梅花生物：拟跨境收购资产，引入合成生物学延伸产业链

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company plans to acquire assets from Kirin Holdings Company, Limited for 10.5 billion JPY (approximately 500 million CNY) to extend its industrial chain into synthetic biology [6][8]. - The acquisition includes the full ownership of Kyowa Hakko Bio Co., Ltd.'s food amino acids, pharmaceutical amino acids, and human milk oligosaccharides (HMO) business and assets [6][9]. - The transaction is expected to enhance the company's technical capabilities, business structure, product structure, and industrial layout [9]. Summary by Sections Acquisition Details - The company intends to acquire the entire equity and related assets of Kyowa Hakko Bio Co., Ltd., including production facilities in Shanghai and Thailand, inventory worth no less than 15.6 billion JPY, and various amino acid strains and intellectual property [6][8]. Financial Performance of Target Assets - As of December 31, 2023, the target assets are projected to have total assets of 41.597 billion JPY and a net asset of 1.995 billion JPY, with an operating income of 16.352 billion JPY [8]. - By mid-2024, total assets are expected to reach 43.499 billion JPY, with a projected operating income of 8.493 billion JPY [8]. Strategic Benefits - The acquisition will provide the company with new amino acid varieties and strains, enhancing its fermentation and refinement capabilities for high-value pharmaceutical amino acids [9]. - The company will also gain access to a synthetic biology precision fermentation platform for producing HMO products and related intellectual property [9]. - The transaction aligns with the company's strategy to expand its international operations and enhance its market presence [9]. Financial Projections - The company is expected to achieve net profits of 3.0 billion CNY, 3.58 billion CNY, and 3.94 billion CNY for the years 2024 to 2026, respectively [9].