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 ...

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]

Core Viewpoint - The Shanghai Stock Exchange's main board companies have shown resilience and stability in their performance, supported by a series of incremental policies, reflecting a robust economic structure in China [1] Group 1: Export Market Diversification - In 2024, companies on the Shanghai main board achieved overseas revenue of 6.09 trillion yuan, a year-on-year increase of 7%, with non-US exports accounting for over 80% [2] - Key export destinations include ASEAN, Africa, and countries involved in the Belt and Road Initiative, with significant growth in sales for companies like SANY Heavy Industry and SAIC Motor [2] - Major construction state-owned enterprises have actively expanded overseas, signing new orders worth 1.87 trillion yuan, a year-on-year increase of 15% [2] Group 2: High-Tech Product Exports - High-tech products such as high-end equipment, integrated circuits, smart home appliances, and electric vehicles have accelerated exports, leading to revenue growth in related industries [3] - Companies like Oriental Cable and Zhaoyi Innovation have made significant strides in international markets, with Zhaoyi Innovation achieving record high shipments [3] - The rise of new business models like cross-border e-commerce has boosted overseas sales for various sectors, including light manufacturing and retail [3] Group 3: Mergers and Acquisitions Activity - From 2024 to the first quarter of 2025, over 1,500 new M&A transactions were recorded on the Shanghai main board, with a total transaction value exceeding 1.4 trillion yuan [4] - Notable M&A cases include Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's proposed merger with China CSSC, each exceeding 100 billion yuan [4] - The trend of private acquisitions and the purchase of quality non-profitable assets has emerged, indicating a shift in M&A strategies [4][5] Group 4: Quality Improvement and Efficiency - By 2024, 946 companies on the Shanghai main board disclosed "quality improvement and efficiency return" action plans, with nearly 60% participation [6] - Among the companies that disclosed plans, nearly 90% achieved profitability, and almost 50% reported performance growth [6] - The total cash dividend announced by 1,259 companies reached 1.77 trillion yuan, a year-on-year increase of 6%, with a dividend payout ratio of 39% [7] Group 5: ESG Reporting and Progress - In 2024, 1,068 companies on the Shanghai main board disclosed ESG reports, achieving a disclosure rate of approximately 63%, an increase of 6 percentage points year-on-year [9] - The number of companies included in the MSCI ESG rating increased, with 90 companies receiving upgrades in their ratings [9] - Companies have actively engaged in social responsibility initiatives, contributing to employment and environmental sustainability [10] Group 6: Index Investment Growth - In 2024, net inflows into ETFs on the Shanghai main board reached nearly 840 billion yuan, with significant participation from foreign capital [11] - The trading volume of ETFs ranked first in Asia, with a total trading amount of nearly 30 trillion yuan [11] - Foreign investment preferences are concentrated in sectors such as banking, food and beverage, and public utilities, indicating a strategic focus on stable industries [12] Group 7: Exit Mechanisms and Risk Mitigation - Since 2025, 19 companies on the Shanghai main board have faced various forms of delisting, with a significant portion resulting from financial issues [13] - The introduction of diverse exit channels, including voluntary delisting and asset restructuring, has become more prominent [13] - Companies have actively taken measures to improve operations and mitigate risks, with several successfully lifting delisting warnings [13]

Group 1 - The core viewpoint of the news highlights a mixed performance in the livestock breeding sector, with the China Livestock Breeding Index experiencing a slight decline of 0.07% as of April 30, 2025, while specific stocks like Tiankang Biological and Tianma Technology showed gains [1] - The Agricultural and Rural Affairs Department has released an implementation plan aiming to reduce the proportion of grain used in livestock feed to 60% and soybean meal to 10% by 2030, promoting measures such as precise feed formulation and the development of high-quality forage [1] - The Livestock ETF has seen a 2.47% increase over the past month, ranking in the top quarter among comparable funds [1] Group 2 - According to a report from Guosheng Securities, the allocation of the livestock sector in fund heavy positions has significantly decreased, with a first-quarter heavy position ratio of 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, marking the lowest level in three years [2] - The current price-to-earnings ratio (PE-TTM) of the Livestock ETF is 12.89, indicating it is at a historical low, being below 98.82% of the time over the past year [2] - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 69.05% of the index, with Hai Da Group, Wens Foodstuffs, and Muyuan Foods being the top three [3] - The weightings of the top stocks include Hai Da Group at 11.24%, Wens Foodstuffs at 10.10%, and Muyuan Foods at 10.08%, with Tiankang Biological showing a notable increase of 2.88% [5]

报告要点 公司研究丨点评报告丨梅花生物（600873.SH） [Table_Title] Q1 业绩同环比大幅增长，看好氨基酸、味精 景气向上 丨证券研究报告丨 [Table_Summary] 公司发布 2025 一季报，实现收入 62.7 亿元（同比-3.4%），归属净利润 10.2 亿元（同比+35.5%）， 归属扣非净利润 9.0 亿元（同比+42.1%）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 梅花生物（600873.SH） cjzqdt11111 [Table_Title Q1 业绩同环比大幅增长，看好氨基酸、味精景 2] 气向上 [Table_Summary2] 事件描述 公司发布 2025 一季报，实现收入 62.7 亿元（同比-3.4%），归属净利润 10.2 亿元（同比+35.5%）， 归属扣非净利润 9.0 亿元（同比+42.1%）。公司当期非经常性损益部分主要来源于获得的政府 补助 1.2 亿元。 事件评论 风险提示 1 ...

