证券代码：688639 证券简称：华恒生物 公告编号：2025-041 安徽华恒生物科技股份有限公司 部分募集资金投资项目延期的公告 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。 安徽华恒生物科技股份有限公司（以下简称"公司"）于2025年9月4日召开 第四届董事会第二十三次会议和第四届监事会第十八次会议审议通过了《部分募 集资金投资项目延期的议案》，同意公司对"苹果酸联产色氨酸项目"达到预定 可使用状态的时间由2025年延期至2026年10月。公司保荐机构兴业证券股份有限 公司（以下简称"保荐机构"）对本事项出具了明确的核查意见，该事项无需提 交公司股东大会审议，现将相关情况公告如下： 一、募集资金及投资项目基本情况 （一）募集资金基本情况 经中国证券监督管理委员会出具的《关于同意安徽华恒生物科技股份有限公 司向特定对象发行股票注册的批复》 会第十五次会议，审议通过《关于增加公司募投项目实施内容的议案》。具体内 容详见公司于 2025 年 3 月 8 日在上海证券交易所网站（www.sse.com.cn）披露 的《安徽 ...

兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 部分募集资金投资项目延期的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为安 徽华恒生物科技股份有限公司（以下简称"华恒生物"或"公司"）向特定对 象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所科创板股票上市规则》《上市公司募集资金监管规则》《上海证券 交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法律法规和 规范性文件的要求，对华恒生物部分募集资金投资项目（以下简称"募投项 目"）延期事项进行了审慎核查，并出具本核查意见，具体核查情况如下： 一、募集资金及投资项目基本情况 （公告编号：2025-003） 。2025 年 3 月 25 日，公司召开 2025 年第一次临时股 东大会，审议通过了前述议案。 二、募集资金使用情况 （一）募集资金基本情况 经中国证券监督管理委员会出具的《关于同意安徽华恒生物科技股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2024〕988 号），公司获准 向特定对象发行股票。公司本次向特定对象发行人民币普通股（A 股） 元，扣除各项发行费用 ...

丨证券研究报告丨 马太 王岭峰 王呈 SAC：S0490516100002 SAC：S0490521080001 SAC：S0490525040004 SFC：BUT911 SFC：BWF918 联合研究丨公司点评丨华恒生物（688639.SH） [Table_Title] 业绩环比改善，项目有序推进 报告要点 [Table_Summary] 公司发布 2025 年半年报，实现收入 14.9 亿元（同比+46.5%），实现归属净利润 1.1 亿元（同 比-23.3%），实现归属扣非净利润 1.1 亿元（同比-22.2%）。其中 Q2 单季度实现收入 8.0 亿元 （同比+55.6%，环比+16.7%），归属净利润 0.6 亿元（同比+1.0%，环比+24.9%），实现归属 扣非净利润 0.6 亿元（同比+4.0%，环比+26.3%）。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华恒生物（688639.SH） cjzqdt11111 [Table_Title2] 业绩环比改善，项目有序推进 [Table_Summ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [6][19]. Core Insights - The company achieved impressive performance in H1 2025, with revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit attributable to shareholders of 247 million yuan, up 90.12% year-on-year [1][2]. - The company is the largest global producer of Coenzyme Q10, holding a market share of approximately 50%, and is expanding its production capacity through a convertible bond issuance plan to raise up to 1.292 billion yuan [4][5]. - The company is focusing on enhancing its product matrix and expanding its market presence, particularly in the domestic e-commerce sector, where sales have shown significant growth [2][4]. Financial Performance Summary - Revenue projections for 2025-2027 are 3.751 billion yuan, 4.379 billion yuan, and 4.988 billion yuan, with year-on-year growth rates of 15.8%, 16.7%, and 13.9% respectively [1][10]. - Net profit attributable to shareholders is expected to reach 505 million yuan, 690 million yuan, and 859 million yuan for the same period, with growth rates of 47.5%, 36.8%, and 24.4% respectively [1][10]. - The company's gross margin and net profit margin for H1 2025 were 40.45% and 14.31%, reflecting year-on-year increases of 3.42 and 5.77 percentage points [3]. Product and Market Development - The company has seen a significant recovery in its Vitamin A business, with revenue from this segment increasing by 213.06% year-on-year [2]. - The company is actively expanding its product offerings, including the construction of a new fermentation workshop for Coenzyme Q10 and the development of Allulose and Inositol products, which are expected to benefit from global health trends [4]. Investment Recommendations - The report forecasts that the company will achieve revenue of 3.751 billion yuan in 2025, with a corresponding P/E ratio of 24.8, maintaining the "Buy" rating [10].

