Core Viewpoint - The company, Huaheng Biological (688639.SH), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange as of September 30, 2025 [1] Group 1 - The application was submitted to the Hong Kong Stock Exchange and the relevant documentation was published on the exchange's website [1] - The application materials were prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The information contained in the application is a draft version and may be updated or changed over time [1]

Core Viewpoint - Huaheng Biological has submitted an application for issuing H-shares and listing on the main board of the Hong Kong Stock Exchange on September 30 [1] Group 1 - The company filed the application with the Hong Kong Stock Exchange on September 30 [1] - The application materials for the issuance and listing were published on the Hong Kong Stock Exchange's website on the same day [1]

证券代码：688639 证券简称：华恒生物 公告编号：2025-046 安徽华恒生物科技股份有限公司 关于向香港联交所递交 H 股发行并上市的申请并刊发 申请资料的公告 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。 安徽华恒生物科技股份有限公司（以下简称"公司"）已于 2025 年 9 月 30 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并在 香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在香港 联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照香港证券及 期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制和刊发， 为草拟版本，其所载资料可能会适时作出更新和变动，投资者不应根据其中的资 料作出任何投资决定。 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市的 相关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料不构成也不 本次发行如果最终实施，发行对象将仅限于符合相关条件的境外投资者及依 据中国相关法律法规有权进行境外证券 ...

Core Viewpoint - The company has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange on September 30, 2025, targeting qualified overseas investors and domestic qualified investors under Chinese laws [1] Group 1 - The application for H-share issuance and listing has been officially submitted to the Hong Kong Stock Exchange [1] - The application materials were published on the Hong Kong Stock Exchange website on the same day [1] - The issuance will be limited to qualified overseas investors and domestic qualified investors who are authorized to conduct overseas securities investments according to Chinese laws [1]

Core Insights - Anhui Huaheng Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [1] Company Overview - The company is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products through biomanufacturing technology [3] - It has established a leading position in the industry over 20 years, with strong R&D capabilities and mature mass production capabilities [3] - According to Frost & Sullivan, the company is one of the most comprehensive producers of bio-based products commercialized through synthetic biology globally [3] Market Position - The company is the first globally to industrialize a series of amino acids (including L-Alanine and L-Valine) through anaerobic fermentation [3] - By 2024, the company holds the largest market share for L-Alanine and L-Valine globally [3] Client Relationships - As of June 30, 2025, the company has established stable long-term partnerships with over 768 clients across 85 countries in Asia, Europe, and America [5] Product Portfolio - The company's bio-based products include: - Amino acid series (mainly alanine series, L-Valine, Tryptophan, Arginine) - Vitamin series (mainly D-Calcium Pantothenate, D-Pantothenol, Inositol) - Other bio-based products (mainly bio-based new material monomers like 1,3-Propanediol and Succinic Acid, Malic Acid, Arbutin) [5] - These products are widely used in various industries, including animal nutrition, personal care, food and beverage, advanced materials, and plant nutrition [5] Manufacturing Technology - The company employs two green manufacturing technology platforms: fermentation and enzyme catalysis, focusing on microbial cell factories and enzyme-based production processes [7] - Its biomanufacturing methods replace traditional chemical synthesis with renewable biological resources, reducing pollution, energy consumption, and carbon footprint [7] Financial Performance - The company's revenue and gross profit for the fiscal years are as follows: - FY2022: Revenue of RMB 1.418 billion, Gross Profit of RMB 548 million, Gross Margin of 38.7% - FY2023: Revenue of RMB 1.938 billion, Gross Profit of RMB 782 million, Gross Margin of 40.4% - FY2024: Revenue of RMB 2.178 billion, Gross Profit of RMB 540 million, Gross Margin of 24.8% - H1 2024: Revenue of RMB 1.016 billion, Gross Profit of RMB 321 million, Gross Margin of 31.6% - H1 2025: Revenue of RMB 1.489 billion, Gross Profit of RMB 350 million, Gross Margin of 23.5% [7] Use of Proceeds - The funds raised from the listing will be used for: - Accelerating global expansion and layout - Development of synthetic biology enabling technologies, new products, and solutions - Capacity upgrades - Working capital supplementation and other general corporate purposes [7]

