Core Viewpoint - The report outlines the fundraising activities and usage of funds by Anhui Huaheng Biological Technology Co., Ltd., detailing the amounts raised, their allocation, and compliance with regulatory requirements [1][2][3]. Fundraising Overview - In 2021, the company raised a total of RMB 625.32 million by issuing 27 million shares at RMB 23.16 each, with a net amount of RMB 559.26 million after deducting issuance costs of RMB 66.06 million [1]. - As of June 30, 2025, the company reported the usage and balance of the funds raised from the 2021 IPO [2]. Fund Usage and Surplus - The company has completed the fundraising projects and decided to permanently supplement working capital with surplus funds from two projects: "5000 tons/year fermentation method for alanine technical transformation expansion project" and "alternating annual production of 25,000 tons of alanine and valine project" [3]. 2022 Fundraising Activities - In 2024, the company raised RMB 699.99 million by issuing 21,122,510 shares at RMB 33.14 each, with a net amount of RMB 683.81 million after deducting issuance costs of RMB 16.19 million [4]. - The funds from the 2022 issuance were also managed under strict regulatory compliance [5][6]. Fund Management - The company has established a fundraising management system to ensure the proper storage, approval, and usage of the raised funds, adhering to relevant laws and regulations [5]. - Specific agreements were signed with banks to ensure the funds are stored in dedicated accounts, ensuring transparency and compliance [6]. Actual Fund Usage - As of June 30, 2025, the company utilized RMB 456.93 million from the 2021 IPO funds and RMB 684.05 million from the 2022 issuance for related projects [7]. - The company has not used idle funds for temporary working capital supplementation or cash management during the reporting period [9][10]. Project Adjustments - In March 2025, the company approved the addition of new products to existing projects, including L-valine and inositol, as well as increasing production capacity for other bio-based products [11]. Compliance and Reporting - The company has complied with all relevant regulations regarding the usage and disclosure of fundraising activities, with no violations reported [13].

Fundraising Overview - The total amount raised from the initial public offering (IPO) in 2021 was RMB 62,532 million, with a net amount of RMB 55,925.88 million after deducting issuance costs of RMB 6,606.12 million [1][3] - As of June 30, 2025, the total amount of funds raised from the IPO was RMB 58,997.34 million, with various deductions leading to an actual investment amount of RMB 55,925.88 million [2][3] Fund Utilization - By June 30, 2025, the actual investment amount from the 2021 IPO was RMB 45,692.77 million, with specific allocations detailed in the report [8][9] - The company approved the use of surplus funds from the "Fermentation Method L-Alanine 5000 tons/year technical transformation and expansion project" and "Alternate annual production of 25,000 tons of L-Alanine and L-Valine project" to permanently supplement working capital [3][9] 2022 Fundraising - In 2022, the company raised RMB 699,999,981.40 through a targeted issuance of A-shares, with a net amount of RMB 68,380.91 million after deducting issuance costs of RMB 1,619.09 million [4][5] - As of June 30, 2025, the total investment from the 2022 fundraising was RMB 68,404.964 million, with specific allocations also detailed in the report [8][12] Fund Management - The company has established a fundraising management method to ensure the proper storage, approval, use, and supervision of the raised funds, adhering to relevant laws and regulations [5][9] - The company has signed tripartite and quadripartite supervision agreements with banks and securities firms to ensure compliance in the management of the raised funds [7][8] Project Updates - The company has not made any changes to the fundraising projects from both the 2021 IPO and the 2022 targeted issuance [10][11] - The company has approved the addition of products such as L-Valine and Inositol to the annual production of 50,000 tons of bio-based succinic acid and bio-based product raw material production base construction project [9][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][20] Core Views - The company has shown significant growth in revenue and net profit, with a 35.50% year-on-year increase in revenue and a 54.12% increase in net profit for the first half of 2025 [1][8] - The modified plastics business is experiencing stable growth, with sales volume increasing by 19.74% and revenue growing by 18.62% in the same period [1][9] - The green petrochemical sector is accelerating its integrated construction, optimizing product structure, and reducing production costs [2][9] - The medical health segment is actively expanding its market presence, with a remarkable 185.37% increase in sales revenue [3][15] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 316.36 billion yuan and a net profit attributable to shareholders of 5.85 billion yuan [1][8] - The gross profit margin for the first half of 2025 was 12.29%, with the second quarter showing a revenue of 159.70 billion yuan, a 24.41% increase year-on-year [1][8] Modified Plastics Business - The sales volume of modified plastics reached 1.3088 million tons, with revenue of 164.73 billion yuan, reflecting a year-on-year growth of 19.74% and 18.62% respectively [1][9] - The company is enhancing its global competitiveness by deepening cooperation with leading enterprises in various industries [1][9] Green Petrochemical Sector - The main product revenue from the Ningbo plant was 37.61 billion yuan, up 43.17%, while the ABS product sales from the Liaoning plant increased by 40.65% [2][9] - The company is focusing on the integration of green petrochemicals and modified plastics to improve product value and competitiveness [2][9] New Materials Segment - The new materials segment saw a sales volume of 12.85 million tons, a 31.39% increase year-on-year [2][12] - The company has successfully launched production of bio-based products, expanding applications in various fields [2][12] Medical Health Segment - The medical health segment reported sales revenue of 4.68 billion yuan, a staggering 185.37% increase, with significant growth in nitrile glove sales [3][15]

