Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [3][5]. Core Insights - In Q2 2024, the recurring net profit increased by 4.62% quarter-on-quarter, while the company reported a year-on-year decline in operating income of 6.96% for H1 2024 [2][11]. - The company continues to expand its operational scale with new projects under construction, focusing on products with cost advantages and growing market demand [4][13]. - Meihua Holdings is recognized as a global leader in synthetic biology for amino acid production, leveraging advanced fermentation technology and maintaining a competitive cost structure [14]. Financial Performance Summary - For H1 2024, the company achieved operating income of RMB 12.643 billion, with a net profit attributable to shareholders of RMB 1.474 billion, reflecting a 7.51% year-on-year increase [11]. - The revenue breakdown shows a decline in fresh taste agents by 12.72% and a growth in feed amino acids by 14.99% [12]. - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 3.530 billion, RMB 3.884 billion, and RMB 4.286 billion respectively, with a target price of RMB 13 based on a PE ratio of 10.48 [5][15].

Investment Rating - The report maintains a "Recommend" rating for Meihua Biological (600873 SH) [1][2] Core Views - Meihua Biological achieved a YoY increase of 8% in net profit attributable to the parent company in H1 2024, with overseas site selection strengthening platform layout [1] - The company's multi-category layout demonstrates strong anti-cyclical characteristics, with feed amino acids showing significant growth [1] - Meihua Biological is expanding production capacity and actively exploring overseas opportunities to enhance its platform-based enterprise capabilities [1] Financial Performance - H1 2024 revenue reached 12 643 billion yuan, a YoY decrease of 6 96% [1] - Net profit attributable to the parent company in H1 2024 was 1 474 billion yuan, a YoY increase of 7 51% [1] - Q2 2024 revenue was 6 156 billion yuan, a YoY decrease of 7 26%, with net profit attributable to the parent company increasing by 26 68% [1] Business Segments - Flavor enhancers (monosodium glutamate, nucleotides, etc) revenue decreased by 12 72% YoY to 3 880 billion yuan in H1 2024 [1] - Feed amino acids (lysine, threonine, etc) revenue increased by 14 99% YoY to 5 472 billion yuan in H1 2024 [1] - Pharmaceutical amino acids revenue decreased by 16 66% YoY to 250 million yuan in H1 2024 [1] - Large raw material by-products revenue decreased by 22 74% YoY to 1 912 billion yuan in H1 2024 [1] Capacity Expansion - New projects include Tongliao MSG expansion and technical renovation, Xinjiang isoleucine technical renovation, and xanthan gum process improvement projects [1] - Jilin lysine project has completed project approval and is expected to start production in July 2025 with an annual capacity of 600 000 tons of 80% lysine sulfate [1] Financial Forecasts - 2024-2026 net profit attributable to the parent company is forecasted to be 3 029 billion yuan, 3 144 billion yuan, and 3 358 billion yuan respectively [1] - 2024-2026 EPS is expected to be 1 06 yuan, 1 10 yuan, and 1 18 yuan respectively [1] - Current PE ratios (as of July 29, 2024) are 10X, 9X, and 9X for 2024-2026 respectively [1]