Core Viewpoint - Anhui Huaheng Biotechnology Co., Ltd. is pursuing an IPO in Hong Kong, revealing significant changes in key financial metrics, including a decline in gross margin from 40.4% in 2023 to 24.8% in 2024 and a drop in net margin from 23.0% to 8.5% [1] Business Model - The company focuses on bio-based products, utilizing biomanufacturing technology to produce amino acids, vitamins, and other bio-based products, which are widely used in various industries [2] - Amino acid products are the primary revenue source, accounting for 69.3% to 82.2% of total revenue from 2022 to the first half of 2025 [2] Financial Performance - Revenue growth is notable, increasing from 1.419 billion to 2.178 billion yuan from 2022 to 2024, with a compound annual growth rate of 23.9% [3] - The net profit decreased from 319 million yuan in 2022 to 185 million yuan in 2024, with a decline in the first half of 2025 compared to the same period in 2024 [4] - Gross margin has been declining, from 38.7% in 2022 to 24.8% in 2024, with further decline in the first half of 2025 [5] - Net margin has also significantly decreased from 22.5% in 2022 to 8.5% in 2024 [6] Revenue Composition - The revenue composition shows a decreasing trend in the share of amino acid products, while the share of vitamin products has fluctuated, and other bio-based products have seen an increase [8] Related Transactions - There is an overlap between major customers and suppliers, which raises concerns about the fairness of pricing and potential risks of interest transfer [9] Financial Challenges - Market price fluctuations and rising costs are significant challenges, with sales costs increasing by 41.7% in 2024 compared to 2023 [10][11] - The company faces risks related to research and development, including high uncertainty and potential delays in product launches [12] Competitive Landscape - The company holds a competitive advantage through technological leadership and a diversified product portfolio, but it faces intense competition that could impact its market share and profitability [13][14] Customer and Supplier Dynamics - Customer concentration remains stable, with major customers accounting for 9.0% to 15.4% of revenue, while supplier concentration is relatively low [15][16] Management and Governance - The company has a concentrated ownership structure, which may influence decision-making and potentially affect minority shareholders [16] - The management team has extensive experience in the biomanufacturing sector, which supports business development and strategic decision-making [18]

Core Viewpoint - Anhui Huaheng Biotechnology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] Company Overview - Huaheng Biotechnology is a pioneer in synthetic biotechnology, focusing on the research, large-scale production, and commercialization of bio-based products [3] - The company has established a leading position in the industry through two decades of experience in biomanufacturing, with strong R&D capabilities and mature mass production capabilities [3] Market Position - According to Frost & Sullivan, Huaheng is one of the most comprehensive companies in the commercial application of bio-based products through synthetic biotechnology [3] - The company is the first globally to industrialize the anaerobic fermentation of a series of amino acids, including L-Alanine and L-Valine, and holds the largest market share for these products as of 2024 [3] Client Relationships - As of June 30, 2025, the company has established stable long-term partnerships with over 768 clients across 85 countries in major markets including Asia, Europe, and America [4] Product Portfolio - The main bio-based products include amino acids (primarily alanine series, L-Valine, tryptophan, arginine), vitamins (D-Calcium Pantothenate, D-Pantothenol, inositol), and other bio-based products [4] - The products are widely used in various industries such as animal nutrition, personal care, food and beverage, advanced materials, and plant nutrition [4] Manufacturing Technology - The company employs two green manufacturing technology platforms: fermentation and enzyme catalysis, focusing on microbial cell factories and enzyme-based production processes [4] - This technology aims to replace traditional chemical synthesis with renewable biological resources, reducing pollution and energy consumption while minimizing carbon footprints [4] Market Growth - The global bio-based products market is projected to grow from USD 22.8 billion in 2020 to USD 42.1 billion by 2024, with a compound annual growth rate (CAGR) of 16.6% [5] - The market is expected to further increase to USD 80.1 billion by 2030 and USD 109.1 billion by 2035, with a CAGR of 11.3% from 2024 to 2030 and 6.4% from 2030 to 2035 [5] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 1.419 billion, RMB 1.938 billion, RMB 2.178 billion, and RMB 1.489 billion respectively [5] - The corresponding profits for the same periods were approximately RMB 319 million, RMB 447 million, RMB 185 million, and RMB 109 million [5][6]

