[年报]梅花生物(600873):梅花生物2024年年度报告（英文版）
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时间：2025年04月25日 16:41:50 中财网 |
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原标题:梅花生物:梅花生物2024年年度报告（英文版）
CompanyCode:600873 Shortname:MeihuaBio
MeihuaHoldingsGroupCo.,Ltd.
AnnualReport2024
ThisisanEnglishtranslationfromtheAnnualReport2024,incaseofanyinconsistency,theChineseVersionshallprevail.
ImportantInformation
I.TheCompany’sboardofdirectors,boardofsupervisors,directors,supervisors,andofficersguaranteethatthecontentsofthisannualreportaretrue,accurate,andcompletewithoutanyfalserecords,misleadingstatements,ormaterialomissionsandbearjointandseverallegalliability.II.AlloftheCompany’sdirectorshaveattendedtheboardmeeting.
III.Zandar(Shenzhen)CPAsLLP(SpecialGeneralPartnership)(formerlyknownasDaHuaCPAsLLP(SpecialGeneralPartnership))hasissuedanunqualifiedauditreportfortheCompany.IV.WangAijun,theprincipaloftheCompany,WangLihong,theaccountingprincipal,andWangAiling,theprincipaloftheaccountingbody(theaccountingofficer),herebydeclarethattheyguaranteethetruthfulness,accuracy,andcompletenessofthefinancialreportintheannualreport.V.ProfitdistributionplanorcapitalreserveconversionplanfortheReportingPeriodasapprovedbytheBoard
th th
Upondeliberationandapprovalofthe18 meetingofthe10 sessionoftheboardofdirectors,theprofitdistributionplan(proposal)for2024isasfollows:TheCompanyplanstodistributecashdividendsbasedonthetotalsharecapitalregisteredontheequitydistributionrecorddate(afterdeductingsharesinthesharerepurchaseaccount).Acashdividendof0.4206yuanpershare(inclusiveoftax)willbedistributedtoallshareholders.AsofDecember31,2024,theCompanyhadatotalsharecapitalof2,852,788,750shares,basedonwhichtheestimatedtotalcashdividenddistributionamountsto1.2billionyuan(inclusiveoftax).
Theplanisyettobesubmittedtothegeneralmeetingfordeliberation.TheamountthatisactuallydistributedwillbesubjecttothenotificationonequitydistributionpublishedbytheCompany.IfthereisanychangeintheCompany’stotalsharecapitalbeforetheregistrationdateofequitydistribution,thetotalamounttobedistributedwillremainunchanged,andthedistributionproportionpersharewillbeadjustedaccordingly.
In November 2024, the Company executed the 2024 interim profit distribution, which wasapprovedattheCompany’ssecondextraordinarygeneralmeetingof2024.Basedonthetotalsharecapitalregisteredontheequitydistributionrecorddate(November21,2024)of2,852,788,750shares,afterdeducting15,589,700sharesintherepurchaseaccountatthattime,thetotalnumberofsharesparticipatinginthedistributionwas2,837,199,050shares.Acashdividendof0.17596yuanpershare(inclusiveoftax)wasdistributed,amountingtoatotalinterimcashdividendof499,233,544.84yuan(inclusiveoftax).
Insummary,thetotalcashdividendsexpectedtobedistributedbytheCompanyfor2024amounttoapproximately1,699,116,493.09yuan(inclusiveoftax).Togetherwith571,185,981.88yuanusedforsharebuybackandcancellationin2024,thetotalamountrepresentsapproximately83%ofthenetprofitattributabletoshareholdersofthelistedcompanyfor2024.
VI.RiskDisclosureonForward-LookingStatements
√Applicable?Notapplicable
Thisannualreportinvolvesforward-lookingdescriptionssuchasfutureplans,andsuchstatementsdonotconstitutematerialcommitmentsforinvestors.Investorsareremindedtopayattentiontotheriskofinvestment.
VII.Anyoccupationoffundsbythecontrollingshareholderorotheraffiliatesfornon-operatingpurposes
No
VIII.Anyexternalguaranteethatviolatesthedecision-makingproceduresNo
IX.Isitthecasethatmorethanhalfofthedirectorscannotguaranteethetruthfulness,accuracy,andcompletenessoftheannualreportdisclosedbytheCompany?
No
X.WarningofKeyRisks
ForthedetailsoftherisksfacingtheCompany,refertothe“PotentialRisks”partin“Section3DiscussionandAnalysisbytheManagement”andthe“RisksRelatedtoFinancialInstruments”partin“Section10 FinancialReport”.
