证券代码：688203 证券简称：海正生材 公告编号：2025-28 ● 调整原因：自 2024 年年度利润分配方案披露之日起至本公告披露日，浙 江海正生物材料股份有限公司（以下简称"公司"）通过上海证券交易所交易系 统以集中竞价方式实施股份回购，故本次实际参与利润分配的股份数量发生变 动。公司按照分配总额不变的原则，相应调整每股分配比例，对 2024 年度利润 分配方案每股现金分红金额进行相应调整。 一、调整前利润分配方案 公司于 2025 年 4 月 11 日召开了第七届董事会第十四次会议、第七届监事会 第十一次会议，并于 2025 年 5 月 8 日召开了 2024 年年度股东大会，会议审议通 过了《2024 年度利润分配预案》。本次利润分配方案如下： 公司 2024 年度拟以实施权益分派股权登记日登记的总股本扣除公司回购专 用证券账户股份数后的股本为基数分配利润，拟向全体股东每 10 股派发现金 0.60 元（含税）。截至公司 2024 年度利润分配方案披露日，公司总股本 202,678,068 股扣除公司回购专用证券账户股份 1,256,874 股后的股本基数为 201,421,194 股，以此计算 ...

海正生材公告，持股5%以上股东中国石化集团资本有限公司计划减持不超过202.68万股，占公司总股 本比例不超过1%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.75 CNY based on a 2025 comparable company average P/E ratio of 43 times [2][3]. Core Views - The domestic polylactic acid (PLA) industry is facing intensified competition, leading to downward pressure on product prices and consequently affecting profit margins. The company has adjusted its profit forecasts for 2025-2027, with expected earnings per share of 0.25, 0.32, and 0.42 CNY respectively [2][9]. - Despite achieving record sales volumes, the company's profitability is under pressure due to price declines in PLA products. The company is focusing on increasing production efficiency and exploring new applications, particularly in the rapidly growing 3D printing sector, where PLA resin sales are expected to increase significantly [9][10]. Financial Performance Summary - The company reported a revenue of 753 million CNY in 2023, with a projected increase to 1,030 million CNY in 2025, reflecting a compound annual growth rate (CAGR) of 21.8% [7]. - The net profit attributable to the parent company is expected to decline from 44 million CNY in 2023 to 36 million CNY in 2024, before recovering to 52 million CNY in 2025, indicating a volatile profit trajectory [7][9]. - The gross margin is projected to stabilize around 13.0% in 2025, with net profit margins improving gradually to 5.0% by 2025 [7][9]. Market Dynamics - The report highlights that the PLA import pressure may ease due to recent tariff changes affecting imports from the U.S., which could reduce the overall import volume of PLA into China [9]. - The company is expected to continue developing new products and applications to enhance competitiveness, particularly in the 3D printing market, which has shown robust demand growth [9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.75 CNY based on a 2025 estimated P/E ratio of 43 times [2][3]. Core Views - The domestic polylactic acid (PLA) industry is facing intensified competition, leading to downward pressure on product prices and profit margins. The company's profit forecasts for 2025-2027 have been adjusted to 0.25, 0.32, and 0.42 CNY per share, respectively [2][9]. - Despite achieving record sales volumes, the company's profitability is under pressure due to price declines in PLA products. The company is focusing on increasing production efficiency and exploring new applications, particularly in the rapidly growing 3D printing sector [9][10]. - The report highlights that the company's sales of pure PLA and modified PLA increased by 34.20% and 4.80% year-on-year, respectively, contributing to a historical high in total sales volume [9][10]. Financial Performance Summary - The company reported a revenue of 753 million CNY in 2023, with a projected increase to 1,030 million CNY in 2025, reflecting a year-on-year growth of 21.8% [7][12]. - The net profit attributable to the parent company is expected to recover from a decline in 2024, with projections of 52 million CNY in 2025, representing a growth of 45.1% [7][12]. - The gross margin is projected to stabilize around 13.0% in 2025, with a net margin of 5.0% [7][12]. Market Dynamics - The report notes that the PLA import pressure may ease due to recent tariff increases on imports from the U.S., which could impact the overall import volume of PLA into China [9][10]. - The company is actively developing specialized resins for the 3D printing market, which has seen a significant demand increase, with sales in this segment expected to grow by 185.67% [9][10].

Core Viewpoint - Haizheng Biomaterials (688203.SH) has achieved a significant upgrade in its ESG rating to A from BBB, reflecting its commitment to sustainable development and positive practices in the ESG field [1][4]. Group 1: ESG Performance - The company's ESG rating has steadily improved over the past two years, moving from BBB in August 2023 to A, indicating market recognition of its efforts in environmental, social, and governance aspects [4]. - In the basic chemical industry, Haizheng Biomaterials ranks 27th out of 277 companies in ESG comprehensive scores, with a score of 7.24, showcasing its excellent overall performance [4]. - The company has a controversy event score of 2.97, indicating good performance in handling controversies and effectively reducing potential risks [4]. - The management practice score is 4.27, reflecting a solid foundation in internal management and governance practices [4]. Group 2: Product and Innovation - The main product of the company is polylactic acid (PLA) resin, a revolutionary bio-based alternative to petroleum products, which competes in cost and performance with petroleum-based products [5]. - PLA is produced from renewable biomass such as corn, cassava, and sugar beets, through microbial fermentation to produce lactic acid, which is then polymerized into PLA [5]. - PLA products can be used in various applications, including packaging, disposable tableware, 3D printing materials, fibers, and engineering plastics, and they decompose quickly under composting conditions, contributing to a carbon circular economy [5]. - The company is the first in China and the second globally to achieve commercial production of PLA and has received numerous honors, including national-level recognition as a specialized and innovative "little giant" [4].

