证 券 研 究 报 告 行业周报 医药供给端变量增加 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年03月01日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1.供给端变量增加，提价范围进一步扩大 受反内卷、两用物项管理、反倾销等一系列政策影响，医药供给端变量增加，促进价格周期的转变。首先原料药产业供给 端变化最为敏感，青霉素产业链已开始价格的反弹。2026年1月末，印度商工部外贸总局（DGFT）发布对青霉素工业盐、 6-APA和阿莫西林的进口限价，其中6-APA限价为3405 印度卢比/公斤，截止日期至 2027-01-28。按照印度的限价标准，6- APA折合人民币约260元/kg，高于目前出口报价，国内企业已开始逐步提高报价。2月25日起星湖伊品计划对赖氨酸、苏氨 酸及小品种氨基酸上调50-300元/吨，同日，象屿生化苏氨酸报价上调300元/吨。从产能供给来看，包括赖氨酸、苏氨酸和 蛋氨酸在内的饲用氨基酸添加剂供给都过剩，但2025年下半年以来价格普遍处于低位，行业开工率普遍不足，产量的 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 03 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 国内多个氨基酸品种价格上涨，关注氨基酸原料药"小巨人"无锡晶海 ——北交所消费服务产业跟踪第五十三期（20260301） 投资要点： 中国氨基酸市场多个氨基酸品类主流报价上涨，欧洲市场多数品类维持小幅涨势。 联系人 根据秣宝网公众号（数据更新至 2026/2/27），目前国内蛋氨酸主流市场报价 18.8-19.2 元/kg，蛋氨酸市场主流厂家报价上调，有厂家停报停签，终端询单积极， 少量按需签单，秣宝网预计短期内蛋氨酸价格或略微上涨；目前国内苏氨酸市场主 流报价 7.4-7.8 元/kg，苏氨酸市场厂家报价上涨，出口报价也涨至 950-980 美元/ 吨，下游用户观望情绪浓厚，维持按需采买，秣宝网预计短期内苏氨酸价格或稳中 偏强；目前国内缬氨酸市场主流报价为 13.0-13.5 元/kg，缬氨 ...

Core Viewpoint - Meihua Biological Technology Group Co., Ltd. has shown a positive stock performance with a 6.42% increase year-to-date and a significant rise in net profit, indicating potential growth in the amino acid market [1][2]. Company Overview - Meihua Biological, established on February 9, 1995, and listed on February 17, 1995, is located in Langfang, Hebei Province. The company specializes in the research, production, and sales of amino acid products [1]. - The main revenue sources are feed amino acids (46.09%), flavor enhancers (29.04%), by-products (15.38%), other products (7.47%), and pharmaceutical amino acids (2.01%) [1]. Financial Performance - For the period from January to September 2025, Meihua Biological reported a revenue of 18.215 billion yuan, a year-on-year decrease of 2.49%, while net profit attributable to shareholders increased by 51.61% to 3.025 billion yuan [2]. - The company has distributed a total of 12.047 billion yuan in dividends since its A-share listing, with 4.075 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.10% to 66,700, while the average number of circulating shares per person decreased by 13.09% to 42,058 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 18.336 million shares, and new entrants like Guotai CSI Livestock Breeding ETF and Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF [3].

Core Viewpoint - Henan province is making significant strides in agricultural modernization and rural revitalization, focusing on enhancing grain production and establishing a robust agricultural industry to ensure food security and improve farmers' incomes [1][3][4]. Group 1: Agricultural Production and Infrastructure - Henan has maintained a grain production of over 130 billion jin for nine consecutive years, contributing to 10% of the nation's grain output with only 1/16 of the country's arable land [1][3]. - The province has implemented extensive irrigation and water management projects, including the construction of 14,000 kilometers of connected ditches and the inspection of 193,000 agricultural wells, achieving a 95% operational standard for water supply [4][6]. - In response to adverse weather conditions, Henan deployed 27,000 harvesting machines to efficiently harvest over 9 million acres of wheat within nine days, achieving increases in planting area, yield, and total production [6][9]. Group 2: Technological Advancements and Innovation - The province has adopted a "grain storage in land and technology" strategy, enhancing agricultural infrastructure and disaster resilience through the establishment of high-standard farmland and smart agricultural technologies [8][9]. - Henan has built 88.08 million acres of high-standard farmland, significantly improving its capacity to withstand agricultural disasters [9]. - The province is fostering an agricultural innovation ecosystem by establishing 14 agricultural science and technology innovation platforms, promoting research and development in biotechnology and agricultural machinery [9][10]. Group 3: Industrial Development and Value Addition - The integration of modern technology in agriculture is leading to the transformation of the agricultural sector, with companies like Henan Feitian Biotechnology Co., Ltd. processing significant volumes of corn and wheat into high-value products [12][13]. - The province is focusing on diversifying agricultural products and enhancing value chains, with initiatives to develop food processing industries and create regional brands like "Yunong Excellent Products" [13][15]. - Local governments are promoting industrial clusters that connect various stages of agricultural production, ensuring stable incomes for farmers and high-quality raw material supply for industries [13][16]. Group 4: Rural Revitalization and Income Growth - Henan is actively working to consolidate poverty alleviation efforts by developing rural industries and creating job opportunities, with initiatives like the establishment of processing parks and small enterprises in rural areas [16][17]. - The province has seen a significant increase in rural residents' disposable income, rising from 16,107 yuan in 2020 to 21,330 yuan in 2024, while narrowing the income gap between urban and rural residents [17].