XI.Miscellaneous
?Applicable√Notapplicable
Contents
Section1Definitions...................................................................................................................................5
Section2CompanyOverviewandKeyFinancialIndicators................................................................9
Section3DiscussionandAnalysisbytheManagement........................................................................13
Section4CorporateGovernance............................................................................................................51
Section5EnvironmentalandSocialResponsibility..............................................................................71
Section6SignificantMatters...................................................................................................................83
Section7ShareChangesandShareholders...........................................................................................94
Section8InformationonPreferredShares.........................................................................................100
Section9InformationonSecurities......................................................................................................100
Section10FinancialReport...................................................................................................................101
| Listofdocumentsfor
reference | FinancialstatementssignedandsealedbytheCompany’sprincipal,theaccountingprincipal,and
theprincipaloftheaccountingbody(theaccountingofficer) | | | TheoriginaloftheauditreportsealedbytheCPAsfirmandsignedandsealedbythecertified
publicaccountants | | | TheoriginalsoftheCompany’sdocumentsandannouncementsdisclosedonthewebsiteofthe
ShanghaiStockExchangeduringtheReportingPeriod |
Section1Definitions
I.Definitions
| Definitionsofcommonterms | | | | Company, the Company,
the listed company,
Meihua Bio, Meihua
Group, or Meihua
Company | means | MeihuaHoldingsGroupCo.,Ltd.,whosestocknameis“MeihuaBio”andstock
codeis600873. | | XinjiangMeihua | means | Xinjiang Meihua Amino Acid Co., Ltd., a wholly-owned subsidiary of the
Company. | | WujiaquJianlong | means | WujiaquJianlongChemicalCo.,Ltd.,awhollyownedsubsidiaryofXinjiang
Meihua. | | XinjiangBaseorXinjiang
Company | means | theproductionbaseintheWujiaquIndustryParklocatedintheXinjiangUygur
autonomousregionwhereXinjiangMeihuaislocated. | | TongliaoMeihua | means | TongliaoMeihuaBiotechCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany. | | TongliaoJianlong | means | TongliaoJianlongChemicalCo.,Ltd.,awholly-ownedsubsidiaryofTongliao
Meihua. | | TongliaoBaseorTongliao
Company | means | theproductionbaselocatedinTongliaooftheInnerMongoliaautonomousregion
asformedbyTongliaoMeihuaandTongliaoJianlong. | | JilinMeihua | means | JilinMeihuaAminoAcidCo.,Ltd.,awholly-ownedsubsidiaryoftheCompany. | | JilinBase,BaichengBase,
orJilinCompany | means | theproductionbaselocatedinBaichengofJilinwhereJilinMeihuaAminoAcid
Co.,Ltd.islocated. | | Threeproductionbasesor
allproductionbases | means | theCompany’sproductionbasesinTongliaoofInnerMongolia,Wujiaquof
Xinjiang,andBaichengofJilin. | | HongKongMeihua | means | Meihua Group International Trade (Hong Kong) Co., Ltd., a wholly-owned
subsidiaryoftheCompany. | | HengqinMeihua | means | ZhuhaiHengqinMeihuaBiotechCo.,Ltd.,awholly-ownedsubsidiaryofthe
Company. | | HongKongHoldings | means | HONGKONGPLUMHOLDINGLIMITED, a wholly-owned subsidiary of
HengqinMeihua. | | CaymanCompany | means | CAYMANPLUMHOLDINGLIMITED, a wholly-owned subsidiary of Hong
KongHoldings. | | SingaporeCompany | means | PLUMBIOTECHNOLOGYGROUPPTE.LTD., a wholly-owned subsidiary of
CaymanCompany. | | LhasaMeihua | means | LhasaMeihuaBio-investmentHoldingsCo.,Ltd.,awholly-ownedsubsidiaryof
theCompany. | | ZandarorZandar
(Shenzhen)CPAsLLP | means | Zandar(Shenzhen)CPAsLLP(SpecialGeneralPartnership)(formerlyknownas
DaHuaCPAsLLP(SpecialGeneralPartnership)) | | CSRC | means | theChinaSecuritiesRegulatoryCommission. | | SSE or the Stock
Exchange | means | theShanghaiStockExchange. | | CSDCShanghai | means | ChinaSecuritiesDepositoryandClearingCo.,Ltd.ShanghaiBranch. | | Environmentalauthorities | means | theMinistryofEcologyandEnvironmentofthePeople’sRepublicofChinaand
theenvironmentalauthoritiesauthorizedbyit. | | Amino acids for animal
nutrition | means | theaminoacidsusedasfeedsupplementforanimalnutrition,whichcanenhance
theeffectsoffeed,improvetheutilizationoffeed,andsupplementandbalance
nutrition.TheaminoacidsforanimalnutritionproducedbytheCompanyinclude
lysine,threonine,methionine,andvaline. | | Lysine | means | 2,6-Diaminohexanoicacid,theonlyaminoacidwithside-chainprimaryaminein
