证券代码:688639 证券简称:华恒生物 公告编号:2025-005 经与会监事审议，议案表决结果如下： （一）审议通过《关于增加公司募投项目实施内容的议案》 安徽华恒生物科技股份有限公司 第四届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 安徽华恒生物科技股份有限公司（以下简称"公司"）第四届监事会第十五 次会议于 2025 年 3 月 7 日在公司会议室以现场会议结合通讯方式召开。本次会 议应到监事 3 人，实到监事 3 人。会议通知已于 2025 年 2 月 28 日以专人递送方 式送达全体监事。会议由监事会主席刘洋召集和主持。本次会议的召集、召开符 合《中华人民共和国公司法》和《公司章程》的有关规定。 二、 监事会会议审议情况 公司本次新增募投项目实施内容是结合公司实际经营情况及发展战略所作 出的审慎决策，符合《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《上海证券交易所科创板股票上市规则》等法律法规、规范性文 件的规定，不存在损害 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that the decline in valine prices has put pressure on profits, but there is potential for performance improvement with the ramp-up of new products [1][8] - The company is expected to see a turning point in performance in 2025 as new products are launched and valine prices stabilize [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,938 million in 2023 to 4,462 million by 2026, with a CAGR of approximately 36.8% [2] - The net profit attributable to the parent company is expected to decrease significantly in 2024 to 200 million, before rebounding to 363 million in 2025 and 565 million in 2026 [2] - The gross margin is forecasted to stabilize around 28.7% in 2025, with a slight increase to 29.7% by 2026 [2] Market Data - As of February 28, 2025, the closing price of the stock is 31.54 yuan, with a market capitalization of 7,202 million [3] - The stock has experienced a significant price fluctuation over the past year, with a high of 130.50 yuan and a low of 26.11 yuan [3] Company Performance Insights - The company reported a total revenue of 2.184 billion for 2024, reflecting a year-on-year growth of 12.7%, but a significant decline in net profit by 55.5% [8] - The report indicates that the decline in valine prices and increased competition have adversely affected profitability, but new product launches are expected to provide growth opportunities [8] - The company is actively working on ramping up production of new products such as arginine and tryptophan, which are anticipated to contribute positively to future revenues [8]

Financial Performance - Total revenue for 2024 reached RMB 218,444.68 million, an increase of 12.70% compared to RMB 193,826.81 million in the previous year[4] - Operating profit decreased by 58.98% to RMB 20,954.85 million from RMB 51,090.33 million year-on-year[4] - Net profit attributable to shareholders of the parent company fell by 55.51% to RMB 19,978.17 million from RMB 44,906.15 million in the previous year[4] - Basic earnings per share decreased by 56.12% to RMB 0.86 from RMB 1.96 year-on-year[4] Assets and Equity - Total assets increased by 25.57% to RMB 498,524.26 million from RMB 397,023.81 million at the beginning of the period[4] - Shareholders' equity attributable to the parent company rose by 40.94% to RMB 257,492.09 million from RMB 182,697.12 million at the beginning of the period[4] - The company issued new shares, raising a net amount of RMB 684 million, contributing to the increase in equity[8] Profit Decline Factors - The decline in profits was primarily due to a decrease in the price of valine products and an increase in related expenses[7][8] - Weighted average return on equity decreased by 16.89 percentage points to 10.17% from 27.06% year-on-year[4] Market Response - The company is actively responding to market demand and competition, leading to sustained growth in product sales despite the profit decline[7]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is expected to see a turning point in its performance in 2025, driven by stabilized valine prices and the ramp-up of new projects [1][8] - The company has faced significant profit declines in 2024 due to falling prices of valine and challenges in new product launches [8] - The company is actively advancing project construction and testing, with new products expected to contribute to growth in 2025 [8] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,938 million in 2023 to 3,231 million in 2025, reflecting a growth rate of 53.8% [7] - Net profit attributable to the parent company is expected to recover from 203 million in 2024 to 363 million in 2025, with a growth rate of 78.4% [7] - The company anticipates a significant increase in earnings per share from 0.81 in 2024 to 1.45 in 2025 [7] - The gross margin is expected to stabilize around 28.6% in 2025, up from 27.9% in 2024 [7] Investment Analysis - The report maintains the profit forecast for 2024-2026 at 2.03 billion, 3.63 billion, and 5.65 billion respectively, with corresponding price-to-earnings ratios of 33, 18, and 12 [8]

Revenue Projections - The company expects 2024 annual revenue to be between 2.1 billion and 2.3 billion CNY, an increase of 161.73 million to 361.73 million CNY, representing a year-on-year growth of 8.34% to 18.66%[4]. - In 2023, the company achieved a total profit of 506.27 million CNY and revenue of 1.938 billion CNY[7]. Profit Projections - The projected net profit attributable to shareholders for 2024 is expected to be between 180 million and 220 million CNY, a decrease of 229.06 million to 269.06 million CNY, reflecting a year-on-year decline of 51.01% to 59.92%[4]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is expected to be between 170 million and 210 million CNY, a decrease of 228.09 million to 268.09 million CNY, indicating a year-on-year decrease of 52.07% to 61.20%[4]. - The net profit attributable to shareholders in 2023 was 449.06 million CNY, with a net profit after deducting non-recurring gains and losses of 438.09 million CNY[7]. Market and Operational Insights - The company anticipates continued growth in product sales in 2024, responding to market demand and competition[8]. - Increased operational scale has led to higher related expenses compared to the previous year, impacting overall profit[8]. - The price of valine products has decreased due to intensified market competition, affecting the company's profitability[8]. Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[9]. - The forecast data is preliminary and subject to final confirmation in the official 2024 annual report[10].

