Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for H1 2024 is reported at 3.491 billion yuan, a decrease of 5% year-on-year, primarily due to the impact of cottonseed business [1] - The net profit attributable to shareholders is 100 million yuan, down 67% year-on-year, with a non-recurring net profit of 80 million yuan, down 66% [1] - The report highlights that the company's market share continues to improve despite the operational challenges caused by price declines across multiple products [1][3] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 3.491 billion yuan, a decrease of 5% year-on-year, attributed to the decline in cottonseed business [1] - The net profit attributable to shareholders was 100 million yuan, down 67% year-on-year, while the non-recurring net profit was 80 million yuan, down 66% [1] - The gross margin decreased by 3 percentage points to 8.28%, mainly due to losses in the cottonseed business and insufficient price increases in chili red to cover costs [1] Product Performance - Revenue from natural pigments, spices, and nutritional products increased by 9% year-on-year to 1.583 billion yuan, with a gross margin of 16.81%, down 4 percentage points [1] - Chili red sales volume decreased by 25% to 4,454 tons, while chili extract sales volume increased by 121% to 850 tons, indicating a shift in sourcing and improved competitiveness in overseas markets [1] - The company is focusing on expanding its product range and enhancing its competitive advantages in the plant extraction business [3] Earnings Forecast - The report adjusts the EPS forecast for 2024-2026 to 0.60, 0.75, and 0.96 yuan respectively, with corresponding PE ratios of 12, 10, and 7 times [3] - The company is expected to face short-term operational pressure due to price declines, but the long-term trend of market share growth remains strong [3]

证券代码：300138 证券简称：晨光生物 公告编号：2024—121 晨光生物科技集团股份有限公司 关于为子公司银行借款提供担保的进展公告 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。 一、担保情况概述 上述担保情况变动后，公司及子公司累计决议对合并报表范围内主体融资担 保总额为 320,000 万元，占公司最近一期经审计净资产的 92.21%（其中：已签 订协议担保额度为 113,365 万元）。 其中：决议为子公司新疆晨光生物科技股份有限公司及其合并报表范围内子 公司提供担保总额为 250,000 万元（含新疆晨光合并报表范围内各主体互相担 保），已签订协议担保额度为 95,365 万元。 公司及子公司无逾期对外担保情况。 特此公告 晨光生物科技集团股份有限公司 晨光生物科技集团股份有限公司（简称"公司"）第五届董事会第九次会议、 2023 年年度股东大会审议通过了《关于公司与子公司或子公司之间融资担保的 议案》，同意公司及合并报表范围内各级子公司在 2023 年年度股东大会审议通 过之日起至 2024 年年度股东大会召开日，向融资机构申请办理各类融资 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 3.491 billion yuan for the first half of 2024, a year-on-year decrease of 4.85%, and a net profit attributable to shareholders of 100 million yuan, down 66.57% year-on-year. The performance is under pressure, primarily due to significant losses in the cottonseed business, while the plant extraction business saw a rise in sales volume but a decline in gross margin [3][4] Summary by Sections Company Overview - Latest closing price: 7.06 yuan - Total shares / circulating shares: 533 million / 448 million - Total market value / circulating market value: 3.8 billion / 3.2 billion yuan - 52-week high / low price: 15.80 / 7.06 yuan - Debt-to-asset ratio: 58.6% - Price-to-earnings ratio: 7.83 - Largest shareholder: Lu Qingguo [3] Plant Extraction Business - Revenue from the plant extraction business reached 1.583 billion yuan, a year-on-year increase of 9.28%, with a gross margin of 16.81%, down 4.11 percentage points year-on-year. - Specific product performance: 1. Chili red: Price increased by 8.86% but sales volume decreased by 24.57% to 4,454 tons. 2. Chili extract: Sales volume surged by 120.78% to 850 tons due to increased procurement from Yunnan. 3. Lutein: Feed-grade sales exceeded 200 million grams, showing a significant recovery, while food-grade sales fell by 27.36% to 25.64 million grams [4]. Cottonseed Business - The cottonseed processing business saw a significant revenue decline of 13.61% year-on-year, with a gross margin of -0.19%. - The core subsidiary, Xinjiang Chenguang, reported a loss of 54.95 million yuan, compared to a profit of 88.15 million yuan in the same period last year, marking a year-on-year decline of 162.34% [4]. Investment Recommendations - The valuation adjustment is considered sufficient, and the "Buy" rating is maintained despite the underperformance of the cottonseed business. - Earnings per share (EPS) forecasts for 2024-2026 are adjusted to 0.56 yuan, 0.84 yuan, and 1.04 yuan respectively. The current stock price corresponds to a 2024 PE of only 13 times, indicating a sufficient valuation adjustment [5].