Financial Performance - The company reported a total revenue of 1.006 billion yuan for the first half of 2025, an increase of 2.62% year-on-year [1] - The net profit attributable to shareholders was 10.8048 million yuan, a decrease of 52.57% year-on-year [1] - The gross profit margin was 14.05%, down 2.03% year-on-year, while the net profit margin was 1.04%, down 55.19% year-on-year [1] - The total of selling, administrative, and financial expenses reached 115 million yuan, accounting for 11.42% of revenue, an increase of 7.19% year-on-year [1] - The company's cash flow from operating activities per share was 0.14 yuan, an increase of 134.5% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 32.61% year-on-year, reaching 457 million yuan [1] - Monetary funds increased by 128.33% year-on-year, totaling 348 million yuan [1] - Interest-bearing liabilities rose by 29.85% year-on-year, amounting to 997.1 million yuan [1] Business Segments - The company operates in four main business segments: plastic additives, polyester materials, new energy materials, and synthetic biological materials [4] - The plastic additives segment includes PVC additives and engineering plastic additives, with revenue from PVC additives reaching 1.888 billion yuan, a 9% increase year-on-year [4] - The polyester materials segment includes biodegradable materials and specialty polyesters, with ongoing projects to enhance production capabilities [5] - The new energy materials segment focuses on black phosphorus materials and battery binders, with production lines under development [5] - The synthetic biological materials segment has achieved market recognition for certain products, with plans to increase production capacity [5] Cash Flow Analysis - The net cash flow from operating activities increased by 134.5% due to a reduction in inventory and cash payments for goods and services [2] - The net cash flow from investing activities decreased significantly by 462.93% due to increased cash payments for investments in fixed and intangible assets [3] - The net cash flow from financing activities increased by 371.97%, reflecting a rise in cash received from borrowings [3] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was reported at 3%, indicating weak capital returns [3] - The average cash flow from operations over the past three years relative to current liabilities is only 3.48%, raising concerns about liquidity [4] - The interest-bearing debt ratio has reached 42.87%, indicating a significant level of leverage [4]

