格隆汇9月30日丨据港交所9月30日披露，安徽华恒生物科技股份有限公司(以下简称"公司"或"华恒生物")向港交 所递交上市申请，独家保荐人为华泰国际。 作为全球合成生物技术的先行者，公司专注于依托生物制造技术，开展生物基产品的研发、规模化生产和商业 化。公司拥有前沿的研发实力、强大的技术创新能力、成熟的量产能力，致力于将实验室技术成果转化为绿 色、低碳及高性能的生物基产品及解决方案，满足新涌现的应用场景。凭藉二十年来在生物制造领域的深耕， 公司在研发、技术和市场上建立了行业领先地位。根据弗若斯特沙利文的资料：(i)公司是全球通过合成生物技 术实现商业化应用产品最全面生物基产品的企业之一；(ii)公司是全球首家实现系列氨基酸(包括L-丙氨酸及L- 缬氨酸)厌氧发酵法产业化的企业；及(iii)以2024年收入为衡量标准，公司L-丙氨酸及L-缬氨酸的市场份额分别 位居全球第一。 截至2025年6月30日，公司已与包括亚洲、欧洲及美洲主要市场85个国家的超过768个客户建立稳定的长期合作 关系。截至2025年6月30日，公司的生物基产品主要包括(i)氨基酸系列产品(主要为丙氨酸系列、L-缬氨酸、色 氨酸、精氨酸)；( ...

智通财经APP获悉，据港交所9月30日披露，安徽华恒生物科技股份有限公司(简称：华恒生物,688639.SH) 向港交所主板提交上市申请书，华泰国际为独家保荐人。 | [编纂]數目 | 扁纂]的[编纂]數目 : [编纂]股H股(視乎[编纂]行使與否而定) ： | [编纂]股H股(可予[编纂]) | | --- | --- | --- | | [编纂]數目 : | | [編纂]股H股(可予[編纂]及視乎[編纂]行使與 | | | | 否而定) | | 最高[编纂] : | | 每股[編纂][編纂]港元,另加1%經紀佣金、 | | | | 0.0027%證監會交易徵費、0.00565%聯交所 | | | | 交易費及0.00015%會財局交易徵費(須於申 | | | | 請時以港元繳足,多繳款項可予退還) | | 面值 : | | 每股H股人民幣1.00元 | 据招股书，作为全球合成生物技术的先行者，华恒生物专注于依托生物制造技术，开展生物基产品的研 发、规模化生产和商业化。该公司拥有前沿的研发实力、强大的技术创新能力、成熟的量产能力，致力于 将实验室技术成果转化为绿色、低碳及高性能的生物基产品及解决方案，满足新 ...

Core Viewpoint - The company has announced a delay in the "Malic Acid Co-production Tryptophan Project," extending the expected operational date from 2025 to October 2026 due to project implementation and investment progress considerations [5][6][7]. Fundraising and Investment Project Overview - The company raised approximately RMB 699.99 million through a private placement of 21,122,510 shares at RMB 33.14 per share, with net proceeds after expenses amounting to RMB 683.81 million [1][2]. - The total planned investment for the projects was adjusted from RMB 700 million to RMB 683.81 million, with specific allocations for projects detailed in a table [2][3]. Fund Usage and Project Status - As of June 30, 2025, the company has fully utilized the raised funds for the "Succinic Acid Co-production Valine/Inositol Project" and the "Malic Acid Co-production Tryptophan Project," with investment ratios exceeding 100% for both projects [4]. - The company has established a special account for the management of the raised funds, ensuring compliance with regulatory requirements [2][3]. Delay Reasons and Impact - The delay in the "Malic Acid Co-production Tryptophan Project" is based on the need for technical upgrades to production equipment and alignment with market demand [5][6]. - The company asserts that the delay will not affect the project's investment direction, implementation entity, or method, and it does not pose any risk to shareholder interests [6][7]. Approval and Compliance - The board of directors and the supervisory board have approved the delay, and the decision complies with relevant regulations and internal governance [7][8].

Core Viewpoint - The report outlines the continuous supervision and compliance of Anhui Huaheng Biotechnology Co., Ltd. during its A-share issuance, emphasizing the company's adherence to regulations and the absence of any legal violations or breaches of commitments during the supervision period [1][2][3]. Continuous Supervision Work - The sponsor, Industrial Securities, has established a work plan and signed a continuous supervision agreement with Huaheng Biotechnology, detailing rights and obligations during the supervision period [1][2]. - Regular communication and visits are conducted to monitor the operational status of Huaheng Biotechnology [1][2]. Compliance and Governance - Huaheng Biotechnology has not reported any legal violations or breaches of commitments during the supervision period [2][3]. - The company has been urged to enhance its corporate governance and strictly adhere to relevant regulations [2][3]. Financial Performance - For the first half of 2025, the company's operating income reached approximately 1.49 billion yuan, a 46.54% increase compared to the same period in 2024 [11]. - The net profit attributable to shareholders decreased by 23.26% to approximately 114.89 million yuan [11]. - The total assets of the company increased by 6.26% to approximately 5.30 billion yuan as of June 30, 2025 [12]. Core Competitiveness - The company has established a strong technological foundation in microbial fermentation and enzyme production processes, achieving significant breakthroughs in anaerobic fermentation technology [13][15]. - Huaheng Biotechnology maintains a competitive edge through its extensive customer base, including partnerships with Fortune 500 companies [14]. Research and Development - The company invested approximately 68.67 million yuan in R&D during the first half of 2025, an increase of 8.40% compared to the previous year [17]. - The R&D expenditure accounted for 4.61% of the operating income, reflecting a decrease of 1.62 percentage points from the previous year [17]. Risk Factors - The company faces potential risks related to core competitiveness, operational challenges, and financial management, including fluctuations in raw material prices and safety risks associated with production processes [5][6][8]. - The international trade environment poses additional risks, particularly concerning export sales and compliance with foreign regulations [7][10].

