具体内容详见公司于 2024 年 12 月 23 日、2025 年 5 月 21 日在巨潮资讯网、 《中国证券报》、《证券时报》《证券日报》《上海证券报》披露的相关公告《中 粮生物科技股份有限公司九届董事会 2024 年第 4 次临时会议决议公告》（公告 编号：2024-083）、《中粮生物科技股份有限公司关于公开挂牌转让所持参股公 司徽商银行股份有限公司股权的公告》（公告编号：2024-084）和《中粮科技： 关于公开挂牌转让所持参股公司徽商银行股份有限公司股权进展暨交易结果的 公告》（公告编号：2025-044）。 证券代码：000930 证券简称：中粮科技 公告编号：2025-048 中粮生物科技股份有限公司 关于公开挂牌转让所持参股公司徽商银行股份有限公司股权完 成过户登记的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、本次股权转让的基本情况 2024 年 12 月 19 日，中粮生物科技股份有限公司（以下简称公司）九届董 事会 2024 年第 4 次临时会议决议通过了《关于公开挂牌转让所持参股公司徽商 银行股份有限公司股权的议案》；2024 ...

Investment Rating - The report gives a "Buy" rating for COFCO Technology with a target price of 6.8 CNY, based on a price-to-book (PB) ratio of 1.2 for 2025 [5][3]. Core Views - COFCO Technology is a leading player in the domestic corn deep processing industry, with its dividend value becoming more prominent as performance improves. The company has a strong cost control capability, which has allowed it to turn a profit in 2024 despite low corn prices [1][3]. - The company is focusing on sustainable business models centered around biotechnology, with significant developments in bioenergy, fermentation products, and biodegradable materials [2][3]. Summary by Sections Company Overview - COFCO Technology, controlled by COFCO Group, has established a comprehensive corn processing industry layout covering food, food ingredients, bioenergy, and biodegradable materials. It is recognized as a leading corn deep processing enterprise in terms of scale and technology [1][13]. Main Business Segments 1. **Bioenergy**: - The company is a leader in fuel ethanol production with a capacity of 1.35 million tons, accounting for 23% of the national total. The industry is currently experiencing a slowdown, prompting the company to diversify into high-end alcohol and carbon dioxide utilization [2][31]. 2. **Fermentation Products & Starch Raw Materials**: - COFCO Technology is a leading producer of starch sugars, focusing on products like fructose syrup and maltodextrin. The company plans to expand its production capacity significantly by 2025 [2][46]. 3. **Biodegradable Materials**: - The main product is polylactic acid (PLA), with applications in packaging and agriculture. The company is advancing its biodegradable materials business through subsidiaries and plans to enhance its production capabilities [2][72]. Financial Forecast & Valuation Analysis - Revenue projections for 2025-2027 are 20.62 billion, 21.25 billion, and 22.97 billion CNY, respectively. The net profit attributable to shareholders is expected to reach 1.02 million, 1.64 million, and 2.34 million CNY for the same period [3][4]. - The report highlights the company's strong recovery in profitability, with a net profit of over 40 million CNY in Q1 2025, a year-on-year increase of 63.17% [1][3]. Investment Recommendations - The report emphasizes the potential for COFCO Technology to explore sustainable development models centered on biotechnology, which could enhance its dividend value as performance improves [3][5].

Group 1: Company Performance - In 2024, the company achieved a net profit attributable to shareholders exceeding 25 million yuan, and in Q1 2025, the net profit surpassed 40 million yuan, indicating a turnaround compared to 2023 [1] - By Q2 2025, the company's operational situation remained stable, with good sales performance across all product lines [1] Group 2: Revenue Composition - Sales revenue from alcohol and its by-products accounted for approximately 45% of total sales revenue, with annual sales of alcohol products around 1.3 million tons, of which fuel ethanol is about 1 million tons [1] Group 3: Business Segments - The company operates in three main business segments: food raw materials and ingredients (such as starch, starch sugars, MSG, citric acid, and edible alcohol), biomass energy (fuel ethanol), and bioplastics (such as polylactic acid and polycaprolactone) [1] Group 4: Competitive Advantages - The company maintains a low debt-to-asset ratio and healthy cash flow, with significant raw material control, market channel development, and customer maintenance capabilities due to its nationwide processing enterprise layout [2] - Increased R&D investment has contributed to cost reduction and efficiency improvements [2] Group 5: Transformation and Upgrades - Recent expansions include a 150,000-ton starch sugar project in Chengdu and a 550,000-ton new project in Taicang, along with ongoing feasibility studies for other regional layouts [2] - Approximately 400 million yuan has been invested in upgrading thermal power facilities to enhance starch and alcohol business operations [2] Group 6: Future of Fuel Ethanol - Domestic demand for fuel ethanol is currently around 3.3 million tons, with potential for growth aligned with national carbon neutrality strategies and grain policies [2] - Fuel ethanol can theoretically replace gasoline entirely, but in practice, it is typically blended with gasoline at a ratio of about 10% in China, while the U.S. and Brazil can reach up to 40% [2] Group 7: Market Dynamics - Fluctuations in oil prices have historically impacted fuel ethanol prices, but the current market pricing model is primarily driven by supply and demand dynamics [3] - Liquid sugar is generally cheaper than cane sugar, especially in beverage applications where it offers processing advantages [3] Group 8: Risk Management - The company employs futures hedging as a key operational strategy, managing the procurement of millions of tons of corn while producing starch, fructose, and protein feed products to stabilize profits and control price volatility [3] Group 9: Market Communication - Effective market value management is essential for the company, which aims to enhance communication with investors to boost confidence and showcase operational improvements [3] Group 10: Special Syrup Development - The growth of new markets like ready-to-drink tea has led to increased sales of specialty syrups, with plans to continue developing new products and expanding functional sugar offerings [3] Group 11: Biodegradable Materials - The future of biodegradable materials is promising, aligning with national carbon neutrality and environmental requirements, with ongoing projects like the polylactic acid initiative expected to commence trial production by year-end [4]