Core Insights - Company reported a contradictory financial performance for 2024, with revenue of 2.178 billion yuan, a year-on-year increase of 12.37%, but a net profit of 190 million yuan, down 57.8% [2] - The company addressed key regulatory concerns regarding overseas revenue authenticity, sharp decline in gross margin, and abnormal inventory growth in a detailed response to the Shanghai Stock Exchange [2][3] Revenue and Market Performance - The company achieved overseas revenue exceeding 1 billion yuan for the first time, reaching 1.032 billion yuan, accounting for 47.39% of total revenue, with a year-on-year growth of 30.34% [3] - The European market was the primary source of overseas revenue, contributing 429 million yuan, while the Americas and Asia accounted for 294 million yuan and 309 million yuan, respectively [3] - The growth in revenue was primarily supported by the top five overseas customers, whose sales reached 418 million yuan, an increase of 111 million yuan from the previous year [3] Pricing Pressure and Gross Margin Decline - The company acknowledged significant price declines due to intensified market competition, particularly for L-valine, leading to a sharp drop in average selling prices for amino acids and vitamins [4][5] - The average selling price of amino acid products fell from 19,000 yuan per ton in 2023 to 15,600 yuan per ton in 2024, a decrease of 17.89%, while vitamin products saw a 54.09% drop from 84,300 yuan per ton to 38,700 yuan per ton [4] - The gross margin plummeted from 40.52% to 24.92%, a decline of 15.6 percentage points, raising concerns from the Shanghai Stock Exchange [4] Inventory and Financial Indicators - The company's inventory value surged to 407 million yuan, an increase of 80.09% year-on-year, attributed to increased stock of goods and raw materials [5][6] - Inventory turnover rate decreased from 6.37 times to 5.16 times, indicating a potential risk of impairment due to high inventory levels amid declining prices [5][6] Expansion and Future Projects - Despite the challenges, the company is aggressively expanding its production capacity, with construction projects valued at 1.592 billion yuan, including a 50,000-ton bio-based succinic acid project and a 50,000-ton bio-based propylene glycol project [7] - The company anticipates that these projects will begin operations in the second half of 2025, although there are concerns about the timely realization of benefits from these investments [8] Strategic Initiatives - The company is pursuing collaborations to enhance its supply chain, including forming a "Bio-based Polyester Textile Industry Alliance" and signing strategic agreements with BASF for product development [9] - Additionally, the company secured a 20-year exclusive license for the bio-based production of tryptophan technology from Eurobio [10]

Core Viewpoint - The bio-basedlink platform is officially launched to provide precise and efficient supplier matching services for the bio-based and biomanufacturing industry, featuring four main categories: industry news, research reports, new product database, and supply-demand database [1]. Group 1: Platform Features - The new product database includes eight subfields such as materials, energy and chemicals, synthetic biology, and biomanufacturing [1]. - The supply-demand database covers upstream and downstream demand, supply, technology achievements, and talent matching [1]. - Companies can join the new product database to gain a dedicated company page showcasing their logo, positioning, product keywords, and advantages, with free updates available for information changes [4]. Group 2: Accessing the Platform - Users can find the official website by following the WeChat public account "Synthetic Biology and Green Biomanufacturing" or by searching for www.bio-basedlink.net [2]. - Companies that have participated in relevant activities can join the new product database for free, and DT members receive priority recommendations for one year of platform cooperation [8]. Group 3: Supply-Demand Database - The supply-demand database allows users to publish and match their industry needs, including products, technologies, and talents [10]. - The platform will collect and publicly share information on industry "new technological achievements" and "end-user brand demands" [10]. Group 4: Research and Reports - The DT Industry Research Institute will publish monthly, quarterly, and annual reports on the bio-based and biomanufacturing industry, providing insights based on real-time information and industry surveys [14]. - The platform aims to help users maintain a competitive edge through systematic and in-depth observations and research [15]. Group 5: Marketing and Exposure - New products and related articles will be promoted across various channels, including the bio-basedlink platform website and multiple WeChat public accounts [16]. - The platform aims to facilitate exposure and networking opportunities for companies in the bio-based materials sector [17].

