证券代码：688089 证券简称：嘉必优 公告编号：2025-067 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 | 万股 | 0 | | | | 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： 回购价格上限 ...

Group 1 - The company, Jia Bi You, announced that it has completed the use of raised funds in accordance with the tripartite supervision agreement [2] - The special account for raised funds at China Merchants Bank, Wuhan Optics Valley Branch, has been fully utilized and will no longer be in use [2] - The company has recently canceled part of the special account for raised funds, leading to the termination of the tripartite supervision agreement with the sponsor and the commercial bank [2]

Fundraising Overview - The company, Jia Bi You Biotechnology (Wuhan) Co., Ltd., successfully raised a total of RMB 717 million through the issuance of 30 million A-shares at a price of RMB 23.90 per share [1] - After deducting issuance costs of RMB 68.67 million, the net amount raised was RMB 648.33 million, which was verified by an accounting firm [1] Fund Management and Usage - The company established a management system for the use and management of raised funds to ensure compliance and protect investor rights [2] - A tripartite supervision agreement was signed with Guotai Junan Securities and several banks to ensure the funds are used appropriately [2][3] Account Closure - The company has closed a specific fundraising account at China Merchants Bank, as the funds in that account have been fully utilized according to regulations [3] - Following the account closure, the tripartite supervision agreement related to that account has also been terminated [3]

经中国证券监督管理委员会《关于同意嘉必优生物技术（武汉）股份有限公 司首次公开发行股票注册的批复》（证监许可〔2019〕2338 号）同意注册，嘉必 优生物技术（武汉）股份有限公司（以下简称"公司"）公开发行人民币普通股（A 股）30,000,000.00 股，每股面值为人民币 1.00 元，发行价格为每股人民币 23.90 元。截至 2019 年 12 月 16 日止，公司实际已发行普通股（A 股）30,000,000.00 股，募集资金总额为人民币 717,000,000.00 元，扣除各项发行费用（不含税）人 民币 68,673,892.62 元，实际募集资金净额为人民币 648,326,107.38 元。上述资金 已于 2019 年 12 月 16 日存入公司募集资金账户中。上述募集资金到位情况业经 立信会计师事务所（特殊普通合伙）验证，并出具了信会师报字[2019]第 ZE10784 号《验资报告》。 二、募集资金专项账户开立情况 证券代码：688089 证券简称：嘉必优 公告编号：2025-066 关于注销部分募集资金专项账户的公告 为了规范募集资金的管理和使用，保护投资者权益，本公司依照《上海证 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][22]. Core Viewpoints - The company's revenue and net profit have shown continuous growth, driven by increased demand for ARA and DHA products. The revenue for the first half of 2025 reached 444 million yuan, a year-on-year increase of 17.60%, while net profit rose by 59.01% to 108 million yuan [1][2]. - The company is well-positioned to benefit from favorable market conditions, including the replacement of old national standards for infant formula and a rebound in the maternal and infant consumption market, which is expected to sustain the demand for its core products [4][12]. - The company is actively expanding its business across multiple sectors, including health, animal nutrition, and beauty, which is anticipated to drive overall growth and enhance its market position [9][10]. Financial Summary - The company's projected financial performance shows significant growth, with expected revenues of 703 million yuan in 2025, 834 million yuan in 2026, and 964 million yuan in 2027, reflecting growth rates of 26.5%, 18.7%, and 15.5% respectively [1][12]. - The net profit is projected to reach 190 million yuan in 2025, 220 million yuan in 2026, and 289 million yuan in 2027, with growth rates of 52.6%, 16.0%, and 31.6% respectively [1][12]. - The company's return on equity (ROE) is expected to improve from 10.7% in 2025 to 13.1% in 2027, indicating enhanced profitability [1][12]. Market Dynamics - The demand for ARA and DHA products is expected to continue growing due to the increasing market concentration among leading infant formula brands and the accelerated replacement of fish oil DHA with algal oil DHA [4][12]. - The company is leveraging its partnerships with major clients and enhancing product offerings to capture market opportunities, particularly in the context of the "Healthy China" strategy and consumption upgrades [4][9].

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Core Points - The company Jia Bi You (688089.SH) experienced a stock price decline of 5.07%, closing at 27.36 yuan after a drop of 3.71% at the opening [1] - The company announced the termination of a significant asset restructuring transaction, which involved the issuance of shares and cash payments to acquire a 63.2134% stake in Shanghai Ouyi Biomedical Technology Co., Ltd. from 13 parties [1][2] - The decision to terminate the transaction was made after considering changes in market conditions and the operational status of the target company since the initial planning phase [2] Transaction Details - The proposed transaction was classified as a major asset restructuring and would have resulted in the controlling parties holding over 5% of the listed company's shares, constituting a related party transaction [2] - The company confirmed that the transaction would not lead to a change in the actual controller and would not constitute a reverse listing [2] - The company had previously suspended trading on October 29, 2024, due to the planned major asset restructuring, and resumed trading on November 12, 2024, with a significant price increase of 19.98%, closing at 24.90 yuan [2]

