Stock price down 46%, net profit up only 4.17%! Greengen Bio proposes high dividend payout of RMB 10 per 10 shares

Lu Wencong also pledged to actively promote the company’s board of directors to deliberate on this matter and to vote in favor during the relevant meeting. The specific profit distribution plan will be formulated by the board of directors, within the scope of authority delegated by the shareholders’ meeting, based on the company’s Q3 2026 financial performance, accumulated undistributed profits, cash flow status, and corporate development strategy—and will be subject to statutory approval procedures and information disclosure obligations. The company cautions that implementation of the above-mentioned proposal remains subject to completion of relevant approval procedures and is therefore uncertain. Total dividend payout approximates RMB 133 million At RMB 1 per share, this dividend level is substantial. According to Investment Reference Network calculations, using the closing price of RMB 38.86 per share on October 13, the implied dividend yield is approximately 2.6%; if calculated against the IPO issue price of RMB 26.33 per share, it approaches 3.8%. Based on the company’s market capitalization of RMB 5.181 billion and share price of RMB 38.86, the total number of shares outstanding is estimated at approximately 133 million; thus, a dividend of RMB 1 per share implies a total proposed payout of roughly RMB 133 million. By comparison, the company’s attributable net profit for H1 2026 stood at RMB 98.5212 million—meaning the proposed dividend amounts to approximately 1.35 times that figure. Stock price down ~46.03% from peak The timing of the dividend proposal coincides with a sharp post-listing correction in the stock price. The listing prospectus indicates Greengen Bio’s IPO issue price was RMB 26.33 per share, corresponding to an issuance P/E ratio of 19.8x. On its first trading day, the stock surged to RMB 72 per share before entering a period of volatility and decline. Calculating the difference between these two prices yields a decline of approximately 46.03%. H1 2026 attributable net profit up 4.17% From an operational standpoint, the company has maintained steady growth in recent years. From 2023 to 2025, Greengen Bio’s revenue increased from RMB 735 million to RMB 1.075 billion, while net profit rose from RMB 92.9241 million to RMB 179 million. Its three-year compound annual growth rate (CAGR) for revenue was 20.95%, and for net profit, 38.78%—indicating faster expansion on the profit line than on the top line. In 2026, however, growth has moderated. From January to June, the company achieved revenue of RMB 608 million, up 11.07% year-on-year, and attributable net profit of RMB 98.5212 million, up 4.17%.

Fragrance Industry Weekly Update

1. Huilong Co., Ltd. stated on the interactive platform on June 21 that Haihua Technology has conducted preliminary discussions and product certifications with several flavor & fragrance, daily chemical, and pharmaceutical enterprises; the future market potential for menthol products is broad. 2. Yaxiang Flavor & Fragrance Co., Ltd. to List on ChiNext, Accelerating a New Chapter of Development — Primary Fund Allocation Toward the “6,500 t/a Flavor & Fragrance and Food Additives Project, with By-Products of 15 Tons of Cinnamon Oil, 1 Ton of Clove Light Oil, and 20 Tons of Limonene” On June 13, Kunshan Yaxiang Flavor & Fragrance Co., Ltd. (hereinafter: Yaxiang Flavor & Fragrance) commenced its new share subscription process, with an issue price of RMB 35.98 per share and a total issuance of 20.2 million shares. This means that, as a global leader in mid-to-high-end fragrances, Yaxiang Flavor & Fragrance will soon officially list on ChiNext. In this IPO, Yaxiang plans to issue no more than 20.2 million new shares on ChiNext, targeting RMB 520 million in proceeds. Funds raised will primarily support the “6,500 t/a Flavor & Fragrance and Food Additives Project, with By-Products of 15 Tons of Cinnamon Oil, 1 Ton of Clove Light Oil, and 20 Tons of Limonene.” Upon completion, this project will effectively alleviate the company’s capacity constraints and further strengthen Yaxiang’s competitive position within the industry, enabling long-term, rapid, and sustainable growth. 3. Jefferies Downgrades International Flavors & Fragrances (IFF) to “Hold”; New Target Price Set at USD 101 On June 16, Jefferies downgraded International Flavors & Fragrances from “Buy” to “Hold,” lowering its target price from USD 170 to USD 101. IFF released its Q1 2022 earnings report on May 9, reporting revenue of USD 3.226 billion (up 30.87% year-on-year) and net income of USD 246 million, with basic EPS of USD 0.96, for the quarter ended March 31, 2022. II. Policy Updates 1. Public Consultation Launched on the 2022 National Food Safety Standard Development Plan

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International Flavors & Fragrances shares trade at $90.68, slightly below their 52-week high, while Barclays raised its price target to $105 maintaining an Overweight rating.

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