证券代码：600873 证券简称：梅花生物 公告编号：2025-049 梅花生物科技集团股份有限公司 关于2025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"）2025 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） | 356,622.56 | | 饲料氨基酸（赖氨酸、苏氨酸、饲料级缬氨酸等） | 565,978.16 | | 医药氨基酸（谷氨酰胺、脯氨酸、异亮氨酸、鸟苷、腺苷等） | 24,734.04 | | 大原料副产品（肥料、蛋白粉、胚芽、玉米皮粉、饲料纤维等） | 188,930.22 | | 其他（黄原胶、海藻糖等） | 91,780.08 | | 合计 | 1,228,045.06 | 2、按销售模式分： 特此公告。 梅花生物科技集团股份有限公司董事会 ...

证券代码：600873 证券简称：梅花生物 公告编号：2025-048 梅花生物科技集团股份有限公司 第十届董事会第二十次会议决议公告 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 2025 年半年度报告及其摘要全文同日在 上海证券交易所网站 http://www.sse.com.cn 进行披露） 2.关于选聘财务报告及内部控制审计机构的议案 本议案已经公司审计委员会 2025 年第四次会议审议通过。 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"）第十届董事会第二十 次会议于 2025 年 8 月 19 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 5 人，会议由董事长王爱军女士主持，公司监事和部分高 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 2025 ...

Important Notice [Board of Directors, Supervisory Board, and Senior Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The Board, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - Company directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the half-yearly report content, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - All company directors attended the board meeting[4](index=4&type=chunk) - This half-yearly report is unaudited[5](index=5&type=chunk) [Management's Financial Report Statement](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E7%8E%8B%E7%88%B1%E5%86%9B%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E7%8E%8B%E4%B8%BD%E7%BA%A2%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E7%8E%8B%E7%88%B1%E7%8E%B2%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) Key management personnel declare the financial report within the half-yearly report is true, accurate, and complete - Company head Wang Aijun, chief accountant Wang Lihong, and head of accounting department Wang Ailing declare that the financial report in the half-yearly report is true, accurate, and complete[5](index=5&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report are not substantive commitments to investors, who should be aware of investment risks - This half-yearly report involves forward-looking descriptions of future plans, which do not constitute a substantive commitment to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Significant risks faced by the company are detailed in the "Management Discussion and Analysis" and "Financial Report" sections - Risks faced by the company are detailed in the "Risks that may be faced" section of "Section III Management Discussion and Analysis" and the "Risks related to financial instruments" section of "Section VIII Financial Report" in this report[7](index=7&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used throughout the report, including company names, products, and technical terms, ensuring clarity and accuracy - Meihua Biological Technology Group Co., Ltd. (stock abbreviation: Meihua Biological, stock code: 600873) is the subject of this report[12](index=12&type=chunk) - The company's main products include animal nutrition amino acids (lysine, threonine, valine, etc.), food flavor enhancers (MSG, I+G, trehalose, etc.), human medical amino acids (glutamine, proline, isoleucine, leucine, etc.), and other biomanufactured products (pullulan, xanthan gum, bio-organic fertilizer, HMO, etc.)[12](index=12&type=chunk)[13](index=13&type=chunk) - The report also defines biomanufacturing-related technologies, such as traditional fermentation and precision fermentation, as well as Manufacturing Execution System (MES) and Human Milk Oligosaccharides (HMO)[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Outlines Meihua Biological Technology Group Co., Ltd.'s basic details, including its name, legal representative, stock information, and updated website - The company's Chinese name is Meihua Biological Technology Group Co., Ltd., abbreviated as Meihua Biological or Meihua Group, with Wang Aijun as the legal representative[16](index=16&type=chunk) - The company's registered address is No. 5, Building 11, Yangguang Xincheng, No. 158 Jinzhu West Road, Lhasa City, Tibet Autonomous Region, and its office address is No. 66 Huaxiang Road, Economic and Technological Development Zone, Langfang City, Hebei Province[18](index=18&type=chunk) - The company's stock abbreviation is "Meihua Biological", stock code 600873, listed on the Shanghai Stock Exchange[20](index=20&type=chunk) - The company's official website completed a comprehensive upgrade in February 2025, with the new URL being https://www.meihua.group[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, revenue slightly decreased by 2.87% to CNY 12.28 billion, while total profit and net profit attributable to shareholders increased by 21.66% and 19.96% respectively 2025年上半年主要会计数据 | 指标 | 本报告期（1-6月） | 上年同期 | 增减(%) | | :--- | :--- | :--- | :--- | | 营业收入 | 12,280,450,603.53 CNY | 12,642,718,053.37 CNY | -2.87 | | 利润总额 | 2,089,170,850.25 CNY | 1,717,290,802.15 CNY | 21.66 | | 归属于上市公司股东的净利润 | 1,767,950,116.89 CNY | 1,473,823,789.92 CNY | 19.96 | | 归属于上市公司股东的扣除非经常性损益的净利润 | 1,628,363,104.40 CNY | 1,302,850,887.62 CNY | 24.98 | | 经营活动产生的现金流量净额 | 2,312,791,220.63 CNY | 2,235,818,123.12 CNY | 3.44 | | 归属于上市公司股东的净资产（期末） | 14,980,134,714.22 CNY | 14,574,945,300.93 CNY | 2.78 | | 总资产（期末） | 24,001,497,533.13 CNY | 23,809,558,011.66 CNY | 0.81 | 2025年上半年主要财务指标 | 指标 | 本报告期（1-6月） | 上年同期 | 增减(%) | | :--- | :--- | :--- | :--- | | 基本每股收益（CNY／share） | 0.62 | 0.50 | 24.00 | | 稀释每股收益（CNY／share） | 0.62 | 0.50 | 24.00 | | 扣除非经常性损益后的基本每股收益（CNY／share） | 0.57 | 0.44 | 29.55 | | 加权平均净资产收益率（%） | 11.81 | 10.26 | 增加1.55个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | 10.88 | 9.07 | 增加1.81个百分点 | [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) H1 2025 non-recurring gains and losses totaled CNY 139.59 million, primarily from government subsidies and fair value changes of financial assets 2025年上半年非经常性损益项目 | 非经常性损益项目 | 金额 (CNY) | | :--- | :--- | | 非流动性资产处置损益 | -6,005,098.60 | | 计入当期损益的政府补助 | 137,762,512.29 | | 金融资产和金融负债公允价值变动损益及处置损益 | 32,416,392.00 | | 与公司正常经营业务无关的或有事项产生的损益 | -509,941.40 | | 其他营业外收入和支出 | -275,185.62 | | 减：所得税影响额 | 23,801,666.18 | | 合计 | 139,587,012.49 | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in the biomanufacturing sector, benefiting from green development and AI, expanding its global footprint and product portfolio through strategic acquisitions - The company's main products belong to the "biomanufacturing industry" within the "bio-industry" sector, with