Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 0.24/0.33/0.47 yuan for 2024-2026 and corresponding P/E ratios of 32/24/17 times [13] Core Viewpoints - The company is a global leader in the plant extraction industry, leveraging R&D, process, and management advantages to build core competitiveness [13] - With the end of the industry's inventory destocking cycle and rising product prices, the company's profitability is expected to improve continuously [13] - The company's globalization strategy is steadily advancing, with overseas revenue reaching 994 million yuan in 2023, a 6% YoY increase [29] - The company initiated a global supply chain layout in 2023, exploring opportunities in Southeast Asia, Central Asia, South America, and Africa to enhance risk resilience [29] Financial Performance - The company's 2023 revenue was 1.494 billion yuan, a 7% YoY increase, with Q4 revenue of 605 million yuan, a 43% YoY increase [34] - Net profit attributable to the parent company in 2023 was 83 million yuan, a 53.8% YoY decrease, but Q4 net profit was 42 million yuan, a 1323% YoY increase [34] - The company's gross margin in 2023 was 24.41%, a 6 percentage point YoY decrease, mainly due to price declines in core plant extraction products and inventory impairment [34] - The company's net profit margin in 2023 was 6.58%, a 7 percentage point YoY decrease, but improved to 8.17% in Q1 2024 [34] Business Segments - The plant extraction business achieved revenue of 1.484 billion yuan in 2023, a 12% YoY increase [34] - Natural sweetener business revenue was 903 million yuan in 2023, a 2% YoY increase, driven by volume growth despite price declines in monk fruit [34] - Tea extract business revenue was 179 million yuan in 2023, a 10% YoY increase, with a gross margin exceeding 30% [34] - Industrial hemp business incurred a loss of 70 million yuan in 2023 due to market clearing, but the company is accelerating capacity release in the hemp vaping sector [34] Future Outlook - The company is expected to achieve revenue of 1.793/2.115/2.453 billion yuan in 2024-2026, with YoY growth rates of 20%/18%/16% [35] - Net profit attributable to the parent company is expected to reach 180/246/347 million yuan in 2024-2026, with YoY growth rates of 117.9%/37%/40.7% [35] - ROE is projected to improve from 2.6% in 2023 to 5.6%/7.8%/11.1% in 2024-2026 [35] Share Repurchase - The company plans to repurchase 1-2 billion yuan worth of shares at a price not exceeding 8.50 yuan per share for equity incentive or employee stock ownership plans [40] - As of March 31, 2024, the company has repurchased 7.9921 million shares, accounting for 1.08% of the total share capital [40]

