兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为安徽 华恒生物科技股份有限公司（以下简称"华恒生物"、"上市公司"或"公司"） 首次公开发行股票并在科创板上市的保荐机构，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》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等相关规定，兴业证券对华恒生物的持 续督导时间为该上市公司上市当年及其后 3 个完整的会计年度，华恒生物于 2021 年 4 月 22 日起在上海证券交易所挂牌上市，其持续督导期为 2021 年 4 月 22 日 至 2024 年 12 月 31 日，现兴业证券对华恒生物的持续督导期限已满，兴业证券 根据相关法律法规，出具本保荐总结报告。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 ...

兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 2024 年年度持续督导跟踪报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）担任安徽华恒生 物科技股份有限公司（以下简称"华恒生物"、"上市公司"或"公司"）首次公开发 行股票并在科创板上市及向特定对象发行 A 股股票的保荐机构。根据《证券发行上市 保荐业务管理办法》，由兴业证券完成持续督导工作。根据《上海证券交易所科创板股 票上市规则》和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关 法律、法规的规定，兴业证券出具本持续督导跟踪报告。 一、重大风险的结论性意见 2024 年度，公司营业收入 217,794.08 万元，同比增加 12.37%；归属于上市公司股 东的净利润 18,951.89 万元，同比下降 57.80%；2024 年度公司业绩下滑，主要系公司经 营规模扩大，相关费用较去年同期有所增加；同时，受市场竞争加剧影响，公司缬氨酸 产品市场价格较去年同期下降，对公司利润产生影响，公司整体利润较去年同期减少所 致。公司主营业务、核心竞争力未发生重大不利变化，所处行业不存在产能过剩、持续 衰退或者技术替代等情形，公 ...

安徽华恒生物科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688639 证券简称：华恒生物 安徽华恒生物科技股份有限公司 2024 年年度股东大会 会议资料 中国合肥 二〇二五年五月 | 2024 年年度股东大会会议须知 1 | | --- | | 2024 年年度股东大会会议议程 3 | | 议案一：关于 2024 年度董事会工作报告的议案 4 | | 议案二：关于 2024 年度监事会工作报告的议案 5 | | 议案三：关于 2024 年度财务决算报告的议案 6 | | 议案四：关于 2025 年度财务预算报告的议案 7 | | 议案五：关于 2024 年度利润分配预案的议案 9 | | 议案六：关于 2025 年董事薪酬方案的议案 10 | | 议案七：关于 2025 年监事薪酬方案的议案 11 | | 议案八：关于公司 2024 年年度报告全文及摘要的议案 12 | | 议案九：关于续聘容诚会计师事务所（特殊普通合伙）作为公司 年度审计 2025 | | 机构的议案 13 | | 议案十：关于授权公司管理层开展外汇衍生品交易的议案 14 | | 议案十一：关于 2025 年预计为子公司 ...

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

近日， 【SynBioCon】 获 悉，" 维生素的高效异源合成 "是 国家重点研发计划"合成生物学"专项2024年度立项项目，由 四川大学牵头、轻工科学 与工程学院许正宏教授担任项目负责人，4月25日在成都召开 项目启动暨实施方案论证会，会议邀请了 四川大学石碧院士、 四川省科学技术厅陈学华 副厅长、四川大学刘超副校长等多位 领导和行业权威专家 共同研讨项目实施方案。 该项目包含 4个方向 ：" 维生素异源合成途径设计与优化" 、" 关键酶的机理解析与设计改造 "、" 高效异源合成细胞工厂的构建与精准调控 "、" 维 生素绿色智能制造及产业化示范 "。 本次会议的召开标志着"维生素的高效异源合成"项目正式进入全面实施阶段 。项目团队将按照专家意见进一步完善研究方案，加强协同创新，力争在 维生素生物合成领域取得突破性进展，为我国生物制造产业发展贡献力量。 01 热点赛道：维生素+合成生物，国内企业乘势而上 根据其溶解性，维生素分为 水溶性维生素 和 脂溶性维生素 两大类。 脂溶性维生素（ 维生素 A、维生素 D 、维生 素 E 和维生素 K ）具有非常广阔 的市场前景，目前维生素A以及维生素E占有约45%的市 ...

