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。 ...

Core Viewpoint - The article highlights the increasing credit risk concerns among convertible bond issuing companies as they disclose their 2025 annual performance forecasts, with over 20 companies attracting attention from rating agencies due to various issues including performance fluctuations and management changes [1]. Group 1: Performance Loss Triggering Rating Attention - Performance losses are a primary focus for rating agencies, with seven companies under scrutiny due to expected losses [3]. - For instance, Oujing Technology anticipates a net profit loss of between -240 million to -300 million yuan for 2025, attributed to supply-demand mismatches in the photovoltaic industry and low capacity utilization [3]. - Jiangshan Oupai also expects a net profit loss of -230 million to -180 million yuan for 2025, influenced by the deep adjustment in the real estate sector and potential asset impairment provisions totaling approximately 200 million yuan [5]. Group 2: Management or Control Changes - Changes in management or control are significant concerns for rating agencies, as seen with *ST Zhongzhuang, which underwent a change in its controlling shareholder during its restructuring process [7]. - The change in control is expected to help alleviate debt crises, but ongoing monitoring of operational capabilities and management integration is necessary [7]. - Similarly, Lianchuang Electronics is under observation due to potential changes in its controlling shareholder, which could impact its credit rating [8]. Group 3: Changes in Fundraising Direction - Changes in the direction of fundraising are also closely monitored, as they can affect a company's strategic layout and financial health [10]. - For example, Jindawei announced a change in its fundraising project to optimize its industrial layout, which will be closely watched by rating agencies [10]. - Additionally, Dier Laser plans to stop using funds for a specific project, indicating a strategic shift based on current market conditions [11].

Group 1: Company Innovations - Shandong Dazecheng Biotechnology Co., Ltd. has implemented an intelligent production line that automates the entire process from raw material purification to product packaging, enhancing efficiency and control [1] - The company is a leading player in the corn deep processing industry in Chengwu County, aiming to transition traditional agricultural processing towards high-end and cluster development [1] - Dazecheng plans to invest an additional 2.45 billion yuan in the next three years to launch new projects, which are expected to push its output value beyond 10 billion yuan [1] Group 2: Industry Trends - Shandong Xinsen Apparel Co., Ltd. has adopted a fully automated and digitalized production system, addressing traditional pain points such as low efficiency and high labor costs in the garment industry [2] - The company has established a flexible manufacturing system that can quickly respond to market changes, catering to the growing demand for personalized and diverse consumer products [2] - The overall industrial technology transformation investment in Heze City has increased by 9.1%, with 85.5% of regulated industrial enterprises undergoing digital transformation [3] Group 3: Technological Advancements - Pingnai New Materials Technology (Shandong) Co., Ltd. focuses on high-performance coating materials, successfully replacing imports and addressing key technological gaps in the industry [3] - The company has integrated an ERP information system and employs professional analysis tools to enhance its operational management and ensure stable performance [3] - Heze City has seen a 22.4% increase in overall R&D investment, leading the province for two consecutive years, and has introduced new "little giant" enterprises and provincial champions [3]

菏泽"智改数转"打通竞速新赛道 车间"智"变 发展"质"变 冬日时节，寒意愈浓，而在菏泽企业生产一线却是一片火热景象。在"智改数转"的浪潮下，一批民 营企业正凭借技术创新与智能化改造，摆脱传统发展路径依赖，在新赛道上跑出加速度。 走进山东大泽成生物科技有限公司（以下简称"大泽生物"）的麦芽糖生产车间，智能化生产线高速 运转，从原料净化到产品包装码垛，全程实现自动化、数字化管控。作为成武县"百亿级"玉米深加工产 业链的"头部"链主企业，大泽生物正以智能化生产、精深化加工、链条化研发的强劲势头，引领传统农 业加工产业向高端化、集群化方向迈进。 "这款氟碳涂料产品，具备极佳的耐候性、耐化学腐蚀性等性能，属于高端工业与建筑防护领域的 关键材料。"在单县平耐新材料科技（山东）有限公司（以下简称"平耐新材料"），董事长吴玉涛指着 新产品介绍。 作为一家民营科技型企业，平耐新材料锚定高性能涂层材料这一细分赛道，致力于打造从基础原材 料到先进化工材料，再到终端涂层产品的立体化完整产业链。其突破的高性能氟涂料技术，成功实现了 在该领域高端产品的进口替代与关键技术补短板。 在转型升级进程中，企业不仅注重技术创新，更以数字化赋能管 ...