迁泰将投告 神花生物 (600873 CH) H1 净利同比增长，集达政界气上行 부휴坏充个板点评 2024 年７月 29 日 | 中国内地泉局免王 24H1 炉赤冷斜涧 14.7 亿元/两比+7.5%，编种 "买入" 评估 特花生物 7 月 29 日发布半年报，24H1 实现容收 126 亿元，同比-7%，归 寺冷利润 14.7 亿元 ( 禄非后 13.0 亿元)，同比+7.5% ( 禄非后同比-7.4%): 共中 24Q2 炉寺冷利润 7.2 亿元( ね非后 6.6 亿元), 网比+27%/环比-4%( 物 非同比+6%/环比+3%）。表们预计公司 24-26 辛归苹净利 32.7/36.7/39.4 亿元，对应 EPS 为 1.15/1.29/1.38 无，可比公司 24 年年均 15xPE 约 Wind 一县预期，考虑公司令成生物千台发展初期位就基酸规模优势项固，给予 24 午 11.5xPE 结佳，目标价 13.23 无，价村"买入"详细。 魚盖職板块 24H1 豪气网比整体皮带，24Q2 波拳鼻鼻本地原 饲养永基酸 24H1 容妆 yoy+15%至 54.7 亿元, 塔博亚泰沈, 赖永酸 (98. ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a year-on-year growth of 15%[11]. - The company's operating revenue for the first half of 2024 was approximately ¥12.64 billion, a decrease of 6.96% compared to the same period last year[18]. - The net profit attributable to shareholders for the same period was approximately ¥1.47 billion, reflecting an increase of 7.51% year-over-year[18]. - The basic earnings per share for the first half of 2024 was ¥0.50, an increase of 11.11% from ¥0.45 in the same period last year[19]. - The weighted average return on equity increased to 10.26%, up by 0.80 percentage points from the previous year[19]. - The company achieved operating revenue of 12.64 billion RMB in the first half of 2024, a decrease of 6.96% year-on-year[39]. - The net profit attributable to the parent company was 1.47 billion RMB, an increase of 7.51% year-on-year[34]. - The company reported a total comprehensive income of 1,443,784,213.82 CNY for the first half of 2024, reflecting the overall financial performance[123]. Market Expansion and Product Development - User data indicates a growing customer base, with an increase of 20% in active users compared to the previous year, reaching 500,000 users[11]. - The company has set a future outlook with a revenue target of 2.5 billion RMB for the full year 2024, which would represent a 10% increase from 2023[11]. - New product development includes the launch of three innovative amino acid products aimed at enhancing animal nutrition, expected to contribute an additional 200 million RMB in revenue[11]. - The company is expanding its market presence in Southeast Asia, with plans to establish two new production facilities by the end of 2024, projected to increase production capacity by 30%[11]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 5% and diversify product offerings[11]. Research and Development - The company has invested 100 million RMB in research and development for precision fermentation technologies, aiming to improve product quality and reduce production costs[11]. - The company has increased R&D investment in synthetic biology technology, leading to industry-leading technical indicators and rapid industrial application of research results[32]. - The company aims to enhance its platform capabilities and collaborate with top global biotechnology firms to develop an automated and intelligent synthetic biology R&D platform, focusing on core technologies and product opportunities[27]. Financial Health and Cash Flow - The net cash flow from operating activities was approximately ¥2.24 billion, down by 1.53% compared to the previous year[18]. - The company maintained a strong cash flow with a net cash flow from operating activities