一、 审议通过了《关于调整与新疆晨番关联交易预计的议案》 公司实控人、董事长兼总经理卢庆国为新疆晨番控股股东，因此公司与新疆 晨番构成关联方，拟与其发生的交易构成关联交易。 2024 年 8 月 27 日 公司预计与新疆晨番进行的交易，主要为公司日常经营相关业务，本次将与 新疆晨番的关联交易预计金额调增为不超过 4,200 万元，是基于双方生产经营活 动需要，综合考虑后续业务合作的可能性进行的调整，调增后的预计最高交易金 额占公司收入比例不超过 1%，不影响公司的独立性。关联交易价格按照独立交 易原则，参考市场行情协商确定，定价原则合理；拟签订的合同或协议为公司制 式产品购销协议或合同，风险可控。关联交易事项的审议、表决程序符合《深圳 证券交易所创业板股票上市规则》《公司章程》等有关要求，不存在损害公司及 股东尤其是损害中小股东权益的情形，不会影响到公司独立性，同意将上述关联 交易预计金额调整事项提交公司董事会审议。 二、 审议通过了《关于开展套期保值业务的议案》 晨光生物科技集团股份有限公司 第五届董事会 2024 年第二次独立董事专门会议决议公告 子公司根据自身经营特点及商品价格波动特征开展套期保值业务， ...

证券代码：300138 证券简称：晨光生物 公告编号：2024—119 晨光生物科技集团股份有限公司 关于开展套期保值业务的公告 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。 重要内容提示： 晨光生物科技集团股份有限公司（以下简称"公司"）第五届董事会第十二 次会议审议通过了《关于开展套期保值业务的议案》，为合理降低或规避原材料 及其相关产品价格波动风险，减少商品价格波动对公司经营业绩的影响，同意公 司子公司——新疆晨光生物科技股份有限公司（以下简称"新疆晨光"）及其合 并报表范围内主体公司使用自有资金不超过 2 亿元（含持仓保证金和应付行情变 化的风险金）继续开展棉籽及其相关产品套期保值业务；期限自董事会审议通过 之日起不超过 12 个月。本业务仅用于降低或规避原材料及其相关产品价格波动 等风险，不作为盈利工具使用。 一、开展套期保值业务的目的 公司主营业务分为两大类，一类是天然色素/香辛料/甜味剂/营养及药用类 业务，一类是棉籽类相关业务。 子公司新疆晨光主要从事棉籽类产品（棉油、棉粕/棉蛋白）等相关业务， 棉籽是棉籽类产品的主要原材料，占公司棉籽类产品 ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联 | 上市公司核算 | 2024年初占用 | 2024年上半年度占 用累计发生金额 | 2024年上半年度占 用资金的利息（如 | 2024年上半年 度偿还累计发 | 2024年6月末占 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关系 | 的会计科目 | 资金余额 | （不含利息） | 有） | 生额 | 用资金余额 | | | 控股股东、实际控 | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | 小 计 前控股股东、实际 | —— | —— | —— | | | | | —— | —— | | 控制人及其附属企 | | | | | | | | | | | 小 计 | —— | —— | —— | | | | | —— | —— | | 其他关联方及附属 企业 | | | | | | | | | | | 小 计 | —— | —— | —— | | | | | —— ...

