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 1 | 2025 | 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 | 万元（含）-3,000 万元（含） | 1,500 | | | 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 | 0 | 元/股 | 证券代码：688089 证券简称：嘉必优 公告编号：2025-058 回购价格上限由 25.00 元/股（含）调整为 24.80 元/股（含），调整后 ...

Core Viewpoint - The assisted reproduction sector has shown a positive performance with a 1.72% increase, ranking third among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - As of July 31, the assisted reproduction concept increased by 1.72%, with 34 stocks rising, including Anke Bio and Gongtong Pharmaceutical, which both hit the 20% limit up [1]. - Notable gainers in the sector included Guangshengtang, Xinghao Pharmaceutical, and Hanyu Pharmaceutical, with increases of 18.04%, 8.03%, and 7.02% respectively [1]. - Conversely, stocks such as Jiabiyou, Changchun High-tech, and Zhejiang Medicine experienced declines of 3.70%, 3.02%, and 2.99% respectively [1]. Group 2: Capital Flow - The assisted reproduction sector saw a net inflow of 0.18 billion yuan, with 30 stocks receiving net inflows from major funds [2]. - Anke Bio led the sector with a net inflow of 4.09 billion yuan, followed by Zhongsheng Pharmaceutical and Hanshang Group with net inflows of 2.04 billion yuan and 1.44 billion yuan respectively [2]. - The top three stocks by net inflow ratio were Hanshang Group at 53.93%, Lideman at 35.62%, and Gongtong Pharmaceutical at 23.90% [3].

Core Viewpoint - Jia Bi You (688089.SH) is expected to achieve a revenue of 307 million yuan in the first half of 2025, representing a year-on-year growth of 17.59%, while net profit is projected to reach 107 million yuan, a 57.6% increase, marking a new quarterly high. However, the revenue growth is significantly lower than the profit increase, primarily due to a decline in the unit price of ARA products, which raises concerns about the company's reliance on infant formula clients amidst a declining birth rate in China [1][5][9]. Group 1: Financial Performance - The company anticipates a revenue of 307 million yuan for the first half of 2025, with a year-on-year growth of 17.59% [1]. - Net profit is expected to reach 107 million yuan, reflecting a year-on-year increase of 57.6% [1]. - ARA products account for 70.25% of total revenue, while algal oil DHA contributes 19.59% [5]. Group 2: Product Dependency and Market Challenges - 94% of Jia Bi You's revenue is derived from infant formula clients, which poses a risk due to the declining number of newborns in China [1][9]. - The slow industrialization of new products like sialic acid (SA) and HMOs is hampering growth, with SA only entering the cosmetic ingredient directory in 2025 [5][7][12]. - The company has faced challenges in product diversification, with its beauty and personal care segment generating only 210,000 yuan in revenue, down 49.53% year-on-year [6][12]. Group 3: R&D and Technological Transition - Jia Bi You's R&D expenses for 2024 are 47.91 million yuan, accounting for 8.62% of revenue, which is higher than the industry average of 5%-6% [6]. - The company has struggled with low efficiency in transitioning R&D to commercialization, with new products still in pilot testing stages [6][8]. - The establishment of a pilot testing platform has been delayed, with the completion of a bacterial cellulose pilot line taking three years longer than initially planned [8]. Group 4: Customer Concentration and Pricing Pressure - The company has a high customer concentration, with the top five clients contributing over 60% of revenue, which weakens its pricing power [11]. - ARA product prices have declined by 16.4% in 2023, leading to a drop in gross margin from 57.17% in 2020 to 44.08% in 2024 [10][11]. - The implementation of new national standards has increased cost pressures on downstream milk powder companies, which are passed upstream to Jia Bi You [11]. Group 5: Acquisition and Future Growth Potential - Jia Bi You plans to acquire 63.21% of Ouyi Biological for 831 million yuan, which could enhance its capabilities in microbial strain modification and process scaling [13][15]. - The acquisition price reflects a significant premium, with a valuation of approximately 42.5 times the net profit for 2023, raising concerns about goodwill impairment [15][16]. - Ouyi Biological's projected annual profit growth of 40% may be challenging to achieve, given its current contract liabilities and growth trends [16].

Core Viewpoint - The company has announced that it has not yet implemented its share repurchase plan, which is now more than halfway through its designated period [1][2]. Group 1: Share Repurchase Plan - The company approved a share repurchase plan with a total fund amount between RMB 15 million and RMB 30 million, with a maximum repurchase price of RMB 25.00 per share [1]. - The upper limit of the repurchase price has been adjusted to RMB 24.80 per share, effective from July 10, 2025 [2]. - As of the announcement date, the company has not executed any repurchases due to considerations of its operational status and market conditions [2]. Group 2: Future Repurchase Arrangements - The company plans to proceed with the share repurchase within the designated period and will adhere to relevant regulations and disclosure obligations [2].