Group 1: Business Overview - The company operates in four major business segments: polyester materials, new energy materials, synthetic biological materials, and plastic additives [2][3]. - Polyester materials include biodegradable products and special polyesters (PETG/PCTG), with significant sales growth expected [2][3]. - The engineering plastic additives segment is projected to achieve revenue of over 1 billion CNY in 2024, with a year-on-year growth rate exceeding 200% [4]. Group 2: Engineering Plastic Additives - The rapid growth of the engineering plastic additives business is attributed to high demand in industries such as automotive, electronics, and communications [4]. - The company has a production capacity of 20,000 tons and plans to expand to 60,000 tons to meet increasing market demand [4]. Group 3: New Energy Materials - The new energy materials segment includes black phosphorus and battery binder materials, with plans for a ton-level pilot production line expected to be operational in Q3 2025 [3][6]. - Black phosphorus has a theoretical capacity seven times that of graphite, making it a promising material for battery applications [7]. Group 4: Challenges and Innovations - The company faces challenges in the low-cost industrialization of black phosphorus due to the need for high-temperature and high-pressure conditions [6]. - The company has developed proprietary technologies that enhance the efficiency and yield of black phosphorus production, positioning it for successful industrialization [6]. Group 5: Market Applications - Black phosphorus can be used in various applications, including high-performance battery anodes and specialized flame retardants [7][8]. - The company is actively pursuing collaborations with downstream applications in new energy and other sectors [8]. Group 6: Risk Considerations - There are potential risks associated with the progress of new business areas, and investors are advised to review the company's periodic reports for detailed risk factors [8].

Core Viewpoint - Company Huaheng Biological has announced a significant investment plan of 320 million yuan to establish an "AI Precision Fermentation and Protein Engineering Shared Demonstration Project" to maintain its industry leadership and meet market demands for high-quality, low-cost products [1] Group 1: Investment and Project Details - The investment will fund the construction of new production facilities, including workshops, finished goods warehouses, and office buildings, with a projected construction period of 36 months [1] - The funding will come from the company's own or self-raised funds, aimed at building an intelligent production system [1] Group 2: Financial Performance - In 2024, the company reported revenue of 2.178 billion yuan, a year-on-year increase of 12.37%, but net profit fell by 57.80% to 190 million yuan [2] - The decline in net profit is primarily attributed to price pressures on valine products, which are at historical lows due to intensified market competition [2] - In Q1 2025, revenue grew by 37.20% to 687 million yuan, but net profit decreased by 40.98% to 51.1 million yuan [2] Group 3: Research and Development - The company has consistently increased its R&D expenditure from 30.12 million yuan in 2020 to 124 million yuan in 2024, totaling 395 million yuan over five years [3] - In 2024, the company achieved significant breakthroughs in major projects, advancing its product diversification strategy with key projects like bio-based succinic acid and 1,3-propanediol [3] - The company added 10 invention patents and 8 utility model patents in 2024, bringing the total to 78 invention patents and 77 utility model patents by the end of 2024 [3]

【SynBioCon】 获 悉， 4月22日， 华恒生物 发布2024年年报。 2024年，公 司实现营业收入21.78亿元，同比增长12.37%；归母净利润为1.90亿元， 同比下降57.80%；基本每股收益0.82元。 华恒生物表示，营收增长主要系产品销量较去年同期增加所致， 净利润下降主要系公司经营规模扩大，相关费用较去年同期有所增加；同时，受市场 竞争加剧影响，公司缬氨酸产品价格较去年同期下降，对公司利润产生影响，公司整体利润较去年同期减少。 2024年市场缬氨酸产品价格处于历史低 位。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | | | | 期增减(%) | | | 营业收入 | 2.177.940.839.23 | 1, 938, 268, 117. 78 | 12. 37 | 1. 418, 651, 882. 92 | | 归属于上市公司 | 189, 518, 896. 19 | 449, 061, 466. 72 | -57.80 ...

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月22日晚间， 华恒生物（688639） 发布2024年年报。 2024年，华恒生物实现 营业收入21.78亿元 ，同比增长12.37%； 归母净利润为1.90亿元 ，同比下降57.80%；基本每股收益0.82元。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 2, 177, 940, 839. 23 | 1, 938, 268, 117. 78 | 12. 37 | 1, 418, 651, 882. 92 | | 归属于上市公司 | 189, 518, 896. 19 | 449, 061, 466. 72 | -57.80 | 320, 029, 449. 81 | | 股东的净利润 | | | | | | 归属于上市公司 股东的扣除非经 | 177.240.619.67 | 438.093 ...