Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 18.7 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9%. The net profit attributable to shareholders was 2 billion yuan, down 8% year-on-year, while the net profit after deducting non-recurring items was 1.8 billion yuan, a decrease of 16% year-on-year [6][2] - The decline in performance in Q3 2024 was primarily due to the drop in prices of key products such as monosodium glutamate and xanthan gum, along with an increase in financial and R&D expenses [6] - The company has a strong commitment to shareholder returns, with a cumulative dividend payout of 10.85 billion yuan since its listing, representing a cumulative dividend rate of 52.8% [6] - The focus on synthetic biology is expected to open up significant growth opportunities, with plans to reduce costs for products like lysine and threonine through technological advancements [6] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 18.7 billion yuan, with a gross margin of 17.65%, reflecting a year-on-year decrease of 0.83 percentage points [6] - The projected revenues for 2024-2026 are 27.6 billion yuan, 31.8 billion yuan, and 34.9 billion yuan, with year-on-year growth rates of 0%, 15%, and 10% respectively [6][7] - The expected net profits for the same period are 2.8 billion yuan, 3.3 billion yuan, and 3.8 billion yuan, with year-on-year growth rates of -11%, 16%, and 15% respectively [6][7] - The earnings per share (EPS) are projected to be 0.99 yuan, 1.15 yuan, and 1.32 yuan for 2024, 2025, and 2026 respectively [6][7]

证券代码：600873 证券简称：梅花生物 公告编号：2024-055 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，回购股份用于注销，减少注册资本。具体内容详见公司披露在上 海证券交易所网站（www.sse.com.cn）上的相关公告。 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，现将公司首次回购情况公告如下： 2024 年 10 月 23 日，公司通过集中竞价交易方式首次回购股份 7,281,200 股， 占公司目前股本总数(2,852,788,750 股)的 0.26%，购买的最低价格为 9.61 元/股、 1 关 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability in amino acids is growing, while the price of monosodium glutamate continues to face pressure [1][3] - The company reported a revenue of 18.681 billion yuan for Q3 2024, a year-on-year decrease of 8.99%, and a net profit of 1.995 billion yuan, down 7.65% year-on-year [2] - The amino acid business showed a price improvement in Q3, with the revenue from the animal nutrition amino acid segment reaching approximately 2.877 billion yuan, up 5.89% quarter-on-quarter [2] - The price of monosodium glutamate is under pressure due to increased supply and intensified competition in the industry [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 60.38 billion yuan, down 12.97% year-on-year and 1.92% quarter-on-quarter, with a net profit of 5.22 billion yuan, down 33.96% year-on-year and 27.78% quarter-on-quarter [2] - The company expects revenues of 26.073 billion yuan, 29.034 billion yuan, and 32.206 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.801 billion yuan, 3.240 billion yuan, and 3.395 billion yuan [3][4] Business Segments - The amino acid segment's revenue in Q3 was approximately 28.77 billion yuan, with significant price improvements for certain products [2] - The company plans to build a 600,000-ton/year lysine project to strengthen its leading position in the lysine market [2] - The monosodium glutamate segment reported a revenue of about 16.85 billion yuan in Q3, reflecting a decline due to increased competition and supply [2] Future Outlook - The company is expected to benefit from policies promoting reduced soybean meal usage, which may lead to simultaneous increases in both volume and price for amino acids [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.98 yuan, 1.14 yuan, and 1.19 yuan respectively, with corresponding price-to-earnings (PE) ratios of 10.07, 8.71, and 8.31 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.40 [7]. Core Views - The company reported Q3 revenue of RMB 6 billion, a decrease of 13% year-on-year and 2% quarter-on-quarter, with a net profit attributable to the parent company of RMB 520 million, down 34% year-on-year and 28% quarter-on-quarter [1]. - The decline in net profit was attributed to falling prices of monosodium glutamate and increased exchange losses, leading to a rise in period expenses [1]. - Despite the current pressures, the improvement in the amino acid market and the company's proactive dividend and buyback strategies are expected to support a revaluation of its value [1][4]. Summary by Sections Financial Performance - For the first three quarters, the company achieved revenue of RMB 18.7 billion, down 9% year-on-year, and a net profit of RMB 2 billion, down 8% year-on-year [1]. - The Q3 revenue from feed amino acids increased by 14% year-on-year to RMB 8.3 billion, while the revenue from flavor enhancers decreased by 15% year-on-year to RMB 5.6 billion [2]. Market Trends - The prices of key amino acids such as lysine and threonine have shown an upward trend due to seasonal demand, while monosodium glutamate prices remain under pressure [3]. - The report indicates that the prices of monosodium glutamate and xanthan gum are expected to stabilize gradually as consumer demand recovers [3]. Growth Prospects - The company is focusing on its "Amino Acid +" strategy, with new production capacities for monosodium glutamate and lysine expected to contribute to future growth [4]. - The company announced a mid-term dividend plan of approximately RMB 500 million and a share buyback initiative, which are anticipated to enhance shareholder value [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is RMB 3 billion, RMB 3.4 billion, and RMB 3.6 billion respectively, with an estimated EPS of RMB 1.06, RMB 1.19, and RMB 1.26 [5]. - The report assigns a PE ratio of 9.6x for 2025, leading to a target price of RMB 11.40, reflecting the company's competitive advantages in the amino acid sector [5].

