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。2024 年 10 月 23 日，公司实 施了首次回购。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，公司应在每个月的前 3 个交易日公告截至上月末 的回购进展情况。现将公司回购股份进展的具体情况公告如下： 1 证券代码：600873 证券简称：梅花生物 公告编号：2025-004 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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The company is a leading player in the amino acid industry, with a diversified product portfolio that includes amino acids, flavor enhancers, and pharmaceutical amino acids, which enhances its resilience against market fluctuations [5][6] - The global amino acid market is expected to grow significantly, with projections indicating a market size of $49.42 billion by 2030, driven by increasing demand in the livestock sector [6][58] - The company's acquisition of "Xiehe Fermentation" marks a strategic move towards international expansion, enhancing its product offerings in high-value amino acids [7][192] Summary by Sections Company Overview - The company has over 20 years of experience in amino acid synthesis and has developed a comprehensive business structure that includes various amino acid products [22] - The company maintains a stable shareholding structure and has a strong commitment to dividend distribution, reflecting confidence in its growth prospects [28][29] Market Dynamics - The demand for feed amino acids is expanding due to rising meat consumption and the reduction of soybean meal in animal feed, which is supported by government initiatives [49][53] - The company is well-positioned to benefit from the increasing concentration of lysine and threonine production in China, which is expected to drive price increases in the future [2][6] International Expansion - The company is accelerating its international strategy, with overseas sales accounting for a growing proportion of its revenue [185] - The acquisition of "Xiehe Fermentation" will enhance the company's capabilities in producing high-value amino acids and expand its global market presence [192][193] Financial Projections - The company is projected to achieve net profits of 30.16 billion, 35.02 billion, and 36.92 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of -5.2%, 16.1%, and 5.4% [10][220] - The company's revenue is expected to recover in 2025, driven by new production capacities coming online and improved market conditions [220][221]

标题：关于梅花生物科技集团股份有限公司被列为失信被执行人有关事项的监管工作函 涉及对象：上市公司,董事,监事,高级管理人员,一般股东,控股股东及实际控制人 处分日期：2024-12-23 处理事由：关于梅花生物科技集团股份有限公司被列为失信被执行人有关事项的监管工作 函 证券代码：600873 证券简称：梅花生物 监管类型：监管工作函 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-064 梅花生物科技集团股份有限公司 关于公司及子公司被纳入失信 被执行人名单的公告 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。 一、基本情况 二、案件审理情况 2014 年 12 月，山东阜丰发酵有限公司（以下简称"山东阜丰"）认为公司侵 犯其黄原胶生产商业秘密，在山东省临沂市中级人民法院对公司及子公司新疆梅 花提起诉讼，本案历时近十年，历经山东省临沂市中级人民法院一审、山东省高 级人民法院二审（裁定重审）、济南中院一审（第一次重审）、最高人民法院二审 （裁定重审）、济南中院一审（第二次重审）、最高人民法院二审终审。2024 年 1 月，最高人民法院作出(2022)最高法知民终 64 号民事判决如下：1）新疆梅花氨 基酸有限责任公司、梅花生物科技集团股份有限公司、张伟立即停止侵犯山东阜 丰发酵有限公司案涉黄原胶生产商业秘密的行为，包括不得披露、使用或允许他 人使用案涉黄原胶生产商业秘密；2）新疆梅花氨基酸有限责任公司、梅花生物 科技集团股份有限公司、张伟于判 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-063 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 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 | 万股 1,566.67 | | 累计已回购股数占总股本比例 | 0.55% | | 累计已回购金额 | 万元 15,076.15 | | 实际回购价格区间 | 9.33 元/股~10.12 元/股 | 重要内容提示： 梅花生物科技集团股份有限公司董事会 2024 年 12 月 2 日 2 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 ...