桂林莱茵生物科技股份有限公司 证券代码：002166 证券简称：莱茵生物 公告编号：2024－031 桂林莱茵生物科技股份有限公司 关于召开 2023 年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 桂林莱茵生物科技股份有限公司（以下简称"公司"）于 2024 年 4 月 10 日 在《中国证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 （www.cninfo.com.cn）刊登了《关于召开 2023 年度股东大会的通知》（公告编 号：2024-026），现根据有关规定，就召开本次股东大会的相关事项再次通知如 下： 一、召开会议的基本情况 （2）网络投票时间：通过深圳证券交易所交易系统投票的时间为 2024 年 5 月 6 日上午 9:15—9：25，9：30—11:30 以及下午 13:00—15:00；通过深圳证券 交易所互联网投票系统（http://wltp.cninfo.com.cn）投票时间为 2024 年 5 月 6 日 上午 9:15 至下午 15:00。 5、会议召开方式：本次股东大会采取现场表决与网络投票 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥341,215,308.03, representing a 35.07% increase compared to ¥252,624,843.19 in the same period last year[3] - Net profit attributable to shareholders was ¥26,790,064.13, up 34.37% from ¥19,937,378.89 year-on-year[3] - The net profit after deducting non-recurring gains and losses surged by 372.05% to ¥39,570,887.50, compared to ¥8,382,853.49 in the previous year[3] - The company achieved a consolidated revenue of RMB 341.22 million in Q1 2024, representing a year-on-year growth of 35.07%[15] - The net profit attributable to shareholders reached RMB 26.79 million, a year-on-year increase of 34.37%, with a 372.05% growth in net profit after deducting non-recurring gains and losses[15] - In Q1 2024, the company reported a net profit of CNY 27,884,546.77, an increase of 22.8% compared to CNY 22,746,832.35 in Q1 2023[30] - The total revenue from operating activities reached CNY 665,699,925.37, up from CNY 392,343,449.64 in the same period last year, representing a growth of 69.5%[32] - The company's operating profit was CNY 38,694,563.32, compared to CNY 26,222,155.48 in Q1 2023, marking a year-over-year increase of 47.6%[30] - The total comprehensive income for the period was CNY 29,338,961.00, compared to CNY 13,309,904.98 in the same quarter last year, reflecting a growth of 120.5%[31] - The company reported a significant increase in sales revenue from CNY 627,894,881.41 in Q1 2024, compared to CNY 359,879,120.69 in Q1 2023, indicating a growth of 74.5%[32] Cash Flow and Assets - The net cash flow from operating activities increased significantly to ¥15,776,635.33, a 2,956.62% rise from -¥552,283.38 in Q1 2023[3] - The company's cash and cash equivalents increased by 67.16% to ¥218,063,579.63, driven by a substantial rise in sales collections[8] - The company's cash and cash equivalents increased to RMB 218,063,579.63 from RMB 130,453,809.30, reflecting a growth of approximately 67%[25] - The cash flow from operating activities showed a net increase of CNY 15,776,635.33, contrasting with a negative cash flow of CNY -552,283.38 in Q1 2023[32] - The cash and cash equivalents at the end of the period amounted to CNY 110,892,028.16, a slight increase from CNY 110,718,019.51 at the beginning of the period[33] Shareholder Information - As of March 31, 2024, the company repurchased a total of 7,992,071 shares, accounting for 1.08% of the total share capital, with a total transaction amount of RMB 49.96 million[18] - The company plans to use between RMB 100 million and RMB 200 million for share repurchase to enhance investor confidence[17] - The company has implemented a share repurchase plan to support employee stock ownership and incentive programs[17] - The major shareholders include Qin Benjun with a 36.58% stake, and the top ten shareholders hold a significant portion of the company's shares[14] Investments and Agreements - The company signed a new five-year agreement with DSM-Firmenich, with a total contract value of USD 68 million, of which USD 1.41 million has been fulfilled in the current reporting period[19][20] - The company is investing USD 5 million to establish two brand and operation companies in the U.S. for industrial hemp vaporization products, with operations officially commenced[21][22] Operational Metrics - Total assets at the end of Q1 2024 were ¥4,768,230,024.88, reflecting a 3.08% increase from ¥4,625,577,132.96 at the end of the previous year[3] - The company's basic earnings per share rose to ¥0.04, a 33.33% increase from ¥0.03 in the same quarter last year[3] - The weighted average return on equity improved to 0.86%, up from 0.65% year-on-year[3] - The total operating costs for the first quarter of 2024 were RMB 297,588,999.84, up from RMB 241,217,950.90 in the previous year, indicating a 23.5% increase[29] - The inventory balance rose to RMB 1,250,243,019.00, compared to RMB 971,298,948.11 at the beginning of the period, marking a 29% increase[26] - The total liabilities increased to RMB 1,582,572,457.44 from RMB 1,421,120,433.26, showing a growth of approximately 11.4%[27] - The company's equity attributable to shareholders decreased slightly to RMB 3,111,765,600.41 from RMB 3,131,659,215.31[27] - The company incurred financial expenses of CNY 3,459,863.60, down from CNY 4,099,796.18, a decrease of 15.7%[30] - Research and development expenses decreased to CNY 9,659,639.15 from CNY 11,642,233.61, a reduction of 17.0%[30] Fundraising - The company raised a total of RMB 967,999,997.25 from a private placement of 165,470,085 shares at RMB 5.85 per share, with a net amount of RMB 961,109,931.12 after deducting issuance costs[23] - The company has RMB 48,231.42 million of unutilized raised funds, with RMB 48,000.00 million temporarily used to supplement working capital[23] - The company reported cumulative interest income from the raised funds amounting to RMB 14,765,200.00[23]

桂林莱茵生物科技股份有限公司 关于控股股东、实际控制人部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 桂林莱茵生物科技股份有限公司（以下简称"公司"）董事会于2024年04 月25日接到控股股东、实际控制人秦本军先生的通知，获悉秦本军先生将其所持 有的部分公司股份办理了质押业务，具体事项如下： 二、股东股份累计质押情况 截至公告披露日，上述股东所持质押股份情况如下： 桂林莱茵生物科技股份有限公司 证券代码：002166 证券简称：莱茵生物 公告编号：2024-029 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押 | 本次质押 | 占其所 | 占公司 | 情况 | | 情况 | | | 股东 | 持股数量 | 持股比 | 前质押股 | 后质押股 | 持股份 | 总股本 | 已质押股 | 占已质 | 未质押股 | 占未质 | | 名称 | （万股） | 例（% ...