Group 1 - The company reported a revenue of 1.489 billion yuan for the first half of 2025, representing a year-on-year increase of 47%, while the net profit attributable to shareholders decreased by 23% to 115 million yuan [1] - In Q2 2025, the company achieved a revenue of 802 million yuan, up 56% year-on-year, with a net profit of 64 million yuan, reflecting a slight increase of 1% [1] - The amino acids and vitamins segment generated revenues of 1.057 billion yuan and 80 million yuan respectively in H1 2025, with year-on-year growth of 42% and a decline of 5% [1] Group 2 - The company is investing 390 million yuan to establish an AI-driven bio-manufacturing R&D and pilot demonstration base, aiming to integrate AI technology into synthetic biology and operational management [2] - The "bio + AI" strategy will enhance the company's capabilities by combining self-cultivated strains, reliable process scaling systems, and large-scale production capacity [2] - The company anticipates steady growth in performance as the production capacity of amino acids and bio-based new materials is gradually released [1][2] Group 3 - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 270 million yuan, 380 million yuan, and 450 million yuan respectively [3]

Core Viewpoint - The issuance of "Jinwei Convertible Bonds" has a remarkably low subscription rate of 0.0024%, making it one of the most difficult bonds to acquire this year. The bond issuance is part of the company's expansion plan, but it is overshadowed by declining profit margins and increasing debt levels [1][2]. Fundraising and Strategic Expansion - Jinwei raised 1.292 billion yuan through the issuance of convertible bonds, marking its largest refinancing move in recent years. The high proportion of preferential allocation to existing shareholders (83.49%) indicates strong confidence from major shareholders, while also serving to protect their control [2][3]. - Approximately 60% of the raised funds will be directed towards specific construction projects, with a significant focus on expanding the production capacity of its flagship product, coenzyme Q10, and investing over 460 million yuan in new product areas such as allulose and inositol [2][3]. Financial Performance and Concerns - In the first half of 2025, Jinwei reported a revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit of 247 million yuan, up 90.12% [5]. - Despite the apparent growth, the company faces challenges regarding the quality of its earnings and assets, with a notable decline in the profitability of its core products [6][7]. - The gross margin of coenzyme Q10 has decreased from 77.57% in 2020 to 48.2% in 2024, indicating a loss of competitive advantage [10][13]. Debt and Cash Flow Issues - Jinwei's total liabilities reached 2.303 billion yuan in the first quarter of this year, a significant year-on-year increase of 48.74%. The company has experienced rapid debt growth for two consecutive years [14][15]. - The company has seen a sharp rise in short-term debt, with short-term borrowings increasing from 58 million yuan in 2023 to 661 million yuan in the first half of this year, reflecting a 252% increase [14][15]. - Cash flow from investment activities has been negative for four consecutive years, totaling 1.307 billion yuan, indicating financial strain due to aggressive expansion strategies [16]. Market Risks and Strategic Challenges - Jinwei's expansion into unfamiliar product areas such as allulose and inositol poses significant risks, as the company has not previously marketed these products [4]. - The sweetener market is highly competitive, and Jinwei's ability to capture market share as a latecomer remains uncertain, raising concerns about the synergy with its core business [4]. - The company has accumulated goodwill of 515 million yuan, which constitutes 11.9% of its net assets, primarily from acquisitions of overseas brands. However, there are risks of goodwill impairment if these acquisitions do not meet performance expectations [18][19]. Currency and Economic Exposure - Jinwei's overseas revenue reached 2.566 billion yuan in 2024, accounting for 79.2% of total revenue, making it vulnerable to currency fluctuations, particularly with the depreciation of the US dollar against the yuan [22]. - The company has benefited from foreign exchange gains in recent years, but potential shifts in currency trends could lead to losses, impacting overall profitability [22].