Investment Rating - The report maintains an "Accumulate-A" rating for Meihua Biological (600873.SH) [1] Core Views - Meihua Biological plans to acquire certain assets from Concord Fermentation for 10.5 billion JPY (approximately 500 million CNY), which will enhance its product pipeline and support its international expansion strategy [1] - The acquisition will add various amino acid products and strains, including arginine, histidine, serine, and others, as well as several HMO strains and related intellectual property [1] - The transaction is expected to solidify the company's strategy for overseas development and extend its high-value pharmaceutical-grade amino acid market [1] Financial Projections - Revenue forecasts for 2024 to 2026 are 28.21 billion CNY, 29.60 billion CNY, and 31.09 billion CNY, representing year-on-year growth of 1.6%, 4.9%, and 5.0% respectively [4] - Net profit forecasts for the same period are 2.89 billion CNY, 3.20 billion CNY, and 3.48 billion CNY, with year-on-year changes of -9.2%, 10.6%, and 8.9% respectively [4] - Corresponding EPS for 2024, 2025, and 2026 are projected to be 1.01 CNY, 1.12 CNY, and 1.22 CNY, with P/E ratios of 10.0, 9.0, and 8.3 respectively [4] Market Performance - As of November 26, 2024, the closing price of Meihua Biological was 10.10 CNY, with a yearly high of 11.95 CNY and a low of 8.72 CNY [1] - The circulating A-share market capitalization is 28.81 billion CNY, with a total market capitalization also at 28.81 billion CNY [1] Financial Data Summary - For the fiscal year 2022, the company reported revenue of 27.94 billion JPY, with a net profit of 4.41 billion JPY [6] - The projected revenue for 2023 is 27.76 billion JPY, with a net profit of 3.18 billion JPY, indicating a decline in profitability [6] - The gross margin is expected to be 20.2% in 2024, with a net margin of 10.2% [10]

Investment Rating - Maintains an "Overweight" rating for the company [3] Core Views - The company plans to acquire Kirin Holdings' subsidiary Kyowa Hakko Bio for 10.5 billion yen (approximately 500 million RMB), which includes food amino acids, pharmaceutical amino acids, and human milk oligosaccharides (HMO) businesses [3] - The acquisition will expand the company's product portfolio and accelerate its overseas strategic layout, particularly through overseas production bases [3] - In Q4 2024, the company's MSG product prices remain under pressure, but lysine and threonine prices have increased, leading to a significant improvement in profitability [3] - The company's Q4 2024 performance is expected to reach a new high for the year, driven by improved profitability in key amino acid products [3] Financial Summary - Revenue for 2024E is projected at 26,127 million RMB, with a year-on-year decline of 5.9% [4] - Net profit attributable to the parent company for 2024E is forecasted at 2,822 million RMB, a year-on-year decrease of 11.3% [4] - Gross margin for 2024E is expected to remain stable at 18.9% [4] - ROE for 2024E is projected at 16.6% [4] Market Data - The company's closing price on November 22, 2024, was 10.55 RMB [5] - The price-to-book ratio is 2.0, and the dividend yield is 5.65% [5] - The company's A-share market capitalization is 30,097 million RMB [5] Key Projects and Capacity Expansion - The company is rapidly expanding its production capacity, including projects such as the Tongliao MSG expansion and technical transformation, Xinjiang isoleucine technical transformation, and xanthan gum process improvement [3] - The Jilin lysine project has completed the approval process [3] Valuation and Earnings Forecast - The company's 2024-2026 net profit forecasts have been revised upward to 2,822, 3,118, and 3,512 million RMB, respectively [3] - The current market valuation corresponds to a PE ratio of 11X, 10X, and 9X for 2024-2026 [3]

