为出具本法律意见书，本所律师特作如下声明： 1、本所仅根据本法律意见书出具之日之前发生的事实、本所对该等事实的 了解及对本法律意见书出具之日之前颁布施行的有关法律法规的理解发表法律 意见。 2、公司保证已经提供了本所律师认为出具本法律意见书所必需的、真实的 原始书面材料、副本材料或其他口头材料；公司还保证上述文件真实、 准确、 完整；文件上所有签字与印章真实；复印件与原件一致。 北京海润天睿律师事务所 关于梅花生物科技集团股份有限公司 实施差异化权益分派的法律意见书 致：梅花生物科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受梅花生物科技集团股份 有限公司（以下简称公司）的委托，根据《中华人民共和国公司法》（以下简称 《公司法》）《上海证券交易所上市公司自律监管指引第7号—回购股份》及《梅 花生物科技集团股份有限公司章程》（以下简称《公司章程》）的规定，就公司 实施差异化权益分派的相关事项出具本法律意见书。 3、本所不对有关会计、审计等专业事项及本次差异化分红所涉及的非法律 问题做出任何评价；本法律意见书对有关会计报表、审计报告及本次差异化权益 分派中某些数据、结论的引述，并不意味着本所律 ...

Core Viewpoint - The livestock farming index in China has shown a slight decline, with specific stocks experiencing mixed performance, while external factors such as foot-and-mouth disease in South Africa are impacting the industry [1][3]. Group 1: Market Performance - As of May 13, 2025, the China Livestock Farming Index (930707) decreased by 0.38%, with stocks like Luyouli (300381) and Jinxinnong (002548) showing gains of 1.07% and 1.05% respectively, while Ruipubio (300119) led the decline with a drop of 2.66% [1]. - The Livestock ETF (516760) fell by 0.80%, with a latest price of 0.62 yuan, but it ranked first in weekly performance among comparable funds as of May 12, 2025 [1]. - The Livestock ETF had a turnover rate of 1.07% during the trading session, with a total transaction value of 1.4475 million yuan, and an average daily transaction of 4.6547 million yuan over the past year [3]. Group 2: Industry Insights - The South African Department of Agriculture confirmed the spread of foot-and-mouth disease to provinces like KwaZulu-Natal, prompting China's Ministry of Agriculture to urge livestock farmers to restrict animal transport and implement a 28-day quarantine for new animals [1]. - Everbright Securities identified three main investment themes: (1) Planting: Rising prices of staple crops like corn and wheat are expected to benefit major planting companies; (2) Seeds: Improved demand in the seed industry due to favorable planting conditions; (3) Agricultural Chemicals: Improved planting profits are likely to reduce agricultural input cost pressures, expanding the agricultural chemicals market [1]. Group 3: Valuation Metrics - The Livestock ETF closely tracks the China Livestock Farming Index, which includes companies involved in animal feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [3]. - As of May 12, 2025, the Livestock Farming Index's price-to-earnings ratio (PE-TTM) was 12.26, indicating it is at a historical low, being below 99.43% of the time over the past year [3]. - The top ten weighted stocks in the Livestock Farming Index accounted for 69.38% of the index, with Hai Da Group (002311) having the highest weight at 11.24% [3][5].

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 ...

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]

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 ...

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]

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 ...