上 市 公 司 基础化工 2025 年 04 月 23 日 梅花生物 (600873) —— Q1 业绩超预期，看好味精、氨基酸景气回升 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 22 日 | | --- | --- | | 收盘价（元） | 11.20 | | 一年内最高/最低（元） | 11.95/8.72 | | 市净率 | 2.1 | | 息率（分红/股价） | 5.32 | | 流通 A 股市值（百万元） | 31,951 | | 上证指数/深证成指 | 3,299.76/9,870.05 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.42 | | 资产负债率% | 36.41 | | 总股本/流通 A 股（百万） | 2,853/2,853 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11-22 12-22 0 ...

Core Viewpoint - The company reported strong Q1 2025 results with revenue of 6.269 billion yuan, a year-over-year decrease of 3% and a quarter-over-quarter decrease of 2%, while net profit attributable to shareholders increased by 36% year-over-year and 37% quarter-over-quarter to 1.019 billion yuan, exceeding expectations [1] Financial Performance - Q1 2025 revenue breakdown: - Fresh flavor agents: 1.810 billion yuan (YoY -12%) - Feed amino acids: 2.939 billion yuan (YoY +7%) - Pharmaceutical amino acids: 0.122 billion yuan (YoY -8%) - Major raw material by-products: 0.937 billion yuan (YoY -2%) - Others: 0.461 billion yuan (YoY -23%) [1] - Gross margin for Q1 2025 was 24.60%, with year-over-year and quarter-over-quarter increases of 5.27 percentage points and 1.10 percentage points, respectively [1] - Net profit margin for Q1 2025 was 16.25%, with year-over-year and quarter-over-quarter increases of 4.66 percentage points and 4.59 percentage points, respectively [1] Product Pricing and Market Trends - Average prices for key products in Q1 2025: - MSG: 7,157 yuan/ton (YoY -13%, QoQ +1%) - 98.5% lysine: 9.83 yuan/kg (YoY +4%, QoQ -13%) - 70% lysine: 5.38 yuan/kg (YoY +3%, QoQ +4%) - Threonine: 10.61 yuan/kg (YoY +12%, QoQ -13%) [1] - The company expects MSG prices to continue rising, while amino acids are entering a low season awaiting demand recovery in H2 2025 [1] Strategic Initiatives - The company plans to invest approximately 500 million yuan to acquire assets from Xiehe Fermentation, which includes food and pharmaceutical amino acids and HMO business [1] - The acquisition will enhance the company's product pipeline and accelerate its overseas strategic layout by adding production and operational entities abroad [1] Future Outlook - The company has raised its net profit forecasts for 2025-2027 to 3.313 billion, 3.467 billion, and 3.713 billion yuan, respectively, reflecting positive expectations for growth driven by ongoing projects [2] - The Baicheng lysine project is set to commence construction in September 2024, contributing to future revenue growth [2]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company reported a significant year-on-year increase in net profit for Q1 2025, with a net profit of 1.019 billion yuan, representing a growth of 35.52% [1]. - The company's revenue for Q1 2025 was 6.269 billion yuan, a decrease of 3.36% year-on-year, attributed to a decline in product prices despite an increase in sales volume for key products [1][7]. - The company is enhancing its growth potential through new project implementations and an accelerated overseas expansion strategy, including a planned acquisition of assets from Xiehe Fermentation for approximately 500 million yuan [7]. Financial Data and Valuation - The projected total revenue for the company is expected to recover from a decline in 2024, with estimates of 27.665 billion yuan in 2025, 30.516 billion yuan in 2026, and 32.366 billion yuan in 2027, reflecting a growth rate of 10% in 2025 and 10% in 2026 [2][14]. - The estimated net profit for 2025 is projected at 3.106 billion yuan, with an EPS of 1.09 yuan, and the corresponding PE ratios are 10.0 for 2025, 8.7 for 2026, and 7.9 for 2027 [7][14]. - The company has a total market capitalization of 31 billion yuan and a current share price of 10.86 yuan [3][7]. Product Performance - The company's main product revenues showed mixed results, with feed amino acids revenue at 2.94 billion yuan (up 6.7% year-on-year) and flavoring agents revenue at 1.81 billion yuan (down 11.6% year-on-year) [7]. - The average market prices for key products such as lysine and MSG have shown a decline, with lysine at 5.17 yuan/kg (down 2.1%) and MSG at 7.16 yuan/kg (down 12.5%) [7]. Strategic Developments - The company is focusing on expanding its product offerings and enhancing its production capabilities through new projects, including the completion of the Tongliao MSG expansion project and the initiation of the Baicheng lysine project [7]. - The company aims to strengthen its market position in the bio-fermentation industry by leveraging its diverse product range and strong cost control capabilities [7].