proteins.Itisanaminoacidandketogenicaminoacidessentialformammals.The
commonL-lysineisoneofthe20aminoacidsthatmakeupproteins.Depending | | | | oncontent,lysineisclassifiedintoL-lysinehydrochloride(commonlyknownas
the98%lysine)andL-lysinesulfate(commonlyknownasthe70%lysine).The
additionoflysinetofeedimprovesmeatquality,increasestheratiooflean,and
refinesmeattexture.Itincreasestheutilizationoffeedproteinsandreducethe
dosageofcrudeprotein.Italsoreducespiglet diarrhea,cutsfeedingcosts,and
increaseseconomicreturns. | | Threonine | means | 2-Amino-3-hydroxybutanoic acid, an aliphatic α-amino acid that contains an
alcoholichydroxyl.Itisanaminoacidandketogenicaminoacidessentialfor
mammals.ThecommonL-threonineisoneofthe20aminoacidsthatmakeup
proteins.Threonineisanessentialaminoacid.Threonineisoftenaddedtothe
feedforpigletsandpoultry.Itisthefirstlimitingaminoacidinpigfeedandthe
thirdlimitingaminoacidinpoultryfeed. | | Valine | means | 2-amino-3-methylbutanoicacid,abranched-chainnon-polarα-aminoacidthat
contains five carbon atoms. It is an amino acid and glycogenic amino acid
essentialformammals.ThecommonL-valineisoneofthe20aminoacidsthat
makeupproteins.Theadditionofvalinetosowfeedcanhelpincreaselactation
yield.Italsohelpsimproveanimals’immunityandaffectsendocrine. | | Starch byproduct protein
powder,feedfiber,germ,
mycoprotein,etc. | means | Cornglutenmealisabyproductofthemanufactureofstarchfrommaizegrainin
thefoodindustryoritspurificationinthebrewingindustry.Itisrichinprotein
nutrients,hasaspecialtasteandcolor,andcanbeusedasfeed.Cornhuskpowder
(feed fiber) is a byproduct of the manufacturing process of manufacturers
engagedinthedeepprocessingofcorn.Itisproducedfrommaizegrainsbeing
soaked, put into starch production, washed, squeezed, and dried. Its main
componentsincludefiber,starch,andproteins. | | Foodtasteandtrait
improvingproducts | means | Thefoodadditives(flavorenhancers)producedbytheCompany.Itrefersto
artificialornaturalsubstancesthatareaddedtofoodforthepurposeofimproving
foodquality,color,smell,andtaste,aswellasforpreservationandprocessing. | | MSG | means | 99%MSGreferstomonosodiumglutamate.ThekeycompositionofMSGis
glutamic acid monosodium salt, which is produced from the microbial
fermentation,purification,andrefinementofsaccharicorstarchrawmaterials.
Thefinishedproductiswhitecolumnarcrystalorcrystallinepowder.Asabasic
flavoring agent, MSG not only enhances the taste of dishes and stimulates
appetitebutalsostimulatesthesecretionofdigestivejuice,therebyhelpingfood
digestionandabsorptioninhumanbodies. | | Disodium 5’-
ribonucleotide | means | a substance composed of disodium 5’-inosine (IMP) and disodium 5’-
guanosine (GMP) in a 1:1 proportion. It is mostly used in condiments or
condimentblendswithMSGtoenhancetaste. | | Disodiuminosinate | means | isaflavorenhancerproducedfromglucoseasthekeyrawmaterialthrough
microbialfermentation,extraction,andrefinement. | | Trehalose | means | asafeandreliablenaturalsugarwiththesuperbabilitytomaintaincellviability
andbiomacromolecularactivity.Itisknownasthe“sugaroflife”inthescience
community.Withamoderatelysweettaste,itservesasauniquefoodingredient
thatpreventsfooddeterioration,inhibitsnutrientdeterioration,preservesfood
flavors,andimprovesfoodquality.Itisalsoanimportantingredientforcosmetics
thatmaintaincellviabilityandpreservemoisture.Itisgenerallyrecognizedas
safe(GRAS)bytheFDA. | | Amino acids for human
medicalpurposes | means | arealsoknownaspharmaceuticalaminoacids.TheCompany’spharmaceutical
aminoacidsaremainlydividedintotwoparts.Oneisaminoacidproducts,
includingL-glutamine,branched-chainaminoacids(L-isoleucine,L-valine,and
L-leucine),andL-proline,etc.,whicharemainlyusedasupstreamrawmaterials
forsportsnutritionfood,foodforspecialmedicalpurposes,anddrugs.Theother
part is pharmaceutical intermediate raw materials, including L-proline and
nucleoside (inosine, guanosine, and adenosine), which are mainly used as
upstreamrawmaterialsfordrugsthattreatchronicdiseases(suchashypertension,
diabetes,hepatitisB,etc.). | | Proline | means | L-proline(knownasprolineforshort)isoneofthe18aminoacidsforthehuman
body to synthesize proteins. It is an important raw material for amino acid | | | | transfusions as well as a key intermediate for synthesizing first-line
antihypertensivedrugs,suchascaptoprilandenalapril.Itiswidelyappliedin
foodandpharmaceuticalindustries.TheCompanyproducesL-prolinethrough
cornfermentation,whichisfreeofallthechemicalreagentsaddedinsynthesis
andisthussafer. | | Glutamine | means | withthescientificnameof2-amino-4-formamidebutyricacid,istheamideof
glutamicacid.L-glutamineisthecodingaminoacidinproteinsynthesisandan
aminoacidessentialformammals.Invivo,itcanbeconvertedfromglucose.