China's biomanufacturing market expected to grow to **CNY 1.8 trillion** by 2030[28](index=28&type=chunk) - Biomanufacturing aligns with "green, low-carbon, and sustainable" development requirements, AI technology significantly enhances synthetic biology R&D efficiency, and policy drives industry growth[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Through the acquisition of Kyowa Hakko's amino acid and HMO businesses, the company has established overseas production bases, extending its industrial chain into pharmaceutical amino acids and high-end nutrition[35](index=35&type=chunk)[38](index=38&type=chunk) - The company has built a multi-product system covering lysine, threonine, valine, MSG, xanthan gum, and other amino acids and polysaccharides, capable of supplying multiple end markets including feed, food, and pharmaceuticals[36](index=36&type=chunk) [Company's Industry Situation](index=10&type=section&id=(%E4%B8%80)%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the biomanufacturing industry, poised for significant growth driven by sustainability, AI, and supportive policies, with strategic international expansion - The company's main products belong to the "biomanufacturing industry" within the "bio-industry" sector, with China's biomanufacturing market expected to grow to **CNY 1.8 trillion** by 2030[28](index=28&type=chunk) - Biomanufacturing aligns with "green, low-carbon, and sustainable" development requirements, AI technology significantly enhances synthetic biology R&D efficiency, and policy drives industry development[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Through the acquisition of Kyowa Hakko's amino acid and HMO businesses, the company has established overseas production bases, extending its industrial chain into pharmaceutical amino acids and high-end nutrition[35](index=35&type=chunk) [Company's Main Business Operations](index=12&type=section&id=(%E4%BA%8C)%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) Meihua Biological, a leading synthetic biology amino acid producer, has diversified its product matrix and expanded into pharmaceutical amino acids and HMOs through a recent acquisition - The company has built a diversified product matrix covering animal nutrition amino acids (lysine, threonine, valine, etc.), flavor enhancers (MSG, I+G, etc.), human medical amino acids (glutamine, proline, arginine, histidine, leucine, citrulline, ornithine, etc.), and major raw material by-products (corn germ, protein powder, etc.)[38](index=38&type=chunk) - On July 1, 2025, the company completed the acquisition of Kyowa Hakko's food amino acid, pharmaceutical amino acid, and HMO businesses and assets, extending its industrial chain into the high-value-added pharmaceutical-grade amino acid market and acquiring multiple overseas production and operation entities[38](index=38&type=chunk) - During the reporting period, the company's main products included lysine, threonine, tryptophan, feed-grade valine, MSG residue, glutamic acid, monosodium glutamate, I+G, food-grade xanthan gum, trehalose, natamycin, glutamine, proline, leucine, isoleucine, pharmaceutical-grade valine, inosine, guanosine, adenosine, pullulan, vitamin B2, oil-grade xanthan gum, and bio-organic fertilizer[39](index=39&type=chunk) [Market Conditions of Main Products](index=12&type=section&id=(%E4%B8%89)%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) H1 2025 saw fluctuating raw material prices, varied performance across amino acid products, and strategic expansion into pharmaceutical amino acids through acquisition - In H1 2025, the national average corn price was **CNY 2,227/ton**, a year-on-year decrease of **6.78%**; the company mitigates price fluctuations through a diversified procurement system[40](index=40&type=chunk)[42](index=42&type=chunk) - In H1 2025, the domestic average spot price of soybean meal was **CNY 3,252/ton**, a month-on-month increase of **7.29%** and a year-on-year decrease of **5.66%**; rising soybean meal prices are favorable for amino acid substitution and the company's corn by-product prices[43](index=43&type=chunk) 2025年上半年赖氨酸市场价格 | 产品 | 平均价格（CNY/kg） | 环比涨跌幅（%） | 同比涨跌幅（%） | | :--- | :--- | :--- | :--- | | 98.5%赖氨酸 | 9.11 | -16.73 | -7.89 | | 70%赖氨酸 | 5.39 | 3.26 | 1.32 | - In H1 2025, the domestic average price of threonine was **CNY 10.45/kg**, a month-on-month decrease of **8.93%** and a year-on-year increase of **0.97%**[49](index=49&type=chunk) - In H1 2025, the domestic average price of valine was **CNY 14.32/kg**, a month-on-month increase of **5.68%** and a year-on-year decrease of **6.10%**[50](index=50&type=chunk) - Through the acquisition of Kyowa Hakko, the company added various new pharmaceutical amino acid categories and strains, including arginine, histidine, serine, citrulline, ornithine, and hydroxyproline, and obtained GMP certification and global API registration certificates for multiple markets[52](index=52&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) H1 2025 revenue slightly declined, but net profit increased significantly due to sales growth, cost reduction, and operational efficiency, alongside global expansion and R&D investment - In H1 2025, the company achieved operating revenue of **CNY 12.28 billion**, a year-on-year decrease of **2.87%**; net profit attributable to shareholders was **CNY 1.768 billion**, a year-on-year increase of **19.96%**[57](index=57&type=chunk) - Profit growth was primarily driven by increased sales of MSG, 98% lysine, and feed-grade isoleucine, combined with both volume and price increases for 70% lysine, as well as lower major material costs and improved production indicators[57](index=57&type=chunk) - On July 1, 2025, the company completed the acquisition of Kyowa Hakko's related businesses, gaining over **30** patent families of core intellectual property, new amino acid categories, production bases in Shanghai/Thailand/North America, and extending into high-value-added pharmaceutical amino acid and HMO pipelines[60](index=60&type=chunk)[61](index=61&type=chunk) - The company successfully reduced the EU anti-dumping final duty rate for lysine from an initial **84.8%** to **47.7%**, significantly enhancing product price competitiveness[66](index=66&type=chunk) - In H1 2025, the company's project expenditure was **CNY 1.087 billion**; the Tongliao MSG capacity upgrade project achieved full production, and the Jilin Lysine project is expected to commence trial production in Q4[68](index=68&type=chunk) - The MES system has