Core Viewpoint - The upgrade of the "plastic ban" has led to a significant increase in the demand for polylactic acid (PLA) in various sectors, including packaging and disposable tableware, with China's PLA consumption expected to reach 240,000 tons in 2024, a year-on-year increase of 60% [1][12]. Industry Overview - Polylactic acid (PLA) is a biodegradable polymer material derived from the polymerization of lactic acid, which can be obtained from renewable plant resources through fermentation [4]. - PLA has good biocompatibility and can be decomposed by microorganisms in the natural environment, making it an environmentally friendly material [4]. Industry Development History - The PLA industry in China has gone through three main stages: the embryonic stage (1979-2006), the initiation stage (2007-2019), and the explosive growth stage (2020-present) [4][5]. - The government has implemented policies to restrict the use of non-degradable plastics, which has significantly boosted the demand for PLA [5][6]. Industry Chain - The PLA industry chain includes upstream raw materials (corn, sugarcane, etc.), midstream PLA production, and downstream applications in food packaging, disposable tableware, and medical devices [8]. Current Industry Status - The demand for PLA has surged due to the expanded scope of the plastic ban, with significant advancements in domestic production technology leading to lower costs and improved product quality [12]. - In the first four months of 2025, China's imports of primary PLA amounted to $48.39 million, a year-on-year increase of 42.69%, while exports reached $22.24 million, up 35.53% [14]. Key Companies' Performance - The PLA industry in China is characterized by strong leading companies, such as Anhui Fengyuan and Zhejiang Haizheng, which have established comprehensive industry chains and technological advantages [16][20]. - Anhui Fengyuan has a complete industry chain from corn planting to PLA deep processing, while Zhejiang Haizheng has achieved significant breakthroughs in the industrialization of key PLA raw materials [17][20]. Industry Development Trends 1. The global upgrade of plastic ban policies is a core driver for the PLA industry's growth, with increasing consumer awareness of environmental issues further boosting demand [22]. 2. Technological innovations and industry chain integration are accelerating, with domestic companies reducing reliance on imported technologies [23][24]. 3. The demand for high-end PLA products is growing, leading to a transformation towards high-value-added sectors, while international competition is intensifying [25].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 中粮生物科技股份有限公司（以下简称公司）董事会于近日收到公司独立 董事陈国强先生的书面辞职报告。 陈国强先生因工作原因，申请辞去公司独立董事、董事会战略委员会委 员、董事会提名委员会委员、董事会薪酬与考核委员会委员职务，辞职后，陈 国强先生将不在公司担任任何职务。截至本公告日，陈国强先生未持有公司股 份。 证券代码：000930 证券简称：中粮科技 公告编号：2025-047 中粮生物科技股份有限公司 关于公司独立董事辞职的公告 特此公告。 中粮生物科技股份有限公司 董 事 会 2025 年 6 月 11 日 由于陈国强先生的辞职将导致公司董事会中独立董事的人数低于法定人 数，根据相关规定，陈国强先生的辞职将在公司股东大会选举产生新任独立董 事后生效。在公司新任独立董事尚未确定之前，陈国强先生将继续按照有关法 律法规以及《公司章程》等规定履行独立董事职责。公司董事会将按照有关规 定履行相关程序，尽快完成独立董事的补选工作。 陈国强先生在公司任职期间勤勉尽责，认真履职，公司董事会对陈国强先 生为公司发展做出的贡献 ...