Glutaminepreventsmusclebreakdownandpromotesmusclegrowth.Itisan
importantnutritionsupplementforbodybuildersandbodybuildingenthusiasts.It
alsoimproveshumanimmunityandantioxidantcapacity.Ithassuperbhealthcare
andevenmedicaleffectsforthegastrointestinalanddigestivesystems. | | Isoleucine | means | L-isoleucineisoneofthe20commonaminoacidsthatmakeupproteins.It
containstwoasymmetriccarbonatomsandisanaminoacidandketogenicamino
acidessentialformammals. | | Leucine | means | L-leucineisoneofthe20commonaminoacidsthatmakeupproteins.Itisan
aminoacidandaketogenicandglycogenicaminoacidessentialformammals.
Leucine,isoleucine,andvalineareallbranched-chainaminoacids,whichhelp
promotemusclerecoveryaftertraining.Inparticular,leucineisaveryeffective
branched-chainaminoacidthateffectivelypreventsmusclelossasitisableto
breakdownfasterintoglucose. | | Pullulan | means | awater-solublepolysaccharideproducedfromthefermentationofAureobasidium
pullulans.Pullulancanbeprocessedintoavarietyofproducts.Withsuperbfilm-
formingproperties,itformshighlystablepullulanfilm.Italsohasexcellent
oxygenisolationperformance.Inpharmaceuticalandfoodindustries,itiswidely
used in capsule molding agents, thickeners, adhesives, and food packaging.
Pullulanhasbeenusedasfoodaccessoriesformorethan20yearsinJapanandis
generallyrecognizedassafe(GRAS)bytheFDA. | | Xanthangum | means | amonosporepolysaccharidefromthefermentationofpseudoxanthomonas.It
offersmanyfunctionsduetoitsspecialmacromolecularstructureandcolloidal
characteristics.Itiswidelyusedindifferentfieldsasemulsifiers,stabilizers,gel
thickeners,impregnatingcompounds,andfilmmoldingagents.Xanthangumisa
microbialpolysaccharideinmassproductionwithbroadapplicationsaroundthe
world. | | Bio-organicfertilizers | means | thefertilizerscontainingorganicsubstancesthatprovidemultipleinorganicand
organicnutrientsforcropsandfertilizeandimprovesoil. | | HMO | means | HumanMilkOligosaccharides,whichareatypeofcomplexoligosaccharide
composedofmonosaccharides,derivatives,sialicacid,andotherstructuralunits
linked by glycosidic bonds. Over 150 types of HMO structures have been
identifiedinhumanmilk.Asthethirdmostabundantsolidcomponentinhuman
breastmilk,afterlactoseandfat,HMOplaysacrucialphysiologicalrole.HMOs
arevitalforinfantgrowthanddevelopment,bothintheshortandlongterm.They
promote the balance of the intestinal microecology in infants, stimulate the
growthofbeneficialbacteria,inhibitthegrowthofharmfulbacteria,preventthe
colonizationofpathogenicbacteria,regulatetheimmunesystem,andsupport
cognitivedevelopmentininfants. | | KirinHoldings | means | Kirin Holdings Company, Limited, a company listed on the Tokyo Stock
Exchangewiththestockcode2503.T.Foundedin1907andheadquarteredin
Tokyo,Japan,itisagloballeaderinbeverageandfoodmanufacturing,with
businessoperationsspanningmultiplesectors,includingbeer,softdrinks,health
products,andpharmaceuticals. | | KyowaHakkoBio | means | KyowaHakkoBioCo.,Ltd.,awholly-ownedsubsidiaryofKirinHoldings.Itisa
globalleaderinthebiotechnologyandfermentationindustries,specializinginthe
development and production of high-quality amino acids and other novel
syntheticbiologyproductsforpharmaceutical,food,andindustrialapplications. | | Fermentation | means | areactionprocessinwhichmassivemetabolitesareproducedandaccumulated
throughthegrowthandchemicalchangesofmicroorganisms(oranimal/plant | | | | cells). | | Traditionalfermentation | means | mainlyinvolvesmatrixconversion(theconvertedmatrixistheproductitself).
