华恒生物（ [Table_StockNameRptType] 688639） 公司点评 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for Q3 2024 was ¥522,813,388.64, representing a year-over-year increase of 1.66%[2] - The net profit attributable to shareholders for Q3 2024 was ¥20,185,971.99, a decrease of 84.32% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥18,128,594.15, down 85.56% year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.09, a decline of 84.28% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥1,539,034,126.35, an increase of 12.85% compared to ¥1,364,161,262.06 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was ¥167,996,718.70, a decrease of 47.56% from ¥319,399,135.43 in the same period of 2023[15] - The total comprehensive income for the third quarter of 2024 was CNY 167,800,467.05, compared to CNY 319,399,135.43 in the same period of 2023, indicating a significant decrease[17] - Basic and diluted earnings per share for the third quarter were CNY 0.74, down from CNY 1.40 in the previous year[17] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥4,704,240,077.16, reflecting an increase of 18.49% from the end of the previous year[3] - The total current assets increased to CNY 1,239,970,610.67 from CNY 1,050,046,406.02, representing an increase of approximately 18.1% year-over-year[10] - Total liabilities increased to ¥2,848,853,312.27 in Q3 2024, compared to ¥2,144,577,318.12 in Q3 2023, marking a rise of 32.83%[12] - The company's total non-current assets reached ¥3,464,269,466.49, an increase of 18.63% from ¥2,920,191,687.28 in the previous year[12] - The company's short-term borrowings rose to ¥1,346,423,032.90, up 47.10% from ¥915,121,195.63 in the same period last year[12] - The equity attributable to shareholders of the parent company was ¥1,858,594,150.65, slightly up from ¥1,826,971,175.81 in the previous year[12] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 71.73% to ¥104,606,628.36[3] - Cash inflow from operating activities totaled CNY 1,661,699,060.61, an increase from CNY 1,395,423,545.57 year-over-year[18] - Cash outflow from operating activities was CNY 1,557,092,432.25, compared to CNY 1,025,434,972.19 in the same period last year[18] - Net cash flow from operating activities was CNY 104,606,628.36, a decrease from CNY 369,988,573.38 in the previous year[18] - Net cash flow from investing activities was -CNY 631,406,092.91, compared to -CNY 774,817,204.53 in the same period of 2023[19] - Net cash flow from financing activities was CNY 609,956,719.40, up from CNY 432,985,012.36 year-over-year[19] - The cash and cash equivalents at the end of the period amounted to CNY 445,305,816.80, compared to CNY 181,118,810.44 at the end of the same period last year[19] Research and Development - Research and development expenses for Q3 2024 totaled ¥27,162,038.22, which is 5.20% of the revenue, an increase of 0.74 percentage points year-over-year[3] - Research and development expenses increased to ¥90,514,239.06 in 2024, compared to ¥77,313,400.23 in 2023, reflecting a growth of 16.56%[15] - The company aims to leverage new technologies in its research and development efforts to improve operational efficiency and product offerings[9] Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[9] - The company is exploring potential mergers and acquisitions to enhance its competitive position in the biotechnology sector[9] - The management expressed optimism about future revenue growth driven by increased demand for its products and services[9] - The company experienced a significant decline in net profit primarily due to a decrease in the price of valine products compared to last year[6] Shareholder Information - The company reported a total of 7,426 common shareholders at the end of the reporting period[7] - The company's financial expenses increased significantly to ¥19,426,386.99 in 2024, compared to a negative expense of -¥3,448,594.55 in 2023[15]

Investment Rating - The report maintains a "Buy" rating for Huaxing Biology (688639 CH) with a target price of RMB 51.22 [1][4] Core Views - The private placement of Huaxing Biology has been successfully completed, raising a total of RMB 700 million (net amount of RMB 684 million), which is expected to facilitate the smooth implementation of new projects [1] - The issuance price for the private placement was RMB 33.14 per share, with the majority of investors being state-owned enterprises and private equity funds [2] - The new projects, including the 50,000 tons/year succinic acid and 50,000 tons/year malic acid projects, are expected to gradually enter production and contribute to future growth [2][3] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be RMB 350 million, RMB 490 million, and RMB 620 million, respectively, with year-on-year growth rates of -22%, +40%, and +25% [4] - The EPS for 2024-2026 is projected to be RMB 1.41, RMB 1.97, and RMB 2.47, respectively [4] - The company's revenue is expected to grow significantly, with 2024E revenue projected at RMB 3.263 billion, a 68.37% increase year-on-year [8] Industry and Market Conditions - The amino acid market remains weak, with prices of valine, tryptophan, and arginine down by 25%, 29%, and 19% respectively compared to the beginning of the year [3] - The new projects are expected to compensate for the weak market conditions by increasing production volume [3] Valuation - The report values the company at 26x PE for 2025, based on the average PE of comparable companies [4] - The target price of RMB 51.22 is derived from the 2025 EPS of RMB 1.97 multiplied by the 26x PE [4] Key Financial Metrics - The company's ROE is expected to be 12.78%, 16.34%, and 18.14% for 2024-2026, respectively [8] - The PE ratio is projected to be 26.14x, 18.63x, and 14.85x for 2024-2026, respectively [8] - The PB ratio is expected to decrease from 3.35x in 2024 to 2.70x in 2026 [8]

RSM 容诚 验资报告 安徽华恒生物科技股份有限公司 容诚验字[2024]230Z0102 号 容诚会计师事务所 (特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 报告编码:京24372 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 验资报告 | 1-3 | | 2 | 新增注册资本实收情况明细表 | 4 | | 3 | 注册资本及股本变更前后对照表 | ર | | 4 | 验资事项说明 | 6-7 | s//WWW.rsm.global/china/ 经我们审验,截至 2024年 10月 21 日 12 时止,贵公司本次向 9 名特定对象 发行人民币普通股募集资金总额为人民币 699.999.981.40 元,扣除各项发行费用 (不含增值税)人民币 16,190,921.91 元后,贵公司向特定对象发行股票实际募集 资金净额为人民币 683,809,059.49 元,其中新增注册资本及实收股本为人民币 21,122,510.00 元，增加资本公积为人民币 662,686, ...