证券代码：300138 证券简称：晨光生物 公告编号：2024—113 第五届董事会第十二次会议决议公告 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。 晨光生物科技集团股份有限公司（以下简称"公司"）董事会于 2024 年 8 月 15 日以专人送达、邮件方式向全体董事发出第五届董事会第十二次会议通知，会议于 2024 年 8 月 25 日在公司会议室以现场与通讯相结合的方式召开。本次会议由董事长 卢庆国先生主持，应出席会议董事六人，实际出席会议董事六人（独立董事戴小枫、 牛翃、厉梁秋以通讯表决方式参加），公司监事、高级管理人员列席了本次会议。 本次会议召开符合《公司法》《公司章程》等有关规定。经与会董事研究、讨论， 审议通过以下议案： 一、 审议通过了《关于 2024 年半年度报告全文及其摘要的议案》 公司 2024 年半年度报告全文及摘要已同期披露于巨潮资讯网,2024 年半年度报 告摘要已同期刊登在《上海证券报》《证券日报》。 表决结果：同意六票；反对零票；弃权零票。 二、 审议通过了《关于<募集资金 2024 年半年度存放与使用情况的专项报告> 的议 ...

证券代码：300138 证券简称：晨光生物 公告编号：2024—114 表决结果：同意三票；反对零票；弃权零票。 公司 2024 年半年度报告全文及摘要已同期披露于巨潮资讯网,2024 年半年 度报告摘要已同期刊登在《上海证券报》《证券日报》。 晨光生物科技集团股份有限公司 第五届监事会第十一次会议决议公告 本公司及监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。 晨光生物科技集团股份有限公司（以下简称"公司"）监事会于2024年8月 15日以专人送达、邮件方式向全体监事发出第五届监事会第十一次会议通知，会 议于2024年8月25日在公司会议室以现场与通讯相结合的方式召开。本次会议由 监事会主席翟艳忠先生主持，应出席会议监事三人，实际出席会议监事三人（监 事翟艳忠、王少华以通讯表决方式参加），本次会议召开符合《公司法》《公司 章程》等有关规定。经与会监事研究、讨论，审议通过以下议案： 一、 审议通过了《关于 2024 年半年度报告全文及其摘要的议案》 经审核，监事会认为：公司董事会编制和审核公司 2024 年半年度报告的程 序符合法律、法规、中国证监会和深圳证券交易所等 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[5]. - The company's operating revenue for the first half of 2024 was approximately CNY 3.49 billion, a decrease of 4.85% compared to the same period last year[10]. - Net profit attributable to shareholders was approximately CNY 99.83 million, down 66.57% year-on-year[10]. - The net profit after deducting non-recurring gains and losses was approximately CNY 80.04 million, a decline of 66.06% compared to the previous year[10]. - The company achieved a revenue of RMB 3.491 billion in the first half of 2024, a decrease of 4.85% year-on-year, and a net profit of RMB 100 million, down 66.57% year-on-year[24]. - The total comprehensive income for the first half of 2024 was CNY 96,549,065.85, down from CNY 333,942,921.84 in the same period of 2023[161]. - Basic earnings per share decreased to CNY 0.19 from CNY 0.56 year-over-year[161]. Investment and Development - The company plans to invest RMB 200 million in new product development and technology research in the next fiscal year[5]. - The company is exploring acquisition opportunities to enhance its product portfolio and market presence[5]. - The company has established partnerships with several universities for R&D projects, enhancing its innovation capabilities[26]. - The company has implemented a MES system in the stevia sugar division, significantly improving production efficiency and capacity[27]. - The company has established a research and development center with world-class standards, enhancing its ability to convert research results into industrial applications[43]. Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 10% market share by 2025[5]. - User data indicates a 20% increase in active users, reaching 5 million by the end of June 2024[5]. - The company aims to develop ten products that rank first or among the top in the world, leveraging its technological R&D advantages and strong industrial production capabilities[20]. - The company is focused on expanding its product range, aiming to develop around ten products that rank among the world's top in their categories[24]. Risk Management - The company has identified potential risks related to supply chain disruptions and has implemented measures to mitigate these risks[1]. - The company is enhancing its risk management in the cottonseed business to mitigate operational losses due to increased competition and commodity price fluctuations[25]. - The company has implemented strict compliance with relevant laws and regulations in its hedging