桂林莱茵生物科技股份有限公司 证券代码：002166 证券简称：莱茵生物 公告编号：2024－028 桂林莱茵生物科技股份有限公司 关于举办2023年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 桂林莱茵生物科技股份有限公司（以下简称"公司"）2023 年度报告已于 2024 年 04 月 10 日披露，为使广大投资者进一步了解公司 2023 年度经营情况， 公司定于 2024 年 04 月 29 日（星期一）在价值在线（www.ir-online.cn）召开 2023 年度网上业绩说明会，将针对经营业绩等投资者关心的问题与广大投资者进行在 线沟通交流。现将有关事项公告如下： 一、业绩说明会的安排 为充分尊重投资者、提升公司与投资者之间的交流效率及针对性，现就公司 2023 年度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建 议。投资者可于 2024 年 04 月 26 日前通过上述链接进行会前提问，公司将通过 本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 本次业绩说明会召开后，投资者可以通过价值 ...

Dividend Distribution - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders, based on a total share capital of 741,986,825 shares, excluding shares in the repurchase account[5]. - The company has a total of 741,986,825 shares outstanding, which will be the basis for the dividend distribution[5]. - In 2022, the company distributed cash dividends of RMB 74,208,242.50, at a rate of RMB 1.00 per 10 shares, based on a total share capital of 742,082,425 shares[200]. Financial Performance - The company's operating revenue for 2023 was ¥1,493,929,546.69, representing a 6.65% increase compared to ¥1,400,737,343.44 in 2022[22]. - The net profit attributable to shareholders decreased by 53.84% to ¥82,510,982.99 from ¥178,745,385.35 in the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 86.17% to ¥20,615,597.65 from ¥149,067,554.85 in 2022[22]. - The net cash flow from operating activities improved significantly, reaching ¥116,589,971.61, compared to a negative cash flow of ¥258,422,111.78 in 2022, marking a 145.12% increase[22]. - The total assets at the end of 2023 were ¥4,625,577,132.96, a 3.82% increase from ¥4,455,360,858.16 at the end of 2022[22]. - The net assets attributable to shareholders increased by 2.18% to ¥3,131,659,215.31 from ¥3,064,751,877.97 in 2022[22]. - The company achieved total revenue of CNY 149,392.95 million, a year-on-year increase of 6.65%, with plant extraction business revenue reaching CNY 148,410.45 million, up 12.27% due to market demand recovery in Q4[73]. - Net profit attributable to shareholders was CNY 8,251.10 million, a decrease of 53.84%, primarily due to a decline in market prices of core plant extraction products and increased expenses[73]. Market Trends and Industry Insights - In 2023, China's plant extract industry experienced its first negative growth in recent years, with total export value declining to $3.32 billion, a decrease of 6% year-on-year[38]. - The export value of non-essential oil plant extracts was $2.91 billion, down 6.2% year-on-year, indicating a contraction in demand from traditional markets like the US and Europe[38]. - The ASEAN market showed significant growth, with non-essential oil plant extract exports reaching $340 million in 2023, highlighting a shift in export focus[39]. - The plant extraction industry accounted for 50% of China's traditional Chinese medicine foreign trade, with plant extracts making up 60% of the export share, underscoring its importance[36]. - The plant extraction industry is expected to maintain a strong growth trend in 2024, driven by consumption upgrades and health demands, with a projected increase in market scale[129]. - The global dietary supplement market reached $176.17 billion in 2022, expected to approach $200 billion by 2025, indicating strong growth potential[130]. - The natural cosmetics market is projected to reach $54.4 billion by 2027, with China's functional skincare market expected to grow to ¥418 billion by 2026[130]. - The global plant extract market is expected to grow from $18.09 billion in 2020 to $32.46 billion by 2027, with a CAGR of 7.9%[130]. Research and Development - The company is focusing on R&D and innovation to maintain a competitive edge in a market characterized by homogenization and increasing consumer demand for personalized health solutions[37]. - The company has developed over 300 standardized plant extraction products, including monk fruit extract, stevia extract, industrial hemp extract, and tea extract, serving various sectors such as food, beverage, medicine, and cosmetics[48]. - The company has established a Plant Science Innovation Center focused on the R&D and cultivation of high-quality monk fruit and stevia seedlings, and set up a Health Product R&D Center in Shanghai for application research of plant extracts in consumer products[62]. - The company has formed strategic partnerships with several universities and research institutions, including Hunan Agricultural University and Jiangnan University, to enhance R&D capabilities and talent cultivation[63]. - The company has implemented a "company + cooperative + farmer" model for raw material procurement, ensuring stable supply and quality of stevia and monk fruit[70]. - The company is developing a proprietary monk fruit breeding system to ensure a sustainable supply of high-quality raw materials[99]. - The company's R&D investment increased by 10.00% to ¥55,950,286.47 in 2023, representing 3.75% of total revenue[100]. Corporate Governance - The governance structure includes a board of 7 members, with 3 independent directors, ensuring compliance with legal requirements and promoting effective decision-making[171]. - The company has established a robust internal control system to enhance operational efficiency and governance standards[170]. - The company is committed to maintaining independence from its controlling shareholder, ensuring autonomous business operations[170]. - The board has established specialized committees, including an audit committee, to provide professional oversight and recommendations[172]. - The company has a fully independent business system, focusing on the research, production, and sales of natural health products, with no competition from its controlling shareholders[176]. - The company has established an independent financial department and accounting system, ensuring no shared bank accounts with controlling shareholders[175]. Employee Development and Training - The total number of employees at the end of the reporting period is 1,146, with 775 in the parent company and 371 in major subsidiaries[195]. - The company organized 62 training sessions in 2023, totaling 15,517 hours of training, resulting in an average of 22 hours of training per employee[197]. - The company developed over 60 internal training courses in 2023 to enhance employee skills and promote internal talent development[198]. - The company adheres to a performance evaluation system to determine salary levels based on job nature and regular assessments[196]. - The company plans to continuously improve performance evaluation standards and attract and retain talented individuals[196]. Strategic Initiatives - The company plans to enhance its market expansion efforts and product development in response to the recovering market demand[28]. - The company aims to strengthen its global supply chain through investments, collaborations, and renovations to meet diverse customer needs[128]. - The company is exploring strategic acquisitions to enhance its product portfolio and market reach, with a budget of $30 million allocated for potential deals[166]. - The company plans to accelerate the development of new consumer products in the health sector, including low-sugar food and beverages, while enhancing its sales channels and self-operated platforms[150]. - The company aims to enhance competitiveness by increasing investment in formula applications and collaborating with research institutions for product optimization[134]. Risk Management - The company acknowledges potential risks from regulatory changes in food safety and industrial hemp, and plans to adapt its strategies accordingly to maintain competitiveness[156]. - The company is focused on mitigating financial risks associated with foreign exchange fluctuations and increasing accounts receivable and inventory levels due to business growth[162]. - Management risks are heightened due to business expansion, prompting the company to invest in training and digital capabilities for its management team[163].