Core Viewpoint - Anhui Huaheng Biological has appointed a new Secretary of the Board, Deng Xianhe, who has a strong background in the chemical industry and financial research, which may influence the company's strategic direction and performance [1][4]. Company Overview - Anhui Huaheng Biological is a biotechnology company focused on the research, production, and sales of bio-based products, including amino acids, vitamins, and bio-based new material monomers, applicable in various fields such as intermediates, animal nutrition, daily chemical care, functional foods, and plant nutrition [6]. Financial Performance - The company has experienced stable revenue growth over the past five years, with a revenue increase of 12.37% in 2024, although the growth rate is slowing down [7]. - In 2024, the net profit is expected to decline significantly by 57.8% to 190 million yuan [7][13]. - The first quarter of 2025 showed a revenue of 687 million yuan, a year-on-year increase of 37.2%, but the net profit dropped by 40.98% to approximately 51 million yuan [13]. Stock Performance - Since Deng Xianhe began covering the stock in August 2021, the share price has seen significant appreciation, rising from around 22 yuan to a peak of 90 yuan by September 2023, although it has not reached the target price of 185 yuan set by Deng [9][11]. - However, starting from May 2024, the stock price has experienced a dramatic decline, falling 70% from 88.83 yuan over four months [11][12]. Management Changes - The announcement of the new Secretary of the Board has drawn attention, as Deng Xianhe is noted for his previous roles in major securities firms and his expertise in the chemical sector, which may bring valuable insights to the company [4][6].

Core Insights - In 2024, the company achieved total revenue of 2.178 billion yuan, a year-on-year increase of 12.37%, but faced a significant decline in net profit, which fell by 57.80% to 190 million yuan, indicating a structural change in the operating environment [1] Revenue and Profit Analysis - The core business of amino acid products generated revenue of 1.509 billion yuan, with a modest growth of 3.01%, while the gross margin dropped from 43.32% to 30.00%, a decline of 13.32 percentage points [2] - Revenue from vitamin products decreased by 5.04%, with gross margin plummeting by 34.33 percentage points to 20.77% [2] - Other products, such as bio-based succinic acid and 1,3-propanediol, saw a revenue increase of 318.70%, but their small scale (only 89 million yuan) and a gross margin decline of 13.93 percentage points to 28.58% could not offset the overall downturn [2] - Operating costs surged by 41.82% year-on-year, significantly outpacing revenue growth, driven by intensified price competition and rising raw material, energy, and labor costs [2] - The net profit margin fell sharply from 23.04% to 8.47% due to increased operating expenses, including a 629.63% rise in financial costs and a 29.76% increase in management expenses [2] Transformation Challenges - The company is accelerating its transition to synthetic biology, with R&D investment reaching 124 million yuan, a 13.99% increase, and 10 new patents granted [3] - However, these investments have not yet translated into economic benefits, as the bio-based succinic acid project has seen slow market demand despite a total investment of 400 million yuan [3] - International revenue grew by 30.34% to 1.032 billion yuan, but the gross margin decreased by 13.73 percentage points to 31.92%, while domestic revenue fell by 15.28% due to weak demand and rising costs [3] Capacity and Efficiency Issues - The low utilization rate of the household toothpaste production capacity in the Liuzhou plant indicates overcapacity in traditional businesses, while new bio-based product facilities face ramp-up challenges [4] - This imbalance between old and new capacities has led to a decline in total asset turnover and an increase in inventory turnover days, significantly reducing asset operational efficiency [4] Strategic Outlook - The company's 2024 annual report highlights its technological foundation in synthetic biology but also reveals typical challenges during the transition phase [5] - The company is at a crossroads, needing to stabilize its traditional business while accelerating the commercialization of new products, such as promoting PDO in the textile sector [5] - This path is fraught with challenges, requiring management to balance strategic determination and flexibility while demonstrating resilience against industry cyclical fluctuations [5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [4][11]. Core Views - The company has shown resilience in the face of short-term fluctuations, with strong potential for growth driven by new product releases, particularly PDO [1][4]. - The company is recognized as a leader in synthetic biology, with its core business in alanine and valine anaerobic processes leading the industry [4]. Financial Performance Summary - In 2024, the company achieved revenue of 2.178 billion yuan, a year-on-year increase of 12.37%. However, the net profit attributable to shareholders decreased by 57.80% to 190 million yuan [1][5]. - For Q4 2024, revenue was 639 million yuan, reflecting a year-on-year growth of 11.29% and a quarter-on-quarter increase of 22.21%. The net profit for this quarter was 20 million yuan, down 84.80% year-on-year [1][5]. - In Q1 2025, revenue reached 687 million yuan, a significant year-on-year increase of 37.20%, while net profit decreased by 40.98% to 51 million yuan [1][5]. Business Segment Performance - In 2024, the amino acids segment generated revenue of 1.509 billion yuan, with a growth of 3.01%. The vitamin segment saw a decline of 5.04% to 207 million yuan, while other products surged by 318.70% to 89 million yuan [2]. - The gross profit margins for these segments were 30.00%, 20.77%, and 28.58%, respectively, with notable declines in margins due to increased operational costs and competitive pricing pressures [2]. Product and Market Outlook - Valine prices showed signs of recovery in 2025 after a significant decline in 2024, with an average price of 14,653 yuan per ton, a 36.66% decrease year-on-year [3]. - The company has made key breakthroughs in new products such as 1,3-propanediol (PDO), which is expected to enhance its product portfolio and market reach [3]. Earnings Forecast - The company is projected to achieve net profits of 301 million yuan, 406 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.20 yuan, 1.63 yuan, and 2.18 yuan [4][5]. - The expected PE ratios for these years are 23, 17, and 13, respectively, indicating a favorable valuation trend [4][5].

