Group 1 - The company will hold the 2024 annual general meeting on April 15, 2025, at 14:00, using a combination of on-site and online voting methods [1] - To enhance service for small and medium investors, the company will utilize the Shanghai Stock Exchange Information Co., Ltd. to provide a shareholder meeting reminder service [2] - Investors will receive proactive notifications about the meeting and voting proposals via smart SMS, allowing them to vote directly according to the provided instructions [2]

特此公告。 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 披露了《梅花生物关于召开2024年年度股东大会的通知》（公告编号：2025-025）， 公司拟于 2025 年 4 月 15 日 14:00 召开 2024 年年度股东大会，本次会议采用现 场投票和网络投票相结合的表决方式。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案 情况等信息。投资者在收到智能短信后，可根据使用手册（下载链接： https://vote.sseinfo.com/i/yjt_help.pdf）的提示步骤直接投票，如遇拥堵等情况，仍 可通过原有的交易系统投票平台和互联网投票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 证券代码：600873 证券简称：梅花生物 公告编号：20 ...

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORT MEIHUA HOLDINGS GROUP CO., LTD. CONTENTS Introduction | About | This Report | | 01 | | --- | --- | --- | --- | | Message | from | Chairman | 05 | | About | Meihua | Group | 07 | Appendix | ESG data | sheets | | 103 | | --- | --- | --- | --- | | Benchmark | Index | Table | 114 | 01 ESG Governance | Sustainable development | | strategy | 15 | | --- | --- | --- | --- | | ESG | statement of the Board | | 19 | | | | | | | | ESG compliance governance | | 19 | | | ...

梅花生物科技集团股份有限公司 2024 年年度股东大会 会议资料 二○二五年四月 | | | | 2024 年年度股东大会会议须知 1 | | --- | | 2024 年年度股东大会会议议程 3 | | 议案一、关于 2024 年度董事会工作报告的议案 4 | | 议案二、关于 2024 年度监事会工作报告的议案 15 | | 议案三、关于 2024 年年度报告及其摘要的议案 16 | | 议案四、关于 2024 年度财务决算报告的议案 17 | | 议案五、关于 2025 年度预算方案的议案 18 | | 议案六、关于 2024 年度利润分配方案（预案）的议案 19 | | 议案七、关于预计 2025 年向全资子公司提供担保的议案 19 | | 议案八、关于使用闲置自有资金购买理财产品的议案 19 | | 议案九、关于开展金融衍生品交易业务的议案 20 | | 议案十、关于提请股东大会授权董事会决定 2025 年中期利润分配方案的议案 20 | | 议案十一、关于公司 2025 年重大投资计划的议案 21 | | 议案十二、关于 2024 年度董事、监事及高级管理人员绩效考核及薪酬兑现方案的议案 21 | ...