Traditionalfermentationgivesuniquetastesandnutrientstotheproductand
changesthetextureoftheproduct,suchasthefermentationprocessinvolvedin
the production of wine, bread, yogurt, fermented beancurd, and pickled
vegetables. Traditional fermentationis generally natural fermentation. In this
case,therearemanykindsoffermentationmicroorganisms,anditisusually
impossible to conduct pure culture. The specific microorganism types and
proportionsarenotevenknown.Thereisalsotraditionalfermentationinvolving
puremicroorganisms. | | Precisionfermentation | means | aprocessthatusesmicroorganismsascellfactoriestoproducespecificfunctional
components.Ingeneralterms,precisionfermentationisaprocessofgenetic
reprogramming.Itissyntheticbiology.Scientistschangethegenesofselected
microorganismsbasedonspecificdesigns,andtheirgenesareprogrammedto
producespecificfermentationproducts. |
Section2 CompanyOverviewandKeyFinancialIndicators
I.CompanyInformation
| Chinesename | 梅花生物科技集团股份有限公司 | | ShortChinesename | 梅花生物、梅花集团 | | Englishname | MeiHuaHoldingsGroupCo.,Ltd | | Abbreviation | MEIHUABIO,MeiHuaGroup | | Legalrepresentative | WangAijun |
II.ContactPersonandContactInformation
| | BoardSecretary | | Name | LiuXianfang | | Address | 66HuaxiangRoad,LangfangEconomicandTechnologicalDevelopment
Zone,HebeiProvince | | Tel | 0316-2359652 | | Fax | 0316-2359670 | | Email | [email protected] |
III.BasicProfile
| RegisteredAddress | Unit5,Building11,YangguangXincheng,158JinzhuWestRoad,Lhasa,
XizangAutonomousRegion | | Changesintheregisteredaddress | 189JinzhuWestRoad,Lhasa(announcementpublishedonJanuary23,
2018;changeapprovedatthefourthextraordinarygeneralmeetingof2017) | | Officeaddress | 66HuaxiangRoad,LangfangEconomicandTechnologicalDevelopment
Zone,HebeiProvince | | Postalcodeoftheofficeaddress | 065001 | | Website | ThecompanycompletedafullupgradeofitsofficialwebsiteinFebruary
2025.Globaluserscannoweasilyaccessthelatestcompanynewsand
businessinformationviathenewwebsiteathttps://www.meihua.group.The
previouswebsite,http://www.meihuagrp.com,willbedeactivatedat24:00
BeijingTimeonFebruary4,2026. | | Email | [email protected] |
IV.PlacesofInformationDisclosureandReportPlacement
| Names and websites of media where the Company
disclosesannualreports | ShanghaiSecuritiesNews(www.cnstock.com)andSecurities
Times(www.stcn.com) | | The stock exchange website where the Company
disclosesannualreports | www.sse.com.cn | | PlacewheretheCompanypreparesandkeepsannual
reports | The Company’s securities department and Shanghai Stock
Exchange |
V.Company’sStockInformation
| Company’sStockInformation | | | | | | Stocktype | StockExchangeforthe
listingofthe
Company’sstock | Stockname | Stockcode | Stocknamebefore
change | | A-share | ShanghaiStock
Exchange | MeihuaBio | 600873 | MeihuaGroup |
VI.OtherRelevantInformation
| CPAfirmappointedbytheCompany
(domestic) | Name | Zandar (Shenzhen) CPAs LLP (Special General
Partnership)(formerlyknownasDaHuaCPAsLLP
(SpecialGeneralPartnership)) | | | Officeaddress | 11th Floor, Media Group (SZMG) Tower, No. 9
Pengcheng 1st Road, Fuxin Community, Lianhua
Street,FutianDistrict,Shenzhen | | | Names of signing
accountants | LiuQianqian,LiQianqian |
VII.KeyAccountingDataandFinancialIndicatorsfortheLastThreeYears(I)KeyAccountingData
| Keyaccountingdata | 2024 | 2023 | +(%) | 2022 | | Revenue | 25,069,288,294.62 | 27,760,612,259.07 | -9.69 | 27,937,152,798.85 | | Netprofitattributabletothe
shareholdersofthelisted
company | 2,740,427,215.56 | 3,180,949,695.48 | -13.85 | 4,406,241,981.92 | | Netprofitattributabletothe
shareholdersofthelisted
companyafterdeductingnon-
recurringprofitorloss | 2,696,673,816.43 | 3,083,801,516.17 | -12.55 | 4,220,155,225.29 | | Netcashflowsfromoperating
activities | 4,626,714,790.47 | 5,228,937,084.88 | -11.52 | 5,654,954,446.36 | | | Attheendof2024 | Attheendof2023 | +(%) | Attheendof2022 | | Netassetsattributabletothe
shareholdersofthelisted
company | 14,574,945,300.93 | 14,163,014,813.67 | 2.91 | 13,515,990,374.75 | | Totalassets | 23,809,558,011.66 | 23,157,179,855.25 | 2.82 | 24,491,133,112.07 |
(II)KeyFinancialIndicators
| Keyfinancialindicators | 2024 | 2023 | +(%) | 2022 | | | | | | | | Basicearningspershare(yuan/share) | 0.94 | 1.06 | -11.32 | 1.44 | | Dilutedearningspershare(yuan/share) | 0.94 | 1.06 | -11.32 | 1.43 | | Basicearningspershareafterdeducting
non-recurringprofitorloss(yuan/share) | 0.92 | 1.03 | -10.68 | 1.38 | | Weightedaveragereturnonequity(%) | 19.04 | 23.48 | Decreaseby4.44
percentagepoints | 35.95 | | Weightedaveragereturnonequityafter
deductingnon-recurringprofitorloss(%) | 18.74 | 22.76 | Decreaseby4.02
percentagepoints | 34.43 |
NotestotheCompany’skeyaccountingdataandfinancialindicatorsforthelastthreeyearsasattheendoftheReportingPeriod
?Applicable√Notapplicable