Core Viewpoint - MeiHua Bio's stock experienced a decline of 2.07% on November 21, with a trading price of 10.40 CNY per share and a total market capitalization of 29.164 billion CNY [1] Financial Performance - For the period from January to September 2025, MeiHua Bio reported a revenue of 18.215 billion CNY, representing a year-on-year decrease of 2.49%. However, the net profit attributable to shareholders increased by 51.61% to 3.025 billion CNY [2] Shareholder Information - As of September 30, 2025, the number of shareholders for MeiHua Bio reached 66,700, an increase of 13.10% from the previous period. The average number of circulating shares per shareholder decreased by 13.09% to 42,058 shares [2] Dividend Distribution - Since its A-share listing, MeiHua Bio has distributed a total of 12.047 billion CNY in dividends, with 4.075 billion CNY distributed over the past three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 98.9229 million shares, an increase of 18.3366 million shares from the previous period. New shareholders include Guotai CSI Livestock Breeding ETF and Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF [3]

Core Insights - Meihua Biological reported a revenue of 18.215 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.49%, while net profit attributable to shareholders increased by 51.61% to 3.025 billion yuan [1] - The company achieved a significant increase in profitability in Q3 2025, with a single-quarter net profit of 1.257 billion yuan, up 141.06% year-on-year, despite a 1.71% decline in main business revenue [1] - Moody's confirmed the company's "Baa3" issuer rating and upgraded the outlook from "stable" to "positive," reflecting market recognition of the company's operational quality and credit status [1] Revenue and Profit Analysis - The slight decline in revenue was primarily due to falling market prices for products such as monosodium glutamate, threonine, lysine, and xanthan gum [1] - The company managed to achieve significant net profit growth through capacity release, cost advantages, and overseas acquisitions [1] - Increased sales volumes from subsidiaries producing monosodium glutamate and isoleucine contributed to the profit growth, alongside higher sales of lysine, feed valine, and starch by-products [1] Overseas Acquisition and Market Position - Meihua Biological made significant progress in overseas acquisitions, with an assessed value of 1.626 billion yuan for the combined equity of the acquired amino acid and HMO businesses [2] - The company expects to recognize approximately 780 million yuan in additional non-operating income in the 2025 fiscal year from this acquisition [2] - Successful completion of the acquisition of Japanese companies in July 2025 extended the product line and enhanced the company's international presence [2] Trade and Regulatory Response - In response to the EU's anti-dumping investigation on lysine, Meihua Biological effectively reduced the final tax rate from an initial 84.8% to 47.7%, improving price competitiveness [2] - The company demonstrated its expertise in handling international trade disputes through close communication with overseas clients [2] Project Development and R&D Investment - The Tongliao monosodium glutamate capacity upgrade project has reached full production, becoming one of the largest single monosodium glutamate production lines globally [2] - The Jilin lysine project is under construction and is expected to commence trial production in Q4 2025, contributing to the company's operational scale expansion [2] - Increased R&D investment has been made to advance the industrialization of synthetic biology technology, with a pilot research platform established in Jilin [3] Overall Performance and Future Outlook - Meihua Biological achieved significant net profit growth in the first three quarters of 2025 through various initiatives, including capacity release, cost optimization, overseas acquisitions, project development, and R&D investment [3] - The company is well-positioned to maintain a positive growth trajectory with the upcoming project launches and integration of acquisition activities [3]