安徽天禾律师事务所 关于 安徽华恒生物科技股份有限公司 向特定对象发行股票发行过程和认购对象合规性的 法律意见书 地址：中国合肥濉溪路 278 号财富广场 B 座东楼十六层 电话：（0551）62642792 传真：（0551）62620450 天禾律师 法律意见书 安徽天禾律师事务所 关于安徽华恒生物科技股份有限公司 向特定对象发行股票发行过程和认购对象合规性的 法律意见书 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和 国公司法》（以下简称《公司法》）等法律、法规以及中国证券监督管理委员会 （以下简称"中国证监会"）《上市公司证券发行注册管理办法》（以下简称《注 册管理办法》）、《证券发行与承销管理办法》（以下简称《发行与承销办法》)、 《上海证券交易所上市公司证券发行与承销业务实施细则》（以下简称《实施细 则》）等的有关规定，安徽华恒生物科技股份有限公司（以下简称"发行人"或 "华恒生物"）与安徽天禾律师事务所（以下简称"本所"）签订了《聘请专项 法律顾问合同》，委托本所律师（以下简称"本所律师"）以专项法律顾问的身 份，就发行人本次发行的发行过程及认购对象的合规性出具本法律意见书。 ...

RSM 容诚 验证报告 兴业证券股份有限公司 容诚验字[2024]230Z0101 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://wc.mof.gov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://kec.mof.gov.cn）"进行 "工作 目 录 the late the first 验 证 报 告 | | 验证报告 | | 1-3 | | --- | --- | --- | --- | | 序号 2 | 验证事项说明 | 内 容 | 页码 4-5 | 容诚验字[2024]230Z0101 号 e 201 (此页以下无正文) 2 ring of the 10 - 1 (1 and 197 l 兴业证券股份有限公司: 本验证报告仅为截至 2024 年 10 月 18 日 12 时止华恒生物本次发行认购资金 实收情况的证明,不适用于其他任何用途,兴业证券、华恒生物或其他第三者因 使用不当造成的后果，与执行本验证业务的注册会计师及会计师事务所无关。 我们接受委托,对担任安徽华恒生物科技股份有限 ...

兴业证券股份有限公司、中信证券股份 有限公司、财通证券股份有限公司 关于 安徽华恒生物科技股份有限公司 2022 年度向特定对象发行 A 股股票 发行过程和认购对象合规性的报告 保荐人（主承销商） 联席主承销商 二〇二四年十月 上海证券交易所： 安徽华恒生物科技股份有限公司（以下简称"华恒生物""发行人"或 "公司"）2022 年度向特定对象发行 A 股股票（以下简称"本次发行"）已获 得中国证券监督管理委员会（以下简称"中国证监会"）《关于同意安徽华恒 生物科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕 988 号）同意注册。 兴业证券股份有限公司（以下简称"兴业证券"或"保荐人"）作为华恒 生物本次发行的保荐人及主承销商，中信证券股份有限公司（以下简称"中信 证券"）、财通证券股份有限公司（以下简称"财通证券"）作为本次发行的 联席主承销商（兴业证券、中信证券与财通证券以下合称"联席主承销 商"），根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《证券发行与承销管理办 法》（以下简称"《发行与承销管理办法》"）《上市公司证券发 ...

股票简称：华恒生物 股票代码：688639 安徽华恒生物科技股份有限公司 Anhui Huaheng Biotechnology Co., Ltd. （发行人住所：安徽省合肥市双凤工业区） 2022 年度向特定对象发行 A 股股票 发行情况报告书 保荐人（主承销商） 联席主承销商 二〇二四年十月 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 全体董事签名： 郭恒华 郭恒平 张学礼 （毛建文） 张冬竹 樊 义 MAO JIANWEN 张奇峰 吴 林 WANG FUCAI 安徽华恒生物科技股份有限公司 年 月 日 1 （王富才） 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 郭恒华 郭恒平 张学礼 张冬竹 樊 义 MAO JIANWEN （毛建文） 张奇峰 吴 林 WANG FUCAI （王富才） 安徽华恒生物科技股份有限公司 2 律责任。 全体董 ...

证券代码：688639 证券简称：华恒生物 公告编号：2024-051 安徽华恒生物科技股份有限公司 安徽华恒生物科技股份有限公司（以下简称"公司"）本次向特定对象发行 A 股股票（以下简称"本次发行"）发行承销总结相关文件已经上海证券交易所 备案通过，公司将尽快办理本次发行新增股份的登记托管手续。 本次发行的具体情况详见公司同日在上海证券交易所网站（www.sse.com.cn） 披露的《安徽华恒生物科技股份有限公司2022年度向特定对象发行A股股票发行 情况报告书》等相关文件。 特此公告。 安徽华恒生物科技股份有限公司董事会 2024 年 10 月 24 日 关于 2022 年度向特定对象发行 A 股股票发行情况报 告书披露的提示性公告 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。 ...

证券代码：688639 证券简称：华恒生物 公告编号：2024-050 安徽华恒生物科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 安徽华恒生物科技股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公司 2024 年半年度报告。为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 25 日上午 11:00-12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 9 月 25 日（星期三）上午 11:00-12:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： 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 ...