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].

Core Viewpoint - The company is actively implementing its "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing operational management, core competitiveness, and profitability in the biotechnology sector [1][2][3] Group 1: Business Development and Financial Performance - The company achieved total operating revenue of 1,489.16 million yuan, representing a year-on-year growth of 46.54%, with net profit attributable to shareholders reaching 114.89 million yuan, showing a quarter-on-quarter increase [1] - The company is focusing on biomanufacturing and applying successful production experiences to accelerate the industrialization of high-quality technological achievements, thereby enriching its product variety and enhancing the value of its industrial chain [1][2] Group 2: Product and Resource Optimization - The company is increasing R&D investment in new products, establishing a multi-dimensional product system that includes amino acids, vitamins, and bio-based new material monomers [2] - The company is enhancing the production capacity of L-valine and inositol by optimizing existing facilities and implementing flexible production technologies [2] Group 3: Internationalization and Brand Influence - The company is deepening its international development strategy, collaborating with Fortune 500 companies and industry leaders to expand into international markets and enhance its service capabilities [2][3] Group 4: R&D and Innovation - The company is committed to increasing R&D investment, with R&D expenses amounting to 68.67 million yuan, an increase of 8.40% year-on-year, and has a total of 512 patent applications [3][4] - The company emphasizes the integration of independent R&D and industry-academia collaboration to maintain technological leadership in the industry [4] Group 5: Corporate Governance and Investor Relations - The company has established a governance structure that ensures clear responsibilities and coordinated operations among its various governing bodies [4] - The company prioritizes high-quality information disclosure and investor communication, utilizing multiple channels to engage with investors and respond to their concerns [5] Group 6: Sustainable Development and ESG Commitment - The company adheres to a sustainable development strategy, focusing on green manufacturing and low-carbon initiatives, and has published its ESG report to showcase its commitment to environmental and social governance [6] - The company aims to optimize resource utilization and reduce reliance on traditional energy sources while enhancing operational efficiency [6] Group 7: Future Outlook and Continuous Improvement - The company will continue to evaluate the execution of its action plan and expand its product matrix to enhance core competitiveness and profitability [6][7]

