证券代码：688639 证券简称：华恒生物 公告编号：2025-026 安徽华恒生物科技股份有限公司 关于调整2024年度利润分配总额的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 三、调整后利润分配预案 根据上述股份变动情况及公司2024年年度利润分配方案，公司按照维持 每股现金分红金额不变的原则，对2024年度利润分配的现金分红总额进行相 应调整。调整后的利润分配总额如下： 截至本公告披露日，公司总股本250,115,693股，扣减回购专用证券账户 中不参与本次利润分配的股份496,600股后为249,619,093股，以此计算合计 拟派发现金红利共计人民币62,404,773.25元（含税），占公司2024年度合并 报表归属于上市公司股东净利润的比例为32.93%，具体情况以权益分派实 施结果为准。 特此公告。 公司于2025年4月22日召开第四届董事会第十九次会议、第四届监事会第十六次 会议，并于2025年5月13日召开2024年年度股东大会，分别审议通过了《关于2024年 度利润分配预案的 ...

证券代码：688639 证券简称：华恒生物 公告编号：2025-025 安徽华恒生物科技股份有限公司 关于 2021 年限制性股票激励计划第二类限制性股票第 三个归属期归属结果暨股票上市公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 391,696股。 安徽华恒生物科技股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日收 到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》，公司 已完成 2021 年限制性股票激励计划第二类限制性股票第三个归属期的股份归属登 记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2021 年 11 月 16 日，公司召开第三届董事会第十二次会议，审议通过了《关 于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2021 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事 会办理股权激励相关事宜的议案 ...

目录 CONTENTS 关于本报告 01 董事长致辞 03 关于华恒生物 05 ESG 发展战略 11 附录 -1 遵守的法律法规 87 附录 -2 ESG 关键绩效表 89 附录 -3 内容索引表 96 附录 -4 意见反馈表 102 | 01 | 责任治理 筑牢企业基石 | | 03 | | --- | --- | --- | --- | | 深化规范治理 | | 19 | | | 强化合规守则 | | 21 | | | 坚守商业道德 | | 23 | | | 02 | 绿色经营 | | 04 | | | 推动低碳转型 | | | | 实施气候行动 | | 29 | | | 优化资源循环 | | 39 | | 匠心产品 打造卓越品质 | 保障产品安全 | 51 | | --- | --- | | 优选绿色产品 | 57 | | 推动研发创新 | 61 | | 人本关怀 | | | --- | --- | | 创造美好生活 | | | 凝聚奋进人才 | 69 | | 携手伙伴共赢 | 80 | | 回馈社会责任 | 85 | 守护生态平衡 47 2024 年度环境、社会和公司治理（ESG）报告 关于本报告 ...

CONTENTS | About this Report | 01 | | --- | --- | | Chairwoman's Message | 03 | | About AHB | 05 | | ESG Development Strategy | 11 | 01 03 Responsible Governance Strengthen the Foundation of the Enterprise | Strengthen Regulated Governance | 19 | | --- | --- | | Enhance Compliance Code | 21 | | Adhere to Business Ethics | 23 | Craftsmanship Products Create Outstanding Quality | Ensure Product Safety | 51 | | --- | --- | | Prioritize Sustainable Products | 57 | | Promote Research and Innovation | 61 | | Appe ...

关于调整2024年度利润分配总额的公告 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、准确性和完整性依法承担法律责任。 安徽华恒生物科技股份有限公司 1 现金分红总额调整：安徽华恒生物科技股份有限公司（以下简称"公 司"）维持每股派发现金红利0.25元（含税）不变，现金分红总额由 62,306,849.25元（含税）调整为62,404,773.25元（含税）。 调整原因：2025年6月13日，公司在中国证券登记结算有限责任公司上 海分公司完成2021年限制性股票激励计划第二类限制性股票第三个归属 期的股份归属登记工作，本次登记的行权新增股票数量为391,696股，由 于本次限制性股票归属后，公司股本总数由249,723,997股增加至 250,115,693股。在实施权益分派股权登日前，公司因本次激励计划第二 类限制性股票归属登记导致总股本发生了变动。 证券代码：688639 证券简称：华恒生物 公告编号：2025-026 重要内容提示： 根据公司2024年年度利润分配方案，公司将维持每股现金分红金额不变， 对2024年度利润分配的现金分红总额进行相应调 ...

Group 1 - The report highlights the impact of trade tensions between the US and China, noting that after the US initiated tariff threats in March 2018, multiple high-level talks occurred, but the US frequently changed its stance, leading to a breakdown in negotiations and escalation of conflicts [2][29] - China's trade surplus has been increasing since 2020, with a projected total trade surplus of $1,105.3 billion by April 2025, compared to an average of $385.1 billion from 2018 to 2019 [2][29] - The report suggests that the domestic industrial production index is recovering, with specific sectors like methanol and polyester filament showing improvement, while others like Shandong refining and tires are declining [2][29] Group 2 - The report discusses the Chinese government's comprehensive financial policies aimed at stabilizing the market and expectations, including initiatives to boost the digital economy, with a target for the core digital economy to account for over 10% of GDP by 2025 [3] - The development of multimodal large models in technology is emphasized, with companies like ByteDance and Alibaba making significant advancements in AI capabilities [3] - The report indicates that the self-sufficiency strategy remains a long-term focus, driven by national policies and the need for domestic supply chain resilience, particularly in sectors heavily reliant on imports from the US [4][6] Group 3 - The report identifies key investment opportunities in sectors with low valuations, particularly in defense, pharmaceuticals, and electronics, while suggesting a focus on the rhythm of industry development [6] - The report notes that the semiconductor industry is expected to see continued growth, driven by advancements in AI and the release of new products, particularly in the context of AI glasses and storage solutions [21][22] - The report highlights the performance of the REITs market, with a focus on infrastructure projects and the increasing activity in the sector, indicating a positive outlook for future growth [32]