been implemented in Jilin, Xinjiang, and Tongliao bases, and the procurement business management execution system informatization project is planned for Q4 launch, promoting intelligent and refined production management[70](index=70&type=chunk) - The company continues to increase R&D investment, focusing on chassis strain construction, metabolic pathway design, process optimization, and differentiated product layout; the Jilin pilot-scale R&D platform has been built and put into use[71](index=71&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include a diversified product portfolio, global scale, integrated supply chain, leading R&D capabilities, and a performance-driven organizational culture - The company possesses a diversified product matrix centered on amino acids, with lysine and threonine capacities ranking first globally, and MSG capacity ranking second globally[74](index=74&type=chunk) - Through the acquisition of Kyowa Hakko's businesses, the company's industrial chain extends to the high-value-added pharmaceutical-grade amino acid market, acquiring overseas production and operation entities and enhancing global market risk response capabilities[75](index=75&type=chunk) - The company's production bases are located in major raw material producing areas such as corn and coal, forming a closed-loop industrial chain that enables cascaded energy utilization and full-value development of by-products, creating significant cost advantages[76](index=76&type=chunk) - The company continuously invests in biological fermentation and synthetic biology, forming a multi-category platform-based technology system with synthetic biology at its core, leading the industry in strain iteration efficiency, energy consumption control, and comprehensive resource utilization[77](index=77&type=chunk) - The company adheres to an organizational culture of "all-staff operation, creation, and sharing," stimulating team initiative and value creation through employee stock ownership plans and diversified bonus incentive systems[79](index=79&type=chunk) [Key Operating Performance](index=20&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) H1 2025 revenue decreased due to lower product prices, but operating costs and expenses also fell, while financial expenses rose, and cash flows showed mixed trends 2025年上半年财务报表科目变动 | 科目 | 本期数（CNY） | 上年同期数（CNY） | 变动比例（%） | | :--- | :--- | :--- | :--- | | 营业收入 | 12,280,450,603.53 | 12,642,718,053.37 | -2.87 | | 营业成本 | 9,433,353,240.09 | 10,177,206,263.13 | -7.31 | | 销售费用 | 167,760,792.02 | 204,453,466.84 | -17.95 | | 管理费用 | 469,433,561.57 | 554,506,366.51 | -15.34 | | 财务费用 | -20,660,319.63 | -75,236,544.94 | 72.54 | | 研发费用 | 199,958,697.93 | 180,479,234.74 | 10.79 | | 经营活动产生的现金流量净额 | 2,312,791,220.63 | 2,235,818,123.12 | 3.44 | | 投资活动产生的现金流量净额 | -2,943,297,595.88 | -2,093,397,939.98 | -40.60 | | 筹资活动产生的现金流量净额 | -810,148,442.73 | -1,456,524,257.04 | 44.38 | - The decrease in operating revenue was mainly due to lower market selling prices of products such as MSG, xanthan gum, and threonine, although sales of MSG, isoleucine, and lysine increased[80](index=80&type=chunk) - The decrease in operating costs was primarily due to lower major material costs and improved production indicators[81](index=81&type=chunk)[82](index=82&type=chunk) 2025年上半年资产及负债状况变动 | 项目名称 | 本期期末数（CNY） | 本期期末数占总资产的比例（%） | 上年期末数（CNY） | 上年期末数占总资产的比例（%） | 本期期末金额较上年期末变动比例（%） | 情况说明 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 货币资金 | 2,913,757,715.41 | 12.14 | 4,561,056,193.96 | 19.16 | -36.12 | 主要系本期购买理财增加所致 | | 交易性金融资产 | 1,397,826,972.26 | 5.82 | 312,033,611.07 | 1.31 | 347.97 | 主要系本期购买理财增加所致 | | 预付款项 | 107,821,158.00 | 0.45 | 220,000,861.75 | 0.92 | -50.99 | 本期预付材料款减少所致 | | 其他流动资产 | 1,053,547,103.85 | 4.39 | 164,629,398.67 | 0.69 | 539.95 | 本期增加对外投资预付款所致 | | 在建工程 | 1,133,239,020.75 | 4.72 | 728,524,141.54 | 3.06 | 55.55 | 本期新增建设项目所致 | | 其他应付款 | 242,540,793.08 | 1.01 | 448,115,137.98 | 1.88 | -45.88 | 本期支付诉讼和解费所致 | - Overseas assets amounted to **CNY 1,954,576,957.78**, accounting for **8.14%** of total assets[87](index=87&type=chunk) 截至报告期末主要资产受限情况 | 项目 | 账面价值（CNY） | 受限原因 | | :--- | :--- | :--- | | 货币资金 | 190,704,256.91 | 详见第八节财务报告七附注、注释 1 | | 固定资产 | 373,067,063.83 | 抵押 | | 无形资产 | 26,785,445.73 | 抵押 | | 合计 | 590,556,766.47 | | 对外股权投资总体分析 | 被投资单位 | 在被投资单位持股比例(%) | 期初余额（CNY） | 本期减少（CNY） | 期末余额（CNY） | | :--- | :--- | :--- | :--- | :--- | | 西藏银行股份有限公司 | 4.2414 | 157,000,000.00 | 0 | 157,000,000.00 | | 艾美疫苗股份有限公司 | 4.1286 | 284,294,280.00 | 113,759,630.00 | 170,534,650.00 | | 通辽德胜生物科技有限公司 | 49 | 6,874,939.88 | 923,353.98 | 5,951,585.90 | | 合计 | | 448,169,219.88 | 114,682,983.98 | 333,486,235.90 | - Financial assets measured at fair value totaled **CNY 1,743,875,356.60** at period-end, including trust products, private equity funds, derivatives, and others[92](index=92&type=chunk) [Other Disclosures](index=26&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from foreign trade, taxes, competition, and technology, actively addressing them through strategic actions, enhanced governance, and increased stakeholder returns - The company's export business accounts for over **30%** of revenue, facing risks from exchange rate fluctuations, anti-dumping investigations (EU on lysine and valine, Brazil on lysine, US on L-lysine, Vietnam on MSG), and trade restrictions[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - The company faces risks from changes in tax policies, adjustments in industry regulatory policies, intensified industry competition, core technology leakage and talent loss, intellectual property protection, cross-border M&A integration, and force majeure[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - In H1 2025, the company achieved net profit attributable to parent company shareholders of **CNY 1.768 billion**, a year-on-year increase of **19.96%**, and extended its industrial chain into the high-value-added pharmaceutical-grade amino acid market through the acquisition of Kyowa Hakko's businesses[104](index=104&type=chunk) - The company continuously strengthens R&D investment, with the Jilin pilot-scale R&D platform now operational, and completed the acquisition and integration of Kyowa Hakko, expanding its technological footprint in key synthetic biology areas[105](index=105&type=chunk) - In 2024, the company's total cash dividends were **CNY 1.699 billion**, plus share repurchases of **CNY 571 million**, totaling **CNY 2.27 billion**, accounting for **83%** of the 2024 net profit attributable to parent company