starch industry is undergoing a transformation driven by technological innovation, with advancements in smart manufacturing and green production methods [21]. - Market demand is shifting towards high-end and diversified applications, particularly in biodegradable materials and health-oriented products, with significant growth expected in these areas [22][23]. - The industry is also seeing increased integration and globalization, with leading firms expanding their operations and establishing a presence in international markets [24].

Investment Rating - The report maintains an "Overweight" rating for the Basic Chemicals and Oil & Gas sectors [5]. Core Insights - The overall price spread in the industry is weak, with the CCPI-oil price spread at approximately 558, below the 30% percentile since 2012, indicating a potential turning point in the industry as supply and demand begin to recover [1][14]. - Capital expenditure growth in the chemical raw materials and products industry has significantly declined, with a year-on-year increase of only 0.4% from January to May 2025, suggesting a self-adjustment phase in the supply side [2][31]. - The domestic PMI for June 2025 is reported at 49.7, indicating a slight recovery in demand, although uncertainties remain regarding tariff policies post-July 9 [2][16]. Summary by Sections Supply Side - The industry capital expenditure growth has dropped to a low level, indicating a potential turning point for supply-side adjustments, with expectations for a recovery starting in the second half of 2025 [2][31]. - The report highlights that the competitive intensity has increased, leading to a significant decline in profitability across most sub-sectors since the second half of 2022 [2][31]. Demand Side - The report notes a recovery in domestic PMI, but uncertainties regarding tariff policies may disrupt future export orders [2][16]. - The demand for chemical products is expected to improve in the medium to long term, supported by domestic economic recovery and growth in demand from regions like Asia, Africa, and Latin America [2][16]. Investment Strategy - The report suggests that the second half of 2025 may see an upward turning point, with a focus on resilient demand and improved supply dynamics [34]. - Specific recommendations include: - Oil & Gas: Favorable long-term prospects for high-dividend companies like China Petroleum [34]. - Bulk Chemicals: Attention on refrigerants and isocyanates, with recommendations for companies like Juhua Co., Luxi Chemical, and Wanhua Chemical [34]. - Downstream Products: Recommendations for companies like Meihua Biological Technology and Xinghuo Technology, anticipating recovery in downstream demand [34]. - Export-driven chemical products: Companies like Senqilin and Sailun Tire are highlighted for their competitive advantages in exports [34]. - High-dividend assets: Companies like Hengli Petrochemical are recommended for their potential to increase dividend payouts [34].

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 ...