来源：瑞恩资本RyanbenCapital 中国企业赴香港上市，需要取得中国证监会的备案通知书。根据港交所上市规则，中国企业需在上市聆 讯审批日期至少4个营业日之前提交"备案通知书"。只有通过港交所的上市聆讯，企业才可以在港交所 挂牌上市。 本周(2025年11月10日至11月14日)中国证监会国际司共对10家企业(全部在香港上市)出具境外发行上市 备案补充材料要求，具体如下：微亿制造、融泰药业、华恒生物、魔视智能、望圆科技、晶晨半导体、 长春高新、英派药业、普源精电、艾米森。 微亿制造 请你公司补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 二、请说明国资管理程序办理进展。 三、请说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异的原因，是否存在利 益输送。 四、请按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次 发行上市方案，备案材料及招股说明书关于发行上市方案内容不一致的原因。 七、请说明发行人及下属公司经营范围涉及广告制作、发布、设计、代理 ...

11月24日，华恒生物涨5.3%，截至发稿，报33.98元/股，成交2.13亿元，换手率2.55%，总市值84.99亿 元。 资料显示，安徽华恒生物科技股份有限公司位于安徽省合肥市高新区长安路197号,香港铜锣湾希慎道33 号利园1期19楼1901室，成立日期2005年4月13日，上市日期2021年4月22日，公司主营业务涉及氨基酸 及其衍生物产品研发、生产、销售。主营业务收入构成为：氨基酸系列70.96%，其他(补充)20.96%，维 生素系列5.34%，其他产品2.74%。 从华恒生物十大流通股东角度 数据显示，交银施罗德基金旗下1只基金位居华恒生物十大流通股东。交银先进制造混合A（519704） 三季度减持383.68万股，持有股数431.35万股，占流通股的比例为1.72%。根据测算，今日浮盈赚取约 737.61万元。 交银先进制造混合A（519704）成立日期2011年6月22日，最新规模44.97亿。今年以来收益35.48%，同 类排名1407/8209；近一年收益33.53%，同类排名1278/8129；成立以来收益793.9%。 交银先进制造混合A（519704）基金经理为郭若。 截至发稿，郭 ...

Core Viewpoint - Huaheng Biological has submitted a listing application to the Hong Kong Stock Exchange for an "A+H" dual listing, with Huatai International as the sole sponsor. The company specializes in the research, production, and sales of bio-based products, holding the largest global market share for L-alanine and L-valine as of 2024. However, it faces significant challenges including declining product prices, sharply reduced profit margins, and intensified industry competition [1][2]. Financial Performance - From 2022 to 2024, Huaheng Biological's revenue is projected to grow from 1.419 billion to 2.178 billion yuan, indicating a strong growth trend. However, net profit is expected to drop from 319 million yuan in 2022 to 185 million yuan in 2024, reflecting a year-on-year decline of 58.67%. In the first three quarters of 2025, revenue reached 2.194 billion yuan, a year-on-year increase of 42.53%, but net profit still fell by 5.1% to 159 million yuan [2][3]. - The company's gross margin has significantly decreased from 40.4% in 2023 to 24.8% in 2024, and further down to 23.5% in the first three quarters of 2025, nearly halving from its peak [2][3]. Product Pricing and Market Dynamics - The decline in profitability is attributed to a comprehensive drop in market prices across nearly all product lines. For instance, the average price of amino acid products has fallen from 18,900 yuan per ton in 2022 to 15,000 yuan per ton in the first half of 2025, a decrease of over 20%. Specifically, the price of L-alanine dropped from 35,000 yuan per ton at the beginning of 2025 to 20,000 yuan per ton by mid-year, a decline of approximately 42.86% [3][4]. Supply and Demand Changes - The market's supply-demand dynamics have shifted significantly, with many sub-markets transitioning from high growth to stagnation. For example, the compound annual growth rate for valine is expected to drop from 60.2% (2020-2024) to 8.6% (2024-2030) and further to 3.4% (2030-2035). The inositol market is projected to experience nearly stagnant growth during the same period [4][5]. - The oversupply situation is exacerbated by rapid capacity expansion driven by high previous profits, alongside a slowdown in downstream demand due to macroeconomic factors. This has led to increased price competition [4][5]. Industry Competition and Strategic Shifts - Other companies in the industry are also expanding capacity, with significant new production planned for L-valine by competitors such as Yipin Biological and Jinhai Biological, which will further intensify competition [5][6]. - In response to the fierce competition in its core business, Huaheng Biological is attempting to pivot towards high-value beauty and personal care ingredients. However, this transition faces challenges due to the importance of patent barriers, brand effects, and channel control, areas where the company currently lacks strength [6][7].