shareholders[106](index=106&type=chunk) - The company's Wind ESG rating improved from BBB to A, and its Huazheng ESG rating improved from BB to A, also being selected for Huazheng's "2025 A-share Listed Companies ESG Rating Best Improvement TOP100" list[109](index=109&type=chunk) - A total of **35** directors, supervisors, senior management, and core management personnel collectively increased their holdings in the company by **CNY 82.5561 million** in 2024, pledging not to reduce their holdings within five years[110](index=110&type=chunk) Section IV Corporate Governance, Environment, and Society [Profit Distribution Plan](index=31&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company does not plan to distribute profits or convert capital reserves into share capital for the half-year period - The company's proposed half-yearly profit distribution or capital reserve capitalization plan is not applicable, meaning no distribution or capitalization[113](index=113&type=chunk) [Employee Incentive Plans](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company continues to implement multiple employee stock ownership plans, with various stages of vesting and shareholding percentages - The 2021 employee stock ownership plan's duration has been extended by **36** months to February 11, 2027, with an ending share balance of **21,420,471 shares**, representing **0.75%** of the total share capital[115](index=115&type=chunk) - The 2022 employee stock ownership plan has matured, and all company shares held have been sold and liquidated[116](index=116&type=chunk) - All shares under the 2023 employee stock ownership plan have been released from restrictions, with **12,800,100 shares** held at period-end, representing **0.45%** of the total share capital[117](index=117&type=chunk) - The first tranche of the 2024 employee stock ownership plan has met its unlocking conditions, with **50%** of the shares released from restrictions; **18,527,100 shares** are held at period-end, representing **0.65%** of the total share capital[118](index=118&type=chunk) - The 2025 employee stock ownership plan has completed the purchase of **21,042,422 shares**, representing **0.74%** of the total share capital, at an average transaction price of approximately **CNY 10.70/share**, and will be locked up as per regulations[119](index=119&type=chunk) [Environmental Information Disclosure](index=33&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and five key subsidiaries are listed for mandatory environmental information disclosure, with public reporting on relevant platforms - The company has **5** subsidiaries included in the list of enterprises required to disclose environmental information by law, including Tongliao Meihua, Tongliao Jianlong, Xinjiang Meihua, Wujiaqu Jianlong, and Jilin Meihua[120](index=120&type=chunk) - These subsidiaries have publicly disclosed environmental information on the Enterprise Environmental Information Disclosure System (Inner Mongolia/Jilin) and the National Pollutant Discharge Permit Management Information Platform[120](index=120&type=chunk)[121](index=121&type=chunk) - Apart from the aforementioned subsidiaries, other wholly-owned subsidiaries are not key pollutant-discharging units designated by environmental protection authorities and do not involve the discharge or monitoring of significant pollutants[123](index=123&type=chunk) [Social Responsibility and Public Welfare Activities](index=35&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities through its public welfare foundation, donating over CNY 2.5 million to support education, disaster relief, and rural revitalization - The company, through the Tibet Meihua Public Welfare Foundation, donated **CNY 1.1 million** to the Shanghai Chunhe Youth Development Center to support research-based learning public welfare projects[124](index=124&type=chunk) - The company donated **CNY 1 million** to the Tibet Xigaze Charity Federation for emergency aid to earthquake-stricken areas[124](index=124&type=chunk) - The company donated **CNY 0.3 million** to Qiangji Village, Layu Township, Qonggyai County, Lhasa City, Tibet Autonomous Region, for the "Rural Revitalization Improvement Project"[124](index=124&type=chunk) - The company also donated funds and materials to Nanjing Medical University Education Development Foundation, Nyêmo County of Tibet Autonomous Region, Tibet Autonomous Region Maternal and Child Health Association, Qarakichik Township of Akto County in Xinjiang, Sixth Division Disabled Persons' Federation of Xinjiang Production and Construction Corps, Fengtian Town Central Primary School in Horqin District of Tongliao City, China Social Welfare Foundation, Taobei District Education Bureau of Baicheng City, and Shaanxi Charity Federation, supporting education, medical care, environmental protection, and livelihood security[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) Section V Significant Matters [Fulfillment of Commitments](index=37&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The actual controller and his concerted parties have fulfilled commitments regarding avoiding competition, related-party transactions, and maintaining company independence - Meng Qingshan and his concerted parties committed not to engage in or participate in businesses that compete with the listed company's main business during their tenure as controlling shareholder or actual controller, and this commitment has been fulfilled[128](index=128&type=chunk) - Meng Qingshan and his concerted parties committed to minimize related-party transactions with the listed company, and if unavoidable, to sign agreements and follow legal procedures, which has been fulfilled[128](index=128&type=chunk) - Meng Qingshan and his concerted parties committed to maintain the listed company's independence in assets, personnel, finance, organization, and business, and this commitment has been fulfilled[128](index=128&type=chunk) [Major Litigation and Arbitration Matters](index=39&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in two major lawsuits: a subrogation claim with Dalian Hanxin and a trade secret dispute with Shandong Fufeng, which has been settled - The company's subsidiary, Lhasa Meihua, is involved in a subrogation lawsuit with the former Dalian Hanxin Biopharmaceutical Co., Ltd. (now Aimei Chengxin Biopharmaceutical Co., Ltd.); the Supreme People's Court has ruled to retry the case and suspend the execution of the original judgment[130](index=130&type=chunk)[134](index=134&type=chunk) - As