Core Viewpoint - The strategic partnership between Huaheng Biotechnology and Evonik aims to leverage their respective strengths to provide high-quality bio-based amino acid products, promoting innovation and development in the animal nutrition sector [2][4][5]. Group 1: Strategic Partnership - Huaheng Biotechnology and Evonik signed a memorandum of understanding to collaborate on bio-based amino acids for animal nutrition [2]. - Evonik has over 60 years of experience in essential amino acids for animal nutrition, providing a mature solution and extensive global marketing network [4]. - The partnership will integrate resources to enhance the supply chain and offer superior products and services, contributing to sustainable development in the global animal nutrition and feed industry [4]. Group 2: Project Developments - Huaheng Biotechnology plans to adjust its production projects, maintaining a total capacity of 50,000 tons per year for bio-based succinic acid and introducing flexible production for L-valine and myo-inositol [6]. - The company is investing 39 million yuan in an AI-driven bio-manufacturing research and pilot demonstration base, expected to achieve a comprehensive pilot scale of 5,500 tons [7]. - A project for resource utilization of amino acid mother liquor is set with an investment of 40 million yuan, aiming for an annual production capacity of 26,000 tons of peptide granules [8]. Group 3: Future Initiatives - Huaheng Biotechnology announced plans to invest 320 million yuan in an AI precision fermentation and protein engineering shared demonstration project, focusing on real-time monitoring and optimization of production processes [9]. - The company is preparing for an overseas share issuance and plans to list on the Hong Kong Stock Exchange [9]. Group 4: Upcoming Events - The 2025 Synthetic Biology and Green Bio-Manufacturing Conference will be held in Ningbo, focusing on AI and bio-manufacturing, with various forums and discussions scheduled [11][12].

Group 1 - The core point of the article is that Huaheng Biological (688639.SH) is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence [1] - The company aims to optimize its capital structure, broaden financing channels, and improve governance and overall strength through this H-share listing [1] - The specific details of the H-share listing are still under discussion with relevant intermediaries, and it will not lead to changes in the controlling shareholder or actual controller of the company [1] Group 2 - Huaheng Biological was listed on the A-share market in 2021 and focuses on synthetic biology technology, primarily engaged in the R&D, production, and sales of bio-based products [3] - The company's main products include amino acids, vitamins, bio-based new material monomers, and other products, which are widely used in various fields such as intermediates, animal nutrition, personal care, functional foods, and plant nutrition [3] - The company has established a sustainable innovation capability through its Hefei Research Institute and has high-quality delivery capabilities across four production bases located in Changfeng, Qinhuangdao, Bayannaoer, and Chifeng [3]

Core Viewpoint - Anhui Huaheng Biological Technology Co., Ltd. reported a significant increase in overseas revenue for 2024, driven primarily by growth in amino acid product sales and the introduction of new products [2][19]. Group 1: Overseas Revenue Performance - The company achieved overseas revenue of 1.032 billion yuan in 2024, accounting for 47.39% of total revenue, representing a year-on-year growth of 30.34% [2][19]. - The breakdown of overseas revenue shows that the main business revenue increased by 30.34% to 1.032 billion yuan, while other business revenue rose by 88.86% to 40.65 million yuan [2][5]. - The primary regions for overseas sales include Europe, America, and Asia, with varying gross profit margins due to differences in product structure [5][19]. Group 2: Audit Procedures and Findings - The annual audit firm conducted thorough procedures to verify the authenticity and accuracy of overseas revenue, including internal control evaluations and document checks [7][8]. - The audit confirmed that 74.73% of overseas revenue was verified through customer confirmations, indicating a high level of reliability in reported figures [9][21]. - The audit also matched overseas sales data with third-party data, such as export tax refund claims and foreign exchange management bureau data, revealing minimal discrepancies [11][12]. Group 3: Gross Margin Analysis - The company's overall gross margin for 2024 was reported at 24.92%, a decline of 15.60 percentage points from the previous year, primarily due to decreased margins in amino acid and vitamin products [21][22]. - The average selling prices for amino acids and vitamins fell significantly, with L-valine prices dropping by 17.89% and vitamin prices by 54.09% [23][24]. - The decline in gross margins is attributed to increased competition and market dynamics, with the company implementing measures to address these challenges [27][35]. Group 4: Future Outlook and Industry Trends - The demand for amino acids is expected to grow due to trends in precision nutrition and reduced reliance on traditional feed ingredients, which may positively impact future margins [27][29]. - The global market for biosynthetic vitamins is projected to grow significantly, indicating potential opportunities for the company as it expands its product offerings [29][30]. - The company is positioned to benefit from technological advancements in production processes, which may enhance cost efficiency and product competitiveness in the long term [31][32].

Project Overview - The project is named "Annual Production of 12,000 Tons of Bio-based Tryptophan Renovation and Expansion Project" [2] - The construction unit is Qinhuangdao Huaheng Biological Engineering Co., Ltd. [2] - The project is located in the Shanhaiguan District of Qinhuangdao City, Hebei Province [2] Project Details - The total construction area is 37,075 square meters [2] - The project will utilize bio-based malic acid and its derivatives, including fermentation systems and extraction equipment [2] - The project aims to maintain the existing production capacity of malic acid and its derivatives while achieving a flexible production of 12,000 tons/year of tryptophan [2] Existing Infrastructure - Qinhuangdao Huaheng Biological Engineering Co., Ltd. currently operates three fermentation workshops, one refining workshop, one extraction workshop, and additional facilities including a wastewater treatment station and warehouses [2]