VIII.DifferencesinAccountingDataunderDomesticandForeignAccountingStandards(I)DifferencesinthenetprofitandthenetprofitattributabletotheshareholdersofthelistedcompanyinthefinancialreportdisclosedinaccordancewithboththeinternationalaccountingstandardsandtheChineseaccountingstandards
?Applicable√Notapplicable
(II)Differencesinthenetprofitandthenetprofitattributabletotheshareholdersofthelistedcompany in the financial report disclosed in accordance with both the foreign accountingstandardsandtheChineseaccountingstandards
?Applicable√Notapplicable
(III)Explanationofdifferencesbetweendomesticandforeignaccountingstandards?Applicable√Notapplicable
IX.KeyFinancialIndicatorsfor2024byQuarter
| | Q1
(January-March) | Q2
(April-June) | Q3
(July-September) | Q4
(October-
December) | | Revenue | 6,486,560,309.24 | 6,156,157,744.13 | 6,038,067,422.69 | 6,388,502,818.56 | | Netprofitattributableto
theshareholdersofthe
listedcompany | 751,704,565.79 | 722,119,224.13 | 521,497,858.37 | 745,105,567.27 | | Netprofitattributableto
theshareholdersofthe
listedcompanyafter
deductingnon-recurring
profitorloss | 636,707,025.33 | 666,143,862.29 | 466,245,366.69 | 927,577,562.12 | | Netcashflowsfrom
operatingactivities | -30,402,361.94 | 2,266,220,485.06 | 1,849,893,800.63 | 541,002,866.72 |
Explanationofdifferencesbetweenthequarter-baseddataandthedatainthedisclosedperiodicreports?Applicable√Notapplicable
X.Non-recurringItemsandAmounts
√Applicable?Notapplicable
| Non-recurringitem | Amountfor2024 | Notes (if
applicable) | Amountfor2023 | Amountfor2022 | | Gainsorlossesfromthedisposalofnon-
currentassets,includingthewrite-offsofthe
accruedprovisionsforassetimpairment | -35,923,166.36 | | -38,915,902.24 | -14,259,233.56 | | Governmentgrantsrecognizedintheprofitor
loss,excludinggovernmentgrantsthatare
closelyrelatedtotheCompany’snormal
operations,conformwithnationalpolicies,are
enjoyedinaccordancewithestablished
standards,andhavecontinuousimpactonthe
Company’sprofitorloss | 205,965,697.82 | | 240,560,349.82 | 176,066,538.92 | | Gainsorlossesfromfairvaluechangesarising
fromthefinancialassetsandfinancial
liabilitiesheldbynon-financialenterprisesand | 30,307,317.28 | | -35,150,749.48 | 46,017,976.33 | | gainsorlossesfromthedisposaloffinancial
assetsandfinancialliabilities,exceptforthe
effectivehedgingassociatedwiththe
Company’snormaloperations, | | | | | | Fundpossessionfeescollectedfromnon-
financialenterprisesthatarerecognizedinthe
profitorloss | | | | | | Gainsorlossesfromtheentrustedinvestment
ormanagementofassets | | | | | | Gainsorlossesfromexternalentrustedloans | | | | | | Lossesonassetsarisingfromforcemajeure
factors,suchasnaturaldisasters | | | | | | Reversalofprovisionsfortheimpairmentof
accountsreceivableforwhichtheimpairment
testisconductedseparately | | | 1,861,963.30 | | | Gainsfromtheinvestmentcostsofthe
Companyfortheacquisitionofsubsidiaries,
associates,andjointventuresbeinglessthan
thefairvalueoftheinvestees’identifiablenet
assetsduetotheCompanyattheacquisitionof
investment | | | | | | Netprofitorlossofsubsidiariesformed
throughbusinesscombinationsundercommon
controlfortheperiodfromthebeginningof
theReportingPeriodtothecombinationdate | | | | | | Gainsorlossesfromtheexchangeofnon-
monetaryassets | | | | | | Gainsorlossesfromdebtrestructuring | | | | | | Non-recurringexpensesoftheCompany
arisingfromthediscontinuationofrelevant
operatingactivities,suchasexpensesforstaff
resettlement | | | | | | Once-offeffectofadjustmentstotaxand
accountinglawsandregulationsontheprofit
orloss | | | | | | Sharepaymentexpensesrecognizedonceoff
duetothecancellationorchangeoftheshare
incentiveplan | | | | | | Forsharepaymentincash,gainsorlosses
fromchangesinthefairvalueofstaff
remunerationpayableafterthevestingdate | | | | | | Gainsorlossesfromchangesinthefairvalue
ofinvestmentpropertythatissubsequently
measuredinthefairvaluemodel | | | | | | Gainsfromtransactionswithobviouslyunfair
transactionprices | | | | | | Gainsorlossesfromcontingenciesirrelevant
totheCompany’snormaloperations | -1,549,545.75 | | -45,888,616.17 | | | Trusteeshipincomefromtrusteeshipbusiness | | | | | | Othernon-operatingincomeandexpenditure
thantheabove | -105,868,972.90 | | -1,380,228.88 | 11,936,886.89 | | Otherprofitorlossitemsthatfallwithinthe
definitionofthenon-recurringprofitorloss | | | | | | Less:effectofincometax | 49,177,930.96 | | 23,938,637.04 | 33,675,411.95 | | effectofminorityinterest(aftertax) | | | | | | Total | 43,753,399.13 | | 97,148,179.31 | 186,086,756.63 |
IftheCompanydefinesanyitemsnotlistedintheExplanatoryAnnouncementonInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublicNo.1–Non-recurringGainsorLossesasnon-recurringitemswhichinvolvesignificantamountsordefinesanynon-recurringitemslistedintheExplanatoryAnnouncementonInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublicNo.1–Non-recurringGainsorLossesasrecurringitems,theCompanyshouldprovidethereasons.