of June 30, 2025, the company has accrued an estimated liability for compensation and interest totaling **CNY 32,948,103.32** based on the Yunnan Provincial High People's Court judgment[135](index=135&type=chunk) - The company and its subsidiary Xinjiang Meihua reached an execution settlement agreement with Shandong Fufeng Fermentation Co., Ltd. regarding a xanthan gum production trade secret dispute; the company paid a one-time settlement amount of **CNY 233 million** before March 14, 2025[135](index=135&type=chunk)[136](index=136&type=chunk) [Controlling Shareholder Suspected of Securities Market Manipulation](index=40&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The controlling shareholder, Mr. Meng Qingshan, is under prosecution for alleged securities market manipulation, a personal matter not affecting company operations - The company's controlling shareholder, Mr. Meng Qingshan, has been prosecuted by the Langfang City People's Procuratorate for alleged securities market manipulation and is currently on bail pending trial[138](index=138&type=chunk) - Mr. Meng Qingshan has not held any position in the company since his retirement in January 2017; this matter pertains solely to him personally and does not affect the company's production and operation activities[138](index=138&type=chunk) [Major Related-Party Transactions](index=41&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has ongoing daily related-party transactions with Tongliao Desheng Biotechnology Co., Ltd., including sales, services, and property leasing 2025年上半年与通辽德胜生物科技有限公司的关联交易 | 关联交易内容 | 本期发生额 (CNY) | 上期发生额 (CNY) | | :--- | :--- | :--- | | 商品销售 | 40,939,356.32 | 40,961,716.94 | | 服务提供 | 468,821.28 | 12,653.30 | | 房屋租赁收入 | 754,159.91 | 1,252,062.94 | | 合计 | 41,408,177.60 | 40,974,370.24 | [Other Significant Matters](index=45&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company continues its share repurchase program and completed the cross-border acquisition of Kyowa Hakko's related businesses for approximately CNY 833 million - As of the end of the reporting period, the company repurchased **35.7084 million shares** (1.25% of total share capital) through centralized bidding, with a total payment of **CNY 352.0244 million**[145](index=145&type=chunk) - On July 1, 2025, the company completed the cross-border acquisition of Kyowa Hakko's food amino acid, pharmaceutical amino acid, and human milk oligosaccharide (HMO) businesses and assets[146](index=146&type=chunk) - The final consideration for this transaction was approximately **JPY 16.8 billion** (approximately **CNY 833 million**), with equity transfer procedures for related domestic and overseas production and operation entities still in progress[146](index=146&type=chunk)[147](index=147&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=45&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital and equity structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and equity structure remained unchanged[149](index=149&type=chunk) [Shareholder Information](index=46&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had 58,952 common shareholders, with Meng Qingshan as the largest shareholder, holding 29.94% - As of the end of the reporting period, the total number of common shareholders was **58,952**[150](index=150&type=chunk) Top Ten Shareholders as of the End of the Reporting Period | 股东名称 | 期末持股数（股） | 比例 (%) | 股东性质 | | :--- | :--- | :--- | :--- | | 孟庆山 | 854,103,033 | 29.94 | 境内自然人 | | 香港中央结算有限公司 | 80,586,233 | 2.82 | 其他 | | 王爱军 | 72,452,774 | 2.54 | 境内自然人 | | 北京隆慧投资有限公司－隆慧汇晨战略投资私募证券投资基金 | 70,571,369 | 2.47 | 其他 | | 胡继军 | 64,562,220 | 2.26 | 境内自然人 | | 招商银行股份有限公司－兴全合润混合型证券投资基金 | 57,523,590 | 2.02 | 其他 | | 梁宇博 | 54,474,218 | 1.91 | 境内自然人 | | 全国社保基金四零六组合 | 33,179,199 | 1.16 | 其他 | | 招商银行股份有限公司－兴全合宜灵活配置混合型证券投资基金（LOF） | 32,044,240 | 1.12 | 其他 | | 杨维永 | 30,646,962 | 1.07 | 境内自然人 | - Meng Qingshan and Wang Aijun are parties acting in concert[152](index=152&type=chunk) - The company's dedicated share repurchase account holds **35.7084 million shares**, representing **1.25%** of the total share capital (**2,852,788,750 shares**)[152](index=152&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Debt Financing Instruments](index=48&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period [Convertible Corporate Bonds](index=48&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period Section VIII Financial Report [Audit Report](index=49&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This half-yearly report has not been audited - This half-yearly report is unaudited[5](index=5&type=chunk) [Financial Statements](index=49&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Provides the consolidated and parent company financial statements for H1 2025, detailing the company's financial position, performance, and cash flows [Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Meihua Biological, listed on the SSE since 1995, is controlled by Meng Qingshan, focusing on amino acids and other biomanufactured products, with 19 consolidated subsidiaries - The company, formerly Wuzhou Mingzhu Co., Ltd., was renamed Meihua Biological Technology Group Co., Ltd. on March 3, 2011, after a merger[184](index=184&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on February 17, 1995, with stock code 600873[185](index=185&type=chunk) - As of June 30, 2025, the company's total share capital is **2,852,788,750 shares**, with Meng Qingshan as the actual controller[194](index=194&type=chunk) - The company's main business involves R&D, production, and sales of food flavor enhancers, animal nutrition amino acids, human medical amino acids, and other biomanufactured products[194](index=194&type=chunk) - The consolidation scope for this period increased by **2** subsidiaries, totaling **19**[195](index=195&type=chunk) [Basis of Financial Statement Preparation](index=66&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory rules, with no significant doubts about continued operations - The company's financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC regulations[196](index=196&type=chunk) - The company assessed its ability to continue as a going concern for **12** months from the reporting period end, finding no significant doubts[197](index=197&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=66&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's accounting policies for financial instruments, inventory, fixed assets, intangible assets, revenue recognition, government