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [6][27]. Core Views - The company reported a revenue of 2.18 billion yuan for 2024, representing a year-on-year growth of 12.4%, while the net profit attributable to shareholders decreased by 58% to 190 million yuan [1][11]. - The company is experiencing a decline in profitability due to lower prices of valine, despite an increase in production capacity and sales volume [2][12]. - The company is actively pursuing new projects, which are expected to contribute significantly to revenue growth in 2025 and beyond [3][24]. Financial Performance - In 2024, the company achieved a gross profit of 543 million yuan, down 2.43 billion yuan year-on-year, with a gross margin of 24.9%, a decrease of 15.6 percentage points [3][19]. - The first quarter of 2025 saw a revenue of 687 million yuan, a year-on-year increase of 37.2%, but the net profit attributable to shareholders fell by 41% [11][12]. - The company’s amino acid products generated 1.51 billion yuan in revenue, accounting for 69% of total revenue, with a production volume of 99,400 tons, an increase of 20.7% year-on-year [2][13]. Project Development - The company is advancing several projects, including a 50,000-ton bio-based succinic acid production facility and a 50,000-ton bio-based 1,3-propanediol project, which are expected to provide significant revenue increments in the future [3][24]. - The company has maintained a high level of R&D investment, with R&D expenses reaching 124 million yuan in 2024, an increase of 15 million yuan from the previous year [22]. Valuation Forecast - The projected net profits for the company from 2025 to 2027 are estimated to be 293 million yuan, 371 million yuan, and 418 million yuan respectively, reflecting a downward adjustment from previous estimates [4][27].

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [6][27]. Core Views - The company reported a revenue of 2.18 billion yuan in 2024, representing a year-on-year growth of 12.4%, while the net profit attributable to shareholders decreased by 58% to 190 million yuan [1][11]. - The amino acid products generated 1.51 billion yuan in revenue, accounting for 69% of total revenue, with a production volume of 99,400 tons, an increase of 20.7% year-on-year [2][13]. - The company is actively advancing new projects, including the construction of various production bases, which are expected to provide significant growth in 2025 [3][24]. Financial Performance - In 2024, the company achieved a gross profit of 543 million yuan, a decrease of 243 million yuan year-on-year, with a gross margin of 24.9%, down 15.6 percentage points [3][19]. - The first quarter of 2025 saw a revenue of 687 million yuan, a year-on-year increase of 37.2%, while the net profit attributable to shareholders was 51 million yuan, down 41% [11][12]. - The company’s EBITDA for 2024 is projected at 450.26 million yuan, with a significant decline in net profit forecasted for 2025 to 293 million yuan [5][30]. Production and Sales - The company’s production capacity is being expanded, with significant increases in sales volume from various production bases, particularly the Qinhuangdao and Chifeng bases [2][12]. - The average price of valine, a key product, has decreased significantly by 36.5% year-on-year, impacting overall profitability [2][13]. Research and Development - The company has maintained a high level of R&D investment, with R&D expenses reaching 124 million yuan in 2024, an increase of 15 million yuan from the previous year [22]. - The company has filed for 10 new invention patents and 8 utility model patents in 2024, bringing the total number of patents to 247 [22]. Future Outlook - The company is expected to see a gradual recovery in profitability as new projects come online, with net profit forecasts for 2025, 2026, and 2027 at 293 million, 371 million, and 418 million yuan respectively [4][27]. - The ongoing construction of various production facilities is anticipated to contribute significantly to revenue growth in the coming years [3][24].

Core Insights - The decline in valine prices in 2024 has led to a decrease in the company's profits [1] - The company is building an open R&D system and continuously upgrading its synthetic biology platform [1] Financial Performance - The company maintains a "buy" rating, adjusting the EPS for 2025-2027 to 1.12, 1.58, and 2.09 yuan respectively, down from previous estimates of 3.40 and 4.59 yuan [2] - In 2024, the company's net profit attributable to shareholders is expected to decrease by 57.80% [2] - The company's operating revenue for 2024 is projected to be 2.178 billion yuan, a year-on-year increase of 12.37% [2] - The net profit attributable to shareholders for 2024 is estimated at 190 million yuan, a decrease of 57.80% year-on-year [2] - The first quarter of 2025 is expected to show an operating revenue of 687 million yuan, a year-on-year increase of 37.20% [2] Product Development and R&D - The company is enhancing its product matrix by investing in new products such as 1,3-propanediol, succinic acid, tryptophan, and arginine [2] - The company plans to increase the implementation of the succinic acid project and adjust some capacity for L-valine and myo-inositol production [3] - The establishment of an AI digital laboratory aims to explore the application of AI technology in synthetic biology and company management [3] - The company is investing 320 million yuan to build an "AI Precision Fermentation and Protein Engineering Shared Demonstration Project" [3] - A "Biobased Polyester Textile Industry Alliance" has been established to accelerate domestic substitution of raw materials and promote innovation in the biobased polyester industry [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]