?Applicable√Notapplicable
XI.ItemsMeasuredatFairValue
√Applicable?Notapplicable
| Item | Openingbalance | Closingbalance | Change | Amountofimpact
ontheprofit | | Financialassetsheldfortrading | 172,376,801.33 | 312,033,611.07 | 139,656,809.74 | 35,240,396.29 | | Derivativefinancialassets | 200,000.00 | | -200,000.00 | -6,560,205.83 | | Derivativefinancialliabilities | 250,000.00 | 297,500.00 | 47,500.00 | | | Otherequityinstrument
investments | 512,691,350.00 | 441,294,280.00 | -71,397,070.00 | 2,816,000.00 | | Accountsreceivablefinancing | 60,013,169.98 | 26,723,054.99 | -33,290,114.99 | -7,013.14 | | Total | 745,531,321.31 | 780,348,446.06 | 34,817,124.75 | 31,489,177.32 |
XII.Miscellaneous
?Applicable√Notapplicable
Section3 DiscussionandAnalysisbytheManagement
I.DiscussionandAnalysisofBusinessPerformance
In2024,leveragingitsdiversifiedportfolio,economiesofscale,continuousR&Dinnovation,andrefinedmanagement,thecompanydemonstratedstrongresilienceandcounter-cyclicality.Thecompanyrecordedannualrevenueof25.069billionyuan,ayear-on-yeardecreaseof9.69%.ThedeclinewasprimarilyduetolowersellingpricesofMSG,xanthangum,andcornby-products,reducingrevenuebyapproximately4.046billionyuan.However,increasedsalesofthreonine,xanthangum,andfeed-gradevalinecontributedtoarevenueincreaseofapproximately1.355billionyuan.Netprofitattributabletoshareholdersofthelistedcompanywas2.74billionyuan,down13.85%year-on-year,includinganadditional233millionyuaninnon-operatingexpensesduetosettlementpayments.Duringthereportingperiod,thecompanysuccessfullyadvanceditsinternationalizationstrategybyacquiringKyowaHakkoBio’spharmaceuticalaminoacidbusiness.TheMESsystemupgradeattheJilin facility was successfully implemented, accelerating the company’s digital and intelligenttransformation.Meanwhile,theproductioncapacityexpansionofkeyproductsreachedfulloperation,significantlyenhancing scale andefficiency.Theseachievementsfurtherreinforcedthecompany’sleadingpositionintheglobalaminoacidindustry.
1.AcceleratedGlobalExpansion,EmbarkingonaNewJourneyinOverseasMarketsDuringthereportingperiod,thecompanymadebreakthroughprogressinitsinternationalstrategiclayout,significantlyacceleratingitsoverseasexpansion.Throughsystematicglobalmarketresearchandstrategicplanning,thecompanyconductedsiteselectionevaluationsinkeyregionsandsuccessfullyadvancedstrategicallysignificantindustrialacquisitionprojects.Theseinitiativesnotonlymarkedatangiblestepforwardinglobalexpansionbutalsolaidasolidfoundationforsustainableoverseasbusinessgrowth.
In 2024, the company established a dedicated overseas project team to conduct in-depthassessmentsofgreenfieldinvestmentopportunitiesacrossfivecontinents.Theteamscreenedover100countriesbasedonfactorssuchasrawmaterialsandenergyavailability,ultimatelyselectingninekeyregionsforfurtherevaluation.Theprojectteamconductedon-siteinvestigationsoftheselocations,analyzing critical factors including raw materials, energy, chemical auxiliaries, transportation, and
businessenvironment.Subsequentassessmentswillfurthercomparetheseregionstodeterminethefinalgreenfieldinvestmentlocationanddefineproducttypesandproductionscale,supportingthecompany’soverseasexpansionandglobalstrategicfoundation.
Ontheacquisitionfront,thecompanysignedthe“SharesandAssetsPurchaseAgreement”withKyowa Hakko, committing approximately 500 million yuan to acquire its food-grade andpharmaceuticalaminoacid,aswellasHMO(HumanMilkOligosaccharide)businessesandassets.Theacquisitionincludes:
Fullequityandrelatedassets(land,facilities,productionequipment,andpharmaceuticalproductcertifications)ofKyowaHakko’soperationalentitiesinShanghai,Thailand,andNorthAmerica.Proprietarystrainsandintellectualpropertyrightsformorethantenpharmaceuticalaminoacids,includingarginine,histidine,glutamine,serine,hydroxyproline,valine,leucine,isoleucine,threonine,citrulline,andornithine.