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [1][3][9] Core Views - The recurring net profit for the first three quarters of 2024 decreased by 15.70% year-on-year, with operating revenue down 8.99% year-on-year [2][5] - The decline in performance is attributed to falling market prices for key products such as monosodium glutamate, xanthan gum, and starch by-products, which outpaced the decrease in raw material prices, leading to reduced gross profit margins [2][5] - Prices for threonine and lysine have been rising, with significant increases in spreads compared to previous quarters, indicating potential for improved margins in these segments [6][8] - The company is actively repurchasing shares, with plans to buy back between 25 million to 41.67 million shares, representing 0.88% to 1.46% of total share capital [7][9] Financial Summary - For 2024, the expected net profit is projected at RMB 3.026 billion, a decrease of 14.28% from the previous year, with further projections of RMB 3.456 billion and RMB 3.867 billion for 2025 and 2026 respectively [4][9] - Revenue forecasts for 2024 to 2026 are RMB 28.561 billion, RMB 30.474 billion, and RMB 32.581 billion, reflecting a growth rate of 3% to 7% [4][9] - The gross profit margin is expected to decline from 19.7% in 2023 to 18.1% in 2024, with a gradual recovery to 19.2% by 2026 [4][9] Industry Position - Meihua Holdings Group is recognized as a global leader in the large-scale production of amino acids through synthetic biology technology, with a strong foundation in fermentation technology and significant production capacity [3][8] - The company is focused on enhancing operational efficiency through increased investment in organizational development, technology research, and standardization of business processes [3][8]

2、按销售模式分： 证券代码：600873 证券简称：梅花生物 公告编号：2024-054 梅花生物科技集团股份有限公司 关于2024年前三季度经营数据公告 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。 根据《上市公司行业信息披露指引第十四号—食品制造》第十四条、《关于 做好主板上市公司 2024 年第三季度报告披露工作的重要提醒》的要求，现将梅 花生物科技集团股份有限公司 2024 年前三季度经营数据（未经审计）公告如下： 1、按产品分： | 产品类别 | 本期营业收入（万元） | | --- | --- | | 鲜味剂（谷氨酸钠、核苷酸） | 556,509.16 | | 饲料氨基酸（赖氨酸、苏氨酸、饲料级缬氨酸等） | 834,844.32 | | 医药氨基酸（谷氨酰胺、脯氨酸、异亮氨酸、腺苷、鸟苷等） | 35,273.15 | | 大原料副产品（肥料、蛋白粉、胚芽、玉米皮粉、饲料纤维等） | 278,730.88 | | 其他（黄原胶、海藻糖等） | 162,721.04 | | 合计 | 1,868,078. ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥6,038,067,422.69, representing a decrease of 12.97% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2024 was ¥521,497,858.37, down 33.96% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥466,245,366.69, a decrease of 32.62% compared to the same period last year[5]. - The basic earnings per share for Q3 2024 was ¥0.18, reflecting a decline of 33.33% year-on-year[5]. - For the first three quarters, the company's operating revenue was 18.681 billion RMB, a decrease of 8.99% year-on-year, attributed to a decline in market sales prices of key products[7]. - The net profit attributable to shareholders for the first three quarters was 1.995 billion RMB, down 7.65% year-on-year, mainly due to a reduction in gross profit[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for the first three quarters was 1.769 billion RMB, a decrease of 15.70% compared to the same period last year[7]. - The total comprehensive income for Q3 2024 is CNY 2,035,236,221.59, down from CNY 2,447,973,619.90 in Q3 