本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以安徽华恒生物 科技股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 证券代码：688639 证券简称：华恒生物 公告编号：2026-002 安徽华恒生物科技股份有限公司2025年度业绩快报公告 本公司董事会及全体董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。 2025年，国际外部环境错综复杂，欧洲反倾销及美国关税政策叠加，公司紧紧围绕"发展生物技术，服 务生命健康"的企业使命，聚焦核心战略落地，产品产销量延续快速增长态势，新项目产业化稳步推 进，销售规模持续扩大。 报告期内，氨基酸、维生素行业面临阶段性供需失衡，行业市场竞争激烈，公司主要产品缬氨酸、肌醇 年平均价格较去年同期下降，且公司新项目效益尚未体现，对公司利润产生影响，同时，伴随公司经营 规模扩大，公司各项费用较去年同期增加，公司整体利润较去年同期减少。 （ ...

华恒生物(688639.SH)发布2025年度业绩快报，2025年度，公司预计实现营业收入28.86亿元，同比增加 32.50%;预计实现归属于母公司所有者的净利润1.31亿元，同比减少30.97%。 报告期内，氨基酸、维生素行业面临阶段性供需失衡，行业市场竞争激烈，公司主要产品缬氨酸、肌醇 年平均价格较去年同期下降，且公司新项目效益尚未体现，对公司利润产生影响，同时，伴随公司经营 规模扩大，公司各项费用较去年同期增加，公司整体利润较去年同期减少。 ...

报告期内，氨基酸、维生素行业面临阶段性供需失衡，行业市场竞争激烈，公司主要产品缬氨酸、肌醇 年平均价格较去年同期下降，且公司新项目效益尚未体现，对公司利润产生影响，同时，伴随公司经营 规模扩大，公司各项费用较去年同期增加，公司整体利润较去年同期减少。 智通财经APP讯，华恒生物(688639.SH)发布2025年度业绩快报，2025年度，公司预计实现营业收入 28.86亿元，同比增加32.50%;预计实现归属于母公司所有者的净利润1.31亿元，同比减少30.97%。 ...

格隆汇2月27日丨华恒生物(688639.SH)公布2025年年度业绩快报，2025年度，公司预计实现营业收入 28.86亿元，同比增加32.50%；预计实现归属于母公司所有者的净利润1.31亿元，同比减少30.97%；预 计实现归属于母公司所有者的扣除非经常性损益的净利润1.25亿元，同比减少29.63%。 2025年，国际外部环境错综复杂，欧洲反倾销及美国关税政策叠加，公司紧紧围绕"发展生物技术，服 务生命健康"的企业使命，聚焦核心战略落地，产品产销量延续快速增长态势，新项目产业化稳步推 进，销售规模持续扩大。报告期内，氨基酸、维生素行业面临阶段性供需失衡，行业市场竞争激烈，公 司主要产品缬氨酸、肌醇年平均价格较去年同期下降，且公司新项目效益尚未体现，对公司利润产生影 响，同时，伴随公司经营规模扩大，公司各项费用较去年同期增加，公司整体利润较去年同期减少。 ...

Group 1 - The company, Meihua Biological, provided detailed information regarding tax policies in its annual report [2] - Amino acid-related products are eligible for export tax rebate policies according to national tax regulations [2]

Group 1 - The core point of the article is that Yuan Da Pharmaceutical is strategically expanding its biotechnology sector by acquiring Hebei Yuan Da Jiu Fu Biotechnology Co., thereby enhancing its amino acid industry chain layout [1] - The acquisition will improve the stability of upstream amino acid raw material supply, enrich the midstream product pipeline, and accelerate market penetration of downstream health products, achieving synergistic development of the industry chain [1][6] - This move is expected to strengthen the company's competitive edge and global market influence, laying a solid foundation for its diversified development strategy in the biotechnology field [1][4] Group 2 - The amino acid industry is experiencing significant growth, with the global market size reaching approximately $26.19 billion in 2021 and projected to grow at a compound annual growth rate of about 7.5% to approximately $49.42 billion by 2030 [2] - China holds a dominant position in the global amino acid market, accounting for 32.23% of the market share in 2020, making it the largest producer and consumer of amino acids [2][4] - Yuan Da Pharmaceutical has over 20 years of experience in the amino acid sector, with a diverse product matrix and strong technical advantages, including nearly 50 types of amino acids and the highest number of registered amino acid raw material numbers in China [4][5] Group 3 - The company has established a comprehensive sales network, serving high-quality clients, including Fortune 500 companies, with approximately 40% of its business coming from overseas markets [5] - In the first half of 2025, the amino acid segment (including taurine) generated revenue of HKD 1.347 billion, solidifying the company's leading position in the amino acid industry [5] - The acquisition will allow Yuan Da Pharmaceutical to quickly gain advanced production technologies, quality customer resources, and mature sales channels, enhancing efficiency in raw material procurement, production collaboration, and market expansion [7][8] Group 4 - The acquired company possesses unique technical advantages and a diverse product pipeline in the amino acid field, contributing to a complete industry chain from raw materials to end health products [6][8] - The integration of the acquired company's mature technologies in fermentation and enzyme engineering with Yuan Da's synthetic biology technology platform will further strengthen technical barriers [8] - The company aims to focus on high-value areas such as high-end parenteral nutrition formulations, innovative peptide drugs, and health-related products, continuously enhancing its core competitiveness in high-quality amino acids [8]