grants, and other key areas - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: amortized cost, fair value through OCI, and fair value through profit or loss[222](index=222&type=chunk) - The company applies impairment accounting for financial instruments like notes receivable, accounts receivable, other receivables, and contract assets based on expected credit losses[236](index=236&type=chunk)[243](index=243&type=chunk)[247](index=247&type=chunk)[253](index=253&type=chunk)[260](index=260&type=chunk) - Inventory is valued using the weighted average method for issuance and measured at the lower of cost or net realizable value at period-end[256](index=256&type=chunk)[257](index=257&type=chunk) - Fixed assets are depreciated over their estimated useful lives after deducting estimated net salvage value, with buildings **10-40 years** and machinery **5-20 years**[273](index=273&type=chunk)[275](index=275&type=chunk) - Intangible assets are classified as having finite or indefinite useful lives; finite-life assets are amortized using the straight-line method (land use rights **50 years**, software **10 years**, patent licenses **4.75-20 years**)[281](index=281&type=chunk) - Revenue is recognized when customers obtain control of goods or services, based on customer acceptance for domestic sales and on-board departure for export sales[302](index=302&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) - Government grants are classified as asset-related or income-related, either reducing asset book value, recognized as deferred income, or directly expensed/offset against costs[309](index=309&type=chunk)[310](index=310&type=chunk) [Taxation](index=101&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, property tax, and education surcharges, with various preferential tax policies applied Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 9%, 0% (domestic sales); 9% (real estate leasing); 6% (other taxable services); 5% or 3% (simplified taxation) | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 16.5%, 20%, 25%, 0%, 17% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company, Lhasa Meihua, Tongliao Meihua, and Xinjiang Meihua enjoy a **15%** corporate income tax rate under the Western Development preferential policy[325](index=325&type=chunk)[326](index=326&type=chunk)[327](index=327&type=chunk) - Langfang R&D and Jilin Meihua are recognized as high-tech enterprises, subject to a **15%** corporate income tax rate for 2025[325](index=325&type=chunk) - Shanghai R&D, Hengqin Meihua, and Wujiaqu Jianlong enjoy small and micro enterprise income tax benefits, with a **20%** tax rate on **25%** of taxable income up to **CNY 1 million**[327](index=327&type=chunk) - The Singapore company benefits from a **15%** preferential tax rate under the Singapore Economic Development Board's "International Headquarters Award Program"[327](index=327&type=chunk) [Notes to Consolidated Financial Statement Items](index=103&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Provides detailed explanations for all consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, borrowings, and income statement figures - Period-end monetary funds totaled **CNY 2,913,757,715.41**, including restricted monetary funds of **CNY 190,704,256.91**[329](index=329&type=chunk) - Period-end trading financial assets were **CNY 1,397,826,972.26**, primarily wealth management products purchased by the company and its subsidiaries[331](index=331&type=chunk)[332](index=332&type=chunk) - Period-end accounts receivable book value was **CNY 607,407,229.81**, with bad debt provisions of **CNY 32,001,734.89**[340](index=340&type=chunk) - Period-end inventory book value was **CNY 2,512,884,223.71**, with inventory impairment provisions of **CNY 3,506,031.05**[380](index=380&type=chunk) - Period-end fixed assets book value was **CNY 11,305,605,148.16**, including pledged fixed assets of **CNY 373,067,063.83**[400](index=400&type=chunk)[404](index=404&type=chunk) - Period-end construction in progress book value was **CNY 1,095,783,702.50**, mainly for the Jilin Phase V Lysine 600,000 tons/year project[407](index=407&type=chunk) - Period-end short-term borrowings were **CNY 1,586,838,913.18**, and long-term borrowings were **CNY 1,732,115,654.12**[432](index=432&type=chunk)[459](index=459&type=chunk) - Period-end total equity attributable to parent company owners was **CNY 14,980,134,714.22**, with retained earnings of **CNY 10,938,602,902.07**[178](index=178&type=chunk)[482](index=482&type=chunk) - Current period operating revenue was **CNY 12,280,450,603.53**, and operating cost was **CNY 9,433,353,240.09**[486](index=486&type=chunk) - Current period net cash flow from operating activities was **CNY 2,312,791,220.63**[515](index=515&type=chunk) [Research and Development Expenses](index=152&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section does not disclose specific details regarding the nature of R&D expenses, capitalized development costs, or significant acquired R&D projects [Changes in Consolidation Scope](index=153&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company's consolidation scope increased by two newly established subsidiaries, Plumino Precision Fermentation Holdings PTE. LTD. and Plumino Precision Fermentation US Holdings, Inc. Changes in Consolidation Scope for the Current Period | Name | Reason for Change | | :--- | :--- | | PLUMINO PRECISION FERMENTATION HOLDINGS PTE. LTD. | Newly established | | Plumino Precision Fermentation US Holdings, Inc. | Newly established | [Interests in Other Entities](index=154&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds 100% equity in 19 subsidiaries and a 49% equity interest in Tongliao Desheng Biotechnology Co., Ltd., accounted for using the equity method - The company owns **19** subsidiaries, including Tongliao Meihua, Xinjiang Meihua, and Jilin Meihua, with **100%** equity, engaged in manufacturing, technology development, warehousing, trade, and investment[527](index=527&type=chunk) - The company holds a **49%** equity interest in associate Tongliao Desheng Biotechnology Co., Ltd., accounted for using the equity method[531](index=531&type=chunk) Key Financial Information of Significant Associate Tongliao Desheng Biotechnology Co., Ltd. | Item | Period-End Balance/Current Period Amount (CNY) | | :--- | :--- | | Total Assets | 30,464,980.88 | | Total Liabilities | 16,669,656.25 | | Equity Attributable to Parent Company Shareholders | 13,795,324.63 | | Net Asset Share Calculated