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 年度现场检查报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为安徽华恒 生物科技股份有限公司（以下简称"华恒生物"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，根据中国证监会《证券发 行上市保荐业务管理办法》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》的相关规定，于 2024 年 12 月 23 日至 24 日对公司进行了现场 检查。现将本次现场检查情况报告如下： 在现场检查过程中，保荐机构结合华恒生物的实际情况，查阅、收集了华恒 生物自 2024 年 1 月 1 日至现场检查日的有关文件、资料，与公司管理人员和员 工进行了访谈，实施了包括审核、查证、询问等必要程序，检查了公司治理和内 部控制，信息披露，公司的独立性以及与控股股东及其他关联方资金往来，募集 资金使用，关联交易、对外担保、重大对外投资以及经营状况等情况，并在前述 工作的基础上完成了本次现场检查报告。 二、对现场检查事项逐项发表的意见 一、本次现场检查的基本情况 保荐机构于 2024 年 12 月 23 ...

证券代码：688639 证券简称：华恒生物 公告编号：2024-062 安徽华恒生物科技股份有限公司 股东询价转让结果报告书暨持股 5%以上股东 权益变动超过 1%的提示性公告 宁波睿合远创业投资合伙企业（有限合伙）保证向安徽华恒生物科技股份有限 公司提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实 性、准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次询价转让的价格为 31.89 元/股，转让的股票数量为 3,357,844 股。 安徽华恒生物科技股份有限公司（以下简称"公司"）控股股东、实际控制 人未参与本次询价转让。 本次询价转让不会导致公司控股股东、实际控制人发生变化。 本次权益变动后，宁波睿合远创业投资合伙企业（有限合伙）（以下简称 "宁波睿合远"或"转让方"）及其一致行动人持有公司股份比例由占公司总股本 的 32.17%减少至 30.82%，累计权益变动比例超过 1%。 一、转让方情况 （一）转让方基本情况 截至 2024 年 12 月 20 日，转让方宁波睿合远所持公司首发前股份的数量，以 及占公司总股本 ...

中信证券股份有限公司 上海证券交易所： 中信证券股份有限公司（以下简称"中信证券"或"组织券商"）受委托担任宁波 睿合远创业投资合伙企业（有限合伙）（以下简称"转让方"）以向特定机构投资者询价 转让（以下简称"询价转让"）方式减持所持有的安徽华恒生物科技股份有限公司（以 下简称"公司"或"华恒生物"）首次公开发行前已发行股份的组织券商。 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称"《询价转让和配售指 引》"）要求，本次询价转让的询价、转让过程与结果是否公平、公正，是否符合《询价 转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2024 年 12 月 20 日转让方所持公司首发前股份的数量及占公司总股本比例情 况如下： | 序号 | 股东名称 | | 截至 2024 年 | 12 月 | 20 | 持股比例 | | --- | --- | --- | --- | --- | --- | --- | | | | 日收盘持股数量（股） | | | | | | 1 | 宁波睿合 ...

股东询价转让定价情况提示性公告 宁波睿合远创业投资合伙企业（有限合伙）（以下简称"出让方"）保证向安 徽华恒生物科技股份有限公司（以下简称"华恒生物"或"公司"）提供的信息内容 不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整 性依法承担法律责任。 证券代码：688639 证券简称：华恒生物 公告编号：2024-061 安徽华恒生物科技股份有限公司 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 二、风险提示 （一）本次询价转让受让方及受让股数仅为初步结果，尚存在拟转让股份被 司法冻结、扣划等风险。询价转让的最终结果以中国证券登记结算有限责任公司 上海分公司最终办理结果为准。 （二）本次询价转让不涉及公司控制权变更，不会影响公司治理结构和持续 经营。 重要内容提示： 根据 2024 年 12 月 23 日询价申购情况，初步确定的本次询价转让价格为 31.89 元/股。 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为 31.89 元/股，为华恒 生物询价转让发送认购邀请书之日（即 2024 年 12 月 20 日）收盘价 33.47 元/股 ...

证券代码：688639 证券简称：华恒生物 公告编号：2024-060 安徽华恒生物科技股份有限公司 股东询价转让计划书 宁波睿合远创业投资合伙企业（有限合伙）（以下简称"出让方"）保证向 安徽华恒生物科技股份有限公司（以下简称"华恒生物"）提供的信息内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依 法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟参与转让的股东情况 （二）关于出让方是否为华恒生物控股股东、实际控制人、持股 5%以上的 股东、董事、监事及高级管理人员 本次询价转让的出让方宁波睿合远创业投资合伙企业（有限合伙）非公司控 股股东、实际控制人，为公司实际控制人控制的企业，公司实际控制人承诺不参 与本次询价转让；部分董事、监事及高级管理人员通过出让方间接持有华恒生物 股份；出让方为华恒生物持股 5%以上的股东。 （一）出让方的名称、持股数量、持股比例 出让方委托中信证券股份有限公司（以下简称"中信证券"）组织实施本次 询价转让。截至 2024 年 12 月 20 日出让方所持首发前股份的数量、占公司总股 本比例 ...