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。 ...

最近看到不少人在聊春节前上市公司分红的事，这两个月里有235家公司拿出真金白银回馈股东，总金额超3400亿，比去年同期还多，后面还有公司要跟 进。很多朋友说，这说明市场基本面越来越扎实，相关板块肯定值得关注。但我想起去年一位同事的经历，他当时盯着消费提振的政策，觉得调整了一阵的 白酒板块肯定要起来，结果一则突发消息让他措手不及，亏了不少才醒悟——我们总以为消息能决定走势，却忽略了最核心的东西。 一、为什么"意外波动"总防不胜防？ 很多人遇到市场突发变化，都会归结为"黑天鹅"，觉得完全防不胜防。就拿去年的白酒板块来说，当时大家都盼着消费政策落地，对调整后的板块充满期 待，结果一则消息让板块走势急转直下，不少人都懵了，觉得毫无预兆。但事后用数据复盘才发现，所谓的意外其实早有信号。 看图1： 图里的橙色柱体是反映机构资金交易活跃程度的「机构库存」数据，它只代表机构资金有没有积极参与交易，和买卖方向无关。从图里能看到，早在板块出 现几次反弹时，「机构库存」就已经没有活跃迹象，甚至年初那波反弹结束后，机构就不再积极参与交易了。这时候不管消息面看起来多利好，没有资金的 持续参与，板块走势自然会走弱。我们之所以觉得是意外， ...

Group 1 - The stock price of Tianxin Pharmaceutical (603235) has shown volatility in the past week, closing at 27.21 yuan on February 12, 2026, with a decrease of 0.98% on that day and a trading volume of 15.16 million yuan, indicating short-term pressure on capital flow [1] - Over the past five days, the cumulative increase in stock price is 1.08%, but on February 12, there was a net outflow of 518,900 yuan from main funds, suggesting a challenging short-term funding environment [1] - The stock is currently near a 20-day resistance level of 27.57 yuan, with the Bollinger Band's middle track at 27.11 yuan, and the KDJ indicator's J line at 82.58, indicating a high position that requires attention to momentum changes after breaking the resistance level [1] Group 2 - The company's Q3 2025 financial report shows a revenue of 1.631 billion yuan for the first three quarters, representing a year-on-year growth of 1.08%, while the net profit attributable to shareholders is 460 million yuan, reflecting a year-on-year decrease of 6.91% [2] - In Q3 alone, revenue was 509 million yuan, down 7.02% year-on-year, with the net profit decline expanding to 30.15%, primarily due to fluctuations in vitamin industry demand and cost pressures [2] - The gross profit margin remains at 45.34%, but the net profit margin has narrowed [2] Group 3 - Institutional attention towards Tianxin Pharmaceutical has been low recently, with only one institution giving a "buy" rating in the last 90 days [3] - Institutions focus on the company's global market share advantages in Vitamin B6 and B1, which are leading positions, and the overseas revenue proportion of 51.52% that benefits from the depreciation of the yuan [3] - However, there is a need to be cautious about intensified industry competition that may challenge the sustainability of profitability [3]

Group 1 - The stock price of Huayuan Bio (300401) experienced significant fluctuations in the past week, with a peak increase of 5.98% on February 6, closing at 19.15 yuan, and a total market value of 95.65 billion yuan as of February 12 [1] - The stock showed a trading range of 12.45% and a high turnover rate, indicating active trading, with a net outflow of 39.57 million yuan from institutional investors and a net inflow of 39.57 million yuan from retail investors on February 12 [1] Group 2 - Huayuan Bio is recognized as a leader in the vitamin segment and has gained market attention as a hot stock in the chemical sector, with significant holdings by Southern Fund's CSI 1000 ETF, which owns 347.85 thousand shares (0.65% of circulating shares) but reduced its holdings by 48.4 thousand shares in the third quarter [2] - The chemical sector, particularly phosphates and vitamins, has been driven by policy and demand, with Huayuan Bio being highlighted for its vitamin D3 supply chain [2] Group 3 - Institutional ratings for Huayuan Bio are generally neutral, with a target price of 22.00 yuan, indicating a potential upside of 21.48% from the latest price [3] - The forecast for net profit growth is modest, with a projected increase of 0.18% for 2025 and a more substantial growth of 40.35% expected in 2026, while the current price-to-earnings ratio (TTM) stands at 31.69 [3] - The proportion of institutional holdings is relatively low at 0.11%, and the frequency of institutional research is average [3]

