三、其他事项 证券代码：688089 证券简称：嘉必优 公告编号：2025-034 嘉必优生物技术（武汉）股份有限公司 关于第二期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、准确性和完整性依法承担法律责任。 重要内容提示： 回购方案首次披露日 2025 年 1 月 25 日 回购方案实施期限 董事会审议通过后 12 个月内 预计回购金额 1,500 万元（含）-3,000 万元（含） 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 0 万股 累计已回购股数占总股本比例 0% 累计已回购金额 0 万元 实际回购价格区间 0 元/股~0 元/股 一、回购股份的基本情况 公司将严格按照《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》等相关规定，在回购期限内根据市场情况择机做 出回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 根据《上市公司股份 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 556 million yuan in 2024, representing a year-on-year increase of 25.19%, and a net profit attributable to the parent company of 124 million yuan, up 35.94% [2] - The growth in human nutrition and animal nutrition businesses is driven by increased customer demand due to new national standards and successful collaborations with major international clients [3] - The company's gross margin improved to 43.61% in 2024, an increase of 1.22 percentage points year-on-year, primarily due to enhanced capacity utilization [4] - The demand for ARA and DHA products is expected to grow due to the implementation of new standards for infant formula and the expiration of key patents held by competitors [5] Financial Summary - The company forecasts net profits of 151 million yuan, 182 million yuan, and 216 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.19%, 20.84%, and 18.80% [6] - The projected P/E ratios for the company are 28, 23, and 19 times for 2025, 2026, and 2027, respectively, with a market capitalization of 4.2 billion yuan [6] - The company reported a gross margin of 52.42% in Q4 2024, reflecting a significant increase of 6.69 percentage points year-on-year [4]

证券代码：688089 证券简称：嘉必优 公告编号：2025-034 嘉必优生物技术（武汉）股份有限公司 关于第二期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、准确性和完整性依法承担法律责任。 | 回购方案首次披露日 | 年 月 日 2025 1 | 25 | | --- | --- | --- | | 回购方案实施期限 | 董事会审议通过后 个月内 12 | | | 预计回购金额 | 1,500 万元（含）-3,000 万元（含） | | | 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 | 0 万股 | | | 累计已回购股数占总股本比例 | 0% | | | 累计已回购金额 | 万元 0 | | | 实际回购价格区间 | 元/股~0 元/股 0 | | 重要内容提示： 一、回购股份的基本情况 2025 年 1 月 24 日，公司召开第四届董事会第二次会议，审议通过了《 ...

2023年至今，国内、国际奶粉市场利好红利持续，公司的业绩也一直亮眼，已经连续两年实现营收、净 利双增长。2024年，公司毛利率为43.61%，同比上升1.22个百分点；净利率为21.62%，较上年同期上升 2.16个百分点。 具体来看，2024年嘉必优的主营业务中，人类营养业务实现销售收入5.24亿元，同比增长25.22%；核心 产品ARA实现销售收入3.9亿元，同比增长29.17%；藻油DHA产品突破亿元大关，取得销售收入1.09亿 元，同比增长37.06%。公司不断丰富国际市场产品供给，以ARA为合作突破口，积极导入藻油DHA、 SA、HMOs等产品，目前藻油DHA产品推广取得成效，部分大客户已完成藻油DHA的准入工作。 在研发投入上，2024年嘉必优研发投入4790.71万元，同比增加24.12%，最近三个会计年度累计研发投 入金额1.19亿元，不断丰富产品供给。 长江商报消息 ●长江商报记者 徐靓丽 嘉必优（688089.SH）交出了一份亮丽的财报。 近日，嘉必优披露年报，2024年，公司实现营业收入5.56亿元，同比增长25.19%；实现归母净利润1.24 亿元，同比增长35.94%；扣非净利润9 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 556 million yuan in 2024, representing a year-on-year increase of 25.19%, and a net profit of 124 million yuan, up 35.94% year-on-year [1][3] - The company experienced strong growth in both domestic and international markets, with domestic revenue reaching 335 million yuan and international revenue at 207 million yuan, reflecting increases of 23.44% and 26.39% respectively [3] - The gross margin improved to 43.61%, a year-on-year increase of 1.21 percentage points, while the net profit margin also saw an increase of 2.16 percentage points [3] Financial Performance Summary - In 2024, the company reported total revenue of 556 million yuan, with