证券代码：600873 证券简称：梅花生物 公告编号：2025-038 梅花生物科技集团股份有限公司 关于 2024 年年度利润分配方案的调整公告 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、准确性和完整性依法承担法律责任。 梅花生物科技集团股份有限公司（以下简称"公司"）于 2025 年 3 月 18 日发布了《梅花生物科技集团股份有限公司 2024 年年度利润分配方案(预案)公 告》（公告编号：2025-018），针对公告内容补充调整如下： 公司于 2025 年 4 月 15 日召开了 2024 年年度股东大会，会上审议通过了《关 于 2024 年度利润分配方案（预案）的议案》，公司拟定的利润分配方案（预案） 为：以实施权益分派股权登记日登记的总股本（扣除股份回购专户内股票数量） 为基数，向全体股东每股派发现金红利 0.4206 元（含税）。截至 2024 年 12 月 31 日，公司总股本 2,852,788,750 股，以此推算，拟派发现金红利 12 亿元（含税）。 如在实施权益分派的股权登记日前公司总股本发生变动的，维持分配总额不变， 相应调 ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-038 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、准确性和完整性依法承担法律责任。 梅花生物科技集团股份有限公司（以下简称"公司"）于 2025 年 3 月 18 日发布了《梅花生物科技集团股份有限公司 2024 年年度利润分配方案(预案)公 告》（公告编号：2025-018），针对公告内容补充调整如下： 公司于 2025 年 4 月 15 日召开了 2024 年年度股东大会，会上审议通过了《关 于 2024 年度利润分配方案（预案）的议案》，公司拟定的利润分配方案（预案） 为：以实施权益分派股权登记日登记的总股本（扣除股份回购专户内股票数量） 为基数，向全体股东每股派发现金红利 0.4206 元（含税）。截至 2024 年 12 月 31 日，公司总股本 2,852,788,750 股，以此推算，拟派发现金红利 12 亿元（含税）。 如在实施权益分派的股权登记日前公司总股本发生变动的，维持分配总额不变， 相应调整每股分配比例。 截至 2025 年 5 月 12 日，公司总股本为 2,8 ...

Group 1 - The sugar substitute concept declined by 0.82%, ranking among the top declines in the concept sector, with companies like Baolingbao, Bailong Chuangyuan, and Chenguang Biotech experiencing significant drops [1][2] - Among the sugar substitute stocks, 8 saw price increases, with Zhonghua International, Luxin Investment, and Xinghu Technology rising by 1.37%, 1.34%, and 1.09% respectively [1][2] - The sugar substitute sector experienced a net outflow of 118 million yuan, with 17 stocks seeing net outflows, and 5 stocks with outflows exceeding 10 million yuan, led by Jinhai Biological with a net outflow of 44.98 million yuan [2][3] Group 2 - The top net inflow stocks in the sugar substitute sector included Jinhai Industrial, Rhine Biological, and Shengquan Group, with net inflows of 16.36 million yuan, 12.29 million yuan, and 5.05 million yuan respectively [2][3] - The outflow leaderboard for the sugar substitute sector featured Jinhai Biological, Yasheng Group, and Baolingbao, with respective outflows of 44.98 million yuan, 25.20 million yuan, and 22.92 million yuan [2][3] - The trading activity in the sugar substitute sector showed varied turnover rates, with Baolingbao at 14.36% and Jinhai Biological at 6.48% [2][3]

Investment Rating - The report maintains an "Overweight" rating for the basic chemicals and oil and gas sectors [4]. Core Viewpoints - The overall price spread in the industry improved in April 2025, with downstream sectors expected to recover first due to cost reduction and demand improvement [1][8]. - The April PMI data indicates a slight contraction in the chemical raw materials and products industry, suggesting ongoing supply-demand mismatches [1][11]. - The report anticipates a recovery starting in the second half of 2025, driven by improved domestic demand and exports to Asia, Africa, and Latin America [1][11]. Summary by Sections Supply and Demand Dynamics - The price spread for downstream chemical products improved in April due to supply constraints and seasonal demand replenishment, while midstream products still await recovery [2][8]. - The April PMI data was reported at 49, indicating a contraction in the chemical sector, but a recovery is expected as domestic economic conditions improve [11][24]. Investment Strategy - The report suggests that the second half of 2025 may mark the beginning of an upward trend, with a focus on resilient internal and external demand and improved competitive landscapes [3][32]. - Recommended stocks include China Petroleum, Hengli Petrochemical, and Juhua Co., with a focus on companies with strong dividend yields and cost reduction capabilities [6][32]. Key Recommendations - The report highlights specific companies for investment based on their competitive positioning and potential for recovery, including: - China Petroleum (601857 CH) with a target price of 9.79 and an "Overweight" rating [6]. - Hengli Petrochemical (600346 CH) with a target price of 17.55 and an "Overweight" rating [6]. - Juhua Co. (600160 CH) with a target price of 31.92 and a "Buy" rating [6]. - Other recommended companies include Dongyue Group, Luxi Chemical, Meihua Biological Technology, and Xinghuo Technology [6][32].