Group 1 - The core viewpoint of the report indicates steady revenue growth in the main business of the company, with a focus on flexible sensors to create a second growth curve [4][5][6] - The company achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4][5] - The company is transitioning from a single coating material provider to an integrated solution provider, enhancing revenue across various business segments [5][6] Group 2 - The report highlights that Lululemon's North American market growth is weak, with a revenue of 3.6 billion USD in FY2024Q4, a year-on-year increase of 13% [9][10] - The company expects a low to mid-single-digit revenue growth in North America for FY2025, with challenges from economic concerns affecting consumer traffic [11][12] - In contrast, the Chinese market showed strong growth, with a revenue increase of 48% year-on-year, indicating a robust performance in that region [11][12] Group 3 - The report on Tongyi Zhong indicates that the company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, but net profit decreased by 15.2% [15][16] - The company reported a significant increase in production and sales volumes, with historical highs in major product categories [17][18] - The company is expanding into the aramid fiber sector, aiming to create dual growth drivers [15][21] Group 4 - Xiamen International Trade's report emphasizes its focus on supply chain management, with a strategy to navigate through commodity cycles [28][29] - The company has divested from real estate and financial services to concentrate on its core supply chain business, which includes metals, energy, and agriculture [29][30] - The report projects revenue for 2024 to 2026 at 389.05 billion yuan, 404.61 billion yuan, and 418.84 billion yuan, respectively, with a focus on maintaining a high dividend yield [32] Group 5 - The report on Bawang Tea indicates that it leads the high-end tea beverage market with 6,440 stores, achieving a GMV of 10.8 billion yuan in 2023 [33][34] - The company is benefiting from a growing market for high-end tea beverages, with a projected market size increase from 4.748 trillion yuan in 2019 to 8.189 trillion yuan in 2024 [34][35] - Bawang Tea's strategy focuses on a limited number of new products while optimizing supply chain efficiency, resulting in a gross margin of 51.5% [35] Group 6 - Aikodi's report shows a revenue of 6.746 billion yuan in 2024, a year-on-year increase of 13.24%, with a net profit of 940 million yuan [36][37] - The company is expanding its global footprint with new production bases in Malaysia and Mexico, enhancing its supply chain stability [39][40] - The report anticipates continued revenue growth driven by new product lines and market expansion, projecting revenues of 7.9 billion yuan in 2025 [40] Group 7 - Longxing Technology's report indicates a revenue of 4.355 billion yuan in 2024, with a net profit increase of 28.7% [41][42] - The company is expanding its production capacity with new projects and acquisitions, aiming to increase its market share in the carbon black industry [46] - The report highlights a significant improvement in gross margin, reaching 13.01% in Q4 2024, driven by operational efficiencies [45][46]

