Investment Rating - The report maintains a "Recommend" rating for Meihua Biological (600873 SH) [3] Core Views - Meihua Biological is entering the "Amino Acid 2 0" era through a cross-border acquisition of Kirin Holdings' subsidiary Kyowa Hakko's food amino acids, pharmaceutical amino acids, and HMO businesses for 10 5 billion yen (approximately RMB 500 million) [1] - The acquisition will enhance Meihua's technical capabilities, business structure, product portfolio, and global presence by adding new amino acid varieties, fermentation strains, GMP certifications, and HMO production capabilities [1] - Despite the target assets' short-term financial pressure (EBITDA of -4 89 billion yen in 2023), Meihua's expertise in amino acids is expected to improve the assets' performance and boost overall company growth [1] Financial Forecasts - Revenue is projected to grow from RMB 27 761 million in 2023 to RMB 37 342 million in 2026, with a CAGR of 10 3% [2][6] - Net profit attributable to shareholders is expected to increase from RMB 3 077 million in 2024 to RMB 3 352 million in 2026, with a CAGR of 7 0% [2][6] - EPS is forecasted to rise from RMB 1 08 in 2024 to RMB 1 18 in 2026, with a PE ratio declining from 10X to 9X [2][6] Business Expansion - The acquisition will provide Meihua with new amino acid varieties (e g , arginine, histidine, citrulline), fermentation strains, and HMO production capabilities, strengthening its position in the global amino acid market [1] - Meihua will gain access to multiple domestic and international production entities, enabling the implementation of its industrial globalization strategy [1] Financial Metrics - Gross margin is expected to decline slightly from 19 68% in 2023 to 16 56% in 2026, while net profit margin will decrease from 11 46% to 8 98% [6] - ROE is projected to decrease from 22 46% in 2023 to 15 96% in 2026, reflecting the impact of the acquisition and expansion [6] - The company's debt-to-asset ratio is expected to improve from 38 84% in 2023 to 33 25% in 2026, indicating a healthier financial structure [6]

证券代码：600873 证券简称：梅花生物 公告编号：2024-061 梅花生物科技集团股份有限公司 关于跨境收购业务与资产并签署 《股份及资产购买协议》的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 交易简要内容：公司拟以 105 亿日元（以 2024 年 11 月 24 日汇率折合人民币约 5 亿元左右）收购 Kirin Holdings Company, Limited（简称"麒麟控股"，东京证券交易所 上市公司，股票代码 2503.T）的全资子公司 Kyowa Hakko Bio Co., Ltd.（协和发酵株式 会社，简称"协和发酵"）旗下的食品氨基酸、医药氨基酸、母乳低聚糖（英文名 Human Milk Oligosaccharides，简称"HMO"）业务及资产。 本次交易不构成关联交易。 本次交易不构成重大资产重组。 1.交割风险：协议中针对交割前、交割后的相关条件作出了明确约定和安排，公司 将尽最大努力与相关部门沟通协调，以便实现顺利交割。如因交割条件未被满足，则存 在无法交割的风 ...

证券代码：600873 证券简称：梅花生物 公告编号：2024-060 梅花生物科技集团股份有限公司 第十届董事会第十六次会议决议公告 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、准确性和完整性承担个别及连带责任。 一、会议召开情况 经出席本次会议的全体董事审议，以投票表决方式通过以下议案： 1、关于收购资产并签署《股份及资产购买协议》的议案 为满足业务发展需要，公司全资子公司 PLUM BIOTECHNOLOGY GROUP PTE. LTD.（简称"新加坡公司"）拟与 Kirin Holdings Company, Limited（简称"麒 麟控股"，东京证券交易所上市公司，股票代码 2503.T）全资子公司 Kyowa Hakko Bio Co., Ltd.（协和发酵株式会社，简称"协和发酵"）签署《股份及资产购买协 议》（简称"协议"），新加坡公司或新加坡公司下新设的特殊目的实体（"SPV"） 拟以 105 亿日元现金收购协和发酵旗下食品氨基酸、医药氨基酸及 HMO 业务， 本次交易以最终签署的相关协议为准，资金来源为自有资金或自筹资金。 本议 ...