Core Viewpoint - The acquisition of Hebei Yuanda Jiufu Biotechnology Co., Ltd. by Yuanda Pharmaceutical marks a significant strategic expansion in the biotechnology sector, particularly in the amino acid segment, enhancing the company's supply chain stability and market penetration capabilities [1] Group 1: Company Strategy and Expansion - The acquisition integrates the entire supply chain of the amino acid sector, allowing for improved production technology and market channel consolidation [1] - This strategic move aims to strengthen the company's competitive edge and global market influence, laying a solid foundation for diversified development in the biotechnology field [1][6] Group 2: Industry Overview - The global amino acid market reached approximately $26.19 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of about 7.5%, reaching around $49.42 billion by 2030 [2] - China holds a significant position in the global amino acid industry, accounting for 32.23% of the market share in 2020, making it the largest producer and consumer of amino acids [2] Group 3: Company Position and Product Offering - Yuanda Pharmaceutical has over 20 years of experience in the amino acid sector, with a diverse product matrix of nearly 50 types of amino acids and the highest number of registered amino acid raw material numbers in China [4] - The company has developed advanced production technologies, including synthetic biology and fermentation engineering, establishing a unique technical advantage in the industry [4][8] Group 4: Market and Sales Channels - The company has a well-established sales network, serving high-quality clients, including Fortune 500 companies, with approximately 40% of its business coming from overseas markets [5] - In the first half of 2025, the amino acid segment generated revenue of HKD 1.347 billion, reinforcing the company's leading position in the industry [5] Group 5: Future Outlook and Innovation - The acquisition will enable Yuanda Pharmaceutical to enhance its production efficiency, reduce operational costs, and improve market share through the integration of advanced technologies and customer resources [7][8] - The company plans to focus on high-value areas such as high-end parenteral nutrition formulations, innovative peptide drugs, and health-related products, further solidifying its leadership in the amino acid sector [8]

Core Viewpoint - Meihua Biological is facing significant legal and operational challenges, including a lawsuit from Ajinomoto Co., Inc. for patent infringement with a claim of 260 million yuan, and the imprisonment of its controlling shareholder for market manipulation, which raises concerns about the company's long-term growth potential despite recent improvements in profitability [1][4][7]. Legal Issues - Meihua Biological has been sued by Ajinomoto for allegedly infringing on two patents related to the production of monosodium glutamate, with a total compensation claim of 260 million yuan [2][3]. - Ajinomoto claims ownership of two patents: one for "microorganisms producing L-glutamic acid" and another for "methods for producing L-amino acids" [2]. - Meihua Biological asserts that it has a long-standing partnership with Ajinomoto and respects intellectual property rights, indicating ongoing collaborations in technology [3]. Management and Governance - The controlling shareholder, Meng Qingshan, was sentenced to three years in prison (with a five-year probation) for manipulating the securities market, which has raised governance concerns [4][5]. - Meng Qingshan's actions were linked to a non-public offering in 2013, where he manipulated stock prices to avoid losses related to trust agreements [4][5]. - Following his retirement in 2017, Meng no longer holds any position in the company, and Meihua Biological claims that his legal issues do not affect the company's operations [6]. Financial Performance - Meihua Biological's revenue and profit have experienced fluctuations, with revenues of 27.76 billion yuan and 25.07 billion yuan in 2023 and 2024, respectively, reflecting declines of 0.63% and 9.69% year-on-year [7]. - Despite a revenue decline in the first half of 2025, net profit increased by 19.96% to 1.768 billion yuan, attributed to improved sales of key products and reduced raw material costs [7]. - The company's third-quarter report for 2025 showed a slight revenue decrease of 2.49% but a significant net profit increase of 51.61%, reaching 3.025 billion yuan, driven by cost advantages and overseas acquisitions [8]. Industry Outlook - While recent profitability improvements are noted, industry experts caution that the company faces a "profit increase without revenue growth" scenario, indicating potential long-term revenue growth challenges [8]. - Meihua Biological is actively pursuing overseas acquisitions, such as the purchase of a major Japanese amino acid company, to enhance its global presence and drive future growth [8].