2023[19]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥23,534,870,472.41, an increase of 1.63% from the end of the previous year[5]. - The equity attributable to shareholders at the end of Q3 2024 was ¥14,718,041,524.01, up 3.92% compared to the end of the previous year[5]. - The company's total liabilities decreased to CNY 8,816,828,948.40 from CNY 8,994,165,041.58, a reduction of 2.0%[17]. - The total current liabilities increased to CNY 5.89 billion, up from CNY 4.73 billion, indicating a rise of approximately 24.5%[15]. - The company's non-current assets totaled approximately CNY 14.89 billion, an increase from CNY 13.65 billion, reflecting a growth of about 9.1%[15]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥4,085,711,923.75, down 16.35% year-on-year[5]. - The cash flow from operating activities for the first three quarters of 2024 is CNY 4,085,711,923.75, down 16.31% from CNY 4,884,286,182.54 in the same period of 2023[22]. - The company's cash and cash equivalents decreased to CNY 3.64 billion from CNY 4.97 billion, representing a decline of approximately 26.8%[14]. - Cash and cash equivalents at the end of Q3 2024 amount to CNY 3,364,741,878.94, down from CNY 5,203,814,144.66 at the end of Q3 2023[23]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.175 per share, amounting to an estimated total of CNY 500 million, enhancing shareholder returns[12]. - The company has initiated a share repurchase program, with the first announcement made on October 12, 2024, to enhance shareholder value[12]. Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 285,461,019.60, an increase of 21.9% compared to CNY 234,168,723.06 in the same period of 2023[18]. Other Developments - The company upgraded its Visual Identity System and introduced a new logo on October 15, 2024, to align with its international development strategy[13]. - The company has not disclosed any future outlook or guidance in the current report[4].

法律意见书 公司向未出席现场会议的股东提供了网络投票平台，本次股东大会网络投票 系统、起止时间和地点： 1 法律意见书 网络投票系统：上海证券交易所股东大会网络投票系统。 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 2024 年第二次临时股东大会的 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，对公司于 2024 年 10 月 11 日召开的 2024 年第二次临时股东 大会（以下简称"本次股东大会"或"会议"）进行见证，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）和《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，按照律师行业公认的业务标准、道德规范和勤勉 尽责精神，对公司本次股东大会的召集、召开程序、出席会议人员的资格、表决 程序及结果等有关事宜发表法律意见。 一、本次股东大会的召集、召开程序 本次股东大会的召集人系公司董事会。 2024 年 9 月 23 日，公司第十届董事会第十三次会议作出召开 2024 年第二 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-051 梅花生物科技集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 10 月 11 日 (二)股东大会召开的地点：河北省廊坊市经济技术开发区华祥路 66 号公司 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 633 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,290,189,464 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 45.2255 | 3、董事会秘书和财务总监出席了本次会议。 二、议案审议情况 (一) 非累积投票议案 1、议案名称：关于变更公司注册资本的议案 1 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-052 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。 重要内容提示： ● 回购股份金额：回购资金总额不低于 30,000 万元人民币（含），不高于 50,000 万元人民币（含） 公司向董事、监事、高级管理人员、控股股东、实际控制人、回购提议人问 询，问询未来 3 个月、未来 6 个月是否存在减持计划。公司董事长王爱军女士回 复表示其未来 3 个月、未来 6 个月不存在减持计划，其他人未明确回复。后续如 有减持计划，公司将严格遵守减持的相关规定，并按照要求及时履行信息披露义 务，敬请投资者注意投资风险。 ● 相关风险提示： 1.本方案经股东大会审议通过后，公司股票价格若持续超出回购方案披露的回 购价格上限，存在回购方案无法实施的风险； 2.公司无法满足债权人清偿债务或提供担保进而导致回购方案难以实施的风 险； 3.回购股份所需资金未能到位，导致回购方案无法实施的风险； 4.因公司生产经 ...