a growth rate of 25.2% year-on-year [4] - The net profit attributable to the parent company was 124 million yuan, with a growth rate of 35.9% year-on-year [4] - The company's EPS (Earnings Per Share) for 2024 was 0.74 yuan, with projections for 2025-2027 being 0.78, 0.93, and 1.07 yuan respectively [4] Business Highlights - The company is focusing on the acquisition of Ouyi, which has been accepted for review by the Shanghai Stock Exchange [3] - The demand for ARA and DHA products is expected to rise as new national standards for infant formula are implemented, contributing to significant sales growth among core domestic customers [3] - The successful approval of the HMO product 2'-FL and the first order achievement mark a significant milestone for the company [3] Earnings Forecast - The company is projected to continue benefiting from domestic and international market growth, with expected EPS for 2025-2027 being 0.78, 0.93, and 1.07 yuan, corresponding to P/E ratios of 32X, 27X, and 24X respectively [3][4]

2024 年逐步兑现，资产重组发展可期 净利率低基数下明显改善 2024 年归母净利率同比+1.77pct；其中毛利率同比+1.22pct，主因产品结构、产能力利用率提升所致； 销售、管理、研发费用率同比-1.13、+1.45、-0.07pct，费用率平稳略升。 资产重组方案获交易所受理，协同赋能可期 欧易生物是单细胞、时空、代谢多组学分析龙头，竞争优势明显。欧易生物承诺2025-2027 年净利润累 计不低于2.7 亿元，平均每年0.9 亿元，成长性较高。当前阶段多组学分析正处于初步阶段，AI 医疗应 用端发展空间更大。资产重组完成后有望完善嘉必优前端底层研发实力，长期来看二者协同赋能有望打 开想象空间。 风险提示：出生率下滑风险，产品降价风险、重组不确定性风险 2024 年营收5.56 亿元，同比增长25.2%，归母净利润1.24 亿元、同比增36.0%。 2024Q4 营收1.68 亿元、同比增41.2%，营收创单季新高；扣非前后归母净利润0.40 亿元、0.34 亿元， 同比增30.2%、60.9%。收购尚未完成，不考虑欧易生物并购后的影响，仅预测上市公司原有业务部 分，因资产折旧有所增加，我们调整2 ...

事件：公司发布2024 年年报。2024 年，公司实现营业收入5.56 亿元，同比+25.19%；归母净利润1.24 亿元，同比+35.94%；扣非归母净利润9999万元，同比+60.11%。其中，24Q4 实现营业收入1.68 亿元， 同比+41.58%，归母净利润4032 万元，同比+30.24%；扣非归母净利润3443 万元，同比+60.89%。 点评： 全年收入表现优秀，国内国外同步增长。分行业看，人类营养、动物营养和美妆个护收入分别为5.24 亿 元、1642 万元和210 万元，同比+25.22%、+26.85%和-49.53%，人类营养贡献主要增量。分产品看， ARA、DHA 收入分别为3.90 亿元、1.09 亿元，同比+29.17%、37.06%，DHA 收入首次突破亿元。分地 区看，国内和国外收入分别为3.35 亿元、2.07 亿元，同比+23.44%、+26.39%。国内收入增长得益于婴 配粉新国标的延续，国外收入增长得益于DSM 海外专利到期所带来的大客户增量。 毛利率提升，净利润率同步提升。毛利率端看，公司24 年整体毛利率为43.61%，同比+1.21pct。分产品 看，ARA 毛 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a strong performance in 2024, with total revenue of 556 million, a year-on-year increase of 25.19%, and a net profit attributable to shareholders of 124 million, up 35.94% [1][3] - The company is expected to continue benefiting from domestic and international market growth in 2025, with a high certainty of revenue growth [3] - The acquisition of Ouyi has been accepted for review by the Shanghai Stock Exchange, which could enhance the company's financial statements if successful [3] Financial Summary - In 2024, the company reported total revenue of 556 million, with a year-on-year growth rate of 25.2% [4] - The net profit attributable to shareholders for 2024 was 124 million, reflecting a year-on-year increase of 35.9% [4] - The overall gross margin for 2024 was 43.61%, an increase of 1.21 percentage points compared to the previous year [3] - The company expects EPS for 2025 to be 0.78, with corresponding P/E ratios of 32X for 2025, 27X for 2026, and 24X for 2027 [3][4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The performance of the food and beverage index showed a 0.4% increase from March 24 to March 28, ranking third among primary sub-industries, outperforming the CSI 300 by approximately 0.4 percentage points. The leading sub-industries included meat products (+2.9%), dairy products (+2.1%), and beer (+2.0%) [4][11][12] - The fourth quarter of 2024 saw significant performance differentiation among companies, with several reporting improved earnings. For instance, Shuanghui Development experienced comprehensive profit improvement, while Tianwei Foods exceeded previous profit forecasts due to strong demand and reduced raw material costs [4][11] - The outlook for the first quarter of 2025 suggests that the industry is at a bottoming phase, with expectations of gradual performance recovery in subsequent quarters. It is recommended to increase allocations in the liquor, beer, and snack sectors [4][11] Summary by Sections Market Performance - The food and beverage index outperformed the market with a 0.4% increase, ranking third among industries. Key performers included Miaokelando, Guangming Meat, and Jiahe Foods, while Maikui'er, Lianhua Holdings, and Xiwang Foods faced declines [12][13] Upstream Data - Some upstream raw material prices have decreased. For example, the price of fresh milk was 3.1 yuan/kg, down 12.5% year-on-year, while pork prices increased by 2.3% year-on-year to 20.9 yuan/kg [18][21] - The price of imported barley fell by 10.4% year-on-year, which may alleviate cost pressures for beer companies [27][28] Company Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods, with each showing strong growth potential and strategic advantages in their respective markets [5][49]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][20]. Core Views - The company achieved total revenue of 556 million yuan in 2024, representing a year-on-year increase of 25.19%, and a net profit of 124 million yuan, up 35.94% year-on-year [1]. - The human nutrition business is expected to continue its growth, driven by both domestic and international market demand, with ARA and DHA products contributing nearly 90% to total revenue [2]. - The strategic focus for 2025 will be on "AI + Synthetic Biology," with plans to expand product varieties and enhance production efficiency through new technologies [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 556 million yuan, a 25.19% increase from the previous year, and a net profit of 124 million yuan, reflecting a 35.94% growth [1]. - The fourth quarter of 2024 saw a revenue of 168 million yuan, up 41.58% year-on-year, and a net profit of 40 million yuan, increasing by 30.24% year-on-year [1]. Business Segments - The human nutrition segment, particularly ARA and DHA, remains the main revenue driver, with ARA sales volume reaching 908 tons (up 54.52%) and DHA sales volume at 302 tons (up 68.15%) [2]. - The company has optimized its customer structure, benefiting from increased demand due to new national standards and larger orders from international clients [2]. Strategic Initiatives - The company is enhancing its synthetic biology capabilities, having established a leading industrial platform for bio-manufacturing technology [3]. - In 2025, the company plans to complete the construction of the Wuhan Synthetic Biology Innovation Center and accelerate the integration of multi-omics and bioinformatics capabilities through acquisitions [4]. Profit Forecast - The company forecasts total revenues of 702 million yuan, 882 million yuan, and 1.1 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 161 million yuan, 205 million yuan, and 258 million yuan for the same years [4][5].