Summary of the Conference Call Company and Industry Overview - The conference call primarily focused on **Meihua Biological Technology**, a leading company in the **biochemical fermentation industry**. The company is recognized as the largest food fermentation producer globally, generating nearly **30 billion** in annual revenue [2][3]. Key Points and Arguments 1. **Valuation and Dividend Yield**: Meihua is currently valued at approximately **10 times** earnings, with an annual dividend yield of around **6-7%**, making it an attractive value stock, especially in a volatile market [1][2]. 2. **Market Position**: The company holds a significant market share, with the top two firms (Meihua and Fufeng Group) accounting for **40%** of the global market and **60%** of the domestic market in amino acids and related products [4][5]. 3. **Industry Characteristics**: The fermentation industry is characterized by high concentration and stability, with a market growth rate of **5-10%** annually. The demand for core products like monosodium glutamate and amino acids is relatively stable and less affected by macroeconomic fluctuations [6][7]. 4. **Production Process**: Meihua's production involves the fermentation of corn starch, which is a single raw material. The company extracts starch from corn and uses specific strains of bacteria for fermentation, producing various products, primarily monosodium glutamate, glutamic acid, and amino acids [3][4]. 5. **Cost Advantages**: The company benefits from economies of scale, allowing it to negotiate better prices for raw materials (corn) and reduce overall production costs. This cost advantage is crucial for maintaining profitability, especially during market downturns [9][10]. 6. **Profitability and Bottom Line**: Meihua's profitability is supported by a solid bottom line, with the ability to generate approximately **20 billion** in profit even during challenging market conditions. This is indicative of the company's resilience and operational efficiency [12][15]. 7. **Market Dynamics**: The call highlighted the importance of agricultural commodity prices, particularly corn and soybean meal, in influencing Meihua's profitability. A decline in corn prices is expected to benefit the company's margins in the long term [18][20][27]. 8. **Future Outlook**: The company is projected to maintain stable earnings, with expectations of generating around **30 billion** in profit next year. The anticipated low cost of raw materials and a recovering market for soybean meal are expected to support this outlook [38][41]. Additional Important Insights - **Dividend Policy**: Meihua has a strong commitment to returning capital to shareholders, with a historical dividend payout ratio of **60-70%**. This reflects the company's solid cash flow and management's intention to reward investors [34][37]. - **Market Sentiment**: Despite some concerns regarding short-term performance, the overall sentiment towards Meihua remains positive due to its strong fundamentals and market position. The company is viewed as a reliable investment option with potential for growth [39][42]. - **Strategic Positioning**: The company is well-positioned to benefit from potential trade policies and tariffs, particularly concerning soybean imports, which could further enhance its competitive advantage in the market [29][30]. This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of Meihua Biological Technology's current standing and future prospects in the biochemical fermentation industry.

为出具本法律意见书，本所律师特作如下声明： 1、本所仅根据本法律意见书出具之日之前发生的事实、本所对该等事实的 了解及对本法律意见书出具之日之前颁布施行的有关法律法规的理解发表法律 意见。 2、公司保证已经提供了本所律师认为出具本法律意见书所必需的、真实的 原始书面材料、副本材料或其他口头材料；公司还保证上述文件真实、 准确、 完整；文件上所有签字与印章真实；复印件与原件一致。 北京海润天睿律师事务所 关于梅花生物科技集团股份有限公司 实施差异化权益分派的法律意见书 致：梅花生物科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受梅花生物科技集团股份 有限公司（以下简称公司）的委托，根据《中华人民共和国公司法》（以下简称 《公司法》）《上海证券交易所上市公司自律监管指引第7号—回购股份》及《梅 花生物科技集团股份有限公司章程》（以下简称《公司章程》）的规定，就公司 实施差异化权益分派的相关事项出具本法律意见书。 3、本所不对有关会计、审计等专业事项及本次差异化分红所涉及的非法律 问题做出任何评价；本法律意见书对有关会计报表、审计报告及本次差异化权益 分派中某些数据、结论的引述，并不意味着本所律 ...