Core Viewpoint - The article discusses the shift in investment focus for the company from producing allulose and myo-inositol to developing high-end functional oils and nutritional health products due to declining investment value and increased competition in the allulose market [4][6][10]. Industry Trends - The biomanufacturing industry is experiencing a transformation, with a focus on enhancing key technological barriers and exploring differentiated products to overcome raw material cost challenges [2]. - The demand for high-end functional oils, particularly Omega-3 and ARA, is increasing in the Chinese market, driven by new standards for infant formula and a shift towards modern biomanufacturing techniques [8]. Company Actions - The company has announced a change in its fundraising projects, reallocating funds from the allulose and myo-inositol projects to new initiatives in oil and nutritional health products [4][6]. - The new projects include a 10,000-ton oil project and a smart factory for nutritional health products, with total planned investments of 25,708.54 million and 36,173.86 million respectively [5][9]. Financial Overview - The total planned investment for the new projects is 147,883.52 million, with 128,125.87 million expected to come from fundraising [5]. - The allulose and myo-inositol project had an original planned investment of 53,655.12 million, but was deemed less viable due to market conditions [6]. Project Details - The oil project aims to meet the growing demand for high-end functional oils and enhance China's market share in the international arena [7][8]. - The smart factory project will focus on creating a transparent and automated production system to improve product quality and traceability, enhancing competitiveness in the domestic market [9][10].

Core Viewpoint - The company plans to change its fundraising project from the "30,000 tons of allulose and 5,000 tons of inositol construction project" to the "10,000 tons of oil project" and the "nutritional health products smart factory project" due to significant changes in supply and demand dynamics in the industry for allulose and inositol products [2][5]. Group 1: Fundraising and Project Changes - The company announced the change in fundraising projects just over four months after completing fundraising of 1.292 billion yuan, with a net amount of 1.281 billion yuan after expenses [4][3]. - Originally, 537 million yuan was planned for the sugar-alcohol project, with 453 million yuan sourced from the fundraising [4][5]. - The company has already invested 40.58 million yuan in the sugar-alcohol project for construction and equipment [4]. Group 2: Industry Dynamics - The company noted that the industry has seen a significant increase in capacity, with allulose production expected to exceed 900,000 tons by the end of 2025, compared to just 10,000 tons in 2022 [5]. - The price of inositol has been declining since Q4 2023, dropping below 40 yuan per kilogram in 2025, indicating a trend of low prices for related products in the future [5][6]. Group 3: New Project Plans - The company plans to invest 257 million yuan in the oil project, using 173 million yuan from the fundraising, which includes funds already allocated to the previous sugar-alcohol project [7]. - The oil project is expected to generate annual revenue of 407 million yuan and a net profit of 56.14 million yuan, with a post-tax internal rate of return of 20.05% [8]. - For the health products factory project, the company plans to invest 362 million yuan, with 280 million yuan coming from the previous sugar-alcohol project funds [9]. - The health products factory is projected to achieve annual revenue of 649 million yuan and a net profit of 96.74 million yuan, with a post-tax internal rate of return of 20.19% [9].

Core Viewpoint - The company has approved a change in its fundraising investment projects, shifting focus from producing alulose and inositol to new projects related to oil and health products [1] Group 1: Fundraising and Investment Projects - The company will issue convertible bonds to raise funds for new projects, specifically the "10,000-ton oil project" and the "smart factory for nutritional health products" [1] - The implementation of these projects will be carried out by the company's wholly-owned subsidiary, Inner Mongolia Jindawei Pharmaceutical Co., Ltd. [1] - The projects will be located within the factory premises of Jindawei Pharmaceutical [1] Group 2: Board Decisions and Authorizations - The ninth board meeting has authorized the chairman or designated individuals to handle specific matters related to the fundraising, including opening a special account and signing regulatory agreements [1]