桂林菜茵生物科技股份有限公司 二〇二三年度 审计报告 致同会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/ 报告编码:京2 108 | 09000000 WANDA SEE WEEK NNNDSO IN MERIC DEN DEADE 葡萄台 and and | .. | | --- | | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-100 | 905-200 manus 1450 Ca parti 审计报告 致同审字(2024)第 450A007399 号 桂林莱茵生物科技股份有限公司全体股东: 一、审计意见 我们审计了桂林莱茵生物科技股份有限公司(以下简称莱茵生物公司) 财务报表,包括 2023年12月 31日的合并及公司资产负债表,2023年度的合 并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及 相关财务报 ...

2023 年度内部控制自我评价报告 桂林莱茵生物科技股份有限公司 2023年度内部控制自我评价报告 桂林莱茵生物科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系" ），结合桂林莱茵生物科技股份有限公司 （以下简称"公司"或"本公司"）《内部控制制度》和评价办法，在内部控制日常 监督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准 日）的内部控制有效性进行了评价。 一、重要声明 1、纳入评价范围的主要单位包括： 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是保证经营管理合法合规、资产安全、财务报告及相关 信息真实完整，提高经营效率和效果，促进实现发展战略。由于内 ...

经核查公司独立董事王若晨先生、刘红玉女士、李雷先生的任职经历以及签 署的相关自查文件，公司董事会认为，上述人员未在公司担任除独立董事及董事 会专门委员会委员以外的任何职务，也未在公司主要股东公司担任任何职务，与 公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的 关系。因此，公司独立董事符合《上市公司独立董事管理办法》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》及公司《独立董事 工作制度》中对独立董事独立性的相关要求，不存在影响独立性的情形。 桂林莱茵生物科技股份有限公司董事会 二〇二四年四月十日 桂林莱茵生物科技股份有限公司 桂林莱茵生物科技股份有限公司 董事会关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律 法规、规范性文件及《公司章程》《独立董事制度》等相关规定，桂林莱茵生物 科技股份有限公司（以下简称"公司"）董事会，就公司在任独立董事王若晨、 刘红玉、李雷的独立性情况进行评估并出具如下专项意见： ...

ACCAST DEPOTED p and 目 录 关于桂林莱茵生物科技股份有限公司非经营性资金占用及其他关 联资金往来的专项说明 桂林莱茵生物科技股份有限公司 2023 年度非经营性资金占用及 1 其他关联资金往来情况汇总表 关于桂林莱茵生物科技股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） and were w 111 6005 1995 BOOKS ngenesa goo SERVED 0000000000 Walland est and ED APR hornton 关于桂林莱茵生物科技股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字(2024)第 450A005468 号 桂林莱茵生物科技股份有限公司全体股东: 我们接受桂林莱茵生物科技股份有限公司(以下简称"莱茵生物公司") 委托,根据中国注册会计师执业准则审计了莱茵生物公司 2023年12月 31日 的合并及公司资产负债表,2023年度合并及公司利润表、合并及公司现金流 量表、合 ...