of 2.24 billion RMB[35]. - The company reported a significant decrease in accounts receivable, which fell to CNY 149,228,481.12 from CNY 166,039,222.60, a reduction of approximately 10.9%[111]. - The company experienced a net decrease in cash and cash equivalents of 1,989,411,003.62 CNY, compared to a decrease of 390,864,495.26 CNY in the previous period, highlighting cash management challenges[122]. Environmental Compliance and Sustainability - The company has invested RMB 250.41 million in wastewater treatment facilities to manage high-concentration organic wastewater, achieving resource recycling[63]. - The company’s wastewater treatment technology has reached a leading domestic level, with the ANAMMOX sludge being exported internationally, making it a major supplier[63]. - The company has established two water reuse plants with an investment of RMB 150 million, producing 13,000 cubic meters of reclaimed water daily[63]. - The company has developed emergency response plans for environmental pollution incidents, which have been filed with local environmental protection bureaus[69]. - The company has implemented a comprehensive carbon emission management system, integrating carbon monitoring into daily operations[74]. Risks and Challenges - The company faces risks from potential anti-dumping investigations, particularly from the EU regarding lysine products, which could impact competitiveness and sales[51]. - The company’s financial performance may be adversely affected by changes in industry regulations and trade policies, particularly between China and the US[53]. - The company faces risks related to core technology leakage, which could adversely affect operational performance due to the competitive nature of the biotechnology industry[55]. - The company is exposed to foreign exchange risks due to its foreign currency assets and liabilities, primarily denominated in USD, which could negatively impact financial performance if not managed effectively[56]. Shareholder and Equity Management - The company completed a share repurchase plan, buying back 90,637,352 shares, which is 3.08% of the total share capital, at an average price of RMB 9.49 per share, totaling RMB 86,003.02 million[94]. - The total share capital after the repurchase has decreased from 2,943,426,102 shares to 2,852,788,750 shares[98]. - The company has extended the 2021 employee stock ownership plan for an additional 36 months until February 11, 2027, with a balance of 21,420,471 shares, accounting for 0.75% of the total share capital of 2,852,788,750 shares[59]. - The company reported an increase in related party transactions with Tongliao Desheng Biotechnology Co., Ltd., totaling CNY 40,974,370.24 in the current period compared to CNY 37,285,010.09 in the previous period[88]. Accounting and Financial Policies - The company has a significant accounting policy that requires a provision for bad debts if the amount exceeds 20 million RMB and represents more than 10% of total receivables[137]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[140]. - The company assesses control over investees based on the ability to influence returns through relevant activities[142]. - The company recognizes fixed assets at cost, which includes purchase price, import duties, and other directly attributable expenses necessary to bring the asset to a usable state[198].