【SynBioCon】 获 悉， 4月22日， 华恒生物 发布2024年年报。 2024年，公 司实现营业收入21.78亿元，同比增长12.37%；归母净利润为1.90亿元， 同比下降57.80%；基本每股收益0.82元。 华恒生物表示，营收增长主要系产品销量较去年同期增加所致， 净利润下降主要系公司经营规模扩大，相关费用较去年同期有所增加；同时，受市场 竞争加剧影响，公司缬氨酸产品价格较去年同期下降，对公司利润产生影响，公司整体利润较去年同期减少。 2024年市场缬氨酸产品价格处于历史低 位。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | | | | 期增减(%) | | | 营业收入 | 2.177.940.839.23 | 1, 938, 268, 117. 78 | 12. 37 | 1. 418, 651, 882. 92 | | 归属于上市公司 | 189, 518, 896. 19 | 449, 061, 466. 72 | -57.80 ...

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of RMB 50.00, down from the previous target of RMB 58.00 [5][24]. Core Insights - The company's revenue for 2024 is projected to be RMB 2.18 billion, representing a year-on-year growth of 12.4%, while net profit is expected to decline by 58% to RMB 190 million due to a significant drop in valine prices and lower-than-expected sales of new products [1][2]. - In Q1, the company reported a net profit of RMB 51.1 million, a decrease of 41% year-on-year but an increase of 160% quarter-on-quarter, primarily driven by a 9.5% rise in the average price of valine [1][2]. - The company is focusing on new product sales and has adjusted some production lines to flexible production to respond to market conditions [3]. Summary by Sections Financial Performance - The company's amino acid product revenue grew by 3% to RMB 1.51 billion in 2024, but gross margin decreased by 13.32 percentage points to 30% due to a 37% drop in the average market price of valine [2]. - Vitamin product revenue fell by 5% to RMB 207 million, with a gross margin decline of 34.33 percentage points to 21% due to significant price drops in products like myo-inositol and D-calcium pantothenate [2]. - Other products, including malic acid and arbutin, saw a revenue increase of 319% to RMB 89 million, although gross margin decreased by 13.93 percentage points to 29% [2]. Product Development - The company is actively advancing projects for alternating production of amino acids and is implementing flexible production capabilities for products like succinic acid and malic acid [3]. Valuation - The target price has been adjusted to RMB 50 based on a DCF valuation method, reflecting a 22-51% downward revision in profit forecasts for 2025-2027 [4].