二、后续回购安排 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。 2025 年 1 月 24 日，嘉必优生物技术（武汉）股份有限公司（以下简称"公 司"）召开第四届董事会第二次会议，审议通过了《关于第二期以集中竞价交易 方式回购公司股份方案的议案》，同意公司使用自有资金和回购专项贷款以集中 竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票，并在未来适宜 时机用于实施股权激励计划，回购资金总额不低于人民币 1,500 万元（含），不 超过人民币 3,000 万元（含），回购价格不超过 25.00 元/股（含），回购股份的期 限为自公司董事会审议通过第二期以集中竞价交易方式回购公司股份方案（以下 简称"第二期回购方案"）之日起不超过 12 个月。具体内容详见公司于 2025 年 2 月 7 日在上海证券交易所网站(www.sse.com.cn)上披露的《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回购报告书》 （公告编号：2025-008）。 2025 年 7 月 10 日，因公司实 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has exceeded expectations in its H1 2025 performance, with a projected revenue of 307 million yuan, representing a year-on-year increase of 17.6%. The net profit attributable to the parent company is expected to be 107 million yuan, reflecting a growth of 57.6% [2] - The company is expected to maintain high revenue levels, driven by new national standards and an increase in international market orders. The revenue for Q2 2025 is projected to be approximately 151 million yuan, a year-on-year increase of about 5.6% [3] - The company is experiencing significant profit growth, with Q2 2025 profits expected to exceed market expectations due to the scale effect from increased DHA production and reduced costs, leading to improved gross margins [4] - The acquisition target, Ouyi Biological, is expected to contribute significantly to the company's growth, with a commitment to a cumulative net profit of no less than 270 million yuan from 2025 to 2027 [5] Financial Summary - The company forecasts revenues of 708 million yuan in 2025, with a year-on-year growth of 27.4%. The net profit attributable to the parent company is projected to be 192 million yuan, reflecting a growth of 54.2% [10] - The gross margin is expected to improve to 48.1% in 2025, with a net margin of 27.1% [10] - The earnings per share (EPS) is forecasted to be 1.14 yuan in 2025, with a price-to-earnings (P/E) ratio of 23.9 [10][11]

Group 1 - The company expects to achieve an operating income of approximately 307 million yuan in the first half of 2025, representing a year-on-year growth of 17.59% [1] - The net profit attributable to the parent company is projected to be around 107 million yuan, an increase of 57.61% compared to the same period last year [1] - The increase in performance is attributed to the rise in sales of core products ARA and algal oil DHA, along with improved production efficiency and optimization of product and customer structure, enhancing the company's profitability [1] Group 2 - In 2024, the company reported an operating income of 556 million yuan, a year-on-year increase of 25.19% [3] - The net profit attributable to the parent company for 2024 is 124 million yuan, reflecting a growth of 35.94% [3] - The net profit after deducting non-recurring gains and losses is approximately 100 million yuan, which is a 60.11% increase year-on-year [3] Group 3 - The chairman and general manager, Yi Dewei, has held various significant positions since 1987, including roles in educational and cultural organizations, and has been with the company since its inception [3] - Yi Dewei's compensation from 2020 to 2024 has shown slight fluctuations, with the highest being 118.0 thousand yuan in 2022 [3] - Vice chairman Du Bin has also held multiple roles in educational and corporate settings since 1987, serving as vice chairman since December 2015 [4] - Du Bin's compensation from 2020 to 2024 has increased over the years, peaking at 99.07 thousand yuan in 2022 [4]

Core Viewpoint - The company, Jia Bi You, is expected to achieve significant revenue and profit growth in the first half of 2025, driven by increased sales of its core products and the recent approval of its product, N-acetylneuraminic acid, for use in cosmetics and food [1][4][5]. Financial Performance - Jia Bi You anticipates a revenue of approximately 307 million yuan for the first half of 2025, representing a year-on-year increase of about 17.59% [1][2]. - The company expects a net profit attributable to shareholders of around 107 million yuan, reflecting a growth of 57.61% compared to the same period in 2024 [1][2]. - In the first quarter of 2025, Jia Bi You reported a revenue of 156 million yuan, a year-on-year increase of 33.28%, and a net profit of approximately 44.99 million yuan, up 85.07% year-on-year [2][3]. Product Development and Market Position - The increase in revenue is primarily attributed to higher sales of core products ARA and DHA, along with improved production efficiency and optimized product and customer structures [3]. - Jia Bi You's gross margin for 2024 was 43.61%, an increase of 1.22 percentage points year-on-year, while the net profit margin was 21.62%, up 2.16 percentage points from the previous year [2]. Regulatory Approval and Market Expansion - N-acetylneuraminic acid, a product of Jia Bi You's subsidiary, Zhongke Guanggu, has been officially included in the cosmetics raw material directory, marking a significant regulatory milestone [4][5]. - This approval allows Jia Bi You to leverage its technological advantages in synthetic biology to innovate within the health and beauty sectors, potentially leading to new trends in the industry [5]. - The company is also advancing its capabilities through the acquisition of Ouyi Biotechnology, aiming to enhance its technical service offerings and create an integrated service platform [5].

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 证券代码：688089 证券简称：嘉必优 公告编号：2025-056 嘉必优生物技术（武汉）股份有限公司 关于 2025 年半年度业绩预增的自愿性披露公告 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。 一、本期业绩预告情况 （一）业绩预告期间 经财务部门初步测算： 1、2025 年半年度实现营业收入约 30,670 万元，较上年同期增长 17.59%； 2、2025 年半年度实现归属于母公司所有者的净利润约 10,700 万元，较上年 同期增长 57.61%； 3、2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润约 9,300 万元，较上年同期增长 75.45%。 （三）本次业绩预告相关财务数据未经注册会计师审计。 二、上年同期业绩情况和财务状况 1、2024 年半年度营业收入：26,083.24 万元； 2、2024 年半年度利润总额：7,803.82 万元； 四、风险提示 公司本次业绩预告数据未经注册会计师审计，为 ...