Core Insights - The recent refinancing regulations introduced by the Shanghai, Shenzhen, and Beijing stock exchanges aim to facilitate financing for high-quality listed companies, particularly in the tech sector, by improving review speed, flexibility in fund usage, and tolerance for R&D investments [1] - The effectiveness of these policies is contingent upon the actual participation of institutional investors, rather than merely following market trends or concepts [1] Group 1: Institutional Participation - Investors should prioritize examining the "institutional inventory" data to gauge the active participation of institutional funds in trading, rather than being swayed by market concepts [3][5] - A case study revealed that a stock associated with the innovative drug concept had been actively monitored by institutions for over six months, despite its recent volatility, indicating that institutional interest was present before the market hype [3][5] - The "institutional inventory" data serves as a critical indicator of whether institutions are genuinely involved in a stock, which can significantly influence its price movement [5][9] Group 2: Market Dynamics - Stocks that appear stagnant may still have underlying institutional activity, which can lead to sudden price increases when the market eventually recognizes this participation [7][9] - A stock in the liquor sector failed to appreciate in value due to a lack of institutional involvement, despite positive fundamental indicators, highlighting the importance of institutional sentiment in price movements [11] - The overall market behavior is driven by the actions of institutional investors, who possess the financial power to dictate stock trends [11] Group 3: Investment Strategy - Investors are encouraged to adopt a data-driven approach, focusing on objective metrics such as institutional participation rather than emotional reactions to market fluctuations [12] - The formula for sustainable investment capability emphasizes the importance of objective market recognition and structured decision-making processes, minimizing emotional interference [12] - Upgrading investment knowledge involves shifting from subjective speculation to relying on objective data regarding institutional actions, which is essential for long-term success in the market [12]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The report highlights an upward trend in the dye, PVA, and vitamin sectors, with price increases expected post-holiday. It emphasizes the importance of positioning in the spring chemical sector [2][3] - Oil prices are expected to remain in a relatively loose range, supported by a stronger bottom, with Brent crude projected between $55-70 per barrel. Coal prices are stabilizing, and natural gas costs are anticipated to decline due to increased export facilities in the U.S. [2][3] - The report suggests focusing on specific sectors such as textiles, agriculture, exports, and beneficiaries of "anti-involution" policies for investment opportunities [2][3] Summary by Sections Industry Dynamics - Current macroeconomic judgment indicates that oil supply is slowing due to OPEC+ production delays and peak shale oil output. Demand is stabilizing with global economic improvements, leading to a forecast of stable oil demand [3][4] - The chemical industry is experiencing a recovery phase, with PPI showing a slight increase and manufacturing PMI at 49.3%, indicating some volatility in manufacturing operations [4] Investment Analysis - The report recommends investments in the textile chain, agricultural chain, export chain, and sectors benefiting from anti-involution policies. Specific companies to watch include: - Textiles: Lu Xi Chemical, Tongkun Co., Rongsheng Petrochemical, Hengli Petrochemical - Agriculture: Hualu Hengsheng, Baofeng Energy, Yuntianhua, Xingfa Group - Exports: Juhua Co., Sanmei Co., Wanhu Chemical, and others [2][3] - Key materials for growth include semiconductor materials, panel materials, and biobased materials, with specific companies highlighted for each category [2][3] Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for 2024-2027, with recommendations for "Increase" or "Buy" ratings for several firms [15][16]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The chemical macroeconomic outlook indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [2][3] - The dye, PVA, and vitamin sectors are experiencing upward trends, with price increases anticipated post-holiday, highlighting the importance of positioning in the spring chemical sector [2][3] - The report suggests focusing on specific companies within the textile, agricultural, export, and "anti-involution" sectors for investment opportunities [2][3] Summary by Relevant Sections Chemical Macro Outlook - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [2][3] - Coal prices are expected to stabilize at a long-term bottom, and natural gas costs may decrease as the U.S. accelerates export facility construction [2][3] Price Trends and Recommendations - Dye prices are expected to rise significantly, with companies like Zhejiang Longsheng and Runtu Co. recommended for investment [2][3] - PVA prices have increased from 9,530 CNY/ton to 10,244 CNY/ton, indicating further upward potential, with a focus on Anhui Wuhua [2][3] - Vitamin E prices are projected to rise post-holiday due to production halts during the Chinese New Year, with New Hope Liuhe recommended [2][3] Investment Strategy - The report recommends a diversified investment approach across four main chains: textile, agricultural, export, and sectors benefiting from "anti-involution" policies [2][3] - Key companies to watch include: - Textile: LUXI Chemical, Tongkun Co., and Hengli Petrochemical - Agricultural: Hualu Hengsheng, Baofeng Energy, and Yuntianhua - Export-related chemicals: Juhua Co., Wanhua Chemical, and leading titanium dioxide producers [2][3] Growth Focus - Emphasis on self-sufficiency in key materials, particularly in semiconductor and panel materials, with companies like Yake Technology and Dingsheng Co. highlighted [2][3]