证券日报网讯 12月25日，亚香股份在互动平台回答投资者提问时表示，公司多年来参与国际贸易活 动、服务众多海外客户，公司内部具备较为完善的外汇汇率风险管理体系。目前为应对美元及其他货币 的汇率波动风险，公司将积极与银行等金融机构合作、利用低风险的相关金融工具和产品，尽量规避和 弥补未来可能产生的外币贬值的汇兑损失。 （文章来源：证券日报） ...

Core Viewpoint - The company is actively developing new products and expanding into new application areas and customer resources, particularly in the cosmetics sector, although it has not yet established direct partnerships with cosmetic brand clients [2] Group 1 - The company is currently engaged in the research and development of new products [2] - The company is exploring new application fields and customer resources [2] - The company has reserves of new technologies and products aimed at the cosmetics industry [2] Group 2 - The company has not yet formed direct collaborations with cosmetic brand clients [2]

Core Viewpoint - The company is actively developing new products and exploring new application areas, including the cosmetics sector, although it has not yet established direct partnerships with cosmetic brand clients [2]. Group 1 - The company is currently researching new technologies and products for potential applications in the cosmetics field [2]. - There is an ongoing effort to expand customer resources and application areas [2]. - The company has received inquiries from investors regarding its involvement in the cosmetics industry and potential collaborations with well-known cosmetic brands [2].

Core Viewpoint - The company is actively developing new products and expanding into new application areas and customer resources, particularly in the cosmetics sector, although it has not yet established direct collaborations with cosmetic brand clients [1] Group 1 - The company is focusing on research and development of new products [1] - The company is exploring new application fields and customer resources [1] - The company has technology and product reserves for application in the cosmetics field [1]

Core Viewpoint - The company has confirmed that its Thai factory is operating well, with sufficient orders to support normal operations, including the production and sales of key products like natural leaf alcohol and rubber moss [1] Group 1: Company Operations - The Thai factory's output value is reported to be 800 million, with a net increase of 500 million [1] - The company anticipates an annual revenue of 1.2 billion based on the 2024 revenue calculations, excluding the second phase of operations [1] - The production capacity utilization of the Thai production line has been noted as low, particularly for key products such as leaf alcohol and rubber moss, which have not yet reached large-scale production [1] Group 2: Order and Production Status - The company stated that it has enough existing orders to ensure the factory operates normally [1] - Production and sales of various product categories, including natural leaf alcohol and rubber moss, are ongoing and being executed in an orderly manner [1]

Group 1 - The company is actively developing new products and expanding into new application areas and customer resources [1] - The company has reserves of new technologies and products for application in the cosmetics sector, but has not yet established direct cooperation with cosmetic brand clients [1]

Core Points - The company announced that its Hubei Wuxue Glimmer factory has been basically completed and is in the final stages of equipment installation and debugging, with related products entering trial production [1] - An investor inquired about the production timeline, referencing the company's earlier statement that Glimmer Bio would start production by the end of this year [2]

Group 1 - The company, China Boton (03318), has entered into a land acquisition agreement with local authorities, agreeing to transfer land and its usage rights for a cash compensation of approximately RMB 2,271,913,552 (around HKD 2,495,015,463) [1] - The land to be acquired is located in Nanshan District, Shenzhen, covering an area of approximately 64,662.42 square meters, including buildings on the land [1] - The acquisition is part of the Xili High-speed Rail Hub and related projects, which are significant infrastructure initiatives aimed at urban development and public benefit [1] Group 2 - The company has established multiple factories in other major cities in China, such as Huizhou, Dongguan, Fuzhou, and Xiantao in Hubei, as well as a factory in Indonesia, indicating a diversified operational footprint [2] - The land to be acquired does not contain any production lines for the company's business segments, and the board believes the acquisition will not adversely affect operations or major business activities [2] - The compensation amount exceeds the independent valuation of the land, which will enhance the company's working capital [2] - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from December 10, 2025 [2]

证券日报网讯 12月9日，亚香股份在互动平台回答投资者提问时表示，公司泰国生产基地目前生产有 序、运营情况良好，一期项目具体生产产品根据下游市场和客户需求进行规划和动态调整。 （文章来源：证券日报） ...

Core Viewpoint - The company, Green Biotechnology Co., Ltd., has submitted its prospectus to the Shenzhen Stock Exchange's ChiNext, aiming to raise approximately 690 million yuan. This marks the company's third attempt at an IPO, following two previous withdrawals due to issues related to environmental disclosures, performance fluctuations, and uncertainties regarding its ChiNext positioning. Despite showing growth in performance, the company faces significant uncertainties regarding its listing prospects due to high debt levels, weak R&D, insufficient capacity utilization, environmental compliance concerns, and issues related to excessive dividends [1][9]. Financial Performance - Green Biotechnology has shown a growth trend in revenue and net profit in recent years. From 2022 to 2024, the company's revenue is projected to increase from 631 million yuan to 961 million yuan, with a compound annual growth rate (CAGR) of 23.35%. The net profit attributable to shareholders is expected to rise from 68.14 million yuan to 150 million yuan, with a CAGR of 48.59%. In the first half of 2025, revenue reached 548 million yuan, and net profit was 94.58 million yuan, maintaining a high level [2][10]. R&D Investment Concerns - The company's R&D investment intensity is significantly below industry standards. From 2022 to 2024, the R&D expenditure as a percentage of revenue was 2.34%, 2.52%, and 2.73%, respectively, consistently falling short of the 3% threshold required for high-tech enterprises. In contrast, comparable companies had average R&D expenditure ratios of 4.31%, 4.59%, and 4.28% during the same period. Notably, the structure of R&D investment showed abnormal fluctuations, with personnel costs surging by 109% in 2024, raising concerns about potential "window dressing" to meet IPO standards [3][11]. Debt and Liquidity Issues - As of June 30, 2025, the company's debt-to-asset ratio stood at 62.13%, significantly higher than the highest ratio of 41.2% among comparable companies. The total interest-bearing debt increased from 600 million yuan at the end of 2022 to 891 million yuan by mid-2025, a rise of 48.5%. The company faced a liquidity gap of 244 million yuan, with cash and cash equivalents amounting to only 95.96 million yuan [5][13]. Dividend Policy - Despite high debt levels and liquidity constraints, the company distributed substantial cash dividends totaling 160 million yuan from 2022 to 2024, representing 51.36% of the cumulative net profit of approximately 311 million yuan during the same period. This raises questions about the rationale behind prioritizing dividends over retaining earnings to address liquidity issues [6][14]. Capacity Utilization and Expansion Plans - The company's capacity utilization rates have been declining, with the main production facility's utilization dropping from 76.15% in 2022 to 53.87% in the first half of 2025. Despite this, the company plans to invest 420 million yuan in a new project to increase production capacity by over 50%, which raises concerns about the necessity and effectiveness of such expansion given the current overcapacity [7][15]. Environmental Compliance Issues - The company has faced multiple administrative penalties, particularly related to environmental compliance, with five out of seven penalties directly linked to environmental issues. The major project for which the company seeks funding is still awaiting environmental approval, posing risks of delays or project cancellations. Previous IPO attempts were hindered by undisclosed environmental penalties, indicating ongoing compliance challenges [8][16].