activities[76]. Sustainability and Environmental Compliance - The company has maintained its commitment to sustainability and is pursuing certifications such as ISO14001 and OHSAS18001[5]. - The company has invested in environmental protection equipment such as dust collectors and odor removal towers to enhance its environmental management efforts[98]. - The company has established an environmental self-monitoring plan and has commissioned third-party agencies for monitoring as per regulatory requirements[98]. - The company has adopted measures to reduce carbon emissions, although specific details on the effectiveness of these measures were not provided[98]. Shareholder and Financial Management - No cash dividends or stock bonuses will be distributed to shareholders for this reporting period[1]. - The company repurchased 29.9 million shares at a cost of 301 million yuan during the reporting period, increasing the repurchase plan amount four times[25]. - The company has a total of 532,773,991.00 CNY in share capital[178]. - The company reported a profit distribution of -64,916,890.09 CNY to shareholders[177]. Product and Sales Performance - The sales volume of chili red pigment decreased by 24.57% to 4,454 tons due to rising raw material costs and reduced customer purchasing willingness[24]. - Sales of chili extract increased by 120.78% to 850 tons, significantly boosting revenue and gross profit[24]. - The company’s lutein sales reached 200 million grams for feed-grade products, while food-grade lutein sales fell by 27.36% to 25.64 million grams[24]. - The company has a diverse product line, including major products like capsicum red and lutein, which rank first globally[19]. Financial Position and Assets - Total assets at the end of the reporting period were approximately CNY 8.43 billion, a decrease of 1.33% from the end of the previous year[10]. - The net assets attributable to shareholders decreased by 7.59% to approximately CNY 3.21 billion[10]. - The company’s total liabilities amounted to CNY 5,163,826,471.68, up from CNY 5,007,327,600.82, indicating an increase of approximately 3.12%[156]. - The company’s total equity attributable to shareholders decreased to CNY 3,206,957,892.33 from CNY 3,470,467,781.16, a decline of about 7.63%[156]. Community Engagement and Corporate Social Responsibility - The company sponsored 500,000 yuan for the 14th Sports Games in Handan City and donated to local schools and welfare institutions, contributing to community welfare[99]. - The company has committed to ensuring that any future business opportunities that may compete with its operations will be offered to the company first[100]. - The company has made donations totaling approximately 100,000 rupees to local police and labor associations in India, supporting community initiatives[99]. Compliance and Governance - The company has no significant litigation or arbitration matters during the reporting period[108]. - The company has maintained a good integrity status, with no significant debts due for repayment[110]. - The semi-annual financial report was not audited[153].

金额单位：万元 | 控股股东或其他 报告期新增占 预计 | 占用时间 | 发生原因 | 期初余额 | | 报告期偿还 | 期末余额 | 截至年报披露 | | 预计 | 预计 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关联方名称 | | | | 用金额 | 总金额 | | 日余额 | 偿还方式 | 偿还金额 | 偿还时间 | | 河北晨华共两名股东，分别为晨光生物、 | | 华裕永诚。为支持河北晨华业务发展，河 | | | | | | | | | | 河北晨华农业科 | | 北晨华的两名股东决定按持股比例、同等 | | | | | | | | 2024年3月完 | | - 技有限公司 | 本报告期 | 条件分别向其提供不超过2,800万元的资金 | 257.30 | 1.82 | 259.12 | - | | - 现金清偿 | | 成借款本金及 | | 利息偿还 | | | | | | | | | | | | 支持，期限为自签订的协议生效之日起至 | | | | | | | | | | | | 2024年4月1 ...