Core Viewpoint - Anhui Huaheng Biotechnology Co., Ltd. (Huaheng Bio) has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1]. Company Overview - Huaheng Bio is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products through biomanufacturing technology. The company has established a leading position in the industry over the past 20 years [3]. - The company is recognized as one of the most comprehensive enterprises in the commercialization of bio-based products through synthetic biology, being the first globally to industrialize the anaerobic fermentation of a series of amino acids, including L-Alanine and L-Valine. By 2024, it is projected to hold the largest market share for L-Alanine and L-Valine globally [3]. Product Portfolio - As of June 30, 2025, Huaheng Bio has established stable long-term partnerships with over 768 customers across 85 countries in Asia, Europe, and the Americas. Its main bio-based products include amino acids (primarily alanine series, L-Valine, tryptophan, arginine), vitamins (D-Calcium Pantothenate, D-Pantothenol, inositol), and other bio-based products (1,3-propanediol, succinic acid, malic acid, arbutin) [4]. - The company employs two green manufacturing technology platforms: fermentation and enzyme catalysis, focusing on microbial cell factories and enzyme-based production processes to reduce pollution, lower energy consumption, and minimize carbon footprints [4]. Market Potential - The global bio-based products market is expected to grow from $22.8 billion in 2020 to $42.1 billion by 2024, with a compound annual growth rate (CAGR) of 16.6%. It is projected to further increase to $80.1 billion by 2030 and $109.1 billion by 2035, with CAGRs of 11.3% and 6.4% respectively [5]. - Companies with green manufacturing capabilities, large-scale production technologies, and collaborative advantages in the supply chain are anticipated to experience unprecedented growth opportunities in this market [5]. Financial Performance - The company reported revenues of approximately RMB 1.419 billion, RMB 1.938 billion, RMB 2.178 billion, and RMB 1.489 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits for these periods were approximately RMB 319 million, RMB 447 million, RMB 185 million, and RMB 109 million [5][7].

Core Viewpoint - Anhui Huaheng Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1]. Company Overview - Huaheng Biotechnology is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products through biomanufacturing technology [3]. - The company has established an industry-leading position in research and development, technology innovation, and mass production capabilities over the past twenty years in the biomanufacturing field [3]. - According to Frost & Sullivan, Huaheng is one of the most comprehensive companies globally in commercializing bio-based products through synthetic biology [3]. Product Portfolio - The company's bio-based products include amino acids (mainly L-alanine and L-valine), vitamins (such as D-calcium pantothenate and D-panthenol), and other bio-based products like 1,3-propanediol and succinic acid [4]. - These products are widely used across various industries, including animal nutrition, personal care, food and beverage, advanced materials, and plant nutrition [4]. - Huaheng employs fermentation and enzyme catalysis as its two main green manufacturing technology platforms, focusing on microbial cell factories and enzyme-based production processes [4]. Market Potential - The global bio-based products market is projected to grow from USD 22.8 billion in 2020 to USD 42.1 billion by 2024, with a compound annual growth rate (CAGR) of 16.6% [5]. - The market is expected to further increase to USD 80.1 billion by 2030 and USD 109.1 billion by 2035, with CAGRs of 11.3% from 2024 to 2030 and 6.4% from 2030 to 2035 [5]. - Companies with green manufacturing capabilities, large-scale production technologies, and collaborative advantages in the supply chain are anticipated to experience unprecedented growth opportunities in this context [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 1.419 billion, RMB 1.938 billion, RMB 2.178 billion, and RMB 1.489 billion, respectively [5]. - The corresponding profits for the same periods were about RMB 319 million, RMB 447 million, RMB 185 million, and RMB 109 million [5]. - The gross profit margins for these years were 38.7%, 40.4%, 24.8%, and 23.5%, respectively, indicating fluctuations in profitability [7].

每经AI快讯，9月30日，港交所文件显示，安徽华恒生物科技股份有限公司向港交所提交上市申请书， 独家保荐人为华泰国际。 ...