Group 1: Oil and Chemical Industry Outlook - China Galaxy Securities forecasts Brent crude oil prices to range between $60-70 per barrel by 2026, with costs expected to stabilize [1] - The chemical industry is experiencing negative capital expenditure growth since 2024, with supply expected to contract due to the "anti-involution" trend and accelerated elimination of outdated overseas capacity [1] - The "14th Five-Year Plan" draft emphasizes expanding domestic demand, combined with the onset of the US interest rate cut cycle, which is expected to open up demand for chemical products [1] - A dual bottom in supply and demand is anticipated, with strong policy expectations catalyzing a potential cyclical upturn in the chemical industry by 2026, leading to a "Davis Double Play" from valuation recovery to earnings growth [1] Group 2: Specific Chemical Sector Recommendations - PTA industry is operating at low levels, with increasing calls for anti-involution; recommended companies include Hengli Petrochemical, Rongsheng Petrochemical, Xinfon Ming, and Tongkun [1] - Polyester filament capacity is becoming concentrated, with industry self-discipline enhancing cyclical elasticity; recommended companies include Xinfon Ming, Tongkun, and Hengyi Petrochemical [1] - The spandex industry is expected to see increased concentration; recommended companies include Huafeng Chemical and Xinxiang Chemical Fiber [1] - Global demand for pesticides is improving, with bottom-priced varieties likely to rebound; recommended companies include Yangnong Chemical, Runfeng Shares, Jiangshan Shares, Guangxin Shares, and Lier Chemical [1] - Organic silicon capacity expansion is nearing completion, with supply-demand dynamics expected to improve; recommended companies include Hesheng Silicon Industry, Xin'an Shares, and Dongyue Silicon Material [1] - The titanium dioxide industry is facing challenges and opportunities; recommended company is Longbai Group [1] - Refining capacity is being optimized, with a shift from oil to chemicals enhancing effective supply; recommended companies include Sinopec, PetroChina, Rongsheng Petrochemical, and Hengli Petrochemical [1] Group 3: Demand-Supported Chemical Sectors - Strong pricing power from suppliers is expected to sustain high demand for potash fertilizers; recommended companies include Yara International and Dongfang Iron Tower [2] - Phosphate supply and demand remain tight, benefiting resource-based companies; recommended companies include Batian Shares, Yuntianhua, Xingfa Group, and Chuanheng Shares [2] - Strict quota policies are expected to sustain high demand for refrigerants; recommended companies include Juhua Co., Sanmei Co., and Yonghe Co. [2] - Amino acids are expected to maintain their upward trend, with overseas capacity gradually exiting; recommended companies include New Hope Liuhe, Andisu, and Meihua Biological Technology [2] - The chlorinated sugar market is anticipated to see anti-involution, with significant potential for allulose; recommended companies include Jinhui Industrial, Bailong Chuangyuan, and Baolingbao Biology [2] - Vitamins are leading the current round of chemical price increases, entering the second phase; recommended companies include New Hope Liuhe and Zhejiang Medicine [2] - The EU's preliminary anti-dumping ruling is expected to reassess the value of overseas tires; recommended companies include Sailun Tire and Senqilin [2] - The civil explosives industry is developing steadily, with policy guidance likely accelerating industry consolidation; recommended companies include Guangdong Hongda, Yipuli, and Jiangnan Chemical [2] Group 4: New Materials and Technologies - Lightweight humanoid robots may benefit from PEEK as a key solution; recommended companies include Zhongyan Shares, Water Shares, and Guoen Shares [3] - AI is driving global demand for computing power, with electronic-grade PPO expected to grow; recommended companies include Shengquan Group and Dongcai Technology [3] - The domestic substitution of core chip materials, particularly photoresists, is accelerating; recommended companies include Wanrun Shares and Dinglong Shares [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 18.22 billion yuan for the first three quarters of 2025, a decrease of 2.5% year-on-year, while the net profit attributable to shareholders reached 3.03 billion yuan, an increase of 51.6% year-on-year. The net profit excluding non-recurring items was 2.02 billion yuan, up 14.2% year-on-year. In Q3 alone, the revenue was 5.93 billion yuan, down 1.7% year-on-year and 1.3% quarter-on-quarter, with a net profit of 1.26 billion yuan, showing a significant increase of 141.1% year-on-year and 67.8% quarter-on-quarter. The acquisition of Concord Biotech contributed approximately 780 million yuan to non-operating income [2][6]. Financial Performance Summary - For Q3 2025, the company achieved a gross profit margin of 17.3%, a decrease of 0.4 percentage points year-on-year and 4.4 percentage points quarter-on-quarter. The revenue from the feed amino acids segment was 2.53 billion yuan, down 12.0% year-on-year and 6.9% quarter-on-quarter. The revenue from the flavoring agents segment was 1.76 billion yuan, up 4.7% year-on-year and 0.5% quarter-on-quarter. The revenue from other businesses, including raw materials and seaweed sugar, was 400 million yuan, down 20.4% year-on-year and 13.2% quarter-on-quarter [12][12]. Market Outlook - The company completed the acquisition of Concord Biotech on July 1, 2025, which allows it to enter high-value-added markets, including pharmaceutical-grade amino acids. This acquisition enhances the product pipeline and supports the company's strategy to expand internationally [12][12]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 3.26 billion yuan, 2.55 billion yuan, and 3.08 billion yuan, respectively. The company is expected to benefit from an improving industry landscape and the establishment of a synthetic biology platform [12][12].