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Huaheng Biological (688639.SH) to provide supplementary information regarding its technology export business and compliance over the past three years [1] - Huaheng Biological has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] - The CSRC has outlined specific areas for Huaheng Biological to clarify, including the status of its technology export business, compliance with regulations, and the use of raised funds for overseas investments [1] Group 2 - Huaheng Biological is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products [2] - The company is recognized as one of the most comprehensive enterprises globally in commercial applications of bio-based products through synthetic biology [2] - Huaheng Biological is the first company 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 globally as of 2024 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Huaheng Biological (688639.SH) to provide supplementary information regarding its technology export business and compliance over the past three years [1] - Huaheng Biological has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] - The CSRC has outlined specific areas for Huaheng Biological to clarify, including the status of its technology export business, compliance with regulations, and the use of raised funds for overseas investments [1] Group 2 - Huaheng Biological is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products [2] - The company is recognized as one of the most comprehensive enterprises globally for commercial applications of bio-based products through synthetic biology [2] - Huaheng Biological is the first company in the world 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 globally as of 2024 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Huaheng Biological (688639.SH) to provide supplementary information regarding its technology export business and compliance over the past three years [1] - Huaheng Biological has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] - The CSRC has outlined specific areas for Huaheng Biological to clarify, including the status of its technology export business, compliance with regulations, and the use of raised funds for overseas investments [1] Group 2 - Huaheng Biological is a pioneer in synthetic biology, focusing on the research, large-scale production, and commercialization of bio-based products [2] - The company is recognized as one of the most comprehensive enterprises globally in commercial applications of bio-based products through synthetic biology [2] - Huaheng Biological is the first company 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 globally as of 2024 [2]

Core Insights - The Anhui Provincial Department of Industry and Information Technology announced the list of benchmark service-oriented manufacturing enterprises and integrated application scenarios for 2025, with Anhui Huaheng Biotechnology Co., Ltd. and Hefei Rongshida Electric Appliance Group Co., Ltd. being selected [1][2] Group 1: Manufacturing Service Integration - Anhui Huaheng Biotechnology's "AI-driven Biomanufacturing Pilot Platform Integrated Service Scenario" focuses on industrial applications to meet production demands, integrating AI technology into key processes such as strain intelligent design and process simulation optimization [1] - This scenario aims to shorten the industrialization cycle of new projects and transition from "single product output" to an open and shared AI + pilot manufacturing service platform, empowering upstream and downstream enterprises and driving collaborative upgrades and green transformation in the biomanufacturing industry [1] Group 2: Consumer Demand Solutions - Hefei Rongshida Electric Appliance's "Full-domain Smart Living Application Scenario Based on Multimodal Interaction and Autonomous Decision-making" addresses consumer needs, integrating new information technologies and advanced materials into its smart tourism cabin series [2] - This initiative resolves issues related to traditional tourism accommodation, such as long construction cycles and uneven resource utilization during peak and off-peak seasons, while also expanding business boundaries and creating differentiated advantages to strengthen market position [2] Group 3: Regional Development and Support - The achievements of these enterprises reflect their strong independent innovation capabilities and the ongoing support from the Changfeng (Shuangfeng) Economic Development Zone in terms of industrial cultivation, policy guidance, and service assurance [2] - The zone plans to continue providing follow-up services and progressive cultivation to accelerate the innovative integration of advanced manufacturing and modern service industries, contributing to high-quality development in the manufacturing sector [2]

Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The company reported a revenue of 2.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 43%. However, the net profit attributable to the parent company was 170 million yuan, a decrease of 1.3% year-on-year [1] - Despite weak price performance of main products, the increase in sales volume has contributed to revenue growth. The average price of valine was 14 yuan/kg, down 4.5% year-on-year, while tryptophan and arginine saw price declines of 29% and 25% respectively [2] - The company is optimizing product resource allocation and enhancing sustainable profitability through increased R&D investment in new products, including biobased materials [2][3] - The establishment of an AI digital laboratory aims to integrate AI technology into synthetic biology and company management, enhancing operational efficiency [3] - The company plans to issue overseas shares and list on the Hong Kong Stock Exchange to support its globalization strategy and improve capital structure [3] Financial Summary - For 2025, the company expects net profits of 230 million yuan, 310 million yuan, and 360 million yuan for the years 2025, 2026, and 2027 respectively, with adjustments made due to declining prices of some main products [3] - The projected revenue for 2025 is 3.16 billion yuan, with a growth rate of 44.98% [4] - The company’s EBITDA for 2025 is estimated at 495.79 million yuan, with a P/E ratio of 42.63 [4][10] Product and Market Strategy - The company is advancing projects in biobased materials and has initiated technical upgrades to existing production facilities to allow flexible production of various products [2] - The R&D expenditure for the first three quarters of 2025 was 110 million yuan, reflecting a year-on-year increase of 17.58% [3]

证券日报网讯 11月12日晚间，华恒生物发布公告称，选举郭恒华女士为公司第五届董事会董事长。 ...

Core Insights - The report maintains a neutral rating for the pharmaceutical and biotechnology industry, indicating that while there are pressures on performance, there are also opportunities in specific segments that are experiencing growth [5][30]. Market Performance Review - In the first ten months of 2025, the SW pharmaceutical and biotechnology index increased by 21.10%, outperforming the CSI 300 index by approximately 2.26 percentage points, ranking 12th among all Shenwan primary industries [14][19]. - Most sub-sectors within the industry recorded positive returns, with the medical research outsourcing and chemical preparation sectors leading with increases of 60.54% and 40.80%, respectively. Conversely, the blood products and vaccine sectors saw declines of 7.89% and 1.60% [15][19]. - As of October 31, 2025, the overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 53.97 times, which is 4.06 times higher than the CSI 300 index, indicating an increase in industry valuation [19][20]. Policy Outlook for H1 2026 - The 11th batch of national drug centralized procurement is expected to be fully implemented in the first half of 2026, involving 55 varieties and 272 companies, with a selection rate of 57% [30][31]. - The procurement results show a high match between selected brands and clinical needs, with strong supply capabilities from mainstream companies [30]. Sub-sector Highlights Innovative Drugs - Continuous policy optimization supports the development of innovative drugs, with a comprehensive approach to enhance pricing management, insurance coverage, and investment [38]. - The industry is gradually moving away from homogeneous competition, with a significant increase in the proportion of First-in-Class new drug development, which rose by 23 percentage points to 35% since 2020 [38][39]. - Domestic innovative drugs are gaining international recognition, with outbound licensing transactions reaching $66 billion in the first half of 2025, reflecting a growing global presence [41][44]. Medical Devices - The aging population in China is projected to exceed 400 million by 2035, driving demand for medical services and supporting stable growth in the medical device market [50]. - The global medical device market is expected to grow at a compound annual growth rate (CAGR) of 5.7%, reaching $869.7 billion by 2030 [52]. - China's medical device market is rapidly expanding, with projected revenues of 187.5 billion yuan by 2025, indicating significant growth potential [53]. Aesthetic Medicine - The domestic aesthetic medicine market is expected to steadily increase, supported by various policies aimed at promoting healthy industry development and improving market concentration [39]. Synthetic Biology - The market size for synthetic biology is anticipated to approach $40 billion by 2027, driven by multiple factors including technological advancements and increased investment [39].