Investment Rating - The report maintains an "Outperform" rating for Meihua Holdings Group [1][4][14] Core Views - The company intends to acquire the HMO business of Kyowa Hakko, which will accelerate its overseas expansion [1][10][12] - The acquisition is valued at 10.5 billion yen (approximately 500 million RMB) and involves the purchase of food amino acids, pharmaceutical amino acids, and HMO businesses and assets [1][10][14] - The acquisition will enhance the company's technological capabilities, business structure, product structure, and industrial layout [12][14] Financial Summary - The company's projected revenue for 2024 is 28.56 billion RMB, with a net profit of 3.03 billion RMB [2][8][14] - Earnings per share (EPS) for 2024 is estimated at 1.06 RMB, with a projected price-to-earnings (P/E) ratio of 10.91 [2][8][14] - The company expects net profits to grow to 3.46 billion RMB in 2025 and 3.87 billion RMB in 2026 [2][14] Acquisition Details - The acquisition will add new amino acid categories and strains, extending the company's product offerings [12][14] - The company will gain fermentation strains and patents for over ten types of amino acids, enhancing its production capabilities [12][14] - The transaction is expected to be completed by the fourth quarter of fiscal 2025 [13][14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company plans to acquire assets from Kirin Holdings Company, Limited for 10.5 billion JPY (approximately 500 million CNY) to extend its industrial chain into synthetic biology [6][8]. - The acquisition includes the full ownership of Kyowa Hakko Bio Co., Ltd.'s food amino acids, pharmaceutical amino acids, and human milk oligosaccharides (HMO) business and assets [6][9]. - The transaction is expected to enhance the company's technical capabilities, business structure, product structure, and industrial layout [9]. Summary by Sections Acquisition Details - The company intends to acquire the entire equity and related assets of Kyowa Hakko Bio Co., Ltd., including production facilities in Shanghai and Thailand, inventory worth no less than 15.6 billion JPY, and various amino acid strains and intellectual property [6][8]. Financial Performance of Target Assets - As of December 31, 2023, the target assets are projected to have total assets of 41.597 billion JPY and a net asset of 1.995 billion JPY, with an operating income of 16.352 billion JPY [8]. - By mid-2024, total assets are expected to reach 43.499 billion JPY, with a projected operating income of 8.493 billion JPY [8]. Strategic Benefits - The acquisition will provide the company with new amino acid varieties and strains, enhancing its fermentation and refinement capabilities for high-value pharmaceutical amino acids [9]. - The company will also gain access to a synthetic biology precision fermentation platform for producing HMO products and related intellectual property [9]. - The transaction aligns with the company's strategy to expand its international operations and enhance its market presence [9]. Financial Projections - The company is expected to achieve net profits of 3.0 billion CNY, 3.58 billion CNY, and 3.94 billion CNY for the years 2024 to 2026, respectively [9].

Investment Rating - The report maintains a "Recommend" rating for Meihua Biological (600873 SH) [3] Core Views - Meihua Biological is entering the "Amino Acid 2 0" era through a cross-border acquisition of Kirin Holdings' subsidiary Kyowa Hakko's food amino acids, pharmaceutical amino acids, and HMO businesses for 10 5 billion yen (approximately RMB 500 million) [1] - The acquisition will enhance Meihua's technical capabilities, business structure, product portfolio, and global presence by adding new amino acid varieties, fermentation strains, GMP certifications, and HMO production capabilities [1] - Despite the target assets' short-term financial pressure (EBITDA of -4 89 billion yen in 2023), Meihua's expertise in amino acids is expected to improve the assets' performance and boost overall company growth [1] Financial Forecasts - Revenue is projected to grow from RMB 27 761 million in 2023 to RMB 37 342 million in 2026, with a CAGR of 10 3% [2][6] - Net profit attributable to shareholders is expected to increase from RMB 3 077 million in 2024 to RMB 3 352 million in 2026, with a CAGR of 7 0% [2][6] - EPS is forecasted to rise from RMB 1 08 in 2024 to RMB 1 18 in 2026, with a PE ratio declining from 10X to 9X [2][6] Business Expansion - The acquisition will provide Meihua with new amino acid varieties (e g , arginine, histidine, citrulline), fermentation strains, and HMO production capabilities, strengthening its position in the global amino acid market [1] - Meihua will gain access to multiple domestic and international production entities, enabling the implementation of its industrial globalization strategy [1] Financial Metrics - Gross margin is expected to decline slightly from 19 68% in 2023 to 16 56% in 2026, while net profit margin will decrease from 11 46% to 8 98% [6] - ROE is projected to decrease from 22 46% in 2023 to 15 96% in 2026, reflecting the impact of the acquisition and expansion [6] - The company's debt-to-asset ratio is expected to improve from 38 84% in 2023 to 33 25% in 2026, indicating a healthier financial structure [6]