Group 1: Trade Relations - The Chinese Vice Minister of Commerce, Li Chenggang, held talks with U.S. officials to discuss U.S.-China trade relations and the implementation of agreements reached during previous high-level communications [2] Group 2: Economic Indicators - In August, China's Manufacturing Purchasing Managers' Index (PMI) was reported at 49.4%, while the Non-Manufacturing Business Activity Index was at 50.3%, indicating a slight recovery in economic activity [3] - The overall economic outlook remains positive, with expectations for continued domestic demand growth in September and the fourth quarter [3] Group 3: Capital Market Developments - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need to consolidate the positive momentum in the capital market and accelerate reforms to enhance market attractiveness and inclusivity [4] - The Shanghai Stock Exchange and China Securities Index Company announced adjustments to the STAR 50 and STAR 100 indices, effective September 12, 2025, with specific stocks being added [5] Group 4: Corporate Actions - Semiconductor company SMIC announced plans to acquire minority stakes in its subsidiary, leading to a temporary suspension of its stock trading starting September 1, 2025 [10] - Alibaba reported a 10% year-on-year revenue growth and a 76% increase in net profit for Q1 of fiscal year 2026, with significant investments in AI and cloud services [11] - Agricultural Bank of China saw its H-shares reach a 15% stake held by Ping An Life, triggering a disclosure requirement [12] - Jia Bi You announced the termination of its major asset restructuring plans [13][14]

Core Viewpoint - The company Jia Bi You announced the termination of its acquisition of 63.21% equity in Ou Yi Biological after nearly 10 months of planning, citing changes in the external market environment as the reason for this cautious decision [2][6]. Summary by Sections Termination Reasons - Jia Bi You's latest announcement indicated that the termination of the acquisition was due to the failure to reach an agreement on core transaction terms, and the company has withdrawn its application documents [4][6]. Background of the Acquisition - Since October 29 of the previous year, Jia Bi You had been planning a major asset restructuring, initially aiming to acquire 65% of Ou Yi Biological's equity. This was later adjusted to 63.21% and involved a reduction in the number of transaction parties from 14 to 13 [7][8]. - The adjusted proposal included issuing 29.77 million shares at a price of 19.29 yuan per share, totaling a transaction price of 830.6 million yuan, which would have resulted in a significant goodwill addition of 721 million yuan, accounting for 43.3% of total assets and 47.21% of net assets as of September 30, 2024 [7][8]. Financial Performance - In the first half of the year, Jia Bi You reported a revenue of 307 million yuan, representing a year-on-year increase of 17.6%, and a net profit attributable to shareholders of 108 million yuan, reflecting a growth of 59.01% [8].

Group 1: Trade Relations - The Chinese Ministry of Commerce's representative, Li Chenggang, held discussions with U.S. officials regarding U.S.-China trade relations, emphasizing mutual respect and cooperation for sustainable development [1] - The discussions aimed to implement the consensus reached during the recent talks between the leaders of both countries [1] Group 2: Economic Indicators - In August, China's Manufacturing Purchasing Managers' Index (PMI) was reported at 49.4%, while the Non-Manufacturing Business Activity Index and Composite PMI Output Index were at 50.3% and 50.5%, respectively, indicating a slight recovery in economic activity [2] - Analysts expect continued release of domestic demand potential in September and the fourth quarter, although the manufacturing PMI remains below the critical 50% threshold, indicating ongoing pressures on production [2] Group 3: Capital Market Developments - The China Securities Regulatory Commission (CSRC) plans to enhance the stability of the capital market and accelerate reforms, focusing on deepening investment and financing reforms [3] - The CSRC aims to promote long-term, value, and rational investment principles to increase market attractiveness and inclusivity [3] Group 4: Index Adjustments - The Shanghai Stock Exchange and China Securities Index Company announced adjustments to the Sci-Tech Innovation 50 Index, effective September 12, 2025, with Shengyi Electronics being added to the index [4] - The Sci-Tech Innovation 50 Index has shown a significant increase of 27.78% over the past 14 trading days [5] Group 5: Corporate Actions - Semiconductor company SMIC announced plans to acquire minority stakes in its subsidiary, leading to a temporary suspension of its stock trading starting September 1, 2025 [9] - The company has signed a purchase intention agreement with the main shareholders of the subsidiary, although the specific transaction details are still under discussion [9] Group 6: Financial Performance - Alibaba reported a 10% year-on-year revenue growth and a 76% increase in net profit for the first quarter of the 2026 fiscal year, with capital expenditures in AI and cloud reaching a record high of 38.6 billion yuan [10] - The revenue from Alibaba Cloud grew by 26%, marking a three-year high, while AI-related product revenue has seen triple-digit year-on-year growth for eight consecutive quarters [10] Group 7: Shareholder Actions - Ping An Life increased its stake in Agricultural Bank of China, reaching 15% of the bank's H-shares, triggering a disclosure requirement under Hong Kong regulations [11] - This marks the third time in six months that Ping An Life has increased its holdings in Agricultural Bank of China [11] Group 8: Corporate Restructuring - Jia Bi You announced the termination of its major asset restructuring plans, including the withdrawal of applications for share issuance and cash payment for asset purchases [12][13]