重要内容提示： 一、回购股份的基本情况 证券代码：600873 证券简称：梅花生物 公告编号：2025-030 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 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 12 个月 | | 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 | 2025 年 3 月，公司通过集中竞价交易方式回购股份 151.93 万股，占公司目前 股本总数(2,852,788,750 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][9][10] Core Views - The company's Q4 2024 performance met expectations, with improvements anticipated in the amino acid sector and overall market conditions [1][9] - The company is expanding its product matrix through a cross-border acquisition, which is expected to enhance its overseas strategic layout [9][10] - The company has experienced a significant recovery in amino acid profitability, with Q4 2024 performance showing a notable increase in operational metrics [9][10] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 27,761 million, with a decline to 25,069 million in 2024, followed by a recovery to 28,129 million in 2025, and further growth expected in subsequent years [8][10] - The net profit attributable to the parent company is forecasted to decrease from 3,181 million in 2023 to 2,740 million in 2024, before rebounding to 3,063 million in 2025 [8][10] - The gross profit margin is expected to stabilize around 19.5% in 2025, with a return on equity (ROE) projected at 19.6% [8][10] Market Data - As of March 19, 2025, the closing price of the company's stock is 10.41 yuan, with a market capitalization of 29,698 million yuan [2][9] - The company has a price-to-book ratio of 2.0 and a dividend yield of 5.72% based on the most recent dividend announcements [2][9]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q4 2024 performance met expectations, with significant recovery in amino acid profitability anticipated, indicating potential improvement in market dynamics for MSG and amino acids [9][10] - The company is expanding its product matrix through cross-border acquisitions, enhancing its overseas strategic layout [9] - The company has experienced a decline in MSG prices but has seen price increases in lysine and threonine, which may lead to a recovery in performance [9] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 27,761 million, with a decline to 25,069 million in 2024, followed by a recovery to 28,129 million in 2025, and further growth to 31,510 million in 2026 and 35,278 million in 2027 [8][10] - Net profit attributable to the parent company is expected to decrease from 3,181 million in 2023 to 2,740 million in 2024, before recovering to 3,063 million in 2025, 3,347 million in 2026, and 3,634 million in 2027 [8][10] - The company’s gross margin is projected to be 19.5% in 2025, with a return on equity (ROE) of 19.6% [8] Operational Highlights - In Q4 2024, the company achieved a revenue of 63.89 billion, with a year-over-year decline of 12% but a quarter-over-quarter increase of 6% [9] - The company plans to distribute a cash dividend of 4.206 yuan per 10 shares, totaling 12 billion yuan, which represents 82.84% of the net profit [9] - The company has reached a settlement regarding a lawsuit, which may enhance collaboration with a key competitor in the industry [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company aims to become a leader in synthetic biology, with a focus on expanding its market share in amino acids and optimizing its product offerings [5][7] - The company has implemented various strategies to consolidate its leading position in the industry, including international expansion and digital transformation initiatives [7][10] Financial Performance and Forecast - The company reported a revenue of 250.69 billion yuan in 2024, a decrease of 9.69% year-on-year, with a net profit of 27.40 billion yuan, down 13.85% year-on-year [7] - The fourth quarter of 2024 saw a significant increase in net profit, with a 98.95% quarter-on-quarter rise, attributed to strong performance in core products [7] - Revenue projections for 2025-2027 are 280.88 billion yuan, 29.90 billion yuan, and 31.60 billion yuan respectively, with corresponding net profits of 32.00 billion yuan, 34.56 billion yuan, and 37.28 billion yuan [6][10] Business Segments - The animal nutrition segment showed a significant increase in sales volume, particularly in products like threonine, which saw a 25.31% increase year-on-year [7] - The food flavor optimization products segment experienced a decline in both production and sales volume, with revenues dropping by 19.19% year-on-year [7] - The human medical amino acids segment also faced challenges, with a revenue decrease of 15.35% year-on-year [7] Market Position and Strategy - The company is actively pursuing an internationalization strategy through acquisitions and expanding its production capacity to enhance operational efficiency [7][10] - The implementation of a Manufacturing Execution System (MES) is aimed at improving transparency and efficiency in production processes [7] Valuation - The report suggests a reasonable valuation range for the company at 11.20 to 13.44 yuan per share based on a price-to-earnings (PE) ratio of 10-12 times for 2025 [7][11]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a revenue of 25.069 billion yuan in 2024, a year-on-year decrease of 9.69%, with a net profit attributable to shareholders of 2.740 billion yuan, down 13.85% year-on-year [4][5] - The price of feed amino acids has increased, which helps to mitigate the downward pressure on the price of MSG [5] - The company reached a settlement in the xanthan gum lawsuit, which is expected to stabilize the competitive landscape of the industry [7][8] - The company is accelerating its overseas market expansion, which is expected to contribute to its platform development [10] Financial Performance Summary - In 2024, the company achieved revenue of 25.069 billion yuan, with a year-on-year decline of 9.69%. The operating cost was 20.037 billion yuan, down 10.14% year-on-year, and the basic earnings per share were 0.94 yuan, a decrease of 11.32% year-on-year [4][5] - The revenue from animal nutrition amino acids, human medical amino acids, and food flavor optimization products were 14.624 billion yuan, 0.476 billion yuan, and 7.945 billion yuan, with year-on-year changes of +0.58%, -15.35%, and -19.19% respectively [5] - The company expects net profits for 2025-2027 to be 3.411 billion yuan, 3.640 billion yuan, and 3.895 billion yuan, with year-on-year growth rates of 24.5%, 6.7%, and 7.0% respectively [11] Market Dynamics - The company’s main products, threonine and lysine, saw average market prices of 12.08 yuan/kg and 11.29 yuan/kg respectively by the end of 2024, reflecting increases of 6.34% and 18.72% compared to the beginning of the year [5][6] - The recent increase in tariffs on certain imported agricultural products is expected to drive domestic agricultural prices upward, potentially benefiting the demand for feed amino acids [9] - The company’s revenue from domestic operations was 16.395 billion yuan, accounting for 65.40%, while revenue from international operations was 8.424 billion yuan, accounting for 33.48% [10]