北京康达（杭州）律师事务所 BEIJING KANGDA（HANGZHOU）LAW FIRM 电话/Tel.:0571-85779929 传真/Fax:0571-85779955 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 北京康达（杭州）律师事务所 关于浙江海正生物材料股份有限公司 杭州市上城区西子国际中心 2 号楼 1501-1503 室 邮编：310020 法律意见书 康达(杭州)股会字【2025】第 0009 号 二〇二五年五月 2024 年年度股东会的 北京康达（杭州）律师事务所 海正生材 2024 年年度股东会法律意见书 北京康达（杭州）律师事务所 关于浙江海正生物材料股份有限公司 2024 年年度股东会的法律意见书 康达(杭州)股会字【2025】第 0009 号 致：浙江海正生物材料股份有限公司 北京康达（杭州）律师事务所（下称"本所"）接受浙江海正生物材料股份 有限公司（下称"海正生材"或"公司"）委托，指派本所律师出席公司 ...

证券代码：688203 证券简称：海正生材 公告编号：2025-27 浙江海正生物材料股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 73 | | --- | --- | | 普通股股东人数 | 73 | | 2、出席会议的股东所持有的表决权数量 | 125,859,470 | | 普通股股东所持有表决权数量 | 125,859,470 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 62.5370 | | （%） | | | | | 注：截至本次股东会股权登记日，公司总股本为 202,678,068 股，其中公司回购专用账户的 股份数量为 1,422,364 股，该等回购的股份不享有表决权，故本次股东会享有表决权的股份 总数为 201,255,704 股。 （四） 表决方式是否符合《公司法》及 ...

证券代码：688203 证券简称：海正生材 公告编号：2025-26 浙江海正生物材料股份有限公司 关于股东权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 企业名称 | 湖南中启洞鉴私募股权投资合伙企业（有限合伙） | | --- | --- | | 企业类型 | 有限合伙企业 | | 注册地址 | 湖南省长沙市岳麓区观沙岭街道滨江路 188 号湘江基金小 | | | 镇 13#栋 3 层 | | 成立日期 | 2018 年 9 月 4 日 | | 经营期限 | 2018-09-04 至 2026-09-03 | | 认缴出资额 | 人民币 105,247.5 万元 | | 执行事务合伙人 | 中启私募基金管理（海南）有限公司 | | 统一社会信用代码 | 91430104MA4PWNB209 | | 经营范围 | 从事非上市类股权投资活动及相关咨询服务（不得从事吸 | | | 收公众存款或变相吸收公众存款、发放贷款等金融业务）。 | | | （依法须经批准的项目，经相关部门批准后方可 ...

浙江海正生物材料股份有限公司 简式权益变动报告书 上市公司名称：浙江海正生物材料股份有限公司 股票上市地点：上海证券交易所 股票简称：海正生材 股票代码：688203 信息披露义务人：湖南中启洞鉴私募股权投资合伙企业（有限合伙） 注册地址：湖南省长沙市岳麓区观沙岭街道滨江路 188 号湘江基金小镇 13#栋 3 层 通讯地址：北京市西城区复兴门内大街 28 号凯晨世贸中心中座 F4 股份变动性质：持股比例变动至 5%。 签署日期：2025 年 5 月 7 日 - 1 - 信息披露义务人声明 一、本报告书系信息披露义务人根据《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》及其他相关法律法规编写。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏，并 对其真实性、准确性、完整性承担法律责任。 - 2 - | 第一节 释义…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

中信建投证券股份有限公司 关于浙江海正生物材料股份有限公司 2024年度持续督导现场检查报告 上海证券交易所： 经中国证券监督管理委员会《关于同意浙江海正生物材料股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]847号）核准，浙江海正生物材 料股份有限公司（以下简称"海正生材"、"上市公司"、"公司"）首次公开发行 股票5,066.9517万股，每股面值人民币1元，每股发行价格人民币16.68元/股，募集 资金总额为人民币845,167,543.56元，扣除发行费用人民币94,306,379.88元，实 际募集资金净额为人民币750,861,163.68元。本次发行证券已于2022年8月16日在 上海证券交易所上市。中信建投证券股份有限公司（以下简称"中信建投"、 "保荐机构"）担任其持续督导保荐机构，持续督导期间为2022年8月16日至2025 年12月31日。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上 市规则》《上海证券交易所上市公司自律监管指引第11号——持续督导》《上 海证券交易所科创板上市公司自律监管指引第1号——规范运作》等有关法律、 法规要求，中信建投作为 ...