by Shareholding Ratio | 6,759,709.07 | | Book Value of Equity Investment in Associate | 5,951,585.90 | | Operating Revenue | 55,978,803.48 | | Net Profit | -838,746.96 | | Total Comprehensive Income | -838,746.96 | [Government Grants](index=157&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company's deferred income includes CNY 375.51 million in asset-related government grants, with CNY 137.64 million recognized in current profit or loss this period - Period-end deferred income includes asset-related government grants of **CNY 375,510,410.61**[535](index=535&type=chunk) Government Grants Recognized in Profit or Loss for H1 2025 | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-related | 22,920,234.90 | 22,140,652.27 | | Income-related | 114,724,232.24 | 132,274,191.59 | | Total | 137,644,467.14 | 154,414,843.86 | - Major government grant projects include enterprise development special fund awards (**CNY 101 million**), infrastructure matching subsidies, industrial development guidance funds, and technology transformation projects[538](index=538&type=chunk) [Risks Related to Financial Instruments](index=159&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (currency, interest rate, price) through policies, monitoring, and hedging instruments, with no significant increase in financial guarantee risks - The company faces credit risk, liquidity risk, and market risks (currency risk, interest rate risk, price risk)[539](index=539&type=chunk) - The company manages credit risk by assessing customer creditworthiness, continuously monitoring accounts receivable collection, and controlling bank deposit amounts[540](index=540&type=chunk)[541](index=541&type=chunk)[542](index=542&type=chunk) - As of June 30, 2025, the company provided financial guarantees totaling **CNY 904.1557 million**, with no significant increase in related credit risk[543](index=543&type=chunk) - The company manages liquidity risk by continuously monitoring funding needs and securing bank credit lines (**CNY 17.366 billion** available, **CNY 5.196 billion** utilized)[544](index=544&type=chunk) - The company mitigates currency risk through forward foreign exchange contracts and monitors interest rate levels; long-term interest-bearing debt as of June 30, 2025, is primarily floating-rate contracts denominated in CNY, totaling **CNY 1,732,115,654.12**[545](index=545&type=chunk)[547](index=547&type=chunk)[548](index=548&type=chunk) [Fair Value Disclosure](index=162&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) The company's assets measured at fair value totaled CNY 1.74 billion, primarily financial assets and other equity investments, using various fair value measurement levels Period-End Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (CNY) | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 468,200.00 | 0 | 1,397,826,972.26 | 1,398,295,172.26 | | Other Equity Instrument Investments | 0 | 327,534,650.00 | 0 | 327,534,650.00 | | Receivables Financing | 0 | 18,045,534.34 | 0 | 18,045,534.34 | | Total Assets Continuously Measured at Fair Value | 468,200.00 | 345,580,184.34 | 1,397,826,972.26 | 1,743,875,356.60 | - Level 1 fair value measurements are based on unadjusted quoted prices in active markets[553](index=553&type=chunk) - Level 2 fair value measurements use valuation techniques with directly or indirectly observable inputs other than Level 1 inputs[554](index=554&type=chunk) - Level 3 fair value measurements use valuation techniques with unobservable inputs for the asset or liability[555](index=555&type=chunk) - The carrying amounts of financial assets and liabilities not measured at fair value are very close to their fair values[557](index=557&type=chunk) [Related Parties and Related Party Transactions](index=164&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controller is Meng Qingshan, with daily related-party transactions with Tongliao Desheng, and significant guarantees provided for subsidiaries - The ultimate controlling party of the company is Meng Qingshan, with a **29.94%** shareholding[559](index=559&type=chunk) - The company has daily related-party transactions with associate Tongliao Desheng Biotechnology Co., Ltd., including sales of goods, provision of services, and property leasing, totaling **CNY 41,408,177.60** for the current period[561](index=561&type=chunk)[563](index=563&type=chunk) - The company, as guarantor, provided guarantees totaling **CNY 2,344,398,430.69** for its subsidiaries Tongliao Meihua, Jilin Meihua, Tongliao Jianlong, and Xinjiang Meihua[564](index=564&type=chunk)[565](index=565&type=chunk)[566](index=566&type=chunk) - The company, as the guaranteed party, received guarantees totaling **CNY 1,408,195,500.00** from Tongliao Meihua and Xinjiang Meihua[568](index=568&type=chunk) - Key management personnel compensation for the current period was **CNY 6.7259 million**[571](index=571&type=chunk) - The company donated **CNY 1.5 million** to the Tibet Meihua Public Welfare Foundation[572](index=572&type=chunk) - Period-end accounts receivable from associate Tongliao Desheng Biotechnology Co., Ltd. were **CNY 262,139.41**, and contract liabilities were **CNY 923,469.49**[574](index=574&type=chunk)[577](index=577&type=chunk) [Share-Based Payments](index=171&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) Equity-settled share-based payments are valued at the closing price on the grant date, with no share-based payment expenses incurred this period - The company values equity-settled share-based payments at the closing price on the grant date and estimates exercisable equity instruments based on the number of restricted shares granted[579](index=579&type=chunk) - No share-based payment expenses were incurred in the current period[579](index=579&type=chunk) [Commitments and Contingencies](index=171&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company completed a cross-border acquisition for CNY 833 million, has pledged assets totaling CNY 420.24 million, and faces an ongoing lawsuit with a provision of CNY 32.95 million - The company completed the cross-border acquisition of Kyowa Hakko's food amino acid, pharmaceutical amino acid, and human milk oligosaccharide (HMO) businesses and assets on July 1, 2025, with a final consideration of approximately **JPY 16.8 billion** (approximately **CNY 833 million**)[580](index=580&type=chunk) Pledged Assets as of June 2025 | Pledged Item | Net Book Value as of June 2025 (CNY) | | :--- | :--- | | Fixed Assets | 373,067,063.83 | | Land Use