Core Insights - The average annual salary of A-share chairpersons shows a significant concentration in the range of 1 million to 2 million yuan, with 1,402 individuals, accounting for one-third of the total [1][4] - The total disclosed annual salary for 4,231 listed companies reached 5.789 billion yuan, with 13 chairpersons earning over 10 million yuan [1][4] - The number of chairpersons with annual salaries exceeding 10 million yuan has decreased from 27 in 2022 to 16 in 2023, and further down to 13 in 2024 [4] Salary Distribution - The top three highest-paid chairpersons are from the biopharmaceutical industry, with WuXi AppTec's chairman earning 41.8 million yuan, followed by Mindray Medical's chairman at 24.939 million yuan, and BeiGene's chairman at 20.1938 million yuan [2][3] - The salary distribution is characterized by an olive-shaped curve, with fewer individuals earning higher salaries; for instance, there are 381 individuals earning between 2 million and 3 million yuan, and only 67 earning between 4 million and 5 million yuan [6] Salary Changes - A total of 3,765 chairpersons had comparable salaries from 2023 to 2024, with 1,377 experiencing a decrease (37%) and 1,985 seeing an increase (58%) [8] - Notable salary reductions were observed among high-earning chairpersons, with some experiencing declines of over 90% due to poor company performance [9][10] Industry Performance - The salary trends reflect a dichotomy in industry performance, with high salaries in thriving sectors like media, electronics, and pharmaceuticals, while industries like real estate and finance are facing salary cuts [11][13] - The average salary for chairpersons in the media industry was 1.78 million yuan, the highest among 31 sectors, while the average salary in the construction and defense sectors was below 1 million yuan [12][13]

Investment Rating - The industry investment rating for basic chemicals and oil & gas is maintained at "Overweight" [6] Core Viewpoints - The industry is experiencing a bottoming phase in profitability for bulk chemicals in 2024, with signs of recovery in downstream demand beginning in Q1 2025 [2][19] - The oil price has been under pressure due to geopolitical tensions and OPEC+ production cuts, leading to a decline in profitability across the oil and gas value chain [10][14] - The overall revenue for the basic chemicals and oil & gas sector in 2024 was 1,031.71 billion, with a net profit of 49.85 billion, reflecting a year-on-year decline of 1% and 0.8% respectively [12][18] Summary by Sections 2024 Annual Overview - The oil and gas sector remains relatively strong, while bulk cyclical products are facing profitability challenges [3][14] - The chemical industry is waiting for a supply-demand turning point, with 21 out of 35 sub-industries showing positive performance in A-shares [14][16] Q1 2025 Performance - In Q1 2025, the oil price decline has led to a decrease in profitability for the oil and gas sector, while downstream products are showing initial signs of recovery [19][20] - The revenue for Q1 2025 was 25,157 billion, with a net profit of 1,426 billion, indicating a year-on-year decline of 4% and 3% respectively, but a quarter-on-quarter increase of 2% and 78% [12][23] Industry Outlook - The second half of 2025 is expected to see an upward trend, driven by improved domestic and external demand, as well as capital expenditure recovery [5][10] - Recommended stocks include Meihua Biological, Xinghuo Technology, and others, which are expected to benefit from the recovery in the chemical industry [8][5]

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

3.截至本公告披露日，公司 2025 年员工持股计划专户尚未买入公司股份。 公司将持续关注本次员工持股计划的实施进展情况，并按照相关法律、行政 法规的规定及时履行信息披露义务。敬请广大投资者关注相关公告并注意投资风 险。 关于2025年员工持股计划实施进展的公告 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。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交 ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-036 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。 | 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 | 待股东大会审议通过后 个月 12 | | 预计回购金额 | 30,000万元~50,000万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 3,570.84万股 | | 累计已回购股数占总股本比例 | 1.25% | | 累计已回购金额 | 35,202.44万元 | | 实际回购价格区间 | 9.10元/股~10.68元/股 | 二、回购股份的进展情况 根据《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》的有关规定，公司应在每个月的前 3 个交易 ...