Investment Rating - The investment rating for the company is "Outperform" [8] Core Views - The company's Q3 operational performance met expectations, with a revenue of 18.215 billion yuan, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 3.025 billion yuan, a year-on-year increase of 52% [8] - The company is advancing its globalization strategy, having completed the consolidation of assets from a foreign acquisition, marking a new phase in its international expansion [8] - The forecast for the company's net profit attributable to shareholders for 2025 has been raised to 3.628 billion yuan due to the impact of merger gains, while forecasts for 2026 and 2027 have been adjusted downwards [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 26.803 billion yuan, with a year-on-year growth rate of 6.9% [7] - The net profit attributable to shareholders for 2025 is estimated at 3.628 billion yuan, reflecting a year-on-year growth of 32.4% [7] - The company's gross margin is expected to be 19.7% in 2025, with a return on equity (ROE) of 22% [7] Market Data - The closing price of the company's stock is 11.28 yuan, with a market capitalization of 31.632 billion yuan [6] - The price-to-earnings (PE) ratio is projected to be 9 for 2025 [7]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.70 [1][4]. Core Views - The company reported Q3 revenue of RMB 5.9 billion, a year-over-year decrease of 2% and a quarter-over-quarter decrease of 1%. However, the net profit attributable to the parent company was RMB 1.26 billion, showing a year-over-year increase of 141% and a quarter-over-quarter increase of 68% [1]. - The company’s net profit for the first three quarters of 2025 reached RMB 30.3 billion, a year-over-year increase of 52%, driven by the acquisition of an overseas company which contributed approximately RMB 7.8 billion to the profit [1][4]. - The report anticipates a recovery in the amino acid market, supported by increased penetration in the aquaculture sector and a favorable demand outlook due to reduced soybean meal usage [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the feed amino acids revenue was RMB 8.19 billion, down 2% year-over-year, while lysine sales increased despite price declines. The average prices for lysine and threonine were RMB 8.5/kg and RMB 10.0/kg, reflecting year-over-year decreases of 16% and 5% respectively [2]. - The overall gross margin improved by 2.4 percentage points to 21.3% due to lower raw material costs [2]. Market Outlook - The prices for key products such as lysine and threonine are currently at low levels, but demand is expected to recover as aquaculture penetration increases and consumer demand rebounds [3]. - The company is expanding its product line through acquisitions, which will enhance its high-value pharmaceutical amino acid offerings and support its international expansion strategy [3]. Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted down to RMB 3.54 billion, a 3% decrease from previous estimates, while maintaining projections of approximately RMB 3.6 billion and RMB 3.8 billion for 2026 and 2027 respectively [4]. - The expected earnings per share (EPS) for 2025 is RMB 1.26, with a projected price-to-earnings (P/E) ratio of 11x for 2025 [4][8].

Core Viewpoint - Meihua Biotechnology's stock has shown a mixed performance in recent trading, with a year-to-date increase of 16.35% and a recent decline over the past 60 days [1][2] Group 1: Stock Performance - As of October 30, Meihua Biotechnology's stock price rose by 2.01% to 11.18 CNY per share, with a trading volume of 296 million CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 31.351 billion CNY [1] - The stock has experienced a 3.61% increase over the last five trading days and a 5.57% increase over the last 20 days, but a decline of 4.03% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Meihua Biotechnology reported a revenue of 18.215 billion CNY, a year-on-year decrease of 2.49%, while the net profit attributable to shareholders increased by 51.61% to 3.025 billion CNY [2] - The company has distributed a total of 12.047 billion CNY in dividends since its A-share listing, with 4.075 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 13.10% to 66,700, while the average circulating shares per person decreased by 13.09% to 42,058 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 98.9229 million shares, an increase of 18.3366 million shares from the previous period [3] - New shareholders include Guotai CSI Livestock Breeding ETF and Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF, holding 44.5903 million shares and 32.0472 million shares, respectively [3]

证券代码：600873 证券简称：梅花生物 公告编号：2025-056 梅花生物科技集团股份有限公司 关于2025年前三季度经营数据公告 3、 按地区分： | 地区分布 | 本期营业收入（万元） | | --- | --- | | 国内 | 1,286,078.58 | | 国外 | 535,466.15 | | 合计 | 1,821,544.73 | 特此公告。 梅花生物科技集团股份有限公司董事会 2025 年 10 月 29 日 根据《上市公司行业信息披露指引第十四号—食品制造》第十四条相关规定， 现将梅花生物科技集团股份有限公司 (以下简称"公司")2025 年前三季度经营 数据（未经审计）公告如下： 1、 按产品分： | 产品类别 | 本期营业收入（万元） | | --- | --- | | 鲜味剂（谷氨酸钠、核苷酸） | 533,112.08 | | 饲料氨基酸（赖氨酸、苏氨酸、饲料级缬氨酸等） | 819,198.33 | | 医药氨基酸（谷氨酰胺、脯氨酸、异亮氨酸、鸟苷、腺苷等） | 46,909.91 | | 大原料副产品（肥料、蛋白粉、胚芽、玉米皮粉、饲料纤维等） | 290,884.73 ...