Rights | 26,785,445.73 | | Total | 420,235,253.56 | - The company has an outstanding lawsuit related to Dalian Hanxin Biopharmaceutical Co., Ltd., with the Supreme People's Court ruling to retry and suspend the original judgment; as of June 30, 2025, a provision for estimated liabilities of **CNY 32,948,103.32** has been made[584](index=584&type=chunk)[588](index=588&type=chunk)[589](index=589&type=chunk) [Events After the Balance Sheet Date](index=175&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) This section does not disclose significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events [Other Significant Matters](index=176&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section does not disclose prior period error corrections, major debt restructurings, asset exchanges, or other significant transactions impacting investor decisions - The company does not disclose segment reports because sales revenue and gross profit are already reported by operational segments, and other income statement/balance sheet items cannot be disaggregated by segment[593](index=593&type=chunk) [Notes to Parent Company Financial Statement Items](index=177&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Details the parent company's financial statement items, including receivables, long-term equity investments, operating income, and investment income - Period-end parent company accounts receivable book value was **CNY 250,240,564.12**, with bad debt provisions of **CNY 12,959,206.83**[599](index=599&type=chunk) - Period-end parent company other receivables book value was **CNY 359,896,267.01**, including dividends receivable of **CNY 200 million**[606](index=606&type=chunk)[608](index=608&type=chunk) - Period-end parent company long-term equity investments book value was **CNY 7,637,915,728.14**, all representing investments in subsidiaries[620](index=620&type=chunk)[622](index=622&type=chunk) - Current period parent company operating revenue was **CNY 8,400,691,318.67**, and operating cost was **CNY 7,997,162,336.78**[626](index=626&type=chunk) - Current period parent company investment income was **CNY 17,655,487.70**, mainly from dividend income from other equity instrument investments and gains from disposing of trading financial assets[628](index=628&type=chunk) [Supplementary Information](index=186&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) Provides details on non-recurring gains and losses, totaling CNY 139.59 million, and key financial ratios, including a weighted average ROE of 11.81% and basic EPS of CNY 0.62 H1 2025 Non-Recurring Gains and Losses Details | Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses on non-current assets | -6,005,098.60 | | Government grants recognized in current profit or loss | 137,762,512.29 | | Gains/losses from changes in fair value of financial assets and liabilities and disposal gains/losses | 32,416,392.00 | | Gains/losses from contingent events unrelated to normal operations | -509,941.40 | | Other non-operating income and expenses | -275,185.62 | | Less: Income tax impact | 23,801,666.18 | | Total | 139,587,012.49 | H1 2025 Return on Net Assets and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 11.81 | 0.62 | 0.62 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 10.88 | 0.57 | 0.57 |

智通财经APP讯，梅花生物(600873.SH)发布2025年半年度报告，报告期内，公司实现营业收入122.8亿 元，同比下降2.87%。实现归属于上市公司股东的净利润17.68亿元，同比增长19.96%。实现归属于上市 公司股东的扣除非经常性损益的净利润16.28亿元，同比增长24.98%。基本每股收益0.62元。 ...

梅花生物公告，2025年上半年营业收入122.8亿元，同比下降2.87%。净利润17.68亿元，同比增长 19.96%。 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Group 1 - The core viewpoint of the news is that Meihua Biological (600873) has shown a mixed performance in its latest financial results, with a decrease in total revenue but a significant increase in net profit [1] - As of August 13, 2025, the stock price of Meihua Biological closed at 11.01 yuan, reflecting a slight increase of 0.18% [1] - The company reported total revenue of 6.269 billion yuan for Q1 2025, a year-on-year decrease of 3.36%, while net profit attributable to shareholders was 1.019 billion yuan, a year-on-year increase of 35.52% [1] Group 2 - The company has a current ratio of 1.359 and a quick ratio of 0.920, indicating its liquidity position [1] - Meihua Biological has a debt-to-asset ratio of 36.41%, suggesting a moderate level of financial leverage [1] - The company has made investments in 20 enterprises and participated in 73 bidding projects, showcasing its active engagement in business expansion [2]

Core Viewpoint - The Chinese livestock industry is experiencing a phase of high pig production capacity, prompting the Ministry of Agriculture and Rural Affairs to implement comprehensive production capacity regulation to mitigate risks of price volatility and overproduction [1][2]. Group 1: Market Performance - As of August 12, 2025, the CSI Livestock Breeding Index (930707) increased by 0.68%, with notable gains from companies such as Xiaoming Co. (300967) up 6.50%, Minhe Co. (002234) up 6.19%, and Yisheng Co. (002458) up 3.28% [1]. - The Livestock ETF (159867) rose by 0.46%, marking its third consecutive increase, with the latest price at 0.65 yuan [1]. Group 2: Policy and Regulation - The Ministry of Agriculture and Rural Affairs has announced plans to guide the reduction of approximately 1 million breeding sows to prevent production fluctuations and price instability [1]. - A meeting held on July 23 emphasized strict implementation of production capacity regulation measures, including the rational elimination of breeding sows and control of new production capacity [1]. Group 3: Industry Outlook - Recent policies are expected to accelerate the elimination of inefficient production capacity in the industry, potentially leading to a long-term increase in pig prices, benefiting low-cost and high-quality pig enterprises [1]. - The top ten weighted stocks in the CSI Livestock Breeding Index account for 64.83% of the index, indicating a concentrated market structure [2].

来源：金融界 天眼查商业履历信息显示，梅花生物科技集团股份有限公司，成立于1995年，位于拉萨市，是一家以从 事食品制造业为主的企业。企业注册资本285278.875万人民币，实缴资本282214.1788万人民币。公司法 定代表人为王爱军。 通过天眼查大数据分析，梅花生物科技集团股份有限公司共对外投资了20家企业，参与招投标项目72 次，知识产权方面有商标信息91条，专利信息18条，此外企业还拥有行政许可40个。 金融界消息 截至2025年8月11日收盘，梅花生物（600873）报收于10.97元，下跌0.72%，换手率 1.09%，成交量31.16万手，成交金额3.42亿元。 资金流向方面，今日主力资金净流入1449.21万元，占比成交额4.24%。其中，超大单净流入995.33万 元、占成交额2.91%，大单净流入453.88万元、占成交额1.33%，中单净流出流入74.95万元、占成交额 0.22%，小单净流出1524.16万元、占成交额4.45%。 梅花生物最新一期业绩显示，截至2025一季报，公司营业总收入62.69亿元、同比减少3.36%，归属净利 润10.19亿元，同比增长35.52%，扣非净 ...