Core Viewpoint - The sale of Huishang Bank shares by COFCO Technology for 103 million yuan marks the completion of its financial asset divestment plan, reflecting the company's strategic focus and highlighting issues with its core business profitability and reliance on asset disposals to improve financial statements [1][2]. Group 1: Share Transfer Details - COFCO Technology successfully transferred 40.31 million shares of Huishang Bank, accounting for 0.2902% of the bank's total equity, to Anhui Investment Group [1]. - The initial listing price for the shares was set at 156 million yuan in February 2024, but was reduced to 103 million yuan due to market caution regarding Huishang Bank's shares [2]. - The divestment is part of a broader strategy to reduce non-core assets, aligning with the national directive to focus on real economy and mitigate financial market volatility risks [2]. Group 2: Financial Performance Insights - In 2024, COFCO Technology reported a net profit attributable to shareholders, but the adjusted net profit was a loss of 76.6397 million yuan, indicating insufficient core business profitability [3]. - The company's net profit improvement was largely driven by asset disposals and government subsidies, while its main sectors, such as food and bioenergy, are experiencing revenue growth without corresponding profit increases [3]. - The bioenergy segment remains vulnerable to international crude oil price fluctuations, with Brent crude oil prices dropping by 12% in 2024, leading to a 9% decrease in fuel ethanol prices and a revenue decline of approximately 320 million yuan [3]. Group 3: Transformation Challenges - The short-term benefits of selling Huishang Bank shares include alleviating liquidity pressure and optimizing asset structure, but the long-term value hinges on the company's ability to rebuild its core competitiveness [4]. - COFCO Technology must innovate in high-margin markets through products like allulose, capitalize on biodegradable materials for green economy opportunities, and enhance collaboration with COFCO Group in procurement and distribution [4]. - Successfully transforming the "stopgap" effect of asset sales into "blood-generating" business upgrades is crucial for COFCO Technology to redefine its identity beyond being a "cyclical enterprise" [4].

Meeting Overview - The company held its 5th temporary board meeting of the 9th session on May 23, 2025, with all 7 directors participating in the voting process [1][2] - The meeting was conducted through a combination of in-person and communication methods, ensuring all directors could express their opinions [1] Agenda Items - The board discussed optimizing the organizational structure to enhance management efficiency in line with the company's actual conditions [1] - The company plans to continue establishing credit relationships with major domestic financial institutions, including Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China, to meet funding needs and ensure fund safety [2]

证券代码：000930 证券简称：中粮科技 公告编号：2025-046 中粮生物科技股份有限公司 4. 2025 年度公司向中国建设银行股份有限公司蚌埠市分行申请不超过人民 币 2 亿元流动资金贷款（含贸易融资等），信用方式，期限 1 年（含）。 5. 2025 年度公司向交通银行股份有限公司蚌埠市分行申请不超过人民币 5 关于公司 2025 年度向部分金融机构申请授信、融资事项的公告 公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 中粮生物科技股份有限公司（以下简称公司）于 2025 年 5 月 23 日召开九届 董事会 2025 年第 5 次临时会议，审议通过了《关于公司 2025 年度向部分金融机 构申请授信、融资事项的议案》。为满足资金需求，保障资金安全，公司已与中 国工商银行股份有限公司蚌埠分行、中国农业银行股份有限公司蚌埠分行、中国 银行股份有限公司蚌埠分行等在内的国内主要金融机构建立了信贷业务关系。 为稳妥周转授信、融资，提高效率，公司拟继续与上述各行进行 2025 年度 授信、融资相关事项。具体如下： 1. 2025 年度公司向中国工商银行股份有限公 ...

证券代码：000930 证券简称：中粮科技 公告编号：2025-045 中粮生物科技股份有限公司 为提升管理效率，结合公司实际，对公司组织架构进行优化调整。 2.以 7 票同意、0 票反对、0 票弃权的表决结果审议通过了《关于公司 2025 年度向部分 金融机构申请授信、融资事项的议案》。 为满足资金需求，保障资金安全，公司与包括中国工商银行股份有限公司蚌埠分行、中 国农业银行股份有限公司蚌埠分行、中国银行股份有限公司蚌埠分行等在内的国内主要金融 机构建立了信贷业务关系。为稳妥周转授信、融资，提高效率，公司拟继续与上述各行进行 2025 年度授信、融资相关事项。 具 体 内 容 详 见 同 日 刊 登 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的相关公告。 九届董事会 2025 年第 5 次临时会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 一、会议基本情况 中粮生物科技股份有限公司（以下简称公司）于 2025 年 5 月 19 日分别以传真和专人送 达的方式向公司全体董事、监事和高级管理人员发出召开公司九届董事会 ...

证券代码：000930 证券简称：中粮科技 公告编号：2025-044 中粮生物科技股份有限公司 关于公开挂牌转让所持参股公司徽商银行股份有限公司股权进展 暨交易结果的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 重要内容提示： ? 交易内容：中粮生物科技股份有限公司(以下简称公司)在上海联合产权交易 所（以下简称上联交所）通过公开挂牌方式出售所持徽商银行股份有限公司（以下简 称徽商银行）全部股权，2025 年 3 月 31 日安徽省投资集团控股有限公司（以下简称 皖投）按挂牌价 10,285.034694 万元摘牌。 ? 本次交易未构成重大资产重组。 ? 除依法律、行政法规规定需要报审批机构批准后生效的情形以外，《产权交 易合同》自双方盖章之日起生效。 一、交易概述 徽商银行股份有限公司（以下简称徽商银行）为中粮生物科技股份有限公司（以 下简称公司）的参股公司，公司持有 4,030.95 万股，占其总股本的 0.2902%。公司拟 通过产权交易所出售所持有的徽商银行全部股权，首次挂牌价格不低于徽商银行 2023 年 12 月 31 日净资产评估值。 公开 ...