Strains,productionlines,intellectualpropertyrights,regulatoryapprovals,andmarketlicensesformultipleHMOproducts,including2’-FL,3’-SL,and6’-SL.
A professional team has been formed to integrate Kyowa Hakko’s business processes andoperationalsystems,ensuringefficientsynergyintechnology,resources,andmarketoperations.Thetransaction is progressing as per the agreed schedule. Upon completion, the company’s businessstructure will extend along the industrial chain, enhancing its capacity for high-value-addedpharmaceuticalaminoacidfermentationandpurification.ItwillalsogainGMP(GoodManufacturingPractice) certifications and amino acid active pharmaceutical ingredient (API) registrations acrossmultipleglobalmarkets.Furthermore,theacquisitionwillintroduceaprecisionfermentationplatformforsyntheticbiologytoproducethreeHMOproducts,backedbyarobustintellectualpropertysystem.Strategically, the acquisition will provide multiple domestic and international production entities,
reinforcingthecompany’sglobalexpansionefforts.Post-acquisition,thecompanyplanstointroducenewproductioncapacitiesinoverseasfacilitiesforproductsfacinghightradebarriers,basedonmarketdemandandsupplydynamics.
Asinternationalexpansioncontinues,thecompanyispoisedtoenhanceChina'sinfluenceintheglobalbio-fermentationindustry,leveragingitseconomiesofscale,technologicaladvancements,andmanagementexpertisetofurthercementitsleadingpositionintheglobalmarketandcontributetoindustrydevelopment.
2. MES Upgrade Drives Digital and Intelligent Transformation, with Initial Success inLighthouseFactoryDevelopment
Duringthereportingperiod,thecompanyleverageddigitaltransformationasastrategicpivot,continuouslyadvancingtheintelligentupgradeofitsproductionmanagementsystem.Asthepioneerinthecompany’sjourneytowarda“LighthouseFactory,”theBaichengplantachievedabreakthroughinitssmartmanufacturinginitiatives.InAugust2024,theMES(ManufacturingExecutionSystem)wasfullyimplementedattheBaichengfacility,integratingdigitalintelligenceacrosssixkeyoperationalmodules:quality,safety,environmentalprotection,processmanagement,equipment,andproductionmanagement. This transformation shifted production management from reactive remediation toproactive contingency planning, significantly enhancing the digitalization and transparency ofproductionprocesses.
The implementation of the MES system in production management aims to standardize andinstitutionalizemanagementpoliciesandworkflows.Prioritizingproductionstability,theBaichengplanthasestablishedsmartproductionlinesandacentralizeddispatchandcommandcenter.LeveragingtheMES system, it has refined its production management framework, achieving end-to-end processmonitoring.Bytheendof2024,theMESsystematBaichenghadbeensystematicallydeployedacrossallproductlines,enablingseamlessintegrationofmanufacturingexecutiondataandbusinessoperations.ThroughaBI(BusinessIntelligence)visualizationplatformandanautomatedreportingsystem,thecompanyhasfullydigitalizedroutinemanagement,processmonitoring,andexceptionhandling,furtherenhancingthedigitalizationandintelligenceofproductionmanagement.BuildingonthesuccessfulimplementationinJilin,thecompanywillcontinuetoadvancethedigitalizationandstandardizationofitsproductionsystemsin2025,extendingMESdeploymenttoitsTongliaoandXinjiangplants.EffortswillfocusonoptimizingSOPs(StandardOperatingProcedures)andworkflowsystems,enforcingunifieddatamanagement(“OneIntegratedDashboard”),anddrivingperformancetransformation.Theseinitiativeswillprovideasolidfoundationforcontinuousoperationalefficiencyimprovements,acceleratingthecompany’sprogresstowarditsLighthouseFactoryvision.3.NewProjectsDriveBusinessExpansion,StrengtheningCompetitiveEdgeThecompanyremainscommittedtothehigh-qualitydevelopmentofitscoreaminoacidbusiness.For products with cost advantages, continuous technological advancements, and growing marketdemand,thecompanyisdecisivelyexpandingproductioncapacitytoreinforceitsindustryleadership.The capacity expansion project for monosodium glutamate (MSG) in Tongliao has reached fullproductionefficiency,whilethetechnologicalupgradesforisoleucine,valine,andxanthanguminXinjianghavebeenlaunchedasplanned.Additionally,constructionofthelysineprojectinBaichengofficiallycommencedinSeptember2024.Thesesuccessfulprojectadvancementshavesignificantlyenhancedthecompany’scompetitivenessinthebio-fermentationindustry.Duringthereportingperiod,thecompany’scapitalexpenditureonprojectsamountedtoapproximately2billionyuan.Throughouttheyear,thecompanymaintainedastrongcashflow,withcashdividendpayoutstotalingapproximately1.697billionyuanandsharerepurchasesamountingto571millionyuan.Netcashflowfromoperatingactivitiesreached4.627billionyuan.（未完） ![]()
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