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is a positive cycle driven by policy guidance, capital pricing, and industry implementation, leading to liquidity and valuation improvements [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment [1] - The initial phase of the "innovation bull market" is expected to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The U.S. Federal Reserve's interest rate cut expectations are projected to remain optimistic, with potential cuts occurring in September and December [2] - The report highlights the uncertainty surrounding tariff impacts and the quality of economic data, which may affect future monetary policy decisions [2] Company Analysis - Zhejiang Securities (601878) is expected to see a net profit growth of 23.07% in 2025, driven by increased trading activity and self-operated business [5] - Qianhong Pharmaceutical (002550) reported a 41.17% increase in net profit for the first half of 2025, with successful innovation and clinical trials for new drugs [6] - Sany Heavy Industry (600031) is projected to benefit from domestic and international demand recovery, with a net profit forecast of 85 billion yuan in 2025 [7] - Huadong Medicine (000963) is expected to maintain steady growth in net profit, driven by innovative drug pipelines and market expansion [12] - Xuchang Electric (000400) reported a 1% increase in net profit for the first half of 2025, with significant growth in direct current transmission systems [17] Industry Insights - The report indicates that the structural policy tools will likely be the focus of the third quarter, replacing traditional monetary policies [4] - The precious metals industry is expected to benefit from rising prices, with a significant increase in revenue and profit projections for companies involved in gold and silver mining [24] - The healthcare sector is seeing a shift towards innovative treatments, with companies like Simoer International (06969.HK) and others focusing on expanding their product lines and market reach [13][25]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 18, 2025, Jindawei announced plans to issue convertible bonds worth up to 1.292 billion yuan on August 20, 2025, through online distribution. The funds will be used for projects such as the Coenzyme Q10 Reconstruction and Expansion Project, the Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, the Information System Construction Project, and to supplement working capital [1][12]. - The initial conversion price of Jinwei Convertible Bond is 19.59 yuan. As of August 19, 2025, the bond's parity is 99.95 yuan, and the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36%, with a target price of 133 - 136 yuan. It is recommended to actively subscribe [2][19]. - The estimated first - day new bond subscription winning rate is around 0.0061% - 0.0072% [20]. 3. Summary According to the Directory 3.1. Jinwei Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance methods of Jinwei Convertible Bond are priority placement and online distribution, with a debt and issuer rating of AA. The issuance scale is 1.292 billion yuan, the initial conversion price is 19.59 yuan, the bond parity is 99.95 yuan, and the pure bond value is 98.2 yuan. The game terms are normal, with high issuance scale, good liquidity, acceptable rating, and good bond floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2. Analysis of New Bond Initial Listing Price - The company mainly engages in the R & D, production, and sales of nutritional health foods (including raw materials and end - products) and feed additives. The funds raised from this issuance will be used for specific projects, which are in line with industry trends, can enhance the company's market competitiveness, optimize its capital structure, and support its development [18]. - The target price of the convertible bond on the first day of listing is 133 - 136 yuan, and it is recommended to actively subscribe. Considering the market environment and parity level, the estimated conversion premium rate on the first - day of listing is in the range of 33% - 36% [2][19]. 3.1.3. Analysis of Convertible Bond New Bond Subscription Winning Rate - As of the end of 2024, the top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. Assuming the old shareholders' placement ratio is 53% - 61%, the scale available for the market is 507 million - 602 million yuan. Referring to recent bond issuances, the estimated winning rate is around 0.0061% - 0.0072% [20]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and Industry Upstream and Downstream - The company is mainly involved in the R & D, production, and sales of nutritional health foods and feed additives. The upstream of the nutritional health food industry includes raw material producers, and the downstream includes brand operators and channel merchants. The upstream of the feed additive industry consists of raw material - providing industries, and the downstream is the feed manufacturing industry. Various factors such as raw material price fluctuations, industry development, and market competition affect the industry [21][22]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an increasing trend, with year - on - year growth rates of - 16.78%, 3.1%, 4.43%, and 11.31% respectively. The company's comprehensive gross profit margin fluctuated slightly, and the net profit margin increased. The company's accounts receivable showed an upward trend, and the turnover rate fluctuated. The net profit attributable to the parent company began to grow [25][35][38]. 3.2.3. Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders held 53.39% of the shares, and the top ten shareholders held 60.76%. The Wang family indirectly controlled 60.18% of the shares and was the actual controller. The company had 28 holding companies and 8 participating companies [42]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in technological innovation, overseas operations, large - scale production, personnel reserves, and patents. It has multiple R & D platforms, overseas subsidiaries, rich production experience, a professional talent team, and 194 patents as of December 31, 2024 [44][47][48]. 3.2.5. Arrangement of This Fund - Raising Investment - The company plans to raise up to 1.292 billion yuan. The Coenzyme Q10 Reconstruction and Expansion Project, with a total investment of 320 million yuan and a planned use of 297 million yuan of the raised funds, aims to increase production capacity. The Annual Production of 30,000 Tons of Allulose and 5,000 Tons of Inositol Construction Project, with a total investment of 537 million yuan and a planned use of 464 million yuan of the raised funds, will supplement product categories. The Information System Construction Project, with a total investment of 153 million yuan and a planned use of 144 million yuan of the raised funds, will improve the company's informatization level [49][50][51].