信息披露管理制度 （经公司第十届董事会第十一次会议审议通过） 第一章 总则 梅花集团信息披露管理制度 梅花生物科技集团股份有限公司 第一条 为了加强梅花生物科技集团股份有限公司（以下简称"公司"）的 信息披露管理工作，确保正确履行信息披露义务，保护公司股东、债权人及其他 利益相关人的合法权益，根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司信息披露管理办 法》、《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）、《上海证 券交易所上市公司自律监管指引第2号—信息披露事务管理》等法律、法规、规 章、规范性文件以及《梅花生物科技集团股份有限公司章程》（以下简称"《公司 章程》"），结合本公司实际情况，制定本信息披露管理制度（以下简称"本制度"）。 第二条 本制度所称信息披露是指发生可能对公司股票及其衍生品种交易价 格产生较大影响而投资者尚未得知的重大事件信息，在规定时间内，通过规定的 媒体，以规定的方式向社会公众公布，并向证券监管部门备案。 第三条 公司依法进行信息披露，应当在上海证券交易所的网站和符合中国 证券监督管理委员会（以 ...

梅花集团董事会薪酬与考核委员会工作细则 梅花生物科技集团股份有限公司 董事会薪酬与考核委员会工作细则 （经公司第十届董事会第十一次会议审议通过） 第一章 总则 第二章 人员组成 第四条 薪酬与考核委员会由三名董事组成，其中独立董事二名。 第一条 为进一步建立健全公司董事（指非独立董事）及高级管理人员的考 核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司治理准则》等有关法律、法规及《梅花生物科技 集团股份有限公司章程》（下称"《公司章程》"），制定本工作细则。 第二条 薪酬与考核委员会是董事会按照股东大会决议设立的专门工作机构。 主要负责制定、审查公司董事及高级管理人员的薪酬政策与方案、考核标准并进 行考核，对董事会负责，拟定公司股权激励计划草案及考核标准并进行考核。 第三条 本细则所称董事是指在本公司领取薪酬的董事长、董事，高级管理 人员是指董事会聘任的总经理、副总经理、财务总监、董事会秘书及由总经理提 请董事会认定的其他高级管理人员。 梅花集团董事会薪酬与考核委员会工作细则 第六条规定补足委员人数。 第九条 薪酬与考核委员会日常工作的联络、会议组织和决 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-037 梅花生物科技集团股份有限公司 第十届董事会第十一次会议决议公告 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个别及连带责任。 一、会议召开情况 梅花生物科技集团股份有限公司（以下简称"公司"）第十届董事会第十一次 会议于 2024 年 7 月 29 日上午以现场和通讯相结合的方式召开，会议应出席董事 5 人，实际出席董事 4 人，委托出席 1 人，董事何君先生因国外出差无法出席会 议，书面授权委托董事长王爱军女士代为行使表决权。 会议由董事长王爱军女士主持，公司监事和高级管理人员列席了会议。本次 会议的召集、召开符合《公司法》和《公司章程》的规定。 二、会议审议情况 经出席本次会议的全体董事审议，以投票表决方式通过以下议案： 1、关于 2024 年半年度报告及其摘要的议案 本议案已经公司审计委员会 2024 年第四次会议审议通过，并同意提交董事 会审议。 表决情况：同意票 5 票，反对票 0 票，弃权票 0 票。 （梅花生物科技集团股份有限公司 2024 年半年度 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-039 梅花生物科技集团股份有限公司 2024年员工持股计划第二次持有人会议决议公告 公司 2024 年员工持股计划第二次持有人会议于 2024 年 7 月 29 日以现场和 通讯相结合的方式召开，会议由管理委员会主任委员连如芳女士召集和主持，出 席本次会议的持有人共计 227 人，代表员工持股计划份额 191,750,800 份，占本 次员工持股计划总份额的 100%，会议的召集、召开和表决程序符合本次员工持 股计划的相关规定。 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。 二、持有人大会审议情况 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 1 月 16 日、2024 年 2 月 1 日召开第十届董事会第八次会议和 2024 年第一次临时股东 大会，审议通过《关于公司 2024 年员工持股计划（草案）及其摘要的议案》、《关 于公司 2024 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 ...

梅花生物科技集团股份有限公司 金融衍生品业务内部控制制度 （经公司第十届董事会第十一次会议审议通过） 金融衍生品业务内部控制制度 第一章 总 则 第一条 为规范梅花生物科技集团股份有限公司（以下简称"公司"）及全 资子公司、控股子公司、分公司（以下合称"下属公司"）金融衍生品业务交易 行为，防范金融衍生品交易风险。根据《中华人民共和国公司法》、《中华人民共 和国证券法》、《上市公司信息披露管理办法》、《上海证券交易所股票上市规则》、 第二条 本制度所称金融衍生品是指场内场外交易，或者非交易的，实质为 远期、期权、期货、掉期等产品或上述产品的组合。金融衍生品的基础资产既可 包括证券、指数、利率、汇率、货币、商品、其他标的，也可包括上述基础资产 的组合；既可采取实物交割，也可采取现金差价结算；既可采用保证金或担保、 抵押进行杠杆交易，也可采用无担保、无抵押的信用交易。 第三条 公司及下属公司应当严格控制金融衍生品交易的种类及规模，不得 影响公司生产经营。 公司及下属公司金融衍生品交易必须以各自法人的名义并在法人自有账户 中进行，不得使用他人账户。未经公司同意，公司及下属公司不得进行金融衍生 品交易业务。 第四条 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-038 梅花生物科技集团股份有限公司 关于2024年半年度经营数据公告 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》第十四条相关规定， 现将梅花生物科技集团股份有限公司(以下简称"公司")2024 年半年度经营数据 （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） | 388,013.20 | | 饲料氨基酸（赖氨酸、苏氨酸等） | 547,164.02 | | 医药氨基酸（谷氨酰胺、脯氨酸、亮氨酸、异亮氨酸、腺苷等） | 24,994.17 | | 大原料副产品（肥料、蛋白粉、胚芽、玉米皮粉、饲料纤维等） | 191,220.55 | | 其他（黄原胶、海藻糖等） | 112,879.87 | | 合计 | 1,264,271.81 | 2、按销售模式分： | 销售模式 | 本期营业收入（万元） | | --- ...