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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.17596 元 相关日期 证券代码：600873 证券简称：梅花生物 公告编号：2024-059 梅花生物科技集团股份有限公司 2024 年半年度权益分派实施公告 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/11/21 | － | 2024/11/22 | 2024/11/22 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 10 月 11 日的 2024 年第二次临时股东大会审议通过。 二、分配方案 1.发放年度：2024 年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.差异化分红送转方案： （1）具体分配方案 根据《 ...

Investment Rating - The report initiates coverage with an "Accumulate-A" rating for the company [1] Core Views - The company is expected to achieve revenues of 28.21 billion, 29.60 billion, and 31.09 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1.6%, 4.9%, and 5.0% [1] - The net profit attributable to the parent company is projected to be 2.89 billion, 3.20 billion, and 3.48 billion CNY for the same years, reflecting a decline of 9.2% in 2024, followed by growth of 10.6% and 8.9% in 2025 and 2026 [1] - The company maintains a strong market position in key products such as monosodium glutamate, lysine, and threonine, and continues to reward shareholders through dividends and buybacks [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 18.68 billion CNY, a decrease of 8.99% year-on-year, and a net profit of 1.995 billion CNY, down 7.65% year-on-year [1][2] - The gross margin for the third quarter of 2024 was 17.65%, down 0.83 percentage points year-on-year, while the net margin was 8.64%, down 2.74 percentage points year-on-year [1][2] - The average prices for key products such as threonine and lysine have shown an upward trend, with threonine averaging 10.86 CNY/kg and 98.5% lysine at 10.63 CNY/kg in the third quarter [2] Dividend and Share Buyback Policy - The company has a history of high dividends, with cumulative dividends of 10.847 billion CNY since its listing and an average dividend payout ratio of 52.77% [3] - A share buyback plan has been announced, with a total amount not less than 300 million CNY and not exceeding 500 million CNY [3] Financial Data and Valuation - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.01 CNY, 1.12 CNY, and 1.22 CNY respectively, with corresponding price-to-earnings (P/E) ratios of 9.5, 8.6, and 7.9 [1][4] - The company's return on equity (ROE) is expected to decline from 19.3% in 2024 to 17.9% in 2026 [5]

梅花生物科技集团股份有限公司（以下简称"公司"）于 2024 年 9 月 24 日 发布了《梅花生物科技集团股份有限公司 2024 年半年度利润分配方案(预案)公 告》（公告编号：2024-047），针对公告内容补充如下： 特此公告。 关于 2024 年半年度利润分配方案的补充公告 梅花生物科技集团股份有限公司董事会 2024 年 11 月 5 日 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。 证券代码：600873 证券简称：梅花生物 公告编号：2024-058 2024 年 10 月 11 日召开了 2024 年第二次临时股东大会，会上审议通过了 《关于公司 2024 年半年度利润分配方案（预案）的议案》，公司拟定的利润分配 方案（预案）为：以实施权益分派股权登记日登记的总股本（如期间发生股份回 购，需扣除股份回购专户内股票数量）为基数，向全体股东每 10 股分派现金股 利 1.75 元（含税）。截至 2024 年 9 月 23 日，公司总股本 2,852,788,750 股，以此 推算，拟派发现金红利 499,23 ...

梅花生物科技集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2024/9/24 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 12 个月 | | 预计回购金额 | 30,000 万元~50,000 万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,450.13 万股 | | 累计已回购股数占总股本比例 | 0.51% | | 累计已回购金额 | 13,964.03 万元 | | 实际回购价格区间 | 9.33 元/股~9.81 元/股 | 重要内容提示： 证券代码：600873 证券简称：梅花生物 公告编号：2024-056 一、回购股份的基本情况 1 占公司目前股本总数(2,852,788,750 股)的 0.51%，购买的最低价格为 9.33 元/股、 最高价格为 9.8 ...